AS Tallinna Sadam (TSM1T) Q4 2024 earnings summary

Executive summary

• Q4 2024 cargo volumes grew 12%, led by dry bulk (+41%), containers (+19%), and Ro-Ro (+3%), with ship calls up 18%.

• Passenger business showed strong recovery, with Q4 volumes up 5%, Muuga-Vuosaari up 14%, and annual passengers reaching 8.2 million.

• Operating costs decreased by 7% in Q4, supported by efficiency programs.

• New agreements and infrastructure projects included a liquefied methane terminal, 19 FIN-EST Green Corridor projects, and a tram line at Tallinn Old City Harbour.

• Investments nearly doubled to EUR 38.8 million, focusing on quay construction for offshore wind farms and ferry upgrades.

Financial highlights

• Q4 revenue increased by 2.7% year-over-year to EUR 28.8 million; full-year revenue grew 2.5% to EUR 119.6 million.

• Adjusted EBITDA for Q4 was EUR 12.2 million (+18% YoY), margin up 5.5pp to 42.5%; full-year adjusted EBITDA was EUR 53.1 million (+8.1% YoY), margin 44.4%.

• Q4 profit rose 50% to EUR 4.3 million; full-year profit increased 20.6% to EUR 19.2 million.

• Operating profit for the year increased 18.3% to EUR 29.1 million.

• Net debt increased to EUR 167.6 million; free cash flow was EUR 3.3 million.

Outlook and guidance

• Passenger business and cargo volumes are expected to recover further, with new cruise bookings, ro-ro, and container lines planned.

• Investment level for 2025 set at EUR 35 million, with 70% allocated to Paldiski quay.

• Ongoing efficiency programs and infrastructure investments, including green corridor and terminal projects.

• Industrial parks and offshore windfarm base harbour development underway.

• Preparations for reducing state shareholding and issuing new shares are in progress.