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AS Tallink Grupp Unaudited Consolidated Interim Report for the Q4 and 12 months of 2025

Tallink Grupp

Thu, February 19, 2026 at 4:00 PM GMT+9 21 min read

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Tallink Grupp

The results of AS Tallink Grupp for the Q4 and 12 months 2025 will be introduced at an Investor Webinar held today at 12:00 (EEST). To participate, please join via the following link; we kindly ask participants to provide their questions latest by 11:00 am by email to: investor@tallink.ee. Further details are available in a previously published announcement.

In the financial year 2025 (1 January–31 December), AS Tallink Grupp and its subsidiaries (hereinafter referred to as “the Group”) carried 5,531,132 passengers, representing a 0.9% decrease year-on-year. The number of cargo units transported decreased by 19.2% to 245,004 while the number of passenger vehicles was down by 2.2% to 760,473.

The Group’s unaudited consolidated revenue amounted to EUR 765.3 million compared to EUR 785.8 million in the financial year 2024. Unaudited EBITDA totalled EUR 130.1 million (EUR 175.2 million in the financial year 2024) and the unaudited net profit for the period was EUR 17.3 million (EUR 40.3 million in the financial year 2024).

The Group’s revenue and operating results in 2025 were impacted by several business-related and operational factors:

Demand was impacted by low consumer and business confidence, ongoing economic challenges in the Group’s core markets, and heightened global geopolitical tensions.

As at the end of the financial year, the Group operated 11 vessels including 2 shuttle vessels, 6 passenger vessels and 3 vessels that were chartered out.

The number of vessels in lay-up decreased from four at the end of the first quarter of 2025 to zero by the end of the third quarter of 2025, as a result of either securing new employment arrangement (the cruise vessel Romantika) or the sale of vessels.

During the financial year, the Group completed the sale of three vessels. The passenger vessel Star I was sold to Irish Continental Group plc in April, the cargo vessel Regal Star to AMS Line Shipping Co in August and the cargo vessel Sailor to Rederiaktiebolaget Eckerö in October.

The Group operated three hotels in Tallinn and one in Riga.

The Group’s cash position was impacted by the payment of dividends in the amount of EUR 44.6 million and related income tax of EUR 11.3 million.

As at 31 December 2025, the Group’s net debt amounted to EUR 432.4 million broadly unchanged compared to EUR 432.7 million as at 30 September 2025. The net debt to EBITDA ratio stood at 3.3 as at 31 December 2025 compared with 3.4 as at 30 September 2025.

Total loan repayment and interest payment during the financial year amounted to EUR 113.5 million.

Capital investments in 2025 totalled EUR 33.0 million, while planned maintenance and repair works of vessels totalled 73 days.

The Group’s profitability was positively impacted by a decline in depreciation expense due to the alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years.

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.

 






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Sales and Results by Segments

In the financial year 2025, the Group’s total revenue decreased by EUR 20.5 million to EUR 765.3 million compared to EUR 785.8 million a year ago.

Revenue from route operations (the Group’s core operations) decreased by EUR 13.7 million to EUR 625.2 million compared to the financial year 2024. The segment result from route operations (the Group’s core operations) amounted to EUR 70.5 million compared to EUR 81.5 million in the financial year 2024.

The number of passengers carried on the Estonia-Finland route increased by 1.8% in year-on-year. The number of transported cargo units decreased by 20.0%. Revenue from the Estonia-Finland route increased by EUR 1.7 million compared to the same period a year ago and amounted to EUR 314.5 million while the segment result decreased by EUR 10.9 million to EUR 70.4 million, year-on-year. The segment reflects the operations of two shuttle vessels, MyStar and Megastar, and the cruise ferry Victoria I. In the financial year 2024, the cruise ferry Victoria I operated the Tallinn-Stockholm route from 31 May until 31 August 2024.

In the financial year 2025, the year-on-year decrease in the number of passengers on Finland-Sweden routes was 2.4%. The number of transported cargo units decreased by 22.8%. The routes’ revenue decreased by EUR 3.3 million to EUR 225.5 million and the segment result decreased by EUR 1.5 million to EUR 1.3 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). The route’s results were impacted by the maintenance works of the cruise ferries Silja Serenade and Baltic Princess that totalled 68 days in the first quarter of 2025.

