AS Tallinna Sadam financial results for 2025 Q3 and 9 months
In the third quarter, Tallinna Sadam earned close to 32 million euros in sales revenue and close to 9 million euros in profit, adjusted EBITDA was 16 million euros. Sales revenue increased by +1.5%, profit by +54% and adjusted EBITDA by +17% compared to the last year. The revenue for nine months was 90 million euros, profit 19 million euros and adjusted EBITDA 45 million euros. The revenue of 9 months decreased by –1.4%, profit increased +27% and adjusted EBITDA increased +11%. In the third quarter, the volume of investments was 9 million euros, and we invested a total of 21 million euros within nine months.
The number of passengers grew +1.4% and cargo volumes +8%, vessel calls decreased by –1.6% in the third quarter of 2025. Ferry segment showed growth in the number of vehicles +2.4%. The icebreaker Botnica was chartered 22% of the time which is –20% less than last year.
“We have achieved strong results in the third quarter. Growth continued in both, volumes and revenues, in passenger and cargo harbours. Revenues of Icebreaker Botnica have decreased due to the shortening of the charter period, while profitability of its activities has increased. The efficiency in operations is demonstrated by growth in adjusted EBITDA and profit,” commented Valdo Kalm, the Chairman of the Management Board, on the results.
Tallinna Sadam management will present the financial results of the Group at a webinars on 10 November, including webinar in Estonian starting at 10.00 (EET) () and webinar in English starting at 11.00 (EET) ().
Materials related to the interim report can be found attached to this notice and on our website:
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Key figures (in million EUR):
| Q3 | Q3 | +/– | 9M | 9M | +/– | |
| 2025 | 2024 | % | 2025 | 2024 | % | |
| Revenue | 31.7 | 31.2 | 1.5 | 89.5 | 90.8 | –1.4 |
| Adjusted EBITDA | 15.5 | 13.3 | 16.7 | 45.3 | 40.9 | 10.8 |
| Adjusted EBITDA margin | 48.9% | 42.6% | 6.3 | 50.6% | 45.0% | 5.6 |
| Operating profit | 9.6 | 7.3 | 32.4 | 27.9 | 23.2 | 20.3 |
| Income tax | 0.0 | 0.0 | 0.0 | –5.4 | –3.1 | 73.3 |
| Profit for the period | 8.6 | 5.6 | 54.0 | 18.9 | 14.9 | 27.0 |
| Investments | 8.8 | 8.4 | 4.6 | 20.8 | 33.5 | –37.7 |
| 30.09.2025 | 31.12.2024 | +/– | |
| Total assets | 629.7 | 629.9 | 0.0% |
| Interest bearing debt | 182.3 | 184.8 | –1.4% |
| Other liabilities | 70.1 | 67.4 | 0.1% |
| Equity | 377.3 | 377.6 | –0.1% |
| Number of shares | 263.0 | 263.0 | 0.0% |
Major events in Q3:
• Icebreaker Botnica at additional work in Canada
• New cruise operator and 10 first ship visits
• Tallinn-Helsinki regular line celebrated 60th anniversary
• Ship accident in Muuga harbour
• AS Tallinna Sadam and OÜ TS Laevad filed an appeal in cassation concerning criminal case involving former members of the management board
• Tallinn Circuit Court dismissed MPG AgroProduction OÜ appeal
Revenue
Revenue decreased by EUR 1.3 million (–1.4%) in the first 9 months of 2025 to EUR 89.5 million. The decline in revenue was due to a decrease in charter days of the icebreaker Botnica (other segment). Revenue increased in the passenger and cargo harbour segments and in the ferry segment providing service between mainland Estonia and the larger islands. In the third quarter, revenue increased by EUR 0.5 million (+1.5%).
