Q3/25 Revenues were in-line while earnings beat estimates following lower than forecast costs and financial expenses. This year is challenging but management have taken measures to make Tallink leaner. We make minor upward adjustments to our estimates and Fair value.

Revenues beat estimates while earnings were below on consumer weakness and sluggish economies. This year will be challenging but there are perhaps some early signs of improvement. We lower our forecast but still expect dividends in the forecast period.

Q1/25 was below estimates as idle ships burden and consumers hold back. The limited share price reaction implies a soft quarter was expected. We foresee improved operations although our estimates are lowered. We see limited downside as dividends and a potential buy-out bid cushion the downside.

Q4 profit was below forecast but the declared dividend was above. We look for a macro driven recovery this year, and expect dividend policy payouts in the coming years, supported by healthy free cash flow. Only small changes are made to the estimates and fair value.

Q3 Sales and Profits beat estimates, but the economic downturn affects demand. In 2025, we assume an economic recovery leading to a doubledigit underlying profit growth. We expect dividend policy payouts each year in 2024-26.

Consumers in Tallink’s core markets are finally having to step back which affects ticket sales and onboard spending. The ongoing voluntary offer is targeted to large institutional investors. We lower our estimates and fair value to reflect the economic downturn.

Even excluding positive one-offs, the start of the year was satisfactory as Q1 is a low-season quarter. The Isabelle divestment implies upside to Tallink’s ships book value. We lower our estimates based on consumer weakness reported by several companies in the region. Our dividend forecast is unchanged.

2023 metrics were at record high as management elegantly handled higher interest rates, and the economic slowdown. 2024 is not without challenges but management have shown it is possible to return good dividends in this volatile environment.

Charter revenues drove profits significantly above our estimates despite lower than expected revenues. We continue to forecast healthy charter revenues, and raise our dividend forecast and Fair value.

An optimized sales mix resulted in a record quarterly net profit and we forecast full-year 2023 net profit to be the highest ever for Tallink. We raise our profit estimates and Fair value.