Correction: AS Tallinna Sadam financial results for 2026 Q3 and 9 months
Correction:Values of the “Basic and diluted earnings per share (in euros)” were corrected below in interim condensed consolidated statement of profit or loss and in the attached file “2026 Q3 Main Figures”.The rest of information remains the same.
In the third quarter, Tallinna Sadam earned 34 million euros in sales revenue, adjusted EBITDA was 17 million euros and profit 10 million euros. Sales revenue increased by +7% (+2.1 million euros), adjusted EBITDA by +7% (+1.1 million euros) and profit by +11% (+0.9 million euros) comparing to the same period last year.
The revenue for nine months was 93 million euros, adjusted EBITDA 42 million euros and profit 16 million euros. The revenue of nine months increased by +3.9% (+3.5 million euros), adjusted EBITDA decreased by –7% (–3.0 million euros) and profit by –18% (–3.4 million euros).
In the third quarter, the volume of investments was more than 3 million euros, and we invested close to 7 million euros within nine months.
The number of passengers increased by +2.1%, cargo volumes decreased by –3.3% and vessel calls remained on similar level in the third quarter of 2026. Ferry segment showed stable growth - the number of passengers increased by +0.3% and the number of vehicles by +0.6%, the number of trips decreased by –0.2%. The icebreaker Botnica was chartered 18% of the time which is 3 days less than last year.
„The third quarter delivered strong results. Revenue, adjusted EBITDA and net profit all increased. The EBITDA margin reached 49%. Results were supported by growth in the cruise business and the ferry segment. Revenue growth in ferry services was supported by revenue indexation reflecting higher fuel prices.
It is also worth highlighting the charter agreements signed for the icebreaker Botnica in the third quarter: one secures revenue into the fourth quarter, while the other, longer-term agreement is related to the next summer,” commented Valdo Kalm, the Chairman of the Management Board.
Tallinna Sadam management will present the financial results of the Group at webinars on 9 November, 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):
| Q3 | Q3 | +/– | 9M | 9M | +/– | |
| 2026 | 2025 | % | 2026 | 2025 | % | |
| Revenue | 33.8 | 31.7 | 6.7 | 93.1 | 89.5 | 3.9 |
| Adjusted EBITDA | 16.6 | 15.5 | 7.0 | 42.4 | 45.3 | –6.5 |
| Adjusted EBITDA margin | 49.1% | 48.9% | 0.2 | 45.5% | 50.6% | –5.1 |
| Operating profit | 10.6 | 9.6 | 10.1 | 24.2 | 27.9 | –13.4 |
| Income tax | 0 | 0 | 0.0 | –5.4 | –5.4 | 0.0 |
| Profit for the period | 9.5 | 8.6 | 10.9 | 15.5 | 18.9 | –17.8 |
| Investments | 3.3 | 8.8 | –62.6 | 6.8 | 20.8 | –67.3 |
| 30.09.2026 | 31.12.2025 | +/– | |
| Total assets | 616.0 | 622.1 | –1.0% |
| Interest bearing debt | 166.0 | 173.7 | –4.4% |
| Other liabilities | 72.8 | 67.5 | 7.8% |
| Equity | 377.2 | 380.9 | –1.0% |
| Number of shares | 263.0 | 263.0 | 0.0% |
Major events in Q3:
- Icebreaker Botnica started works in the Noth Sea
- Charter agreement for the icebreaker Botnica for 2027 summer period in South Africa
- Recognition as the Best Employer Brand in Brand Capital survey (the Baltics)
- Competition for the position of the new Chairman of the Management Board
Revenue
