Tallinna Vesi (TVE1T) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw strong financial and operational performance, with sales reaching €19.4 million and net profit at €4.96 million, supported by price adjustments and infrastructure investments.

• Tap water quality compliance was 98%, and wastewater effluent quality was 100%.

• Customer satisfaction remained high at 4.1 out of 5, with improved service metrics and 79% smart meter adoption.

• 6.20 million m³ of drinking water supplied and 11.93 million m³ of wastewater treated in Q3.

• Investments into assets totaled €11.3 million in Q3, with a 2025 plan of €61 million focused on infrastructure resilience.

Financial highlights

• Q3 2025 sales reached €18.2 million, up 10.8% year-over-year, with net profit at €5.0 million.

• Operating profit for Q3 was €5.95 million, and gross profit margin was 43.26%.

• Cost of goods sold increased by 8.8% to €10.3 million; administrative and marketing expenses rose by 5.8%.

• Operating cash flow was €8 million; cash balance at quarter-end was €5.4 million.

• For the first nine months, sales totaled €53.57 million (+13.4%), with net profit at €9.76 million (+6.9%).

Outlook and guidance

• Full-year investment estimate adjusted to €60 million, depending on project progress.

• No significant increase in water service sales expected for 2025, with stable consumption anticipated.

• Final price equalization for customer segments scheduled for next year.

• Macroeconomic forecasts predict modest GDP growth and inflation normalization in Estonia.