In November 2025, AS Tallink Grupp transported 377,163 passengers, which is a 1.9% increase compared to November 2024. The number of cargo units decreased by 7.3% to 19,846 units and the number of passenger vehicles decreased by 1.0% to 46,636 units compared to the same period a year ago. AS Tallink Grupp passenger, cargo unit and passenger vehicle numbers for November 2025 were the following: November 2025November 2024ChangePassengers377,163369,9961.9%Finland - Sweden100,341102,254-1.9%Estonia - Finland24 ...

Core Insights - AS Tallink Grupp experienced a 2.5% decrease in passenger numbers in October 2025 compared to October 2024, with a total of 467,279 passengers transported [1] - The company also saw a significant decline in cargo units, which decreased by 10.2% to 21,855 units, and a 2.6% drop in passenger vehicles to 58,006 units [1] Passenger Transport Summary - Total passengers in October 2025: 467,279, down from 479,232 in October 2024 (-2.5%) [1] - Finland-Sweden route: 137,011 passengers, up 1.4% from 135,119 [2][1] - Estonia-Finland route: 286,552 passengers, down 4.3% from 299,440 [3][1] - Estonia-Sweden route: 43,716 passengers, down 2.1% from 44,673 [4][1] Cargo Transport Summary - Total cargo units in October 2025: 21,855, down from 24,346 in October 2024 (-10.2%) [1] - Finland-Sweden route: 2,698 cargo units, down 17.4% from 3,267 [2][1] - Estonia-Finland route: 15,879 cargo units, down 9.3% from 17,515 [3][1] - Estonia-Sweden route: 3,278 cargo units, down 8.0% from 3,564 [4][1] Passenger Vehicles Summary - Total passenger vehicles in October 2025: 58,006, down from 59,530 in October 2024 (-2.6%) [1] - Finland-Sweden route: 4,105 passenger vehicles, up 4.9% from 3,914 [2][1] - Estonia-Finland route: 51,856 passenger vehicles, down 3.7% from 53,863 [3][1] - Estonia-Sweden route: 2,045 passenger vehicles, up 16.7% from 1,753 [4][1]

Core Insights - AS Tallink Grupp reported a 3.0% increase in passenger numbers in Q3 2025 compared to Q3 2024, carrying 1,766,335 passengers, while cargo units transported decreased by 9.8% to 60,306 [2][3] - The Group's unaudited consolidated revenue for Q3 2025 was EUR 233.1 million, slightly up from EUR 231.9 million in Q3 2024, with an EBITDA of EUR 68.9 million and a net profit of EUR 40.8 million [3][10] Revenue and Operational Performance - Revenue from route operations, the Group's core business, increased by EUR 1.3 million to EUR 194.9 million compared to Q3 2024, although the segment result decreased to EUR 46.5 million from EUR 48.1 million [4] - The Estonia-Finland route saw a 10.1% increase in passenger numbers, with revenue rising by EUR 8.6 million to EUR 95.4 million, while the segment result decreased by EUR 1.2 million to EUR 30.2 million [5] - The Finland-Sweden routes experienced a 1.4% decrease in passenger numbers, with revenue increasing by EUR 0.4 million to EUR 73.0 million, but the segment result fell by EUR 1.0 million to EUR 12.2 million [6] - The Estonia-Sweden routes saw a significant 23.5% decrease in passenger numbers, with revenue dropping by EUR 7.7 million to EUR 26.5 million, although the segment result increased by EUR 0.6 million to EUR 4.1 million [7] Financial Metrics - The Group's gross profit remained stable at EUR 67.2 million, with a slight increase in EBITDA to EUR 68.9 million compared to EUR 68.4 million in Q3 2024 [8] - Amortization and depreciation expenses decreased by EUR 1.3 million to EUR 23.0 million, influenced by the sale of two vessels [9] - Net finance costs declined by EUR 2.2 million year-on-year to EUR 4.9 million due to a reduced loan balance and lower interest rates [9] Investments and Financial Position - The Group's investments in Q3 2025 amounted to EUR 5.5 million, with a focus on vessel maintenance and IT system improvements [11][13] - As of the end of Q3 2025, net debt was EUR 432.7 million, down from EUR 459.7 million at the end of Q2 2025, resulting in a net debt to EBITDA ratio of 3.4 [14] - Cash and cash equivalents at the end of Q3 2025 were EUR 31.9 million, with a total liquidity buffer of EUR 131.9 million [15] Dividends - The Group's dividend policy allows for a minimum payment of EUR 0.05 per share, with a total dividend of EUR 0.06 per share approved for 2025, to be paid in two installments [17][18]

