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AS Tallink Grupp Unaudited Consolidated Interim Report for the Q4 and 12 months of 2025

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The results of AS Tallink Grupp for the Q4 and 12 months 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_Y2U0NmI1MzItMjIwZC00OWQ2LTlhNDUtZTg5MGY1OGIzYjhl%40thread.v2/0
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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=1419685&lang=en).


In  the financial  year 2025 (1  January-31 December),  AS Tallink Grupp and its
subsidiaries  (hereinafter  referred  to  as  "the  Group")  carried  5,531,132
passengers, representing a 0.9% decrease year-on-year. 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.

The  Group's  unaudited  consolidated  revenue  amounted  to  EUR  765.3 million
compared  to  EUR  785.8 million  in  the  financial year 2024. Unaudited EBITDA
totalled  EUR 130.1 million (EUR  175.2 million in the  financial year 2024) and
the  unaudited net profit for the  period was EUR 17.3 million (EUR 40.3 million
in the financial year 2024).

The  Group's  revenue  and  operating  results  in 2025 were impacted by several
business-related and operational factors:

  * 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 arrangement (the cruise vessel Romantika)
    or the sale of 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
    broadly unchanged compared to EUR 432.7 million as at 30 September 2025. The
    net debt to EBITDA ratio stood at 3.3 as at 31 December 2025 compared with
    3.4 as at 30 September 2025.
  * Total loan repayment and interest payment 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 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 financial  year 2025, the  Group's total  revenue decreased by EUR 20.5
million to EUR 765.3 million compared to EUR 785.8 million a year ago.

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
segment  result from route operations (the  Group's core operations) amounted to
EUR 70.5 million compared to EUR 81.5 million in the financial year 2024.

The number of passengers carried on the Estonia-Finland route increased by 1.8%
in  year-on-year. The  number of  transported cargo  units decreased  by 20.0%.
Revenue  from the Estonia-Finland route increased by EUR 1.7 million compared to
the  same period a year ago and  amounted to EUR 314.5 million while the segment
result  decreased  by  EUR  10.9 million  to EUR 70.4 million, year-on-year. The
segment reflects the operations of two shuttle vessels, MyStar and Megastar, and
the  cruise  ferry  Victoria  I.  In  the  financial year 2024, the cruise ferry
Victoria  I  operated  the  Tallinn-Stockholm  route from 31 May until 31 August
2024.

In  the  financial  year  2025, the  year-on-year  decrease  in  the  number  of
passengers  on Finland-Sweden routes  was 2.4%. The number  of transported cargo
units  decreased by 22.8%. The  routes' revenue decreased  by EUR 3.3 million to
EUR 225.5  million and  the segment  result decreased  by EUR 1.5 million to EUR
1.3 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 route's results were  impacted by the maintenance works of
the  cruise ferries Silja Serenade and  Baltic Princess that totalled 68 days in
the first quarter of 2025.

On  Estonia-Sweden routes the number of  carried passengers decreased by 12.5%.
The  number of transported  cargo units decreased  by 11.5% compared to the same
period  a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased
by  EUR 12.1 million  to EUR  85.3 million. The  segment result increased by EUR
1.4 million  to a loss  of EUR 1.2 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 for
most  of the year. In  the beginning of the  year, the Paldiski-Kapellskär route
was operated by the cargo vessels Sailor (partly in January 2025) and Regal Star
(until  the beginning of February  2025) as well as the  passenger vessel Star I
(until  the sale  of the  vessel in  April 2025). During  the financial  year of
2024, 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  EUR 7.3 million  compared to the
financial  year 2024 amounting to EUR 145.5 million.  The segment result was EUR
28.5 million, remaining broadly in line with the previous financial year.

As  at the end of the financial  year of 2025, the Group had 3 vessels chartered
out (as at the end of financial year of 2024: 3 vessels):

  * 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 will expire as agreed, and the vessel is scheduled to
    return in early March 2026.
  * 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.

Earnings

In  the financial  year 2025, the  Group's gross  profit amounted  to EUR 143.2
million, down by EUR 10.3 million compared to EUR 153.6 million in the financial
year  2024. The  Group  generated  EBITDA  of  EUR 130.1 million compared to EUR
175.2 million a year ago.

Amortisation and depreciation expense decreased by EUR 18.0 million to EUR 79.8
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. The decline
in depreciation expense was further impacted by the sale of three vessels in the
financial year 2025.

As  a result of decreased outstanding  loan balance and declining interest rates
net  finance costs declined by EUR  6.8 million year-on-year to EUR 21.4 million
as  at the end of the financial year 2025 (EUR 28.3 million as at the end of the
financial year 2024).

