AS Tallink Grupp Unaudited Consolidated Interim Report for the Q3 2025

The results of AS Tallink Grupp for the Q3 2025 will be introduced at an Investor Webinar held today at 12:00 (EEST). To participate, please join via the followinglink; we kindly ask participants to provide their questions latest by 11:00 am by email to: investor@tallink.ee. Further details are available in a previously published announcement. In the third quarter (1 July–30 September) of 2025, AS Tallink Grupp and its subsidiaries (hereinafter referred to as...

Tallinn, 23/10/2025 (informazione.news - comunicati stampa - turismo)

The results of AS Tallink Grupp for the Q3 2025 will be introduced at an Investor Webinar held today at 12:00 (EEST). To participate, please join via the following link; we kindly ask participants to provide their questions latest by 11:00 am by email to: investor@tallink.ee. Further details are available in a previously published announcement.

In the third quarter (1 July–30 September) of 2025, AS Tallink Grupp and its subsidiaries (hereinafter referred to as “the Group”) carried 1 766 335 passengers, which is 3.0% more than in the third quarter of 2024. The number of cargo units transported decreased by 9.8% year-on-year amounting to 60 306. The number of passenger vehicles was up by 0.4% compared to the same period a year ago and amounted to 251 751.

The Group’s unaudited consolidated revenue amounted to EUR 233.1 million (EUR 231.9 million in Q3 2024). Unaudited EBITDA was EUR 68.9 million (EBITDA of EUR 68.4 million in Q3 2024) and the unaudited net profit for the period was EUR 40.8 million (net profit of EUR 36.8 million in Q3 2024).

The following operational factors impacted the Group’s revenue and operating results in the third quarter of 2025:

Demand was impacted by low confidence levels among consumers and businesses, economic challenges in the Group’s main markets, and global geopolitical tensions.
As at the end of the quarter, the Group operated 12 vessels including 2 shuttle vessels, 6 passenger vessels, 3 vessels that were chartered out and 1 vessel that was in lay-up.
In August 2025, the Group’s subsidiary Tallinn-Helsinki Line Limited sold the cargo vessel Regal Star to AMS Line Shipping Co.
The Group operated 3 hotels in Tallinn and 1 in Riga.
Payment of dividends in the amount of EUR 22.3 million and related income tax in the amount of EUR 4.9 million impacted the Group’s cash balance.
The Group’s net debt was EUR 432.7 million as at the end of the third quarter of 2025 (EUR 459.7 million as at 30 June 2025) bringing the net debt to EBITDA ratio to 3.4 as at 30 September 2025.
In the third quarter of 2025, total loan repayment and interest payment amounted to EUR 20.9 million.
The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes.
The Group regularly monitors the developments on its core routes including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing chartering agreements.

Sales and Results by Segments

In the third quarter of 2025, the Group’s total revenue increased by EUR 1.2 million to EUR 233.1 million compared to EUR 231.9 million a year ago.

Revenue from route operations (the Group’s core business) increased by EUR 1.3 million to EUR 194.9 million compared to the third quarter of 2024. The segment result from route operations (the Group’s core business) amounted to EUR 46.5 million compared to EUR 48.1 million in the third quarter of 2024.

The number of passengers carried on the Estonia-Finland route increased by 10.1% in year-on-year comparison. The number of transported cargo units decreased by 8.2%. Revenue from the Estonia-Finland route increased by EUR 8.6 million compared to the same period a year ago and amounted to EUR 95.4 million while the segment result decreased by EUR 1.2 million to EUR 30.2 million, year-on-year. The segment reflects the operations of two shuttle vessels, MyStar and Megastar, and the cruise ferry Victoria I. A year ago, the cruise ferry Victoria I operated the Tallinn-Stockholm route from 31 May until 31 August 2024.

In the third quarter of 2025, the year-on-year decrease in the number of passengers on Finland-Sweden routes was 1.4%. The number of transported cargo units decreased by 17.6%. The routes’ revenue increased by EUR 0.4 million to EUR 73.0 million and the segment result decreased by EUR 1.0 million to EUR 12.2 million, year-on-year. The segment reflects the operations of one cruise ferry on the Turku-Stockholm (the cruise ferry Baltic Princess) and two cruise ferries on the Helsinki-Stockholm route (the cruise ferries Silja Serenade and Silja Symphony).

