Interim report
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Q3 2026 AS TALLINK GRUPP
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2 | 40 Unaudited interim report for Q3 2026 Contact Information CONTACT INFORMATION Commercial Registry no. 10238429 Address Sadama 5 10111, Tallinn Republic of Estonia Phone +372 6 409 800 Fax +372 6 409 810 Website www.tallink.com Main activity maritime transport (passenger & cargo transport) Beginning of the financial year 1 January 2026 End of the financial year 31 December 2026 Interim reporting period 1 July 2026 – 30 September 2026
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3 | 40 Unaudited interim report for Q3 2026 Contents CONTENTS LETTER FROM THE CEO ..................................................................................................................... 4 MANAGEMENT REPORT...................................................................................................................... 5 MANAGEMENT BOARD’S CONFIRMATION ........................................................................................ 22 UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS ...................................23 Consolidated Statement of Profit or Loss and Other Comprehensive Income ................................23 Consolidated Statement of Financial Position .............................................................................. 24 Consolidated Statement of Cash Flows ....................................................................................... 25 Consolidated Statement of Changes in Equity ............................................................................. 26 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS .............................. 27 Note 1 Corporate Information .................................................................................................... 27 Note 2 Basis of Preparation ....................................................................................................... 27 Note 3 Segment Information ...................................................................................................... 27 Note 4 Financial Items ...............................................................................................................29 Note 5 Earnings Per Share ........................................................................................................ 30 Note 6 Property, Plant and Equipment ...................................................................................... 31 Note 7 Intangible Assets ............................................................................................................33 Note 8 Interest-Bearing Loans and Borrowings ..........................................................................33 Note 9 Share Capital ................................................................................................................ 34 Note 10 Dividends ..................................................................................................................... 34 Note 11 Share Option Programme ............................................................................................. 35 Note 12 Related Party Disclosures .............................................................................................36 STATEMENT BY THE MANAGEMENT BOARD ....................................................................................... 37 ALTERNATIVE PERFORMANCE MEASURES ........................................................................................ 38
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4 | 40 Unaudited interim report for Q3 2026 Letter from the CEO LETTER FROM THE CEO Dear investors, customers and friends of Tallink, The third quarter is always the most important period of the year for us. This year's summer season was characterised by recovering demand, growing cargo volumes and active operations on our core routes. During the quarter, we carried more than 1.8 million passengers and the cargo volumes increased by nearly 8%. This demonstrates that the route connections we provide remain essential both for the movement of people and for the functioning of the regional economy. At the same time, we operated in an environment marked by heightened geopolitical tensions and uncertainty in energy markets. These developments were particularly evident in fuel prices, which significantly increased our cost base. Compared to the third qu arter of last year, our fuel costs rose substantially, increasing by more than EUR 9.2 million year-on-year. In addition, the European Union Emissions Trading System has reached its full implementation phase, adding further pressure on our profitability. In challenging conditions, success depends not only on transport volumes but also on how efficiently we deploy our fleet, manage costs and deliver high-quality services to our customers. I am pleased that we generated a net profit of EUR 43. 8 million in the third quarter, broadly in line with the same period last year. One of the highlights of the summer was the cruise ferry Romantika, which operated additional departures on the Tallinn–Stockholm route and provided accommodation and catering services in Italy during the Mediterranean Games. We also continued our strategy of securing long -term charter agreements, helping to ensure stable cash flows and adapt fleet deployment to market needs. Cost control, flexible fleet deployment, maintaining the profitability of our core routes and providing our customers with a reliable travel experience remain our key priorities. We aim to make decisions that support the Group's sustainable development and create value for shareholders, customers and society more broadly. We also remain hopeful that support measures for the maritime sector will be introduced to help preserve jobs and ensure the long -term sustainability of the industry. The state budget proc ess is still ongoing. Thank you for your continued trust! Your contribution and cooperation enable us to move forward even in challenging circumstances and maintain Tallink's position as a strong and reliable company. Peep Jalakas AS Tallink Grupp, Chairman of the Management Board
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5 | 40 Unaudited interim report for Q3 2026 Management Report MANAGEMENT REPORT In the third quarter of 2026, AS Tallink Grupp and its subsidiaries (the Group) carried 1,816,174 passengers, representing a 2.8% increase year -on-year. The number of cargo units transported increased by 7.8% to 64,980, while the number of passenger vehicles decreased by 1.1% to 249,100. The Group’s unaudited consolidated revenue increased by EUR 13.6 million to EUR 246.7 million (EUR 233.1 million in the third quarter of 2025). Unaudited EBITDA amounted to EUR 67.9 million (EBITDA of EUR 68.9 million in the third quarter of 2025) and the unaudited net profit for the period increased to EUR 43.8 million (EUR 40.8 million in the third quarter of 2025). The Group’s revenue and operating results in the third quarter 2026 were impacted by a number of key business and operational factors: → ongoing geopolitical tensions, particularly in the Middle East, which contributed to volatility in energy markets and increased fuel costs by EUR 9.2 million, or 4 5.5%, year-on-year. → Despite ongoing economic uncertainty and subdued consumer and business confidence in the Group’s core markets, passenger and cargo volumes increased. The decrease in cargo volumes on the Estonia-Sweden routes was primarily attributable to the closure of the Paldiski-Kapellskär route. → As at the end of the quarter, the Group operated a fleet of 11 vessels, including 2 shuttle vessels, 5 passenger vessels, 3 vessels chartered out and 1 vessel in lay-up. → Share of emissions to be surrendered under the EU ETS (European Union Emissions Trading System) increased to 100% of the emitted CO2 equivalent in 2026 (70% in 2025). The cost of EU ETS increased by 64.3% to EUR 5.9 million (EUR 3.6 million in third quarter of 2025) year-on-year. → The Group operated three hotels in Tallinn and one in Riga. → Dividend payment and related income tax payment of EUR 28.6 million impacted the Group’s cash position. → Total loan repayment and interest payment (less lease liabilities related to right -to-use assets) amounted to EUR 20.6 million while the drawn overdraft amounted to EUR 18.9 million (EUR 27.3 million as at 30 June 2026). → As at 30 September 2026, the Group’s net debt amounted to EUR 398.6 million (EUR 409.6 million as at 30 June 2026). The net debt to EBITDA ratio stood at 3.0 as at 30 September 2026 (3.1 as at 30 June 2026). → The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes. → The Group regularly monitors the developments on its core routes , including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing chartering agreements. The Group’s unaudited consolidated revenue for Q3 2026 EUR 246.7 million The Group’s net debt as at 30 September 2026 EUR 398.6 million The Group’s loan and interest payments in Q3 2026 EUR 20.6 million
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6 | 40 Unaudited interim report for Q3 2026 Management Report Sales and Segments In the third quarter 2026, the Group’s total revenue amounted to EUR 246.7 million, up by EUR 13.6 million or 5.8% year-on-year. Revenue from route operations (the Group’s core operations) increased by EUR 1 0.7 million to EUR 205.5 million compared to the third quarter 2025. The segment result from route operations amounted to EUR 45.0 million compared to EUR 46.5 million in the third quarter 2025, down by 3.2% year-on-year. The number of passengers carried on the Estonia-Finland route increased by 1.5% year-on-year. The number of transported cargo units increased by 15.9%. Revenue from the Estonia -Finland route increased by EUR 5.3 million year-on-year to EUR 100.7 million, while the segment result remained broadly unchanged at EUR 30.1 million (EUR 30.2 million in third quarter 2025) . The segment reflects the operations of two shuttle vessels, MyStar and Megastar, and the cruise ferry Victoria I. In the third quarter 2026, the year -on-year increase in the number of passengers on Finland-Sweden routes was 5.3%. The number of transported cargo units increased by 20.5%. The routes’ revenue increased by EUR 5.8 million to EUR 78.8 million and the segment result decreased by EUR 1.0 million to EUR 11.2 million, year -on-year. The segment reflects the operations of one cruise ferry on the Turku - Stockholm (the cruise ferry Baltic Princess) and two cruise ferries on the Helsinki -Stockholm route (the cruise ferries Silja Serenade and Silja Symphony). On the Estonia-Sweden route the number of carried passengers increased by 5.8%. The number of transported cargo units decreased by 50.1% compared to the same period a year ago. Year-on-year, the revenue of Estonia -Sweden routes decreased by EUR 0.4 million to EUR 2 6.1 million. The segment result decreased by EUR 0.4 million to EUR 3.8 million. The third quarter results for the Estonia -Sweden route reflect the operation of the Tallinn -Stockholm route by the cruise ferries Baltic Queen and Romantika, with Romantika operating on the route in July and for three days in August. A year ago, the Estonia-Sweden routes were operated by the cruise ferry Baltic Queen on the Tallinn -Stockholm route and Superfast IX on the Paldiski -Kapellskär route. Following the commencement of the charter agreement for the passenger vessel Superfast IX on 1 May 2026, operations on the Paldiski -Kapellskär route were discontinued, resulting in a significant decrease in cargo volumes in the Estonia -Sweden segment. Revenue from the segment Other increased by EUR 2. 