The results of AS Tallink Grupp for the Q2 2026 will be introduced at an Investor Webinar held today at 12:00 (EEST). To participate, please join via the following link; we kindly ask participants to provide their questions latest by 11:00 am by email to: investor@tallink.ee. Further details are available in a previously published announcement.
In the second quarter 2026, AS Tallink Grupp and its subsidiaries (the Group) carried 1,454,725 passengers, representing a 2.2% decrease year-on-year. The number of cargo units transported increased by 2.9% to 68,986 while the number of passenger vehicles was down by 6.5% to 199,025.
The Group's unaudited consolidated revenue amounted to EUR 207.0 million remaining on the same level as a year ago (EUR 207.0 in the second quarter 2025). Unaudited EBITDA totalled EUR 34.3 million (EUR 37.4 million in the second quarter 2025) and the unaudited net loss for the period was EUR 2.5 million (net loss of EUR 2.5 million in the second quarter 2025).
The Group's revenue and operating results in the second quarter 2026 were impacted by a number of key business and operational factors:
- Heightened geopolitical tensions in the Middle East have increased volatility in global energy markets and driven up fuel costs. At the same time, demand has remained weak due to low consumer and business confidence and ongoing economic challenges in the Group's core markets.
- As at the end of the quarter, the Group operated 11 vessels including 2 shuttle vessels, 5 passenger vessels, 3 vessels that were chartered out and 1 in lay-up.
- The passenger vessel St Patric (formerly St Patrick) was chartered out for 36 months from 1 May 2026.
- Share of emissions to be surrendered under the EU ETS (European Union Emissions Trading System) increased to 100% of the emitted CO2 equivalent in 2026 (70% in 2025).
- During the quarter total investments amounted to EUR 7.3 million.
- Higher fuel prices increased fuel costs by EUR 8.4 million compared to the same period last year.
- The Group operated three hotels in Tallinn and one in Riga. Tallink Express Hotel in Tallinn was closed for renovations in November 2025 and was reopened for visitors in May 2026.
- As at 30 June 2026, the Group's net debt amounted to EUR 409.6 million (EUR 437.7 million as at 31 March 2026). The net debt to EBITDA ratio stood at 3.1 as at 30 June 2026 (3.2 as at 31 March 2026).
- Total loan repayment and interest payment (less lease liabilities related to right-to- use assets) during the second quarter 2026 amounted to EUR 16.3 million while the drawn overdraft amounted to EUR 27.3 million (EUR 21.0 million as at 31 March 2026).
- Income tax on dividends in the amount of EUR 12.5 million was recorded in the second quarter 2026.
- The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes.
- The Group regularly monitors the developments on its core routes including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing chartering agreements.
Sales and Results by Segments
In the second quarter 2026, the Group's total revenue amounted to EUR 207.0 million, unchanged from prior-year period.
Revenue from route operations (the Group's core operations) increased by EUR 1.6 million to EUR 169.4 million compared to the second quarter 2025. The segment result from route operations amounted to EUR 18.7 million compared to EUR 21.2 million in the second quarter 2025.
The number of passengers carried on the Estonia-Finland route decreased by 2.2% year-on-year. The number of transported cargo units increased by 9.8%. Revenue from the Estonia-Finland route increased by EUR 3.6 million compared to the same period a year ago and amounted to EUR 88.2 million while the segment result increased by EUR 1.0 million to EUR 21.5 million, year-on-year. The segment reflects the operations of two shuttle vessels, MyStar and Megastar, and the cruise ferry Victoria I.
In the second quarter 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 1.0%. The number of transported cargo units increased by 29.7%. The routes' revenue increased by EUR 0.2 million to EUR 60.6 million and the segment result decreased by EUR 5.7 million to a loss of EUR 3.8 million, year-on-year. The decline in segment result was mainly driven by increase in fuel prices. The segment reflects the operations of one cruise ferry on the Turku-Stockholm (the cruise ferry Baltic Princess) and two cruise ferries on the Helsinki-Stockholm route (the cruise ferries Silja Serenade and Silja Symphony).
