AS Tallinna Sadam (TSM1T) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased by 5.4% year-over-year to €31.1 million, driven by higher Botnica charter days, cruise ship visits, and electricity sales.

• Revenue for the first 6 months of 2026 rose by 2.4% to €59.3 million.

• Net profit for Q2 2026 declined by 59% year-over-year to €1.4 million, and for the six-month period dropped 41.7% to €6.0 million, mainly due to higher fuel and energy costs, increased depreciation, and lower cargo and passenger volumes.

• Operating profit fell by 21.4% in Q2 and 25.7% for the six-month period.

• Adjusted EBITDA margin fell to 45.7% in Q2 2026 from 53.8% last year, and adjusted EBITDA for the period decreased by 13.5% to €25.8 million.

Financial highlights

• Q2 2026 revenue: €31.1M (+5.4% YoY); 6M 2026 revenue: €59.3M (+2.4% YoY).

• Net profit for Q2 2026: €1.4M (down 59% YoY); 6M 2026 net profit: €6.0M (down 41.7% YoY).

• Investments totaled €3.5M in 6M 2026, down 73% in Q2 and 70.6% for the six-month period.

• Free cash flow for 6M 2026 was €17.8M, down from €46.3M last year.

• Dividend payout of €19.2M (0.073 €/share), representing 85% of prior year profit.

Outlook and guidance

• Growth expected in cruise ship visits and passenger numbers.

• New ro-ro and container lines, development of maritime corridors, and industrial park campaigns planned.

• Focus on efficiency improvements and real estate business preparation.

• Management highlights ongoing risks from global instability, energy price volatility, and the impact of the Russia-Ukraine conflict on cargo volumes.

• The company maintains a dividend policy targeting at least 70% of prior year profit, subject to market conditions and liquidity needs.