Tallinna Vesi

What Tallinna Vesi does

Tallinna Vesi is Estonia's largest water utility, providing vertically integrated drinking water supply, wastewater collection and treatment, and stormwater management services to approximately 500,000 end consumers and 25,000 contractual customers across Tallinn and surrounding areas — serving roughly one-third of Estonia's population. The company operates through two main treatment facilities: the Ülemiste Water Treatment Plant (which uses ozonation for drinking water purification and is undergoing an €11.8M expansion with Nordecon AS) and the Paljassaare Wastewater Treatment Plant (which uses AI-optimized processes and biogas cogeneration to produce all heat and over half of electricity for its operations, while treating approximately 38-40% of Estonia's total household wastewater). Infrastructure includes 520 km of stormwater pipelines, over 85% smart meter coverage heading to full rollout by end of 2026, and advanced maintenance technologies including ice pigging and no-dig pipe renovation.

The company is publicly listed on Nasdaq Baltic (TVEAT) since June 2005, with the City of Tallinn holding 55.06% and Utilitas holding 20.36% as of December 2025. Revenue is generated through regulated monthly subscription-based water and wastewater tariffs (unified for residential and business customers in 2025), with 2025 total sales of €72.48 million (up 11.4% YoY) across water supply (€25.1M), wastewater (€31.2M), stormwater and ancillary (€6.0M), construction services via subsidiary Watercom OÜ (€8.5M, up 62%), and other services. The company maintains ISO 9001/14001/45001/27001 and EMAS certifications, achieved 99.68% receivables collectability, 99.5% water quality compliance, and a record 4.4/5 customer satisfaction score in Q4 2025. Dividend payout ratio was 80% of 2025 net profit at €0.57 per share.

Name

Tallinna Vesi

Legal name

Aktsiaselts Tallinna Vesi

Website

https://tallinnavesi.ee

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

101–250 employees

Short description

Tallinna Vesi is Estonia's largest water utility, providing drinking water, wastewater, and stormwater services to approximately 500,000 end consumers (one-third of Estonia's population) across Tallinn and surrounding areas, operating under a regulated service area monopoly.

Ownership category

akta.pro rank

Product category

Water Utility Services

NAICS

Water Supply and Irrigation Systems (221310), Water, Sewage and Other Systems (2213), Sewage Treatment Facilities (22132)

SIC

Water Supply (4941), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Drinking Water Distribution Network Operations (Mains, Valves, Hydrants, Service Lines) (EUANAAAE)

akta.pro secondary industry

Stormwater Management & MS4 Compliance Services (BPALAMAL)

Keywords

• Drinking water supply
• Wastewater treatment
• Stormwater management
• Water utility services
• Pipeline construction

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Water Supply Service: Revenue from providing drinking water supply to private customers (€15,638k in 2025), business customers (€7,353k in 2025), and outside service area customers (€2,110k in 2025). Total water supply revenue was €25,101k in 2025, up 33.5% from private customers driven by price adjustments.
2. Wastewater Collection Service: Revenue from collecting and treating wastewater/sewage from private customers (€16,197k in 2025), business customers (€9,412k in 2025), and outside service area customers (€5,562k in 2025). Total wastewater collection revenue was €31,171k in 2025.
3. Stormwater Collection: Revenue from stormwater collection and fire hydrant services (€4,355k in 2025) and excess pollution fees (€1,645k in 2025). Total from stormwater and related services was €6,038k in 2025.
4. Construction Services: Revenue from construction services primarily through subsidiary Watercom OÜ, including pipeline construction, road construction, and infrastructure projects. Construction services revenue was €8,457k in 2025 (€5,220k in 2024), up 62% driven by increased external projects.
5. Individual Connections Construction: Revenue from building individual water and sewer connections for new customers (€770k in 2025).
6. Other Services: Other services including water testing, hydrant water extraction, water tank ordering, septic services, and other ancillary offerings (€944k in 2025).

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Tallinna Vesi provides vertically integrated drinking water supply, wastewater collection and treatment, and stormwater management services across Tallinn and surrounding areas in Estonia. The company operates the Ülemiste water treatment plant, the Paljassaare wastewater treatment plant (treating approximately 38-40% of Estonia's household wastewater), and over 520 kilometers of stormwater pipeline network. It serves approximately 500,000 end consumers and 25,000 contractual residential and business customers through regulated service-area monopoly, supported by smart meters, AI-optimized treatment, and biogas cogeneration.

Product overview

Tallinna Vesi operates as Estonia's largest water utility, providing integrated water cycle management services including drinking water supply, wastewater collection and treatment, and stormwater management. The company delivers approximately 70,000 cubic meters of drinking water daily to about 500,000 end consumers and 25,000 contractual customers across Tallinn and surrounding areas, while also collecting and treating over 50 million cubic meters of sewage and stormwater annually. The core services are supported by smart water meter infrastructure (with over 85% coverage as of April 2026), advanced process automation using AI at the Paljassaare wastewater treatment plant, and ice pigging technology for pipe maintenance. The company offers additional services including water analysis, public drinking fountains, leak detection, and a customer self-service portal. The subsidiary Watercom handles pipeline construction and maintenance operations.

