AS-i Tallink Grupp 2026. majandusaasta auditeerimata konsolideeritud I kv tulemuste vahearuanne
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; (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_YzljNmNjNWEtMzYyMS00ZWU5LTg3NDMtNjEwMzIxOWRlZTEw%40thread.v2/0
?context=%7b%22Tid%22%3a%2286359415-f0d5-4ea5-bb32-
42128c4493be%22%2c%22Oid%22%3a%22fbc24b3a-8623-42c6-8311-65b8899e63dd%22%7d) we
kindly ask participants to provide their questions latest by 11:00 am by email
to: [email protected] (https://www.globenewswire.com/Tracker?data=sPXC0PO4t9B-
uBXRwzpCc9_urHLPH-
XBcIT5f9VgaHjBgmHJXdMG7Jg3xYPMniStxcjyWGB1jA5Xo_gPeGTNxXf9rfqgQqnrBPw6kdbTEdo=).
Further details are available in a previously published announcement
(https://view.news.eu.nasdaq.com/view?id=1434598&lang=en).
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
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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
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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
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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
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Revenue 149 369 137 278
Cost of sales -143 316 -142 026
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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
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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
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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
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Consolidated statement of financial position
Unaudited, in thousands of EUR 31.03.2026 31.03.2025 31.12.2025
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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
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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
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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
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Current liabilities 246 204 286 849 211 921
Interest-bearing loans and borrowings 354 092 434 565 368 770
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Non-current liabilities 354 092 434 565 368 770
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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
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Equity attributable to equity holders of the
Parent 728 430 749 126 750 073
Total equity 728 430 749 126 750 073
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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
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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
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Changes in assets and liabilities 12 029 -4 996
Cash generated from operating activities 14 376 -8 733
Income tax paid -165 -1
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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
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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
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NET CASH FROM/USED IN FINANCING ACTIVITIES -1 769 19 142
TOTAL NET CASH FLOW -1 717 -2 850
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Cash and cash equivalents at the beginning of period 13 491 18 705
Change in cash and cash equivalents -1 717 -2 850
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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 [email protected] (mailto:[email protected])
Phone: +372 56157170