On Estonia-Sweden routes the number of carried passengers decreased by 10.1%. The number of transported cargo units decreased by 50.7% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 2.2 million to EUR 20.7 million. The segment result improved by EUR 2.2 million to EUR 1.1 million. The second quarter results for the Estonia-Sweden routes reflect the operation of the Tallinn-Stockholm route by the cruise ferry Baltic Queen. The Paldiski-Kapellskär route was operated by the passenger vessel Superfast IX for 9 days in April 2026. Thereafter, the vessel underwent the scheduled maintenance and, following the commencement of a chartering agreement effective 1 May 2026, the Paldiski-Kapellskär route has been suspended until further notice. A year ago, the Estonia-Sweden routes were operated by the cruise ferry Baltic Queen on the Tallinn-Stockholm route and passenger vessels Star I (until 12 April 2025) and Superfast IX (from 12 April 2025) on the Paldiski-Kapellskär route.
Revenue from the segment Other decreased by EUR 2.2 million compared to the second quarter 2025 amounting to EUR 38.5 million. The segment result was EUR 7.6 million, up by EUR 1.4 million year-on-year.
As at the end of the second quarter 2026, the Group had the following vessels chartered out:
- The cruise ferry Galaxy I was chartered out in September 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. In September 2025, the charter agreement of Galaxy I was extended until October 2026. The agreement includes another 12-month extension option after the end of the term.
- The cruise ferry Silja Europa was chartered out in August 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. The recent charter agreement from December 2024 was extended in December 2025 until the end of January 2027 with the option of extending the agreement for another year.
- The passenger vessel St Patrick (formerly Superfast IX) was chartered out for 36 months from 1 May 2026. The agreement includes an option to extend the charter period by two additional 12-month periods (12+12 months) and a purchase option for the vessel.
As at the end of the quarter, the Group had one vessel (the cruise ferry Romantika) in lay-up, compared to two vessels a year earlier (cargo vessels Sailor and Regal Star).
Earnings
In the second quarter 2026, the Group's gross profit amounted to EUR 38.2 million, down by EUR 0.8 million compared to a gross profit of EUR 39.1 million in the second quarter 2025. The Group generated EBITDA of EUR 34.3 million compared to EUR 37.4 million a year ago.
Amortisation and depreciation expense decreased by EUR 3.4 million to EUR 19.4 million year-on-year. Depreciation expense decreased mainly due to the alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years, resulting in lower depreciation rates and sale of passenger vessel Star I in April 2025.
As a result of decreased outstanding loan balance net finance costs declined by EUR 0.9 million year-on-year to EUR 4.8 million as at the end of the second quarter 2026 (EUR 5.7 million as at the end of the second quarter 2025).
The Group's unaudited net loss for second quarter 2026 was EUR 2.5 million or a loss of EUR 0.003 per share, unchanged from the second quarter of 2025 (net loss of EUR 2.5 million or a loss of EUR 0.003 per share).
Investments
The Group's investments in the second quarter 2026 amounted to EUR 7.3 million (EUR 8.4 million in the second quarter 2025). Most investments were directed toward maintenance and refurbishment of the passenger vessel Superfast IX and renovation of Tallink Express Hotel in Tallinn. The Group also continued to invest in the improvement of its IT systems.
Financial Position
At the end of the second quarter 2026, the Group's net debt amounted to EUR 409.6 million, down by EUR 28.1 million compared to the end of first quarter 2026. The net debt to EBITDA ratio was 3.1 at the reporting date (3.2 as at 31 March 2026).
As at 30 June 2026, the Group's cash and cash equivalents amounted to EUR 39.6 million (EUR 11.8 million as at 31 March 2026) and the Group had EUR 72.7 million in unused credit lines (EUR 79.0 million as at 31 March 2026). The total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to EUR 112.4 million (EUR 90.7 million as at 31 March 2026).