On Estonia-Sweden routes the number of carried passengers decreased by 23.5% and the number of transported cargo units decreased by 10.0% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 7.7 million to EUR 26.5 million. The segment result increased by EUR 0.6 million to EUR 4.1 million. The Estonia-Sweden segment reflects the operations of the Tallinn-Stockholm and the Paldiski-Kapellskär routes. The Tallinn-Stockholm route was operated by the cruise ferry Baltic Queen. The Paldiski-Kapellskär route was operated by the passenger vessel Superfast IX. During the same period a year ago, the Paldiski-Kapellskär route was operated by two cargo vessels, Sailor and Regal Star. Also, the Tallinn-Stockholm route was operated by two cruise ferries, Baltic Queen and Victoria I, from 31 May to 31 August 2024.

Revenue from the segment Other remained steady compared to the same period a year ago amounting to EUR 40.1 million. The segment result was EUR 10.0 million up by EUR 1.8 million, year-on-year.

As at the end of the third quarter of 2025, the Group had 3 vessels on charter (as at the end of third quarter of 2024: 3 vessels).

At the end of the third quarter of 2025, the following vessels were chartered out:

The cruise ferry Romantika was chartered out in May 2025 to the Algerian state-owned enterprise Madar Maritime Company EPE/SPA for 9 months with an option to extend the agreement by 6+6 months upon its expiration.
The cruise ferry Galaxy I was chartered out in September 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. In September 2025, the charter agreement of Galaxy I was extended until October 2026. The agreement includes another 12-month extension option after the end of the term.
The cruise ferry Silja Europa was chartered out in August 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. The recent charter agreement from December 2024 is effective until the end of January 2026. The agreement includes the option of extending the agreement at the end of the agreement period by another 6+6 months.

Earnings

In the third quarter of 2025, the Group’s gross profit remained on the same level as in the third quarter of 2024 and amounted to by EUR 67.2 million (EUR 67.0 million in the third quarter of 2024). The Group generated EBITDA of EUR 68.9 million in the third quarter of 2025 compared to EUR 68.4 million a year ago.

Amortisation and depreciation expense decreased by EUR 1.3 million to EUR 23.0 million year-on-year. The decline was partly driven by the sale of the passenger vessel Star I in April 2025 and the cargo vessel Regal Star in August 2025.

As a result of decreased outstanding loan balance and declining interest rates net finance costs declined by EUR 2.2 million year-on-year to EUR 4.9 million in the third quarter of 2025 (EUR 7.2 million in the third quarter of 2024).

The Group’s unaudited net profit for the third quarter of 2025 was EUR 40.8 million or EUR 0.055 per share. In the third quarter of 2024, the Group earned net profit of EUR 36.8 million or EUR 0.05 per share.

Investments
The Group’s investments in the third quarter of 2025 amounted to EUR 5.5 million (EUR 5.6 million in the third quarter of 2024). Main investments in vessels included maintenance and repair works i.e., technical works as well as interior upgrades. The Group also continued to invest in the improvement of its IT systems.

Financial Position

At the end of the third quarter of 2025, the Group’s net debt amounted to EUR 432.7 million, down by EUR 27.0 million compared to the end of the second quarter of 2025. The net debt to EBITDA ratio was 3.4 at the reporting date (3.6 as at 30 June 2025).

As at 30 September 2025, the Group’s cash and cash equivalents amounted to EUR 31.9 million (EUR 36.0 million as at 30 June 2025) and the Group had EUR 100.0 million in unused credit lines (EUR 92.0 million as at 30 June 2025). The total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to EUR 131.9 million (EUR 128.0 million as at 30 June 2025).

During the quarter, the Group repaid loans and interest expense in the amount of EUR 20.9 million (EUR 33.2 million in the third quarter of 2024).

Dividends

In 2018, the Group adopted a dividend policy subject to which dividends of a minimum amount of EUR 0.05 per share would be paid if the economic performance enables it.

