Q2 2024 AS Tallink Grupp

July 2024

Tallink Grupp

The leading European provider of leisure and business travel and sea transportation services in the Baltic Sea region.

STRONG BRANDS

KEY FACTS ABOUT TALLINK GRUPP

14 vessels 12 passenger vessels 2 cargo vessels

3 vessels in charter Both long-term and short-term

4 hotels 3 in Tallinn 1 in Riga

Shopping

on-line

on-board, on-shore,

2 stand-alone restaurants in Tallinn

5000+ employees Estonia, Finland, Germany, Sweden, Latvia and Lithuania

21 Burger King restaurants Estonia, Latvia, Lithuania

5 regular routes on the Baltic Sea

Club One members

3.2 million

Strategic plan

TALLINK'S VISION

To be the market pioneer in Europe by offering excellence in leisure and business travel and sea transportation services

LONG TERM OBJECTIVES TOWARDS INCREASING THE COMPANY VALUE AND PROFITABILITY

Strive for the highest level of customer satisfaction
Improve profitability and strengthen the leading position on our home markets
Develop a wide range of quality services directed at different customers and pursue new growth opportunities
Based on the demand on the core routes, manage optimal capacity by operating or chartering out vessels
Ensure cost efficient operations
Manage the optimal debt level that will allow sustainable dividends

CURRENT STRATEGIC CORNERSTONES AND COMPETETIVE ADVANTAGES

Fleet by routes and chartered vessels end of Q2 2024

Routes & passengers

Q2 2024 revenues

Revenue EUR 210.0 (EUR -19.6m or -8.5% vs LY)
- A 5.8% decrease in passenger volumes compensated by an 1.7% increase in the cargo volumes
- Impact of Easter holidays Q1 in 2024 vs Q2 in 2023
- Decrease in chartering revenues due to less vessels on charter
Profitability impacted by two vessels in lay-up and income tax on dividends
EBITDA of EUR 46.6m (EUR -21.9m or -31.9% vs LY)
Net profit of EUR 6.1m (EUR -27.3m or -81.7% vs LY)
CAPEX of EUR 4.6m (EUR -0.1m or -1.9% vs LY)
- Majority of investments were related to maintenance and repair of vessels

Selected Key Figures (financials in million euros)	Q2 2023	Q2 2024(1)	Change
Number of passengers	1,541,081	1,451,768	-5.8%
Number of cargo units	85,359	86,813	1.7%
Number of passenger cars	236,756	209,760	-11.4%
Revenue	229.7	210.0	-8.5%
Gross profit	66.5	46.8	-29.6%
EBITDA	68.5	46.6	-31.9%
EBIT	43.3	22.3	-48.4%
Net result for the period	33.4	6.1	-81.7%
Capital expenditures	4.7	4.6	-1.9%
As at:	31.03.24(1)	30.06.24(1)	Change
Total assets	1,548.6	1,567.0	1.2%
Total equity	788.6	750.4	-4.8%
Interest-bearing liabilities	629.9	619.8	-1.6%
Net debt	581.0	548.9	-5.5%

Notes: (1) 2024 unaudited

Sales & results by geographical segments Q2 2024

ESTONIA-FINLAND

The segment reflects operations of two shuttle vessels – MyStar and Megastar and the cruise ferry Victoria I. The latter operated the route until 31 May 2024. A year earlier, the route was operated by three shuttle vessels until 5 May 2023.

ESTONIA-SWEDEN

The results reflect operations of two cargo vessel (Paldiski-Kapellskär) and one cruise ferry on the Tallinn-Stockholm route. From 31 May 2024 the cruise vessel Victoria I was added to Tallinn-Stockholm route.

FINLAND-SWEDEN

The results reflect the operations of one cruise ferry on the Turku-Stockholm/Turku-Kapellskär and two on the Helsinki-Stockholm route.

OTHER

The segment reflects the chartering of vessels, accommodation sales, catering and retail activities.