The position of cash and cash equivalents in the second quarter 2026 was impacted by the repayment of loans and related interest expense (less lease liabilities related to right-to-use assets) in the amount of
EUR 16.3 million. As at the end of the second quarter 2026, the Group had drawn an overdraft in the amount of EUR 27.3 million (EUR 21.0 million as at 31 March 2026).
Dividends
In 2018, the Group adopted a dividend policy subject to which dividends of a minimum amount of EUR 0.05 per share would be paid if the economic performance enables it.
The Annual General Meeting of Shareholders held on 19 May 2026 adopted a resolution to pay a dividend of EUR 0.06 per share in 2026 in the total amount of EUR 44.6 million. The dividends are paid in two instalments. The first instalment of EUR 0.03 per share in the total amount of EUR 22.3 million was paid out on 1 July 2026 and the second instalment of EUR 0.03 per share will be paid out on 24 November 2026.
Results of the 6 Months of the Financial Year 2026
In the first 6 months (1 January - 30 June) of the 2026 financial year, the Group carried 2,491,130 passengers, up 1.3% year-on-year.
The Group's unaudited revenue for the period increased by 3.5% and amounted to EUR 356.4 million (EUR 344.2 million in January-June 2025). Unaudited EBITDA was EUR 36.4 million (EUR 33.6 million in January-June 2025) and unaudited net loss was EUR 24.5 million (net loss of EUR 35.7 million in January-June 2025).
Revenue from route operations (the Group's core operations) increased by EUR 12.9 million to EUR 291.3 million compared to the same period a year ago. The segment result from route operations amounted to EUR 9.4 million compared to EUR 7.9 million in 2025.
The number of passengers carried on the Estonia-Finland route remained on the same level year-on-year amounting to 1,611,398. The number of transported cargo units increased by 12.1%. Revenue from the Estonia-Finland route increased by EUR 9.1 million compared to the same period a year ago and amounted to EUR 150.7 million while the segment result increased by EUR 3.4 million to EUR 26.8 million, year-on-year.
In the first 6 months quarter of 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 9.1% amounting to 651,445. The number of transported cargo units increased by 28.1%. The routes' revenue increased by EUR 7.0 million to EUR 104.9 million. The segment loss increased by EUR 5.0 million to EUR 13.8 million, year-on-year, mostly due to higher fuel prices.
On Estonia-Sweden routes, the number of passengers carried decreased by 10.1% and the number of transported cargo units declined by 29.0% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes declined by EUR 3.2 million and was EUR 35.7 million. The segment result improved by EUR 3.1 million to a loss of EUR 3.6 million. The revenues decreased primarily due to the suspension of Paldiski-Kapellskär route following the chartering of the passenger vessel Superfast IX from 1 May 2026.
Revenue from the segment Other decreased by EUR 1.5 million year-on-year amounting to EUR 66.7 million. The segment result increased by EUR 7.9 million to EUR 12.5 million.
The financial results of the first 6 months of 2026 were impacted by the following factors:
- Low consumer and business confidence in the home markets as well as mounting geopolitical tensions.
- Investments in the amount of EUR 21.5 million (EUR 21.7 million in January-June 2025), majority of which were made to upgrading the cruise ferries Baltic Queen, Silja Symphony and Victoria I in the first quarter and maintenance and refurbishment of passenger vessel Superfast IX in the second quarter. The planned maintenance works totalling 63 days (68 days in January-June 2025) affected the passenger and cargo levels. In addition, the Group invested in the refurbishment of the Tallink Express Hotel in Tallinn, which was closed from November 2025 until its reopening in May 2026.
- Higher fuel prices, driven by heightened geopolitical tensions, increased fuel costs by EUR 9.6 million, year-on-year.
- Income tax on dividends in the amount of EUR 12.5 million was recorded in the second quarter of 2026.