6 million compared to the third quarter 2025 amounting to EUR 42.6 million. The segment result was EUR 14.8 million, up by EUR 4.8 million year-on- year. As at the end of the third quarter 2026, the Group had the following vessels chartered out: → The cruise ferry Galaxy I was chartered out in September 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. In August 2026, the charter agreement of Galaxy I was extended until April 2027 with an option to further extend the charter term. → The cruise ferry Silja Europa was chartered out in August 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. The recent charter agreement from December 2024 was extended in December 2025 until the end of January 2027 with the option of extending the agreement for another year. → The passenger vessel St Patrick (formerly Superfast IX) was chartered out for 36 months from 1 May 2026. The agreement includes an option to extend the charter period by two additional 12 -month periods (12+12 months) and a purchase option for the vessel. Number of passengers carried by the Group’s vessels in Q3 2026 1.8 million
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7 | 40 Unaudited interim report for Q3 2026 Management Report As at the end of the quarter, the Group had one vessel in lay-up, the cruise ferry Romantika, which had operated additional departures on the Tallinn –Stockholm route in July and early August before being temporarily chartered out to provide accommodation and catering services during the Mediterranean Games held in Italy from 21 August to 3 September 2026. Earnings In the third quarter of 2026, the Group ’s gross profit increased by EUR 2.7 million to EUR 69.8 million (EUR 67.2 million in the third quarter of 202 5). EBITDA amounted to EUR 67.9 million compared to EUR 68.9 million a year ago. Amortisation and depreciation expense decreased by EUR 4.2 million year-on-year to EUR 18.8 million. The decline was mainly attributable to the alignment of the estimated useful lives of the cruise and passenger vessels (excluding shuttle vessels) to 45 years, resulting in lower depreciation rates , as well as the sale of cargo vessel Regal Star in August 2025. Net finance costs increased by EUR 0.2 million year -on-year to EUR 5.2 million in the third quarter of 2026 (EUR 4.9 million in the third quarter of 2025). The Group’s unaudited net profit for the third quarter of 2026 amounted to EUR 43.8 million, or EUR 0.059 per share compared to a net profit of EUR 40.8 million, or EUR 0.055 per share in the third quarter 2025. Liquidity and Cash Flow The Group’s cash position in the third quarter of 2026 was affected by capital expenditure, dividend payments and related income tax payments, as well as loan repayments and interest payments. These outflows were partially offset by proceeds of EUR 2.5 million from the issuance of new shares under the Group’s share option programme. The Group’s investments of EUR 3.4 million (EUR 5.5 million in the third quarter of 202 5) were mainly related to vessel maintenance, repair and interior upgrades, as well as improvements to the Group’s IT systems. As at the end of third quarter 2026, t he Group has 3 outstanding loan agreements , including a syndicated loan and two shipbuilding loans related to the shuttle vessels MyStar and Megastar . In September 2026, the Group amended and restated its EUR 298 million syndicated loan agreement signed in December 2023. The maturity of the EURIBOR -based floating interest rate loan was extended by two years until 21 December 2030 , with options for two additional one -year extensions. The outstanding loan balance at the time of the amendment was EUR 169.4 million. The amended agreement reduces the Group's refinancing risk. At the end of the third quarter 2026, the interest -bearing liabilities totalled EUR 420.4 million of which long-term bank loans were EUR 332.3 million. During the quarter, the Group repaid loans and related interest expense (less lease liabilities related to right-to-use assets) in the amount of EUR 20.6 million (EUR 20.9 million in the third quarter of 2025). At the end of the third quarter of 2026, the Group’s net debt amounted to EUR 398.6 million, decreasing by EUR 11.0 million compared to the end of the second quarter of 2026. The net debt to EBITDA ratio stood at 3.0 as at the reporting date (3.1 as at 30 June 2026).
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8 | 40 Unaudited interim report for Q3 2026 Management Report As at 30 September 2026, the Group’s cash and cash equivalents amounted to EUR 21.8 million (EUR 39.6 million as at 30 June 2026), while unused credit facilities totalled EUR 81.1 million (EUR 72.7 million as at 30 June 2026). The Group’s total liquidity buffer , comprising cash, cash equivalents and unused credit facilities , amounted to EUR 102.8 million (EUR 112.4 million as at 30 June 2026). Dividends In 2018, the Group adopted a dividend policy subject to which dividends of a minimum amount of EUR 0.05 per share would be paid if the economic performance enables it. The Annual General Meeting of Shareholders held on 19 May 2026 adopted a resolution to pay a dividend of EUR 0.06 per share in 2026. The dividends are paid in two instalments. The first instalment of EUR 0.03 per share in the total amount of EUR 22.3 milli on was paid out on 1 July 2026 and the second instalment of EUR 0.03 per share in the total amount of EUR 22.5 million will be paid out on 24 November 2026. Results of the 9 Months of the Financial Year 2026 In the first 9 months (1 January – 30 September) of the 2026 financial year, the Group carried 4,307,304 passengers, up 2.0% year-on-year. The Group’s unaudited revenue for the period increased by 4.5% and amounted to EUR 603.0 million (EUR 577.3 million in January -September 2025). Unaudited EBITDA was EUR 104.3 million (EUR 102.5 million in January -September 2025) and unaudited net profit was EUR 19.4 million (EUR 5. 1 million in January-September 2025). Revenue from route operations (the Group’s core operations) increased by EUR 23.6 million to EUR 496.8 million compared to the same period a year ago. The segment result from route operations amounted to EUR 54.4 million (EUR 54.4 million in January-September 2025). The number of passengers carried on the Estonia-Finland route increased year-on-year by 0.8% to 2,795,158. The number of transported cargo units increased by 13.4%. Revenue from the Estonia-Finland route increased by EUR 14.4 million compared to the same period a year ago and amounted to EUR 251.3 million while the segment result increased by EUR 3.3 million to EUR 56.9 million, year-on-year. In the first 9 months of 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 7.5% amounting to 1,110,095. The number of transported cargo units increased by 25.5%. The routes’ revenue increased by EUR 12.7 million to EUR 183.7 million. The segment recorded a loss of EUR 2.7 million compared to a profit of EUR 3.3 million in the corresponding period of 2025, mainly reflecting higher fuel costs. On Estonia-Sweden routes, the number of passengers carried decreased by 3.9% and the number of transported cargo units declined by 35.2% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 3.6 million and was EUR 61.7 million. The segment result improved by EUR 2.7 million to EUR 0.2 million. The revenues decreased primarily due to the ceasing of the Paldiski-Kapellskär route following the chartering of the passenger vessel Superfast IX from 1 May 2026.
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9 | 40 Unaudited interim report for Q3 2026 Management Report Revenue from the segment Other increased by EUR 1. 1 million year -on-year amounting to EUR 109.4 million. The segment result increased by EUR 12.7 million to EUR 27.3 million, mainly due to cost savings from fewer idle vessels. The financial results of the first 9 months of 2026 were impacted by the following factors: → Low consumer and business confidence in the Group’s core markets, alongside heightened geopolitical tensions that increased volatility in energy markets and drove up the Group’s fuel costs by EUR 18.9 million or 30.5% year-on-year. → Investments in the amount of EUR 25.0 million (EUR 27.2 million in January-September 2025), mainly related to upgrad es of the cruise ferries Baltic Queen, Silja Symphony and Victoria I in the first quarter, and maintenance and refurbishment of passenger vessel Superfast IX in the second quarter. The planned maintenance works totalling 63 days (68 days in January -September 2025) affected the passenger and cargo levels. → Dividend payment and related income tax in the amount of EUR 28.6 million in the third quarter of 2026. Income tax expense on dividends in the amount of EUR 12.5 million was recorded in the second quarter of 2026. → Repayment of long -term loans and interest expense ( less lease liabilities related to right -to-use assets) in the amount of EUR 51.8 million (EUR 94.8 million in January-September 2025). → EU ETS cost increased by 44 .2% year -on-year to EUR 14.9 million (EUR 10.3 million in January – September 2025). → Chartering of passenger vessel Superfast IX for 36 months from 1 May 2026. → The cruise ferry Romantika returned from charter after the expiry of the agreement in March 2026. During the summer, the vessel operated additional departures on the Tallinn-Stockholm route in July and early August, before being chartered out to Italy to provide accommodation and catering services during the Mediterranean Games held from 21 August to 3 September 2026. As at the end of the quarter the cruise vessel Romantika was in lay-up. → Alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years retrospectively for the financial year 2025 reduced depreciation expense.
