AS Tallink Grupp Unaudited Consolidated Interim Report For The Q1 2026

(MENAFN- GlobeNewsWire - Nasdaq) The results of AS Tallink Grupp for the Q1 2026 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: .... Further details are available in a previously published announcement.

In the first quarter 2026, AS Tallink Grupp and its subsidiaries (the Group) carried 1,036,405 passengers, representing a 6.8% increase year-on-year. The number of cargo units transported increased by 13.4% to 65,578 while the number of passenger vehicles was up by 1.2% to 137,479.

The Group's unaudited consolidated revenue amounted to EUR 149.4 million compared to EUR 137.3 million in the first quarter 2025. Unaudited EBITDA totalled EUR 2.1 million (negative EBITDA of EUR 3.8 million in the first quarter 2025) and the unaudited net loss for the period was EUR 22.0 million (EUR 33.2 million in the first quarter 2025).

The Group's revenue and operating results in 2026 were impacted by a number of key business and operational factors:

• Heightened geopolitical tensions in the Middle East have increased volatility in global energy markets and driven up fuel costs. At the same time, demand has remained weak due to low consumer and business confidence and ongoing economic challenges in the Group's core markets.
• As at the end of the quarter, the Group operated 11 vessels including 2 shuttle vessels, 6 passenger vessels, 2 vessels that were chartered out and 1 vessel was in lay-up.
• The cruise ferry Romantika returned from charter after the expiry of the agreement in March 2026.
• Share of emissions to be surrendered under the EU ETS (European Union Emissions Trading System) increased to 100% of the emitted CO2 equivalent in 2026 (70% in 2025).
• In March, the Group signed a long-term agreement for bareboat chartering of passenger vessel Superfast IX.
• During the quarter total investments amounted to EUR 14.2 million, the majority of which were made to upgrading the cruise ferries Baltic Queen, Silja Symphony and Victoria I. The planned maintenance works totalling 47 days in the first quarter of 2026 affected the passenger and cargo levels.
• The Group operated three hotels in Tallinn and one in Riga. Tallink Express Hotel in Tallinn was closed for renovations in November 2025 and will be reopened for visitors in May 2026.
• As at 31 March 2026, the Group's net debt amounted to EUR 437.7 million compared to EUR 432.4 million as at 31 December 2025. The net debt to EBITDA ratio stood at 3.2 as at 31 March 2026 (3.3 as at 31 December 2025).
• Total loan repayment and interest payment during the first quarter 2026 amounted to EUR 14.8 million while the drawn overdraft amounted to EUR 21.0 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 first quarter 2026, the Group's total revenue increased by EUR 12.1 million to EUR 149.4 million compared to EUR 137.3 million a year ago.

Revenue from route operations (the Group's core operations) increased by EUR 11.3 million to EUR 121.8 million compared to the first quarter 2025. The segment loss from route operations (the Group's core operations) amounted to EUR 9.3 million compared to a loss of EUR 13.4 million in the first quarter 2025.

The number of passengers carried on the Estonia-Finland route increased by 3.9% year-on-year. The number of transported cargo units increased by 14.9%. Revenue from the Estonia-Finland route increased by EUR 5.5 million compared to the same period a year ago and amounted to EUR 62.5 million while the segment result increased by EUR 2.4 million to EUR 5.4 million, year-on-year. The segment reflects the operations of two shuttle vessels, MyStar and Megastar, and the cruise ferry Victoria I. The latter did not operate on the Tallinn-Helsinki route for 13 days in March due to scheduled maintenance.

In the first quarter 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 22.0%. The number of transported cargo units increased by 26.4%. The routes' revenue increased by EUR 6.7 million to EUR 44.3 million and the segment result increased by EUR 0.8 million to a loss of EUR 10.0 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). The cruise ferry Silja Symphony did not operate on the Helsinki-Stockholm route for 22 days in January due to scheduled maintenance.

On Estonia-Sweden routes the number of carried passengers decreased by 10.2%. The number of transported cargo units decreased by 3.9% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 0.9 million to EUR 15.0 million. The segment result increased by EUR 0.9 million to a loss of EUR 4.7 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. In February, the cruise ferry Baltic Queen did not operate for 12 days due to scheduled maintenance.

Revenue from the segment Other increased by EUR 0.7 million compared to the first quarter 2025 amounting to EUR 28.2 million. The segment result was EUR 4.9 million, up by EUR 6.6 million year-on-year.

As at the end of the first quarter 2026, the Group had the following vessels chartered out:

• 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 was extended in December 2025 until the end of January 2027 with the option of extending the agreement for another year.

The cruise ferry Romantika was chartered out in May 2025 to the Algerian state-owned enterprise Madar Maritime Company EPE/SPA for a nine-month period. The charter expired as agreed, and the vessel returned in March 2026.

Earnings

In the first quarter 2026, the Group's gross profit amounted to EUR 6.1 million, up by EUR 10.8 million compared to a gross loss of EUR 4.7 million in the first quarter 2025. The Group generated EBITDA of EUR 2.1 million compared to a negative of EUR 3.8 million a year ago.

Amortisation and depreciation expense decreased by EUR 4.0 million to EUR 19.3 million year-on-year. Depreciation expense decreased mainly due to the alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years, resulting in lower depreciation rates and sale of three vessels in the financial year 2025.

As a result of decreased outstanding loan balance and lower interest rates net finance costs declined by EUR 1.5 million year-on-year to EUR 4.6 million as at the end of the first quarter 2026 (EUR 6.1 million as at the end of the first quarter 2025).

The Group's unaudited net loss for first quarter 2026 was EUR 22.0 million or a loss of EUR 0.03 per share. In the first quarter 2025, the Group earned net loss of EUR 33.2 million or a loss of EUR 0.045 per share.

Investments

The Group's investments in the first quarter 2026 amounted to EUR 14.2 million (EUR 13.3 million in the first quarter 2025). Most investments were directed toward maintenance and refurbishment of the cruise ferries Silja Symphony, Baltic Queen and Victoria I.

During the dry docking of the cruise ferry Silja Symphony, key automation and navigation systems were upgraded and underwater components were serviced. In addition, a Wi-Fi network covering cabins and public areas was installed and stern window panels were renewed.

During the docking of the cruise ferry Baltic Queen, the primary focus was on the maintenance of technical systems, renewal of coating and servicing of thrusters.

During the dry docking of the cruise ferry Victoria I, maintenance works were carried out on the underwater hull, including cleaning and renewal of protective coatings, and seawater piping and valves were upgraded. In addition, a new passenger entrance was constructed on deck 7 to support future operational changes in the Port of Helsinki.

In the first quarter 2026, the planned maintenance works totalled 47 days (Q1 2025: 68 days).

The Group also continued to invest in the improvement of its IT systems.

Financial Position

At the end of the first quarter 2026, the Group's net debt amounted to EUR 437.7 million, up by EUR 5.2 million compared to the end of the financial year 2025. The net debt to EBITDA ratio was 3.2 at the reporting date (3.3 as at 31 December 2025).

As at 31 March 2026, the Group's cash and cash equivalents amounted to EUR 11.8 million (EUR 13.5 million as at 31 December 2025) and the Group had EUR 79.0 million in unused credit lines (EUR 96.9 million as at 31 December 2025). The total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to EUR 90.7 million (EUR 110.4 million as at 31 December 2025).

The position of cash and cash equivalents in the first quarter 2025 was impacted by the repayment of loans and related interest expense (less lease liabilities related to right-to- use assets) in the amount of EUR 14.8 million. As at the end of the first quarter 2026, the Group had drawn an overdraft in the amount of EUR 21.0 million compared to EUR 3.2 million as at the end of the financial year 2025.

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.

In agreement with the Supervisory Board of the Group, the Management Board of the Group has decided to prepare a proposal to the General Meeting of Shareholders to pay a dividend of EUR 0.06 per share in 2026.

Key Figures

For the period	Q1 2026	Q1 2025	Q1 2024
Revenue (EUR million)	149.4	137.3	160.4
Gross profit/loss (EUR million)	6.1	-4.7	13.8
EBITDA1 (EUR million)	2.1	-3.8	34.5
EBIT1 (EUR million)	-17.2	-27.1	9.8
Net profit/loss for the period (EUR million)	-22.0	-33.2	2.6
Depreciation and amortisation (EUR million)	19.3	23.3	24.6
Capital expenditures1 2(EUR million)	14.2	13.3	6.3
Weighted average number of ordinary shares outstanding	743 569 064	743 569 064	743 569 064
Earnings/loss per share1 (EUR)	-0.030	-0.045	0.003
Number of passengers	1 036 405	970 359	1 102 738
Number of cargo units	65 578	57 830	84 950
Average number of employees	4 670	4 772	4 888
As at	31.03.2026	31.12.2025	31.12.2024
Total assets (EUR million)	1 328.7	1 330.8	1 463.9
Total liabilities (EUR million)	600.3	580.7	681.6
Interest-bearing liabilities (EUR million)	449.4	445.9	556.4
Net debt1 (EUR million)	437.7	432.4	537.7
Net debt to EBITDA1	3.22	3.32	3.07
Total equity (EUR million)	728.4	750.1	782.3
Equity ratio1 (%)	55%	56%	53%
Number of ordinary shares outstanding	743 569 064	743 569 064	743 569 064
Shareholders' equity per share (EUR)	0.98	1.01	1.05
Ratios1	Q1 2026	Q1 2025	Q1 2024
Gross margin (%)	4.1%	-3.5%	8.6%
EBITDA margin (%)	1.4%	-2.8%	21.5%
EBIT margin (%)	-11.5%	-19.8%	6.1%
Net profit/loss margin (%)	-14.7%	-24.2%	1.6%
ROA (%)	4.4%	2.7%	7.6%
ROE (%)	3.9%	0.6%	11.4%
ROCE (%)	5.4%	3.2%	9.1%

