Sales revenue of Tallinna Sadam in 2025 was 119 million euros. Adjusted EBITDA was close to 57 million euros and profit more than 22 million euros. Comparing to the preceding year sales revenue decreased slightly by -0.8% but adjusted EBITDA increased by +6% and profit by +17%. Sales revenue in the fourth quarter was more than 29 million euros, adjusted EBITDA was 11 million euros and profit 3.6 million euros. Comparing to the same period last year sales revenue increased by +1.3%, adjusted EBITDA decreased by -8% and profit by -16%. During 2025 we invested the total of above 33 million euros, of which 12 million euros were invested in the fourth quarter.
In the fourth quarter of 2025, the number of passengers increased by +0.9% (+1.0% full year) and cargo volumes by +6% (+5% full year), the number of vessel calls decreased by -4.8% (full year the same as in 2024). In shipping, we saw growth in the number of vehicles by +7% (+3.5% full year), the number of passengers by +4.5% (+1.2% full year) and trip number by +0.3% (-0.6% full year). The icebreaker Botnica was charted 53% of time in the fourth quarter, which is -3.9% less than last year (-19% full year).
"We are satisfied with the results of the year, as adjusted EBITDA, adjusted EBITDA margin and profit have increased while the turnover remained similar to the comparable year. Sales revenue increased in the fourth quarter, but profit decreased. The results have been affected by higher repair costs due to their postponement to the last quarter. The most important event at the end of the year was completion of the multifunctional quay in Paldiski South Harbour, which now has received a use permit. We are also delighted about the successful winter cruise season in terms of growth in cruise ship calls and passenger numbers," commented Valdo Kalm, the Chairman of the Management Board.
Tallinna Sadam management will present the financial results of the Group at webinars on 26 February, including webinar in Estonian starting at 10.00 (EEST) (link to EST webinar) and webinar in English starting at 11.00 (EEST) (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/
https://www.ts.ee/en/investor/presentations/.
Key figures (in million EUR):
| Q4 | Q4 | +/- | 12M | 12M | +/- | |
| 2025 | 2024 | , | 2025 | 2024 | , | |
| Revenue | 29.2 | 28.8 | 1.3 | 118.7 | 119.6 | -0.8 |
| Adjusted EBITDA | 11.2 | 12.2 | -8.5 | 56.5 | 53.1 | 6.4 |
| Adjusted EBITDA margin | 38.4% | 42.5% | -4.1 | 47.6% | 44.4% | 3.2 |
| Operating profit | 4.8 | 5.9 | -19.4 | 32.7 | 29.1 | 12.2 |
| Income tax | 0.0 | 0.0 | 0.0 | -5.4 | -3.1 | 73.3 |
| Profit for the period | 3.6 | 4.3 | -16.3 | 22.5 | 19.2 | 17.3 |
| Investments | 12.4 | 5.4 | 131 | 33.2 | 38.8 | -14.4 |
| 31.12.2025 | 31.12.2024 | +/- | |
| Total assets | 622.1 | 629.9 | -1.2% |
| Interest bearing debt | 173.7 | 184.8 | -6.1% |
| Other liabilities | 67.5 | 67.4 | 0.1% |
| Equity | 380.9 | 377.6 | 0.9% |
| Number of shares | 263.0 | 263.0 | 0.0% |
Major events in Q4:
- Cruise season extended into winter
- Construction of the multifunctional quay in South Paldiski Harbour was completed
- EU supports construction of Tallinna Sadam onshore power supply for cruise ships
- The Competition Authority approved the price list of Tallinna Sadam electricity network charges
- MPG Agro Production OÜ returned property in Muuga Harbour
- Ports of Tallinn and Stockholm signed a memorandum of understanding
- Successful mission of the icebreaker Botnica in the arctic waters of Canada
- Changes in the Board of TS Shipping OÜ
- Extention of the powers of the Board Member in OÜ TS Laevad
Revenue
