AS Tallinna Sadam financial results for 2025 Q2 and 6 months
In the second quarter, Tallinna Sadam earned close to 30 million euros in sales revenue and more than 3 million euros in profit. The revenue for six months was 58 million euros and the profit exceeded 10 million euros. In the second quarter, the volume of investments increased to 8 million euros, in the first half of the year we invested a total of 12 million euros.
In the second quarter, sales revenue declined by, 7% and profit by, 15%, adjusted EBITDA increased +7% year-on-year. Semi-annually, the revenue decreased, 2.9%, increased adjusted EBITDA +8% and profit +11%.
The number of passengers grew +3.8%, cargo volumes +8%, and vessel calls increased by +2.1% in the second quarter of 2025. Ferry segment showed stable growth, although the number of trips decreased by, 1.5%, the number of passengers grew +2.4% and the number of vehicles +3.4%. The icebreaker Botnica was chartered 22% of the time which is, 63% less than last year.
"The second quarter is characterized by growth in operational volumes and revenues in all areas, except for the chartering of the icebreaker Botnica, where the ship's utility rate has decreased. In terms of ship visits, we are especially pleased with the increased cruise vessel calls, which significantly affect our results. Despite a slight decrease in sales revenue, adjusted EBIDTA and its margin are on the rise. Excluding one-off factors affecting profit, we have reduced operating expenses and increased the profitability of operations. Profit was affected the most by the increase in dividend income tax rate," commented Valdo Kalm, the Chairman of the Management Board, on the results.
Tallinna Sadam management will present the financial results of the Group at a webinars on 11 August, including webinar in Estonian starting at 10.00 (EET) (link to EST webinar) and webinar in English starting at 11.00 (EET) (link to ENG webinar).
Materials related to the interim report can be found attached to this notice and on our website: https://www.ts.ee/en/investor/interim-reports/ https://www.ts.ee/en/investor/presentations/.
Key figures (in million EUR):
Q2
Q2
+/–
6M
6M
+/–
2025
2024
%
2025
2024
%
Revenue
29.5
31.7
–6.8
57.9
59.6
–2.9
Adjusted EBITDA
15.9
14.9
6.7
29.8
27.6
8.0
Adjusted EBITDA margin
53.8%
47.0%
6.8
51.5%
46.3%
5.2
Operating profit
10.0
8.9
12.3
18.3
15.9
14.8
Income tax
–5.4
–3.1
73.3
–5.4
–3.1
73.3
Profit for the period
3.5
4.1
–15.2
10.3
9.3
10.7
Investments
8.4
7.1
18.8
12.0
25.0
–52.0
30.06.2025
31.12.2024
+/–
Total assets
622.1
629.9
–1.2%
Interest bearing debt
183.8
184.8
–0.5%
Other liabilities
69.6
67.4
3.3%
Equity
368.7
377.6
–2.4%
Number of shares
263.0
263.0
0.0%
Major events in Q2:
The agreement of the subsidiary OÜ TS Laevad for additional 485 trips with the ferry Regula during the summer period
Resolution of the Circuit Court in criminal case involving former members of the management board of AS Tallinna Sadam
RevenueRevenue decreased by EUR 1.7 million (–2.9%) in the first 6 months of 2025 to EUR 57.9 million. The decline in revenue was due to a decrease in charter revenue from the icebreaker Botnica (Other segment). Revenue increased in the Passenger harbours and Cargo harbours segments and in the Ferry segment providing service between mainland Estonia and the larger islands. In the second quarter, revenue decreased by EUR 2.1 million (–6.8%). By revenue type, the largest change over the 6-month period was the decline in charter fees revenue, which decreased by EUR 3.5 million (–41.4%) due to a 24% drop in charter days. The percentage decline in revenue exceeded the drop in charter days because no project-based work at higher charter rates was performed in the second quarter following the icebreaking season. Vessel dues revenue increased by EUR 1.1 million (+7.6%) to EUR 14.8 million. The increase was supported by a rise in vessel calls of passenger, cruise, and cargo ships, as well as higher charge rates. Cargo charges revenue grew by EUR 0.5 million (+18.5%) to EUR 3.4 million due to increased cargo volumes and, for 2025, higher expected annual revenue from liquid bulk, which, under IFRS 15, had an additional positive impact on the 6-month results. Operating lease income increased by EUR 0.3 million (+4.2%) to EUR 7.1 million. Growth was recorded across the Cargo harbours, Ferry, and Passenger harbours segments, mainly due to indexed rate adjustments. Revenue from other services decreased by EUR 0.3 million (–18.1%), as the previous year's project-based work performed by Botnica also included additional income from supplementary services. Revenue from electricity sales decreased by EUR 0.2 million (–6.4%) to EUR 2.2 million. The decrease in the Cargo harbours segment was due to lower electricity sales volumes, while in the Passenger harbours segment, electricity revenue increased due to both higher sales volumes and higher market prices. Passenger fee revenue increased by EUR 0.1 million (+2.3%) to EUR 5.4 million. The growth was supported by an increase in passenger numbers (+0.8%) and higher rates applied to regular line passengers and cruise passengers using Old City Harbour. Revenue from ferry service increased by EUR 0.1 million (+0.5%) to EUR 17.7 million. The number of trips decreased by 1.5% compared to the previous year. Revenue growth was driven by indexation of fees based on Estonia's fuel, labour, and consumer price indices.
EBITDAAdjusted EBITDA increased by EUR 2.2 million (+8.0%) in the first 6 months to EUR 29.8 million. Growth was recorded in the Cargo harbours, Passenger harbours, and Ferry segments, supported by higher revenue and cost reductions in the Cargo harbours and Passenger harbours segments. In ...