By revenue type, the largest change over the 9-month period was the decline in vessel charter fee revenue, which decreased by EUR 3.8 million (–39.4%) due to a 24% drop in charter days. The percentage decrease in revenue exceeded the decline in charter days, as the project-based work performed after the icebreaking season was carried out at lower daily rates. Vessel due revenue increased by EUR 1.7 million (+7.,3%) to EUR 25.6 million. Vessel due revenue increased, driven by a higher number of vessel calls from passenger, cruise, and cargo ships, as well as by higher tariff rates. Cargo charge revenue grew by EUR 0.6 million (+12.8%) to EUR 5.0 million due to increased cargo volumes and, for 2025, higher expected annual revenue from liquid bulk, which, under IFRS 15, had an additional positive impact on the 9-month results. Operating lease income increased by EUR 0.3 million (+3.1%) to EUR 11.0 million. Growth was recorded across the cargo, ferry, and passenger harbour segments, mainly due to indexed rate adjustments. Revenue from other services decreased by EUR 0.3 million (–14.9%), as the previous year’s project-based work performed by Botnica included higher additional income from the provision of catering services. Passenger fee revenue increased by EUR 0.3 million (+2.8%) to EUR 9.4 million. The growth was supported by an increase in passenger numbers (+1.0%) and higher rates applied to regular line passengers and cruise passengers using Old City Harbour. Revenue from electricity sales decreased by EUR 0.2 million (–6.3%) to EUR 3.2 million. Electricity revenue decreased in the cargo harbour segment due to lower electricity sales volumes and prices. In the passenger harbour segment, however, electricity revenue increased as a result of higher sales volumes. Revenue from ferry service provision increased by EUR 0.1 million (+0.4%) to EUR 27.9 million. The number of trips decreased by 0.8% compared to the previous year. Revenue growth was positively affected by the indexation of tariffs in line with Estonia’s labour cost and consumer price indices, while the decline in the fuel price index had a negative impact.
EBITDA
Adjusted EBITDA increased by EUR 4.4 million (+10.8%) in the first 9 months to EUR 45.3 million. Adjusted EBITDA increased in the Cargo harbours, Passenger harbours, and Other segments, supported by higher revenue (in the passenger and cargo harbours) and lower expenses (in the Cargo harbours and Other segments). The Ferry segment remained in decline, as expenses grew faster than revenue, particularly due to higher depreciation and personnel expenses. In the third quarter, adjusted EBITDA increased by EUR 2.2 million (+16.7%) year-on-year. Adjusted EBITDA increased in the Other, Cargo harbours, and Passenger harbours segments but declined in the Ferry segment. The adjusted EBITDA margin rose from 45.0% to 50.6% over the 9-month period and from 42.6% to 48.9% in the third quarter.
Profit
Profit before tax increased by EUR 6.3 million (+35.0%) to EUR 24.3 million compared to the 9 months in the previous year. Net profit grew more strongly than operating profit, driven by the reduction in financial expenses. In the second quarter of 2025, dividends totalling EUR 19.2 million were paid out, accompanied by income tax expenses of EUR 5.4 million, which was EUR 2.3 million higher than the tax expense related to the previous year’s dividend payment. Although the amount of dividends remained unchanged, the dividend tax rate increased in 2025, and the reduced rate for regularly paid dividends was eliminated. Net profit for the 9-month period increased by EUR 4.0 million (+27.0%) year-on-year. The third quarter net profit was EUR 8.6 million (EUR +3.0 million; +54.0%) and profit before tax was EUR 8.6 million (EUR +3.0 million; +54.0%).
Investments
In the first 9 months of 2025, the Group invested EUR 20.8 million, which was EUR 12.6 million less than in the previous year. Investments during the first 9 months of 2025 were mainly related to the construction of an offshore wind terminal- quay at Paldiski South Harbour, quay upgrades at cargo harbours, scheduled dry-docking of a ferriesy, information technology projects, design works at the passenger harbour, procurement of equipment for ferries, and dry-docking of the icebreaker Botnica. Investments in the third quarter totalled EUR 8.8 million (the third quarter 2024: EUR 8.4 million).