The Annual General Meeting of Shareholders held on 20 May 2025 adopted a resolution to pay a dividend of EUR 0.06 per share in 2025 in the total amount of EUR 44.6 million. In 2025 the dividends are paid in two instalments. The first instalment of EUR 0.03 per share in the total amount of EUR 22.3 million was paid out on 2 July 2025. The second instalment of EUR 0.03 per share in the total amount of EUR 22.3 million will be paid out on 25 November 2025.

Key Figures

As at	30.09.2025	30.06.2025	31.12.2024	30.09.2025	30.06.2025	31.12.2024
Total assets (EUR million)	1 359.1	1 413.7	1 463.9	1 359.1	1 413.7	1 463.9
Total liabilities (EUR million)	621.4	715.6	681.6	621.4	715.6	681.6
Interest-bearing liabilities (EUR million)	464.6	495.7	556.4	464.6	495.7	556.4
Net debt¹ (EUR million)	432.7	459.7	537.7	432.7	459.7	537.7
Net debt to EBITDA¹	3.4	3.6	3.1	3.4	3.6	3.1
Total equity (EUR million)	737.7	698.1	782.3	737.7	698.1	782.3
Equity ratio¹ (%)	54%	49%	53%	54%	49%	53%

Number of ordinary shares outstanding	743 569 064	743 569 064	743 569 064	743 569 064	743 569 064	743 569 064
Shareholders’ equity per share (EUR)	0.99	0.94	1.05	0.99	0.94	1.05

Ratios¹	Q3 2025	Q3 2024	Q3 2023	Q3 2025	Q3 2024	Q3 2023
Gross margin (%)	28.8%	28.9%	32.3%	28.8%	28.9%	32.3%
EBITDA margin (%)	29.6%	29.5%	34.1%	29.6%	29.5%	34.1%
EBIT margin (%)	19.7%	19.0%	23.6%	19.7%	19.0%	23.6%
Net profit/loss margin (%)	17.5%	15.9%	20.2%	17.5%	15.9%	20.2%

ROA (%)	2.4%	5.6%	7.7%	2.4%	5.6%	7.7%
ROE (%)	0.0%	6.1%	12.9%	0.0%	6.1%	12.9%
ROCE (%)	2.9%	6.7%	9.6%	2.9%	6.7%	9.6%

1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of Interim Report.
2 Does not include additions to right-of-use assets.

EBITDA: result from operating activities before net financial items, share of profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings/loss per share: net profit or loss/ weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder’s equity per share: shareholder’s equity / number of shares outstanding
Gross profit/loss margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit/loss margin: net profit or loss / net sales
Capital expenditure: additions to property, plant and equipment – additions to right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average total assets
ROE: net profit 12-months trailing / average shareholders’ equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total assets – current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing

Consolidated statement of profit or loss and other comprehensive income

Unaudited, in thousands of EUR	Q3 2025	Q3 2024	Jan-Sep 2025	Jan-Sep 2024
Revenue	233 072	231 868	577 302	602 317
Cost of sales	-165 894	-164 849	-475 822	-474 695
Gross profit/loss	67 178	67 019	101 480	127 622

Sales and marketing expenses	-10 686	-10 684	-32 550	-32 347
Administrative expenses	-11 778	-12 770	-37 118	-39 009
Other operating income	1 438	469	3 246	20 868
Other operating expenses	-274	-42	-1 768	-1 001
Result from operating activities	45 878	43 992	33 290	76 133

Finance income	202	144	316	633
Finance costs	-5 132	-7 319	-16 982	-22 376
Share of profit/loss of equity-accounted investees	0	0	0	0
Profit/loss before income tax	40 948	36 817	16 624	54 390

Income tax	-173	-1	-11 536	-8 896

Net profit/loss for the period	40 775	36 816	5 088	45 494
Net profit/loss for the period attributable to equity holders of the Parent	40 775	36 816	5 088	45 494

Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-43	-11	-76	358
Revaluation of property, plant and equipment	-1 356	0	-5 607	0
Other comprehensive income for the period	-1 399	-11	-5 683	358

