Tallink Grupp

Investor Presentation • Apr 25, 2024

Q1 2024 AS Tallink Grupp

April 2024

Presenters

PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD

HARRI HANSCHMIDT MEMBER OF THE MANAGEMENT BOARD

MARGUS SCHULTS MEMBER OF THE MANAGEMENT BOARD

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

4 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

21 Burger King restaurants Estonia, Latvia, Lithuania

5 regular routes on the Baltic Sea

Club One members

3.2 million

	B

4900+ employees Estonia, Finland, Germany, Sweden, Latvia and Lithuania

Fleet by routes and chartered vessels end of Q1

Victoria I

Galaxy	Vessel type Built/renovated Other information	Cruise ferry 2006 Chartered out
	Vessel type Built/renovated	Cruise ferry 1993/2016

Vessel type Built/renovated	Cruise ferry 2002
Other information	In lay-up

Q1 2024 revenues

• Revenue EUR 160.4m (EUR -10.8m or -6.3% vs LY)
  • Decrease in chartering revenues due to less vessels on charter
  • Strong result in ticket sales segment
• Profitability impacted by the sale of the cruise ferry Isabelle
• EBITDA of EUR 34.5m (EUR +7.4m or 27.2% vs LY)
• Net profit of EUR 2.6m (EUR 8.0m or 147.4% vs LY)
• CAPEX of EUR 6.3m (EUR -5.2m or -45.0% vs LY)
  • Majority of investments were related to maintenance and repair of vessels

Selected Key Figures (financials in million euros)	Q1 2023	Q1 2024(1)	Change
Number of passengers	1,049,777	1,102,738	5.0%
Number of cargo units	86,732	84,950	-2.1%
Number of passenger cars	157,639	152,436	-3.3%
Revenue	171.2	160.4	-6.3%
Gross profit	24.8	13.8	-44.3%
EBITDA	27.1	34.5	27.2%
EBIT	1.9	9.8	429.8%
Net result for the period	-5.4	2.6	147.4%
Capital expenditures	11.5	6.3	-45.0%
As at:	31.12.23	31.03.24(1)	Change
Total assets	1,555.2	1,548.6	-0.4%
Total equity	785.8	788.6	0.4%
Interest-bearing liabilities	649.3	629.9	-3.0%
Net debt	607.3	581.0	-4.3%

Notes: (1) 2024 unaudited

Sales & results by geographical segments Q1 2024

ESTONIA-FINLAND

The segment reflects operations of two shuttle vessels – MyStar and Megastar and the cruise ferry Victoria I (3 shuttle vessels in Q1 2023)

ESTONIA-SWEDEN

The results reflect operations of two cargo vessel (Paldiski-Kapellskär) and one cruise ferry on the Tallinn-Stockholm route

FINLAND-SWEDEN

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

OTHER

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

SALES (in million euros)

RESULTS (in million euros)

Sales by operational segments Q1 2024

• As at the end of Q1 2024 total of 4 vessels on charter compared to 6 vessels in Q1 2023
• High competition in cargo transportation market
• Revenue from operations related to travelling, shopping, restaurants and accommodation services up by EUR 5.1 million compared to Q1 2023

REVENUE STRUCTURE Q1 2024 (1)

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	Q1 2023	(2) Q1 2024
Sales	771	835	171	160
Cost of sales (1)	-658	-631	-146	-147
Marketing & administrative cost (1)	-87	-95	-23	-23
Other operating items, net	11	4	0	19
EBITDA	136	215	27	34
Margin (%)	17.6%	23.8%	15.8%	21.5%
Net Result	14	79	-5	3
EPS	0.019	0.106	-0.007	0.003

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 1 2023	(1) Q1 2024
Operating cash flow	144	203	26	17
Capital expenditure	-203	-28	-11	-6
Asset disposal	3	1	0	24
Free cash flow	-56	177	15	35
Debt financing (net effect)	69	-213	-25	-21
Interests & other financial items	-25	-37	-8	-7
Change in cash	-13	-73	-18	7

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

Consolidated statement of financial position

In million euros

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 123.9 million

& Equity

Loan portfolio structure

LONG-TERM BANK LOANS

• EUR 539 million as at 31 March 2024
• 3 loan agreements outstanding: syndicated loan and two ship building loans
• Maturing 5 11 years
• EUR denominated, fixed and EURIBOR floating

OVERDRAFT

• As at 31 March 2024 unused overdraft of EUR 75 million

Notes: (1) 2024 unaudited

Total interest-bearing liabilities of EUR 630.0 million

Dividend of EUR 0.06 per share for FY2023 Dividend yield of 8.2%

Q & A

PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD