Slides
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Q4 2025 AS Tallink Grupp February 2026
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2 Presenters PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD MARGUS SCHULTS MEMBER OF THE MANAGEMENT BOARD HARRI HANSCHMIDT 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. TALLINK GRUPP in glance as at the end of 2025 11 vessels incl 9 passenger & 2 shuttle vessels 5 regular routes on the Baltic Sea 3 vessels in charter incl 2 in the Netherlands & 1 in Algeria 3.5 million Club One members 4 hotels incl 3 in Tallinn & 1 in Riga 20 Burger King restaurants in Estonia, Latvia, Lithuania ~4800 employees in Estonia, Finland, Germany, Sweden, Latvia and Lithuania Shopping on-board, on-shore, online
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4 Fleet composition & deployment 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 Route Estonia-Sweden Other information Cargo & passenger service
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5 — Challenging year due to low consumer confidence and uncertain market environments. — Q4 2025 results positively impacted by lower depreciation expense following the alignment of estimated useful lives of the Group’s cruise and passenger vessels (excluding shuttle vessels). — Sale of three vessels eased the cost base. — Payment of dividends and related income tax of EUR 55.9 million, of which EUR 28.6 million in Q4 2025. — Repayment of loans and related interest expense of EUR 113.5 million, of which EUR 18.7 million in Q4 2025. — Cargo sales still decreasing but at a moderating pace. — Majority of EUR 33 million CAPEX related to maintenance and repair of vessels, ie the cruise ferries Silja Serenade and Baltic Princess. — Maintenance works totalled 73 days, impacting the FY25 results. Q4 2025 and FY25 highlights Selected Key Figures (financials in million euros) Q4 2024 Q4 2025(1) QoQ% 2024 2025(1) YoY% Number of passengers 1,310,014 1,306,310 -0.3% 5,580,016 5,531,132 -0.9% Number of cargo units 64,606 59,830 -7.4% 303,234 245,004 -19.2% Number of passenger cars 164,586 160,111 -2.7% 777,592 760,473 -2.2% Revenue 183.5 188.0 2.4% 785.8 765.3 -2.6% Gross profit 25.9 41.7 61.0% 153.6 143.2 -6.7% EBITDA 25.7 27.6 7.3% 175.2 130.1 -25.8% EBIT 1.3 17.0 1,210.7% 77.4 50.3 -35.0% Net result for the period -5.2 12.2 333.3% 40.3 17.3 -57.1% Capital expenditures 5.9 5.8 -2.5% 22.4 33.0 47.2% Notes: (1) 2025 unaudited Selected Key Figures (in million euros) as at: 30.09.25 31.12.25(1) QoQ% 31.12.2024 31.12.25(1) YoY% Total assets 1,359.1 1,330.8 -2.1% 1,463.9 1,330.8 -9.1% Total equity 737.7 750.1 1.7% 782.3 750.1 -4.1% Interest-bearing liabilities 464.6 445.9 -4.0% 556.4 445.9 -19.9% Net debt 432.7 432.4 -0.1% 537.7 432.4 -19.6%
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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 operator providing passenger traffic between Estonia-Sweden. • Sale of surplus FuelEU Maritime allowances impact segment revenues. • Savings from the sale of idle vessels reflected in the results of the Other segment. Sales & results by geographical segments Q4 2025 Notes: (1) 2025 unaudited SEGMENT RESULTS (in million euros) SEGMENT SALES (in million euros) 6 (1) 184 1881.4 1.3 0.0 1.6 0.0 0 40 80 120 160 200 Q4 2024 Estonia Finland Finland Sweden Estonia Sweden Other Intersegment elimination Q4 2025 (1) 14 1.5 1.6 3.1 9.4 30 0 10 20 30 40 Q4 2024 Estonia Finland Finland Sweden Estonia Sweden Other Q4 2025 (1)
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7 • Weak consumer confidence continues to impact share of wallet spent on free time. • Sale of cargo transportation that remains challenging due to competition and economic uncertainties in home markets shows moderate improvement. • An optimal mix of vessels in charter delivered year-on-year charter revenue growth. • Other sales include revenues from the sale of surplus FuelEU Maritime allowances. Sales by operational segments Q4 2025 Notes: (1) 2025 unaudited 7 REVENUE STRUCTURE Q4 2025(1) 184 188-1.5 -1.3 -0.8 -0.2 0.9 7.3 0 40 80 120 160 200 Q4 2024 Restaurant & shop sales on-board and onshore Ticket sales Sales of cargo transportation Accommodation sales Income from charter of vessels Other sales Q4 2025 (1) Restaurant & shop sales 49% Ticket sales 25% Cargo 10% Accommodation 2% Charter 8% Other 6% REVENUE BY OPERATIONAL SEGMENTS Q4 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 60 0 100 200 300 400 500 2022 2023 2024 2025 324 410 303 245 27 3429 69 47 37 68 82 68 69 26 37 26 28 -10 40 90 140 190 240 2022 2023 2024 2025 (1) 136 215 175 130 106 171 160 137 206 230 210 207 241 232 232 233 194 184 184 188 0 200 400 600 800 1000 2022 2023 2024 2025 (1) 771 835 786 765 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 1.3 0 2 4 6 2022 2023 2024 2025 5.75.5 5.6 5.5