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10 | 40 Unaudited interim report for Q3 2026 Management Report Key Figures 1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of this Interim Report. 2 Does not include additions to right-of-use assets. For the period Q3 2026 Q3 2025 Q3 2024 Jan-Sep 2026 Jan-Sep 2025 Jan-Sep 2024 Revenue (EUR million) 246.7 233.1 231.9 603.0 577.3 602.3 Gross profit/loss (EUR million) 69.8 67.2 67.0 114.1 101.5 127.6 EBITDA¹ (EUR million) 67.9 68.9 68.4 104.3 102.5 149.5 EBIT¹ (EUR million) 49.1 45.9 44.0 46.7 33.3 76.1 Net profit/loss for the period (EUR million) 43.8 40.8 36.8 19.4 5.1 45.5 Depreciation and amortisation (EUR million) 18.8 23.0 24.4 57.6 69.2 73.3 Capital expenditures¹ ²(EUR million) 3.4 5.5 5.6 25.0 27.2 16.5 Weighted average number of ordinary shares outstanding 745,307,831 743,569,064 743,569,064 744,148,653 743,569,064 743,569,064 Earnings/loss per share¹ (EUR) 0.059 0.055 0.050 0.026 0.007 0.061 Number of passengers 1,816,174 1,766,335 1,715,496 4,307,304 4,224,822 4,270,002 Number of cargo units 64,980 60,306 66,865 199,544 185,174 238,628 Average number of employees 4,837 4,988 5,063 4,780 4,936 5,004 As at 30.09.2026 30.06.2026 31.12.2025 30.09.2026 30.09.2025 30.09.2024 Total assets (EUR million) 1,316.1 1,351.9 1,330.8 1,316.1 1,359.1 1,498.9 Total liabilities (EUR million) 588.1 670.2 580.7 588.1 621.4 711.5 Interest-bearing liabilities (EUR million) 420.4 449.2 445.9 420.4 464.6 588.3 Net debt¹ (EUR million) 398.6 409.6 432.4 398.6 432.7 555.7 Net debt to EBITDA¹ 3.0 3.1 3.3 3.0 3.4 3.0 Total equity (EUR million) 728.0 681.7 750.1 728.0 737.7 787.4 Equity ratio¹ (%) 55% 50% 56% 55% 54% 53% Number of ordinary shares outstanding 748,785,364 743,569,064 743,569,064 748,785,364 743,569,064 743,569,064 Shareholders’ equity per share (EUR) 0.97 0.92 1.01 0.97 0.99 1.06 Ratios¹ Q3 2026 Q3 2025 Q3 2024 Jan-Sep 2026 Jan-Sep 2025 Jan-Sep 2024 Gross margin (%) 28.3% 28.8% 28.9% 18.9% 17.6% 21.2% EBITDA margin (%) 27.5% 29.6% 29.5% 17.3% 17.8% 24.8% EBIT margin (%) 19.9% 19.7% 19.0% 7.7% 5.8% 12.6% Net profit/loss margin (%) 17.8% 17.5% 15.9% 3.2% 0.9% 7.6% ROA (%) 4.8% 2.4% 5.6% 4.8% 2.4% 5.6% ROE (%) 4.4% 0.0% 6.1% 4.4% 0.0% 6.1% ROCE (%) 5.9% 2.9% 6.7% 5.9% 2.9% 6.7%
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11 | 40 Unaudited interim report for Q3 2026 Management Report Sales & Results by Segments The following table provides an overview of the quarterly sales and result development by geographical segments. ¹ Segment result is the result before administrative expenses, finance costs and taxes. Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 Change 2026 vs 2025 Passengers (thousands) 1,166 832 665 946 1,184 1.5% Cargo units (thousands) 44 44 48 54 51 15.9% Revenue (EUR million) 95.4 77.6 62.5 88.2 100.7 5.6% Segment result¹ (EUR million) 30.2 16.8 5.4 21.5 30.1 -0.3% Passengers (thousands) 436 350 282 369 459 5.3% Cargo units (thousands) 8 7 9 10 10 20.5% Revenue (EUR million) 73.0 54.5 44.3 60.6 78.8 7.9% Segment result¹ (EUR million) 12.2 -2.0 -10.0 -3.8 11.2 -8.4% Passengers (thousands) 164 124 89 139 174 5.8% Cargo units (thousands) 8 9 8 5 4 -50.1% Revenue (EUR million) 26.5 19.9 15.0 20.7 26.1 -1.5% Segment result¹ (EUR million) 4.1 1.3 -4.7 1.1 3.8 -9.2% Revenue (EUR million) 40.1 37.2 28.2 38.5 42.6 6.4% Segment result¹ (EUR million) 10.0 13.9 4.9 7.6 14.8 47.9% Intersegment revenue (EUR million) -1.9 -1.2 -0.7 -1.0 -1.5 21.0% Total revenue (EUR million) 233.1 188.0 149.4 207.0 246.7 5.8% EBITDA (EUR million) 68.9 27.6 2.1 34.3 67.9 -1.5% Total segment result¹ (EUR million) 56.5 30.0 -4.4 26.3 59.8 5.8% Net profit/loss 40.8 12.2 -22.0 -2.5 43.8 7.5% Estonia- Finland Finland- Sweden Estonia- Sweden Other
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12 | 40 Unaudited interim report for Q3 2026 Management Report The following table provides an overview of the quarterly sales development by operating segments: The following charts provide an overview of the Group’s third quarter of 2026 sales by operational and geographical segments. Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 Change 2026 vs 2025 105.6 91.9 69.6 101.0 109.8 4.0% 80.9 47.3 35.5 60.3 83.3 2.9% 19.0 18.7 21.6 23.5 22.6 19.4% 6.3 3.6 2.1 4.8 6.4 1.1% 15.3 15.1 13.1 11.5 18.2 18.9% 5.9 11.4 7.5 6.0 6.3 6.5% 233.1 188.0 149.4 207.0 246.7 5.8% Accommodation sales Income from charter of vessels Other sales Total revenue Revenue (EUR million) Restaurant and shop sales on-board and onshore Ticket sales Sales of cargo transportation Restaurant & shop sales 44.5% Ticket sales 33.8% Cargo sales 9.2% Leases of vessels 7.4% Other sales 2.5% Accommodation sales 2.6% Estonia - Finland 40.8% Finland - Sweden 31.9% Estonia - Sweden 10.6% Other 16.7%
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13 | 40 Unaudited interim report for Q3 2026 Management Report Market Developments The following table provides an overview of the passengers, cargo units and passenger vehicles transported during the third quarter of 2026 and 2025. Cargo volumes increased by 7.8% year-on-year in the third quarter of 2026, supported by growth on the Estonia-Finland and Finland-Sweden routes. The 50.1% decrease in cargo volumes on the Estonia- Sweden routes was primarily attributable to the discontinuat ion of the Paldiski -Kapellskär route following the chartering out of the passenger vessel Superfast IX from 1 May 2026. The Group’s estimated market shares on the routes operated during the 12-month period ended on 30 September 2026 were as follows: → The Group carried approximately 48% of the passengers and 44% of the ro-ro cargo on the route between Tallinn and Helsinki. → The Group carried approximately 38% of the passengers and 14% of the ro-ro cargo on the routes between Finland and Sweden. → The Group was the only provider of passenger transportation between Tallinn and Stockholm. Passengers Q3 2026 Q3 2025 Change Jan-Sep 2026 Jan-Sep 2025 Change Estonia-Finland 1,183,760 1,166,278 1.5% 2,795,158 2,773,972 0.8% Finland-Sweden 458,650 435,770 5.3% 1,110,095 1,032,616 7.5% Estonia-Sweden 173,764 164,287 5.8% 402,051 418,234 -3.9% Total 1,816,174 1,766,335 2.8% 4,307,304 4,224,822 2.0% Cargo units Q3 2026 Q3 2025 Change Jan-Sep 2026 Jan-Sep 2025 Change Estonia-Finland 51,467 44,388 15.9% 153,663 135,515 13.4% Finland-Sweden 9,510 7,891 20.5% 28,364 22,609 25.5% Estonia-Sweden 4,003 8,027 -50.1% 17,517 27,050 -35.2% Total 64,980 60,306 7.8% 199,544 185,174 7.8% Passenger vehicles Q3 2026 Q3 2025 Change Jan-Sep 2026 Jan-Sep 2025 Change Estonia-Finland 203,274 208,228 -2.4% 498,554 518,057 -3.8% Finland-Sweden 32,512 30,107 8.0% 61,305 55,336 10.8% Estonia-Sweden 13,314 13,416 -0.8% 25,745 26,969 -4.5% Total 249,100 251,751 -1.1% 585,604 600,362 -2.5%