Total comprehensive profit/loss for the period	39 376	36 805	-595	45 852
Total comprehensive profit/loss for the period attributable to equity holders of the Parent	39 376	36 805	-595	45 852

EPS (in EUR)	0.055	0.050	0.007	0.061
Diluted EPS (in EUR)	0.054	0.049	0.007	0.061

Consolidated statement of financial position

Unaudited, in thousands of EUR	30.09.2025	30.09.2024	31.12.2024
ASSETS
Cash and cash equivalents	31 937	32 609	18 705
Trade and other receivables	33 347	30 290	25 268
Prepayments	11 409	11 018	8 764
Prepaid income tax	0	13	0
Inventories	42 513	45 180	48 083
Short-term intangible assets	1 226	5 166	6 901
Current assets	120 432	124 276	107 721

Other financial assets and prepayments	508	515	518
Deferred income tax assets	21 840	21 840	21 840
Investment property	300	300	300
Property, plant and equipment	1 195 032	1 327 413	1 310 000
Intangible assets	20 965	24 556	23 562
Non-current assets	1 238 645	1 374 624	1 356 220
TOTAL ASSETS	1 359 077	1 498 900	1 463 941

LIABILITIES AND EQUITY
Interest-bearing loans and borrowings	74 517	104 508	104 549
Trade and other payables	88 452	88 940	95 146
Payables to owners	22 313	6	6
Income tax liability	6 222	9	7
Deferred income	39 723	34 261	30 102
Current liabilities	231 227	227 724	229 810

Interest-bearing loans and borrowings	390 129	483 812	451 825
Non-current liabilities	390 129	483 812	451 825
Total liabilities	621 356	711 536	681 635

Share capital	349 477	349 477	349 477
Share premium	663	663	663
Reserves	59 314	66 251	65 901
Retained earnings	328 267	370 973	366 265
Equity attributable to equity holders of the Parent	737 721	787 364	782 306
Total equity	737 721	787 364	782 306
TOTAL LIABILITIES AND EQUITY	1 359 077	1 498 900	1 463 941

Consolidated statement of cash flows

Unaudited, in thousands of EUR	Q3 2025	Q3 2024	Jan-Sep 2025	Jan-Sep 2024

CASH FLOWS FROM OPERATING ACTIVITIES
Net profit/loss for the period	40 775	36 816	5 088	45 494
Adjustments	28 673	31 858	98 775	86 268
Changes in:
Receivables and prepayments related to operating activities	10 302	5 341	-11 848	-1 568
Inventories	3 308	1 230	3 837	-8 935
Liabilities related to operating activities	-27 820	-20 215	11 033	5 970
Changes in assets and liabilities	-14 210	-13 644	3 022	-4 533
Cash generated from operating activities	55 238	55 030	106 885	127 229
Income tax repaid/paid	-4 918	-4 726	-4 994	-4 751
NET CASH FROM/USED OPERATING ACTIVITIES	50 320	50 304	101 891	122 478

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, equipment and intangible assets	-5 491	-5 575	-27 196	-16 337
Proceeds from disposals of property, plant, equipment	6 349	26	70 966	24 516
Interest received	81	144	175	633
NET CASH USED IN INVESTING ACTIVITIES	939	-5 405	43 945	8 812

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans received	-16 778	-27 040	-80 283	-59 492
Change in overdraft	-7 956	-26	0	0
Payment of lease liabilities	-3 809	-4 751	-13 531	-13 887
Interest paid	-4 451	-6 722	-15 867	-22 159
Payment of transaction costs related to loans	0	0	-616	-450
Dividends paid	-22 307	-44 614	-22 307	-44 614
NET CASH FROM/USED IN FINANCING ACTIVITIES	-55 301	-83 153	-132 604	-140 602

TOTAL NET CASH FLOW	-4 042	-38 254	13 232	-9 312

Cash and cash equivalents at the beginning of period	35 979	70 863	18 705	41 921
Change in cash and cash equivalents	-4 042	-38 254	13 232	-9 312
Cash and cash equivalents at the end of period	31 937	32 609	31 937	32 609