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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€ 2025(1) net profit 17M€ -40 -5 3 -33 33 6 -3 38 49 37 41 17 2 -5 12 -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 2024 Sales 786 765 184 188 Cost of sales (1) -632 -622 -158 -146 Marketing & administrative cost (1) -97 -96 -25 -27 Other operating items, net 21 3 1 2 Result from operating activities 77 50 1 17 Income tax -9 -12 0 0 EBITDA 175 130 26 28 EBITDA margin (%) 22.3% 17.0% 14.0% 14.7% Net profit/loss 40 17 -5 12 Net profit margin 5.1% 2.3% -2.8% 6.5% EPS 0.054 0.023 -0.007 0.016 Q4 2025(2)Q4 20242025
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11 Full year cost breakdown Notes: (1) Depreciation and amortisation excluded (2) Includes marketing and administration staff costs (3) Includes package costs (4) 2025 unaudited (in million euros) 2024 2025(4) Change Cost of goods 163.9 160.5 -2.1% Staff costs 142.8 150.2 5.1% Marketing & Administration (1)(2) 85.5 85.7 0.3% Port & Stevedoring 73.3 75.0 2.2% Fuel cost 95.8 96.5 0.8% Ship operating expenses 55.3 55.6 0.5% Other costs (3) 15.7 17.4 11.0% Total costs from operations 632.3 640.9 1.4% Depreciation & amortisation 97.8 79.8 -18.4% Net finance cost (4) 28.3 21.4 -22.2% Total costs 758.3 742.1 -2.1% Cost of goods 21.6% Staff costs 20.2% Marketing & Administration¹ ² 11.6% Port & Stevedoring 10.1% Fuel cost 13.0% Ship operating expenses 7.5% Other costs³ 2.3% Depreciation and amortisation 10.7% Net finance cost 2.9%
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2024 Q4 2025(1)Q4 20242025 Operating cash flow 153 127 31 25 Capital expenditure -22 -33 -6 -6 Asset disposal 25 79 0 8 Interest received 1 0 0 0 Free cash flow 156 173 25 27 Debt financing (net effect) -106 -112 -32 -19 Interests & other financial items -30 -21 -7 -5 Dividends paid -45 -45 0 -22 Change in cash -23 -5 -14 -19 12 Consolidated cash flow statement Notes: Totals may not sum due to rounding; (1) 2025 unaudited In million euros
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13 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 31.12.2025(2)31.12.2024 Total assets 1,464 1,359 1,331 Non-current assets 1,356 1,239 1,225 Current assets 108 120 106 - of which cash 19 32 13 Total liabilities 682 621 581 Interest bearing liabilities 556 464 446 Other liabilities 125 157 135 - of which payables to owners (dividends) 0 22 0 Shareholders’ equity 782 738 750 Net debt/EBITDA 3.1x 3.4x 3.3x Net debt 538 433 432 Equity/assets ratio 53% 54% 56% BVPS (1) (in EUR) 1.05 0.99 1.01 Ships Loans Other assets Share- holders’ equity Cash Other liabilities 0 350 700 1050 1400 Assets Liabilities & Equity 31.12.2025(2) Total liquidity (cash + unused overdraft) of EUR 110 million 30.09.2025(2)
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14 Loan portfolio structure • Long-term bank loans of EUR 371.7 million as at 31 December 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 96.9 million as at 31 December 2025 (EUR 100 million as at 30 September 2025). Total loan repayment and related interest expense in 2025 amounted to EUR 113.5 million (EUR 18.7 million in Q4 2025) Notes: (1) 2025 unaudited Long-term bank loans 587 663 746 555 469 372 16 3 84.2 11.2 5.4 2.8 3.1 3.3 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 0 100 200 300 400 500 600 700 800 31.12.20 31.12.21 31.12.22 31.12.23 31.12.24 31.12.25 Long-term bank loans Overdraft Net debt/EBITDA
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With the approval of the Supervisory Board, the Management Board has resolved to propose to the General Meeting of Shareholders the payment of a dividend of 6 cents per share in 2026
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16 Q & A PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD