AS Tallink Grupp Unaudited Consolidated Interim Report for the Q2 2025
The results of AS Tallink Grupp for the Q2 2025 will be introduced at an
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In the second quarter (1 April - 30 June) of 2025, AS Tallink Grupp and its
subsidiaries (hereinafter referred to as "the Group") carried 1 488 128
passengers, which is 2.5% more than in the second quarter of 2024. The number of
cargo units transported decreased by 22.8% year-on-year amounting to 67 038. The
number of passenger vehicles was up by 1.4% compared to the same period a year
ago and amounted to 212 782.
The Group's unaudited consolidated revenue amounted to EUR 207.0 million (EUR
210.0 million in Q2 2024). Unaudited EBITDA was EUR 37.4 million (EBITDA of EUR
46.6 million in Q2 2024) and the unaudited net loss for the period was EUR 2.5
million (net profit of EUR 6.1 million in Q2 2024).
The following operational factors impacted the Group's revenue and operating
results in the second quarter of 2025:
* Demand continued to be affected by low consumer and business confidence
levels, the economic challenges in the Group's core markets and global
geopolitical tensions.
* As at the end of the quarter, the Group operated 13 vessels including 2
shuttle vessels, 6 passenger vessels, 3 vessels that were chartered out and
2 vessels that were in lay-up.
* The Group signed and executed the sale-purchase agreement with Irish
Continental Group plc for the sale of the passenger vessel Star I in April
2025.
* The Group operated 3 hotels in Tallinn and 1 in Riga.
* Income tax on dividends in the amount of EUR 11.4 million was recorded in
the second quarter of 2025.
* The Group's net debt was EUR 459.7 million as at the end of the second
quarter of 2025 (EUR 569.1 million as at 31 March 2025) bringing the net
debt to EBITDA ratio to 3.6 as at 30 June 2025.
* In the second quarter of 2025, total loan repayment and interest payment
amounted to EUR 53.6 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 second quarter of 2025, the Group's total revenue decreased by EUR 3.1
million to EUR 207.0 million compared to EUR 210.0 million a year ago.
Revenue from route operations (the Group's core business) decreased by EUR 1.0
million to EUR 167.8 million compared to the second quarter of 2024. The segment
result from route operations (the Group's core business) amounted to EUR 21.2
million compared to EUR 25.6 million in the second quarter of 2024.
The number of passengers carried on the Estonia-Finland route increased by 4.9%
in year-on-year comparison. The number of transported cargo units decreased by
23.9%. Revenue from the Estonia-Finland route held steady compared to the same
period a year ago and amounted to EUR 84.6 million while the segment result
decreased by EUR 4.5 million to EUR 20.5 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 second quarter of 2025, the year-on-year increase in the number of
passengers on Finland-Sweden routes was 2.8%. The number of transported cargo
units decreased by 32.4%. The routes' revenue increased by EUR 1.8 million to
EUR 60.4 million and the segment result increased by EUR 0.4 million to EUR 1.9
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 10.9% and
the number of transported cargo units decreased by 6.1% compared to the same
period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased
by EUR 2.9 million to EUR 22.9 million. The segment loss increased by EUR 0.3
million to a loss of EUR 1.1 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 Star I until 12
April and from thereon the 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 decreased by a total of EUR 2.2 million and
amounted to EUR 40.7 million. The segment result amounted to EUR 6.3 million
decreasing by EUR 3.1 million compared to the same period a year ago. The
decrease in revenues and result was mainly driven by fewer vessels on charter in
the beginning of the quarter compared to the same period a year ago since the
cruise ferry Romantika was chartered out at the end of May 2025. As at the end
of the second quarter of 2025, the Group had 3 vessels on charter. Until May
2024, 4 vessels were in charter when the passenger vessel Superfast IX returned
from long-term charter from Canada. At the end of the second quarter of 2024,
the Group had 3 vessels on charter.
At the end of the second 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 October 2024, the agreement was
extended by 12 months until October 2025 with the option of extending the
agreement at the end of the agreement period by 6+6 months.
* The cruise ferry Silja Europa was chartered out in August 2022 Slaapschepen
Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers
(COA) in the Netherlands. The charter agreement from December 2024 was
effective from 1 January 2025 for six months. The agreement includes the
option of extending the agreement at the end of the agreement period by
another 7+6+6 moths. After the end of the initial term, the agreement was
extended until the end of January 2026.
Earnings
In the second quarter of 2025, the Group's gross profit declined by EUR 7.8
million to EUR 39.1 million compared to EUR 46.8 million in the second quarter
of 2024. The Group generated EBITDA of EUR 37.4 million in the second quarter of
2025 compared to EUR 46.6 million a year ago.
Amortisation and depreciation expense decreased by EUR 1.5 million to EUR 22.8
million year-on-year. The decline was partly driven by the sale of the passenger
vessel Star I in April 2025.
As a result of decreased outstanding loan balance and declining interest rates
net finance costs declined by EUR 1.4 million year-on-year to EUR 5.7 million in
the second quarter of 2025 (EUR 7.1 million in the second quarter of 2024).