Revenue decreased by EUR 0.9 million, i.e. -0.8%, in 2025 and amounted to EUR 118.7 million. The decline in revenue was primarily driven by a decrease in charter fee revenue (icebreaker Botnica). In addition, sales of other services and sales of electricity declined. A positive impact on revenue came from increased vessel dues and lease income. Passenger fees, cargo charges and revenue from ferry services between mainland Estonia and the major islands also increased. By revenue stream, the largest increase was recorded in vessel dues, which rose by EUR 2.5 million (+8.0%) to EUR 34.1 million. The growth in vessel dues was driven by an increased number of tanker and container vessel calls. At the same time, both vessel types had, on average, larger capacity. Although the number of passenger vessel calls in the Cargo harbours segment decreased, the vessels replacing those that departed had larger capacity, resulting in higher vessel dues revenue. In the Passenger harbours segment, growth was supported by an increased number of cruise and passenger vessel calls. Operating lease income increased by EUR 0.4 million (+3.0%) to a total of EUR 14.6 million. Lease income grew in all segments except the segment Other. The increase was mainly recorded in the Cargo and Passenger harbours segments, primarily due to indexation of tariff rates. Revenue from passenger fees increased by EUR 0.3 million (+2.9%) to EUR 12.2 million. The growth in passenger fee revenue was supported by an increase in passenger numbers (+1.0%) and the indexation of fees in the first half of the year. Revenue from ferry services increased by EUR 0.2 million (+0.6%) to EUR 36.4 million. The increase in revenue was positively affected by the indexation of tariffs based on Estonian labour and consumer price indices, while a lower fuel price index had a negative impact. The number of trips remained largely unchanged compared to the previous year (-0.6%). Revenue from cargo charges also increased by EUR 0.2 million (+2.8%) to EUR 6.9 million in connection with higher cargo volumes (+5.1%). Other revenue streams declined. Charter fee revenue decreased significantly by EUR 4.0 million (-33.6%) to EUR 7.9 million. The number of charter days of the icebreaker Botnica was 42 days lower, and charter fees also declined due to lower daily rates for project-based work. Revenue from other services decreased by EUR 0.4 million, resulting from the shorter charter period of the icebreaker Botnica, which in turn reduced revenue from catering and accommodation services. Within other services, revenue from advertising sales also declined. Revenue from electricity sales decreased by EUR 0.2 million (-4.8%) to EUR 4.4 million. Electricity revenue declined mainly due to lower sales volumes of network services and electricity, as well as a decrease in the electricity exchange price. Other revenue increased by EUR 0.6 million (+32.2%) to EUR 2.3 million in 2025. Other revenue was positively affected by the transfer of land in Muuga Harbour in 2025 for the construction of the Rail Baltica Muuga railway station.
In the fourth quarter of 2025, revenue increased by 1.3% to EUR 29.2 million. Despite of a decrease in the number of vessel calls, vessel dues revenue increased by 10.3%. Vessel dues growth in the Cargo harbours segment was driven by an increase in visits by large tankers and bulk carriers, and in the Passenger harbours segment by an increase in the number of cruise ships. Revenue also increased from ferry services, operating lease income and passenger fees. Revenue from cargo charges decreased (-17.2%). Although cargo volumes increased, in the fourth quarter the cargo charges were affected by IFRS 15-related adjustments - in the first half of 2024, possible contract penalties for some operators were not fully anticipated. In the fourth quarter of 2024, these penalties were recognised, resulting in the corresponding revenue being recorded at the end of the year. In 2025, the revenue from penalties was accounted for evenly throughout the year. Revenue also declined from charter fees due to a lower number of Botnica charter days. In addition, revenue from other services and electricity sales decreased. Revenue from other services was impacted by lower advertising sales in the Passenger harbours segment.
