AS Tallinna Sadam, the Estonian state-owned port operator listed on Nasdaq Tallinn, reported second-quarter sales revenue of EUR 31 million, adjusted EBITDA of EUR 14 million and profit of EUR 1.4 million. Revenue rose 5.4%, or EUR 1.6 million, from a year earlier, while adjusted EBITDA fell 11%, or EUR 1.7 million, and profit declined 59%, or EUR 2.0 million.

For the first six months of 2026, revenue totaled EUR 59 million, adjusted EBITDA EUR 26 million and profit EUR 6 million. Half-year revenue increased 2.4%, or EUR 1.4 million, compared with the same period last year, while adjusted EBITDA decreased 14%, or EUR 4.0 million, and profit decreased 42%, or EUR 4.3 million.

The company said investments in the second quarter exceeded EUR 2 million and reached close to EUR 4 million in the first half of the year.

In the second quarter of 2026, the number of passengers fell 1.1%, cargo volumes declined 2.3% and vessel calls were down 3.1%. In the ferry segment, however, the number of trips rose 1.2%, passenger numbers increased 1.8% and the number of vehicles carried grew 2.8%. The icebreaker Botnica was chartered 44% of the time, which Tallinna Sadam said was twice the level of a year earlier.

Valdo Kalm, Chairman of the Management Board, said rising fuel prices and extraordinary ship repairs caused by ice conditions affected second-quarter profitability. He added that profit was also reduced by the withdrawal of a vessel from the Paldiski–Kapellskär route, one of the company's key Estonia–Sweden freight and passenger connections, and by lower cargo volumes. Kalm noted that the comparison period had also included a one-off gain from the sale of land for the construction of the Rail Baltica freight terminal at Muuga Harbour. Rail Baltica is a European-gauge railway infrastructure project intended to connect Estonia, Latvia and Lithuania to the broader European rail network. He said stronger cruise business and the successful chartering of Botnica supported revenue growth in the quarter.

Tallinna Sadam management will present the Group's financial results in webinars on 10 August, with the Estonian session starting at 10.00 EET and the English session at 11.00 EET. Interim report materials are attached to the notice and available on the company's investor website at and

Major events in the second quarter included the Tallinn City Council adopting two detailed plans for Tallinna Sadam, Botnica carrying out work in the North Sea, OÜ TS Laevad and the Ministry of Regional Affairs and Agriculture agreeing on additional trips by the ferry Regula for summer 2026, Tallinna Sadam entering into a loan agreement with OP Corporate Bank plc Estonian branch, and the company reaching the Top 5 among the most reputable employers.

Revenue in the first six months of 2026 increased by EUR 1.4 million to EUR 59.3 million. The largest increase came from charter fee revenue, which rose EUR 0.9 million, or 18.2%, due to a higher number of charter days for Botnica. Revenue from the sale of electricity increased EUR 0.6 million, or 25.0%, as both electricity and network services sold grew after new network tariffs in the TS network area came into force in March, and the average market price of electricity was higher. The increase was also supported by the security of supply fee introduced at the beginning of the year following a regulatory change.

Revenue from ferry services increased EUR 0.3 million, or 1.9%, driven by tariff indexation based on Estonian fuel, labour and consumer price indices, as well as higher compensation for the fixed costs of additional trips operated by Regula. Lease income from operating leases decreased EUR 0.2 million, or 2.1%, due to lower land use right fees in Muuga Harbour after the return of land subject to the right of superficies previously held by MPG Agroproduction OÜ. Other revenue streams changed to a lesser extent. In the second quarter, revenue increased EUR 1.6 million, mainly because of higher charter fee revenue, while revenue from ferry services, vessel dues and electricity sales also rose.

Adjusted EBITDA for the first six months fell EUR 4.0 million, or 13.5%, to EUR 25.8 million. The decline was partly offset by a better result from associate AS Green Marine, accounted for using the equity method, which improved by EUR 0.1 million. In the second quarter, adjusted EBITDA declined EUR 1.7 million, or 10.7%, from a year earlier. The adjusted EBITDA margin fell to 43.5% from 51.5% in the first half of the year and to 45.7% from 53.8% in the second quarter.

Profit before income tax fell EUR 4.3 million in the six-month comparison to EUR 6.0 million, while profit before income tax in the same period was EUR 11.4 million, down 27.3%. Tallinna Sadam said the decline in profit for the period was smaller than the decline in operating profit because finance costs were lower. The EUR 19.2 million dividend paid in the second quarter gave rise to EUR 5.4 million in income tax expense, both unchanged from a year earlier. In the second quarter, profit for the period was EUR 1.4 million, down 59.0%, while profit before income tax was EUR 6.8 million, down 23.0%.

During the first six months of 2026, the Group invested EUR 3.5 million, which was EUR 8.5 million less than in the same period last year. Investments were mainly tied to the replacement of a ferry's main engines, upgrades to ferries' box coolers, improvements to a cargo harbour quay to provide an onshore power supply connection for container ships, the design of Terminal A and the head office building at Old City Harbour, the completion of construction works on the multifunctional quay at Paldiski South Harbour, and IT investments in software and hardware. The onshore power supply project aligns with broader European Union efforts to reduce emissions from ships at berth. Investments in the second quarter totaled EUR 2.3 million, compared with EUR 8.4 million in the same period of 2025.

Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, serving as a gateway for trade and travel between Estonia and neighbouring Finland and Sweden. In addition to passenger and freight services, the group operates shipping businesses through its subsidiaries: OÜ TS Laevad provides ferry services between mainland Estonia and the country's largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and for projects abroad. The group is also a shareholder in associate AS Green Marine, which provides waste management services.

Additional information is available from Angelika Annus, Head of Investor Relations, at +372 5649 6230 or angelika.annus@ts.ee. Attachments referenced in the notice include the 2026 Q2 Interim Report, 2026 Q2 Main Figures and 2026 Q2 Webinar materials.