AS Tallink Grupp Audited Annual Report for the Financial Year 2025
On 13 April 2026 the Supervisory Board of AS Tallink Grupp approved the audited annual report for 2025 and will submit it to the General Meeting of Shareholders for approval.
Compared to the unaudited interim report published on February 19 there are no differences in the audited annual report in terms of the financial results.
The audited annual report of AS Tallink Grupp for the financial year 2025 in ESEF format together with the independent auditor’s report is attached to this release and will be made available on the website of AS Tallink Grupp at .
In the financial year 2025 (1 January – 31 December), AS Tallink Grupp and its subsidiaries (the Group) carried 5.5 million passengers, which is down 0.9% compared to the financial year 2024. The number of cargo units transported decreased by 19.2% to 245,004 while the number of passenger vehicles was down by 2.2% to 760,473, year-on-year.
The Group’s audited consolidated revenue amounted to EUR 765.3 million compared to EUR 785.8 million in the financial year 2024, down 2.6% year-on-year. Revenue from route operations (the Group’s core operations) decreased by EUR 13.7 million to EUR 625.2 million compared to the financial year 2024. The Group’s EBITDA was EUR 130.1 million (EUR 175.2 million in the financial year 2024) and the audited net profit for the period was EUR 17.3 million (EUR 40.3 million in the financial year 2024).
The following operational factors impacted the Group’s revenue and operating results in 2025:
- Demand was impacted by low consumer and business confidence, ongoing economic challenges in the Group’s core markets, and heightened global geopolitical tensions.
- As at the end of the financial year, the Group operated 11 vessels including 2 shuttle vessels, 6 passenger vessels and 3 vessels that were chartered out.
- The number of vessels in lay-up decreased from four at the end of the first quarter of 2025 to zero by the end of the third quarter of 2025, as a result of either securing new employment (the cruise vessel Romantika) or the sale of the vessels.
- During the financial year, the Group completed the sale of three vessels. The passenger vessel Star I was sold to Irish Continental Group plc in April, the cargo vessel Regal Star to AMS Line Shipping Co in August and the cargo vessel Sailor to Rederiaktiebolaget Eckerö in October.
- The Group operated three hotels in Tallinn and one in Riga.
- The Group’s cash position was impacted by the payment of dividends in the amount of EUR 44.6 million and related income tax of EUR 11.3 million.
- As at 31 December 2025, the Group’s net debt amounted to EUR 432.4 million compared to
EUR 537.7 million as at 31 December 2024. The net debt to EBITDA ratio stood at 3.3 as at 31 December 2025 (3.1 as at 31 December 2024). - Total loan repayments and the related interest payments during the financial year amounted to EUR 113.5 million.
- Capital investments in 2025 totalled EUR 33.0 million, while planned maintenance and repair works of vessels totalled 73 days.
- The Group’s profitability was positively impacted by a decline in depreciation expense due to the alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years.
- 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 developments on its core routes, including the capacity of each route, and continues to seek options for chartering vessels that are not used on the main routes and extending existing chartering agreements.