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14 | 40 Unaudited interim report for Q3 2026 Management Report Group Structure At the reporting date, the Group consisted of 46 companies. All subsidiaries are wholly owned by AS Tallink Grupp. The following diagram represents the Group’s structure as at the reporting date:
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15 | 40 Unaudited interim report for Q3 2026 Management Report Personnel As at 30 September 2026, the Group had 4,492 employees (4,773 as at 30 September 2025) including employees on parental leave and in military service. The following table provides a more detailed overview of the Group’s personnel. In the third quarter of 2026, staff costs remained unchanged year -on-year at EUR 50.5 million (EUR 50.5 million in the third quarter of 2025). 2026 2025 Change 2026 2025 Change 2026 2025 Change Estonia 2,983 3,080 -3.1% 2,924 3,051 -4.2% 2,809 3,010 -6.7% Finland 976 993 -1.7% 991 975 1.6% 870 896 -2.9% Sweden 504 508 -0.8% 494 506 -2.4% 458 475 -3.6% Latvia 282 300 -6.0% 282 300 -6.0% 266 289 -8.0% Lithuania 86 100 -14.0% 84 97 -13.7% 83 96 -13.5% Germany 5 6 -16.7% 5 6 -16.7% 5 6 -16.7% Russia 1 1 0.0% 1 1 0.0% 1 1 0.0% Total 4,837 4,988 -3.0% 4,780 4,936 -3.2% 4,492 4,773 -5.9% Average of Q3 Average of Jan-Sep End of Q3
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16 | 40 Unaudited interim report for Q3 2026 Management Report Shareholders & Share Price Development The adjacent chart displays the shareholder structure of AS Tallink Grupp as at 30 September 2026. The shares of AS Tallink Grupp have been listed on the Nasdaq Tallinn Stock Exchange since 9 December 2005, where the shares are traded under the ticker symbol TAL1T. Starting from 3 December 2018, the shares of AS Tallink Grupp are listed as Finnish Depository Receipts (FDRs) also on Nasdaq Helsinki stock exchange, where the FDRs are traded under the ticker symbol TALLINK. The account NORDEA BANK ABP / CLIENTS FDR represented 9 499 FDR-holders on 30 September 2026. The total number of shareholders and FDR - holders was 37 729. The following table gives an overview of the key trading data in the third quarter of 2026 on the Nasdaq Tallinn and Helsinki Stock Exchanges: The following charts give an overview of the share and FDR price and turnover developments in the past three years. Instrument Opening price (in euros) Closing price (in euros) Quarterly average price (in euros) Quarterly average turnover (in thousands of euros) TAL1T 0.614 0.645 0.622 67.60 TALLINK FDR 0.620 0.642 0.623 21.20 0.55 0.57 0.59 0.61 0.63 0.65 0.67 0.69 09.2024 12.2024 03.2025 06.2025 09.2025 12.2025 03.2026 06.2026 09.2026 Price in euros Shares FDRs 0 100 200 300 400 500 09.2024 11.2024 01.2025 03.2025 05.2025 07.2025 09.2025 11.2025 01.2026 03.2026 05.2026 07.2026 09.2026 Daily turnover (in thousands of euros) Shares FDRs Infortar AS 68.3% Nordea Bank ABP/Clients FDR 3.4% Clearstream Banking AG 1.8% Mersok OÜ 1.5% Other Shareholders 24.9%
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17 | 40 Unaudited interim report for Q3 2026 Management Report Key Management Personnel Supervisory Board Management Board The Supervisory Board of AS Tallink Grupp consists of six members: The Management Board of AS Tallink Grupp consists of four members: → Mr Enn Pant, Chairman of the Supervisory Board → Mr Peep Jalakas, Chairman of the Management Board → Mr Toivo Ninnas → Ms Elise Nassar → Ms Eve Pant → Mr Harri Hanschmidt → Mr Ain Hanschmidt → Mrs Piret Mürk-Dubout → Mr Kalev Järvelill → Mr Raino Paron
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18 | 40 Unaudited interim report for Q3 2026 Management Report Economic Environment In the third quarter of 2026, the Group’s operating environment continued to be influenced by geopolitical tensions and volatility in global energy markets. Continued disruptions to oil supplies from the Middle East contributed to renewed increases in energy prices during the latter part of the quarter. These developments maintained pressure on fuel costs, a significant component of the Group’s operating expenses, while contributing to broader inflationary pressures across its core markets of Finland, Sweden and Estonia. According to the European Travel Commission’s (ETC) latest analysis, European travel demand remained relatively resilient, supported by continued intra-European travel activity during the summer season. At the same time, consumer preferences continued to b e shaped by affordability, value -for- money and safety considerations. Despite sustained travel demand, downside risks persisted due to economic uncertainty, cost pressures and geopolitical developments, including uncertainty surrounding global trade policies. Consumer and business confidence across the Group’s core markets continued to reflect broader economic and geopolitical uncertainty. While confidence indicators showed mixed developments across countries and sectors, persistent cost pressures and uncertainty regarding economic prospects continued to influence purchasing power and spending decisions. Nevertheless, travel and transport activity demonstrated resilience during the summer season, with the Group recording year -on-year growth in both passenger and cargo volumes. The Group continued to operate in a demanding cost environment, reflecting the cumulative impact of inflation and tax changes introduced in previous periods. In 2026, Estonia maintained its main tax rates while introducing a uniform monthly tax -free allowa nce of EUR 700 , replacing the previous income-dependent system and cancelling planned increases in fuel and electricity excise duties. Finland reduced its lower VAT rate from 14% to 13.5%. These developments, together with the higher tax levels introduced in 2025, continued to influence the broader pricing environment and consumer purchasing power across the Group’s core markets. In Estonia, the government decided not to reinstate the passenger shipping support scheme in the 2027–2030 state budget strategy. The absence of the support measure continues to pose challenges to the competitiveness of Estonian -flagged vessels, while a po tential alternative scheme supporting the use of environmentally friendly marine fuels remains under consideration. The Group considers a stable and competitive maritime policy framework essential for maintaining employment and supporting the long-term sustainability of the Estonian maritime sector. For the foreseeable future, based on current knowledge and estimates, the key risks to the Group’s operations remain related to geopolitical tensions and their impact on energy markets, particularly fuel price volatility, as well as uncertainty surrounding the global economic outlook and changing customer travel and consumption habits.
