This article first appeared on GuruFocus .
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Revenue:Decreased by less than 1% to EUR28.2 million.
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Adjusted EBITDA:Decreased by 17% to EUR11.6 million.
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Adjusted EBIT Margin:Declined by 8 percentage points to 41%.
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Profit for the Period:Decreased by a third to EUR4.6 million.
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Investment:EUR1.3 million invested, mainly in the multifunctional quay at Paldiski South Harbour.
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Net Cash Flow:EUR11 million.
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Net Debt:EUR130 million, a decline of more than EUR90 million.
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Free Cash Flow:EUR12.9 million.
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EU Grant Money:Received more than EUR5 million for onshore power supply project.
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Release Date: May 11, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Tallinna Sadam AS ( OTSE:TSM1T ) signed a long-term agreement to use their regular vessel until the end of 2028, which is expected to be beneficial for the company.
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The new quay in Paldiski South Harbour is operational, receiving its first ship calls and serving as a multifunctional facility.
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The cruise season started early, with a positive outlook for a 20% increase in passenger numbers, supporting passenger volumes.
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There is a positive trend in the RoRo cargo segment, which is the largest cargo segment for the company.
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The company received EU grant money for an onshore power supply project, contributing positively to cash flow.
Negative Points
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Revenue decreased slightly by less than 1% due to fewer vessel calls, impacted by severe ice conditions and docking works.
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Adjusted EBITDA decreased by 17%, primarily due to higher fuel and electricity costs.
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Passenger numbers decreased due to docking works of regular ships, impacting revenue from passenger fees.
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The liquid bulk cargo segment experienced a significant decline, affecting overall cargo volumes.
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The company faced increased operating costs, including higher personnel expenses and repair works.
Q & A Highlights
Q: Can you provide updates on leasing success at MUGA and Baldiski Industrial Park? A: Valdo Kalm, CEO: We have started a new international campaign in MUGA and have an interesting partner from a previous local campaign, though no contract has been finalized yet. The same applies to Baldiski, where we are working on new deals for the key and its backyard.
Q: What is the current status of the MPEG agroproduction campaign? A: Valdo Kalm, CEO: The campaign has just started for the 20 hectares of the key's backyard, so there are no results yet.
Q: Any progress on securing new lines of agreement for the Paldiski South Harbour's new key? A: Valdo Kalm, CEO: We are in ongoing discussions with shipping lines, which are sometimes interconnected with larger projects. We aim to utilize the new investment and the multifunctional key's conditions.
Q: What is the status of the Yetgas LNG project in Muga? A: Valdo Kalm, CEO: Yetgas has received the license to build the terminal and plans to start this year. There is market demand for LNG from both industry and shipping companies.
Q: Can you explain the drop in lease income? A: Andrus Ait, CFO: The drop was due to getting back the land from the Muuga agroproduction area. Last year, we recorded this income in revenues but estimated it as uncollectible, so there was no impact on EBITDA.
Q: What are the plans for increasing cargo volumes in the future? A: Valdo Kalm, CEO: Cargo volumes depend on Estonian export-import and the global economy. We have seen an increase in RORO, indicating a positive trend in Estonian exports. We are also working on new corridor agreements with Lubeck and Hamburg ports.
Q: What is the Botnika charter calendar for this year? A: Andrus Ait, CFO: We have signed the first summer charter project agreement, starting in June for up to 26 days. We aim for 220 charter days or more for the full year, similar to 2025.
Q: Are there any new developments regarding Kazakh grain? A: Valdo Kalm, CEO: A high-level delegation from Kazakhstan visited Muga Harbor, including the President of a state-owned company. The visit was successful, but no cargo has been moved yet.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
