Tallink Grupp As · OMXTSE:TAL1T
Tallink Grupp As — AS Tallink Grupp — Q3 2026 Earnings Presentation
34 slides from Tallink Grupp As's earnings presentation, October 2026
Slide 1: AS Tallink Grupp
AS Tallink Grupp October 2026
Slide 2: Tallink Grupp at a glance
Tallink Grupp TALLINK GRUPP at a glance as at the end of Q3 2026 The leading European provider of leisure and business travel and sea transportation services in the Baltic 11 vessels incl 4 regular routes Sea region. 9 passenger & on the Baltic Sea 2 shuttle vessels 3 vessels in charter incl 3.7 mil
Slide 3: 2025 Key Indicators
2025 Key Indicators Passengers Cargo units Passenger vehicles 5 531 132 245 004 760 473 Revenue EBITDA Net profit 765.3 MEUR 130.1 MEUR 17.3 MEUR Total assets Net debt Net debt/EBITDA 1,330 MEUR 432.4 MEUR 3.3x 3
Slide 4: Strategic plan
Strategic plan 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 customer
Slide 5: Highlights and milestones
Highlights and milestones Operations Restaurant operations o—____. burr unc SH Fiver sweden 4B SD tee- sen Ab Find 1@ Bi exoxio sweden B en @— iotel operations Newbuilt vessels 1 1 € 1484 | m Baltic Queen Acquisitions 1 (3) 1 € 968m ‘ Baltic Princess exits supanter aso oe. Star MyStar ' Secondony 1
Slide 6: Routes & destinations
Routes & destinations Critical maritime infrastructure in the Baltic Sea region Ferry connections are an extension of the transport network supporting mobility, freight resilience, tourism and labour-market integration. 6
Slide 7: Fleet composition & deployment
Fleet composition & deployment Tallinn - Helsinki Tallinn - Stockholm Chartered Megastar Baltic Queen Galaxy I Vessel type High-speed ro-pax Vessel type Cruise ferry Built/renovated 2017 Built/renovated 2009 Vessel type Cruise ferry Route Estonia-Finland Route Estonia-Sweden Built/renovated 2006 Oth
Slide 8: Passenger operations market share
Passenger operations Turku - Stockholm market share 42% 49% 60% 71% 75% 75% Northern Baltic passenger market 58% ~14 million passengers in 2025 51% 40% 29% 25% 25% Tallinn – Stockholm 2020 2021 2022 2023 2024 2025 Sole passenger ferry operator Tallinn - Helsinki Helsinki - Stockholm 7% 24% 27% 27% 2
Slide 9: Cruise ferry
Cruise ferry 927 cabins, 2800 passengers Buffet Nightclub Tango lounge Conference a Ny wat Shops, pubs, restaurants Car deck ~ Show bar
Slide 10: Shuttle vessel
Shuttle vessel _J--—._ SS ee. > “" "“TALLINK S-7e ————— SERVICE & SHOP SERVICE & PROVISION PASSENGERS RORO Wi 10
Slide 11: Business model
Business model REVENUE STRUCTURE 2025 Product offering RETAIL AND LEISURE Cargo 10% • Onboard Catering • Onboard Tax-Free Shopping • On-shore and online shopping Accommodation Restaurant & shop sales • Hotel & Travel Packages 48% 2% Charter 7% INFRASTRUCTURE Other 4% • Overnight Cruises & Passenger
Slide 12: Position in the global ferry market
Position in the global ferry market Leading the seas in travel retail - #1 among ferry retailers THE WORLD'S TOP DUTY FREE & TRAVEL RETAIL SHOPS FERRY OPERATOR BY GROSS TONS Rank Company Gross tons 1 Grimaldi Group 1,215,271 Ranking by actual retail sales in 2025 2 Stena Line 1,042,295 3 Grand Navi
Slide 13: Top ferry operators by bed capacity
Top ferry operators by bed capacity Source: ShipPax MARKET:25 13
Slide 14: Top ferry operators by passenger capacity
Top ferry operators by passenger capacity Source: ShipPax MARKET:25 14
Slide 15: Travel retail brands
WeSSAINTAURENT Cri Pur bom VERSACE CLARINS RiTuaus... ESTEE LAUDER CAROLINA HERRERA SENSAI_ & wictoninox DOICE<GABBANA PACO rabanne Ja ‘ane tredale SX) Jo MALONE Dior MARMARA BOSS THE SKINCARE MAKEUP™ SIF JAKOBS LONDON TERLING LINDBERGH Alexander McQUEEN ElizabethArden HiVEIDO CHANEL NEW YORK TOMFOR
Slide 16: Dining concepts on our vessels
Dining concepts on our vessels Onboard dining options cater to every preference BUFFET RESTAURANTS FINE DINING RESTAURANTS À LA CARTE RESTAURANTS QUICK SERVICE RESTAURANTS 16
Slide 17: Safety, security and environmental protection are a high priority
Safety, security and environmental protection are a high priority
Slide 18: Sustainability focus areas and goals
Sustainability focus areas and goals 18
Slide 19: Our main ESG related goals
CG» We have reduced COz2 emissions across our entire fleet by 62% compared to 2008.