Differentiator

Problem solved

Functional benefit

Brands

• Watercom: Subsidiary focused on water and wastewater pipeline construction, road construction, and pipeline maintenance services

Products and services

• Water Supply Services
• Wastewater Collection and Treatment Services
• Stormwater Management
• Construction Services (Watercom)
• Individual Water and Sewer Connections
• Water Analysis Services

Quantifiable outcome

• 99.5% of water samples meet the strictest quality requirements
• +9 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature8 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Nordecon AScoreStrategic or Co-development Partner · 23 February 2026Nordecon AS signed a €11.8 million (plus VAT) construction contract with Tallinna Vesi for building an additional structure and infrastructure at the Ülemiste Water Treatment Plant. The project is scheduled for completion in 2027. Nordecon generated €208 million in consolidated revenue in 2025.
• UtilitascoreStrategic or Co-development PartnerCollaborative projects with Utilitas include: joint heat pump station construction at Paljassaare (using wastewater and seawater for Tallinn's district heating network, operational from autumn/winter 2026); Retke tee infrastructure project; and Värvi-Mustjõe street renovation project. Also collaborating on Hipodroomi intersection stormwater project.
• City of TallinncoreStrategic or Co-development PartnerJoint infrastructure projects including Peterburi tee (coordinated with Rail Baltic), stormwater system development, street renovations (Värvi-Mustjõe), and various pipeline construction projects. The City of Tallinn is the largest shareholder holding 55.06% of shares.
• Hipodroomi DeveloperminorStrategic or Co-development PartnerJoint development at Paldiski highway intersection for stormwater infrastructure and urban development. The project includes building large stormwater pipes and integrating new Hipodroomi residential and commercial district with the city's infrastructure.
• Rail BalticminorStrategic or Co-development PartnerCoordination on Peterburi tee construction works where Rail Baltic and Tallinna Vesi infrastructure projects are being coordinated to minimize disruption to the city.
• ERR (Estonian Public Broadcasting)minorStrategic or Co-development PartnerPlanned pipeline construction for ERR's new television building infrastructure at Raua and Kreutzwaldi streets in Tallinn.
• Watercom OÜcoreStrategic or Co-development PartnerSubsidiary established in 2010, providing pipeline construction, road construction, and maintenance services. Watercom supports Tallinna Vesi's daily operations and also serves external customers including local governments, other water companies, developers, and general contractors. Ranked 11th overall in TOP infrastructure builders and top ranked water/gas/sewer pipeline builder by Äripäev in 2024.

Scale indicators25 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• United Utilities Group plc: UK-listed water utility serving the North West of England, providing water and wastewater services to ~7 million people. Same regulated-monopoly model, similar PR19-style regulatory regime, and similar focus on capex-driven growth as Tallinna Vesi.
• American Water Works Company: Largest publicly traded US water and wastewater utility, serving ~14 million people across 14 states. Same vertically integrated model with regulated state-level tariffs, smart meter rollout programs, and large-capex infrastructure replacement cycle analogous to Tallinna Vesi's.
• Pennon Group plc: UK-listed holding company for South West Water, serving Devon, Cornwall and parts of Dorset with water and wastewater services. Comparable integrated regulated utility with renewable energy generation from biogas at treatment sites, similar to Tallinna Vesi's Paljassaare cogeneration.
• Essential Utilities Inc: US-listed water and natural gas utility serving ~5 million people across 10 states. Operates a regulated water/wastewater segment directly comparable to Tallinna Vesi, with similar customer-mix split between residential and commercial, plus infrastructure construction subsidiaries.
• Severn Trent plc: UK-listed regulated water and wastewater utility serving ~4.6 million households in the Midlands and Wales. Closely comparable to Tallinna Vesi as a vertically integrated water-only utility with monopoly service area, similar capex-heavy profile, and dividend-driven investor base.

Broad incumbents

• Hera S.p.A. Italian multi-utility serving Emilia-Romagna and other regions with water, wastewater, waste, gas and electricity. Comparable integrated regulated water utility footprint, with biogas recovery and energy-from-waste operations analogous to Tallinna Vesi's Paljassaare cogeneration.
• ACEA S.p.A. Italian multi-utility majority-owned by the City of Rome, providing water, wastewater, electricity distribution and environmental services. Structurally similar municipal-majority ownership profile and integrated water utility operations as Tallinna Vesi.
• Veolia Environnement: Global water, wastewater and waste management utility serving ~113 million people worldwide. Comparable to Tallinna Vesi in core water and wastewater service delivery, though materially larger and diversified across energy and waste verticals.
• Suez SA: French-headquartered water and waste services group operating drinking water, wastewater, and recycling infrastructure globally. Directly comparable business mix to Tallinna Vesi with similar regulated-utility economics, but at vastly larger scale and broader geographic footprint.

Regional players

• AS Tartu Veevärk: Regional water utility serving Estonia's second-largest city, Tartu, and surrounding areas. Closest domestic comparable to Tallinna Vesi in terms of geography, regulatory environment, and scale, though materially smaller and focused on a single city rather than the capital region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/tallinnavesi
• LinkedInee.linkedin.com/company/as-tallinna-vesi
• Instagraminstagram.com/tallinna_vesi

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tallinna Vesi