Signs of recovery in Q2: Tallink Grupp posts 2025 half-year results

Tallink Grupp transported a total of 1,488,128 passengers in the second quarter of 2025, marking a 2.5% increase compared to the same period last year. The period ended with a loss of €2.5 million, influenced in part by dividend income tax.

Paavo Nõgene, CEO of Tallink Grupp, commented, “Tourism is a seasonal sector. The growth in passenger numbers during the second quarter reflects renewed trust and the recovery of people's ability to travel. However, freight transportation remains more challenging.”

While the transportation of passenger vehicles increased by 1.4% to 212,782 units, freight units declined by 22.8% to 67,038 units. Consolidated unaudited revenue for the quarter reached €207 million, with EBITDA (earnings before interest, taxes, depreciation and amortization) amounting to €37.4 million. The quarter ended with a net loss of €2.5 million.

“Nevertheless, June's result was somewhat better than last year's,” Nõgene added. "One reason for the losses has been idle vessels, although their number has decreased from four to two. The sale of Star I and the chartering of Romantika help optimize asset utilization, reduce running costs, and generate additional revenue. This is a positive development. The second-quarter result also includes a dividend income tax expense of €11 million.”

In the first half of the year, the group carried 2.5 million passengers, down 3.8% from the same period last year. Unaudited half-year revenue amounted to €344.2 million, a 7.1% decline year-on-year. EBITDA fell to €33.6 million, compared to €81.1 million during the same period last year. The company posted a net loss of €35.7 million for the first half, contrasting with a net profit of €8.7 million a year earlier.

“The first half of the year has been challenging in many respects. Both passenger and freight volumes have declined due to clearly weakened demand,” Nõgene noted. “However, investments in vessel refurbishment and core business optimization are laying the groundwork for potential profitability in future periods.

“Tallink continues to actively reduce its debt load and invest in its fleet. We aim to maintain an optimal number of vessels on main routes, find utilization options for idle ships, and remain a strong dividend stock for our shareholders,” Nõgene concluded.

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