The Group's unaudited net profit for financial year 2025 was EUR 17.3 million or
EUR  0.023 per share. In the financial year 2024, the Group earned net profit of
EUR 40.3 million or EUR 0.054 per share.

Investments

The  Group's investments in the financial year 2025 amounted to EUR 33.0 million
(EUR  22.4 million in the  financial year 2024). Most  investments were directed
toward  maintenance and refurbishment of the  cruise ferries Baltic Princess and
Silja  Serenade, including significant technical and electronic upgrades, during
the  first quarter  of 2025. During  the dry  docking of  the cruise ferry Silja
Serenade  the underwater components, such as the bow thrusters and rudders, were
serviced,   and   the  vessel  was  partly  repainted.  In  addition,  extensive
refurbishment of passenger areas was done on the cruise ferry Baltic Princess.

In  the  financial  year  2025, the  planned  maintenance works totalled 73 days
(FY24: 20 days).

The Group also continued to invest in the improvement of its IT systems.

Financial Position

At  the end  of the  financial year  2025, the Group's  net debt amounted to EUR
432.4 million, remaining on the same level as at the end of the third quarter of
2025. The  net debt to EBITDA ratio was 3.3 at the reporting date (3.4 as at 30
September 2025).

As  at 31 December 2025, the  Group's cash and  cash equivalents amounted to EUR
13.5 million  (EUR 31.9 million as  at 30 September 2025) and  the Group had EUR
96.9 million in unused credit lines
(EUR  100.0 million as at 30 September  2025). The total liquidity buffer (cash,
cash  equivalents and  unused credit  facilities) amounted  to EUR 110.4 million
(EUR 131.9 million as at 30 September 2025).

The  position  of  cash  and  cash  equivalents  in  the financial year 2025 was
impacted  by the payment of dividends  (EUR 44.6 million) and related income tax
(EUR  11.3 million)  as  well  as  the  repayment  of loans and related interest
expense  (EUR 113.5 million). In the financial year 2024, the Group repaid loans
and interest expense in the amount of EUR 113.7 million.

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 were  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 was paid out on 25 November 2025.

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 6 cents per share in 2026.

Results of the Q4 2025

In  the fourth quarter (1 October - 31 December) of the 2025 financial year, the
Group  carried 1.3 million passengers which is down by 0.3% compared to the same
period last year.

The  Group's unaudited revenue for the  period increased by 2.4% and amounted to
EUR 188.0 million (EUR 183.5 million in October-December 2024). Unaudited EBITDA
was  EUR 27.6 million (EUR 25.7 million  in October-December 2024) and unaudited
net profit was EUR 12.2 million (net loss of EUR 5.2 million in October-December
2024).

Revenue  from route  operations (the  Group's core  operations) increased by EUR
2.8 million  to EUR  152.0 million compared  to the  fourth quarter of 2024. The
segment  result from route operations (the  Group's core operations) amounted to
EUR 16.1 million compared to EUR 9.9 million in the fourth quarter of 2024.

The number of passengers carried on the Estonia-Finland route decreased by 1.3%
compared  to the fourth  quarter of 2024. The  number of transported cargo units
decreased  by 6.4%. Revenue from the Estonia-Finland route increased by EUR 1.4
million  compared to the same period a year ago and amounted to EUR 77.6 million
while the segment result increased by EUR 1.5 million to EUR 16.8 million, year-
on-year.

In  the  fourth  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 15.2%. The  routes' revenue increased  by EUR 1.3 million to
EUR 54.5  million and the segment loss decreased  by EUR 1.6 million to EUR 2.0
million, year-on-year.

On Estonia-Sweden routes the number of carried passengers decreased by 1.5%. The
number  of transported cargo units decreased by 5.3% compared to the same period
a  year ago. Year-on-year, the revenue  of Estonia-Sweden routes remained on the
same  level  as  in  the  fourth  quarter  of 2024 and was EUR 19.9 million. The
segment result increased by EUR 3.1 million and was EUR 1.3 million.

Revenue  from the  segment Other  increased by  EUR 1.6 million  compared to the
fourth  quarter  of  2024 amounting  to  EUR  37.2 million.  The  segment result
increased by EUR 9.4 million amounting to EUR 13.9 million.

The  financial  results  of  the  fourth  quarter  of  2025 were impacted by the
following factors:

  * Low consumer and business confidence in the home markets as well as mounting
    geopolitical tensions.
  * Sale of the cargo vessel Sailor.
  * Payment of dividends in the amount of EUR 22.3 million and related income
    tax of EUR 6.3 million.
  * Repayment of long-term loans and interest expense in the amount of EUR 18.7
    million (EUR 34.0 million in the fourth quarter 2024).
  * Alignment of the estimated useful lives of the cruise and passenger vessels
    (except for shuttle vessels) to 45 years retrospectively for the financial
    year 2025 reduced depreciation expense.
  * Sale of surplus FuelEU Maritime compliance units generated in excess of the
    Group's core operations under the FuelEU Maritime Regulation.