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19 | 40 Unaudited interim report for Q3 2026 Management Report Events in the Third Quarter of 2026 Changes in the Group’s Loan Obligations In September 2026, the Group amended and restated the EUR 298 million loan agreement from December 2023. The final maturity of the EURIBOR-based floating interest rate loan was extended by two years until 21 December 2030 with two further extension possibilities, each by one year. The financing was arranged by Nordea Bank ABP NUF, Danske Bank A/S, KfW IPEX Bank GmbH, AS Swedbank and Skandinaviska Enskilda Banken AB. Nordea Bank ABP NUF acted as a Coordinator. The loan is guaranteed by the subsidiaries of AS Tallink Grupp, Tallink High Speed Line Ltd, Tallink Fast Ltd, Tallink Sea Line Ltd, Tallink Victory Line Ltd, Tallink Ltd, Tallink Autoexpress Ltd and Tallinn Swedish Line Ltd. The loan is secured by the mortgages on the ships belonging to these subsidiaries. Increase of the Group’s Share Capital In September 2026, the Supervisory Board of AS Tallink Grupp resolved to increase the share capital in connection with the exercise of share options granted under the share option programme approved in 2023. A total of 70 option holders exercised their rights and subscribed for 5,216,300 new shares. As a result, the share capital increased by EUR 2,451,661 to EUR 351,929,121.08. Events After the Reporting Period and Outlook Appointment of new CFO On 12 October 2026, Armin Penner assumed the position of the CFO of the Group. Outlook The Group’s operations are subject to seasonal fluctuations, with a significant share of its revenue and profit generated during the high season. Based on historical experience, management considers the summer months, from June to August, to represent the high season. The war in Ukraine continues to have a negative impact on the demand from certain customer groups, particularly from countries directly affected by the conflict as well as from selected long-haul markets such as Asia and North America. The escalation in the Middle East has disrupted parts of global energy supply chains and contributed to higher and more volatile fuel prices directly impacting the Group’s operating costs. At the same time, broader geopolitical uncertainty may affect consumer confidence and travel demand across the Group’s core markets. The overall magnitude and duration of these impacts, including the effects on demand, fuel prices and broader economic conditions, as well as the implications of geopolitical developments and potential trade restrictions, remain uncertain and difficult to predict. Despite the uncertainties in the economic outlook, the management continues to actively manage seasonality-related risks during the low season. Measures include chartering out vessels, deploying vessels in alternative operations and, where appropriate, evaluating divestment opportunities for non-
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20 | 40 Unaudited interim report for Q3 2026 Management Report core assets. The Group also remains focused on optimising its cost base and improving operational efficiency. These expectations and assessments are based on current assumptions and estimates and are subject to change depending on the development in the economic, geopolitical and regulatory environment. Research and Development Projects The Group does not have any substantial standalone research and development projects. However, it continuously seeks innovative solutions to upgrade its vessels and passenger area technologies to improve operational efficiency and overall performance. The Group’s technical initiatives are primarily focused on reducing CO ₂ and other greenhouse gas emissions and mitigating other negative environmental impacts arising from its operations. The Group has introduced liquefied biogas (LBG) as an alternative fuel and continues to expand the use of shore power connections. In addition, the Group is cooperating with equipment manufacturers and Rauma Marine Constructions (RMC) to develop and impleme nt hybrid solutions for vessels with electric propulsion systems. The Group also participates in international development initiatives, including the HOLOGISTICS project and the FIN-EST Green Corridor initiative . The HOLOGISTICS project focuses on advancing digital and sustainable solutions in the logistics and maritime sectors. The FIN-EST Green Corridor project aims to reduce the environmental impact of maritime transport between Tallinn and Helsinki and promote sustainable transport and port solutions in cooperation with ports, cities and ferry operators.
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21 | 40 Unaudited interim report for Q3 2026 Management Report Risks The Group’s business, financial position and operating results could be materially affected by various risks. These risks are not the only ones that we face. Additional risks and uncertainties not presently known to us, or that we currently believe are immaterial or unlikely, could also impair the business. The order of presentation of the risk factors below is not intended to be an indication of the probability of their occurrence or of their potential effect on our business. → escalation of geopolitical tensions, including in the Middle East, which may lead to increased volatility in fuel prices, supply chain disruptions and higher operating costs; → protracted geopolitical and military conflict in Europe; → changes in the Estonian tax environment that may weaken its stability, historically a key competitive advantage of the Estonian economy; → increases in tax rates in the Group’s core markets; → governmental restrictions affecting business operations; → impact of inflation and cost-of-living pressures on consumer behaviour and demand; → accidents, environmental incidents, and natural or man-made disasters; → adverse macroeconomic and labour market developments; → changes in laws and regulations; → relations with trade unions and collective labour disputes; → volatility in fuel prices and interest rates; → changes in market conditions and customer behaviour; → impact of variations in labour legislation on competitiveness when operating under different flags.
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22 | 40 Unaudited interim report for Q3 2026 Management Board’s Confirmation MANAGEMENT BOARD’S CONFIRMATION We confirm that to the best of our knowledge, the management report of AS Tallink Grupp for the third quarter and 9 months of 2026 presents a true and fair view of the Group’s development, results and financial position and includes an overview of the main risks and uncertainties. Peep Jalakas Chairman of the Management Board Harri Hanschmidt Member of the Management Board Elise Nassar Member of the Management Board Piret Mürk-Dubout Member of the Management Board This Interim Report has been signed digitally.
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23 | 40 Unaudited interim report for Q3 2026 Unaudited Condensed Consolidated Interim Financial Statements UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Consolidated Statement of Profit or Loss and Other Comprehensive Income Unaudited, in thousands of EUR Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Revenue (Note 3) 246,696 233,072 603,048 577,302 Cost of sales -176,866 -165,894 -488,944 -475,822 Gross profit 69,830 67,178 114,104 101,480 Sales and marketing expenses -10,072 -10,686 -32,439 -32,550 Administrative expenses -10,853 -11,778 -36,710 -37,118 Other operating income 205 1,438 2,007 3,246 Other operating expenses -46 -274 -267 -1,768 Result from operating activities 49,064 45,878 46,695 33,290 Finance income (Note 4) 35 202 92 316 Finance costs (Note 4) -5,204 -5,132 -14,635 -16,982 Profit before income tax 43,895 40,948 32,152 16,624 Income tax -46 -173 -12,756 -11,536 Net profit for the period 43,849 40,775 19,396 5,088 Net profit for the period attributable to equity holders of the Parent 43,849 40,775 19,396 5,088 Other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translating foreign operations -107 -43 33 -76 Revaluation of property, plant and equipment 0 -1,356 0 -5,607 Other comprehensive loss/income for the period -107 -1,399 33 -5,683 Total comprehensive income for the period 43,742 39,376 19,429 -595 Total comprehensive income for the period attributable to equity holders of the Parent 43,742 39,376 19,429 -595 EPS (in EUR, Note 5) 0.059 0.055 0.026 0.007 Diluted EPS (in EUR, Note 5) 0.058 0.054 0.026 0.007
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24 | 40 Unaudited interim report for Q3 2026 Unaudited Condensed Consolidated Interim Financial Statements Consolidated Statement of Financial Position Unaudited, in thousands of EUR 30.09.2026 30.09.2025 31.12.2025 ASSETS Cash and cash equivalents 21,759 31,937 13,491 Trade and other receivables 30,604 33,347 36,830 Prepayments 13,846 11,409 8,303 Inventories 45,277 42,513 45,770 Intangible assets 67 1,226 1,503 Current assets 111,553 120,432 105,897 Other financial assets and prepayments 443 508 438 Deferred income tax assets 21,840 21,840 21,840 Investment property 300 300 300 Property, plant and equipment (Note 6) 1,163,155 1,195,032 1,182,216 Intangible assets (Note 7) 18,830 20,965 20,073 Non-current assets 1,204,568 1,238,645 1,224,867 TOTAL ASSETS 1,316,121 1,359,077 1,330,764 LIABILITIES AND EQUITY Interest-bearing loans and borrowings (Note 8) 89,726 74,517 77,156 Trade and other payables 102,262 88,452 97,297 Payables to owners 22,469 22,313 6 Income tax liability 6,507 6,222 4 Deferred income 36,458 39,723 37,458 Current liabilities 257,422 231,227 211,921 Interest-bearing loans and borrowings (Note 8) 330,666 390,129 368,770 Non-current liabilities 330,666 390,129 368,770 Total liabilities 588,088 621,356 580,691 Share capital (Note 9) 351,929 349,477 349,477 Share premium 1,302 663 663 Reserves 59,076 59,314 59,760 Retained earnings 315,726 328,267 340,173 Equity attributable to equity holders of the Parent 728,033 737,721 750,073 Total equity 728,033 737,721 750,073 TOTAL LIABILITIES AND EQUITY 1,316,121 1,359,077 1,330,764