SALES (in million euros)

RESULTS (in million euros)

Notes: (1) 2024 unaudited

Sales by operational segments Q2 2024

As at the end of Q2 2024 total of 3 vessels on charter, compared to 7 vessels in Q2 2023
Cargo transportation revenues indicate an upward trend but competition remains challenging
Weak consumer confidence levels impact the restaurant and shop sales onboard and onshore

REVENUE STRUCTURE Q2 2024 (1)

120

160

200

240

Dynamics of seasonality

Passenger (millions) Cargo (th. units)

9.8

Revenue (in million euros) EBITDA (in million euros)

Notes: (1) 202 unaudited

Dynamics of seasonality

Quarterly net result (in million euros)

Notes: (1) 2024 unaudited

Most of profits are typically earned in summer, the high season

Consolidated income statement

In million euros

	2022	2023	Q2 2023	(2) Q2 2024
Sales	771	835	230	210
Cost of sales (1)	-658	-631	-163	-163
Marketing & administrative cost (1)	-87	-95	-24	-25
Other operating items, net	11	4	0	1
EBITDA	136	215	69	47
Margin (%)	17.6%	23.8%	29.8%	22.2%
Net Result	14	79	33	6

EPS	0.019	0.106	0.045	0.008

Notes: Totals may not sum due to rounding;

(1) Includes depreciation and amortization;

(2) 2024 unaudited

Consolidated cash flow statement

In million euros

	2022	2023	Q 2 2023	(1) Q2 2024
Operating cash flow	144	203	84	56
Capital expenditure	-203	-28	-5	-4
Asset disposal	3	1	0	0
Free cash flow	-56	177	80	51
Debt financing (net effect)	69	-213	-110	-21
Interests & other financial items	-25	-37	-9	-8
Change in cash	-13	-73	-39	22

Notes: Totals may not sum due to rounding; (1) 2024 unaudited

Consolidated statement of financial position

In million euros 31.12.2022 30.06.2024 (2) 31.12.2023 31.03.2024 Total assets 1,692 1,555 1,549 1,567 Non-current assets 1,496 1,432 1,403 1,393 Current assets 196 123 146 174 - of which cash 115 42 49 71 Total liabilities 985 769 760 817 Interest bearing liabilities 854 649 630 620 Other liabilities 131 120 130 197 - of which payables to owners (dividends) ⁰ ⁰ ⁰ ⁴⁵ Shareholders' equity 707 786 789 750 Net debt/EBITDA 5.4x 2.8x 2.6x 2.7x Net debt 739 607 581 549 Equity/assets ratio 42% 51% 51% 48% BVPS (1) (in EUR) 0.95 1.06 1.06 1.01 Ships Loans Other assets Shareholders' equity Intangibles Cash Other liabilities 350 700 1050 1400 30.06.2024 (2)

Notes: Totals may not sum due to rounding

(1) Shareholders' equity / number of shares outstanding

(2) 2024 unaudited

Total liquidity (cash + unused overdraft) of EUR 146 million

Assets Liabilities & Equity

Loan portfolio structure

LONG-TERM BANK LOANS

EUR 522 million as at 30 June 2024
3 loan agreements outstanding: syndicated loan and two ship building loans
Maturing 4.5 10 years
EUR denominated, fixed and EURIBOR floating

OVERDRAFT

• As at 30 June 2024 unused overdraft of EUR 75 million

Notes: (1) 2024 unaudited

Total interest-bearing liabilities of EUR 620.0 million

38,975 shareholders and FDR-holders incl. 30,471 on Tallinn Stock Exchange (TAL1T) and 8,504 on Helsinki Stock Exchange (FI4000349378) at 30 June 2024

Shareholders and share performance

Infortar AS	47%
Baltic Cruises Holding, L.P.	9%
Baltic Cruises Investment L.P.	5%
ING Luxembourg S.A. AIF Account	5%
Citigroup Venture Capital International G.P	4%
Nordea Bank Abp / Clients FDR	3%
Mersok OÜ	2%
Luksusjaht AS	1%
Clearstream Banking AG	1%
Enn Pant	1%
Citibank (New York) / Government of Norway	1%