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Tallinna Vesi (TVE1T) investor relations material

Tallinna Vesi Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary31 Oct, 2025

Executive summary

  • Q3 2025 delivered strong sales and net profit growth, with high-quality water and wastewater services and 6.20 million m³ of drinking water supplied.

  • Major investments targeted infrastructure resilience, including underground assets, treatment facilities, and IT, with €61 million planned for 2025.

  • Water quality and wastewater treatment standards remained high, and customer satisfaction was rated 4.1 out of 5, with improved service metrics.

  • Smart meter adoption reached 80%, with full rollout targeted by end of 2026, improving efficiency and customer service.

  • Revenue growth was driven by price adjustments and regulatory requirements for price harmonization.

Financial highlights

  • Q3 2025 sales reached €18.17 million, up 10.8% year-over-year, with water services accounting for 86.4% of total sales.

  • Net profit for Q3 was €4.96 million, up 6.9% year-over-year; operating profit was €5.95 million.

  • For the first nine months, sales totaled €53.57 million (+13.4%), with net profit at €9.76 million (+6.9%).

  • Cost of goods sold rose by 8.8% compared to last year, mainly due to higher construction and depreciation costs.

  • Operating cash flow was €8.1 million; investment outflows were €12.3 million, partly financed by CHF 7 million in new loans.

Outlook and guidance

  • Annual investment estimate for 2025 is €60–61 million, with €39 million invested by end of Q3.

  • No significant increase in water service sales expected for 2025, with stable consumption anticipated.

  • Final investment amount depends on project progress; 84% of investments contribute to regulatory asset base.

  • Next price adjustment and final price equalization for customer segments will occur next year.

  • Macroeconomic forecasts predict modest GDP growth and inflation normalization in Estonia over the next two years.

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Frequently asked questions

AS Tallinna Vesi is a leading water utility company based in Estonia, primarily engaged in the provision of water supply and wastewater treatment services. The company operates in Tallinn and its surrounding areas, managing two major facilities: the Ülemiste Water Treatment Plant, which purifies and distributes drinking water, and the Paljassaare Wastewater Treatment Plant, responsible for processing sewage and stormwater before releasing it into the Baltic Sea. Additionally, Tallinna Vesi offers various ancillary services, including water and wastewater analysis, and the design and construction of pipeline systems. The company operates through its subsidiary, Watercom OÜ, which focuses on non-core services related to water infrastructure. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.

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