AS Tallinna Sadam (TSM1T) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 was €28.8M, up 2.7% year-over-year; full-year revenue reached €119.6M, up 2.5%, driven by Cargo harbours and Ferry segments.

• Adjusted EBITDA for Q4 rose 18% year-over-year to €12.2M; full-year adjusted EBITDA up 8.1% to €53.1M, with margin rising to 44.4%.

• Profit for Q4 increased 50.1% year-over-year to €4.3M; full-year profit up 20.6% to €19.2M.

• Cargo volume grew 12% in Q4 2024, with dry bulk up 41%, containers up 19%, and ro-ro up 3%; passenger volumes increased 5% in Q4, with Muuga-Vuosaari route up 14%.

• Operating costs decreased by 7% in Q4.

Financial highlights

• Investments totaled €38.8M for the year, up 87.3%, focused on quay construction and infrastructure.

• Net debt at year-end was €167.6M, up from €143.7M at the end of 2023; equity €377.6M.

• Dividend of €19.2M paid, representing 121% of prior year profit.

• Free cash flow for the year was €3.3M, down from €26.8M in 2023.

• Net cash flow for the year was negative €12.5M, an improvement from negative €14.7M in 2023.

Outlook and guidance

• Passenger and cargo volumes expected to continue recovering, with cruise segment showing growth potential and new ro-ro and container lines planned.

• Ongoing investments in green infrastructure, digitalization, and industrial parks to support future growth.

• Efficiency improvements and preparations for reducing state shareholding are underway.