In addition, in December 2025, the charter agreement of the cruise ferry Silja
Europa was extended until the end of January 2027 with the option of extending
the agreement for another year.


Key Figures

 For the                                               Jan-Dec     Jan-Dec     Jan-Dec
 period            Q4 2025     Q4 2024     Q4 2023        2025        2024        2023
--------------------------------------------------------------------------------------
 Revenue (EUR
 million)            188.0       183.5       193.7       765.3       785.8       835.3

 Gross
 profit/loss
 (EUR million)        41.7        25.9        34.9       143.2       153.6       203.8

 EBITDA¹ (EUR
 million)             27.6        25.7        36.8       130.1       175.2       214.5

 EBIT¹ (EUR
 million)             17.0         1.3        11.4        50.3        77.4       113.3

 Net
 profit/loss
 for the
 period (EUR
 million)             12.2        -5.2         2.2        17.3        40.3        78.9



 Depreciation
 and
 amortisation
 (EUR million)        10.6        24.4        25.5        79.8        97.8       101.2

 Capital
 expenditures¹
 ²(EUR
 million)              5.8         5.9         5.9        33.0        22.4        28.2

 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)               0.016      -0.007       0.003       0.023       0.054       0.106



 Number of
 passengers      1 306 310   1 310 014   1 338 921   5 531 132   5 580 016   5 705 600

 Number of
 cargo units        59 830      64 606      76 198     245 004     303 234     323 990

 Average
 number of
 employees           4 795       4 844       4 879       4 901       4 964       4 879



 As at          31.12.2025  30.09.2025  30.09.2024  31.12.2025  31.12.2024  31.12.2023
--------------------------------------------------------------------------------------
 Total assets
 (EUR million)     1 330.8     1 359.1     1 498.9     1 330.8     1 463.9     1 555.2

 Total
 liabilities
 (EUR million)       580.7       621.4       711.5       580.7       681.6       769.5

 Interest-
 bearing
 liabilities
 (EUR million)       445.9       464.6       588.3       445.9       556.4       649.3

 Net debt¹
 (EUR million)       432.4       432.7       555.7       432.4       537.7       607.3

 Net debt to
 EBITDA¹              3.32        3.38        2.98        3.32        3.07        2.83

 Total equity
 (EUR million)       750.1       737.7       787.4       750.1       782.3       785.8

 Equity ratio¹
 (%)                   56%         54%         53%         56%         53%         51%



 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)          1.01        0.99        1.06        1.01        1.05        1.06



                                                       Jan-Dec     Jan-Dec     Jan-Dec
 Ratios¹           Q4 2025     Q4 2024     Q4 2023        2025        2024        2023
--------------------------------------------------------------------------------------
 Gross margin
 (%)                 22.2%       14.1%       18.0%       18.7%       19.5%       24.4%

 EBITDA margin
 (%)                 14.7%       14.0%       19.0%       17.0%       22.3%       25.7%

 EBIT margin
 (%)                  9.0%        0.7%        5.9%        6.6%        9.9%       13.6%

 Net
 profit/loss
 margin (%)           6.5%       -2.8%        1.1%        2.3%        5.1%        9.4%



 ROA (%)              3.6%        5.1%        7.0%        3.6%        5.1%        7.0%

 ROE (%)              2.3%        5.2%       10.6%        2.3%        5.2%       10.6%

 ROCE (%)             4.4%        6.0%        8.4%        4.4%        6.0%        8.4%

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-Dec  Jan-Dec
 Unaudited, in thousands of EUR              Q4 2025  Q4 2024     2025     2024
-------------------------------------------------------------------------------
 Revenue                                     187 986  183 505  765 288  785 822

 Cost of sales                              -146 243 -157 571 -622 065 -632 266
-------------------------------------------------------------------------------
 Gross profit                                 41 743   25 934  143 223  153 556



 Sales and marketing expenses                -11 696  -11 502  -44 246  -43 849

 Administrative expenses                     -15 004  -13 837  -52 122  -52 846

 Other operating income                        2 467      816    5 713   21 684

 Other operating expenses                       -498     -114   -2 266   -1 115
-------------------------------------------------------------------------------
 Result from operating activities             17 012    1 297   50 302   77 430



