AS Tallink Grupp (TAL1T) investor relations material

Executive summary

• Revenue remained stable year-over-year at EUR 207.0 million in Q2 2026, despite increased costs from the Middle East crisis, full ETS implementation, and the suspension of the Paldiski-Kapellskär route, with cargo growth supporting results.

• EBITDA declined by 8.2% to EUR 34.3 million, but net loss was unchanged at EUR 2.5 million compared to Q2 2025.

• Maintained a strong balance sheet with decreasing leverage, ample liquidity, and ongoing debt reduction.

• Continued to optimize fleet utilization, with three vessels on charter, one in layup, and cost controls supporting cash flow.

• Customer satisfaction remained high, with nearly 70% rating their experience at the top score.

Financial highlights

• Q2 2026 revenue was EUR 207.0 million, flat year-over-year; EBITDA was EUR 34.3 million, down from EUR 37.4 million.

• Net loss was EUR 2.5 million, unchanged from Q2 2025; net profit margin was -1.2%.

• CapEx for Q2 was EUR 7.3 million, mainly for vessel maintenance and hotel renovation.

• Net debt decreased by EUR 28.1 million to EUR 409.6 million; liquidity buffer at EUR 112 million.

• Gross profit was EUR 38.2 million (down from EUR 39.1 million); total assets at 30 June 2026 were EUR 1,351.9 million.

Outlook and guidance

• No immediate plans to reopen suspended routes; ongoing analysis of fleet and route optimization.

• High season earnings expected in summer; 2026 is expected to close with a net loss of EUR 25 million.

• Focus on cost efficiencies, vessel chartering, and exploring divestment of non-core assets.

• Annual principal loan repayments expected to remain at EUR 55–60 million.

• Dividend policy remains unchanged; no share buyback program planned.