Tallinna Sadam Reports Stronger Third Quarter Despite Nine-Month Profit Decline

Estonian port operator Tallinna Sadam reported a 10.9% increase in third-quarter profit to €9.5 million, although its earnings for the first nine months of 2026 remained below last year’s level.

According to the company’s financial results released on 9 November, quarterly revenue rose by 6.7% to €33.8 million, while adjusted EBITDA increased by 7% to €16.6 million.

The improvement was less pronounced over the longer period. Revenue for January–September reached €93.1 million, up 3.9%, but net profit fell by 17.8% to €15.5 million. Adjusted EBITDA declined by 6.5% to €42.4 million.

Tallinna Sadam attributed the stronger third-quarter performance partly to growth in cruise activities and ferry services. Revenue from ferry operations also benefited from contract indexation linked to higher costs.

Passenger numbers increased by 2.1% during the quarter, while cargo volumes declined by 3.3%.

Investment spending fell sharply. The group invested €6.8 million in the first nine months, compared with €20.8 million a year earlier.

Tallinna Sadam operates major passenger and cargo ports in Estonia, provides ferry connections to the country’s islands and offers icebreaking and offshore services through its subsidiary TS Shipping.

Source: Tallinna Sadam — official financial disclosure, 9 November 2026. Data cross-checked against Nasdaq.