Author: Ravi Shankar

Privosegtor reduced post-onset increases in plasma neurofilament light chain (NfL) and glial fibrillary acidic protein (GFAP) compared with placebo

Lower NfL and GFAP levels provide objective, complementary biological evidence of reduced neuroaxonal injury and suppressed reactive astrogliosis

Biomarker results support previously reported functional (LCVA) +18-letter gains and structural retinal preservation at Month 3, reinforcing Privosegtor’s development for acute optic neuritis and acute multiple sclerosis relapses

ZUG, Switzerland, Oct. 22, 2026 (GLOBE NEWSWIRE) — Oculis Holding AG (Nasdaq: OCS / XICE: OCS), a global biopharmaceutical company focused on breakthrough innovations to address significant unmet medical needs in neuro-ophthalmology and ophthalmology, today announced new translational biomarker data from the Phase 2 ACUITY trial of Privosegtor in patients with optic neuritis (ON).

Increases in plasma neurofilament light chain (NfL) and plasma glial fibrillary acidic protein (GFAP) levels were reduced with Privosegtor vs placebo, particularly at early timepoints close to acute ON onset. Together with previously observed improvements in low-contrast visual acuity with 18-letter gains at Month 3 vs steroid alone, and preserved retinal structure, these findings provide convergent evidence across visual functional, retinal, and serum-based markers, further supporting the evaluation of Privosegtor as a potential neuroprotective therapy.

The late-breaking data were presented by Céline Louapre, M.D., Ph.D., of Pitié-Salpêtrière Hospital and Sorbonne University, during the 10th Joint ACTRIMS-ECTRIMS Meeting, MSToronto 2026.

The Phase 2 ACUITY biomarker analysis evaluated neurodegenerative markers in the blood to quantify structural neuroaxonal preservation and glial modulation following an acute episode of ON:

Neuroaxonal Preservation (LS mean change from baseline in plasma NfL levels)

At Day 5, the mean increase in plasma NfL was higher in the placebo group than in the Privosegtor group. NfL levels remained stable in the Privosegtor group through Month 6, whereas levels in the placebo group remained elevated above baseline at Month 1 before returning to baseline by Month 6. Lower NfL levels are consistent with reduced structural neuroaxonal injury along the optic nerve pathway.

Reactive Astrogliosis Reduction (LS mean change from baseline in plasma GFAP levels)

At Day 5, the mean increase in plasma GFAP was greater in the placebo group than in the Privosegtor group. GFAP levels remained elevated above baseline in the placebo group from Month 1 through Month 6, whereas they remained below baseline in the Privosegtor group over the same period. Lower plasma GFAP levels are consistent with reduced acute reactive astrocytic inflammation and reduction of the secondary neurodegenerative cascade.

Céline Louapre, M.D., Ph.D., Professor of Neurology at Pitié-Salpêtrière Hospital, Sorbonne University, and presenting author said: “These findings are particularly noteworthy because they provide biological evidence that complements the functional and retinal structural improvements previously observed in ACUITY. The consistent effects across NfL and GFAP suggest that Privosegtor may be influencing multiple pathways involved in tissue injury following acute optic neuritis, supporting its potential as a neuroprotective therapeutic approach. Together, these data deepen our understanding of the treatment’s effects and further support continued clinical evaluation.”

Riad Sherif, M.D., Chief Executive Officer of Oculis added: “For patients with optic neuritis, irreversible neuro-axonal damage can occur within days of disease onset, yet there are currently no approved therapies designed to protect retinal ganglion cells and their axons, the neurons responsible for transmitting visual signals from the eye to the brain, and preserve long-term visual function. These biomarker findings and translational analyses provide important additional evidence supporting Privosegtor’s neuroprotective potential, strengthening our confidence as we advance the PIONEER registrational program and explore its broader applicability across acute neuro-axonal conditions, including acute multiple sclerosis relapses.”

This Late-Breaker Abstracts poster presentation will be available under the Investors & Media section of the Oculis corporate website at www.oculis.com.

– Ends –

About Privosegtor
Privosegtor, a novel peptoid small-molecule candidate that crosses the blood-brain and retinal barriers, has the potential to become the first neuroprotective therapy for optic neuritis (ON) and other neuro-ophthalmic and neuro-axonal diseases. Positive results from the ACUITY Phase 2 trial showed Privosegtor’s neuroprotective potential, as evidenced by improved visual function, corroborated by anatomical preservation of the retina, including the GCIPL and RNFL layers, and reduced neurofilament levels in the blood after an acute episode of optic neuritis. Consistent results were observed in animal models of glaucoma, optic neuritis, and multiple sclerosis (MS), where Privosegtor preserved retinal ganglion cells and was associated with improvements in mobility (clinical function disability) in the MS model.