- Chartering of passenger vessel Superfast IX for 36 months from 1 May 2026.
- The cruise ferry Romantika returned from charter after the expiry of the agreement in March 2026.
- Repayment of long-term loans and interest expense (less lease liabilities related to right-to- use assets) in the amount of EUR 31.3 million (EUR 72.2 million in the January-June 2025).
- Alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years retrospectively for the financial year 2025 reduced depreciation expense.
Key Figures
| For the period | Q2 2026 | Q2 2025 | Q2 2024 | Jan-Jun 2026 | Jan-Jun 2025 | Jan-Jun 2024 |
| Revenue (EUR million) | 207.0 | 207.0 | 210.0 | 356.4 | 344.2 | 370.4 |
| Gross profit/loss (EUR million) | 38.2 | 39.1 | 46.8 | 44.3 | 34.3 | 60.6 |
| EBITDA¹ (EUR million) | 34.3 | 37.4 | 46.6 | 36.4 | 33.6 | 81.1 |
| EBIT¹ (EUR million) | 14.9 | 14.5 | 22.3 | -2.4 | -12.6 | 32.1 |
| Net profit/loss for the period (EUR million) | -2.5 | -2.5 | 6.1 | -24.5 | -35.7 | 8.7 |
| Depreciation and amortisation (EUR million) | 19.4 | 22.8 | 24.3 | 38.8 | 46.2 | 49.0 |
| Capital expenditures¹ ²(EUR million) | 7.3 | 8.4 | 4.6 | 21.5 | 21.7 | 10.9 |
| Weighted average number of ordinary shares outstanding | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 |
| Earnings/loss per share¹ (EUR) | -0.003 | -0.003 | 0.008 | -0.033 | -0.048 | 0.012 |
| Number of passengers | 1 454 725 | 1 488 128 | 1 451 768 | 2 491 130 | 2 458 487 | 2 554 506 |
| Number of cargo units | 68 986 | 67 038 | 86 813 | 134 564 | 124 868 | 171 763 |
| Average number of employees | 4 832 | 5 050 | 5 060 | 4 751 | 4 912 | 4 974 |
| As at | 30.06.2026 | 31.03.2026 | 31.12.2025 | 30.06.2026 | 30.06.2025 | 30.06.2024 |
| Total assets (EUR million) | 1 351.9 | 1 328.7 | 1 330.8 | 1 351.9 | 1 413.7 | 1 567.0 |
| Total liabilities (EUR million) | 670.2 | 600.3 | 580.7 | 670.2 | 715.6 | 816.6 |
| Interest-bearing liabilities (EUR million) | 449.2 | 449.4 | 445.9 | 449.2 | 495.7 | 619.8 |
| Net debt¹ (EUR million) | 409.6 | 437.7 | 432.4 | 409.6 | 459.7 | 548.9 |
| Net debt to EBITDA¹ | 3.1 | 3.6 | 3.3 | 3.1 | 3.6 | 2.7 |
| Total equity (EUR million) | 681.7 | 728.4 | 750.1 | 681.7 | 698.1 | 750.4 |
| Equity ratio¹ (%) | 50% | 55% | 56% | 50% | 49% | 48% |
| Number of ordinary shares outstanding | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 |
| Shareholders' equity per share (EUR) | 0.92 | 0.98 | 1.01 | 0.92 | 0.94 | 1.01 |
| Ratios¹ | Q2 2026 | Q2 2025 | Q2 2024 | Jan-Jun 2026 | Jan-Jun 2025 | Jan-Jun 2024 |
| Gross margin (%) | 18.5% | 18.9% | 22.3% | 12.4% | 10.0% | 16.4% |
| EBITDA margin (%) | 16.6% | 18.1% | 22.2% | 10.2% | 9.8% | 21.9% |
| EBIT margin (%) | 7.2% | 7.0% | 10.6% | -0.7% | -3.7% | 8.7% |
| Net profit/loss margin (%) | -1.2% | -1.2% | 2.9% | -6.9% | -10.4% | 2.3% |
| ROA (%) | 4.5% | 2.2% | 6.4% | 4.5% | 2.2% | 6.4% |
| ROE (%) | 4.0% | -0.5% | 7.7% | 4.0% | -0.5% | 7.7% |
| ROCE (%) | 5.5% | 2.7% | 7.7% | 5.5% | 2.7% | 7.7% |
1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of Interim Report.
