AS Tallink Grupp Audited Annual Report for the Financial Year 2025
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
https://company.tallink.com/for-investors/reports-and-financial-key-figures.
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
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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
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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
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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
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Revenue 765 288 785 822
Cost of sales -622 065 -632 266
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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
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Result from operating activities 50 302 77 430
Finance income 490 938
Finance costs -21 905 -29 198
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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
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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
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Consolidated statement of financial position
As at 31 December, in thousands of EUR 2025 2024
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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
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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
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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
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Current liabilities 211 921 229 810
Interest-bearing loans and borrowings 368 770 451 825
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Non-current liabilities 368 770 451 825
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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
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Equity attributable to equity holders of the Parent 750 073 782 306
Total equity 750 073 782 306
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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
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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
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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
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Changes in assets and liabilities 6 134 637
Cash generated from operating activities 138 424 158 154
Income tax paid -11 299 -4 740
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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
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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
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Cash and cash equivalents at the beginning of period 18 705 41 921
Change in cash and cash equivalents -5 214 -23 216
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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 [email protected] (mailto:[email protected])
Phone: +372 56157170