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AS Tallink Grupp Audited Annual Report for the Financial Year 2024
Tallink Grupp
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Tallink Grupp
Tallink Grupp

On 16 April 2025 the Supervisory Board of AS Tallink Grupp approved the audited annual report for 2024 and will submit it to the General Meeting of Shareholders for approval.

Compared to the unaudited interim report published on February 20 there are no differences in the audited annual report in terms of the financial results.

The audited annual report of AS Tallink Grupp for the financial year 2024 in ESEF format together with the independent auditor’s report is attached to this release and will be made available on the website of AS Tallink Grupp at https://company.tallink.com/for-investors/reports-and-financial-key-figures.

In the financial year 2024 (1 January – 31 December), AS Tallink Grupp and its subsidiaries (the Group) carried 5.6 million passengers, which is down 2.2% compared to the financial year 2023. The number of cargo units transported decreased by 6.4% compared to the previous financial year and the number of passenger cars transported decreased by 7.5%, year-on-year.

The Group’s audited consolidated revenue amounted to EUR 785.8 million (EUR 835.3 million in the financial year 2023), down 5.9% year-on-year. Revenue from the route operations (the Group’s core business) decreased by EUR 6.9 million to EUR 638.9 million compared to the financial year 2023. The Group’s EBITDA was EUR 175.2 million (EUR 214.5 million in the financial year 2023) and the audited net profit for the period was EUR 40.3 million (EUR 78.9 million in the financial year 2023).

The following operational factors impacted the Group’s revenue and operating results in 2024:

  • Demand continued to be affected by low consumer and business confidence, economic challenges in the Group’s core markets and global geopolitical tensions.

  • As at the end of the financial year, the Group operated 14 vessels including 2 shuttle vessels, 2 cargo vessels, 5 cruise ferries, 3 vessels that were chartered out (4 at the beginning of the year) and 2 vessels that were laid up.

  • The Group extended the charter agreement of the cruise ferry Galaxy I until October 2025 with an extension option of 6+6 months and signed an agreement for the chartering of the cruise ferry Silja Europa until June 2025 with an extension option of 7+6+6 months.

  • The Group sold the cruise ferry Isabelle in January 2024.

  • The Group operated 3 hotels in Tallinn and 1 in Riga.

  • The Group’s net debt was EUR 537.7 million as at the end of the financial year (EUR 607.3 million as at 31 December 2023) bringing the net debt to EBITDA ratio to 3.07 as at 31 December 2024.

  • In the financial year 2024, total loan repayment and related interest expense amounted to EUR 116.1 million.

  • The Group paid dividends in the amount of EUR 44.6 million and related income tax expense in the amount of EUR 9.2 million.

  • As a result of a voluntary takeover bid, the shareholding of AS Infortar, the core shareholder of the Group, increased from 46.8% to 68.5% as at 9 August 2024. AS Tallink Grupp continues as an independent listed company also after AS Infortar became the majority shareholder of the Group.

  • The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes.

  • The Group monitors the developments on its core routes including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing charter agreements.

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