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25 | 40 Unaudited interim report for Q3 2026 Unaudited Condensed Consolidated Interim Financial Statements Consolidated Statement of Cash Flows Unaudited, in thousands of EUR Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net loss/profit for the period 43,849 40,775 19,396 5,088 Adjustments 24,024 28,673 84,396 98,775 Changes in: Receivables and prepayments related to operating activities -154 10,302 678 -11,848 Inventories 1,727 3,308 426 3,837 Liabilities related to operating activities -23,933 -27,820 5,170 11,033 Changes in assets and liabilities -22,360 -14,210 6,274 3,022 Cash generated from operating activities 45,513 55,238 110,066 106,885 Income tax paid -6,094 -4,918 -6,254 -4,994 NET CASH USED IN/FROM OPERATING ACTIVITIES 39,419 50,320 103,812 101,891 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant, equipment and intangible assets (Notes 6, 7) -3,415 -5,491 -24,963 -27,196 Proceeds from disposals of property, plant, equipment 39 6,349 95 70,966 Interest received 35 81 92 175 NET CASH USED IN/FROM INVESTING ACTIVITIES -3,341 939 -24,776 43,945 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of loans received (Note 8) -16,778 -16,778 -39,990 -80,283 Change in overdraft (Note 8) -8,347 -7,956 15,799 0 Payment of lease liabilities (Note 8) -4,109 -3,809 -13,083 -13,531 Interest paid -4,409 -4,451 -13,187 -15,867 Payment of transaction costs related to loans -452 0 -452 -616 Dividends paid (Note 10) -22,307 -22,307 -22,307 -22,307 Issue of shares 2,452 0 2,452 0 NET CASH FROM/USED IN FINANCING ACTIVITIES -53,950 -55,301 -70,768 -132,604 TOTAL NET CASH FLOW -17,872 -4,042 8,268 13,232 Cash and cash equivalents at the beginning of period 39,631 35,979 13,491 18,705 Change in cash and cash equivalents -17,872 -4,042 8,268 13,232 Cash and cash equivalents at the end of period 21,759 31,937 21,759 31,937
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26 | 40 Unaudited interim report for Q3 2026 Unaudited Condensed Consolidated Interim Financial Statements Consolidated Statement of Changes in Equity Unaudited, in thousands of EUR Share capital Share premium Translation reserve Ships re- valuation reserve Legal reserve Share option programme reserve Retained earnings Equity attributable to equity holders of Parent Total equity As at 31 December 2025 349,477 663 607 22,405 34,948 1,800 340,173 750,073 750,073 Net profit for the period 0 0 0 0 0 0 19,396 19,396 19,396 Other comprehensive income for the period Exchange differences on translating foreign operations 0 0 33 0 0 0 0 33 33 Total comprehensive income for the period 0 0 33 0 0 0 19,396 19,429 19,429 Transfer from revaluation reserve 0 0 0 -718 0 0 718 0 0 Transactions with owners of the Company recognised directly in equity Transfer from revaluation reserve 0 0 0 0 0 0 0 0 0 Dividends (Note 10) 0 0 0 0 0 0 -44,771 -44,771 -44,771 Share options (Note 11) 0 0 0 0 0 640 210 850 850 Issue of shares (Note 9) 2,452 639 0 0 0 -639 0 2,452 2,452 Transactions with owners of the Company recognised directly in equity 2,452 639 0 0 0 1 -44,561 -41,469 -41,469 As at 30 September 2026 351,929 1,302 640 21,687 34,948 1,801 315,726 728,033 728,033 As at 31 December 2024 349,477 663 1,000 29,270 34,948 683 366,265 782,306 782,306 Net profit for the period 0 0 0 0 0 0 5,088 5,088 5,088 Other comprehensive income for the period Exchange differences on translating foreign operations 0 0 -76 0 0 0 0 -76 -76 Revaluation of assets held for sale 0 0 0 -5,607 0 0 0 -5,607 -5,607 Total comprehensive profit for the period 0 0 -76 -5,607 0 0 5,088 -595 -595 Transfer from revaluation reserve 0 0 0 -1,528 0 0 1,528 0 0 Transactions with owners of the Company recognised directly in equity Dividends 0 0 0 0 0 0 -44,614 -44,614 -44,614 Share options (Note 11) 0 0 0 0 0 624 0 624 624 Transactions with owners of the Company recognised directly in equity 0 0 0 0 0 624 -44,614 -43,990 -43,990 As at 30 September 2025 349,477 663 924 22,135 34,948 1,307 328,267 737,721 737,721
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27 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Note 1 Corporate Information The consolidated interim financial statements of AS Tallink Grupp (the “Parent”) and its subsidiaries (together referred to as the “Group”) for the third quarter of 2026 were authorised for issue by the Management Board on 22 October 2026. AS Tallink Grupp is a public limited company incorporated and domiciled in Estonia, with a registered office at Sadama 5, Tallinn. AS Tallink Grupp shares have been publicly traded on the Nasdaq Tallinn Stock Exchange since 9 December 2005. Starting from 3 December 2018 the shares of AS Tallink Grupp are also listed as Finnish Depository Receipts (FDRs) on the Nasdaq Helsinki Stock Exchange. The principal activities of the Group are related to marine transportation in the Baltic Sea (passenger and cargo transportation). As of 30 September 2026, the Group employed 4,492 people (4,773 as of 30 September 2025). Note 2 Basis of Preparation These interim consolidated financial statements of AS Tallink Grupp have been prepared in a condensed form in accordance with International Accounting Standard (IAS) 34 “Interim Financial Reporting”. These interim consolidated financial statements have been prepared using the same accounting policies and measurement bases that were applied in the preparation of the consolidated financial statements of AS Tallink Grupp for the financial year ended on 31 December 2025. The Group prepares its consolidated annual financial statements in accordance with IFRS as adopted by the EU. The interim consolidated financial statements are presented in thousand euros (EUR). Note 3 Segment Information The Group’s operations are organized and managed separately according to the nature of the different markets. Different routes represent different business segments. The following tables present the Group’s revenue and profit by reportable segments for the reporting and the comparative period.
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28 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Geographical Segments – by the Location of Assets For the period 1 January - 30 September, in thousands of EUR Estonia-Finland routes Estonia-Sweden routes Finland-Sweden routes Other Intersegment elimination Total 2026 Sales to external customers 251,339 61,736 183,725 106,248 0 603,048 Intersegment sales 0 0 0 3,128 -3,128 0 Revenue 251,339 61,736 183,725 109,376 -3,128 603,048 Segment result 56,910 164 -2,670 27,261 0 81,665 Unallocated expenses -34,970 Net financial items (Note 4) -14,543 Profit before income tax 32,152 For the period 1 January - 30 September, in thousands of EUR Estonia-Finland routes Estonia-Sweden routes Finland-Sweden routes Other Intersegment elimination Total 2025 Sales to external customers 236,928 65,312 170,982 104,080 0 577,302 Intersegment sales 0 0 0 4,218 -4,218 0 Revenue 236,928 65,312 170,982 108,298 -4,218 577,302 Segment result 53,584 -2,531 3,320 14,557 0 68,930 Unallocated expenses -35,640 Net financial items (Note 4) -16,666 Profit before income tax 16,624
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29 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Revenue by Service Note 4 Financial Items In thousands of EUR Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Restaurant and shop sales on-board and onshore 109,840 105,629 280,449 274,442 Ticket sales 83,316 80,936 179,098 175,377 Sales of cargo transport 22,643 18,959 67,703 59,234 Sales of accommodation 6,379 6,309 13,211 13,833 Income from charter of vessels 18,234 15,336 42,819 39,827 Other 6,284 5,903 19,768 14,589 Total revenue of the Group 246,696 233,072 603,048 577,302 In thousands of EUR Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Net foreign exchange gain 0 121 0 141 Income from other financial assets 35 81 92 175 Total finance income 35 202 92 316 Net foreign exchange loss -45 0 -106 0 Interest expense on financial liabilities measured at amortised cost -4,604 -4,772 -13,126 -15,606 Interest expense on lease liabilities related to right-of-use assets -555 -360 -1,403 -1,376 Total finance costs -5,204 -5,132 -14,635 -16,982 Net finance costs -5,169 -4,930 -14,543 -16,666
