Tallink Grupp

Investor Presentation • Feb 20, 2025

Q4 2024 AS Tallink Grupp

February 2025

Presenters

PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD

MARGUS SCHULTS MEMBER OF THE MANAGEMENT BOARD

HARRI HANSCHMIDT 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 as at end of 2024

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

Shopping

on-line

on-board, on-shore,

2 stand-alone restaurants in Tallinn

~4800 employees Estonia, Finland, Germany, Sweden, Latvia and Lithuania

21 Burger King restaurants Estonia, Latvia, Lithuania

5 regular routes on the Baltic Sea

Club One members

3.3 million

Fleet by routes and chartered vessels end of Q4 2024

Tallinn - Helsinki

Megastar

Vessel type High-speed ro-pax Built/renovated 2017 Route Estonia-Finland Other information Shuttle service

Vessel type High-speed ro-pax Built/renovated 2022

Route Estonia-Finland Other information Shuttle service

Vessel type Cruise ferry Built/renovated 2004 Route Estonia-Finland Other information Overnight cruise

Victoria I

Tallinn - Stockholm

Baltic Queen

Vessel type Cruise ferry Built/renovated 2009 Route Estonia-Sweden Other information Overnight cruise

Vessel type Cruise ferry Built/renovated 1991 Route Finland-Sweden Other information Overnight cruise

Silja Serenade

Baltic Princess

Vessel type Cruise ferry Built/renovated 2008 Route Finland-Sweden Other information Overnight cruise

Vessel type Cruise ferry Built/renovated 1990 Route Finland-Sweden Other information Overnight cruise

Chartered

Other information Chartered out

Vessel type Cruise ferry Built/renovated 1993/2016

Other information Chartered out

Built/renovated 2002

Vessel type High-speed ro-pax

Other information In lay-up

Turu - Stockholm

Vessel type Cruise ferry Built/renovated 2006

James Joyce (Star)

Built/renovated 2007

Vessel type High-speed ro-pax

Paldiski - Kapellskär

Regal Star

Other information Cargo transport

Vessel type Ro-ro passenger vessel

Romantika

4

Silja Europa

Sailor

Built/renovated 1987

Built/renovated 1999 Route Estonia-Sweden Other information Cargo transport

Vessel type Cruise ferry Built/renovated 2002

Other information In lay-up

Q4 2024 revenues

• Revenue EUR 183.5m (EUR -10.2m or -5.3% vs LY)
  • Revenues from Tallinn-Helsinki route remain strong (EUR +1.8m or +2.4% vs LY)
  • Steady revenue from ticket sales (EUR +1.4m or +3.0% vs LY) while weak consumer confidence impacts the wallet spent on free time ie. spending in restaurants and shops onboard, online and onshore (EUR -3.8m or -3.9% vs LY)
  • Decrease in chartering revenues due to less vessels on charter (EUR -5.1m or -26.7% vs LY)
• Profitability impacted by two vessels in lay-up
• EBITDA of EUR 25.7m (EUR -11.1m or -30.2% vs LY)
• Net loss of EUR 5.2m (EUR -7.4m or -341.2% vs LY)
• CAPEX of EUR 5.9m remains at the same level as a year ago
  • Majority of investments were related to maintenance and repair of vessels

Selected Key Figures (financials in million euros)	Q4 2023	Q4 2024(1)	Change
Number of passengers	1,338,921	1,310,014	-2.2%
Number of cargo units	76,198	64,606	-15.2%
Number of passenger cars	172,972	164,586	-4.8%
Revenue	193.7	183.5	-5.3%
Gross profit	34.9	25.9	-25.7%
EBITDA	36.8	25.7	-30.2%
EBIT	11.4	1.3	-88.6%
Net result for the period	2.2	-5.2	-341.2%
Capital expenditures	5.9	5.9	0.0%
As at:	31.12.23	31.12.24(1)	Change
Total assets	1,555.2	1,463.9	-5.9%
Total equity	785.8	782.3	-0.4%
Interest-bearing liabilities	649.3	556.4	-14.3%
Net debt	607.3	537.7	-11.5%

Notes: (1) 2024 unaudited

Sales & results by geographical segments Q4 2024

ESTONIA-FINLAND

The segment reflects operations of two shuttle vessels – MyStar and Megastar and the cruise ferry Victoria I.

