BALTIC QUEEN and MYSTAR © Frank Lose

Tallink Grupp Q1 2025 financial results

FinanceIn Q1 2025, AS Tallink Grupp reported a 12.0% decrease in passengers (970,359) and a 31.9% drop in cargo units (57,830) compared to Q1 2024. Revenue fell 14.4% to EUR 137.3 million, with a negative EBITDA of EUR 3.8 million and a net loss of EUR 33.2 million. Key factors included low consumer confidence, economic challenges, and 68 days of maintenance on vessels like BALTIC PRINCESS and SILJA SERENADE, impacting Finland-Sweden routes. The Group operated 14 vessels, closed two restaurants, and maintained focus on cost efficiencies.

AS Tallink Grupp’s Q1 2025 performance saw significant declines compared to Q1 2024. Passenger numbers dropped by 12.0% to 970,359, cargo units by 31.9% to 57,830, and passenger vehicles by 10.9% to 135,829. Revenue decreased by 14.4% to EUR 137.3 million, with a negative EBITDA of EUR 3.8 million (versus EUR 34.5 million positive in 2024) and a net loss of EUR 33.2 million (versus EUR 2.6 million profit). Contributing factors included economic challenges, low consumer confidence, and geopolitical tensions. Financials Gross loss was EUR 4.7 million (versus EUR 13.8 million profit in 2024). Amortisation and depreciation fell EUR 1.3 million to EUR 23.3 million. Net finance costs decreased EUR 1.4 million to EUR 6.1 million. Cash and equivalents were EUR 15.9 million, with a total liquidity buffer of EUR 70.5 million.

The Group operated 14 vessels, including MYSTAR, MEGASTAR, VICTORIA I, BALTIC QUEEN, REGAL STAR, and STAR I (formerly JAMES JOYCE). Maintenance, notably 30 days for SILJA SERENADE and 21 days for BALTIC PRINCESS, reduced capacity on Finland-Sweden routes. Two restaurants closed, and investments of EUR 13.3 million focused on vessel upgrades. Net debt rose to EUR 569.1 million, with a net debt to EBITDA ratio of 4.16. Loan repayments and interest totalled EUR 20.8 million.

Segment Performance

Estonia-Finland: Passenger numbers fell 10.9%, cargo units 34.7%. Revenue dropped EUR 8.4 million to EUR 57.0 million, with a segment result of EUR 2.9 million (down EUR 6.7 million).
Finland-Sweden: Passengers decreased 17.0%, cargo units 23.5%. Revenue fell EUR 6.7 million to EUR 37.6 million, with a segment loss of EUR 10.8 million (up EUR 2.5 million).
Estonia-Sweden: Passengers down 6.1%, cargo units 22.9%. Revenue decreased EUR 1.6 million to EUR 16.0 million, with a segment loss of EUR 5.5 million (up EUR 2.1 million).
Other: Revenue fell EUR 6.6 million to EUR 27.5 million, with a segment loss of EUR 1.7 million, driven by fewer chartered vessels (two versus four in 2024).

Chartered Vessels