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
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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
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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
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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
Jan-Sep Jan-Sep
Unaudited, in thousands of EUR Q3 2025 Q3 2024 2025 2024
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Revenue 233 072 231 868 577 302 602 317
Cost of sales -165 894 -164 849 -475 822 -474 695
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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
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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
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Share of profit/loss of equity-accounted
investees 0 0 0 0
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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
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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
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Consolidated statement of financial position
Unaudited, in thousands of EUR 30.09.2025 30.09.2024 31.12.2024
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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
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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
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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
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Current liabilities 231 227 227 724 229 810
Interest-bearing loans and borrowings 390 129 483 812 451 825
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Non-current liabilities 390 129 483 812 451 825
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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
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Equity attributable to equity holders of the
Parent 737 721 787 364 782 306
Total equity 737 721 787 364 782 306
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TOTAL LIABILITIES AND EQUITY 1 359 077 1 498 900 1 463 941
Consolidated statement of cash flows
Jan-Sep Jan-Sep
Unaudited, in thousands of EUR Q3 2025 Q3 2024 2025 2024
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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
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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
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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
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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
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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
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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
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Cash and cash equivalents at the end of
period 31 937 32 609 31 937 32 609
Anneli Simm
Investor Relations Manager
AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail [email protected] (mailto:[email protected])
Phone: +372 56157170