Slides
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Q3 2026 AS Tallink Grupp October 2026
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2 Presenters PEEP JALAKAS CHAIRMAN OF THE MANAGEMENT BOARD
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3 Q3 2026 key takeaways Revenue and volume growth The third quarter is the Group’s high season, with strong summer passenger traffic typically contributing a significant share of annual profits. Revenue increased by 5.8% year-on-year to EUR 246.7 million, supported by 2.8% growth in passenger volumes and 7.8% growth in cargo volumes, despite the closure of the Paldiski-Kapellskär route. Profitability impacted by higher fuel costs Fuel costs increased by EUR 9.2 million year-on-year (+46%), putting pressure on operating profitability. EBITDA amounted to EUR 67.9 million, down EUR 1.1 million year-on-year, while net profit increased to EUR 43.8 million. The cost base was further challenged by the full implementation of the EU ETS (100% of CO2 emissions vs. 70% in 2025) with related costs increasing by EUR 2.3 million year-on-year. Lower net debt and strong financial flexibility Ongoing debt reduction and a strong liquidity buffer provide financial flexibility. Net debt decreased by EUR 11.0 million during the quarter to EUR 398.6 million and the liquidity buffer amounted to EUR 103 million at the end of September.
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4 STRONG BRANDS Tallink Grupp The leading European provider of leisure and business travel and sea transportation services in the Baltic Sea region. TALLINK GRUPP at a glance as at the end of Q3 2026 11 vessels incl 9 passenger & 2 shuttle vessels 4 regular routes on the Baltic Sea 3 vessels in charter incl 2 in the Netherlands 1 in Ireland 3.7 million Club One members 4 hotels incl 3 in Tallinn & 1 in Riga 19 Burger King restaurants in Estonia, Latvia, Lithuania ~4500 employees in Estonia, Finland, Germany, Sweden, Latvia and Lithuania Shopping on-board, on-shore, online
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5 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 In lay-up 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 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 St Patrick (previously Superfast IX) Vessel type High-speed ro-pax Built/renovated 2002 Other information Chartered out In lay-up
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6 — In Q3, cargo volumes increased by 7.8% y-o-y despite the closure of the Paldiski-Kapellskär route in May 2026 (9M2026: 7.8%). — The cruise ferry Romantika operated additional summer departures on the Tallinn-Stockholm route and was temporarily chartered out to Italy before returning to lay-up. — Geopolitical tensions and energy market volatility contributed to an increase in fuel costs by EUR 9.2 million in Q3 (9M2026: EUR 18.9 million or 30% y-o-y). — Loan repayments and related interest expense (excl lease liabilities related to right-to-use assets) of EUR 20.6 million (9M2026: EUR 51.8 million). Total outstanding bank debt, including the drawn overdraft, amounted to EUR 351.2 million (excl lease liabilities related to right-to-use assets) as at 30 September 2026. — Dividend and related income tax payment of EUR 28.6 million impacted the Group’s cash position. — Majority of CAPEX related to maintenance and repair of the vessels. Q3 & 9M 2026 highlights Notes: (1) 2026 unaudited Selected Key Figures (financials in million euros) Q3 2025 Q3 2026(1) Change 9M 2025 9M 2026(1) Change