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AS Tallink Grupp (TAL1T) investor relations material

AS Tallink Grupp Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Q2 2025 revenue was €207M, down 1.5% year-over-year, with a net loss of €2.5M due to lower chartering revenues, layup costs, and dividend tax; passenger numbers rose 2.5% while cargo units dropped 22.8%.

  • EBITDA for Q2 2025 was €37.4M, down from €46.6M in Q2 2024; first half-year loss totaled €36M.

  • Cost control measures and lower finance costs partially offset revenue declines.

  • The Group operated 13 vessels, with 3 chartered out, 2 in lay-up, and completed the sale of Star I in April 2025.

  • Dividends of €0.06 per share (€44.6M total) were declared for 2025, paid in two instalments.

Financial highlights

  • Q2 2025 revenue was €207M, €3M lower year-over-year, mainly due to reduced charter revenues.

  • EBITDA margin for Q2 2025 was 18.1%, down from 22.2% in Q2 2024 and comparable to 2019's pre-pandemic level.

  • Net loss for Q2 2025 was €2.5M (EPS: -€0.003), compared to a €6.1M profit in Q2 2024.

  • Cash flow from operations improved to €60M, with liquidity buffer at €128M.

  • Investments in Q2 2025 totaled €8.4M, mainly for vessel maintenance and IT upgrades.

Outlook and guidance

  • Management expects seasonally higher earnings in summer as only two vessels remain in layup and demand picks up.

  • Cargo volumes are expected to recover gradually, with better prospects anticipated in autumn.

  • Environmental taxes and CO2 quota costs will continue to pressure margins, with further increases next year.

  • Ongoing geopolitical tensions and economic uncertainty are expected to impact demand and input costs.

  • Focus remains on cost efficiency, vessel charters, and risk management for the low season.

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Frequently asked questions

AS Tallink Grupp is an Estonia-based company that specializes in marine passenger and cargo transportation services on the Baltic Sea. The company operates under the brand names Tallink and Silja Line, offering a range of services including mini-cruises, passenger transportation, ro-ro cargo services, as well as travel packages. Its fleet comprises cruise ferries, high-speed ro-pax ferries, and ro-ro cargo vessels. The company was founded in 1989 and has since grown to become a key player in the Baltic Sea maritime sector, with a significant presence in Estonia, Finland, Sweden, and Latvia. AS Tallink Grupp is headquartered in Tallinn, Estonia, and its shares are listed on the Tallin Stock Exchange.

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