Slides
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Q3 2025 AS Tallink Grupp October 2025
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2 Presenter MARGUS SCHULTS MEMBER OF THE MANAGEMENT BOARD
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3 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 the end of Q3 2025 12 vessels* 11 passenger vessels 1 cargo vessel* 5 regular routes on the Baltic Sea 3 vessels in charter 2 in the Netherlands 1 in Algeria 3.5 million Club One members 4 hotels 3 in Tallinn 1 in Riga 20 Burger King restaurants Estonia, Latvia, Lithuania ~4700 employees Estonia, Finland, Germany, Sweden, Latvia and Lithuania Shopping on-board, on-shore, online * 11 passenger vessels after the sale of cargo vessel Sailor in October 2025
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4 Fleet composition & deployment end of Q3 2025 In lay-up/sold* Sailor Vessel type Ro-ro passenger vessel Built/renovated 1987 Other information In lay-up * The Group signed a sales-purchase agreement for the sale of the cargo vessel Sailor in October 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 Turku - Stockholm Chartered 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 Superfast IX Vessel type High-speed ro-pax Built/renovated 2002 Other information Cargo service
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5 • Revenue EUR 233.1 (EUR +1.2m or +0.5% vs LY) — Solid quarter, maintaining steady growth in most key operational segments despite of low consumer confidence and uncertain market environments. — Strong accommodation, ticket and chartering revenue offset the decline in cargo revenues. — Cargo sales were still decreasing but at a moderating pace. • EBITDA of EUR 68.9m (EUR +0.5m or +0.8% vs LY) • Net profit of EUR 40.8m (EUR +4.0m or +10.8% vs LY) • CAPEX of EUR 5.5m (EUR -0.1m or -1.5% vs LY) — Majority of investments were related to maintenance and repair of vessels. — In 9M 2025, maintenance works totalled 73 days vs 11 days in 9M 2024 (EUR 27.2m invested in 9M 2025 vs EUR 16.5m in 9M 2024). Q3 2025 revenues Selected Key Figures (financials in million euros) Q3 2024 Q3 2025(1) Change Number of passengers 1,715,496 1,766,335 3.0% Number of cargo units 66,865 60,306 -9.8% Number of passenger cars 250,810 251,751 0.4% Revenue 231.9 233.1 0.5% Gross profit 67.0 67.2 0.2% EBITDA 68.4 68.9 0.8% EBIT 44.0 45.9 4.3% Net result for the period 36.8 40.8 10.8% 1,715,496 Capital expenditures 5.6 5.5 -1.5% As at: 31.06.25 30.09.25(1) Change Total assets 1,413.7 1.359.1 -3.9% Total equity 698.1 737.7 5.7% Interest-bearing liabilities 495.7 464.6 -6.3% Net debt 459.7 432.7 5.9% Notes: (1) 2025 unaudited
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6 • The Group accounts for 48% of passenger traffic between Estonia-Finland and 36% between Finland-Sweden. • The Group is the only passenger traffic operator between Estonia-Sweden. • Estonia-Sweden operation impacted by less vessels on route in Q3 2025 vs Q3 2024. • Estonia-Finland operations impacted by more vessels on route in Q3 2025 vs Q3 2024. • Economic challenges put pressure on the Finland-Sweden operations. Sales & results by geographical segments Q3 2025 Notes: (1) 2025 unaudited SEGMENT RESULTS (in million euros) SEGMENT SALES (in million euros) 6 (1) 232 2338.6 -7.7 0.4 -0.1 0.1 0 40 80 120 160 200 240 Q3 2024 Estonia Finland Estonia Sweden Finland Sweden Other Intersegment elimination Q3 2025 (1) 56 -1.2 0.6 -1.0 1.8 56 0 10 20 30 40 50 60 Q3 2024 Estonia Finland Estonia Sweden Finland Sweden Other Q3 2025 (1)