Core Insights - AS Tallink Grupp reported a 3.0% increase in passenger numbers for Q3 2025 compared to Q3 2024, carrying 1,766,335 passengers, while cargo units transported decreased by 9.8% to 60,306 [2][3] - The Group's unaudited consolidated revenue for Q3 2025 was EUR 233.1 million, a slight increase from EUR 231.9 million in Q3 2024, with an EBITDA of EUR 68.9 million and a net profit of EUR 40.8 million [3][10] Revenue and Operational Performance - Revenue from route operations, the Group's core business, increased by EUR 1.3 million to EUR 194.9 million compared to Q3 2024, although the segment result decreased to EUR 46.5 million from EUR 48.1 million [4] - The Estonia-Finland route saw a 10.1% increase in passenger numbers, with revenue rising by EUR 8.6 million to EUR 95.4 million, while the segment result decreased by EUR 1.2 million to EUR 30.2 million [5] - Finland-Sweden routes experienced a 1.4% decrease in passenger numbers, with revenue increasing by EUR 0.4 million to EUR 73.0 million, but the segment result fell to EUR 12.2 million [6] - The Estonia-Sweden routes faced a significant 23.5% drop in passenger numbers, leading to a revenue decrease of EUR 7.7 million to EUR 26.5 million, although the segment result increased to EUR 4.1 million [7] Financial Metrics - The Group's gross profit for Q3 2025 was EUR 67.2 million, consistent with the previous year, while EBITDA was EUR 68.9 million compared to EUR 68.4 million in Q3 2024 [8] - Amortization and depreciation expenses decreased by EUR 1.3 million to EUR 23.0 million, influenced by the sale of two vessels [9] - Net finance costs declined by EUR 2.2 million year-on-year to EUR 4.9 million due to reduced loan balances and lower interest rates [9] Investments and Financial Position - Investments in Q3 2025 totaled EUR 5.5 million, primarily for maintenance and IT system improvements [11] - The Group's net debt decreased to EUR 432.7 million from EUR 459.7 million at the end of Q2 2025, with a net debt to EBITDA ratio of 3.4 [15] - Cash and cash equivalents at the end of Q3 2025 were EUR 31.9 million, with a total liquidity buffer of EUR 131.9 million [16] Dividends - The Group's dividend policy allows for a minimum payment of EUR 0.05 per share, with a total dividend of EUR 44.6 million approved for 2025, paid in two installments [19]

Core Insights - AS Tallink Grupp experienced a mixed performance in passenger and cargo transport in September 2025 and the third quarter of the year, with a notable decrease in September but an increase in the third quarter compared to the previous year [1][2]. September 2025 Performance - The company transported 387,482 passengers in September 2025, marking a 4.1% decrease from 404,143 passengers in September 2024 [1][2]. - Cargo units transported decreased by 8.2% to 21,269 units compared to 23,178 units in September 2024 [1][2]. - The number of passenger vehicles transported fell by 5.9% to 55,973 units from 59,455 units in the same month last year [1][2]. Third Quarter 2025 Performance - In the third quarter (July–September) of 2025, AS Tallink Grupp transported 1,766,335 passengers, which is a 3.0% increase from 1,715,496 passengers in the same period of 2024 [2]. - The number of cargo units transported in Q3 decreased by 9.8% to 60,306 units from 66,865 units year-on-year [2]. - Passenger vehicles transported in Q3 saw a slight increase of 0.4% to 251,751 units compared to 250,810 units in Q3 2024 [2]. Route-Specific Insights - Finland-Sweden routes showed a decrease in passenger numbers, with 88,933 passengers in September 2025, down 6.6% from 95,176 in September 2024, and a slight decrease of 1.4% in Q3 [2][3]. - Estonia-Finland routes experienced a 3.4% decrease in September but a significant 10.1% increase in Q3 passenger numbers [2][4]. - Estonia-Sweden routes saw a 3.4% decrease in September and a substantial 23.5% decrease in Q3 compared to the previous year [2][5]. Other Events - The charter agreement for the vessel Galaxy I was extended for an additional 6 months until October 2026, with an option for a further 12-month extension [6].