Number of passengers 1,766,335 1,816,174 2.8% 4,224,822 4,307,304 2.0% Number of cargo units 60,306 64,980 7.8% 185,174 199,544 7.8% Number of passenger cars 251,751 249,100 -1.1% 600,362 585,604 -2.5% Revenue 233.1 246.7 5.8% 577.3 603.0 4.5% Gross profit 67.2 69.8 4.0% 101.5 114.1 12.4% EBITDA 68.9 67.9 -1.5% 102.5 104.3 1.8% EBIT 45.9 49.1 6.9% 33.3 46.7 40.3% Net result for the period 40.8 43.8 7.5% 5.1 19.4 281.2% Capital expenditures 5.5 3.4 -37.8% 27.2 25.0 -8.2% Selected Key Figures (in million euros) as at: 30.06.26(1) 30.09.26(1) Change 30.09.25 30.09.26(1) Change Total assets 1,351.9 1,316.1 -2.6% 1,359.1 1,316.1 -3.2% Total equity 681.7 728.0 6.8% 737.7 728.0 -1.3% Interest-bearing liabilities 449.2 420.4 -6.4% 464.6 420.4 -9.5% Net debt 409.6 398.6 -2.7% 432.7 398.6 -7.9%
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7 • The Group accounts for 48% of passenger traffic between Estonia-Finland and 38% (Q3 2025: 36%) between Finland-Sweden. • The Group is the only operator providing passenger traffic between Estonia-Sweden. • Tallinn-Stockholm route operated by two cruise ferries in July and early August. The Paldiski-Kapellskär route closed from 1 May 2026. • Revenue growth on the Estonia-Finland and Finland-Sweden routes was partly offset by a slight decline on the Estonia-Sweden routes. Profitability impacted by elevated fuel costs. • The Other segment benefited from lower costs following the sale of idle vessels in 2025. Romantika operated additional departures in July and early August and was temporarily chartered out before returning to lay-up. Sales & results by geographical segments Q3 2026 Notes: (1) 2026 unaudited SEGMENT RESULTS (in million euros) SEGMENT SALES (in million euros) 7 (1) 233.1 246.75.3 5.8 -0.4 2.6 0.4 0 40 80 120 160 200 240 280 Q3 2025 Estonia Finland Finland Sweden Estonia Sweden Other Intersegment elimination Q3 2026 (1) 56.5 -0.1 -1.0 -0.4 4.8 59.8 0 10 20 30 40 50 60 70 Q3 2025 Estonia Finland Finland Sweden Estonia Sweden Other Q3 2026 (1)
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8 • Broad-based revenue growth across all operational segments. • Cargo transportation revenue increased by 19.4% year-on-year, despite the closure of the Paldiski-Kapellskär route. • Charter revenue increased by 18.9% year- on-year, supported by the Group's fleet deployment strategy. Sales by operational segments Q3 2026 Notes: (1) 2026 unaudited 8 REVENUE STRUCTURE Q3 2026(1) REVENUE BY OPERATIONAL SEGMENTS Q3 2026(1) (in million euros) Restaurant & shop sales 44% Ticket sales 34% Cargo sales 9% Accommodation 3% Charter 7% Other 3% Estonia - Finland 41% Finland - Sweden 32% Estonia - Sweden 10% Other 17% 233.1 246.74.2 2.4 3.7 0.1 2.9 0.4 0 40 80 120 160 200 240 280 Q3 2025 Restaurant and shop sales on- board and onshore Ticket sales Sales of cargo transportation Accommodation sales Income from charter of vessels Other sales Q3 2026 (1)
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9 Dynamics of seasonality Notes: (1) 2026 unaudited 87 85 58 66 85 87 67 69 76 67 60 65 76 65 60 0 100 200 300 400 2023 2024 2025 2026 303324 245 200 27 34 69 47 37 34 82 68 69 68 28 26 28 -10 40 90 140 190 240 2023 2024 2025 2026 (1) 215 175 130 104 171 160 137 149 230 210 207 207 232 232 233 247 184 188 188 0 200 400 600 800 1000 2023 2024 2025 2026 (1) 835 786 765 603 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 1.0 1.5 1.5 1.5 1.5 1.8 1.7 1.8 1.8 1.3 1.3 1.3 0 2 4 6 2023 2024 2025 2026 5.65.7 5.5 4.3
