Q3 2024 AS Tallink Grupp

October 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

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

21 Burger King restaurants Estonia, Latvia, Lithuania

Dop

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

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 Q3 2024

Routes & passengers

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)

Dynamics of seasonality

Passenger

9.8

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