Tallink Grupp

Investor Presentation • Oct 24, 2024

Q3 2024 AS Tallink Grupp

October 2024

Presenters

PAAVO NÕGENE CHAIRMAN 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

3 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

3.3 million Club One members

a

21 Burger King restaurants Estonia, Latvia, Lithuania

Dop

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

Fleet by routes and chartered vessels end of Q3 2024

60001 12 48 uilt/renovated	111011 23800010 18 140 2007
Other information	Chartered out

essel type uilt/renovated	Cruise ferry 2006
Other information	Chartered out
essel type uilt/renovated	Cruise ferry 1993/2016
Other information	Chartered out

4

Q3 2024 revenues

• Revenue EUR 231.9 (EUR -8.8m or -3.7% vs LY)
  • Strong revenues from the Tallinn-Stockholm route due to two cruise ferries on the route offset by declining revenues from the Sweden-Finland route driven by increased competition
  • Stabilizing cargo revenues in year-on-year comparison
  • Decrease in chartering revenues due to less vessels on charter
• Profitability impacted by two vessels in lay-up
• EBITDA of EUR 68.4m (EUR -13.7m or -16.7% vs LY)
• Net profit of EUR 36.8m (EUR -11.9m or -24.4% vs LY)
• CAPEX of EUR 5.6m (EUR -0.5m or -8.9% vs LY)
  • Majority of investments were related to maintenance and repair of vessels

Selected Key Figures (financials in million euros)	Q3 2023	Q3 2024(1)	Change
Number of passengers	1,775,821	1,715,496	-3.4%
Number of cargo units	75,701	66,865	-11.7%
Number of passenger cars	273,514	250,810	-8.3%
Revenue	240.7	231.9	-3.7%
Gross profit	77.7	67.0	-13.7%
EBITDA	82.1	68.4	-16.7%
EBIT	56.8	44.0	-22.6%
Net result for the period	48.7	36.8	-24.4%
Capital expenditures	5.6	6.1	-8.9%
As at:	30.06.24(1)	30.09.24(1)	Change
Total assets	1,567.0	1,499.0	-4.3%
Total equity	750.4	787.4	4.9%
Interest-bearing liabilities	619.8	588.3	-5.1%
Net debt	548.9	555.7	1.2%

Notes: (1) 2024 unaudited

Sales & results by geographical segments Q3 2024

ESTONIA-FINLAND

The segment reflects operations of two shuttle vessels – MyStar and Megastar. The cruise ferry Victoria I returned to the route on 31 August 2024.

ESTONIA-SWEDEN

The results reflect operations of two cargo vessel (Paldiski-Kapellskär) and two cruise ferries on the Tallinn-Stockholm route until 31 August 2024 when the cruise ferry Victoria I returned to the Tallinn-Helsinki route.

FINLAND-SWEDEN

The results reflect the operations of one cruise ferry on the Turku-Stockholm 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 Q3 2024

• As at the end of Q3 2024 a total of 3 vessels on charter, compared to 5 vessels in Q3 2023
• Cargo transportation revenues indicate an improvement in economic environment, but competition remains challenging
• Weak consumer confidence impacts share of wallet spent on free time

REVENUE STRUCTURE Q3 2024 (1)

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Dynamics of seasonality

Passenger

s (millions) Cargo (th. units)

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	Q3 2023	(2) Q3 2024
Sales	771	835	241	232
Cost of sales (1)	-658	-631	-163	-165
Marketing & administrative cost (1)	-87	-95	-22	-23
Other operating items, net	10	4	-1	0
Result from operating activities	38	113	55	44
EBITDA	136	215	82	68
EBITDA Margin (%)	17.6%	23.8%	34.1%	29.5%
Net Profit	14	79	49	37
Net Profit Margin	1.8%	9.4%	20.2%	15.9%
EPS	0.019	0.106	0.065	0.050

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	Q3 2023	(1) Q3 2024
Operating cash flow	144	203	60	55
Capital expenditure	-203	-28	-6	-6
Asset disposal	3	1	0	0
Free cash flow	-56	177	54	50
Debt financing (net effect)	69	-213	-39	-32
Interests & other financial items	-25	-37	-8	-7
Dividends and income tax on dividends paid	0	0	0	-49
Change in cash	-13	-73	7	-38

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

Consolidated statement of financial position

In million euros 31.12.2022 30.09.2024 (2) 31.12.2023 30.06.2024 Total assets 1,692 1,555 1,567 1,499 Non-current assets 1,496 1,432 1,393 1,375 Current assets 196 123 174 124 - of which cash 115 42 71 33 Total liabilities 985 769 817 712 Interest bearing liabilities 854 649 620 588 Other liabilities 131 120 197 124 - of which payables to owners (dividends) ^{0 0 45 0} Shareholders' equity 707 786 750 787 Net debt/EBITDA 5.44x 2.83x 2.74x 2.98x Net debt 739 607 549 556 Equity/assets ratio 42% 51% 48% 53% BVPS (1) (in EUR) 0.95 1.06 1.01 1.06 Ships Loans Other assets Shareholders' equity Intangibles Cash Other liabilities 350 700 1050 1400 30.09.2024 (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 108 million

Assets Liabilities & Equity

0

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Loan portfolio structure

LONG-TERM BANK LOANS

• EUR 496 million as at 30 September 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 September 2024 unused overdraft of EUR 75 million

Notes: (1) 2024 unaudited

Total interest-bearing liabilities of EUR 588.3 million

Q & A

PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD