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AS Tallink Grupp July 2024
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2 STRONG BRANDS Tallink Grupp The leading European provider of leisure and business travel and sea transportation services in the Baltic Sea region. KEY FACTS ABOUT TALLINK GRUPP as at end of Q2 2025 13 vessels 11 passenger vessels 2 cargo vessels 5 regular routes on the Baltic Sea 3 vessels in charter 2 in the Netherlands 1 in Algeria 3.4 million Club One members 4 hotels 3 in Tallinn 1 in Riga 20 Burger King restaurants Estonia, Latvia, Lithuania ~5300 employees Estonia, Finland, Germany, Sweden, Latvia and Lithuania Shopping on-board, on-shore, online
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3 Strategic plan TALLINK’S VISION To be the market pioneer in Europe by offering excellence in leisure and business travel and sea transportation services LONG TERM OBJECTIVES TOWARDS INCREASING THE COMPANY VALUE AND PROFITABILITY CURRENT STRATEGIC CORNERSTONES AND COMPETETIVE ADVANTAGES • Strive for the highest level of customer satisfaction • Improve profitability and strengthen the leading position on our home markets • Develop a wide range of quality services directed at different customers and pursue new growth opportunities • Based on the demand on the core routes, manage optimal capacity by operating or chartering out vessels • Ensure cost efficient operations • Manage the optimal debt level that will allow sustainable dividends MOST MODERN FLEET STRONG MARKET SHARE & BRAND AWARENESS WIDE ROUTE NETWORK HIGH SAFETY LEVEL & ENVIRONMENTAL STANDARDS
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5 Fleet by routes and chartered vessels end of Q2 2025 Megastar Vessel type High-speed ro-pax Built/renovated 2017 Route Estonia-Finland Other information Shuttle service MyStar Vessel type High-speed ro-pax Built/renovated 2022 Route Estonia-Finland Other information Shuttle service Victoria I Vessel type Cruise ferry Built/renovated 2004 Route Estonia-Finland Other information Overnight cruise Silja Symphony Vessel type Cruise ferry Built/renovated 1991 Route Finland-Sweden Other information Overnight cruise Silja Serenade Vessel type Cruise ferry Built/renovated 1990 Route Finland-Sweden Other information Overnight cruise Romantika Vessel type Cruise ferry Built/renovated 2002 Other information Chartered out Baltic Queen Vessel type Cruise ferry Built/renovated 2009 Route Estonia-Sweden Other information Overnight cruise Baltic Princess Vessel type Cruise ferry Built/renovated 2008 Route Finland-Sweden Other information Overnight cruise Tallinn - Helsinki Tallinn - Stockholm Helsinki - Stockholm Turu - Stockholm Chartered In lay-up Regal Star Vessel type Ro-ro passenger vessel Built/renovated 1999 Other information In lay-up Paldiski - Kapellskär Galaxy I Vessel type Cruise ferry Built/renovated 2006 Other information Chartered out Silja Europa Vessel type Cruise ferry Built/renovated 1993/2016 Other information Chartered out Sailor Vessel type Ro-ro passenger vessel Built/renovated 1987 Other information In lay-up Superfast IX Vessel type High-speed ro-pax Built/renovated 2002 Other information Cargo service The Group sold the passenger vessel Star I in April 2025
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6 Routes & passengers Passengers in 2024 Finland 47% Estonia 23% Europe 10% Sweden 7% Asia 4% Latvia 2% Lithuania 2% Other 5%