On Estonia-Sweden routes the number of carried passengers decreased by 12.5%. The number of transported cargo units decreased by 11.5% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 12.1 million to EUR 85.3 million. The segment result increased by EUR 1.4 million to a loss of EUR 1.2 million. The Estonia-Sweden segment reflects the operations of the Tallinn-Stockholm and the Paldiski-Kapellskär routes. The Tallinn-Stockholm route was operated by the cruise ferry Baltic Queen. The Paldiski-Kapellskär route was operated by the passenger vessel Superfast IX for most of the year. In the beginning of the year, the Paldiski-Kapellskär route was operated by the cargo vessels Sailor (partly in January 2025) and Regal Star (until the beginning of February 2025) as well as the passenger vessel Star I (until the sale of the vessel in April 2025). During the financial year of 2024, the Paldiski-Kapellskär route was operated by two cargo vessels, Sailor and Regal Star. Also, the Tallinn-Stockholm route was operated by two cruise ferries, Baltic Queen and Victoria I, from 31 May to 31 August 2024.

Revenue from the segment Other decreased by EUR 7.3 million compared to the financial year 2024 amounting to EUR 145.5 million. The segment result was EUR 28.5 million, remaining broadly in line with the previous financial year.

As at the end of the financial year of 2025, the Group had 3 vessels chartered out (as at the end of financial year of 2024: 3 vessels):

The cruise ferry Romantika was chartered out in May 2025 to the Algerian state-owned enterprise Madar Maritime Company EPE/SPA for a nine-month period. The charter will expire as agreed, and the vessel is scheduled to return in early March 2026.

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 September 2025, the charter agreement of Galaxy I was extended until October 2026. The agreement includes another 12-month extension option after the end of the 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.   

Earnings

In the financial year 2025, the Group’s gross profit amounted to EUR 143.2 million, down by EUR 10.3 million compared to EUR 153.6 million in the financial year 2024. The Group generated EBITDA of EUR 130.1 million compared to EUR 175.2 million a year ago.

Amortisation and depreciation expense decreased by EUR 18.0 million to EUR 79.8 million year-on-year. Depreciation expense decreased mainly due to the alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years, resulting in lower depreciation rates. The decline in depreciation expense was further impacted by the sale of three vessels in the financial year 2025.

As a result of decreased outstanding loan balance and declining interest rates net finance costs declined by EUR 6.8 million year-on-year to EUR 21.4 million as at the end of the financial year 2025 (EUR 28.3 million as at the end of the financial year 2024).

The Group’s unaudited net profit for financial year 2025 was EUR 17.3 million or EUR 0.023 per share. In the financial year 2024, the Group earned net profit of EUR 40.3 million or EUR 0.054 per share.

Investments

The Group’s investments in the financial year 2025 amounted to EUR 33.0 million (EUR 22.4 million in the financial year 2024). Most investments were directed toward maintenance and refurbishment of the cruise ferries Baltic Princess and Silja Serenade, including significant technical and electronic upgrades, during the first quarter of 2025. During the dry docking of the cruise ferry Silja Serenade the underwater components, such as the bow thrusters and rudders, were serviced, and the vessel was partly repainted. In addition, extensive refurbishment of passenger areas was done on the cruise ferry Baltic Princess.

In the financial year 2025, the planned maintenance works totalled 73 days (FY24: 20 days).

The Group also continued to invest in the improvement of its IT systems.

Financial Position

At the end of the financial year 2025, the Group’s net debt amounted to EUR 432.4 million, remaining on the same level as at the end of the third quarter of 2025. The net debt to EBITDA ratio was 3.3 at the reporting date (3.4 as at 30 September 2025).

As at 31 December 2025, the Group’s cash and cash equivalents amounted to EUR 13.5 million (EUR 31.9 million as at 30 September 2025) and the Group had EUR 96.9 million in unused credit lines
(EUR 100.0 million as at 30 September 2025). The total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to EUR 110.4 million (EUR 131.9 million as at 30 September 2025).