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10 Impact of seasonality on net result Most of profits are typically earned in summer, the high season Quarterly net result (in million euros) 2024 net profit 40M€ 2025 net profit 17M€ 9M2026(1) net profit 19M€ 2023 net profit 79M€ Notes: (1) 2026 unaudited -5 3 -33 -22 33 6 -3 -3 49 37 41 44 2 -5 12 -50 -30 -10 10 30 50 70
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11 Consolidated income statement Notes: Totals may not sum due to rounding; (1) Includes depreciation and amortization; (2) 2026 unaudited In million euros Sales 233.1 246.7 577.3 603.0 Cost of sales (1) -165.9 -176.9 -475.8 -488.9 Marketing & administrative cost (1) -22.5 -20.9 -69.7 -69.1 Other operating items, net 1.2 0.2 1.5 1.7 Result from operating activities 45.9 49.1 33.3 46.7 Income tax -0.2 -0.0 -11.5 -12.8 EBITDA 68.9 67.9 102.5 104.3 EBITDA margin (%) 29.6% 27.5% 17.8% 17.3% Net profit/loss 40.8 43.8 5.1 19.4 Net profit margin 17.5% 17.8% 0.9% 3.2% EPS 0.055 0.059 0.007 0.026 9M 2026(2)9M 2025Q3 2025 Q3 2026(2)
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9M 2026(1)9M 2025Q3 2025 Operating cash flow 50.3 39.4 101.9 103.8 Capital expenditure -5.5 -3.4 -27.2 -25.0 Asset disposal 6.3 0.0 71.0 0.0 Free cash flow 51.3 36.1 145.8 79.0 Debt financing (net effect) -28.5 -29.2 -93.8 -37.3 Interests & other financial items -4.5 -4.9 -16.5 -13.6 Dividends paid -22.3 -22.3 -22.3 -22.3 Issue of shares 0.0 2.5 0.0 2.5 Change in cash -4.0 -17.9 13.2 8.3 12 Consolidated cash flow statement Notes: Totals may not sum due to rounding; (1) 2026 unaudited In million euros Q3 2026(1)
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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) 2026 unaudited In million euros 30.09.2026(2)30.09.2025 Total assets 1,359.1 1,351.9 1,316.1 Non-current assets 1,238.6 1,219.4 1,204.6 Current assets 120.4 132.5 111.6 - of which cash 31.9 39.6 21.8 Total liabilities 621.4 670.2 588.1 Interest bearing liabilities 464.6 449.2 420.4 Other liabilities 128.2 163.8 138.7 Payables to owners 22.3 44.6 22.5 Income tax liability 6.2 12.6 6.5 Shareholders’ equity 737.7 681.7 728.0 Net debt/EBITDA 3.4x 3.1x 3.0x Net debt 432.7 409.6 398.6 Equity/assets ratio 54.3% 50.4% 55.3% BVPS (1) (in EUR) 0.99 0.92 0.97 Ships Loans Other assets Share- holders’ equity Cash Other liabilities 0 350 700 1050 1400 Assets Liabilities & Equity 30.09.2026(2) Total liquidity (cash + unused overdraft) of EUR 103 million 30.06.2026(2)
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14 Loan portfolio structure • Long-term bank loans of EUR 332.3 million as at 30 September 2026: — 3 loan agreements outstanding: syndicated loan and two shipbuilding loans; — Remaining maturities of 2 – 8 years; — EUR denominated, fixed and EURIBOR floating. • In September 2026, the Group extended the maturity of its syndicated loan by two years until 21 December 2030, with options for two additional one-year extensions. • Unused overdraft of EUR 81.1 million as at 30 September 2026 (EUR 72.7 million as at 30 June 2026). Total loan repayment and related interest expense in third quarter 2026 amounted to EUR 20.6 million Notes: (1) 2026 unaudited Long-term bank loans 663 746 555 469 372 332 3 19 11.2 5.4 2.8 3.1 3.3 3.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0 100 200 300 400 500 600 700 800 31.12.21 31.12.22 31.12.23 31.12.24 31.12.25 30.09.26 Long-term bank loans Overdraft Net debt/EBITDA
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15 Q & A PEEP JALAKAS CHAIRMAN OF THE MANAGEMENT BOARD