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7 Passenger operations market share Northern Baltic passenger market ~14 million passenger in 2024 Tallink Viking Line Eckerö Line Linda Line SuperSeaCat Nordic Jetline 50% 55% 56% 58% 56% 57% 57% 58% 54% 50% 48% 48% 22% 25% 24% 23% 26% 22% 22% 18% 19% 23% 23% 24% 13% 17% 17% 17% 17% 21% 21% 24% 27% 27% 29% 28% 7% 2008 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Tallinn - Helsinki 54% 55% 58% 51% 40% 29% 25% 46% 45% 42% 49% 60% 71% 75% 2018 2019 2020 2021 2022 2023 2024 Turku - Stockholm 59% 59% 61% 68% 66% 68% 57% 41% 41% 39% 32% 34% 32% 43% 2018 2019 2020 2021 2022 2023 2024 Helsinki - Stockholm
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8 Cruise ferry
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9 Shuttle vessel
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10 Business model REVENUE STRUCTURE 2024 Product offering RETAIL AND LEISURE SIDE • Onboard Catering • Onboard Tax-Free Shopping • Hotel & Travel Packages INFRASTRUCTURE SIDE • Overnight Cruises & Passenger Trasnportation • Cargo Transportation • Shuttle Service • Vessel Chartering Ticket sales 29% Restaurant & shop sales 48% Cargo 11% Accommodation 2% Charter 8% Other 2%
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11 Position in the global ferry market THE WORLD'S TOP DUTY FREE & TRAVEL RETAIL SHOPS Ranking by actual retail sales in 2023 Rank Location Country Turnover (€m) 1 Avolta Switzerland 9,177 2 China Duty Free Group China 8,618 3 Lagardère Travel Retail France 5,200 4 Lotte Duty Free South Korea 3,843 5 DFS Group Hong Kong 3,400 6 The Shilla Duty Free South Korea 3,072 7 Gebr Heinemann Germany 2,291 8 Shinsegae Duty Free South Korea 2,213 9 Dubai Duty Free UAE 1,945 10 King Power International Group Thailand 1,614 11 WHSmith Travel UK 1,527 12 Every Rich Duty Free Taiwan 1,352 13 Hyndai Duty Free South Korea 1,271 14 Aer Rianta International Ireland 1,240 15 Duty Free Americas USA 1,087 16 Qatar Duty Free Qatar 996 17 Japan Airport Terminal Co Japan 711 18 3Sixty Duty Free USA 709 19 NAA Retailing Japan 503 20 Tallink Duty Free Estonia 293 Source: The Moodie Davitt Report FERRY OPERATOR BY GROSS TONS Rank Company Gross tons 1 Grimaldi Group 1,199,747 2 Stena Line 973,572 3 Grand Navi Veloci 831,514 4 Onorato Armatori S.p.A 653,805 5 DFDS 566,659 6 Attica Group 562,132 7 Tallink Group 464,147 FERRY OPERATOR BY BEDS Rank Company Beds 1 Grand Navi Veloci 29,078 2 Grimaldi Group 23,221 3 Tallink 19,151 4 Stena Line 18,273 4 Onorato Armatori S.p.A 17,669 FERRY OPERATOR BY REVENUES (EUR million, 2024) Rank Company Revenue 1 DFDS Group 2,209 2 Stena Line 1,703 3 Tallink 786 4 Attica Group 748 5 Finnlines 699 6 Viking Line 480 Data: Ro/pax / ferries above 1,000 GT Source: ShipPax MARKET:24; Company reports
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13 Dining concepts on our vessels Our brands and international premium brands BUFFET RESTAURANTS FINE DINING RESTAURANTS À LA CARTE RESTAURANTS QUICK SERVICE RESTAURANTS
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Safety, security and environmental protection are a high priority
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15 Sustainability focus areas and goals
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16 Focus on Innovation Tallink Grupp is investing in innovation and technology for the Baltic Sea including: • 0.5 billion euros in eco-friendly vessels and • 20 million euros in green technologies. The 62% reduction in CO2 emissions has been achieved by investing in: • LNG for Shuttle vessels; • Shore power for vessels: • Automated mooring system; • Upgraded ventilation systems: • Reusing produced energy; • Route planning with nauticalAI TOTAL CO2 EMISSIONS 0 200 400 600 800 1000 1200 2008 2009 2010 2011 2012 2013 2014 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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17 Policies and certifications • ISO 14001:2015 Environmental Certificate