Tallinn Airport’s 2025 financial results: strong profitability and remarkable revenue growth

In 2025, Tallinn Airport Group’s operating revenue grew by 13% compared to 2024, while passenger numbers remained at the previous year’s level. The Group’s net profit increased to EUR 13.2 million and return on equity (ROE) reached 9.27%, meeting the owner’s expectation. Financially, 2025 was one of the most successful years in Tallinn Airport Group’s history.

Financial results

The growth in Tallinn Airport’s revenue had a positive impact on EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and profit growth.

• EBITDA increased by 26%, reaching EUR 24.8 million. The EBITDA margin rose to 34%, confirming the strengthening of the company’s business model.
• Net profit was EUR 13.2 million, increasing by EUR 12.7 million compared to EUR 0.5 million in 2024. Profit in 2024 was exceptionally low due to impairment of regional airport assets and income tax expense on dividends. In 2025, the company recognised impairment of regional airport assets in the amount of EUR 0.5 million.
• Aviation revenue increased by 28%, partly due to the introduction of the aviation security charge in April 2025. The aviation security charge was introduced to cover the costs of providing security services that were not covered by the state’s targeted financing.
• Non-aviation revenue increased by 7%, driven by growth across all sectors, including passenger-related services.
• Expenses were 1.7% higher than the previous year despite inflation and salary adjustments. This was partly due to higher extraordinary costs in 2024.
• ROE was 9.27% (owner’s expectation: 9.2%).

Regional airports ended the year with a loss of EUR 0.68 million, as targeted financing for operating expenses does not cover costs. In 2025, state targeted financing amounted to EUR 2.2 million and decreased by 5% compared to 2024; in 2026 it will decrease by 3% and in 2027 by 2%. This means the loss will deepen. The state contributes an estimated total of EUR 14 million annually to Estonia’s regional aviation, including public service obligation routes, airports and air traffic management.

Air traffic and passengers

In 2025, Tallinn Airport served 3,488,973 passengers – 0.1% fewer than in the previous year. Ryanair’s closure of six routes at the beginning of 2025 created an expected pause in passenger growth during the summer months, resulting in passenger numbers remaining 3% below forecast. Including regional airports, total passenger numbers across Estonia exceeded those of 2024. The average growth over the two-year period 2024–2025 was 9%.

• airBaltic was the largest airline with a 30% market share, followed by Ryanair, Lufthansa and Finnair.
• Wizz Air added four new destinations, airBaltic added three seasonal routes, and Jet2.com launched flights from the UK.
• All-time record: Estonia’s airports served a total of 3,582,489 passengers.
• Cargo volume increased by 24% compared to 2024 (10,869 tonnes). There is still further growth potential in cargo flights and cargo volumes.
• Passenger satisfaction index (ASQ) was 4.49 (4.45 in 2024), indicating a leading position among the best airports in Europe.

In 2025, Estonia’s regional airports served a total of 93,516 passengers, 6% more than in 2024. This growth was driven by Tartu Airport, which achieved its best result of all time. Passenger numbers at the other regional airports remained below the previous year’s level, but new developments are expected there as well, as Saaremaa will receive an air connection with Finland for the summer months of 2026.

Comment from Riivo Tuvike, Chairman of the Management Board of AS Tallinn Airport: “2025 was one of the most successful financial years for Tallinn Airport Group. A 32% increase in aviation revenues together with efficient cost management delivered a strong result: EBITDA grew by 26%, net profit reached EUR 13.2 million and we met the owner’s ROE expectation. Although the closure of six Ryanair routes affected the summer season, the overall outcome for the year was clearly positive: the route network expanded significantly in the second half of the year, passenger satisfaction is higher than ever, and in 2025 we achieved our CO₂ neutrality target. The daily professionalism, flexibility and cooperation of our dedicated team have undoubtedly been key to achieving these results.

2026 will be a special year for us, as Tallinn Airport celebrates its 90th anniversary. We will continue our work with great pride to be the world’s coziest airport and to offer the best possible departure and arrival experience to every passenger – both those starting their adventures here and those returning home.”

Key achievements in 2025

• Completion of two logistics centres and an aircraft maintenance complex consisting of three hangars within the Airport City development.
• A new concept for the northern cargo area, including a new contract with Omniva.
• Establishment of AS Airport Fuel Terminal together with AS Estonian Stockpiling Agency – an important step in ensuring national resilience.
• Preparatory work for passenger terminal expansion and self-service solutions completed; phase 1 construction works have started.
• Financing model for Airport City investments created, including loan agreements with banks.
• Recognised as the most reputable employer in Estonia (Kantar Emor survey), along with several other awards.
• CO₂-neutral airport – a 96% reduction in CO₂ emissions compared to 2018.
• ISO27001 certification audit completed and compliance with PART-IS requirements achieved.
• A record year for visits to the airport Lounge; revenue and profit also exceeded budget.
• Our first sustainability report was prepared in accordance with the European Union’s Corporate Sustainability Reporting Directive ((EU) 2022/2464) and ESRS standards.
• The Tartu–Helsinki route has been well received by passengers; for the first time, Tartu Airport became Estonia’s largest regional airport by passenger volume.

Outlook for 2026

Global instability and volatility also affect aviation. In 2026, Tallinn Airport Group forecasts revenue of EUR 81 million (+11%) and passenger numbers at Tallinn Airport of 3,694,237 (+6%). The largest investment and project is the expansion of the passenger terminal, the construction works for which have already begun.

About AS Tallinn Airport

AS Tallinn Airport is the operator and developer of Estonia’s airports. The Group consists of the parent company AS Tallinn Airport and its subsidiaries AS Tallinn Airport GH, AS Airport City and AS Airport Fuel Terminal. The company operates the airports in Tallinn, Kuressaare, Kärdla, Pärnu and Tartu, as well as the airfields in Kihnu and Ruhnu. The sole shareholder of AS Tallinn Airport is the Republic of Estonia, and the company falls under the administration of the Ministry of Climate.

The audited annual report and sustainability report of the Group are available on the Group’s website.