Börsiteade

Pealkiri

AS-i Tallink Grupp 2026. majandusaasta auditeerimata konsolideeritud I kv tulemuste vahearuanne

Teade

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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 Revenue                                                       149 369  137 278

 Cost of sales                                                -143 316 -142 026
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------

Consolidated statement of financial position

 Unaudited, in thousands of EUR                31.03.2026 31.03.2025 31.12.2025
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 Current liabilities                              246 204    286 849    211 921



 Interest-bearing loans and borrowings            354 092    434 565    368 770
-------------------------------------------------------------------------------
 Non-current liabilities                          354 092    434 565    368 770
-------------------------------------------------------------------------------
 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
-------------------------------------------------------------------------------
 Equity attributable to equity holders of the
 Parent                                           728 430    749 126    750 073

 Total equity                                     728 430    749 126    750 073
-------------------------------------------------------------------------------
 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
------------------------------------------------------------------------------


 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
------------------------------------------------------------------------------
 Changes in assets and liabilities                              12 029  -4 996

 Cash generated from operating activities                       14 376  -8 733

 Income tax paid                                                  -165      -1
------------------------------------------------------------------------------
 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
------------------------------------------------------------------------------
 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
---------------------------------------------------------------
 NET CASH FROM/USED IN FINANCING ACTIVITIES                     -1 769  19 142



 TOTAL NET CASH FLOW                                            -1 717  -2 850
------------------------------------------------------------------------------


 Cash and cash equivalents at the beginning of period           13 491  18 705

 Change in cash and cash equivalents                            -1 717  -2 850
------------------------------------------------------------------------------
 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