AS Tallink Grupp Audited Annual Report For The Financial Year 2025

(MENAFN- GlobeNewsWire - Nasdaq) On 13 April 2026 the Supervisory Board of AS Tallink Grupp approved the audited annual report for 2025 and will submit it to the General Meeting of Shareholders for approval.

Compared to the unaudited interim report published on February 19 there are no differences in the audited annual report in terms of the financial results.

The audited annual report of AS Tallink Grupp for the financial year 2025 in ESEF format together with the independent auditor's report is attached to this release and will be made available on the website of AS Tallink Grupp at .

In the financial year 2025 (1 January – 31 December), AS Tallink Grupp and its subsidiaries (the Group) carried 5.5 million passengers, which is down 0.9% compared to the financial year 2024. The number of cargo units transported decreased by 19.2% to 245,004 while the number of passenger vehicles was down by 2.2% to 760,473, year-on-year.
The Group's audited consolidated revenue amounted to EUR 765.3 million compared to EUR 785.8 million in the financial year 2024, down 2.6% year-on-year. Revenue from route operations (the Group's core operations) decreased by EUR 13.7 million to EUR 625.2 million compared to the financial year 2024. The Group's EBITDA was EUR 130.1 million (EUR 175.2 million in the financial year 2024) and the audited net profit for the period was EUR 17.3 million (EUR 40.3 million in the financial year 2024).
The following operational factors impacted the Group's revenue and operating results in 2025:

• Demand was impacted by low consumer and business confidence, ongoing economic challenges in the Group's core markets, and heightened global geopolitical tensions.
• As at the end of the financial year, the Group operated 11 vessels including 2 shuttle vessels, 6 passenger vessels and 3 vessels that were chartered out.
• The number of vessels in lay-up decreased from four at the end of the first quarter of 2025 to zero by the end of the third quarter of 2025, as a result of either securing new employment (the cruise vessel Romantika) or the sale of the vessels.
• During the financial year, the Group completed the sale of three vessels. The passenger vessel Star I was sold to Irish Continental Group plc in April, the cargo vessel Regal Star to AMS Line Shipping Co in August and the cargo vessel Sailor to Rederiaktiebolaget Eckerö in October.
• The Group operated three hotels in Tallinn and one in Riga.
• The Group's cash position was impacted by the payment of dividends in the amount of EUR 44.6 million and related income tax of EUR 11.3 million.
• As at 31 December 2025, the Group's net debt amounted to EUR 432.4 million compared to
  EUR 537.7 million as at 31 December 2024. The net debt to EBITDA ratio stood at 3.3 as at 31 December 2025 (3.1 as at 31 December 2024).
• Total loan repayments and the related interest payments during the financial year amounted to EUR 113.5 million.
• Capital investments in 2025 totalled EUR 33.0 million, while planned maintenance and repair works of vessels totalled 73 days.
• The Group's profitability was positively impacted by a decline in depreciation expense due to the alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years.
• 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 developments on its core routes, including the capacity of each route, and continues to seek options for chartering vessels that are not used on the main routes and extending existing chartering agreements.

Key figures

For the year ended 31 December	2025	2024	2023	2022	2021
Revenue (EUR million)	765.3	785.8	835.3	771.4	476.9
Gross profit/loss (EUR million)	143.2	153.6	203.8	113.5	21.7
EBITDA1 (EUR million)	130.1	175.2	214.5	135.8	58.3
EBIT1 (EUR million)	50.3	77.4	113.3	37.7	-37.0
Net profit/loss for the period (EUR million)	17.3	40.3	78.9	13.9	-56.6
Depreciation and amortisation1 (EUR million)	79.8	97.8	101.2	98.1	95.3
Capital expenditures1˒2 (EUR million)	33.0	22.4	28.2	203.3	20.2
Weighted average number of ordinary shares outstanding	743 569 064	743 569 064	743 569 064	743 569 064	694 444 381
Earnings/loss per share1 (EUR)	0.02	0.05	0.11	0.02	-0.08
Number of passengers1	5 531 132	5 580 016	5 705 600	5 462 085	2 961 975
Number of cargo units1	245 004	303 234	323 990	409 769	369 170
Average number of employees1	4 901	4 964	4 879	5 023	4 360
As at 31 December	2025	2024	2023	2022	2021
Total assets (EUR million)	1 330.8	1 463.9	1 555.2	1 691.6	1 585.9
Total liabilities (EUR million)	580.7	681.6	769.5	984.7	893.4
Interest-bearing liabilities1 (EUR million)	445.9	556.4	649.3	853.5	779.9
Net debt1 (EUR million)	432.4	537.7	607.3	738.6	652.4
Net debt to EBITDA1	3.3	3.1	2.8	5.4	11.2
Total equity (EUR million)	750.1	782.3	785.8	706.9	692.5
Equity ratio1 (%)	56.4%	53.4%	50.5%	41.8%	43.7%
Number of ordinary shares outstanding	743 569 064	743 569 064	743 569 064	743 569 064	743 569 064
Shareholders' equity per share (EUR)	1.01	1.05	1.06	0.95	0.93
Ratios1	2025	2024	2023	2022	2021
Gross margin (%)	18.7%	19.5%	24.4%	14.7%	4.5%
EBITDA margin (%)	17.2%	22.3%	25.7%	17.6%	12.2%
EBIT margin (%)	6.6%	9.9%	13.6%	4.9%	-7.8%
Net profit/loss margin (%)	2.3%	5.1%	9.4%	1.8%	-11.9%
ROA (%)	3.6%	5.1%	7.0%	2.4%	-2.4%
ROE (%)	2.3%	5.2%	10.6%	2.1%	-8.2%
ROCE (%)	4.4%	6.0%	8.4%	3.1%	-2.8%
Current ratio	0.5	0.5	0.5	0.7	0.6

