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 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 - United Airlines anticipates reduced geopolitical and macroeconomic uncertainty in the second half of 2025, with a demand inflection starting in early July, marked by a 6-point acceleration in booking demand [1][3] - The airline has updated its full-year adjusted diluted earnings per share guidance to a range of $9.00 to $11.00, reflecting the resilience of its business model [3][7] - United Airlines reported a second-quarter profit that exceeded Wall Street expectations, with growth in both earnings and pre-tax margin compared to the first half of 2024 [1][2] Financial Performance - In Q2 2025, United Airlines achieved pre-tax earnings of $1.2 billion, with a pre-tax margin of 8.2%, and adjusted pre-tax earnings of $1.7 billion, with an adjusted pre-tax margin of 11.0% [2][8] - The airline's diluted earnings per share were reported at $2.97, while adjusted diluted earnings per share were $3.87, surpassing the guidance range of $3.25 to $4.25 [2][8] - Total operating revenue for Q2 2025 was $15.2 billion, reflecting a 1.7% increase compared to the same period last year [2][8] Operational Highlights - United Airlines recorded its best consolidated on-time departures and lowest seat cancellation rates for a second quarter since the pandemic [5][6] - The airline's operational performance in June 2025 led to the best on-time performance among major airlines at New York City area airports [5][6] - The airline's capacity increased by 5.9% compared to Q2 2024, with significant growth in both domestic and international operations [8][32] Revenue Sources - Revenue from premium cabins rose by 5.6% year-over-year, while Basic Economy revenue increased by 1.7% [4] - Cargo revenue grew by 3.8% year-over-year, and loyalty revenue saw an increase of 8.7% [4] Strategic Initiatives - United Airlines repaid $6.8 billion in high-cost debt using cash on hand, unencumbering its MileagePlus loyalty program [7] - The airline launched a collaboration with JetBlue to streamline booking and allow customers to use loyalty points across both airlines [14] - United Airlines announced the largest international expansion in its history, adding eight new destinations and several new routes [14][32]

Industry Overview - The Zacks Airline industry is involved in transporting passengers and cargo globally, with operators maintaining a fleet of mainline jets and regional planes [3] - The industry includes both legacy carriers and low-cost airlines, and its performance is closely tied to the overall economy [3] - Air travel demand has improved significantly from pandemic lows, indicating a recovery trend [3] Current Market Conditions - The gradual de-escalation of the Israel-Iran conflict has led to a decline in oil prices, positively impacting airline fuel costs [1][9] - The average jet fuel cost is projected to decrease to $86 per barrel in 2025 from $99 per barrel in 2024, contributing to a lower total fuel bill of $236 billion in 2025 compared to $261 billion in 2024 [8] - Despite low fuel costs, airlines are facing increased labor costs due to a post-COVID-19 labor shortage, which is affecting their bottom-line growth [10] Financial Performance and Projections - The International Air Transport Association (IATA) forecasts total airline revenues to reach $979 billion in 2025, with passenger revenues expected to hit $693 billion, marking a 1.6% increase from 2024 [4] - A record 4.99 billion passengers are anticipated to travel globally in 2025, representing a 4% increase from 2024 [4] - The Zacks Airline industry has outperformed the S&P 500, returning 22.7% over the past year compared to the S&P 500's 9.6% rise [14] Shareholder Returns - Airlines are increasingly returning cash to shareholders through dividends and buybacks, reflecting financial strength and confidence [5] - Delta Air Lines has approved a 25% dividend hike, raising its quarterly cash dividend to $0.75 from $0.60, to be paid on August 21, 2025 [6][7] Investment Opportunities - LATAM Airlines is experiencing strong air travel demand, with a 3.6% increase in passengers in Q1 2025 compared to the same period in 2024, and a 28.8% upward revision in earnings estimates [22] - Copa Holdings is benefiting from regional economic expansion and has consistently beaten earnings estimates, with upward revisions of 6.3% and 4.5% for current and next-year earnings, respectively [26][27] - SkyWest has gained 7.5% over the past three months, with a 3.5% upward revision in earnings estimates for 2025 [31]

Group 1: Passenger Transport - AS Tallink Grupp transported 416,468 passengers in April 2025, marking a 4.5% increase from 398,508 passengers in April 2024 [1] - The Finland-Sweden route saw 103,670 passengers, an increase of 8.9% from 95,166 passengers in April 2024 [1][2] - The Estonia-Finland route recorded 268,060 passengers, up 4.3% from 256,978 passengers in the same month last year [1][3] - The Estonia-Sweden route had 44,738 passengers, a decrease of 3.5% from 46,364 passengers in April 2024 [1][4] Group 2: Cargo Transport - The number of cargo units transported decreased by 34.1% to 21,889 units in April 2025, down from 33,228 units in April 2024 [1] - The Finland-Sweden route experienced a significant drop of 42.6% in cargo units, from 4,200 to 2,412 units [1][2] - The Estonia-Finland route also saw a decline of 36.5% in cargo units, from 25,348 to 16,107 units [1][3] - The Estonia-Sweden route had a smaller decrease of 8.4%, with cargo units falling from 3,680 to 3,370 [1][4] Group 3: Passenger Vehicles - The number of passenger vehicles transported increased by 9.9% to 59,770 units in April 2025, compared to 54,380 units in April 2024 [1] - The Finland-Sweden route saw a notable increase of 25.0% in passenger vehicles, rising from 3,469 to 4,335 [1][2] - The Estonia-Finland route recorded an 8.1% increase, with passenger vehicles rising from 49,223 to 53,228 [1][3] - The Estonia-Sweden route experienced a significant increase of 30.7%, with passenger vehicles rising from 1,688 to 2,207 [1][4] Group 4: Other Events - The charter agreement for the cruise ferry Silja Europa was extended until January 31, 2026, with an option for an additional 6+6 months [5]