AS Tallinna Sadam (TSM1T) investor relations material

Executive summary

• Q1 revenue was EUR 28.2 million, down 0.7% year-over-year, with profit at EUR 4.6 million, a 32.9% decrease due to lower vessel dues, lease income, and higher operating expenses.

• Cargo volumes fell 7.9% to 3.1 million tonnes, and passenger numbers dropped 3.3% to 1.37 million, mainly due to severe winter and vessel dockings.

• Adjusted EBITDA declined 16.8% to EUR 11.6 million, with margin down to 41.1%.

• Insurance payment for Botnica repair positively impacted prior year results, affecting year-over-year comparisons.

• New quay in Paldiski South Harbour completed and operational, supporting wind farm and military cargo.

Financial highlights

• Revenue: EUR 28.2 million (−0.7% YoY); Profit: EUR 4.6 million (−32.9% YoY); Adjusted EBITDA: EUR 11.6 million (−16.8% YoY).

• Operating profit: EUR 5.7 million, down 31% year-over-year.

• Free cash flow: EUR 12.9 million; net cash flow: EUR 11.2 million.

• Net debt at period end: EUR 130.1 million, down over EUR 19 million year-over-year.

• Investments totaled EUR 1.3 million, mainly for Paldiski quay and ferry upgrades.

Outlook and guidance

• Dividend of EUR 0.073 per share (EUR 19.2 million total) approved, representing 85% of prior year profit.

• New unsecured loan agreement for up to EUR 32 million signed post-period for general business and investment needs.

• Anticipates increased cruise vessel calls and passenger numbers, with new ro-ro and container lines planned.

• Ongoing negotiations for new corridor agreements with Hamburg and Lübeck to boost cargo volumes.

• Preparation for real estate business and Old City Harbour development.