2 Does not include additions to right-of-use assets.
EBITDA: result from operating activities before net financial items, share of profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings/loss per share: net profit or loss/ weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder's equity per share: shareholder's equity / number of shares outstanding
Gross profit/loss margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit/loss margin: net profit or loss / net sales
Capital expenditure: additions to property, plant and equipment - additions to right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average total assets
ROE: net profit 12-months trailing / average shareholders' equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total assets - current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing
Consolidated statement of profit or loss and other comprehensive income
| Unaudited, in thousands of EUR | Q2 2026 | Q2 2025 | Jan-Jun 2026 | Jan-Jun 2025 |
| Revenue | 206 983 | 206 952 | 356 352 | 344 230 |
| Cost of sales | -168 762 | -167 902 | -312 078 | -309 928 |
| Gross profit | 38 221 | 39 050 | 44 274 | 34 302 |
| Sales and marketing expenses | -11 915 | -11 565 | -22 367 | -21 864 |
| Administrative expenses | -12 487 | -12 498 | -25 857 | -25 340 |
| Other operating income | 1 231 | 964 | 1 802 | 1 808 |
| Other operating expenses | -183 | -1 405 | -221 | -1 494 |
| Result from operating activities | 14 867 | 14 546 | -2 369 | -12 588 |
| Finance income | 27 | 82 | 57 | 114 |
| Finance costs | -4 839 | -5 751 | -9 431 | -11 850 |
| Loss/profit before income tax | 10 055 | 8 877 | -11 743 | -24 324 |
| Income tax | -12 545 | -11 363 | -12 710 | -11 363 |
| Net loss for the period | -2 490 | -2 486 | -24 453 | -35 687 |
| Net loss for the period attributable to equity holders of the Parent | -2 490 | -2 486 | -24 453 | -35 687 |
| Other comprehensive income | ||||
| Items that may be reclassified to profit or loss | ||||
| Exchange differences on translating foreign operations | 104 | 125 | 140 | -33 |
| Other comprehensive income/loss for the period | 104 | 125 | 140 | -33 |
| Total comprehensive loss for the period | -2 386 | -2 361 | -24 313 | -35 720 |
| Total comprehensive loss for the period attributable to equity holders of the Parent | -2 386 | -2 361 | -24 313 | -35 720 |
| EPS (in EUR) | -0.003 | -0.003 | -0.033 | -0.048 |
| Diluted EPS (in EUR) | -0.003 | -0.003 | -0.033 | -0.048 |
Consolidated statement of financial position
| Unaudited, in thousands of EUR | 30.06.2026 | 30.06.2025 | 31.12.2025 |
| ASSETS | |||
| Cash and cash equivalents | 39 631 | 35 979 | 13 491 |
| Trade and other receivables | 30 194 | 39 815 | 36 830 |
| Prepayments | 14 104 | 16 528 | 8 303 |
| Inventories | 46 500 | 46 211 | 45 770 |
| Intangible assets | 2 074 | 8 244 | 1 503 |
| Current assets | 132 503 | 146 777 | 105 897 |
| Other financial assets and prepayments | 441 | 481 | 438 |
| Deferred income tax assets | 21 840 | 21 840 | 21 840 |
| Investment property | 300 | 300 | 300 |
| Property, plant and equipment | 1 177 913 | 1 222 569 | 1 182 216 |
