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AS Tallink Grupp Unaudited Consolidated Interim Report Q2 2024

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The  Q2  2024 results  of  AS  Tallink  Grupp  will be introduced at an Investor
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ask   participants   to   provide  their  questions  latest  by  11:00 by  email
to: investor@tallink.ee (https://www.globenewswire.com/Tracker?data=sPXC0PO4t9B-
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Further   details   are   available   in   a  previously  published announcement
(https://view.news.eu.nasdaq.com/view?id=b190583ba5ad0aace2de8e5024bd6bfd1&lang=
en).

In the second quarter (1 April - 30 June) of the 2024 financial year, AS Tallink
Grupp  and its  subsidiaries (hereinafter  referred to  as "the  Group") carried
1 451 768 passengers, which is 5.8% less than in the second quarter of 2023. The
number  of cargo units transported increased by 1.7% compared to the same period
a  year ago. The number of passenger vehicles was down by 11.4% year-on-year and
amounted  to 209 760. The Group's unaudited consolidated revenue amounted to EUR
210.0 million (EUR 229.7 million in Q2 2023), down by 8.5%. Unaudited EBITDA was
EUR  46.6 million (EUR 68.5 million in Q2 2023) and the unaudited net profit for
the period was EUR 6.1 million (EUR 33.4 million in Q2 2023).

The  following operational  factors impacted  the Group's  revenue and operating
results in the second quarter of 2024:

  * Demand continued to be affected by low consumer and business confidence
    levels, the economic challenges in the Group's core markets as well as
    mounting global geopolitical tensions.
  * Easter holidays that impacted the passenger volumes fell into the first
    quarter in 2024 while in 2023 the Easter holidays were in the second
    quarter.
  * As at the end of the quarter, the Group operated 14 vessels including 2
    shuttle vessels, 2 cargo vessels, 5 operating cruise ferries as well as 3
    vessels that were chartered out and 2 vessels that were in lay-up.
  * The Group operated 3 hotels in Tallinn and 1 in Riga.
  * The Group's net debt was down to EUR 548.9 million as at the end of the
    quarter (EUR 581.0 million as at 31 March 2024) bringing the net debt to
    EBITDA ratio to 2.7 as at
    30 June 2024.
  * Income tax on dividends in the amount of EUR 9.2 million was recorded in the
    second quarter of 2024.
  * 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 Segments

In  the second quarter of 2024, the Group's total revenue decreased by EUR 19.6
million to EUR 210.0 million compared to EUR 229.7 million in the second quarter
of 2023.

Revenue  from route operations (the Group's core business) decreased by EUR 6.2
million to EUR 168.8 million compared to the second quarter of 2023. The segment
result  from route operations (the Group's  core business) amounted to EUR 25.6
million, down by 12.6 million compared to the second quarter of 2023.

The number of passengers carried on the Estonia-Finland route remained unchanged
in  year-on-year comparison. The number of  transported cargo units increased by
5.4%. Revenue from the Estonia-Finland route increased by EUR 4.6 million to EUR
84.4 million  while the segment result remained on  the same level as a year ago
amounting  to  EUR  24.9 million.  The  segment  reflects  the operations of two
shuttle  vessels and one cruise ferry  until 31 May 2024 and two shuttle vessels
from  thereon. From 31 May  2024, the cruise ferry  Victoria I started operating
the  Tallinn-Stockholm  route.  The  shuttle  vessel James Joyce (formerly Star)
stopped operating the route in May 2023 due to the charter agreement.

In  the  second  quarter  of  2024, the  year-on-year  decrease in the number of
passengers  on Finland-Sweden routes was  21.0%. The number of transported cargo
units  increased by 6.4%. The  routes' revenue decreased  by EUR 11.7 million to
EUR 58.6 million and the segment result decreased by EUR 8.5 million to EUR 1.5
million,  year-on-year. The segment reflects the  operations of one cruise ferry
on  Turku-Stockholm/Turku-Kapellskär  routes  and  two  cruise  ferries  on  the
Helsinki-Stockholm route.

On  Estonia-Sweden routes  the number  of carried  passengers increased by 2.4%
while  the number of transported cargo  units decreased by 19.1% compared to the
second  quarter of 2023. The  revenue of Estonia-Sweden  routes increased by EUR
0.9 million  to EUR 25.8 million and segment result decreased by EUR 4.2 million
to  a loss of  EUR 0.9 million, year-on-year.  Estonia-Sweden routes reflect the
operation  of  two  cargo  vessels  and  one cruise ferry until 31 May 2024. The
cruise  ferry  Victoria  I  was  added  to the Tallinn-Stockholm route on 31 May
2024, and it will be operating on the route until 31 August 2024.

