Tallink Grupp swings back into profit in Q2, 2023

July 28, 2023

Tallink Grupp’s Q2 (April- June) financial results are revealing a swing back into profit following the minor loss in Q1.


  • -0.7% passengers 1,541,081 (1,552,174 in Q2 2022)
  • -22% cargo units 85,359 (109,380 in Q2 2022).
  • The reason for the decline: less vessels, operating 18% less trips across the routes, thus reducing the overall route capacity.
  • +11.5% revenue EUR 229.7 million (EUR 206.0 million in Q2 2022).
  • +138.7% EBITDA EUR 68.5 million (EUR 28.7 million in Q2 2022).
  • The strong effort and positive results in many areas have resulted in a net profit of EUR 33.4 million (net loss of EUR 0.7 million in Q2 2022).


The strong results of Q2 mean that the company has delivered a profitable first half year for the first time since 2015.

  • +14% pax 2,590,858 (2,272,435 in H1 2022).
  • -18.8% cargo units 172,091 (211,318 in H1 2022).
  • In addition to fewer vessels in regular traffic in 2023 due to charters, there is one cargo vessel less operating on the company’s routes as the vessel SEA WIND was sold in spring 2022.
  • +28.4% Revenue EUR 400.9 million (EUR 312.2 million in H1 2022).
  • +439% EBITDA EUR 95.6 million (EUR 17.7 million in H1 2022).
  • Net profit at the end of H1 2023 was EUR 28.0 million (EUR 40.7 million net loss at the end of H1 2022).

Commenting on the results of the first half year of 2023, Tallink Grupp’s CEO Paavo Nõgene said:

“The results of the first half of 2023 are proof that the decisions we have made over the last few years to speed up our recovery following the Covid crisis with vessel charters, were the right ones. The positive impact of the vessel charters is undeniable, especially at this time when the increased cost of living is still putting pressure on people’s travelling choices. Our current strategy to operate our regular routes with the most optimal number of vessels and charter out other vessels, is helping us on our road to recovery.”

“Our focus now is on maintaining profitability into the next two quarters of 2023 while continuing to reduce our debts accumulated over the crisis periods. The vessels we currently have operating on our four core routes are performing well with some room for growth should passenger numbers from further afield than our home markets see some increases in the year or so ahead. The short-term plan is to continue operating with the same business model of the last few years, with a mix of regular traffic and charter contracts, until such time when demand on our current key routes or elsewhere increases and warrants additional capacity.”