Core Insights - AS Tallink Grupp experienced a 5.9% increase in passenger transport in August 2025, totaling 595,529 passengers compared to August 2024 [1] - The number of cargo units transported decreased by 11.1% to 19,518 units, while passenger vehicles increased by 4.7% to 83,569 units [1] Passenger Transport Summary - Total passengers in August 2025: 595,529, up from 562,451 in August 2024, reflecting a 5.9% increase [1] - Breakdown by routes: - Finland - Sweden: 132,285 passengers, down 1.3% from 134,051 [1] - Estonia - Finland: 401,818 passengers, up 15.7% from 347,287 [1] - Estonia - Sweden: 61,426 passengers, down 24.3% from 81,113 [1] Cargo Transport Summary - Total cargo units in August 2025: 19,518, down from 21,953 in August 2024, reflecting an 11.1% decrease [1] - Breakdown by routes: - Finland - Sweden: 2,569 units, down 19.9% from 3,208 [1] - Estonia - Finland: 14,239 units, down 9.9% from 15,806 [1] - Estonia - Sweden: 2,710 units, down 7.8% from 2,939 [1] Passenger Vehicles Summary - Total passenger vehicles in August 2025: 83,569, up from 79,791 in August 2024, reflecting a 4.7% increase [1] - Breakdown by routes: - Finland - Sweden: 8,447 vehicles, up 0.6% from 8,393 [1] - Estonia - Finland: 70,093 vehicles, up 5.2% from 66,602 [1] - Estonia - Sweden: 5,029 vehicles, up 4.9% from 4,796 [1] Other Events - The charter agreement for Galaxy I was extended from October 2025 until April 2026, with an option for an additional 6-month extension [5]

Core Points - DFDS has entered into a mutual space charter agreement with TT Line to enhance the efficiency and scope of its Baltic Sea ferry network [1][7] - The agreement will be effective for freight on 1 October 2025 and for passengers on the Karlshamn-Klaipeda route on 1 October 2025, and on the other two routes on 1 November 2025 [2][7] - The agreement allows customers to board the next available sailing regardless of the operator, while maintaining control over commercial activities with customers [2][3] Summary by Sections Agreement Details - The space charter agreement covers the combined freight and passenger route Karlshamn-Klaipeda and grants DFDS access to TT Line routes Klaipeda-Trelleborg and Klaipeda-Travemünde [1][7] - The agreement is expected to increase sailing frequency for customers on the Karlshamn-Klaipeda route while reducing the number of sailings needed, thus helping to lower emissions [3][4] Company Overview - DFDS operates a transport network in Europe with an annual revenue of DKK 30 billion and employs 16,500 full-time staff [5] - The company was founded in 1866 and is headquartered in Copenhagen, focusing on ferry, road, and rail transport solutions [6]

Core Insights - DFDS has agreed to purchase part of Naviera Armas' ferry operations in the Strait of Gibraltar, including two ferries and related assets for DKK 240 million, pending regulatory approvals [1][7] - The acquisition is expected to enhance DFDS's service offerings on existing routes and is projected to generate additional revenue of approximately DKK 500 million in 2026 [4][3] Group 1: Acquisition Details - The purchase includes one RoPax ferry, Volcan de Tamasite, built in 2004, and one high-speed catamaran ferry, Villa de Agaete, built in 1999, along with existing route permits and around 200 employees [1][4] - The transaction is expected to close in Q1 2026 and will not impact DFDS's financials for 2025 [4][7] Group 2: Market Context and Expectations - DFDS currently operates two ferry routes in the Strait of Gibraltar, and the acquisition will expand its capacity on these routes, enhancing offerings for both freight and passenger customers [2][3] - The growth of the ferry market in the Strait of Gibraltar has exceeded expectations since DFDS entered the market in 2024, indicating a positive outlook for the expansion [2]