Privosegtor has received Breakthrough Therapy designation from the U.S. Food and Drug Administration (FDA) and Priority Medicines (PRIME) designation from the European Medicines Agency (EMA) as well as Orphan Drug designation from both the FDA and the EMA for ON. Privosegtor is currently being evaluated in Oculis’ PIONEER (Privosegtor Investigation in Optic Neuropathies Efficacy Evaluation Research) program, which includes two registrational trials in ON and one registrational trial in non-arteritic anterior ischemic optic neuropathy (NAION). Building on the ACUITY Phase 2 dataset in ON and constructive FDA pre-IND feedback, Oculis is also planning an IND submission for Privosegtor for the treatment of acute MS relapses.

Privosegtor is an investigational drug and has not received regulatory approval for commercial use in any country.

About Optic Neuritis
Optic Neuritis (ON) is a rare condition characterized by an acute inflammation of the optic nerve that can lead to permanent visual impairment. It affects up to 8 in 100,000 people worldwide with a U.S. annual incidence estimated to be >30,000 and often represents the first sign of multiple sclerosis^1,2. It mainly occurs in adults between 20 and 40 years of age and is more frequent in women (2:1)³. ON is a type of neuropathy (nerve disease) that happens when acute inflammation of the optic nerve affects the signals traveling from the eyes through the brain, causing pain, vision loss and other symptoms. The cells that make up the optic nerve have a lipid protective coating called a myelin sheath, which is preferentially damaged in ON. Without myelin, the optic nerve cells can’t send signals properly and axons can be irreversibly lost. To date there is no specific therapy approved for acute optic neuritis and the unmet need remains for therapies that can prevent vision loss after an acute episode by reducing permanent nerve cell damage or death.

About Acute Multiple Sclerosis (MS) Relapses
MS is a chronic immune-mediated disease affecting approximately 2.8 million people worldwide, including around 850,000 in the U.S. alone.^4-6 There are two main types of MS: relapsing-remitting MS (RRMS) and progressive MS. While progressive MS remains a significant unmet medical need, RRMS is the most common type, representing ~85% of patients at initial diagnosis.⁵ It is currently managed using immunomodulators or disease-modifying therapies (DMTs) that reduce the rate of relapses and therefore related relapse-associated worsening (RAW). However, relapses still persist for many patients, with an estimated 170,000 MS relapses occurring each year in the U.S.⁷

During an acute relapse, neurologists commonly use a short course of high-dose corticosteroids to reduce inflammation and shorten the episode, as is also standard of care in optic neuritis. However, corticosteroids do not influence the long-term disability, and recovery from relapses is often incomplete, such as in optic neuritis. The tissue damage that occurs during these relapses can contribute to neuroaxonal loss and the accumulation of functional disability over time, underscoring the need for therapies that protect neurons and axons during relapses. There are currently no neuroprotective therapies approved for MS relapses, and there remains an urgent unmet medical need for treatments that can prevent central nervous system damage.

About Oculis
Oculis is a global biopharmaceutical company (Nasdaq: OCS; XICE: OCS) focused on breakthrough innovations to address significant unmet medical needs in neuro-ophthalmology. Oculis’ highly differentiated late-stage clinical pipeline focuses on two core product candidates. Privosegtor is a breakthrough neuroprotective candidate in the PIONEER program, which consists of studies intended to support registration plans for treatment of optic neuropathies, including optic neuritis (ON) and non-arteritic anterior ischemic optic neuropathy (NAION). Privosegtor also has potential to be developed for additional indications in other neuro-ophthalmic and neuro-axonal diseases. Licaminlimab is a novel, topical anti-TNFα in a registrational trial, and is being developed with a genotype-based approach for treating patients with TNFR1-mediated dry eye disease (DED). Headquartered in Switzerland with operations in the U.S., Iceland and Switzerland, Oculis is led by an experienced management team with a successful track record and supported by leading international healthcare investors.
           
For more information, please visit: www.oculis.com

Oculis Contact
Ms. Sylvia Cheung, CFO
sylvia.cheung@oculis.com

Investor Relations
LifeSci Advisors
Corey Davis, Ph.D.
cdavis@lifesciadvisors.com

Media Relations
ICR Healthcare
Amber Fennell
oculis@icrhealthcare.com

Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements and information. For example, statements regarding the potential benefits of the Company’s product candidates, including the potential for Privosegtor to become the first neuroprotective therapy for optic neuritis and its potential broad applicability across neurology, including in acute MS relapses; the potential significance of biomarker data and analyses; the initiation, enrollment, timing, progress and results of current and future clinical trials; Oculis’ research and development programs; regulatory and business strategy; Oculis’ future development plans; the timing or likelihood of regulatory filings and approvals; and statements about market opportunity, are forward-looking. All forward-looking statements are based on estimates and assumptions that, while considered reasonable by Oculis and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Oculis’ control. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, assurance, prediction or definitive statement of a fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Results of earlier stage clinical trials may not be replicated in subsequent clinical trials. Statements regarding the potential significance of biomarker data are inherently uncertain, and observed biomarker changes may not be predictive of or correlate with favorable clinical outcomes. All forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those that we expected and/or those expressed or implied by such forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Oculis, including those set forth in the Risk Factors section of Oculis’ annual report on Form 20-F and any other documents filed with the U.S. Securities and Exchange Commission (SEC). Copies of these documents are available on the SEC’s website, www.sec.gov. Oculis undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