Interim condensed consolidated statement of financial position:
| In thousands of euros | 30 September 2025 | 31 December 2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 44 360 | 17 213 |
| Bank deposits with maturities exceeding 3 months | 0 | 22 000 |
| Trade and other receivables | 7 961 | 12 512 |
| Contract assets | 771 | 0 |
| Inventories | 649 | 695 |
| Total other current assets | 53 741 | 52 420 |
| Non-current assets held for sale | 0 | 4 190 |
| Total current assets | 53 741 | 56 610 |
| Non-current assets | ||
| Investments in an associate | 2 740 | 2 664 |
| Investment properties | 14 069 | 14 069 |
| Property, plant and equipment | 556 863 | 554 280 |
| Intangible assets | 2 265 | 2 238 |
| Total non-current assets | 575 937 | 573 251 |
| Total assets | 629 678 | 629 861 |
| LIABILITIES | ||
| Current liabilities | ||
| Loans and borrowings | 25 437 | 12 185 |
| Provisions | 1 360 | 1 771 |
| Government grants | 20 158 | 22 146 |
| Taxes payable | 1 570 | 906 |
| Trade and other payables | 15 284 | 7 780 |
| Total current liabilities | 63 809 | 44 788 |
| Non-current liabilities | ||
| Loans and borrowings | 156 850 | 172 650 |
| Government grants | 31 338 | 31 995 |
| Other payables | 681 | 2 815 |
| Total non-current liabilities | 188 577 | 207 460 |
| Total liabilities | 252 386 | 252 248 |
| EQUITY | ||
| Share capital | 263 000 | 263 000 |
| Share premium | 44 478 | 44 478 |
| Statutory capital reserve | 23 848 | 23 304 |
| Retained earnings | 45 966 | 46 831 |
| Total equity | 377 292 | 377 613 |
| Total liabilities and equity | 629 678 | 629 861 |
Interim condensed consolidated statement of profit or loss:
| In thousands of euros | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 |
| Revenue | 31 673 | 31 214 | 89 535 | 90 797 |
| Other income | 308 | 398 | 1 988 | 1 164 |
| Operating expenses | –9 856 | –11 651 | –26 133 | –30 951 |
| Impairment of financial assets | –167 | –214 | 85 | –680 |
| Personnel expenses | –6 205 | –6 302 | –19 164 | –18 661 |
| Depreciation, amortisation and impairment | –6 076 | –6 087 | –18 216 | –18 207 |
| Other expenses | –55 | –90 | –187 | –262 |
| Operating profit | 9 622 | 7 268 | 27 908 | 23 200 |
| Finance income and costs | ||||
| Finance income | 214 | 203 | 795 | 703 |
| Finance costs | –1 340 | –2 158 | –4 486 | –6 400 |
| Finance costs - net | –1 126 | –1 955 | –3 691 | –5 697 |
| Share of profit (loss) of an associate accounted for under the equity method | 96 | 265 | 76 | 491 |
| Profit before income tax | 8 592 | 5 578 | 24 293 | 17 994 |
| Income tax expense | 0 | 0 | –5 415 | –3 125 |
| Profit for the period | 8 592 | 5 578 | 18 878 | 14 869 |
| Attributable to: | ||||
| Owners of the Parent | 8 592 | 5 578 | 18 878 | 14 869 |
| Basic earnings and diluted earnings per share (in euros) | 0.03 | 0.02 | 0.07 | 0.06 |
Interim condensed consolidated statement of cash flows:
| in thousands of euros | 9M 2025 | 9M 2024 |
| Cash receipts from sale of goods and services | 100 239 | 99 181 |
| Cash receipts related to other income | 69 | 42 |
| Payments to suppliers | –32 208 | –37 612 |
| Payments to and on behalf of employees | –19 168 | –17 787 |
| Payments for other expenses | –260 | –224 |
| Income tax paid on dividends | –5 415 | –3 325 |
| Cash flows from operating activities | 43 257 | 40 275 |
| Purchases of property, plant and equipment | –17 678 | –33 118 |
| Purchases of intangible assets | –347 | –479 |
| Proceeds from sale of property, plant and equipment | 4 885 | 17 |
| Proceeds from government grants related to assets | 479 | 0 |
| Interest received | 771 | 679 |
| Net change in deposits with maturities exceeding 3 months | 22 000 | 0 |
| Cash used in investing activities | 10 110 | –32 901 |
| Proceeds from loans received | 0 | 20 000 |
| Repayments of loans received | –2 183 | –9 583 |
| Dividends paid | –19 199 | –19 000 |
| Interest paid | –4 837 | –6 427 |
| Other payments related to financing activities | –1 | –18 |
| Cash used in financing activities | –26 220 | –15 028 |
| NET CASH FLOW | 27 147 | –7 654 |
| Cash and cash equivalents at beginning of the period | 17 213 | 29 733 |
| Change in cash and cash equivalents | 27 147 | –7 654 |
| Cash and cash equivalents at end of the period | 44 360 | 22 079 |
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services.
Additional information:
Angelika Annus
Head of Investor Relations
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