EBITDA
Adjusted EBITDA increased by EUR 3.4 million (+6.4%) to EUR 56.5 million, with growth recorded in the Cargo and Passenger harbours segments. The increase in adjusted EBITDA in the Cargo harbours segment was driven by primarily revenue growth, and a decrease in the impairment of financial assets. The improvement in the adjusted EBITDA of the Passenger harbours segment was supported by revenue growth, which exceeded the growth in operating and personnel expenses. Adjusted EBITDA for the fourth quarter decreased by EUR 1.0 million (-8.5%) year-on-year. The adjusted EBITDA margin for the year increased from 44.4% to 47.6%, while in the fourth quarter it declined from 42.5% to 38.4%.
Profit
Profit before tax grew by EUR 5.6 million (+25.1%) to EUR 27.9 million in 2025. Profit before tax grew more than operating profit because net finance costs decreased (EUR -2.6 million). The positive impact of finance costs was offset to the extent of EUR 0.5 million by lower profit from the equity-accounted associate Green Marine. The dividend declared in the second quarter of 2025 in the amount of EUR 19.2 million gave rise to income tax expense of EUR 5.4 million, which was EUR 2.3 million larger than in the previous year. Although the amount of dividends remained unchanged, the dividend tax rate increased in 2025, and the reduced rate for regularly paid dividends was abolished. Profit for 2025 amounted to EUR 22.5 million, an increase of EUR 3.3 million (+17.3%). Fourth-quarter profit was EUR 3.6 million (EUR -0.7 million, -16.3%).
Investments
In 2025, the Group invested EUR 33.2 million, which was EUR 5.6 million, i.e. 14%, less than in the previous year. Investments in infrastructure assets related to harbour management, acquisition of non-current assets and improvements to existing infrastructure totalled EUR 29.1 million. Investments in the icebreaker Botnica amounted to EUR 0.5 million and investments in the Ferry segment to EUR 3.7 million. The largest investment in 2025 was related to the completion of the new multifunctional quay and the 10-hectare hinterland area at Paldiski South Harbour (with minor finishing works carried over to early 2026). The largest investments at Muuga Harbour were in quay reinforcement. The most significant of these related to the smooth handling of large container vessels and enabling the future provision of onshore power (to a lesser extent, investment in the onshore power supply solution was initiated). Investment also continued in transferring building automation to a new system.
In the Ferry segment, the main investments included the replacement of main engines on the ferry Leiger and planned dry-dock maintenance for the ferries Tiiu, Regula, and Piret. At Old City Harbour, investments continued in the design of the new Terminal A, the Terminal A exterior area, the main building, and the parking garage. In addition, significant investments were made to improve passenger vessel traffic (at quay 13). Investments were also made in software development. For the icebreaker Botnica, the main investment was dry-dock maintenance. Investments of the fourth quarter amounted to EUR 12.4 million (+130.9%). The largest investment was in the construction of the Paldiski quay.
Interim condensed consolidated statement of financial position:
| In thousands of euros | 31 December 2025 | 31 December 2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 31 993 | 17 213 |
| Bank deposits with maturities exceeding 3 months | 0 | 22 000 |
| Trade and other receivables | 8 055 | 12 512 |
| Inventories | 552 | 695 |
| Total other current assets | 40 600 | 52 420 |
| Non-current assets held for sale | 212 | 4 190 |
| Total current assets | 40 812 | 56 610 |
| Non-current assets | ||
| Investments in associates | 2 638 | 2 664 |