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30 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Note 5 Earnings Per Share Earnings per share (EPS) are calculated by dividing the net profit for the period attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the period. At the end of the period, in thousands Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Shares issued 748,785 743,569 748,785 743,569 Shares outstanding 748,785 743,569 748,785 743,569 For the period, in thousands of EUR Q3 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Weighted average number of ordinary shares outstanding (in thousands) 745,308 743,569 744,149 743,569 Effect of share options on issue 4,585 4,976 4,941 4,327 Weighted average number of ordinary shares outstanding (in thousands, diluted) 749,893 748,545 749,090 747,896 Net profit attributable to equity holders of the Parent 43,849 40,775 19,396 5,088 EPS (EUR) 0.059 0.055 0.026 0.007 Diluted EPS (EUR) 0.058 0.054 0.026 0.007
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31 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Note 6 Property, Plant and Equipment In thousands of EUR Land and buildings Ships Plant and equipment Right-of-use assets Assets under construction Total Book value as at 31 December 2025 2,122 1,066,863 45,558 64,398 3,275 1,182,216 Additions 0 0 12,775 15,321 10,413 38,509 Reclassification 0 10,799 18 0 -10,817 0 Disposals 0 0 -17 -2,977 0 -2,994 Depreciation for the period -121 -29,307 -11,922 -13,226 0 -54,576 Book value as at 30 September 2026 2,001 1,048,355 46,412 63,516 2,871 1,163,155 As at 30 September 2026 Gross carrying amount 10,065 1,757,000 165,226 171,351 2,871 2,106,513 Accumulated depreciation -8,064 -708,645 -118,814 -107,835 0 -943,358 Book value as at 31 December 2024 2,337 1,175,177 45,767 80,782 5,937 1,310,000 Additions 0 0 10,708 2,295 14,955 27,958 Reclassification 0 14,101 2,341 0 -16,442 0 Reclassification as assets held for sale 0 -75,826 0 0 0 -75,826 Disposals 0 0 -1,350 -630 -15 -1,995 Depreciation for the period -161 -40,613 -11,381 -12,950 0 -65,105 Book value as at 30 September 2025 2,176 1,072,839 46,085 69,497 4,435 1,195,032 As at 30 September 2025 Gross carrying amount 10,065 1,760,105 155,084 169,877 4,435 2,099,566 Accumulated depreciation -7,889 -687,266 -108,999 -100,380 0 -904,534
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32 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Right-of-Use Assets In thousands of EUR Buildings and premises Plant and equipment Total right-of- use assets Book value as at 31 December 2025 63,210 1,188 64,398 Additions 15,086 235 15,321 Disposals -2,977 0 -2,977 Depreciation for the period -12,973 -253 -13,226 Book value as at 30 September 2026 62,346 1,170 63,516 As at 30 September 2026 Gross carrying amount 169,161 2,190 171,351 Accumulated depreciation -106,815 -1,020 -107,835 Book value as at 31 December 2024 80,418 364 80,782 Additions 1,142 1,153 2,295 Disposals -630 0 -630 Depreciation for the period -12,704 -246 -12,950 Book value as at 30 September 2025 68,226 1,271 69,497 As at 30 September 2025 Gross carrying amount 167,922 1,955 169,877 Accumulated depreciation -99,696 -684 -100,380
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33 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Note 7 Intangible Assets Note 8 Interest-Bearing Loans and Borrowings In thousands of EUR Goodwill Trademark Other Assets under construction Total Book value as at 31 December 2025 11,066 1,426 6,388 1,193 20,073 Additions 0 0 289 1,486 1,775 Reclassification 0 0 1,156 -1,156 0 Disposals 0 0 0 0 0 Amortisation for the period 0 -1,426 -1,592 0 -3,018 Book value as at 30 September 2026 11,066 0 6,241 1,523 18,830 As at 30 September 2026 Cost 11,066 58,288 35,163 1,523 106,040 Accumulated amortisation 0 -58,288 -28,922 0 -87,210 Book value as at 31 December 2024 11,066 4,342 7,302 852 23,562 Additions 0 0 5 1,528 1,533 Reclassification 0 0 1,316 -1,316 0 Disposals 0 0 -33 0 -33 Amortisation for the period 0 -2,187 -1,910 0 -4,097 Book value as at 30 September 2025 11,066 2,155 6,680 1,064 20,965 As at 30 September 2025 Cost 11,066 58,288 39,880 1,064 110,298 Accumulated amortisation 0 -56,133 -33,200 0 -89,333 In thousands of EUR 31.12.2025 Addition Repayments Exchange differences Other changes¹ 30.09.2026 Lease liabilities 147 0 -36 -5 0 106 Lease liabilities related to right-of- use assets 70,962 15,321 -13,047 -76 -4,092 69,068 Overdrafts 3,126 15,799 0 0 0 18,925 Long-term bank loans 371,691 0 -39,989 0 591 332,293 Total borrowings 445,926 31,120 -53,072 -81 -3,501 420,392 Current portion 77,156 89,726 Non-current portion 368,770 330,666 Total borrowings 445,926 420,392
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34 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements 1 Capitalisation and amortisation of transaction costs and the termination of lease agreements. Bank overdrafts are secured with commercial pledges (in the total amount of EUR 20 ,204 thousand) and ship mortgages. AS Tallink Grupp has given guarantees to Nordea Bank Plc and KfW IPEX-Bank GmbH for loans of EUR 174,440 thousand granted to its ship -owning subsidiaries. Ship -owning subsidiaries have given guarantees to Nordea Bank Finland Plc for loan of EUR 157,853 thousand granted to AS Tallink Grupp. The primary securities for th is loan are pledges of the shares in the ship - owning subsidiaries and mortgages on the ships belonging to the aforementioned subsidiaries. Note 9 Share Capital AS Tallink Grupp has 74 8,785,364 registered shares without nominal value and the notional value of each share is EUR 0.47. Each share grants one vote at the General Meeting of S hareholders. Shares acquired by the transfer of ownership are eligible for participating in and voting at a general meeting only if the ownership change is recorded in the Estonian Central Registry of Securities at the time used to determine the list of shareholders for the given General Meeting of Shareholders. In September 2026 AS Tallink Grupp issued 5 ,216,300 new shares under the Group’s share option programme. Note 10 Dividends The Annual General Meeting of Shareholders held on 19 May 202 6 decided to pay a dividend of EUR 0.06 per share in 2026. The total dividend amount of EUR 44,771 thousand is paid out in two instalments. The first instalment of EUR 0.03 per share in the total amount of EUR 22,307 thousand was paid out on 1 July 202 6. The second instalment of EUR 22,464 thousand will be paid out on 24 November 2026. In thousands of EUR 31.12.2024 Addition Repayments Exchange differences Other changes¹ 30.09.2025 Lease liabilities 195 0 -38 7 -8 156 Lease liabilities related to right-of- use assets 87,659 2,295 -13,493 57 -655 75,863 Long-term bank loans 468,520 0 -80,283 0 390 388,627 Total borrowings 556,374 2,295 -93,814 64 -273 464,646 Current portion 104,549 74,517 Non-current portion 451,825 390,129 Total borrowings 556,374 464,646
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35 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Note 11 Share Option Programme On 13 June 2023, the Group’s General Meeting of Shareholders adopted a resolution to approve the 3-year share option program and subject to which the Group has the right to issue share options for acquiring shares, which represent a total of up to 3% of AS Tallink Grupp’s share capital (maximum 1% of share capital annually). On 1 August 2023, the Group issued 7 ,270 thousand share options of which 3 ,300 thousand were issued to the members of the Management and the Supervisory Board and 3 ,970 thousand to the key employees of the Group. In September 2026, a total of 5,216,300 share options granted in August 2023 were exercised, resulting in the issuance of an equivalent number of new shares. The remaining 2,053,700 unexercised options were cancelled. On 1 3 June 2024, the Group issued 7 ,055 thousand share options of which 3,300 thousand were issued to the members of the Management and the Supervisory Board and 3,755 thousand to the key employees of the Group. On 13 June 2025, the Group issued 7 ,205 thousand share options of which 3 ,300 thousand were issued to the members of the Management and Supervisory Board and 3,905 thousand to the key employees of the Group. As at 30 September 2026, the effective number of share options was 14,005 thousand. Each option entitles to the acquiring of one share of AS Tallink Grupp at a price equal to the notional value of the share at the time of exercise of the share option (EUR 0.47 as at 30 September 2026). The share options are non-transferable with the vesting period of three years from issuing of the share options. Exercising of share options is carried out by increasing the share capital of AS Tallink Grupp and issuing of new shares, which is decided by t he General Meeting of Shareholders of AS Tallink Grupp or by the Supervisory Board of AS Tallink Grupp on the basis of the Articles of Association. In 2021, the Group’s largest shareholder Infortar AS General Meeting of Shareholders adopted a resolution to approve the share option program and subject to which the Infortar AS has the right to issue share options. Total 39 thousand share options were issued to the employees of AS Tallink Grupp of which 37 thousand is issued to the members of the Management Board of the Group and 2 thousand to the key employees of the Group. The fair value of the share options is measured by using the Black -Scholes model as of the grant date and is recorded as an expense during the vesting period of 36 months from the date of issue. The cost of share options issued amounted to EUR 850 thousand in 2026. The outstanding share options have diluting effect due to their exercise price being lower than average price in stock market during the reporting period (see Note 5).
