AS Tallinna Sadam (TSM1T) AGM 2026 summary

Opening remarks and agenda

• Meeting held at the cruise terminal, highlighting its multifunctional use and community engagement.

• Introduction of key management, supervisory board members, and voting procedures.

• Agenda included financial review, dividend allocation, board elections, gender balance, and remuneration policy.

Financial performance review

• 2025 revenue was €118.7m (down 0.8%), adjusted EBITDA €56.5m (up 6.4%), and profit €22.5m (up 17.3%).

• EBITDA margin improved to 48%.

• Investments in 2025 totaled €33.2m, mainly in the Paldiski quay.

• Auditor issued an unqualified report.

• Segment results show stable or growing revenue and EBITDA across all business lines.

Operational highlights

• Cargo volumes increased by 5.1% in 2025, with significant growth in liquid bulk (+46.7%).

• Passenger numbers rose by 1%, with cruise passengers up 25% and Paldiski-Kapellskär route up 46%.

• Ferries business had a record year in vehicles and passengers, preparing for a new contract period.

• Icebreaker Botnica participated in a successful salvage operation and a decision was made on a new offshore ship.