ESTONIA-SWEDEN

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

SEGMENT SALES (in million euros)

SEGMENT RESULTS (in million euros)

Notes: (1) 2024 unaudited

Sales by operational segments Q4 2024

• As at the end of Q4 2024 a total of 3 vessels on charter, compared to 5 vessels in Q4 2023
• Competition in cargo transportation remains challenging
• Weak consumer confidence impacts share of wallet spent on free time

REVENUE BY OPERATIONAL SEGMENTS Q4 2024 (1) (in million euros)

(1)

REVENUE STRUCTURE Q4 2024

7

FY2024 revenues

• Revenue EUR 785.8m (EUR -10.2m or -5.3% vs LY)
  • Strong result from Estonia-Sweden routes (EUR +6.6m or 7.3% vs LY)
  • Strong result in accommodation (EUR +1.3m or 8.4% vs LY) and ticket sales segment (EUR +7.2m or 3.3% vs LY)
  • Decrease in chartering revenues due to less vessels on charter (EUR -39.2m or -38.7% vs LY)

• Costs

• Decrease in the net finance costs by EUR 7.3m yearon-year as a result of lower outstanding loan balance and lower interest rates
• EBITDA of EUR 175.2m (EUR -39.3m or -18.3% vs LY)
• Net profit of EUR 40.3m (EUR -38.6m or -48.9% vs LY)
• CAPEX of EUR 22.4m (EUR -5.8m or -20.6% vs LY)
  • Majority of investments were related to maintenance and repair of vessels

Selected Key Figures (financials in million euros)	2023	2024(1)	Change
Number of passengers	5,705,600	5,580,016	-2.2%
Number of cargo units	323,990	303, 234	-6.4%
Number of passenger cars	840,881	777,592	-7.5%
Revenue	835.3	785.8	-5.9%
Gross profit	203.8	153.6	-24.7%
EBITDA	214.5	175.2	-18.3%
EBIT	113.3	77.4	-31.7%
Net result for the period	78.9	40.3	-48.9%
Capital expenditures	28.2	22.4	-20.6%
As at:	31.12.23	31.12.24(1)	Change
Total assets	1,555.2	1,463.9	-5.9%
Total equity	785.8	782.3	-0.4%
Interest-bearing liabilities	649.3	556.4	-14.3%
Net debt	607.3	537.7	-11.5%

Notes: (1) 2024 unaudited

Dynamics of seasonality

Passenger

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

s (millions) Cargo (th. units)

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

	2023	(2) 2024	Q 4 2023	(2) Q4 2024
Sales	835	786	194	184
Cost of sales (1)	-631	-632	-159	-158
Marketing & administrative cost (1)	-95	-97	-26	-25
Other operating items, net	4	21	3	1
Result from operating activities	113	77	11	1
EBITDA	215	175	37	26
EBITDA margin (%)	25.7%	22.3%	19.0%	14.0%
Net profit/loss	79	40	2	-5
Net profit margin	9.4%	5.1%	1.1%	-2.8%
EPS	0.106	0.054	0.003	-0.007

Notes: Totals may not sum due to rounding;

(1) Includes depreciation and amortization;

(2) 2024 unaudited

Full year cost breakdown

(EUR millions)	2023	2024(5)	Change
Cost of goods	170.6	163.9	-3.9%
Staff costs	131.7	142.8	8.4%
Marketing & Administration (1)(2)	83.0	85.5	3.0%
Port & Stevedoring	69.9	73.3	4.8%
Fuel cost	97.2	95.8	-1.5%
Ship operating expenses	53.6	55.3	3.3%
Other costs (3)	19.1	15.7	-18.0%
Total costs from operations	625.1	632.3	1.2%
Depreciation & amortisation	101.2	97.8	-3.4%
Net finance cost (4)	35.6	28.3	-20.6%
Total costs	761.9	758.3	-0.5%

Notes: (1) Depreciation and amortisation excluded

• (2) Includes marketing and administration staff costs
• (3) Includes package costs
• (4) Includes share of profit/loss of equity-accounted investees (5) 2024 unaudited

Consolidated cash flow statement

In million euros

	2023	(1) 2024	Q 4 2023	(1) Q4 2024
Operating cash flow	203	158	34	31
Capital expenditure	-28	-22	-6	-6
Asset disposal	1	25	0	0
Interest received	1	1	0	0
Free cash flow	177	162	29	25
Debt financing (net effect)	-213	-106	-40	-32
Interests & other financial items	-37	-30	-11	-7
Dividends paid	0	-45	0	0
Income tax on dividends paid	0	-5	0	0
Change in cash	-73	-23	-23	-14

Consolidated statement of financial position

Total liquidity (cash + unused overdraft) of EUR 94 million

& Equity

14

Loan portfolio structure

LONG-TERM BANK LOANS

• EUR 469 million as at 31 December 2024
• 3 loan agreements outstanding: syndicated loan and two ship building loans
• Maturing 4 10 years
• EUR denominated, fixed and EURIBOR floating

OVERDRAFT

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

Notes: (1) 2024 unaudited

Total interest-bearing liabilities of EUR 556.4 million

Concorded with the Supervisory Board of the Group, the Management Board has decided to prepare a proposal to the General Meeting of Shareholders to pay a dividend of 6 cents per share in 2025 for the financial year of 2024

Q & A

PAAVO NÕGENE CHAIRMAN OF THE MANAGEMENT BOARD