Q1 2024 AS Tallink Grupp

April 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

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

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

21 Burger King restaurants Estonia, Latvia, Lithuania

5 regular routes on the Baltic Sea

3.2 million Club One members

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 Q1

Victoria I

Built/renovated	2002
Other information	Chartered out
Vessel type Built/renovated	High-speed ro 2007

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
O	Other information	In lay-up

Routes & passengers

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)

Notes: (1) 2024 unaudited

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

38,881 shareholders and FDR-holders incl. 30,687 on Tallinn Stock Exchange (TAL1T) and 8,194 on Helsinki Stock Exchange (FI4000349378) at 31 March 2024

Shareholders and share performance

Infortar AS	42%
Baltic Cruises Holding, L.P.	11%
Baltic Cruises Investment L.P.	6%
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%