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Tallinna Vesi (TVE1T) investor relations material
Tallinna Vesi Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 sales reached €19.4 million, up 23.4% year-over-year, with net profit at €1.37–1.4 million, impacted by higher income tax on dividends.
Operational performance remained strong, with water and wastewater quality at 100% compliance and customer satisfaction improving to 4.0 out of 5.
Major infrastructure investments continued, with €61 million planned for 2025 and €22.64–23 million invested in H1.
72% of customers now use smart water meters, and one workplace accident was reported in Q2.
Dividend payout of €0.53 per share (80% of 2024 earnings) was paid in June 2025.
Financial highlights
Q2 2025 sales: €19.4 million (+23.4% YoY); net profit: €1.37–1.4 million, down 37.7% YoY due to higher dividend tax.
Gross profit for Q2: €7.15 million (+12.8% YoY); operating profit: €5.14 million (+15.2% YoY).
Cost of goods and services sold rose 30.5% to €12.3 million; staff and depreciation costs also increased.
Construction services revenue contributed €2.7–3.53 million to the sales change in Q2.
Cash position decreased by €6.4 million from the previous quarter, mainly due to investment outflows.
Outlook and guidance
No significant increase in water service sales expected for 2025; consumption trends remain stable.
On track to invest €61 million in 2025, with investment pace expected to accelerate in the second half.
Further price adjustments and harmonization of water tariffs planned by July 2026.
Economic growth in Estonia forecast at 1.5% for 2025, with inflation at 5.4%.
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