AS Tallinna Sadam (TSM1T) AGM 2025 summary

Opening remarks and agenda

• The meeting was held at the main building, emphasizing its historical significance and outlining procedural rules for participation and voting.

• Video greeting delivered by the Minister of Infrastructure, representing the majority shareholder.

• The agenda included reports from the Supervisory and Management Boards, financial results, shareholder resolutions, and management Q&A.

• Voting was conducted using remote devices, with pre-meeting votes included in the quorum.

Financial performance review

• Revenue increased by 2.5% to €119.6 million; adjusted EBITDA grew by 8.1% to €53.1 million, with a margin of 44.4%.

• Net profit for 2024 was €19.15 million, with operating profit up 18%.

• Passenger numbers reached 8.2 million, a 3.6% increase, and cargo volumes rose by 4.4%.

• Investments totaled €38.8 million, focusing on wind farm quay, terminal design, and vessel upgrades.

• Ferry operations and chartering of the icebreaker Botnica continued to show strong utilization rates.

Board and executive committee updates

• The Supervisory Board held 11 meetings, focusing on strategy, risk management, and innovation, with 97% participation.

• Election of Rene Pärt as new Board Member (2024–2029) and extension of Margus Vihman's term (2024–2027).

• New members were appointed to the Supervisory Board, with terms and competencies aligned to strategic needs.

• The board emphasized stable dividend policy and a balanced business model.