Tallink Grupp posted a net loss for the first quarter of this year of €33.2 mill.
“The first quarter was undoubtedly challenging for the company. Consumer and business confidence remains low, with the economic situation in our home markets and ongoing global geopolitical tensions setting the tone. Additionally, extended docking periods and four idle vessels had a significant impact on our results,” said Paavo Nõgene, Tallink Grupp CEO (pictured).
“On the other hand, if we exclude the impact of the four idle vessels, our results are in line with those of the first quarter of 2019. We are working daily to resolve the issue of the idle vessels — for example, the passenger ferry ‘Star I’ has now been sold and handed over to its new owner,” he added.
The Group’s unaudited consolidated revenue for the first quarter totalled €137.3 mill. EBITDA was negative at €3.8 mill, and the net loss amounted to €33.2 mill.
Investments during 1Q25 totalled €13.3 mill, most of which were allocated to the refurbishment of the cruise ferries ‘Baltic Princess’ and ‘Silja Serenade’.
The 68-day maintenance work affected both passenger and cargo volumes on the Finland/Sweden routes. Loan repayments and related interest expenses in the first months of the year amounted to €20.8 mill.
“The vessel dockings in the first quarter should also be viewed as an investment in technology and the customer experience. We’re already seeing a clear uptick on the Finland/Sweden route — the feedback on the newly refreshed ‘Baltic Princess’ has been very encouraging.
“Special cruises and surprises are in store across all our routes. Work is underway at every level to ensure the upcoming high season — spring and summer — meets our expectations,” Nõgene said.
