AS Tallinna Sadam (TSM1T) Q1 2025 earnings summary

Executive summary

• Revenue increased by 1.5% year-over-year to €28.4 million in Q1 2025, with profit for the period up 31.2% to €6.8 million, despite declines in passenger and cargo volumes.

• Adjusted EBITDA rose 9.4% to €13.9 million, and operating profit grew 18% to €8.3 million.

• Free cash flow improved significantly to €19.8 million from a negative €2.3 million in Q1 2024.

• Growth in vessel dues and cargo charges offset lower volumes; insurance indemnity for Botnica supported profit.

• Investments decreased sharply to €3.6 million from €18 million year-over-year.

Financial highlights

• Revenue: €28.4 million (+1.5% year-over-year); Profit: €6.8 million (+31.2%); Operating profit: €8.3 million (+18%).

• Adjusted EBITDA: €13.9 million (+9.4%), margin at 49.1% (up from 45.5%).

• Investments: €3.6 million (down €14.3 million year-over-year).

• Free cash flow: €19.8 million (vs. -€2.3 million in Q1 2024).

• EPS: €0.03 (+31.2% year-over-year).

Outlook and guidance

• Passenger business recovery is ongoing, with new ro-ro and container lines planned.

• Industrial park developments and multifunctional quay projects are underway.

• Efficiency improvements and real estate business model preparations are in focus.

• Dividend of €0.073 per share (€19.2 million total), equal to 100% of prior year profit, approved for payout in May 2025.

• Land transfer for Rail Baltica Muuga station to positively impact Q2 2025 results.