AS Tallinna Sadam (TSM1T) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw increased cargo volumes (+8%), higher passenger numbers (+3.8%), and more vessel calls (+2.1%).

• Revenue declined due to fewer Botnica charter days and higher income tax expenses following tax changes in 2025.

• Operating profit and adjusted EBITDA rose, while net profit increased year-over-year despite higher tax expenses.

• The general meeting approved the 2024 annual report, dividends, elected a new supervisory board, and appointed an auditor.

• Celebrated 35 years of the Tallinn-Stockholm route and signed a design contract for Muuga freight station on the Rail Baltica route.

Financial highlights

• Q2 2025 revenue was €29.5M, down 6.8% year-over-year; 6M 2025 revenue was €57.9M, down 2.9%.

• Adjusted EBITDA for Q2 2025 rose 6.7% to €15.9M; 6M 2025 adjusted EBITDA up 8% to €29.8M.

• Operating profit increased 12.3% year-over-year in Q2 2025 to €10M; 6M 2025 up 14.8% to €18.3M.

• Profit for Q2 2025 fell 15.2% to €3.5M, but 6M 2025 profit rose 10.7% to €10.3M.

• Investments in Q2 2025 were €8.4M (+18.8%); 6M 2025 investments dropped 52% to €12M, mainly for quay construction, ferry dry-docking, and IT.

Outlook and guidance

• Passenger business recovery is ongoing, with new ro-ro and container lines planned.

• Cargo volumes are expected to remain robust, with liquid bulk and general cargo showing the most growth.

• Industrial parks 2.0 and multifunctional quay developments are underway in Muuga and Paldiski.

• Real estate business model and detailed plans for Old Port are in preparation.

• The company maintains a dividend policy targeting at least 70% of prior year profit, subject to market and liquidity conditions.