AS Tallinna Sadam (TSM1T) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was €28.17 million, down 0.7% year-over-year, with profit at €4.57 million, a 32.9% decrease due to lower vessel dues, lease income, and higher operating expenses.

• Operating profit declined 31% to €5.70 million, and adjusted EBITDA fell 16.8% to €11.57 million.

• Cargo volumes fell 7.9% to 3.1 million tonnes, and passenger numbers dropped 3.3% to 1.37 million, mainly due to fewer vessel calls and ship dry-docking.

• Last year's Q1 results benefited from a one-off insurance indemnity payment of €0.9 million.

• Investments totaled €1.26 million, mainly for the new multifunctional quay at Paldiski South Harbour and ferry upgrades.

Financial highlights

• Revenue: €28.17 million (Q1 2025: €28.4 million), down 0.7% year-over-year.

• Adjusted EBITDA: €11.57 million (Q1 2025: €13.9 million), margin fell to 41.1% from 49.1%.

• Operating profit: €5.70 million, down 31.0% year-over-year.

• Profit for the period: €4.57 million, down 32.9% year-over-year.

• Net debt at period end: €130.06 million, down from €149.47 million at end of Q1 2025.

Outlook and guidance

• Anticipates growth in cruise vessel calls and passenger numbers.

• Plans for new ro-ro and container lines, and development of new maritime corridors.

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

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

• Focus on exploiting new quay in Paldiski and real estate development in Old City Harbour.