| Intangible assets | 18 902 | 21 770 | 20 073 |
| Non-current assets | 1 219 396 | 1 266 960 | 1 224 867 |
| TOTAL ASSETS | 1 351 899 | 1 413 737 | 1 330 764 |
| LIABILITIES AND EQUITY | |||
| Interest-bearing loans and borrowings | 99 458 | 83 174 | 77 156 |
| Trade and other payables | 112 384 | 111 007 | 97 297 |
| Payables to owners | 44 620 | 44 620 | 6 |
| Income tax liability | 12 554 | 11 417 | 4 |
| Deferred income | 51 369 | 52 908 | 37 458 |
| Current liabilities | 320 385 | 303 126 | 211 921 |
| Interest-bearing loans and borrowings | 349 771 | 412 506 | 368 770 |
| Non-current liabilities | 349 771 | 412 506 | 368 770 |
| Total liabilities | 670 156 | 715 632 | 580 691 |
| Share capital | 349 477 | 349 477 | 349 477 |
| Share premium | 663 | 663 | 663 |
| Reserves | 60 019 | 60 882 | 59 760 |
| Retained earnings | 271 584 | 287 083 | 340 173 |
| Equity attributable to equity holders of the Parent | 681 743 | 698 105 | 750 073 |
| Total equity | 681 743 | 698 105 | 750 073 |
| TOTAL LIABILITIES AND EQUITY | 1 351 899 | 1 413 737 | 1 330 764 |
Consolidated statement of cash flows
| Unaudited, in thousands of EUR | Q2 2026 | Q2 2025 | Jan-Jun 2026 | Jan-Jun 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net loss for the period | -2 490 | -2 486 | -24 453 | -35 687 |
| Adjustments | 36 062 | 40 638 | 60 372 | 70 102 |
| Changes in: | ||||
| Receivables and prepayments related to operating activities | 2 827 | -6 723 | 832 | -22 150 |
| Inventories | 442 | 923 | -1 301 | 529 |
| Liabilities related to operating activities | 13 336 | 28 028 | 29 103 | 38 853 |
| Changes in assets and liabilities | 16 605 | 22 228 | 28 634 | 17 232 |
| Cash generated from operating activities | 50 177 | 60 380 | 64 553 | 51 647 |
| Income tax paid | 5 | -75 | -160 | -76 |
| NET CASH USED IN/FROM OPERATING ACTIVITIES | 50 182 | 60 305 | 64 393 | 51 571 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Purchase of property, plant, equipment and intangible assets | -7 347 | -8 415 | -21 548 | -21 705 |
| Proceeds from disposals of property, plant, equipment | 44 | 64 617 | 56 | 64 617 |
| Interest received | 27 | 62 | 57 | 94 |
| NET CASH USED IN/FROM INVESTING ACTIVITIES | -7 276 | 56 264 | -21 435 | 43 006 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Repayment of loans received | -11 862 | -47 535 | -23 212 | -63 505 |
| Change in overdraft | 6 240 | -37 382 | 24 146 | 7 956 |
| Payment of lease liabilities | -4 531 | -4 864 | -8 974 | -9 722 |
| Interest paid | -4 896 | -6 048 | -8 778 | -11 416 |
| Payment of transaction costs related to loans | 0 | -616 | 0 | -616 |
| NET CASH FROM/USED IN FINANCING ACTIVITIES | -15 049 | -96 445 | -16 818 | -77 303 |
| TOTAL NET CASH FLOW | 27 857 | 20 124 | 26 140 | 17 274 |
| Cash and cash equivalents at the beginning of period | 11 774 | 15 855 | 13 491 | 18 705 |
| Change in cash and cash equivalents | 27 857 | 20 124 | 26 140 | 17 274 |
| Cash and cash equivalents at the end of period | 39 631 | 35 979 | 39 631 | 35 979 |
Anneli Simm
Investor Relations Manager
AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail anneli.simm@tallink.ee
Phone: +372 56157170
