AS Tallinna Sadam (TSM1T) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw increased cargo volumes (+6%) and higher passenger numbers (+0.9%), with ferry passengers up 4.5% and vehicles up 7%.

• Revenue for 2025 was €118.7 million, down 0.8% year-over-year, mainly due to lower charter fee and electricity sales, but offset by growth in vessel dues, lease income, passenger fees, ferry service revenue, and cargo charges.

• Operating profit rose 12.2% to €32.7 million, and profit for the period increased 17.3% to €22.5 million, driven by lower operating expenses and finance costs.

• Adjusted EBITDA increased 6.4% to €56.5 million, with margin improving to 47.6%.

• Major infrastructure projects included completion of the multifunctional quay in South Paldiski Harbour and EU-backed onshore power supply for cruise ships.

Financial highlights

• Q4 2025 revenue: €29.2M (+1.3% YoY); full-year 2025: €118.7M (-0.8% YoY).

• Q4 adjusted EBITDA: €11.2M (-8.5% YoY); full-year: €56.5M (+6.4% YoY).

• Q4 operating profit: €4.8M (-19.4% YoY); full-year: €32.7M (+12.2% YoY).

• Q4 profit: €3.6M (-16.3% YoY); full-year: €22.5M (+17.3% YoY).

• Investments in Q4: €12.4M (+130.9% YoY); full-year: €33.2M (-14.4% YoY), mainly in harbour infrastructure and vessel maintenance.

Outlook and guidance

• Passenger and cargo volumes are expected to continue recovering, with cruise and alternative cargoes as growth drivers.

• Ongoing investments in infrastructure, digitalisation, and green initiatives, including EU-supported onshore power supply for cruise ships.

• Real estate business development and property tenders in Old City Harbour are in preparation.

• Efficiency improvements targeted; 2025 results and 2026 outlook support exceeding dividend policy.