by Lloyds Register • International Anti-Fouling System Certificate • MARPOL International Energy Efficiency Certificate • MARPOL International Sewage Pollution Prevention Certificate • MARPOL International Air Pollution Prevention Certificate • MARPOL International Oil Pollution Prevention Certificate • MARPOL International Garbage Pollution Prevention Attestation • Document of Compliance for Anti-Fouling System • Passenger Ship Safety Certificate • International Ship Security Certificate • Safety Management Certificate • Document for Dangerous Goods • Safety and Security Policy • Environmental Policy
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18 292
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19 Selected Key Figures (financials in million euros) 2023 2024 Change Number of passengers 5,705,600 5,580,016 -2.2% Number of cargo units 323,990 303, 234 -6.4% Number of passenger cars 840,881 777,592 -7.5% Revenue 835.3 785.8 -5.9% Gross profit 203.8 153.6 -24.7% EBITDA 214.5 175.2 -18.3% EBIT 113.3 77.4 -31.7% Net result for the period 78.9 40.3 -48.9% Capital expenditures 28.2 22.4 -20.6% As at: 31.12.23 31.12.24 Change Total assets 1,555.2 1,463.9 -5.9% Total equity 785.8 782.3 -0.4% Interest-bearing liabilities 649.3 556.4 -14.3% Net debt 607.3 537.7 -11.5% FY2024 revenues • Revenue EUR 785.8m (EUR -10.2m or -5.3% vs LY) — Strong result from Estonia-Sweden routes (EUR +6.6m or 7.3% vs LY) — Strong result in accommodation (EUR +1.3m or 8.4% vs LY) and ticket sales segment (EUR +7.2m or 3.3% vs LY) — Decrease in chartering revenues due to less vessels on charter (EUR -39.2m or -38.7% vs LY) • Costs — Lower outstanding loan balance and lower interest rates decrease the net finance costs by EUR 7.3m year-on-year • EBITDA of EUR 175.2m (EUR -39.3m or -18.3% vs LY) • Net profit of EUR 40.3m (EUR -38.6m or -48.9% vs LY) • CAPEX of EUR 22.4m (EUR -5.8m or -20.6% vs LY) — Majority of investments were related to maintenance and repair of vessels
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20 Full year cost breakdown Notes: (1) Depreciation and amortisation excluded (2) Includes marketing and administration staff costs (3) Includes package costs (4) Includes share of profit/loss of equity-accounted investees (EUR millions) 2023 2024 Change Cost of goods 170.6 163.9 -3.9% Staff costs 131.7 142.8 8.4% Marketing & Administration (1)(2) 83.0 85.5 3.0% Port & Stevedoring 69.9 73.3 4.8% Fuel cost 97.2 95.8 -1.5% Ship operating expenses 53.6 55.3 3.3% Other costs (3) 19.1 15.7 -18.0% Total costs from operations 625.1 632.3 1.2% Depreciation & amortisation 101.2 97.8 -3.4% Net finance cost (4) 35.6 28.3 -20.6% Total costs 761.9 758.3 -0.5% Cost of goods 21.6% Staff costs 18.8% Marketing & Administration¹ ² 11.3% Port & Stevedoring 9.7% Fuel cost 12.6% Ship operating expenses 7.3% Other costs³ 2.1% Depreciation and amortisation 12.9% Net finance cost⁴ 3.7%
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21 • Revenue EUR 207.0m (EUR -3.1m or -1.5% vs LY) — Strong accommodation and ticket revenue as well as stable onboard sales offset majority of the decline in cargo revenues — Decrease in chartering revenues due to fewer vessels on charter in April and May 2025 (EUR -3.1m or -19.5% vs LY) • Profitability impacted by vessels in lay-up and income tax on dividends • EBITDA of EUR 37.4m (EUR -9.2m or -19.8% vs LY) • Net loss of EUR 2.5m (EUR -8.6m or -140.7% vs LY) • CAPEX of EUR 8.4m (EUR +3.8m or +84.3% vs LY) — Majority of investments related to upgrading the cruise ferry Baltic Princess Q2 2025 revenues Selected Key Figures (financials in million euros) Q2 2024 Q2 2025(1) Change Number of passengers 1,451,768 1,488,128 2.5% Number of cargo units 86,813 67,038 -22.8% Number of passenger cars 209,760 212,782 1.4% Revenue 210.0 207.0 -1.5% Gross profit 46.8 39.1 -16.6% EBITDA 46.6 37.4 -19.8% EBIT 22.3 14.5 -34.8% Net result for the period 6.1 -2.5 -140.7% Capital expenditures 4.6 8.4 84.3% As at: 31.03.25 31.06.25(1) Change Total assets 1,470.5 1,413.7 -3.9% Total equity 749.1 698.1 -6.8% Interest-bearing liabilities 584.9 495.7 -15.3% Net debt 569.1 459.7 -19.2% Notes: (1) 2025 unaudited