Revenue increased by EUR 3,5 million (+3.9%) to EUR 93.1 million in the first 9 months of 2026. Revenue from the provision of ferry services was the largest contributor, increasing by EUR 1.4 million (+4.9%). The increase was driven by the indexation of ferry services based on the changes in the Estonian fuel, labour and consumer price indices, as well as higher compensation for the fixed costs of additional trips operated by the ferry Regula. Charter fee revenue grew by EUR 0.9 million (+15.8%) due to the higher number of charter days of the icebreaker Botnica. Revenue from the sale of electricity increased by EUR 0.8 million (+24.4%). The growth was supported by both the increased volume of electricity and network services and the new network tariffs in the TS network area that came into effect in March. The average market price of electricity was also higher and the security of supply fee was introduced at the beginning of the year as a result of a regulatory change. Income from vessel dues grew by EUR 0.3 million (+1.0%). Revenues increased due to higher cruise ship visits than waste and tonnage fees, tariffs have also increased. A faster growth was inhibited by Superfast IX leaving the Paldiski–Kapellskär route. Income from passenger fees grew by EUR 0.2 million (+1.8%). Although the number of passengers decreased slightly compared to previous year, it was compensated by the increase in passenger fees for both passengers of the Old City Harbour regular lines and cruise passengers. Other types of revenue changed to a lesser extent. In the third quarter, revenue increased by EUR 2.1 million (+6.7%), mainly due to an increase in the sale of ferry services. Revenue from vessel dues, sale of electricity, and passenger fees also increased
Adjusted EBITDA
Adjusted EBITDA decreased by EUR 3.0 million (–6.5%) to EUR 42.4 million. The decline in adjusted EBITDA was partly offset by profit from the associate AS Green Marine, accounted for using the equity method, which increased by EUR 0.2 million. In the third quarter, adjusted EBITDA increased by EUR 1.1 million (+7.0%) year-on-year. The adjusted EBITDA margin decreased from 50.6% to 45.5% in the first 9 months of the year, but increased from 48.9% to 49.1% in the third quarter.
Profit
Profit before income tax decreased by EUR 3.4 million in the 9-month comparison to EUR 15.5 million (–17.8%) and EUR 20.9 million (–13.8%), respectively. The decline in profit for the period was smaller than the decline in operating profit due to lower finance costs. The dividend of EUR 19.2 million paid in the second quarter gave rise to income tax expense of EUR 5.4 million. Both remained at the same level as in the previous year. In the third quarter, profit for the period and profit before income tax were EUR 9.5 million (+10.9%).
Investments
In the first 9 months of 2026, the Group invested EUR 6.8 million, which was EUR 14.0 million less than in the previous year. Investments made during the first 9 months of 2026 were mainly related to the replacement of the main machinery of a ferry, improvements to a cargo harbour quay to provide an onshore power supply connection for container ships, to provide an onshore power supply connection for cruise ships at the Old City Harbour, dock works on ferries, the completion of construction works on the multifunctional quay at Paldiski South Harbour, the design of Terminal A and the head office building at the Old City Harbour, and IT investments (software and hardware). Investments in the third quarter totalled EUR 3.3 million (Q3 2025: EUR 8.8 million).
