AS Tallinna Sadam (TSM1T) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw an 8% increase in cargo volumes and a 1.4% rise in passenger numbers, with eight new cruise vessels, including Ritz-Carlton Yacht Collection, making first visits.

• Revenue increased by 1.5% in Q3 to €31.7 million, mainly from higher vessel queues and passenger fees, while adjusted EBITDA rose by 16.7% to €15.5 million.

• Profit for Q3 was €8.6 million, up 54% year-over-year, supported by lower net financial costs and improved operational efficiency.

• For the nine-month period, profit increased by 27% to €18.9 million, with adjusted EBITDA up 10.8% and margin exceeding 50%.

• Notable legal events included a cassation appeal in a criminal case and the bankruptcy of MPG AgroProduction OÜ.

Financial highlights

• Q3 revenue: €31.7 million (+1.5% year-over-year); adjusted EBITDA: €15.5 million (+16.7%).

• Q3 operating profit: €9.6 million (+33%); profit for the period: €8.6 million (+54%).

• Nine-month revenue decreased by 1.4% to €89.5 million, mainly due to lower Botnica utilization, but offset by cargo and passenger port growth.

• Nine-month profit: €18.9 million (+27%); investments: €20.8 million, mainly in port infrastructure and vessel maintenance.

• Dividend of €0.073 per share (€19.2 million total) paid, equal to 100% of prior year profit.

Outlook and guidance

• Passenger numbers expected to continue rising, especially in cruise segment with first-time November and December ship calls.

• Multifunctional quay in Paldiski South Harbor to be ready in Q1 next year, targeting onshore/offshore wind farm service and general cargo.

• Cruise market outlook for summer 2026 is positive, with 20% more ship calls already booked.

• New vessel investment decision postponed due to volatile offshore wind market demand.

• Dividend policy targets at least 70% of prior year profit, subject to market and liquidity conditions.