The Group's unaudited net loss for the second quarter of 2025 was EUR 2.5
million or EUR 0.003 per share. Among other factors the Group's profitability
was impacted by the vessels in lay-up. In the second quarter of 2024, the Group
earned net profit of EUR 6.1 million or EUR 0.008 per share.
Investments
The Group's investments in the second quarter of 2025 amounted to EUR 8.4
million (EUR 4.6 million in the second quarter of 2024). Majority of investments
in vessels included the maintenance and refurbishment works on the cruise ferry
Baltic Princess. The Group also continued to invest in the improvement of its IT
systems.
Financial Position
At the end of the second quarter of 2025, the Group's net debt amounted to EUR
459.7 million, down by EUR 89.2 million compared to the end of the first quarter
of 2025. The net debt to EBITDA ratio was 3.6 at the reporting date (4.16 as at
31 March 2025).
As at 30 June 2025, the Group's cash and cash equivalents amounted to EUR 36.0
million (EUR 15.9 million as at 31 March 2025) and the Group had EUR 92.0
million in unused credit lines (EUR 54.7 million as at 31 March 2025). The total
liquidity buffer (cash, cash equivalents and unused credit facilities) amounted
to EUR 128.0 million (EUR 70.5 million as at 31 March 2025).
During the quarter, the Group repaid loans and interest expense in the amount of
EUR 53.6 million (EUR 24.9 million in the second 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 and the second instalment of EUR 0.03 per share will
be paid out on 25 November 2025.
Key Figures
For the Jan-Jun Jan-Jun Jan-Jun
period Q2 2025 Q2 2024 Q2 2023 2025 2024 2023
Revenue (EUR
million) 207.0 210.0 229.7 344.2 370.4 400.9
Gross
profit/loss
(EUR million) 39.1 46.8 66.5 34.3 60.6 91.3
EBITDA¹ (EUR
million) 37.4 46.6 68.5 33.6 81.1 95.6
EBIT¹ (EUR
million) 14.5 22.3 43.3 -12.6 32.1 45.1
Net
profit/loss
for the
period (EUR
million) -2.5 6.1 33.4 -35.7 8.7 28.0
Depreciation
and
amortisation
(EUR million) 22.8 24.3 25.3 46.2 49.0 50.5
Capital
expenditures¹
²(EUR
million) 8.4 4.6 4.7 21.7 10.9 16.2
Weighted
average
number of
ordinary
shares
outstanding 743 569 064 743 569 064 743 569 064 743 569 064 743 569 064 743 569 064
Earnings/loss
per share¹
(EUR) -0.003 0.008 0.045 -0.048 0.012 0.038
Number of
passengers 1 488 128 1 451 768 1 541 081 2 458 487 2 554 506 2 590 858
Number of
cargo units 67 038 86 813 85 359 124 868 171 763 172 091
Average
number of
employees 5 050 5 060 4 973 4 912 4 974 4 938
As at 30.06.2025 31.03.2025 31.12.2024 30.06.2025 30.06.2024 30.06.2023
Total assets
(EUR million) 1 413.7 1 470.5 1 463.9 1 413.7 1 567.0 1 613.6
Total
liabilities
(EUR million) 715.6 721.4 681.6 715.6 816.6 878.4
Interest-
bearing
liabilities
(EUR million) 495.7 584.9 556.4 495.7 619.8 722.5
Net debt¹
(EUR million) 459.7 569.1 537.7 459.7 548.9 664.9
Net debt to
EBITDA¹ 3.6 4.2 3.1 3.6 2.7 3.1
Total equity
(EUR million) 698.1 749.1 782.3 698.1 750.4 735.2
Equity ratio¹
(%) 49% 51% 53% 49% 48% 46%
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) 0.94 1.01 1.05 0.94 1.01 0.99
Ratios¹ Jan-Jun Jan-Jun Jan-Jun
Q2 2025 Q2 2024 Q2 2023 2025 2024 2023
Gross margin
(%) 18.9% 22.3% 28.9% 10.0% 16.4% 22.8%
EBITDA margin
(%) 18.1% 22.2% 29.8% 9.8% 21.9% 23.8%
EBIT margin
(%) 7.0% 10.6% 18.8% -3.7% 8.7% 11.3%
Net
profit/loss
margin (%) -1.2% 2.9% 14.6% -10.4% 2.3% 7.0%
ROA (%) 2.2% 6.4% 7.0% 2.2% 6.4% 7.0%
ROE (%) -0.5% 7.7% 11.8% -0.5% 7.7% 11.8%
ROCE (%) 2.7% 7.7% 8.9% 2.7% 7.7% 8.9%
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 Jan-Jun Jan-Jun
Q2 2025 Q2 2024 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit/loss for the period -2 486 6 106 -35 687 8 678
Adjustments 40 638 40 547 70 102 54 410
Changes in:
Receivables and prepayments related to
operating activities -6 723 2 299 -22 150 -6 909
Inventories 923 -7 903 529 -10 165
Liabilities related to operating activities 28 028 14 560 38 853 26 185
Changes in assets and liabilities 22 228 8 956 17 232 9 111
Cash generated from operating activities 60 380 55 609 51 647 72 199
Income tax repaid/paid -75 -18 -76 -25
NET CASH FROM/USED OPERATING ACTIVITIES 60 305 55 591 51 571 72 174
