Half Year 2026 Tallinna Sadam AS Earnings Call Transcript
Key Points
- Revenue increased by 5.4% in Q2, driven by strong performance from the Botnica offshore ship and a 30% rise in cruise ship calls with 40% more passengers.
- The ferry segment showed stable or increasing revenues, passenger numbers, and trips, indicating resilience in core operations.
- Botnica's charter days doubled compared to the previous year, with a good utilization rate in Q2, boosting overall revenue.
- The adoption of two detailed plans by Tallinn City Council marks a significant step forward for the real estate business, with plans to start the first tender by year-end.
- The company signed a loan agreement with OP Bank, providing additional financial flexibility without drawing on the credit line yet.
- Adjusted EBITDA fell by 11% in Q2 due to higher fuel and electricity costs, as well as increased repair and maintenance expenses, partly from tough winter conditions.
- Cargo volumes decreased by 2.3%, with a 2.7% revenue decline in the cargo segment, impacted by the loss of the Tallink Superfast vessel on the Paldiski-Kapellskar route.
- Profit for the period dropped 60% in Q2 to EUR1.4 million, affected by one-off write-offs and higher amortization from the new Paldiski quay.
- The ferry segment's EBIT declined as fuel cost indexation in revenues did not fully cover the higher costs, especially in Q2.
- Cash flow from operating activities decreased by EUR8 million due to lower service sales and higher supplier payments, partly from one-off effects like the absence of last year's insurance indemnity.
Good morning. Welcome to our Q2 webinar. My name is Valdo Kalm, and Andrus Ait is our CFO.
Good morning.
And as usual, we would like to start with overall comments and events on Q2. In Q2, we had an increase of revenue of 5.4%, and that's mainly due to the good start from our offshore ship, Botnica. And also, we had a nice growth and start of cruise season. We've got 30% more cruise ships than last year and 40% more passengers. Although at the same time, we had quite a big influence from heavy winter.
That means that by the end of Q1, it was quite a tough situation with ice, and we got some extra cost from our daughter, TS Laevad, and also from the shipping. And therefore, our profitability went down due to that, but it's more onetime issue.
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