The position of cash and cash equivalents in the financial year 2025 was impacted by the payment of dividends (EUR 44.6 million) and related income tax (EUR 11.3 million) as well as the repayment of loans and related interest expense (EUR 113.5 million). In the financial year 2024, the Group repaid loans and interest expense in the amount of EUR 113.7 million.

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 20 May 2025 adopted a resolution to pay a dividend of EUR 0.06 per share in 2025 in the total amount of EUR 44.6 million. In 2025, the dividends were paid in two instalments. The first instalment of EUR 0.03 per share in the total amount of EUR 22.3 million was paid out on 2 July 2025. The second instalment of EUR 0.03 per share in the total amount of EUR 22.3 million was paid out on 25 November 2025.

In agreement with the Supervisory Board of the Group, the Management Board of the Group has decided to prepare a proposal to the General Meeting of Shareholders to pay a dividend of 6 cents per share in 2026.

Results of the Q4 2025

In the fourth quarter (1 October – 31 December) of the 2025 financial year, the Group carried 1.3 million passengers which is down by 0.3% compared to the same period last year.

The Group’s unaudited revenue for the period increased by 2.4% and amounted to EUR 188.0 million (EUR 183.5 million in October-December 2024). Unaudited EBITDA was EUR 27.6 million (EUR 25.7 million in October-December 2024) and unaudited net profit was EUR 12.2 million (net loss of EUR 5.2 million in October-December 2024).

Revenue from route operations (the Group’s core operations) increased by EUR 2.8 million to EUR 152.0 million compared to the fourth quarter of 2024. The segment result from route operations (the Group’s core operations) amounted to EUR 16.1 million compared to EUR 9.9 million in the fourth quarter of 2024.

The number of passengers carried on the Estonia-Finland route decreased by 1.3% compared to the fourth quarter of 2024. The number of transported cargo units decreased by 6.4%. Revenue from the Estonia-Finland route increased by EUR 1.4 million compared to the same period a year ago and amounted to EUR 77.6 million while the segment result increased by EUR 1.5 million to EUR 16.8 million, year-on-year.

In the fourth quarter of 2025, the year-on-year increase in the number of passengers on Finland-Sweden routes was 2.8%. The number of transported cargo units decreased by 15.2%. The routes’ revenue increased by EUR 1.3 million to EUR 54.5 million and the segment loss decreased by EUR 1.6 million to EUR 2.0 million, year-on-year.

On Estonia-Sweden routes the number of carried passengers decreased by 1.5%. The number of transported cargo units decreased by 5.3% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes remained on the same level as in the fourth quarter of 2024 and was EUR 19.9 million. The segment result increased by EUR 3.1 million and was EUR 1.3 million.

Revenue from the segment Other increased by EUR 1.6 million compared to the fourth quarter of 2024 amounting to EUR 37.2 million. The segment result increased by EUR 9.4 million amounting to EUR 13.9 million.

The financial results of the fourth quarter of 2025 were impacted by the following factors:

Low consumer and business confidence in the home markets as well as mounting geopolitical tensions.

Sale of the cargo vessel Sailor.

Payment of dividends in the amount of EUR 22.3 million and related income tax of EUR 6.3 million.

Repayment of long-term loans and interest expense in the amount of EUR 18.7 million (EUR 34.0 million in the fourth quarter 2024).

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.

Sale of surplus FuelEU Maritime compliance units generated in excess of the Group’s core operations under the FuelEU Maritime Regulation.

In addition, in December 2025, the charter agreement of the cruise ferry Silja Europa was extended until the end of January 2027 with the option of extending the agreement for another year.

Key Figures

1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of Interim Report.
2 Does not include additions to right-of-use assets.

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
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 profit/loss margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit/loss margin: net profit or loss / net sales
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 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

Consolidated statement of profit or loss and other comprehensive income

Consolidated statement of financial position

Consolidated statement of cash flows

Anneli Simm
Investor Relations Manager

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail anneli.simm@tallink.ee
Phone: +372 56157170

Attachments

AS Tallink Grupp Q4 2025 Webinar Presentation

Tallink Grupp 2025 Q4 ENG

Tallink Grupp 2025 Q4 Financial Data

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