TALLINKNasdaq HelsinkiMarine ShippingIFRS · EUR

AS Tallink Grupp

AS Tallink Grupp is an Estonia-based maritime transport group focused on passenger and cargo ferry services in the Baltic Sea. Its business combines scheduled routes, travel services, onboard retail, and related hospitality activities through a fleet of passenger and cargo vessels and supporting land-based operations.

Revenue765m EUR
+523.2 %y/y
Operating profit (EBIT)50.3m EUR
−35.0 %y/y
EBIT margin6.6%
−56.5 ppy/y
Net income17.3m EUR
−57.1 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

02004006008001,000m EUR2023: 835 m EUR2023: EBIT 113 m EUR20232024: 123 m EUR2024: EBIT 77 m EUR20242025: 765 m EUR2025: EBIT 50 m EUR202576550
RevenueOperating profit (EBIT)

Business

Share of revenue
Passenger transport60 %

Scheduled ferry services carrying leisure and business travelers across Baltic Sea routes.

Cargo transport15 %

Sea freight services for vehicles, trailers, and other cargo on the same route network.

Onboard and travel services15 %

Retail, food and beverage, entertainment, and travel agency services linked to sailings.

Hotels and land-based hospitality5 %

Accommodation and related hospitality services in Tallinn and Riga.

Restaurant operations5 %

Quick-service restaurant operations under the Burger King brand in the Baltics.

Customers

Tallink Grupp serves leisure travelers, business travelers, and freight customers moving between Estonia, Finland, and Sweden. It also sells ancillary services to passengers through onboard retail, dining, hotels, and travel packages, which makes the customer base broader than a pure ferry operator.

Leisure travelers

Buy ferry tickets and bundled travel experiences for short breaks, shopping trips, and holidays.

Business travelers

Use the routes for regular cross-border travel between Estonia, Finland, and Sweden.

Cargo customers

Ship freight and trailers on scheduled sea routes where reliability and route frequency matter.

Onboard spend customers

Passengers purchasing food, beverages, retail goods, and entertainment during sailings.

Hotel and restaurant guests

Use the group's hotels and Burger King restaurants as land-based extensions of the travel business.

Strategy

Tallink Grupp's strategy centers on safe, reliable ferry operations, customer trust, and maintaining a strong route network in the Baltic Sea. The group is also focused on reducing shipping emissions and developing its transition plan for lower-carbon operations, while protecting the digital and physical safety of passengers and customer data.

Passenger and cargo safetyShort term

Maritime incidents can disrupt operations, damage trust, and create liability exposure.

Climate transition planningMedium term

Shipping faces tightening emissions rules and fuel uncertainty, so future competitiveness depends on adaptation.

Customer experience and ancillary revenueMedium term

Onboard retail, hotels, and restaurants help broaden revenue beyond ticket sales.

Geography

Q4/2025

The group is centered on the Baltic Sea, with core route corridors between Estonia, Finland, and Sweden. Authoritative revenue disclosure shows Estonia-Finland as the largest route pair, followed by Finland-Sweden and Estonia-Sweden, while the remaining revenue is grouped as Other. The business depends on cross-border travel flows, port access, and operating conditions in Estonia, Finland, Sweden, and other Baltic markets.

Viro - Suomi41 %
Suomi - Ruotsi29 %
Other18 %
Viro - Ruotsi11 %

Share of the revenue the company reports by geography.

Risks

Tallink Grupp is exposed to fuel prices, geopolitical disruption, regulation, and consumer demand swings because its business depends on cross-border travel and energy-intensive vessel operations. It also faces operational risks from accidents, labor relations, and changes in tax or labor legislation across the markets where it sails.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geopolitical conflict in Europe and the Middle East1Fuel price volatility2Accidents and operational disruptions3Regulatory and tax changes4Labor relations and collective bargaining5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geopolitical conflict in Europe and the Middle EastImpact: HighLikelihood: High

    Conflict can weaken travel demand, disrupt routes, and increase transport and energy costs.

    ExposureCore markets in FinlandSwedenEstonia
  2. Fuel price volatilityImpact: HighLikelihood: Medium

    Marine transport is energy intensive, so higher bunker prices can quickly pressure operating economics.

    Exposure: Baltic Sea ferry operations

  3. Accidents and operational disruptionsImpact: HighLikelihood: Medium

    Passenger safety incidents can lead to compensation claims, downtime, and reputational damage.

    Exposure: Fleet and port operations

  4. Regulatory and tax changesImpact: MediumLikelihood: Medium

    Shipping, labor, and tax rules can alter cost structure and route competitiveness.

    Exposure: Estonia and other operating countries

  5. Labor relations and collective bargainingImpact: MediumLikelihood: Medium

    Crew availability and labor disputes can affect service continuity in a labor-intensive business.

    Exposure: Sea and land-based workforce

Accounting

Judgemental items
Ship depreciation and impairment

Vessels are the core operating assets, so useful lives and impairment assumptions can materially affect earnings and balance sheet values.

Impact: Reported asset carrying values and depreciation expense

IFRS 16 leases

Port, terminal, and other leased assets create right-of-use assets and lease liabilities that affect leverage and operating metrics.

Impact: Balance sheet size, EBITDA presentation, and lease expense timing

Seasonality

Passenger volumes and onboard spending vary by quarter, making interim comparisons less linear.

Impact: Quarterly revenue, margins, and cash flow

Fair value of equity securities

The group measures equity securities at fair value, which can introduce mark-to-market volatility.

Impact: Other comprehensive income or profit and loss depending on classification

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026