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2 2 ESTONIA-FINLAND The segment reflects operations of two shuttle vessels – MyStar and Megastar and the cruise ferry Victoria I. ESTONIA-SWEDEN The results reflect operations of one passenger vessel on the Paldiski-Kapellskär route and one cruise ferry on the Tallinn-Stockholm route. In 2024, the Tallinn-Stockholm route was operated by 2 cruise ferries from 31 May-31 August. A year earlier, the Paldiski-Kapellskär route was operated by two cargo vessels – Sailor and Regal Star, which are currently in lay-up. FINLAND-SWEDEN The results reflect the operations of one cruise ferry on the Turku-Stockholm and two on the Helsinki-Stockholm route. OTHER The segment reflects the chartering of vessels, accommodation sales, catering and retail activities. Sales & results by geographical segments Q2 2025 Notes: (1) 2025 unaudited SEGMENT RESULTS (in million euros) SEGMENT SALES (in million euros) 22 (1) 210 2070.1 -2.9 1.8 -2.2 0.1 0 40 80 120 160 200 240 Q2 2024 Estonia Finland Estonia Sweden Finland Sweden Other Intersegment elimination Q2 2025 (1) 35 -4.5 -0.3 0.4 -3.1 27 0 10 20 30 40 Q2 2024 Estonia Finland Estonia Sweden Finland Sweden Other Q2 2025 (1)
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23 • Chartering revenues impacted by less vessels on charter in April and May 2025 compared to the same period a year ago. Chartering of the cruise ferry Romantika from 31 May 2025 increased the number of chartered vessels to 3 as at the end of quarter. • Sale of cargo transportation remains challenging due to competition and economic uncertainties in home markets. • Solid demand for accommodation services in highly competitive environment. • Weak consumer confidence continues to impact share of wallet spent on free time. Sales by operational segments Q2 2025 Notes: (1) 2025 unaudited 23 REVENUE STRUCTURE Q2 2025(1) 210 2070.3 2.4 -4.3 0.9 -3.1 0.6 0 40 80 120 160 200 240 Q2 2024 Restaurant & shop sales on-board and onshore Ticket sales Sales of cargo transportation Accommodation sales Income from charter of vessels Other sales Q2 2025 (1) Ticket sales 29% Restaurant & shop sales 49% Cargo 10% Accommodation 3% Charter 6% Other 3% REVENUE BY OPERATIONAL SEGMENTS Q2 2025(1) (in million euros)
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24 Dynamics of seasonality Notes: (1) 2025 unaudited 102 87 85 58 109 85 87 67 102 76 67 96 76 65 0 100 200 300 400 500 2022 2023 2024 2025 324 410 303 125 27 3429 69 47 37 68 82 6826 37 26 -10 40 90 140 190 240 2022 2023 2024 2025 (1) 136 215 175 34 106 171 160 137 206 230 210 207 241 232 232 194 184 184 0 200 400 600 800 1000 2022 2023 2024 2025 (1) 771 835 786 344 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Passengers (millions) Cargo (th. units) Revenue (in million euros) EBITDA (in million euros) 1.0 1.1 1.0 1.6 1.5 1.5 1.5 1.9 1.8 1.7 1.3 1.3 1.3 0 2 4 6 8 10 2022 2023 2024 2025 5.75.5 5.6 2.5
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25 Dynamics of seasonality Most of profits are typically earned in summer, the high season Quarterly net result (in million euros) 2023 net profit 79M€ 2024 net profit 40M€ 1H2025(1) net loss 36M€ -40 -5 3 -33 33 6 -3 38 49 37 17 2 -5 -50 -30 -10 10 30 50 70 2022 net profit 14M€ Notes: (1) 2025 unaudited
