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Tallinna Vesi (TVE1T) investor relations material

Tallinna Vesi Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Q3 2025 saw strong financial and operational performance, with sales reaching €19.4 million and net profit at €4.96 million, supported by price adjustments and infrastructure investments.

  • Tap water quality compliance was 98%, and wastewater effluent quality was 100%.

  • Customer satisfaction remained high at 4.1 out of 5, with improved service metrics and 79% smart meter adoption.

  • 6.20 million m³ of drinking water supplied and 11.93 million m³ of wastewater treated in Q3.

  • Investments into assets totaled €11.3 million in Q3, with a 2025 plan of €61 million focused on infrastructure resilience.

Financial highlights

  • Q3 2025 sales reached €18.2 million, up 10.8% year-over-year, with net profit at €5.0 million.

  • Operating profit for Q3 was €5.95 million, and gross profit margin was 43.26%.

  • Cost of goods sold increased by 8.8% to €10.3 million; administrative and marketing expenses rose by 5.8%.

  • Operating cash flow was €8 million; cash balance at quarter-end was €5.4 million.

  • For the first nine months, sales totaled €53.57 million (+13.4%), with net profit at €9.76 million (+6.9%).

Outlook and guidance

  • Full-year investment estimate adjusted to €60 million, depending on project progress.

  • No significant increase in water service sales expected for 2025, with stable consumption anticipated.

  • Final price equalization for customer segments scheduled for next year.

  • Macroeconomic forecasts predict modest GDP growth and inflation normalization in Estonia.

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Frequently asked questions

AS Tallinna Vesi is a leading water utility company based in Estonia, primarily engaged in the provision of water supply and wastewater treatment services. The company operates in Tallinn and its surrounding areas, managing two major facilities: the Ülemiste Water Treatment Plant, which purifies and distributes drinking water, and the Paljassaare Wastewater Treatment Plant, responsible for processing sewage and stormwater before releasing it into the Baltic Sea. Additionally, Tallinna Vesi offers various ancillary services, including water and wastewater analysis, and the design and construction of pipeline systems. The company operates through its subsidiary, Watercom OÜ, which focuses on non-core services related to water infrastructure. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.

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