Core Insights - AS Tallink Grupp reported a 4.6% increase in passenger numbers for July 2025, totaling 783,324 compared to 748,902 in July 2024 [1] - The number of cargo units transported decreased by 10.2% to 19,519 units, while passenger vehicles saw a slight increase of 0.6% to 112,209 units [1] Passenger Transport Summary - Finland-Sweden route saw a 1.0% increase in passengers, totaling 214,552 in July 2025 [1][2] - Estonia-Finland route experienced a significant 14.0% increase, with 502,930 passengers [1][3] - Estonia-Sweden route faced a decline of 31.0%, with only 65,842 passengers [1][4] Cargo Transport Summary - Cargo units on the Finland-Sweden route decreased by 14.0% to 2,440 units [1][2] - Estonia-Finland route's cargo units fell by 8.9% to 14,811 [1][3] - Estonia-Sweden route's cargo units decreased by 13.8% to 2,268 [1][4] Passenger Vehicles Summary - Passenger vehicles on the Finland-Sweden route increased by 4.8% to 16,843 [1][2] - Estonia-Finland route saw a minor increase of 0.6% to 89,188 [1][3] - Estonia-Sweden route experienced a decline of 9.5%, totaling 6,178 vehicles [1][4]

Core Insights - AS Tallink Grupp reported a net loss of EUR 2.5 million in Q2 2025, a significant decline from a net profit of EUR 6.1 million in Q2 2024, indicating challenges in profitability [3][11] - The Group's total revenue decreased by EUR 3.1 million to EUR 207.0 million compared to EUR 210.0 million in the same quarter last year, reflecting operational difficulties [3][21] - Passenger numbers increased by 2.5% year-on-year, totaling 1,488,128 passengers, while cargo units transported saw a significant decline of 22.8% [2][21] Financial Performance - The Group's unaudited EBITDA for Q2 2025 was EUR 37.4 million, down from EUR 46.6 million in Q2 2024, indicating a decrease in operational efficiency [3][21] - Gross profit declined by EUR 7.8 million to EUR 39.1 million compared to EUR 46.8 million in the same quarter last year [9][21] - Revenue from route operations, the Group's core business, decreased by EUR 1.0 million to EUR 167.8 million compared to Q2 2024 [4][21] Segment Analysis - The Estonia-Finland route saw a 4.9% increase in passenger numbers, but cargo units transported decreased by 23.9%, with revenue remaining stable at EUR 84.6 million [5][21] - Finland-Sweden routes experienced a 2.8% increase in passengers, with revenue rising by EUR 1.8 million to EUR 60.4 million, despite a 32.4% drop in cargo units [6][21] - Estonia-Sweden routes faced a 10.9% decrease in passengers and a revenue drop of EUR 2.9 million to EUR 22.9 million, reflecting operational challenges [7][21] Investments and Financial Position - The Group's investments in Q2 2025 amounted to EUR 8.4 million, primarily for maintenance and refurbishment of vessels [15][21] - As of June 30, 2025, the Group's net debt was EUR 459.7 million, down from EUR 569.1 million at the end of Q1 2025, improving the net debt to EBITDA ratio to 3.6 [16][21] - Cash and cash equivalents increased to EUR 36.0 million from EUR 15.9 million at the end of Q1 2025, indicating improved liquidity [17][21] Operational Challenges - Demand was affected by low consumer and business confidence, economic challenges in core markets, and global geopolitical tensions [13][21] - The Group operated 13 vessels at the end of Q2 2025, including 3 vessels on charter and 2 vessels in lay-up, reflecting operational adjustments [13][21]