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26 Consolidated income statement Notes: Totals may not sum due to rounding; (1) Includes depreciation and amortization; (2) 2025 unaudited In million euros 2023 Sales 835 786 210 207 Cost of sales (1) -631 -632 -163 -168 Marketing & administrative cost (1) -95 -97 -25 -24 Other operating items, net 4 21 1 0 Result from operating activities 113 77 22 15 Income tax 1 -9 -9 -11 EBITDA 215 175 47 37 EBITDA margin (%) 25.7% 22.3% 22.2% 18.1% Net profit/loss 79 40 6 -3 Net profit margin 9.4% 5.1% 2.9% -1.2% EPS 0.106 0.054 0.008 -0.003 Q2 2025(2)Q2 20242024
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2023 Q2 2025(1)Q2 20242024 Operating cash flow 203 158 56 60 Capital expenditure -28 -22 -4 -8 Asset disposal 1 25 0 65 Interest received 1 1 0 0 Free cash flow 177 162 51 117 Debt financing (net effect) -213 -106 -21 -90 Interests & other financial items -37 -30 -8 -6 Dividends paid 0 -45 0 0 Income tax on dividends paid 0 -5 0 0 Change in cash -73 -23 22 20 27 Consolidated cash flow statement Notes: Totals may not sum due to rounding; (1) 2025 unaudited In million euros
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28 Consolidated statement of financial position Notes: Totals may not sum due to rounding (1) Shareholders’ equity / number of shares outstanding (2) 2025 unaudited In million euros 31.12.2023 30.06.2025(2)31.12.2024 Total assets 1,555 1,463 1,471 1,414 Non-current assets 1,432 1,356 1,350 1,267 Current assets 123 108 121 147 - of which cash 42 19 16 36 Total liabilities 769 682 721 716 Interest bearing liabilities 649 556 585 496 Other liabilities 120 125 137 220 - of which payables to owners (dividends) 0 0 0 0 Shareholders’ equity 786 782 749 698 Net debt/EBITDA 2.83x 3.07x 4.16x 3.60x Net debt 607 538 569 460 Equity/assets ratio 51% 53% 51% 49% BVPS (1) (in EUR) 1.06 1.05 1.01 0.94 Ships Loans Other assets Share- holders’ equity Intangibles Cash Other liabilities 0 350 700 1050 1400 Assets Liabilities & Equity 30.06.2025(2) Total liquidity (cash + unused overdraft) of EUR 128 million 31.03.2025(2)
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29 Loan portfolio structure LONG-TERM BANK LOANS • EUR 405 million as at 30 June 2025 • 3 loan agreements outstanding: syndicated loan and two ship building loans • Maturing 3 – 9 years • EUR denominated, fixed and EURIBOR floating OVERDRAFT • As at 30 June 2025 unused overdraft of EUR 92 million Total loan repayment and related interest expense in Q2 2025 amounted to EUR 53.6 million Notes: (1) 2025 unaudited 476 587 663 746 555 469 405 16 8 3.0 84.2 11.2 5.4 2.8 3.1 3.6 0 10 20 30 40 50 60 70 80 90 0 100 200 300 400 500 600 700 31.12.19 31.12.20 31.12.21 31.12.22 31.12.23 31.12.24 30.06.25 Long-term bank loans Overdraft Long-term bank loans
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38,164 shareholders and FDR-holders incl. 29,940 on Tallinn Stock Exchange (TAL1T) and 8,224 on Helsinki Stock Exchange (FI4000349378) as at 30 June 2025
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31 Shareholders and share performance Infortar 69% Top 10 shareholders 11% Institutional investors 8% Retail investors 12% Infortar AS 68.5% Nordea Bank Abp / Clients FDR 3.2% Mersok OÜ 1.5% Clearstream Banking AG 1.1% Luksusjaht AS 1.0% Citibank (New York) / Government of Norway 0.9% Enn Pant 0.9% Unicredit Bank Austria AG 0.8% AB SEB Bankas 0.6% Compensa Life Vienna Insurance Group SE 0.5% 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 04.2022 07.2022 10.2022 01.2023 04.2023 07.2023 10.2023 01.2024 04.2024 07.2024 10.2024 01.2025 04.2025 Share price in EUR Share price in EUR FDR price in EUR