Tallink half year results: stable revenue and stronger cargo volumes in the second quarter

In the second quarter of 2026, AS Tallink Grupp carried a total of 1,454,725 passengers, which is a 2.2% decrease compared to the same period last year. The number of cargo units carried increased by 2.9% to 68,986, while the number of passenger vehicles fell by 6.5% to 199,025. The quarter ended with a net loss of EUR 2.5 million, which includes EUR 12.5 million in dividend-related income tax.

“High fuel prices and economic uncertainty across our core markets continued to affect our results. Fuel costs rose by almost EUR 8.4 million during the quarter, making it one of the most significant sources of pressure. In addition, since the beginning of this year, Tallink has been required to surrender allowances for 100% of its carbon emissions. Despite this, we have managed to maintain a stable overall performance. Securing employment for vessels not currently in service helps to ease cost pressures and strengthen cash flow. The clear improvement in cargo volumes also reflects the trust placed in us by our customers,” said Peep Jalakas, Chairman of the Management Board of AS Tallink Grupp.

The Group’s consolidated unaudited revenue for the quarter amounted to EUR 207 million, which is in line with last year. EBITDA was EUR 34.3 million, which is EUR 3.1 million lower than a year earlier.

During the first half of the year, the Group carried 2,491,130 passengers, marking a 1.3% year-on-year increase. Unaudited revenue grew by 3.5% to EUR 356.4 million. EBITDA reached EUR 36.4 million, an increase of EUR 2.9 million, or 8.5%, compared with the previous year. The net loss decreased to EUR 24.5 million, down from nearly EUR 36 million last year.

“Looking at the first half of the year as a whole, we see clear signs of improvement – both revenue and EBITDA have grown. However, geopolitical tensions and volatility in energy markets continue to affect our operations,” Jalakas noted. “Developing our services, investing in fleet upgrades and optimising our core operations will create the conditions needed for profitability to improve in the periods ahead.”

The Group invested EUR 21.5 million during the first half of the year, with a significant proportion allocated to maintenance and upgrades to vessels such as Silja Symphony, Baltic Queen and Victoria I. Net debt decreased to EUR 409.6 million by the end of the quarter, which is EUR 28.1 million lower than at the end of March.

“Tallink remains committed to reducing its debt burden, ensuring the efficient use of its fleet, and maintaining a stable dividend policy. Our aim is to keep an optimal number of vessels on our core routes, ensure that every vessel is deployed suitably, and deliver lasting value to our shareholders,” Jalakas concluded.