Market announcement

Title

Correction: AS Tallink Grupp Unaudited Consolidated Interim Report for the Q3 2025

Message

In the correction notice, the information in the table Key Figures as presented
in the stock exchange release from 23 October 2025 is corrected
(https://view.news.eu.nasdaq.com/view?id=1396105&lang=en)


The results of AS Tallink Grupp for the Q3 2025 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_ZDVjMjVlMzUtNjg1MC00YTc3LWFhNGQtNjQxNTE4YmMyNzJj%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=1394692&lang=en).

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

 For the                                               Jan-Sep     Jan-Sep     Jan-Sep
 period            Q3 2025     Q3 2024     Q3 2023        2025        2024        2023
--------------------------------------------------------------------------------------
 Revenue (EUR
 million)            233.1       231.9       240.7       577.3       602.3       641.6

 Gross
 profit/loss
 (EUR million)        67.2        67.0        77.7       101.5       127.6       168.9

 EBITDA¹ (EUR
 million)             68.9        68.4        82.1       102.5       149.5       177.7

 EBIT¹ (EUR
 million)             45.9        44.0        56.8        33.3        76.1       101.9

 Net
 profit/loss
 for the
 period (EUR
 million)             40.8        36.8        48.7         5.1        45.5        76.7



 Depreciation
 and
 amortisation
 (EUR million)        23.0        24.4        25.2        69.2        73.3        75.7

 Capital
 expenditures¹
 ²(EUR
 million)              5.5         5.6         6.1        27.2        16.5        22.3

 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)               0.055       0.050       0.065       0.007       0.061       0.103



 Number of
 passengers      1 766 335   1 715 496   1 775 821   4 224 822   4 270 002   4 366 679

 Number of
 cargo units        60 306      66 865      75 701     185 174     238 628     247 792

 Average
 number of
 employees           4 987       5 063       4 756       4 936       5 004       4 878



 As at          30.09.2025  30.06.2025  31.12.2024  30.09.2025  30.09.2024  30.09.2023
--------------------------------------------------------------------------------------
 Total assets
 (EUR million)     1 359.1     1 413.7     1 463.9     1 359.1     1 498.9     1 597.4

 Total
 liabilities
 (EUR million)       621.4       715.6       681.6       621.4       711.5       813.7

 Interest-
 bearing
 liabilities
 (EUR million)       464.6       495.7       556.4       464.6       588.3       684.8

 Net debt¹
 (EUR million)       432.7       459.7       537.7       432.7       555.7       620.4

 Net debt to
 EBITDA¹              3.38        3.60        3.07        3.38        2.98        2.72

 Total equity
 (EUR million)       737.7       698.1       782.3       737.7       787.4       783.7

 Equity ratio¹
 (%)                   54%         49%         53%         54%         53%         49%



 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        1.06        1.05



                                                       Jan-Sep     Jan-Sep     Jan-Sep
 Ratios¹           Q3 2025     Q3 2024     Q3 2023        2025        2024        2023
--------------------------------------------------------------------------------------
 Gross margin
 (%)                 28.8%       28.9%       32.3%       17.6%       21.2%       26.3%

 EBITDA margin
 (%)                 29.6%       29.5%       34.1%       17.8%       24.8%       27.7%

 EBIT margin
 (%)                 19.7%       19.0%       23.6%        5.8%       12.6%       15.9%

 Net
 profit/loss
 margin (%)          17.5%       15.9%       20.2%        0.9%        7.6%       12.0%



 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
-------------------------------------------------------------------------------
 Revenue                                     233 072  231 868  577 302  602 317

 Cost of sales                              -165 894 -164 849 -475 822 -474 695
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 Share of profit/loss of equity-accounted
 investees                                         0        0        0        0
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------


Consolidated statement of financial position

 Unaudited, in thousands of EUR                30.09.2025 30.09.2024 31.12.2024
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 Current liabilities                              231 227    227 724    229 810



 Interest-bearing loans and borrowings            390 129    483 812    451 825
-------------------------------------------------------------------------------
 Non-current liabilities                          390 129    483 812    451 825
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 Equity attributable to equity holders of the
 Parent                                           737 721    787 364    782 306

 Total equity                                     737 721    787 364    782 306
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------


 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------


 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
-------------------------------------------------------------------------------
 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