Slide 20: Policies and certifications
Policies and certifications • ISO 14001:2015 Environmental Certificate by Lloyds Register • International Anti-Fouling System Certificate • MARPOL International Energy Efficiency Certificate • MARPOL International Sewage Pollution Prevention Certificate • MARPOL International Air Pollution Preventio
Slide 21: Employees of Tallink Grupp
Employees of Tallink Grupp As of 31 December 2025 Employee split by countries 8 4 e 2950 = _ Average years spent 4h in the company wy 1007 Employe se aera Employees L. 1 i on-shore 1607 =» ~ 86 & Employees w —< on-board 3209 we Gender split Women Men 55% | 45% oOo Average age of employee COW 43.75 y
Slide 22: Q3 & 9M 2026 highlights
Q3 & 9M 2026 highlights Selected Key Figures — In Q3, cargo volumes increased by 7.8% y-o-y despite (financials in million Q3 2025 Q3 2026(1) Change 9M 2025 9M 2026(1) Change the closure of the Paldiski-Kapellskär route in May 2026 euros) (9M2026: 7.8%). Number of passengers 1,766,335 1,816,174 2.8%
Slide 23: Sales & results by geographical segments Q3 2026
Sales & results by geographical SEGMENT SALES (in million euros) 280 segments Q3 2026 5.3 5.8 2.6 0.4 246.7 233.1 2 -0.4 240 3 200 • The Group accounts for 48% of passenger 160 traffic between Estonia-Finland and 38% (Q3 120 2025: 36%) between Finland-Sweden. 80 • The Group is the only operator prov
Slide 24: Sales by operational segments Q3 2026
REVENUE STRUCTURE Q3 2026(1) Sales by Accommodation Other 3% operational Other 17% 3% Charter 7% segments Q3 2026 Cargo Estonia - Estonia - sales Sweden Finland Restaurant 9% 10% 41% & shop sales • Broad-based revenue growth across all 44% operational segments. Finland - Sweden Ticket 32% sales • Ca
Slide 25: Dynamics of seasonality
Dynamics of seasonality Passengers (millions) Cargo (th. units) 5.7 5.6 5.5 400 6 324 1.3 303 1.3 1.3 4.3 300 76 65 245 4 1.8 1.7 1.8 1.8 60 200 Q4 200 76 67 60 65 Q3 2 1.5 1.5 1,5 85 87 1.5 100 69 67 Q2 1.0 1.1 1.0 1.0 87 85 58 66 Q1 0 0 2023 2024 2025 2026 2023 2024 2025 2026 Revenue (in million e
Slide 26: Impact of seasonality on net result
Impact of seasonality on net result Quarterly net result (in million euros) 2023 2024 2025 9M2026(1) net profit 79M€ net profit 40M€ net profit 17M€ net profit 19M€ 70 50 30 49 44 37 41 33 10 6 2 3 12 -5 -5 -3 -3 -10 -22 -33 -30 -50 Notes: (1) 2026 unaudited Most of profits are typically earned in s
Slide 27: Consolidated income statement
Consolidated income statement In million euros Q3 2025 Q3 2026(2) 9M 2025 9M 2026(2) Sales 233.1 246.7 577.3 603.0 Cost of sales (1) -165.9 -176.9 -475.8 -488.9 Marketing & administrative cost (1) -22.5 -20.9 -69.7 -69.1 Other operating items, net 1.2 0.2 1.5 1.7 Result from operating activities 45.
Slide 28: Consolidated cash flow statement
Consolidated cash flow statement In million euros Q3 2025 Q3 2026(1) 9M 2025 9M 2026(1) Operating cash flow 50.3 39.4 101.9 103.8 Capital expenditure -5.5 -3.4 -27.2 -25.0 Asset disposal 6.3 0.0 71.0 0.0 Free cash flow 51.3 36.1 145.8 79.0 Debt financing (net effect) -28.5 -29.2 -93.8 -37.3 Interest
Slide 29: Consolidated statement of financial position
Consolidated statement of financial position In million euros 30.09.2025 30.06.2026(2) 30.09.2026(2) 30.09.2026(2) 1400 Total assets 1,359.1 1,351.9 1,316.1 Cash Non-current assets 1,238.6 1,219.4 1,204.6 Other Other liabilities Current assets 120.4 132.5 111.6 assets - of which cash 31.9 39.6 21.8
Slide 30: Loan portfolio structure
Loan portfolio Long-term bank loans structure 11.2 800 12,0 700 • Long-term bank loans of EUR 332.3 million 10,0 as at 30 September 2026: 600 — 3 loan agreements outstanding: 8,0 syndicated loan and two 500 shipbuilding loans; 400 6,0 5.4 3 — Remaining maturities of 2 – 8 years; 19 300 3.1 3.3 4,0 —
Slide 31: Full year cost breakdown
Full year cost breakdown (in million euros) 2024 2025 Change Net finance cost Cost of goods 163.9 160.5 -2.1% Depreciation and 2.9% amortisation 10.7% Staff costs 142.8 150.2 5.1% Cost of goods 21.6% Marketing & Administration (1)(2) 85.5 85.7 0.3% Other costs³ 2.3% Port & Stevedoring 73.3 75.0 2.2%
Slide 32: Shareholders and share performance
Shareholders and share performance Infortar AS 68.8% Nordea Bank Abp / Clients FDR 3.4% Clearstream Banking AG 1.8% Mersok OÜ 1.5% Retail investors Luksusjaht AS 1.0% 11% Enn Pant 0.9% Institutional Unicredit Bank Austria AG 0.7% investors Ain Hanschmidt 0.5% 9% Timo Juhani Majuri 0.5% EIKOS AB 0.5%
Slide 33: Management board
Management board 2 € Peep Jalakas he 4 Born in 1985 a CEO since 6 April 2026 f Elise Nassar Harri Hanschmidt Born in 1991 Bor in 1982 Member of Management Board Member of Management Board since February 2019 Since March 2024 Le eee Piret Mirk-Dubout Born in 1970 Member of Management Board since Apri
Slide 34: — eee ee
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