AS Tallinna Sadam (TSM1T) AGM 2026 summary

Opening remarks and agenda

• Infrastructure minister Kuldar Leis delivered a video greeting to shareholders, followed by an overview of the supervisory board's activities and a summary of the year with a future outlook.

• The agenda included financial results, dividend proposal, auditor selection, board member changes, remuneration principles, and gender balance in management.

Financial performance review

• Revenue for 2025 was €118.7M, down 0.8% from 2024, while adjusted EBITDA rose 6.4% to €56.5M and net profit increased 17.3% to €22.5M.

• Cargo volume grew by 5.1% and passenger numbers increased by 1% compared to the previous year.

• Investments totaled €33.2M, a 14.4% decrease from the prior year.

• Segment results showed stable or improved performance across passenger, cargo, and ferry operations.

Board and executive committee updates

• The supervisory board held 8 meetings, updating the 2023–2027 strategy, setting and evaluating management targets, and approving key commercial and investment decisions.

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

• Board composition changed, with Kaur Kajak replaced by Merike Saks effective May 2026.