AS Tallinna Sadam (TSM1T) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw cargo volumes up 8%, passenger numbers up 3.8%, and cruise passenger traffic up 25%, with more vessel calls and ferry growth.

• The general meeting approved annual report, dividends, and elected new supervisory board and auditor.

• 35th anniversary of the Tallinn-Stockholm route celebrated; Muuga terminal and Rail Baltica design contracts signed.

• Revenue for 6M 2025 decreased by 2.9% to €57.9 million, mainly due to fewer Botnica charter days and postponed projects.

• Operating profit rose 14.8% to €18.3 million, and net profit increased 10.7% to €10.3 million, supported by land sales and insurance indemnity.

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 rose 8% to €29.8M for 6M, with margin improving to 51.5% from 46.3% year-over-year.

• Operating profit increased 12.3% in Q2 to €10.0M and 14.8% for 6M to €18.3M.

• Profit for Q2 was €3.5M, down 15.2% year-over-year; 6M profit was €10.3M, up 10.7%.

• Investments in Q2 rose 18.8% to €8.4M; 6M investments fell 52% to €12.0M.

Outlook and guidance

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

• Industrial park and multifunctional quay development in Paldiski underway; real estate plans for Old Port in preparation.

• Investment level for 2024 projected at €30–35 million, slightly lower than previously indicated.

• Decision on a new multifunctional service vessel expected by year-end.

• Cargo operators are replacing sanctioned Russian cargoes, with compliance to EU sanctions ongoing.