Interim condensed consolidated statement of financial position:
| In thousands of euros | 30 September 2026 | 31 December 2025 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 31 185 | 31 993 |
| Trade and other receivables | 14 475 | 8 055 |
| Contract assets | 645 | 0 |
| Inventories | 719 | 552 |
| Total other current assets | 47 024 | 40 600 |
| Non-current assets held for sale | 0 | 212 |
| Total current assets | 47 024 | 40 812 |
| Non-current assets | ||
| Investments in an associate | 2 912 | 2 638 |
| Investment properties | 14 069 | 14 069 |
| Property, plant and equipment | 549 431 | 562 254 |
| Intangible assets | 2 549 | 2 290 |
| Total non-current assets | 568 961 | 581 251 |
| Total assets | 615 985 | 622 063 |
| LIABILITIES | ||
| Current liabilities | ||
| Loans and borrowings | 78 560 | 73 001 |
| Provisions | 1 757 | 1 895 |
| Government grants | 9 648 | 19 271 |
| Taxes payable | 1 366 | 943 |
| Trade and other payables | 7 842 | 11 644 |
| Contract liabilities | 1 688 | 68 |
| Total current liabilities | 100 861 | 106 822 |
| Non-current liabilities | ||
| Loans and borrowings | 87 443 | 100 700 |
| Government grants | 49 874 | 31 447 |
| Other payables | 15 | 1 585 |
| Contract liabilities | 590 | 632 |
| Total non-current liabilities | 137 922 | 134 364 |
| Total liabilities | 238 783 | 241 186 |
| EQUITY | ||
| Share capital | 263 000 | 263 000 |
| Share premium | 44 478 | 44 478 |
| Statutory capital reserve | 24 573 | 23 848 |
| Retained earnings | 45 151 | 49 551 |
| Total equity | 377 202 | 380 877 |
| Total liabilities and equity | 615 985 | 622 063 |
Interim condensed consolidated statement of profit or loss:
| In thousands of euros | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 |
| Revenue | 33 795 | 31 673 | 93 057 | 89 535 |
| Other income | 619 | 308 | 1 620 | 1 988 |
| Operating expenses | –11 019 | –9 856 | –31 203 | –26 133 |
| Impairment of financial assets | 75 | –167 | 164 | 85 |
| Personnel expenses | –6 559 | –6 205 | –20 133 | –19 164 |
| Depreciation, amortisation and impairment | –6 268 | –6 076 | –19 134 | –18 216 |
| Other expenses | –52 | –55 | –201 | –187 |
| Operating profit | 10 591 | 9 622 | 24 170 | 27 908 |
| Finance income and costs | ||||
| Finance income | 164 | 214 | 513 | 795 |
| Finance costs | –1 390 | –1 340 | –4 018 | –4 486 |
| Finance costs – net | –1 226 | –1 126 | –3 505 | –3 691 |
| Share of profit (+)/ loss (–) of an associate accounted for under the equity method | 160 | 96 | 275 | 76 |
| Profit before income tax | 9 525 | 8 592 | 20 940 | 24 293 |
| Income tax | 0 | 0 | –5 415 | –5 415 |
| Profit for the period | 9 525 | 8 592 | 15 525 | 18 878 |
| Attributable to owners of the Parent | 9 525 | 8 592 | 15 525 | 18 878 |
| Basic and diluted earnings per share (in euros) | 0.04 | 0.03 | 0.06 | 0.07 |
Interim condensed consolidated statement of cash flows:
| in thousands of euros | 9M 2026 | 9M 2025 |
| Cash receipts from sale of goods and services | 98 854 | 100 239 |
| Cash receipts related to other income | 217 | 69 |
| Payments to suppliers | –40 171 | –32 208 |
| Payments to and on behalf of employees | –20 866 | –19 168 |
| Payments for other expenses | –246 | –260 |
| Income tax paid on dividends | –5 415 | –5 415 |
| Cash flows from operating activities | 32 373 | 43 257 |
| Purchases of property, plant and equipment | –8 931 | –17 678 |
| Purchases of intangible assets | –371 | –347 |
| Proceeds from sale of property, plant and equipment | 138 | 4 885 |
| Proceeds from government grants related to assets | 6 333 | 479 |
| Interest received | 558 | 771 |
| Net change in deposits with maturities exceeding 3 months | 0 | 22 000 |
| Cash received from/ used in investing activities | –2 273 | 10 110 |
| Proceeds from loans received | 8 000 | 0 |
| Repayments of loans received | –15 800 | –2 183 |
| Dividends paid | –19 199 | –19 199 |
| Interest paid | –3 835 | –4 837 |
| Other payments related to financing activities | –74 | –1 |
| Cash used in financing activities | –30 908 | –26 220 |
| NET CASH FLOW | –808 | 27 147 |
| Cash and cash equivalents at beginning of the period | 31 993 | 17 213 |
| Change in cash and cash equivalents | –808 | 27 147 |
| Cash and cash equivalents at end of the period | 31 185 | 44 360 |
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services.
Additional information:
Angelika Annus
Head of Investor Relations
Tel +372 5649 6230
angelika.annus@ts.ee
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