Slides
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26.02.2026Results of Q4 and year 2025
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Main eventsin Q4 2025 1/2•Increased cargo volumes (+6%)•Higher numbers of passengers (+0.9%)•Growth in ferry services: passengers +4.5% and vehicles +7% •Successful winter cruise season, 10 cruise ship calls in Q4•Construction of the multifunctional quay in South Paldiski Harbour was completed•EU supports construction of onshore power supply for cruise ships with up to 30% from investment•The Competition Authority approved the price list of electricity network charges
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Main eventsin Q4 2025 (2/2)•MPG Agro Production OÜ returned the property of 50.5 ha in Muuga Harbour•MoU for the transit of Kazakh grain•Swed-Est Green collaboration with the Port of Stockholm •Icebreaker Botnica participated in a rescue mission in the arctic waters of Canada•Changes in the Board of TS Shipping •Extention of the powers of the Board Member in TS Laevad•Green Marine was nominated as the Circular Economy Promoter of the Year 2025
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Trends in Q4by business segments•PASSENGERS– increase in PAX numbers (+0.9%), incl cruise passangers (+108%), decrease in PAX vessel calls total (–2.8%),increase in cruise vessel calls (+43%),increase in revenue (+3.1%).•CARGO– increase in cargo volumes (+6%),decrease in vessel calls (–13%),increase in revenue (+2.4%),Growth in liquid bulk (+88%) and ro-ro (+6%).•FERRY– increase in revenue (+1.2%),in the number of vehicles (+7%), in the number of passengers (+4.5%), in trip number (+0.3%).•OTHERsegment – revenue of Botnica decreased as utility rate and charter days declined (–3.9%).
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6,27,07,27,30,50,60,57,07,98,2 8,35 6725 5485 5855 584 010002000300040005000 012345678910 2022 2023 2024 2025 Vessel calls Million PAX 2022-2025 Tallinn-HelsinkiTallinn-StockholmMuuga-VuosaariCruiseOtherPAX vessel calls +1.0% Passenger volume 1,7 1,70,1 0,11,91,91 3951 3560500100015002000 01234 2024 2025 Vessel calls Million PAX Q4+0.9%
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5,21,71,42,06,96,46,66,42,92,22,62,72,11,92,12,117,812,613,113,81458138014351418 0200400600800100012001400160018002000 0510152025 2022 2023 2024 2025 Vessel calls Million tonnes 2022-2025 Liquid bulkRo-roDry bulkContainersGeneral cargoCargo vessel calls +5.1%Cargo volume 0,30,61,51,60,80,70,60,53,43,6372323020040060080010001200 01234 2024 2025 Vessel calls Million tonnes Q4+5.6%
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2022-20252,32,42,5 2,51,1 1,11,2 1,2 0,0 0,5 1,0 1,5 2,0 2,5 3,0 2022 2023 2024 2025Million PAX/vehiclesPassengersVehicles Q44764982452610100200300400500600 2024 2025Thousand PAX/vechiclesPassengersVehicles Shipping volumes: ferry segment +6.6%+4.5% +1.2%+3.5%
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24923122117968%63%60%49%0%10%20%30%40%50%60%70%80%90%100% 050100150200250300350 2022 2023 2024 2025Charter days 2022-2025 Charter days% utilisation rate 514955%53%0%10%20%30%40%50%60%70%80%90%100% 0102030405060 2024 2025Charter days Q4 Charter days% utilisation rate Shipping volumes: MPSV Botnica
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Future outlook•Passenger business recovery continues•New ro-ro and container lines•Development of new maritime transport corridors•Exploitation of multifunctional quay in Paldiski South Harbour •Preparation of the real estate business, tender of Old City Harbour properties and development•Increasing efficiency•The results of 2025 and the outlook for 2026 allow to continue and exceed the agreed dividend policy
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Results of the GroupQ4 and 12 months+/-12M 202412M 2025+/-Q4 2024Q4 2025In thousands–0.8%119 587118 6871.3%28 79129 152Revenue 6.4%53 13456 510–8.5%12 23911 201Adjusted EBITDA3.244.4%47.6%–4.142.5%38.4%Adjusted EBITDA margin12.2%29 14832 704–19.4%5 9484 795Operating profit73.3%–3 125–5 4150%00Income tax17.3%19 15322 463–16.3%4 2843 584Profit for the period–14.4%38 83133 245130.9%5 37812 419Investments
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2,48,78,98,8 2,28,89,19,1 0,93,04,04,3 0,53,03,93,9 -2 0 2 4 6 8 10 12OtherFerryCargo HPassenger HQ4 segments (mEUR) Adj EBITDA 2025Adj EBITDA 2024Revenue 2025Revenue 2024 Results by business segmentsQ4 and 12 months 12,232,08,0 33,4 3,615,514,119,9 3,615,216,920,8 0 5 10 15 20 25 30 35OtherFerryCargo HPassenger H12 months segments (mEUR) Adj EBITDA 2025Adj EBITDA 2024Revenue 2025Revenue 2024
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+/–12M 202412M 2025In thousand euros4 97348 73353 706Cash from operating activities42 605–45 442–2 837Cash used in investing activities47 5783 29150 869Free cash flow (FCF)–20 278–15 811–36 089Cash used in financing activities 27 300–12 52014 780NET CASH FLOW–25 914167 622141 708NET DEBT (at the end of the period) Cash Flow statement 39321795735811851746767378381 0100200300400500600700 31.12.24 31.12.24 31.12.25 31.12.25EUR million Financial position CashOther current assetsNon-current assetsDebtOther liabilitiesEquity Cash Flow and Financial Position
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7,5 7,610,010,811,512,08,89,13840010203040502024 2025MEURPassenger harbours7,88,17,58,27,98,18,99,13233010203040502024 2025MEURCargo harbours27,928,432,029,531,231,728,829,2120119-1010305070901101301502024 2025MEURTotal revenue8,6 8,69,69,710,710,78,78,83838010203040502024 2025MEURFerryQ1Q2Q3Q44,14,0128010203040502024 2025MEUROtherQ1Q2Q3Q4 Revenue generation
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3,33,35,56,56,87,24,33,9202105101520252024 2025MEURPassenger harbours3,63,43,25,73,33,94,03,9141705101520252024 2025MEURCargo harbours 3,33,64,24,04,94,63,03,0151505101520252024 2025MEURFerryQ1Q2Q3Q412,213,915,415,913,315,512,21153570,020,040,060,080,02024 2025MEURTotal adj. EBITDA Q1Q2Q3Q42,53,744-505101520252024 2025MEUROtherQ1Q2Q3Q4 EBITDA generation
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Q&A session
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