1 Alternative performance measures based on ESMA guidelines are disclosed in the“Alternative performance measures” section of the report.
² Does not include additions to right-of-use assets.

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 December, in thousands of EUR	2025	2024
Revenue	765 288	785 822
Cost of sales	-622 065	-632 266
Gross profit	143 223	153 556
Sales and marketing expenses	-44 246	-43 849
Administrative expenses	-52 006	-52 853
Impairment loss on receivables	-116	7
Other operating income	5 713	21 684
Other operating expenses	-2 266	-1 115
Result from operating activities	50 302	77 430
Finance income	490	938
Finance costs	-21 905	-29 198
Profit before income tax	28 887	49 170
Income tax	-11 623	-8 896
Net profit	17 264	40 274
Net profit attributable to equity holders of the Parent	17 264	40 274
Other compherensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-393	332
Revaluation of assets held for sale	-5 607	0
Other comprehensive income/loss	-6 000	332
Total comprehensive income	11 264	40 606
Total comprehensive income attributable to equity holders of the Parent	11 264	40 606
Basic and diluted profit per share (in EUR)	0.023	0.054

Consolidated statement of financial position

As at 31 December, in thousands of EUR	2025	2024
ASSETS
Cash and cash equivalents	13 491	18 705
Trade and other receivables	36 830	25 268
Prepayments	8 303	8 764
Inventories	45 770	48 083
Intangible assets	1 503	6 901
Current assets	105 897	107 721
Other financial assets and prepayments	438	518
Deferred income tax assets	21 840	21 840
Investment property	300	300
Property, plant and equipment	1 182 216	1 310 000
Intangible assets	20 073	23 562
Non-current assets	1 224 867	1 356 220
TOTAL ASSETS	1 330 764	1 463 941
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings	77 156	104 549
Trade and other payables	97 297	95 146
Payables to owners	6	6
Income tax liability	4	7
Deferred income	37 458	30 102
Current liabilities	211 921	229 810
Interest-bearing loans and borrowings	368 770	451 825
Non-current liabilities	368 770	451 825
Total liabilities	580 691	681 635
Share capital	349 477	349 477
Share premium	663	663
Reserves	59 760	65 901
Retained earnings	340 173	366 265
Equity attributable to equity holders of the Parent	750 073	782 306
Total equity	750 073	782 306
TOTAL LIABILITIES AND EQUITY	1 330 764	1 463 941

Consolidated statement of cash flows

For the year ended 31 December, in thousands of EUR	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit for the period	17 264	40 274
Adjustments for:
Depreciation and amortisation	79 766	97 751
Net gain on disposals of property, plant and equipment	996	-18 260
Net interest expense	21 578	28 008
Net unrealised foreign exchange gain/loss	-54	288
Share option programme reserve	1 117	560
Income tax	11 623	8 896
Adjustments	115 026	117 243
Changes in:
Receivables related to operating activities	-11 529	6 481
Prepayments related to operating activities	134	-776
Inventories	303	-13 573
Liabilities related to operating activities	17 226	8 505
Changes in assets and liabilities	6 134	637
Cash generated from operating activities	138 424	158 154
Income tax paid	-11 299	-4 740
NET CASH FROM OPERATING ACTIVITIES	127 125	153 414
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets	-32 969	-22 260
Proceeds from sales of property, plant and equipment	78 787	24 555
Interest received	327	938
NET CASH FROM/(-)USED IN INVESTING ACTIVITIES	46 145	3 233
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans received	-97 572	-87 045
Change in overdraft	3 126	0
Payment of lease liabilities	-17 998	-18 659
Interest paid	-20 810	-29 095
Payment of transaction costs related to loans	-616	-450
Dividends paid	-44 614	-44 614
NET CASH USED IN FINANCING ACTIVITIES	-178 484	-179 863
NET CASH FLOW	-5 214	-23 216
Cash and cash equivalents at the beginning of period	18 705	41 921
Change in cash and cash equivalents	-5 214	-23 216
Cash and cash equivalents at the end of period	13 491	18 705

Anneli Simm
Investor Relations Manager

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail ...
Phone: +372 56157170

Attachments

• 529900QRMWAKKR3L9W75-2025-12-31-en
• Tallink Grupp Annual Report 2025

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