AS Tallinna Sadam (TSM1T) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a 6% increase in cargo volumes and a 0.9% rise in passenger numbers, with ferry passengers up 4.5% and vehicles up 7%; cruise season extended with 10 large cruise ships visiting.

• The multifunctional quay at South Paldiski Harbor was completed and is operational, expected to generate new revenue streams.

• EU support of €10 million was secured for onshore power supply investments, with total investments reaching €39.7 million and up to 30% covered by the EU.

• A 50.5-hectare property in Muuga Harbour was regained after a court dispute, opening new development opportunities; MoU signed for Kazakh grain transit.

• Green Marine AS was recognized for circular economy initiatives.

Financial highlights

• Q4 2025 revenue rose 1.3% year-over-year to €29.2 million; full-year revenue declined 0.8% to €118.7 million, mainly due to Botnica, while other segments saw strong results.

• Adjusted EBITDA for Q4 fell 8.5% to €11.2 million; full-year adjusted EBITDA increased 6.4% to €56.5 million, with margin improving to 47.6%.

• Q4 operating profit dropped 19.4% to €4.8 million; full-year operating profit rose 12.2% to €32.7 million.

• Q4 profit for the period decreased 16.3% to €3.6 million; full-year profit rose 17.3% to €22.5 million, aided by reduced interest costs.

• Investments in Q4 surged 130.9% to €12.4 million; full-year investments fell 14.4% to €33.2 million, focused on quay construction and ferry maintenance.

Outlook and guidance

• Passenger and cargo volumes are expected to continue recovering, supported by cruise bookings, new ro-ro/container lines, and prolonged cruise season.

• Strategic development of maritime corridors with Finland, Sweden, and Germany, and real estate business initiatives are underway.

• Dividend payout proposal expected to be at least 70% of profits, with potential to exceed policy due to strong results.

• Estimated investments for 2026 are €30–35 million.

• Efficiency improvements planned to support future growth.