Revenue  from the  segment Other  decreased by  a total  of EUR 13.6 million and
amounted  to EUR 42.9 million. The decrease was mainly driven by less vessels on
charter. As at the end of the second quarter of 2024, the Group had 3 vessels on
charter,  of  which  one  was  on  long-term  and  two on short-term charter (Q2
2023: 7 vessels  including  3 on  long-term  and  4 on  short-term). The charter
agreement  of the ro-pax ferry Superfast  IX (formerly Atlantic Vision) ended in
May 2024 after being chartered to Canada since November 2008.

At the end of the second quarter of 2024, the following vessels were chartered
out:

  * The shuttle vessel James Joyce (formerly Star) was chartered out from 5 May
    2023 for 20 months with an option to extend the charter by 2+2 years and an
    option to purchase the vessel.
  * The cruise ferry Galaxy I was chartered out in September 2022. In March
    2024, the agreement was extended by six months until October 2024 with the
    option of extending the agreement at the end of the agreement period.
  * The cruise ferry Silja Europa was chartered out in August 2022. In October
    2023, the charter agreement was extended until the end of 2024.

Earnings

In  the second quarter of  2024, the Group's gross profit  declined by EUR 19.7
million  to EUR 46.8 million compared to  EUR 66.5 million in the second quarter
of 2023. EBITDA declined by EUR 21.9 million and amounted to EUR 46.6 million.

Amortisation  and depreciation expense decreased by EUR 0.9 million to EUR 24.3
million compared to the second quarter of the financial year 2023.

In  the second  quarter of  2024, the Group's  profitability was impacted by the
income tax expense on dividends in the amount of EUR 9.2 million.

The  Group's unaudited net  profit for the  second quarter of  2024 was EUR 6.1
million  or EUR  0.008 per share  compared to  EUR 33.4 million or EUR 0.045 per
share in the second quarter of 2023.

Investments

The  Group's  investments  in  the  second  quarter of 2024 amounted to EUR 4.6
million. 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 Q2 2024, the Group's net debt amounted to EUR 548.9 million having
decreased  by EUR 32.1 million compared to the end of first quarter of 2024. The
net  debt to  EBITDA ratio  was 2.7 at  the reporting  date (2.6  as at 31 March
2024).

As  at 30 June 2024, the Group's cash and cash equivalents amounted to EUR 70.9
million  (EUR  48.9 million  as  at  31 March  2024) and the Group had EUR 75.0
million in unused credit lines (EUR 75.0 million as at 31 March 2024). The total
liquidity  buffer (cash, cash equivalents and unused credit facilities) amounted
to  EUR 145.8 million  (EUR 123.9 million  as at  31 March 2024). In  the second
quarter  of 2024, the Group repaid loans in the total amount of EUR 16.5 million
(EUR  105.3 million in the second quarter  of 2023). The current trade and other
payables amounted to EUR 97.1 million (EUR 90.0 million as at 31 March 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  7 May  2024 adopted a
resolution  to pay a  dividend of EUR  0.06 per share for  the financial year of
2023. The  dividends in the amount  of EUR 44.6 million were  paid out on 3 July
2024 (third quarter).

Results of the first 6 months of 2024

In  the first  6 months (1  January -  30 June) of  the 2024 financial year, the
Group  carried 2.6 million passengers which is down by 1.4% compared to the same
period  last year.  The Group's  unaudited revenue  for the  period decreased by
7.6% and  amounted to EUR 370.4 million. Unaudited EBITDA for the first 6 months
was  EUR 81.1 million (EUR 95.6 million  in January-June 2023) and unaudited net
profit was EUR 8.7 million (EUR 28.0 million in January-June 2023).

The financial result of the first 6 months of 2024 was impacted by the following
factors:

  * Low consumer and business confidence in the home markets as well as mounting
    geopolitical tensions.
  * The number of vessels on charter dropped from 5 in the beginning of the year
    to 3 as at the end of the second quarter.
  * Sale of the cruise vessel Isabelle in the first quarter of 2024.
  * Two vessels in lay-up including the cruise vessel Romantika the charter
    agreement of which was prematurely terminated in September 2023 and MV
    Superfast IX (formerly Atlantic Vision) the charter agreement of which ended
    in May 2024.
  * Income tax on dividends in the amount of EUR 9.2 million was recorded in the
    second quarter of 2024.
  * Repayment of long-term loans in the amount of EUR 32.5 million.