| Investment properties | 14 069 | 14 069 |
| Property. plant and equipment | 562 254 | 554 280 |
| Intangible assets | 2 290 | 2 238 |
| Total non-current assets | 581 251 | 573 251 |
| Total assets | 622 063 | 629 861 |
| LIABILITIES | ||
| Current liabilities | ||
| Loans and borrowings | 73 001 | 12 185 |
| Provisions | 1 895 | 1 771 |
| Government grants | 19 271 | 22 146 |
| Taxes payable | 943 | 906 |
| Trade and other payables | 11 712 | 7 780 |
| Total current liabilities | 106 822 | 44 788 |
| Non-current liabilities | ||
| Loans and borrowings | 100 700 | 172 650 |
| Government grants | 31 447 | 31 995 |
| Other payables | 2 217 | 2 815 |
| Total non-current liabilities | 134 364 | 207 460 |
| Total liabilities | 241 186 | 252 248 |
| EQUITY | ||
| Share capital at par value | 263 000 | 263 000 |
| Share premium | 44 478 | 44 478 |
| Statutory capital reserve | 23 848 | 23 304 |
| Retained earnings | 49 551 | 46 831 |
| Total equity | 380 877 | 377 613 |
| Total liabilities and equity | 622 063 | 629 861 |
Interim condensed consolidated statement of profit or loss:
| In thousands of euros | Q4 2025 | Q4 2024 | 2025 | 2024 |
| Revenue | 29 152 | 28 791 | 118 687 | 119 587 |
| Other income | 309 | 579 | 2 297 | 1 737 |
| Operating expenses | -10 280 | -9 477 | -36 412 | -40 427 |
| Impairment of financial assets | -102 | -125 | -17 | -805 |
| Personnel expenses | -7 391 | -7 061 | -26 555 | -25 722 |
| Depreciation, amortisation and impairment | -6 792 | -6 625 | -25 008 | -24 833 |
| Other expenses | -101 | -134 | -288 | -389 |
| Operating profit | 4 795 | 5 948 | 32 704 | 29 148 |
| Finance income and costs | ||||
| Finance income | 180 | 197 | 973 | 900 |
| Finance costs | -1 289 | -1 857 | -5 773 | -8 257 |
| Finance costs - net | -1 109 | -1 660 | -4 800 | -7 357 |
| Share of profit (+)/ loss (-) of an associate accounted for under the equity method | -102 | -4 | -26 | 487 |
| Profit before income tax | 3 584 | 4 284 | 27 878 | 22 278 |
| Income tax | 0 | 0 | -5 415 | -3 125 |
| Profit for the period | 3 584 | 4 284 | 22 463 | 19 153 |
| Attributable to owners of the Parent | 3 584 | 4 284 | 22 463 | 19 153 |
| Basic and diluted earnings per share (in euros) | 0.01 | 0.02 | 0.09 | 0.07 |
Interim condensed consolidated statement of cash flows:
| In thousands of euros | 2025 | 2024 |
| Cash receipts from sale of goods and services | 130 750 | 126 612 |
| Cash receipts related to other income | 80 | 45 |
| Payments to suppliers | -46 018 | -50 431 |
| Payments to and on behalf of employees | -25 363 | -23 864 |
| Payments for other expenses | -328 | -304 |
| Income tax paid on dividends | -5 415 | -3 325 |
| Cash from operating activities | 53 706 | 48 733 |
| Purchases of property. plant and equipment | -30 676 | -38 981 |
| Purchases of intangible assets | -484 | -599 |
| Proceeds from sale of property. plant and equipment | 4 885 | 17 |
| Government grants received | 479 | 15 317 |
| Interest received | 959 | 804 |
| Net change in deposits with maturities exceeding 3 months | 22 000 | -22 000 |
| Cash used in investing activities | -2 837 | -45 442 |
| Redemption of debt securities | -7 650 | -7 650 |
| Proceeds from loans received | 0 | 30 000 |
| Repayments of loans received | -3 066 | -10 466 |
| Dividends paid | -19 199 | -19 000 |
| Interest paid | -6 173 | -8 655 |
| Other payments related to financing activities | -1 | -40 |
| Cash from/used in financing activities | -36 089 | -15 811 |
| NET CASH FLOW | 14 780 | -12 520 |
| Cash and cash equivalents at beginning of the period | 17 213 | 29 733 |
| Change in cash and cash equivalents | 14 780 | -12 520 |
| Cash and cash equivalents at end of the period | 31 993 | 17 213 |
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
Tel +372 5649 6230
angelika.annus@ts.ee
