Q4 & 12 months 2023 AS Tallink Grupp

February 2024

Presenters

PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD

HARRI HANSCHMIDT MEMBER OF THE MANAGEMENT BOARD

MARGUS SCHULTS MEMBER OF THE MANAGEMENT BOARD

KATRI LINK GROUP HEAD OF COMMUNICATIONS AND ESG

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 as at 31 DEC 2023

15 vessels 13 passenger vessels 2 cargo vessels

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

4 hotels 3 in Tallinn 1 in Riga

2 stand-alone restaurants in Tallinn

Shopping on-board, on-shore, on-line

5 regular routes on the Baltic Sea

3.1 million Club One members

21 Burger King restaurants Estonia, Latvia, Lithuania

Dop

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

Tallink Grupp in 2023

Revenue of EUR 835 . 5 million
EBITDA of EUR 214 . 5 million
Net profit of EUR 78 . 9 million
Served 5 . 7 million passengers
Transported 324 thousand cargo units
Operated EUR 1.6 billion asset base
4,912 employees at the end of FY 2023
3.1 million loyalty program members
38,894 shareholders and FDR-holders of which 30 ,563 on Tallinn Stock Exchange and 8 ,331 on Helsinki Stock Exchange

Key takeaways

WRAP-UP OF THE YEAR – Q4 2023

EBITDA of EUR 36.8 million
Net debt to EBITDA ratio 2.8
Impact of low fuel market prices set off partly by high logistics cost component in fuel price, interest rates and inflation
Chartering of vessels supporting stable cash flows. As at 31 December 2023 5 vessels on charter (3 long-term & 2 short-term)
Loan refinancing agreement in the amount of EUR 298 million signed in December 2023 to repay outstanding balances of 5 lending facilities
Extension of the charter agreement of the cruise ferry Silja Europa until the end of 2024
The cruise ferry Victoria I added to the Tallinn-Helsinki route from October 2023

EVENTS AFTER REPORTING DATE

• Sale of the cruise vessel Isabelle

Fleet by routes and chartered vessels

abelle	Other information	Char
	Vessel type Built/renovated	High- 2002
Vision	Other information	Chart

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

Vessel tune	High-sneed ro-nay

o oxu	Vessel type Built/renovated Other information	Cruise ferry 2006 Chartered out
	Vessel type Built/renovated	Cruise ferry 1993/2016
	Other informacition	Chartorod aut

ssel type ilt/renovated	Cruise ferry 2002
ther information	In lay-up

Q4 2023 revenues

Revenue EUR 193.7m (EUR -9.9m or -4.9% vs LY)
- 39.0% decrease in chartering revenues due to less vessels on charter
- Strong result in accommodation and ticket sales segment
Costs
- Lower global prices supported a 17.3% drop in fuel cost to EUR 24.7m (EUR -5.2m vs LY)
- Net finance costs increased by EUR 3.1m year-on-year mainly due to increased Euribor and transaction costs related to refinancing
EBITDA of EUR 36.8m (EUR -13.6m or -26.9% vs LY)
Net profit of EUR 2.2m (EUR -14.6m or -87.1% vs LY)
CAPEX of EUR 5.9m (EUR -173.8m or-96.7% vs LY)
- Majority of investments were related to maintenance and repair of vessels

Selected Key Figures (financials in million euros)	Q4 2022	Q4 2023(1)	Change
Number of passengers	1,296,047	1,338,921	3.3%
Number of cargo units	96,052	76,198	-20.7%
Number of passenger cars	175,539	172,972	-1.5%
Revenue	203.7	193.7	-4.9%
Gross profit	41.8	34.9	-16.5%
EBITDA	50.4	36.8	-26.9%
EBIT	23.5	11.4	-51.6%
Net result for the period	16.7	2.2	-87.1%
Capital expenditures	179.7	5.9	-96.7%
As at:	31.09.23	31.12.23(1)	Change
Total assets	1,597.4	1,555.2	-2.6%
Total equity	783.7	785.8	0.3%
Interest-bearing liabilities	684.8	649.3	-5.2%
Net debt	620.4	607.3	-2.1%

Sales & results by geographical segments Q4 2023

ESTONIA-FINLAND

The segment reflects operations of two shuttle vessels – MyStar and Megastar and the cruise ferry Victoria I since October 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 Q4 2023

As at the end of Q4 2023 total of 5 vessels on charter compared to 6 vessels in Q4 2022
High competition in cargo transportation market
Revenue from operations related to travelling, shopping, restaurants and accommodation services up by EUR 3.9 million compared to Q4 2022

REVENUE STRUCTURE Q4 2023(1)

FY2023 revenues

Revenue EUR 835.3m (EUR +63.9m or 8.3% vs LY)
- 53.7% increase in chartering revenues
- Strong result in accommodation and ticket sales segment
Costs
- Lower global prices supported a 32.6% drop in fuel cost to EUR 97.2m (EUR -47.0m vs LY)
- Net finance costs increased by EUR 10.9m year-on-year mainly due to increased Euribor
EBITDA of EUR 214.5m (EUR +78.7m or 58.0% vs LY)
Net profit of EUR 78.9m (EUR +64.9m or 466.0% vs LY)
CAPEX of EUR 28.2m (EUR -175.1m vs LY)
- Majority of investments were related to maintenance and repair of vessels

Selected Key Figures (financials in million euros)	2022	2023(1)	Change
Number of passengers	5,462,085	5,705,600	4.5%
Number of cargo units	409,769	323,990	-20.9%
Number of passenger cars	819,229	840,881	2.6%
Revenue	771.4	835.3	8.3%
Gross profit	113.5	203.8	79.6%
EBITDA	135.8	214.5	58.0%
EBIT	37.7	113.3	200.8%
Net result for the period	13.9	78.9	466.0%
Capital expenditures	203.3	28.2	-86.1%
As at:	31.12.22	31.12.23(1)	Change
Total assets	1,691.6	1,555.2	-8.1%
Total equity	706.9	785.8	11.2%
Interest-bearing liabilities	853.5	649.3	-23.9%
Net debt	738.6	607.3	-17.8%

Dynamics of seasonality

Passenger (millions) Cargo (th. units)

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

Dynamics of seasonality

Quarterly net result (in million euros)

Notes: (1) 2023 unaudited

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