 Finance income                                  174      305      490      938

 Finance costs                                -4 923   -6 822  -21 905  -29 198

 Profit before income tax                     12 263   -5 220   28 887   49 170



 Income tax                                      -87        0  -11 623   -8 896



 Net profit for the period                    12 176   -5 220   17 264   40 274

 Net profit for the period attributable to
 equity holders of the Parent                 12 176   -5 220   17 264   40 274



 Other comprehensive income

 Items that may be reclassified to profit
 or loss

 Exchange differences on translating
 foreign operations                             -317      -26     -393      332

 Revaluation of assets held for sale               0        0   -5 607        0
-------------------------------------------------------------------------------
 Other comprehensive loss/income for the
 period                                         -317      -26   -6 000      332



 Total comprehensive profit for the period    11 859   -5 246   11 264   40 606

 Total comprehensive profit for the period
 attributable to equity holders of the
 Parent                                       11 859   -5 246   11 264   40 606



 EPS (in EUR)                                  0.016   -0.007    0.023    0.054

 Diluted EPS (in EUR)                          0.016   -0.007    0.023    0.054
-------------------------------------------------------------------------------


Consolidated statement of financial position

 Unaudited, in thousands of EUR                      31.12.2025 31.12.2024
--------------------------------------------------------------------------
 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
--------------------------------------------------------------------------
 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
--------------------------------------------------------------------------
 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
--------------------------------------------------------------------------
 Current liabilities                                    211 921    229 810



 Interest-bearing loans and borrowings                  368 770    451 825
--------------------------------------------------------------------------
 Non-current liabilities                                368 770    451 825
--------------------------------------------------------------------------
 Total liabilities                                      580 691    681 635



 Share capital (Note 9)                                 349 477    349 477

 Share premium                                              663        663

 Reserves                                                59 760     65 901

 Retained earnings                                      340 173    366 265
--------------------------------------------------------------------------
 Equity attributable to equity holders of the Parent    750 073    782 306

 Total equity                                           750 073    782 306
--------------------------------------------------------------------------
 TOTAL LIABILITIES AND EQUITY                         1 330 764  1 463 941


Consolidated statement of cash flows

                                                               Jan-Dec  Jan-Dec
 Unaudited, in thousands of EUR               Q4 2025 Q4 2024     2025     2024
-------------------------------------------------------------------------------


 CASH FLOWS FROM OPERATING ACTIVITIES

 Net loss/profit for the period                12 176  -5 220   17 264   40 274

 Adjustments                                   16 251  30 975  115 026  117 243

 Changes in:

 Receivables and prepayments related to
 operating activities                             453   7 273  -11 395    5 705

 Inventories                                   -3 534  -4 638      303  -13 573

 Liabilities related to operating activities    6 193   2 535   17 226    8 505
-------------------------------------------------------------------------------
 Changes in assets and liabilities              3 112   5 170    6 134      637

 Cash generated from operating activities      31 539  30 925  138 424  158 154

 Income tax paid                               -6 305      11  -11 299   -4 740
-------------------------------------------------------------------------------
 NET CASH USED IN/FROM OPERATING ACTIVITIES    25 234  30 936  127 125  153 414



 CASH FLOWS FROM INVESTING ACTIVITIES

 Purchase of property, plant, equipment and
 intangible assets (Notes 6, 7)                -5 773  -5 923  -32 969  -22 260

 Proceeds from disposals of property, plant,
 equipment                                      7 821      39   78 787   24 555

 Interest received                                152     305      327      938
-------------------------------------------------------------------------------
 NET CASH USED IN/FROM INVESTING ACTIVITIES     2 200  -5 579   46 145    3 233



 CASH FLOWS FROM FINANCING ACTIVITIES

 Repayment of loans received (Note 8)         -17 289 -27 553  -97 572  -87 045

 Change in overdraft (Note 8)                   3 126       0    3 126        0

 Payment of lease liabilities (Note 8)         -4 467  -4 772  -17 998  -18 659

 Interest paid                                 -4 943  -6 936  -20 810  -29 095

 Payment of transaction costs related to
 loans                                              0       0     -616     -450

 Dividends paid (Note 10)                     -22 307       0  -44 614  -44 614
----------------------------------------------
 NET CASH FROM/USED IN FINANCING ACTIVITIES   -45 880 -39 261 -178 484 -179 863



 TOTAL NET CASH FLOW                          -18 446 -13 904   -5 214  -23 216
-------------------------------------------------------------------------------


 Cash and cash equivalents at the beginning
 of period                                     31 937  32 609   18 705   41 921

 Change in cash and cash equivalents          -18 446 -13 904   -5 214  -23 216
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of
 period                                        13 491  18 705   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