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, equipment and
intangible assets -8 415 -4 435 -21 705 -10 762
Proceeds from disposals of property, plant,
equipment 64 617 54 64 617 24 490
Interest received 62 261 94 489
NET CASH USED IN INVESTING ACTIVITIES 56 264 -4 120 43 006 14 217
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans received -47 535 -16 482 -63 505 -32 452
Change in overdraft -37 382 26 7 956 26
Payment of lease liabilities -4 864 -4 467 -9 722 -9 136
Interest paid -6 048 -8 465 -11 416 -15 437
Payment of transaction costs related to loans -616 -92 -616 -450
NET CASH FROM/USED IN FINANCING ACTIVITIES -96 445 -29 480 -77 303 -57 449
TOTAL NET CASH FLOW 20 124 21 991 17 274 28 942
Cash and cash equivalents at the beginning of
period 15 855 48 872 18 705 41 921
Change in cash and cash equivalents 20 124 21 991 17 274 28 942
Cash and cash equivalents at the end of period 35 979 70 863 35 979 70 863
Consolidated statement of financial position
Unaudited, in thousands of EUR 30.06.2025 30.06.2024 31.12.2024
ASSETS
Cash and cash equivalents 35 979 70 863 18 705
Trade and other receivables 39 815 33 915 25 268
Prepayments 16 528 17 046 8 764
Prepaid income tax 0 193 0
Inventories 46 211 48 244 48 083
Short-term intangible assets 8 244 3 332 6 901
Current assets 146 777 173 593 107 721
Other financial assets and prepayments 481 500 518
Deferred income tax assets 21 840 21 840 21 840
Investment property 300 300 300
Property, plant and equipment 1 222 569 1 345 138 1 310 000
Intangible assets 21 770 25 647 23 562
Non-current assets 1 266 960 1 393 425 1 356 220
TOTAL ASSETS 1 413 737 1 567 018 1 463 941
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings 83 174 104 582 104 549
Trade and other payables 111 007 97 108 95 146
Payables to owners 44 620 44 620 6
Income tax liability 11 417 9 211 7
Deferred income 52 908 45 912 30 102
Current liabilities 303 126 301 433 229 810
Interest-bearing loans and borrowings 412 506 515 214 451 825
Non-current liabilities 412 506 515 214 451 825
Total liabilities 715 632 816 647 681 635
Share capital 349 477 349 477 349 477
Share premium 663 663 663
Reserves 60 882 66 586 65 901
Retained earnings 287 083 333 645 366 265
Equity attributable to equity holders of the
Parent 698 105 750 371 782 306
Total equity 698 105 750 371 782 306
TOTAL LIABILITIES AND EQUITY 1 413 737 1 567 018 1 463 941
Consolidated statement of cash flows
Jan-Jun Jan-Jun
Unaudited, in thousands of EUR Q2 2025 Q2 2024 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit/loss for the period -2 486 6 106 -35 687 8 678
Adjustments 40 638 40 547 70 102 54 410
Changes in:
Receivables and prepayments related to
operating activities -6 723 2 299 -22 150 -6 909
Inventories 923 -7 903 529 -10 165
Liabilities related to operating activities 28 028 14 560 38 853 26 185
Changes in assets and liabilities 22 228 8 956 17 232 9 111
Cash generated from operating activities 60 380 55 609 51 647 72 199
Income tax repaid/paid -75 -18 -76 -25
NET CASH FROM/USED OPERATING ACTIVITIES 60 305 55 591 51 571 72 174
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, equipment and
intangible assets -8 415 -4 435 -21 705 -10 762
Proceeds from disposals of property, plant,
equipment 64 617 54 64 617 24 490
Interest received 62 261 94 489
NET CASH USED IN INVESTING ACTIVITIES 56 264 -4 120 43 006 14 217
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans received -47 535 -16 482 -63 505 -32 452
Change in overdraft -37 382 26 7 956 26
Payment of lease liabilities -4 864 -4 467 -9 722 -9 136
Interest paid -6 048 -8 465 -11 416 -15 437
Payment of transaction costs related to loans -616 -92 -616 -450
NET CASH FROM/USED IN FINANCING ACTIVITIES -96 445 -29 480 -77 303 -57 449
TOTAL NET CASH FLOW 20 124 21 991 17 274 28 942
Cash and cash equivalents at the beginning of
period 15 855 48 872 18 705 41 921
Change in cash and cash equivalents 20 124 21 991 17 274 28 942
Cash and cash equivalents at the end of period 35 979 70 863 35 979 70 863
Anneli Simm
Investor Relations Manager
AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail [email protected] (mailto:[email protected])
Phone: +372 56157170