Key figures
| For the year ended 31 December | 2025 | 2024 | 2023 | 2022 | 2021 |
| Revenue (EUR million) | 765.3 | 785.8 | 835.3 | 771.4 | 476.9 |
| Gross profit/loss (EUR million) | 143.2 | 153.6 | 203.8 | 113.5 | 21.7 |
| EBITDA¹ (EUR million) | 130.1 | 175.2 | 214.5 | 135.8 | 58.3 |
| EBIT¹ (EUR million) | 50.3 | 77.4 | 113.3 | 37.7 | -37.0 |
| Net profit/loss for the period (EUR million) | 17.3 | 40.3 | 78.9 | 13.9 | -56.6 |
| Depreciation and amortisation¹ (EUR million) | 79.8 | 97.8 | 101.2 | 98.1 | 95.3 |
| Capital expenditures¹˒² (EUR million) | 33.0 | 22.4 | 28.2 | 203.3 | 20.2 |
| Weighted average number of ordinary shares outstanding | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 | 694 444 381 |
| Earnings/loss per share¹ (EUR) | 0.02 | 0.05 | 0.11 | 0.02 | -0.08 |
| Number of passengers¹ | 5 531 132 | 5 580 016 | 5 705 600 | 5 462 085 | 2 961 975 |
| Number of cargo units¹ | 245 004 | 303 234 | 323 990 | 409 769 | 369 170 |
| Average number of employees¹ | 4 901 | 4 964 | 4 879 | 5 023 | 4 360 |
| As at 31 December | 2025 | 2024 | 2023 | 2022 | 2021 |
| Total assets (EUR million) | 1 330.8 | 1 463.9 | 1 555.2 | 1 691.6 | 1 585.9 |
| Total liabilities (EUR million) | 580.7 | 681.6 | 769.5 | 984.7 | 893.4 |
| Interest-bearing liabilities¹ (EUR million) | 445.9 | 556.4 | 649.3 | 853.5 | 779.9 |
| Net debt¹ (EUR million) | 432.4 | 537.7 | 607.3 | 738.6 | 652.4 |
| Net debt to EBITDA¹ | 3.3 | 3.1 | 2.8 | 5.4 | 11.2 |
| Total equity (EUR million) | 750.1 | 782.3 | 785.8 | 706.9 | 692.5 |
| Equity ratio¹ (%) | 56.4% | 53.4% | 50.5% | 41.8% | 43.7% |
| Number of ordinary shares outstanding | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 | 743 569 064 |
| Shareholders’ equity per share (EUR) | 1.01 | 1.05 | 1.06 | 0.95 | 0.93 |
| Ratios¹ | 2025 | 2024 | 2023 | 2022 | 2021 |
| Gross margin (%) | 18.7% | 19.5% | 24.4% | 14.7% | 4.5% |
| EBITDA margin (%) | 17.2% | 22.3% | 25.7% | 17.6% | 12.2% |
| EBIT margin (%) | 6.6% | 9.9% | 13.6% | 4.9% | -7.8% |
| Net profit/loss margin (%) | 2.3% | 5.1% | 9.4% | 1.8% | -11.9% |
| ROA (%) | 3.6% | 5.1% | 7.0% | 2.4% | -2.4% |
| ROE (%) | 2.3% | 5.2% | 10.6% | 2.1% | -8.2% |
| ROCE (%) | 4.4% | 6.0% | 8.4% | 3.1% | -2.8% |
| Current ratio | 0.5 | 0.5 | 0.5 | 0.7 | 0.6 |
¹ Alternative performance measures based on ESMA guidelines are disclosed in the “Alternative performance measures” section of the report.
2 Does not include additions to right-of-use assets.
Consolidated statement of profit or loss and other comprehensive income
| For the year ended 31 December, in thousands of EUR | 2025 | 2024 |
| Revenue | 765 288 | 785 822 |
| Cost of sales | -622 065 | -632 266 |
| Gross profit | 143 223 | 153 556 |
| Sales and marketing expenses | -44 246 | -43 849 |
| Administrative expenses | -52 006 | -52 853 |
| Impairment loss on receivables | -116 | 7 |
| Other operating income | 5 713 | 21 684 |
| Other operating expenses | -2 266 | -1 115 |
| Result from operating activities | 50 302 | 77 430 |
| Finance income | 490 | 938 |
| Finance costs | -21 905 | -29 198 |
| Profit before income tax | 28 887 | 49 170 |
| Income tax | -11 623 | -8 896 |
| Net profit | 17 264 | 40 274 |
| Net profit attributable to equity holders of the Parent | 17 264 | 40 274 |
| Other compherensive income | ||
| Items that may be reclassified to profit or loss | ||
| Exchange differences on translating foreign operations | -393 | 332 |
| Revaluation of assets held for sale | -5 607 | 0 |
| Other comprehensive income/loss | -6 000 | 332 |
| Total comprehensive income | 11 264 | 40 606 |
| Total comprehensive income attributable to equity holders of the Parent | 11 264 | 40 606 |
| Basic and diluted profit per share (in EUR) | 0.023 | 0.054 |
Consolidated statement of financial position
| As at 31 December, in thousands of EUR | 2025 | 2024 |
| ASSETS | ||
| Cash and cash equivalents | 13 491 | 18 705 |
| Trade and other receivables | 36 830 | 25 268 |
| Prepayments | 8 303 | 8 764 |
| Inventories | 45 770 | 48 083 |
| Intangible assets | 1 503 | 6 901 |
| Current assets | 105 897 | 107 721 |
| Other financial assets and prepayments | 438 | 518 |
| Deferred income tax assets | 21 840 | 21 840 |
| Investment property | 300 | 300 |
| Property, plant and equipment | 1 182 216 | 1 310 000 |
| Intangible assets | 20 073 | 23 562 |
| Non-current assets | 1 224 867 | 1 356 220 |
| TOTAL ASSETS | 1 330 764 | 1 463 941 |
| LIABILITIES AND EQUITY | ||
| Interest-bearing loans and borrowings | 77 156 | 104 549 |
| Trade and other payables | 97 297 | 95 146 |
| Payables to owners | 6 | 6 |
| Income tax liability | 4 | 7 |
| Deferred income | 37 458 | 30 102 |
| Current liabilities | 211 921 | 229 810 |
| Interest-bearing loans and borrowings | 368 770 | 451 825 |
| Non-current liabilities | 368 770 | 451 825 |
| Total liabilities | 580 691 | 681 635 |
| Share capital | 349 477 | 349 477 |
| Share premium | 663 | 663 |
| Reserves | 59 760 | 65 901 |
| Retained earnings | 340 173 | 366 265 |
| Equity attributable to equity holders of the Parent | 750 073 | 782 306 |
| Total equity | 750 073 | 782 306 |
| TOTAL LIABILITIES AND EQUITY | 1 330 764 | 1 463 941 |
Consolidated statement of cash flows
| For the year ended 31 December, in thousands of EUR | 2025 | 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net profit for the period | 17 264 | 40 274 |
| Adjustments for: | ||
| Depreciation and amortisation | 79 766 | 97 751 |
| Net gain on disposals of property, plant and equipment | 996 | -18 260 |
| Net interest expense | 21 578 | 28 008 |
| Net unrealised foreign exchange gain/loss | -54 | 288 |
| Share option programme reserve | 1 117 | 560 |
| Income tax | 11 623 | 8 896 |
| Adjustments | 115 026 | 117 243 |
| Changes in: | ||
| Receivables related to operating activities | -11 529 | 6 481 |
| Prepayments related to operating activities | 134 | -776 |
| Inventories | 303 | -13 573 |
| Liabilities related to operating activities | 17 226 | 8 505 |
| Changes in assets and liabilities | 6 134 | 637 |
| Cash generated from operating activities | 138 424 | 158 154 |
| Income tax paid | -11 299 | -4 740 |
| NET CASH FROM OPERATING ACTIVITIES | 127 125 | 153 414 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment and intangible assets | -32 969 | -22 260 |
| Proceeds from sales of property, plant and equipment | 78 787 | 24 555 |
| Interest received | 327 | 938 |
| NET CASH FROM/(-)USED IN INVESTING ACTIVITIES | 46 145 | 3 233 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Repayment of loans received | -97 572 | -87 045 |
| Change in overdraft | 3 126 | 0 |
| Payment of lease liabilities | -17 998 | -18 659 |
| Interest paid | -20 810 | -29 095 |
| Payment of transaction costs related to loans | -616 | -450 |
| Dividends paid | -44 614 | -44 614 |
| NET CASH USED IN FINANCING ACTIVITIES | -178 484 | -179 863 |
| NET CASH FLOW | -5 214 | -23 216 |
| Cash and cash equivalents at the beginning of period | 18 705 | 41 921 |
| Change in cash and cash equivalents | -5 214 | -23 216 |
| Cash and cash equivalents at the end of period | 13 491 | 18 705 |
Anneli Simm
Investor Relations Manager
AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail
Phone:
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