Key Figures

                                                            Jan-Jun     Jan-Jun
 For the period                     Q2 2024     Q2 2023        2024        2023
                               ------------------------------------------------
 Revenue (EUR million)                210.0       229.7       370.4       400.9

 Gross profit/loss (EUR
 million)                              46.8        66.5        60.6        91.3

 EBITDA¹ (EUR million)                 46.6        68.5        81.1        95.6

 EBIT¹ (EUR million)                   22.3        43.3        32.1        45.1

 Net profit/loss for the period
 (EUR million)                          6.1        33.4         8.7        28.0



 Depreciation and amortisation
 (EUR million)                         24.3        25.3        49.0        50.5

 Capital expenditures¹ ²(EUR
 million)                               4.6         4.7        10.9        16.2

 Weighted average number of
 ordinary shares outstanding    743 569 064 743 569 064 743 569 064 743 569 064

 Earnings/loss per share¹ (EUR)       0.008       0.045       0.012       0.038



 Number of passengers             1 451 768   1 541 081   2 554 506   2 590 858

 Number of cargo units               86 813      85 359     171 763     172 091

 Average number of employees          5 060       4 961       4 974       4 938



 As at                           30.06.2024  31.03.2024  30.06.2023  31.03.2023
                               ------------------------------------------------
 Total assets (EUR million)         1 567.0     1 548.6     1 613.6     1 672.1

 Total liabilities (EUR
 million)                             816.6       970.5       878.4       897.8

 Interest-bearing liabilities
 (EUR million)                        619.8       629.9       722.5       789.5

 Net debt¹ (EUR million)              548.9       581.0       664.9       735.4

 Net debt to EBITDA¹                    2.7         2.6         3.1         4.2

 Total equity (EUR million)           750.4       788.6       735.2       701.6

 Equity ratio¹ (%)                      48%         51%         46%         42%



 Number of ordinary shares
 outstanding                    743 569 064 743 569 064 743 569 064 743 569 064

 Shareholders' equity per share
 (EUR)                                 1.01        1.06        0.99        0.94



                                                            Jan-Jun     Jan-Jun
 Ratios¹                            Q2 2024     Q2 2023        2024        2023
                               ------------------------------------------------
 Gross margin (%)                     22.3%       28.9%       16.4%       22.8%

 EBITDA margin (%)                    22.2%       29.8%       21.9%       23.8%

 EBIT margin (%)                      10.6%       18.8%        8.7%       11.3%

 Net profit/loss margin (%)            2.9%       14.6%        2.3%        7.0%



 ROA (%)                               6.4%        7.0%        6.4%        7.0%

 ROE (%)                               7.7%       11.8%        7.7%       11.8%

 ROCE (%)                              7.7%        8.9%        7.7%        8.9%


 (1) Alternative performance measures based on ESMA guidelines are disclosed in
the Alternative Performance Measures section of this 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-Jun  Jan-Jun
 Unaudited, in thousands of EUR              Q2 2024  Q2 2023     2024     2023
-------------------------------------------------------------------------------
 Revenue                                     210 047  229 675  370 449  400 920

 Cost of sales                              -163 243 -163 206 -309 846 -309 669
-------------------------------------------------------------------------------
 Gross profit/loss                            46 804   66 469   60 603   91 251



 Sales and marketing expenses                -11 894  -11 292  -21 663  -20 382

 Administrative expenses                     -13 494  -12 207  -26 239  -26 319

 Other operating income                        1 022      308   20 399      593

 Other operating expenses                       -132      -25     -959      -33
-------------------------------------------------------------------------------
 Result from operating activities             22 306   43 253   32 141   45 110



 Finance income                                  261      316      489      671

 Finance costs                                -7 374  -10 339  -15 057  -18 296
-------------------------------------------------------------------------------
 Profit/loss before income tax                15 193   33 230   17 573   27 485



 Income tax                                   -9 087      219   -8 895      540



 Net profit/loss for the period                6 106   33 449    8 678   28 025

 Net profit/loss for the period
 attributable to equity holders of the
 Parent                                        6 106   33 449    8 678   28 025



 Other comprehensive income

 Items that may be reclassified to profit
 or loss

 Exchange differences on translating
 foreign operations                              178      447      369      273
-------------------------------------------------------------------------------
 Other comprehensive income for the period       178      447      369      273



 Total comprehensive profit/loss for the
 period                                        6 284   33 896    9 047   28 298

 Total comprehensive profit/loss for the
 period attributable to equity holders of
 the Parent                                    6 284   33 896    9 047   28 298



 Basic and diluted profit/loss per share
 (in EUR)                                      0.008    0.045    0.012    0.038
-------------------------------------------------------------------------------


Consolidated statement of financial position

 Unaudited, in thousands of EUR                30.06.2024 30.06.2023 31.12.2023
-------------------------------------------------------------------------------
 ASSETS

 Cash and cash equivalents                         70 863     57 645     41 921

 Trade and other receivables                       33 915     36 069     31 766

 Prepayments                                       17 046     12 474      7 661

 Prepaid income tax                                   193         30        193

 Inventories                                       48 244     42 254     41 411

 Short-term intangible assets                       3 332          0          0

 Current assets                                   173 593    148 472    122 952
-------------------------------------------------------------------------------


 Investments in equity-accounted investees              0         75          0

 Other financial assets and prepayments               500      4 238      4 794

 Deferred income tax assets                        21 840     21 840     21 840

 Investment property                                  300        300        300

 Property, plant and equipment                  1 345 138  1 408 826  1 377 664

 Intangible assets                                 25 647     29 895     27 671
-------------------------------------------------------------------------------
 Non-current assets                             1 393 425  1 465 174  1 432 269

 TOTAL ASSETS                                   1 567 018  1 613 646  1 555 221



 LIABILITIES AND EQUITY

 Interest-bearing loans and borrowings            104 582    169 916    104 097

 Trade and other payables                          97 108     96 272     85 406

 Payables to owners                                44 620          6          6

 Income tax liability                               9 211         35         10

 Deferred income                                   45 912     59 591     34 788
-------------------------------------------------------------------------------
 Current liabilities                              301 433    325 820    224 307



 Interest-bearing loans and borrowings            515 214    552 597    545 160
-------------------------------------------------------------------------------
 Non-current liabilities                          515 214    552 597    545 160
-------------------------------------------------------------------------------
 Total liabilities                                816 647    878 417    769 467



 Share capital                                    349 477    349 477    349 477

 Share premium                                        663        663        663

 Reserves                                          66 586     68 401     67 056

 Retained earnings                                333 645    316 688    368 558
-------------------------------------------------------------------------------
 Equity attributable to equity holders of the
 Parent                                           750 371    735 229    785 754

 Total equity                                     750 371    735 229    785 754
-------------------------------------------------------------------------------
 TOTAL LIABILITIES AND EQUITY                   1 567 018  1 613 646  1 555 221


Consolidated statement of cash flows

                                                               Jan-Jun  Jan-Jun
 Unaudited, in thousands of EUR               Q2 2024  Q2 2023    2024     2023
-------------------------------------------------------------------------------


 CASH FLOWS FROM OPERATING ACTIVITIES

 Net profit/loss for the period                 6 106   33 449   8 678   28 025

 Adjustments                                   40 547   34 936  54 410   67 438

 Changes in:

 Receivables and prepayments related to
 operating activities                           2 299      844  -6 909   -7 762

 Inventories                                   -7 903   -1 411 -10 165   -2 289

 Liabilities related to operating activities   14 560   16 532  26 185   24 571
-------------------------------------------------------------------------------
 Changes in assets and liabilities              8 956   15 965   9 111   14 520

 Cash generated from operating activities      55 609   84 350  72 199  109 983

 Income tax repaid/paid                           -18      -44     -25      -91
-------------------------------------------------------------------------------
 NET CASH FROM/USED OPERATING ACTIVITIES       55 591   84 306  72 174  109 892



 CASH FLOWS FROM INVESTING ACTIVITIES

 Purchase of property, plant, equipment and
 intangible assets                             -4 435   -4 656 -10 762  -16 166

 Proceeds from disposals of property, plant,
 equipment                                         54        1  24 490       80

 Interest received                                261      316     489      671
-------------------------------------------------------------------------------
 NET CASH USED IN INVESTING ACTIVITIES         -4 120   -4 339  14 217  -15 415



 CASH FLOWS FROM FINANCING ACTIVITIES

 Repayment of loans received                  -16 482 -105 312 -32 452 -124 619

 Change in overdraft                               26       15      26        0

 Payment of lease liabilities                  -4 467   -4 371  -9 136   -8 806

 Interest paid                                 -8 465   -9 109 -15 437  -17 230

 Payment of transaction costs related to
 loans                                            -92        0    -450   -1 112
-------------------------------------------------------------------------------
 NET CASH FROM/USED IN FINANCING ACTIVITIES   -29 480 -118 777 -57 449 -151 767



 TOTAL NET CASH FLOW                           21 991  -38 810  28 942  -57 290
-------------------------------------------------------------------------------


 Cash and cash equivalents at the beginning
 of period                                     48 872   96 455  41 921  114 935

 Change in cash and cash equivalents           21 991  -38 810  28 942  -57 290
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of
 period                                        70 863   57 645  70 863   57 645


Anneli Simm
Investor Relations Manager

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail anneli.simm@tallink.ee