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36 | 40 Unaudited interim report for Q3 2026 Notes to the Condensed Consolidated Interim Financial Statements Note 12 Related Party Disclosures The Group has conducted transactions with related parties and has outstanding balances with related parties. For the period ended 30 September 2026, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Parent company 63 0 17 0 Other Group companies 7,194 44,408 825 60,378 Companies controlled by the owners and the Key Management Personnel 95 548 21 182 Total 7,352 44,956 863 60,560 For the period ended 30 September 2025, in thousands of EUR Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Parent company 76 0 31 0 Other Group companies 211 31,909 812 60,819 Companies controlled by the owners and the Key Management Personnel 61 332 5 219 Associated companies 0 0 0 0 Total 348 32,241 848 61,038
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37 | 40 Unaudited interim report for Q3 2026 Statement by the Management Board STATEMENT BY THE MANAGEMENT BOARD Hereby we acknowledge our responsib ility for the AS Tallink Grupp U naudited Condensed Consolidated Interim Financial Statements for the third quarter and 9 months of 2026 and confirm that these financial statements have been prepared in accordance with IAS 34 and give a true and fair view of the Group’s financial position, financial performance, and cash flows. Based on today’s knowledge, the Management Board is of the opinion that AS Tallink Grupp and its subsidiaries are able to continue as going concerns for a period of at least one year after the date of approval of these interim financial statements. Peep Jalakas Chairman of the Management Board Harri Hanschmidt Member of the Management Board Elise Nassar Member of the Management Board Piret Mürk-Dubout Member of the Management Board This Interim Report has been signed digitally.
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38 | 40 Unaudited interim report for Q3 2026 Alternative Performance Measures ALTERNATIVE PERFORMANCE MEASURES AS Tallink Grupp presents certain performance measures as key figures, which in accordance with the “Alternative Performance Measures” guidance by the European Securities and Markets Authority (ESMA) are not accounting measures of historical financial performance, financial position and cash flows, defined or specified in I FRS, but which are instead non -financial measures and alternat ive performance measures (APMs). The non -financial measures and APMs provide the management, investors, securities analysts and other parties significant additional information related to the Group’s operati ng results , financial position and/or cash flows and are often used by analysts, investors and other parties. The non-financial measures and APMs should not be considered in isolation or as substit ute to the measures under IFRS. The APMs are unaudited. Calculation Formulas of Alternative Performance Measures EBITDA: result from operating activities before net financial items, share of profit of equity - accounted investees, taxes, depreciation and amortization EBIT: result from operating activities before net financial items and taxes Earnings/loss per share: net profit or loss / weighted average number of shares outstanding Equity ratio: total equity / total assets Shareholder’s equity per share: shareholder’s equity / number of shares outstanding Gross margin: gross profit or loss / revenue EBITDA margin: EBITDA / revenue EBIT margin: EBIT / revenue Net profit/loss margin: net profit or loss / revenue Capital expenditure: additions to property, plant and equipment – additions to right-of-use assets + additions to intangible assets ROA: earnings before net financial items, taxes 12-months trailing / average total assets ROE: net profit or loss 12-months trailing / average shareholders’ equity ROCE: earnings before net financial items, taxes 12-months trailing / (total assets – current liabilities (average for the period)) Net debt: interest-bearing liabilities less cash and cash equivalents Net debt to EBITDA: net debt / EBITDA 12-months trailing
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39 | 40 Unaudited interim report for Q3 2026 Alternative Performance Measures Reconciliations of Certain Alternative Performance Measures In thousands of EUR Q3 2026 Q3 2025 Depreciation 18,292 21,676 Amortisation 514 1,372 Depreciation and amortisation 18,806 23,048 Result from operating activities 49,064 45,878 Depreciation and amortisation 18,806 23,048 EBITDA 67,870 68,926 EBITDA 67,870 68,926 IFRS 16 adoption effect -5,033 -5,591 Adjusted EBITDA 62,837 63,335 Additions to property, plant and equipment 2,973 4,924 Additions to intangible assets 442 567 Capital expenditures 3,415 5,491 Net profit/loss for the period 43,849 40,775 Weighted average number of shares outstanding 745,307,831 743,569,064 Earnings/loss per share (EUR) 0.059 0.055 Lease liabilities 106 156 Lease liabilities related to right-of-use assets 69,068 75,863 Overdraft 18,925 0 Long-term bank loans 332,293 388,627 Interest-bearing liabilities 420,392 464,646 Gross profit/loss 69,830 67,178 Revenue 246,696 233,072 Gross margin (%) 28.3% 28.8% EBITDA 67,870 68,926 Revenue 246,696 233,072 EBITDA margin (%) 27.5% 29.6% Adjusted EBITDA 62,837 63,335 Revenue 246,696 233,072 Adjusted EBITDA margin (%) 25.5% 27.2% EBIT 49,064 45,878 Revenue 246,696 233,072 EBIT margin (%) 19.9% 19.7% Net profit/loss 43,849 40,775 Revenue 246,696 233,072 Net profit/loss margin (%) 17.8% 17.5% Result from operating activities 12-months trailing 63,707 34,588 Total assets 30 September (previous year) 1,359,077 1,498,900 Total assets 31 December 1,330,764 1,463,941 Total assets 31 March 1,328,726 1,470,540 Total assets 30 June 1,351,899 1,413,737 Total assets 30 September 1,316,121 1,359,077 Average assets 1,337,317 1,441,239 ROA (%) 4.8% 2.4%
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40 | 40 Unaudited interim report for Q3 2026 Alternative Performance Measures In thousands of EUR Q3 2026 Q3 2025 Net profit/loss 12-months trailing 31,572 -132 Total equity 30 September (previous year) 737,721 787,364 Total equity 31 December 750,073 782,306 Total equity 31 March 728,430 749,126 Total equity 30 June 681,743 698,105 Total equity 30 September 728,033 737,721 Average equity 725,200 750,924 ROE (%) 4.4% 0.0% Result from operating activities 12-months trailing 63,707 34,588 Total assets 30 September (previous year) 1,359,077 1,498,900 Total assets 31 December 1,330,764 1,463,941 Total assets 31 March 1,328,726 1,470,540 Total assets 30 June 1,351,899 1,413,737 Total assets 30 September 1,316,121 1,359,077 Current liabilities 30 September (previous year) 231,227 227,724 Current liabilities 31 December 211,921 229,810 Current liabilities 31 March 246,204 286,849 Current liabilities 30 June 320,385 303,126 Current liabilities 30 September 257,422 231,227 Total assets - current liabilities 30 September (previous year) 1,127,850 1,271,176 Total assets - current liabilities 31 December 1,118,843 1,234,131 Total assets - current liabilities 31 March 1,082,522 1,183,691 Total assets - current liabilities 30 June 1,031,514 1,110,611 Total assets - current liabilities 30 September 1,058,699 1,127,850 Average assets - current liabilities 1,083,886 1,185,492 ROCE (%) 5.9% 2.9% In thousands of EUR 30.09.2026 30.06.2026 Interest-bearing liabilities 420,392 449,229 Cash and cash equivalents 21,759 39,631 Net debt 398,633 409,598 Total equity 728,033 681,743 Total assets 1,316,121 1,351,899 Equity ratio (%) 55.3% 50.4% Equity attributable to equity holders of the Parent 728,033 681,743 Number of ordinary shares outstanding 748,785,364 743,569,064 Shareholders’ equity per share (EUR) 0.97 0.92 Net debt 398,633 409,598 12-months trailing Depreciation 63,792 67,175 Amortisation 4,366 5,224 Depreciation and amortisation 68,158 72,399 EBITDA 131,864 132,920 Net debt to EBITDA 3.0 3.1