![\"AS](\"https:\/\/www.europesays.com\/dk\/wp-content\/uploads\/2026\/02\/74597173cd9f0264eacc5c1d1fc908b1.png\")
AS Tallinna Sadam <\/p>\n AS Tallinna Sadam <\/p>\n
In the first quarter of 2026, sales revenue of Tallinna Sadam group amounted to 28 million euros decreasing by\u00a0\u20130.7%, adjusted EBITDA was 12 million euros decreasing by \u201317% and profit 5 million euros decreasing by \u201333% 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.<\/p>\n
The number of passengers decreased by \u20133.3%, cargo volumes by \u20138%, and vessel calls by \u20137% in the first quarter of 2026. Ferry business was stabile \u2013 although the number of passengers decreased by \u20131.2%, the number of vehicles increased by +0.9%. Botnica was chartered 100% of the time like last year.<\/p>\n
“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.<\/p>\n
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<\/a>) and webinar in English starting at 11.00 (EET) (link to ENG webinar<\/a>).<\/p>\n 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\/<\/a> Key figures (in million EUR):<\/p>\n \u00a0<\/p>\n Q1 2026<\/p>\n Q1 2025<\/p>\n +\/\u2013<\/p>\n %<\/p>\n Revenue<\/p>\n 28.1<\/p>\n 28.3<\/p>\n \u20130.2<\/p>\n \u20130.7%<\/p>\n Adjusted EBITDA<\/p>\n 11.6<\/p>\n 13.9<\/p>\n \u20132.3<\/p>\n \u201316.8%<\/p>\n Adjusted EBITDA margin<\/p>\n 41.1%<\/p>\n 49.1%<\/p>\n \u20138.0<\/p>\n \u2013<\/p>\n Operating profit<\/p>\n 5.7<\/p>\n 8.3<\/p>\n \u20132.6<\/p>\n \u201331.0%<\/p>\n Profit for the period<\/p>\n 4.6<\/p>\n 6.8<\/p>\n \u20132.2<\/p>\n \u201332.9%<\/p>\n Investments<\/p>\n 1.3<\/p>\n 3.6<\/p>\n \u20132.3<\/p>\n \u201365.0%<\/p>\n \u00a0<\/p>\n 31.03.2026<\/p>\n 31.12.2025<\/p>\n +\/\u2013<\/p>\n Total assets<\/p>\n 632.1<\/p>\n 622.1<\/p>\n 1.6%<\/p>\n Interest bearing debt<\/p>\n 173.3<\/p>\n 173.7<\/p>\n \u20130.2%<\/p>\n Other liabilities<\/p>\n 73.4<\/p>\n 67.5<\/p>\n 8.7%<\/p>\n Equity<\/p>\n 385.5<\/p>\n 380.9<\/p>\n 1.2%<\/p>\n Number of shares<\/p>\n 263.0<\/p>\n 263.0<\/p>\n 0.0%<\/p>\n Major events in Q1:<\/p>\n Agreement to use the ferry Regula as a replacement vessel until the end of 2028<\/p>\n Baffinland declines the option for Icebreaker Botnica services in autumn 2026<\/p>\n The multifunctional quay built in Paldiski South Harbour received a use permit<\/p>\n Cruise season started as early as in Marchthis year<\/p>\n Tallinna Sadam and TS Laevad filed claims for damages against former management board members in civil court proceedings<\/p>\n Revenue EBITDA Profit Investments Interim condensed consolidated statement of financial position:<\/p>\n In thousands of euros<\/p>\n 31 March 2026<\/p>\n 31 December 2025<\/p>\n ASSETS<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Current assets<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Cash and cash equivalents<\/p>\n 43 227<\/p>\n 31 993<\/p>\n Trade and other receivables<\/p>\n 11 862<\/p>\n 8 055<\/p>\n Contract assets<\/p>\n 277<\/p>\n 0<\/p>\n Inventories<\/p>\n 584<\/p>\n 552<\/p>\n Total other current assets<\/p>\n 55 950<\/p>\n 40 600<\/p>\n Non-current assets held for sale<\/p>\n 0<\/p>\n 212<\/p>\n Total current assets<\/p>\n 55 950<\/p>\n 40 812<\/p>\n Non-current assets<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Investments in an associate<\/p>\n 2 596<\/p>\n 2 638<\/p>\n Investment properties<\/p>\n 14 069<\/p>\n 14 069<\/p>\n Property, plant and equipment<\/p>\n 557 241<\/p>\n 562 254<\/p>\n Intangible assets<\/p>\n 2 284<\/p>\n 2 290<\/p>\n Total non-current assets<\/p>\n 576 190<\/p>\n 581 251<\/p>\n Total assets<\/p>\n 632 140<\/p>\n 622 063<\/p>\n LIABILITIES<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Current liabilities<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Loans and borrowings<\/p>\n 72 985<\/p>\n 73 001<\/p>\n Provisions<\/p>\n 769<\/p>\n 1 895<\/p>\n Government grants<\/p>\n 8 448<\/p>\n 19 271<\/p>\n Taxes payable<\/p>\n 888<\/p>\n 943<\/p>\n Trade and other payables<\/p>\n 8 574<\/p>\n 11 644<\/p>\n Contract liabilities<\/p>\n 3 352<\/p>\n 68<\/p>\n Total current liabilities<\/p>\n 95 016<\/p>\n 106 822<\/p>\n Non-current liabilities<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Loans and borrowings<\/p>\n 100 300<\/p>\n 100 700<\/p>\n Government grants<\/p>\n 50 736<\/p>\n 31 447<\/p>\n Other payables<\/p>\n 15<\/p>\n 1 585<\/p>\n Contract liabilities<\/p>\n 622<\/p>\n 632<\/p>\n Total non-current liabilities<\/p>\n 151 673<\/p>\n 134 