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.

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— AS Tallink Grupp
%
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.

Tallink Grupp serves leisure travelers, business travelers, and freight customers moving between Estonia, Finland, and...

  • Leisure travelersprimary

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

  • Business travelersprimary

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

  • Cargo customerssecondary

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

  • Onboard spend customerssecondary

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

  • Hotel and restaurant guestssecondary

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

The group is centered on the Baltic Sea, with core route corridors between Estonia, Finland, and Sweden...

  • •Core revenue comes from Baltic Sea ferry routes between Estonia, Finland, and Sweden
  • •Estonia-Finland is the largest route pair by revenue
  • •Finland-Sweden and Estonia-Sweden are also material route corridors
  • •Other revenue reflects hotels, restaurants, charter, and ancillary activities
  • •Operations span Estonia, Finland, Sweden, Latvia, Lithuania, Germany, and other markets

Tallink Grupp's strategy centers on safe, reliable ferry operations, customer trust, and maintaining a strong route...

01
Passenger and cargo safetyshort-term

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

02
Climate transition planningmedium-term

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

03
Customer experience and ancillary revenuemedium-term

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

Tallink Grupp is exposed to fuel prices, geopolitical disruption, regulation, and consumer demand swings because its...

high

Fuel price volatility

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

Scope
Baltic Sea ferry operations
Materiality
high
high

Geopolitical conflict in Europe and the Middle East

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

Scope
Core markets in Finland, Sweden, and Estonia
Materiality
high
high

Accidents and operational disruptions

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

Scope
Fleet and port operations
Materiality
high
medium

Regulatory and tax changes

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

Scope
Estonia and other operating countries
Materiality
high
medium

Labor relations and collective bargaining

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

Scope
Sea and land-based workforce
Materiality
medium
Ship depreciation and impairment
Reported asset carrying values and depreciation expense
IFRS 16
IFRS 16 leases
Balance sheet size, EBITDA presentation, and lease expense timing
Seasonality
Quarterly revenue, margins, and cash flow
Fair value of equity securities
Other comprehensive income or profit and loss depending on classification

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: 11/08/2026