AS Tallink Grupp (TAL1T) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was EUR 207 million, down 1.5% year-over-year, with a net loss of EUR 2.5 million due to lower charter and cargo revenues, layup costs, and dividend tax.

• Passenger numbers increased 2.5% to nearly 1.5 million, while cargo units dropped 22.8% to 67,038.

• EBITDA fell to EUR 37.4 million, and the Group operated 13 vessels, with 3 chartered out and 2 in lay-up.

• Ongoing efficiency measures include vessel sales, charters, and reduced layup fleet.

• Dividends of EUR 0.06 per share (EUR 44.6 million total) were declared for 2025, paid in two instalments.

Financial highlights

• Revenue for Q2 2025 was EUR 207 million, down from EUR 210 million in Q2 2024.

• EBITDA margin was 18.1%, lower than 2023 and Q2 2024.

• Net loss for Q2 2025 was EUR 2.5 million (EPS: -EUR 0.003), compared to a EUR 6.1 million profit in Q2 2024.

• Cash flow from operations improved to EUR 60 million, and cash and cash equivalents rose to EUR 36 million.

• Investments in Q2 2025 totaled EUR 8.4 million, mainly for vessel maintenance and IT upgrades.

Outlook and guidance

• Management expects seasonally higher earnings in the summer months, with improvement in passenger and revenue trends.

• Cargo recovery is anticipated in autumn as market conditions improve.

• Ongoing geopolitical tensions and economic uncertainty are expected to continue impacting demand and input costs.

• Focus remains on cost efficiency, maintaining optimal capacity, and investing in vessel upgrades.

• Seasonality remains significant, with most profits earned in summer.