364<\/p>\n Total liabilities<\/p>\n 246 689<\/p>\n 241 186<\/p>\n EQUITY<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Share capital<\/p>\n 263 000<\/p>\n 263 000<\/p>\n Share premium<\/p>\n 44 478<\/p>\n 44 478<\/p>\n Statutory capital reserve<\/p>\n 23 848<\/p>\n 23 848<\/p>\n Retained earnings<\/p>\n 54 125<\/p>\n 49 551<\/p>\n Total equity<\/p>\n 385 451<\/p>\n 380 877<\/p>\n Total liabilities and equity<\/p>\n 632 140<\/p>\n 622 063<\/p>\n Interim condensed consolidated statement of profit or loss:<\/p>\n In thousands of euros<\/p>\n Q1 2026<\/p>\n Q1 2025<\/p>\n Revenue<\/p>\n 28 170<\/p>\n 28 354<\/p>\n Other income<\/p>\n 468<\/p>\n 347<\/p>\n Operating expenses<\/p>\n \u20139 833<\/p>\n \u20137 572<\/p>\n Impairment of financial assets<\/p>\n \u201320<\/p>\n \u2013213<\/p>\n Personnel expenses<\/p>\n \u20136 692<\/p>\n \u20136 488<\/p>\n Depreciation, amortisation and impairment<\/p>\n \u20136 279<\/p>\n \u20136 068<\/p>\n Other expenses<\/p>\n \u2013119<\/p>\n \u2013102<\/p>\n Operating profit<\/p>\n 5 695<\/p>\n 8 258<\/p>\n Finance income and costs<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Finance income<\/p>\n 171<\/p>\n 342<\/p>\n Finance costs<\/p>\n \u20131 251<\/p>\n \u20131 688<\/p>\n Finance costs – net<\/p>\n \u20131 080<\/p>\n \u20131 346<\/p>\n Share of profit (loss) of an associate accounted for under the equity method<\/p>\n \u201341<\/p>\n \u2013100<\/p>\n Profit before income tax<\/p>\n 4 574<\/p>\n 6 812<\/p>\n Profit for the period<\/p>\n 4 574<\/p>\n 6 812<\/p>\n Attributable to:<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Owners of the Parent<\/p>\n 4 574<\/p>\n 6 812<\/p>\n Basic earnings and diluted earnings per share (in euros)<\/p>\n 0.02<\/p>\n 0.03<\/p>\n Interim condensed consolidated statement of cash flows:<\/p>\n in thousands of euros<\/p>\n Q1 2026<\/p>\n Q1 2025<\/p>\n Cash receipts from sale of goods and services<\/p>\n 30 737<\/p>\n 35 529<\/p>\n Cash receipts related to other income<\/p>\n 39<\/p>\n 44<\/p>\n Payments to suppliers<\/p>\n \u201312 338<\/p>\n \u20139 243<\/p>\n Payments to and on behalf of employees<\/p>\n \u20136 408<\/p>\n \u20135 928<\/p>\n Payments for other expenses<\/p>\n \u2013126<\/p>\n \u2013130<\/p>\n Cash flows from operating activities<\/p>\n 11 904<\/p>\n 20 272<\/p>\n Purchases of property, plant and equipment<\/p>\n \u20134 457<\/p>\n \u20133 122<\/p>\n Purchases of intangible assets<\/p>\n \u2013105<\/p>\n \u2013133<\/p>\n Proceeds from government grants related to assets<\/p>\n 5 351<\/p>\n 2 665<\/p>\n Interest received<\/p>\n 203<\/p>\n 150<\/p>\n Cash used in investing activities<\/p>\n 992<\/p>\n \u2013440<\/p>\n Repayments of loans received<\/p>\n \u2013400<\/p>\n \u2013400<\/p>\n Interest paid<\/p>\n \u20131 256<\/p>\n \u20131 781<\/p>\n Other payments related to financing activities<\/p>\n \u20136<\/p>\n \u20131<\/p>\n Cash used in financing activities<\/p>\n \u20131 662<\/p>\n \u20132 182<\/p>\n NET CASH FLOW<\/p>\n 11 234<\/p>\n 17 650<\/p>\n Cash and cash equivalents at beginning of the period<\/p>\n 31 993<\/p>\n 17 213<\/p>\n Change in cash and cash equivalents<\/p>\n 11 234<\/p>\n 17 650<\/p>\n Cash and cash equivalents at end of the period<\/p>\n 43 227<\/p>\n 34 863<\/p>\n 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 \u2013 O\u00dc TS Laevad provides ferry services between the Estonian mainland and the largest islands, and O\u00dc 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.<\/p>\n Additional information:<\/p>\n
https:\/\/www.ts.ee\/en\/investor\/presentations\/<\/a><\/p>\n
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 \u2013 indexing based on the price change in 2025). Other types of revenue decreased. Vessel dues decreased to a greater extent (EUR \u20130.3 million, \u20134.9%), 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 (\u201314.5%), mainly caused by decreased advertising sales in the Old City Harbour. Cargo charge revenue also fell (EUR \u201334 thousand, \u20132.0%), 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\u2013Helsinki 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 \u20130.2 million) and in the Passenger harbours segment (EUR \u201321 thousand).<\/p>\n
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%.<\/p>\n
Profit before income tax decreased by EUR 2.2 million (\u201332.9%) 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.<\/p>\n
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.<\/p>\n