In the first quarter of 2026, sales revenue of Tallinna Sadam group amounted to 28 million euros decreasing by -0.7%, adjusted EBITDA was 12 million euros decreasing by -17% and profit 5 million euros decreasing by -33% compared to the same period last year. The adjusted EBITDA margin was 41% and the volume of investments was slightly more than 1 million euros.
The number of passengers decreased by -3.3%, cargo volumes by -8%, and vessel calls by -7% in the first quarter of 2026. Ferry business was stabile – although the number of passengers decreased by -1.2%, the number of vehicles increased by +0.9%. Botnica was chartered 100% of the time like last year.
“The first quarter was defined by a decrease in operating volumes in passenger and cargo harbour segments, which was mainly affected by harsh ice conditions and routine maintenance of passenger ships. Nevertheless, we maintained turnover at the same level as last year. The profit for the period was affected by increased energy and fuel costs and the fact that a year ago an insurance compensation was received for the repairs of the icebreaker Botnica,” 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 11 May, including webinar in Estonian starting at 10.00 (EET) (link to EST webinar) and webinar in English starting at 11.00 (EET) (link to ENG webinar).
Materials related to the interim report can be found attached to this notice and on our website: https://www.ts.ee/en/investor/interim-reports/
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https://www.ts.ee/en/investor/presentations/
Key figures (in million EUR):
Q1 2026Q1 2025+/-%Revenue28.128.3-0.2-0.7%Adjusted EBITDA11.613.9-2.3-16.8%Adjusted EBITDA margin41.1%49.1%-8.0-Operating profit5.78.3-2.6-31.0%Profit for the period4.66.8-2.2-32.9%Investments1.33.6-2.3-65.0%
31.03.202631.12.2025+/-Total assets632.1622.11.6%Interest bearing debt173.3173.7-0.2%Other liabilities73.467.58.7%Equity385.5380.91.2%Number of shares263.0263.00.0%Major events in Q1:
Agreement to use the ferry Regula as a replacement vessel until the end of 2028Baffinland declines the option for Icebreaker Botnica services in autumn 2026The multifunctional quay built in Paldiski South Harbour received a use permitCruise season started as early as in Marchthis yearTallinna Sadam and TS Laevad filed claims for damages against former management board members in civil court proceedingsRevenue
Revenue decreased by EUR 0.2 million, i.e. 0.7% in the first quarter of 2026. Revenue grew most from the sale of electricity (EUR +0.4 million, +27.3%) and from the provision of ferry services (EUR +47 thousand, +0.6%). In the case of electricity, the volumes sold have increased, and since March 2026, the price list of network services offered by AS Tallinna Sadam changed, increasing revenue from network services. Revenue from the provision of ferry services grew due to the indexing of the variable part of the fixed fee (increase in labour and consumer price indices), which offset the decrease in passenger fees (impact of the fall in the fuel price index – indexing based on the price change in 2025). Other types of revenue decreased. Vessel dues decreased to a greater extent (EUR -0.3 million, -4.9%), which in cargo harbours was affected by the decrease in calls by high-capacity tankers, container ships, and passenger ships. In passenger harbours, the decrease in the number of passenger ship calls had an impact, as dry-docking of ships took place. On the positive side, the first cruise ship of the year arrived as early as the first quarter for the first time, which to some extent balanced the fall in vessel dues. Operating lease income decreased by EUR 0.1 million, i.e. 3.2%, mainly due to a change in revenue from the right of superficies. Revenue from other services fell by EUR 0.1 million (-14.5%), mainly caused by decreased advertising sales in the Old City Harbour. Cargo charge revenue also fell (EUR -34 thousand, -2.0%), as cargo volumes decreased. Revenue from passenger fees fell by EUR 28 thousand, i.e. 1.3% due to a decrease in the number of passengers on all main routes, but mostly on the Tallinn-Helsinki route. There was no change in charter fee revenue, which is related to the activities of the icebreaker Botnica; similar to the first quarter of last year, EUR 4.0 million was earned this year as well. Revenue increased in two segments, growing most in segment Ferry (EUR +26 thousand). Marginal growth also occurred in segment Other (EUR +1 thousand). Revenue decreased most in the Cargo harbours segment (EUR -0.2 million) and in the Passenger harbours segment (EUR -21 thousand).