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7 • Ticket sale driven by strong demand for short haul travelling during peak season. • Sale of cargo transportation remains challenging due to competition and economic uncertainties in home markets. • An optimal mix of vessels in charter delivered year-on-year charter revenue growth. • Solid demand for accommodation services in competitive environment. • Weak consumer confidence continues to impact share of wallet spent on free time. Sales by operational segments Q3 2025 Notes: (1) 2025 unaudited 7 REVENUE STRUCTURE Q3 2025(1) 232 233-0.3 2.4 -1.9 0.4 0.7 -0.0 0 40 80 120 160 200 240 Q4 2024 Restaurant & shop sales on-board and onshore Ticket sales Sales of cargo transportation Accommodation sales Income from charter of vessels Other sales Q3 2025 (1) Ticket sales 35% Restaurant & shop sales 45% Cargo 8% Accommodation 3% Charter 7% Other 2% REVENUE BY OPERATIONAL SEGMENTS Q3 2025(1) (in million euros)
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8 Dynamics of seasonality Notes: (1) 2025 unaudited 102 87 85 58 109 85 87 67 102 76 67 60 96 76 65 0 100 200 300 400 500 2022 2023 2024 2025 324 410 303 185 27 3429 69 47 37 68 82 68 69 26 37 26 -10 40 90 140 190 240 2022 2023 2024 2025 (1) 136 215 175 102 106 171 160 137 206 230 210 207 241 232 232 233 194 184 184 0 200 400 600 800 1000 2022 2023 2024 2025 (1) 771 835 786 577 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 1.8 1.3 1.3 1.3 0 2 4 6 8 10 2022 2023 2024 2025 5.75.5 5.6 4.2
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9 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€ 9M2025(1) net profit 5M€ -40 -5 3 -33 33 6 -3 38 49 37 41 17 2 -5 -50 -30 -10 10 30 50 70 2022 net profit 14M€ Notes: (1) 2025 unaudited
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10 Consolidated income statement Notes: Totals may not sum due to rounding; (1) Includes depreciation and amortization; (2) 2025 unaudited In million euros 9M 2024 Sales 602 577 232 233 Cost of sales (1) -475 -476 -165 -166 Marketing & administrative cost (1) -71 -69 -23 -22 Other operating items, net 20 1 0 1 Result from operating activities 76 33 44 46 Income tax -9 -12 0 0 EBITDA 150 103 68 69 EBITDA margin (%) 24.8% 17.8% 29.5% 29.6% Net profit/loss 50 5 37 41 Net profit margin 7.6% 0.9% 15.9% 17.5% EPS 0.061 0.007 0.050 0.055 Q3 2025(2)Q3 20249M 2025
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9M 2024 Q3 2025(1)Q3 20249M 2025 Operating cash flow 127 107 55 55 Capital expenditure -16 -27 -5 -5 Asset disposal 24 71 0 6 Interest received 1 0 0 0 Income tax on dividends paid -5 -5 -5 -5 Free cash flow 131 146 45 51 Debt financing (net effect) -73 -94 -32 -29 Interests & other financial items -23 -17 -7 -4 Dividends paid -45 -22 -45 -22 Change in cash -9 -13 -38 -4 11 Consolidated cash flow statement Notes: Totals may not sum due to rounding; (1) 2025 unaudited In million euros
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12 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 30.09.2025(2)31.12.2024 Total assets 1,463 1,414 1,359 Non-current assets 1,356 1,267 1,239 Current assets 108 147 120 - of which cash 19 36 32 Total liabilities 682 716 621 Interest bearing liabilities 556 496 464 Other liabilities 125 220 157 - of which payables to owners (dividends) 0 0 22 Shareholders’ equity 782 698 738 Net debt/EBITDA 3.07x 3.60x 3.40x Net debt 538 460 433 Equity/assets ratio 53% 49% 54% BVPS (1) (in EUR) 1.05 0.94 0.99 Ships Loans Other assets Share- holders’ equity Cash Other liabilities 0 350 700 1050 1400 Assets Liabilities & Equity 30.09.2025(2) Total liquidity (cash + unused overdraft) of EUR 132 million 30.06.2025(2)
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13 Loan portfolio structure • Long-term bank loans of EUR 389 million as at 30 September 2025: — 3 loan agreements outstanding: syndicated loan and two ship building loans; — Maturing 3 – 9 years; — EUR denominated, fixed and EURIBOR floating. • Unused overdraft of EUR 100 million as at 30 September 2025 (EUR 92m as at 30 June 2025). Total loan repayment and related interest expense in Q3 2025 amounted to EUR 20.9 million Notes: (1) 2025 unaudited 476 587 663 746 555 469 389 16 3.0 84.2 11.2 5.4 2.8 3.1 3.4 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 30.09.25 Long-term bank loans Overdraft Net debt/EBITDA Long-term bank loans
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14 Q & A MARGUS SCHULTS MEMBER OF THE MANAGEMENT BOARD