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	Q1 2026	Q1 2025
Revenue	149 369	137 278
Cost of sales	-143 316	-142 026
Gross profit	6 053	-4 748
Sales and marketing expenses	-10 452	-10 299
Administrative expenses	-13 370	-12 842
Other operating income	571	844
Other operating expenses	-38	-89
Result from operating activities	-17 236	-27 134
Finance Income	30	32
Finance costs	-4 592	-6 099
Profit before income tax	-21 798	-33 201
Income tax	-165	0
Net loss for the period	-21 963	-33 201
Net profit for the period attributable to equity holders of the Parent	-21 963	-33 201
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	36	-158
Other comprehensive loss/income for the period	36	-158
Total comprehensive loss for the period	-21 927	-33 359
Total comprehensive loss for the period attributable to equity holders of the Parent	-21 927	-33 359
EPS (in EUR)	-0.030	-0.045
Diluted EPS (in EUR)	-0.029	-0.044

Consolidated statement of financial position

Unaudited, in thousands of EUR	31.03.2026	31.03.2025	31.12.2025
ASSETS
Cash and cash equivalents	11 774	15 855	13 491
Trade and other receivables	30 117	31 380	36 830
Prepayments	17 007	18 083	8 303
Inventories	47 099	47 250	45 770
Intangible assets	1 917	8 128	1 503
Current assets	107 914	120 696	105 897
Other financial assets and prepayments	442	514	438
Deferred income tax assets	21 840	21 840	21 840
Investment property	300	300	300
Property, plant and equipment	1 178 704	1 304 584	1 182 216
Intangible assets	19 526	22 606	20 073
Non-current assets	1 220 812	1 349 844	1 224 867
TOTAL ASSETS	1 328 726	1 470 540	1 330 764
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings	95 357	150 344	77 156
Trade and other payables	102 649	96 242	97 297
Payables to owners	6	6	6
Income tax liability	4	6	4
Deferred Income	48 188	40 251	37 458
Current liabilities	246 204	286 849	211 921
Interest-bearing loans and borrowings	354 092	434 565	368 770
Non-current liabilities	354 092	434 565	368 770
Total liabilities	600 296	721 414	580 691
Share capital	349 477	349 477	349 477
Share Premium	663	663	663
Reserves	59 841	65 410	59 760
Retained earnings	318 449	333 576	340 173
Equity attributable to equity holders of the Parent	728 430	749 126	750 073
Total equity	728 430	749 126	750 073
TOTAL LIABILITIES AND EQUITY	1 328 726	1 470 540	1 330 764

Consolidated statement of cash flows

Unaudited, in thousands of EUR	Q1 2026	Q1 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	-21 963	-33 201
Adjustments	24 310	29 464
Changes in:
Receivables and prepayments related to operating activities	-1 995	-15 427
Inventories	-1 743	-394
Liabilities related to operating activities	15 767	10 825
Changes in assets and liabilities	12 029	-4 996
Cash generated from operating activities	14 376	-8 733
Income tax paid	-165	-1
NET CASH USED IN/FROM OPERATING ACTIVITIES	14 211	-8 734
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, equipment and intangible assets	-14 201	-13 290
Proceeds from disposals of property, plant, equipment	12	0
Interest received	30	32
NET CASH USED IN/FROM INVESTING ACTIVITIES	-14 159	-13 258
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans received	-11 350	-15 970
Change in overdraft	17 906	45 338
Payment of lease liabilities	-4 443	-4 858
Interest paid	-3 882	-5 368
NET CASH FROM/USED IN FINANCING ACTIVITIES	-1 769	19 142
TOTAL NET CASH FLOW	-1 717	-2 850
Cash and cash equivalents at the beginning of period	13 491	18 705
Change in cash and cash equivalents	-1 717	-2 850
Cash and cash equivalents at the end of period	11 774	15 855

Anneli Simm
Investor Relations Manager

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

Attachments

• Tallink Grupp 2026 Q1 Financial Data
• Tallink Grupp 2026 Q1 ENG
• AS Tallink Grupp Q1 2026 Webinar Presentation

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