EBITDA
Adjusted EBITDA decreased by EUR 2.3 million as revenue decreased and operating expenses increased. The loss from the associate AS Green Marine, accounted for using the equity method, also had a small impact. With regard to segments, adjusted EBITDA fell in all segments. The adjusted EBITDA of segment Ferry and segment Other decreased the most. The adjusted EBITDA margin fell from 49.1% to 41.1%.
Profit
Profit before income tax decreased by EUR 2.2 million (-32.9%) to EUR 4.6 million. The profit also amounted to EUR 4.6 million, which was EUR 2.2 million lower than the figure for the comparative period last year.
Investments
In the first three months of 2026, the Group invested EUR 1.3 million, which is EUR 2.3 million less than during the same period last year. Investments in the first 3 months of 2026 were mainly related to the completion of construction works on the multifunctional quay at Paldiski South Harbour and the upgrading of the box coolers of the ferries.
Interim condensed consolidated statement of financial position:
In thousands of euros31 March 202631 December 2025ASSETS Current assets Cash and cash equivalents43 22731 993Trade and other receivables11 8628 055Contract assets2770Inventories584552Total other current assets55 95040 600Non-current assets held for sale0212Total current assets55 95040 812Non-current assets Investments in an associate2 5962 638Investment properties14 06914 069Property, plant and equipment557 241562 254Intangible assets2 2842 290Total non-current assets576 190581 251Total assets632 140622 063LIABILITIES Current liabilities Loans and borrowings72 98573 001Provisions7691 895Government grants 8 44819 271Taxes payable888943Trade and other payables8 57411 644Contract liabilities3 35268Total current liabilities95 016106 822Non-current liabilities Loans and borrowings100 300100 700Government grants 50 73631 447Other payables151 585Contract liabilities622632Total non-current liabilities151 673134 364Total liabilities246 689241 186EQUITY Share capital263 000263 000Share premium44 47844 478Statutory capital reserve23 84823 848Retained earnings54 12549 551Total equity385 451380 877Total liabilities and equity632 140622 063Interim condensed consolidated statement of profit or loss:In thousands of eurosQ1 2026Q1 2025Revenue28 17028 354Other income468347Operating expenses-9 833-7 572Impairment of financial assets-20-213Personnel expenses-6 692-6 488Depreciation, amortisation and impairment-6 279-6 068Other expenses-119-102Operating profit5 6958 258Finance income and costs Finance income171342Finance costs-1 251-1 688Finance costs – net-1 080-1 346Share of profit (loss) of an associate accounted for under the equity method-41-100Profit before income tax4 5746 812Profit for the period4 5746 812Attributable to: Owners of the Parent4 5746 812Basic earnings and diluted earnings per share (in euros)0.020.03Interim condensed consolidated statement of cash flows:in thousands of eurosQ1 2026Q1 2025Cash receipts from sale of goods and services30 73735 529Cash receipts related to other income3944Payments to suppliers-12 338-9 243Payments to and on behalf of employees-6 408-5 928Payments for other expenses-126-130Cash flows from operating activities11 90420 272Purchases of property, plant and equipment-4 457-3 122Purchases of intangible assets-105-133Proceeds from government grants related to assets5 3512 665Interest received203150Cash used in investing activities992-440Repayments of loans received-400-400Interest paid-1 256-1 781Other payments related to financing activities-6-1Cash used in financing activities-1 662-2 182NET CASH FLOW11 23417 650Cash and cash equivalents at beginning of the period31 99317 213Change in cash and cash equivalents11 23417 650Cash and cash equivalents at end of the period43 22734 863Tallinna 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
Tel +372 5649 6230
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