AS Tallink Grupp (TAL1T) investor relations material

Executive summary

• Q1 2026 saw improved passenger (+6.8%) and cargo (+13.4%) volumes, with revenue up 8.8% year-over-year to EUR 149.4 million, despite subdued consumer confidence and geopolitical instability.

• EBITDA turned positive at EUR 2.1 million (up from -EUR 3.8 million), and net loss narrowed to EUR 22 million from EUR 33.2 million year-over-year.

• Major maintenance works on key vessels resulted in 47 days of downtime but prepared the fleet for the high season.

• New CEO Peep Jalakas appointed in April 2026, with a smooth management transition underway.

• Strategic focus on flexible fleet deployment, cost control, and sustainability underpinned operational resilience.

Financial highlights

• Revenue increased to EUR 149.4 million, up 8.8% year-over-year from EUR 137.3 million.

• EBITDA reached EUR 2.1 million (Q1 2025: -EUR 3.8 million); EBIT loss narrowed to -EUR 17.2 million from -EUR 27.1 million.

• Net loss of EUR 22 million, an improvement from EUR 33.2 million loss in Q1 2025.

• Capital expenditures totaled EUR 14.2 million, mainly for vessel maintenance and upgrades.

• Liquidity at EUR 91 million; net debt to EBITDA at 3.2x.

Outlook and guidance

• Focus for 2026 is on stable operations, profitability, and growth in passenger and cargo volumes.

• Summer is expected to be the high season, with most earnings generated in June–August.

• Majority of increased fuel costs expected to be passed on to customers over the midterm.

• Dividend proposal of EUR 0.06 per share in two parts for 2026.

• Accommodation sales affected by temporary hotel closure, reopening in May 2026.