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AS Tallinna Sadam
AS Tallinna Sadam (TSM1T) investor relations material
AS Tallinna Sadam Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 2025 saw a 6% increase in cargo volumes and a 0.9% rise in passenger numbers, with ferry passengers up 4.5% and vehicles up 7%; cruise season extended with 10 large cruise ships visiting.
The multifunctional quay at South Paldiski Harbor was completed and is operational, expected to generate new revenue streams.
EU support of €10 million was secured for onshore power supply investments, with total investments reaching €39.7 million and up to 30% covered by the EU.
A 50.5-hectare property in Muuga Harbour was regained after a court dispute, opening new development opportunities; MoU signed for Kazakh grain transit.
Green Marine AS was recognized for circular economy initiatives.
Financial highlights
Q4 2025 revenue rose 1.3% year-over-year to €29.2 million; full-year revenue declined 0.8% to €118.7 million, mainly due to Botnica, while other segments saw strong results.
Adjusted EBITDA for Q4 fell 8.5% to €11.2 million; full-year adjusted EBITDA increased 6.4% to €56.5 million, with margin improving to 47.6%.
Q4 operating profit dropped 19.4% to €4.8 million; full-year operating profit rose 12.2% to €32.7 million.
Q4 profit for the period decreased 16.3% to €3.6 million; full-year profit rose 17.3% to €22.5 million, aided by reduced interest costs.
Investments in Q4 surged 130.9% to €12.4 million; full-year investments fell 14.4% to €33.2 million, focused on quay construction and ferry maintenance.
Outlook and guidance
Passenger and cargo volumes are expected to continue recovering, supported by cruise bookings, new ro-ro/container lines, and prolonged cruise season.
Strategic development of maritime corridors with Finland, Sweden, and Germany, and real estate business initiatives are underway.
Dividend payout proposal expected to be at least 70% of profits, with potential to exceed policy due to strong results.
Estimated investments for 2026 are €30–35 million.
Efficiency improvements planned to support future growth.
Botnica's project work strategy for 2026
POTOPS project's expected impact on cruise ops?
Liquid bulk growth sustainability post-sanctions?
Explain Q4 EBITDA decline despite revenue growth
How will new quay and Muuga property drive future revenue
Given FCF surge, how does this impact dividend policy
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Next AS Tallinna Sadam earnings date
Q1 202611 May, 2026
AS Tallinna Sadam
Next AS Tallinna Sadam earnings date
Q1 202611 May, 2026
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Frequently asked questions
AS Tallinna Sadam is a an operator in the Baltic Sea region, managing and developing port infrastructure while organizing vessel traffic within its port basins. The passenger harbors segment is focused on transportation between Estonia and countries like Sweden, Finland, and Russia, while the cargo harbors handle various types of goods, from bulk to containers and rolling stock cargo. Additionally, Tallinna Sadam's subsidiary, OÜ TS Laevad, offers ferry services connecting the Estonian mainland with its largest islands, and another subsidiary, OÜ TS Shipping, charters the multifunctional vessel "Botnica" for icebreaking and construction services in Estonia and offshore projects internationally. The company also has a stake in AS Green Marine, a joint venture engaged in waste management services. The firm is headquartered in Tallinn, Estonia, and its shares are listed on the Tallin Stock Exchange.
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