AS Tallinna Sadam (TSM1T) AGM 2026 summary

Opening remarks and agenda

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

• Agenda included presentations from the Minister of Infrastructure, Supervisory Board, and Management Board, followed by voting on key resolutions.

• Voting procedures and rules were explained, with remote voting devices used for in-person attendees.

Governance and board activities

• Supervisory Board held 8 meetings in 2025, focusing on strategy renewal, commercial and investment decisions, and internal audit oversight.

• Board self-assessment highlighted professionalism, clear roles, and a need to strengthen strategic focus.

• Kaur Kajak was recalled from the Supervisory Board, replaced by Merike Saks for a new term starting May 2026.

• Remuneration principles for both boards were approved, emphasizing transparency, performance-based pay, and no long-term share bonuses.

• Gender balance targets set: at least 40% underrepresented gender on the Supervisory Board and 20% on the Management Board within five years.

Financial performance and dividends

• 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%.

• Dividend proposal of €0.073 per share, totaling €19.2m, with a policy to pay at least 70% of profit as dividends.

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

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