References:

1. Weidong Gu et al. Incidence of Optic Neuritis and the Associated Risk of Multiple Sclerosis for Service Members of U.S. Armed Forces, Military Medicine, vol. 188, March/April 2023
2. Abbass, N.J., Shaia, J.K., Shukla, P. et al. Prevalence of pediatric and adult optic neuritis in the United States from 2016 to 2023. Eye 39, 1608–1614 (2025).
3. Guier CP, Kaur K, Stokkermans TJ. Optic Neuritis. January 2025
4. MS National Society
5. Wallin et al., 2019, The prevalence of MS in the United States: A population-based estimate using health claims data – PubMed
6. McGinley et al., 2021, Diagnosis and Treatment of Multiple Sclerosis: A Review – PubMed
7. Multiple sources on relapse rate (ARR) including: Ocrelizumab versus fingolimod after natalizumab cessation in multiple sclerosis: an observational study – PubMed

Attachment

• 20261021 Oculis_Ectrims Biomarker data readout with graphs

The results of AS Tallink Grupp for the Q3 2026 will be introduced at an Investor Webinar held today at 12:00 (EEST). To participate, please join via the following link; we kindly ask participants to provide their questions latest by 11:00 am by email to: investor@tallink.ee. Further details are available in a previously published announcement.

In the third quarter of 2026, AS Tallink Grupp and its subsidiaries (the Group) carried 1,816,174 passengers, representing a 2.8% increase year-on-year. The number of cargo units transported increased by 7.8% to 64,980, while the number of passenger vehicles decreased by 1.1% to 249,100.

The Group’s unaudited consolidated revenue increased by EUR 13.6 million to EUR 246.7 million (EUR 233.1 million in the third quarter of 2025). Unaudited EBITDA amounted to EUR 67.9 million (EBITDA of EUR 68.9 million in the third quarter of 2025) and the unaudited net profit for the period increased to EUR 43.8 million (EUR 40.8 million in the third quarter of 2025).

The Group’s revenue and operating results in the third quarter 2026 were impacted by a number of key business and operational factors:

• ongoing geopolitical tensions, particularly in the Middle East, which contributed to volatility in energy markets and increased fuel costs by EUR 9.2 million, or 45.5%, year-on-year.
• Despite ongoing economic uncertainty and subdued consumer and business confidence in the Group’s core markets, passenger and cargo volumes increased. The decrease in cargo volumes on the Estonia-Sweden routes was primarily attributable to the closure of the Paldiski-Kapellskär route.
• As at the end of the quarter, the Group operated a fleet of 11 vessels, including 2 shuttle vessels, 5 passenger vessels, 3 vessels chartered out and 1 vessel in lay-up.
• Share of emissions to be surrendered under the EU ETS (European Union Emissions Trading System) increased to 100% of the emitted CO₂ equivalent in 2026 (70% in 2025). The cost of EU ETS increased by 64.3% to EUR 5.9 million (EUR 3.6 million in third quarter of 2025) year-on-year.
• The Group operated three hotels in Tallinn and one in Riga.
• Dividend payment and related income tax payment of EUR 28.6 million impacted the Group’s cash position.
• Total loan repayment and interest payment (less lease liabilities related to right-to-use assets) amounted to EUR 20.6 million while the drawn overdraft amounted to EUR 18.9 million (EUR 27.3 million as at 30 June 2026).
• As at 30 September 2026, the Group’s net debt amounted to EUR 398.6 million (EUR 409.6 million as at 30 June 2026). The net debt to EBITDA ratio stood at 3.0 as at 30 September 2026 (3.1 as at 30 June 2026).
• The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes.
• The Group regularly monitors the developments on its core routes, including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing chartering agreements.

Sales and Segments

In the third quarter 2026, the Group’s total revenue amounted to EUR 246.7 million, up by EUR 13.6 million or 5.8% year-on-year. 

Revenue from route operations (the Group’s core operations) increased by EUR 10.7 million to EUR 205.5 million compared to the third quarter 2025. The segment result from route operations amounted to EUR 45.0 million compared to EUR 46.5 million in the third quarter 2025, down by 3.2% year-on-year.

The number of passengers carried on the Estonia-Finland route increased by 1.5% year-on-year. The number of transported cargo units increased by 15.9%. Revenue from the Estonia-Finland route increased by EUR 5.3 million year-on-year to EUR 100.7 million, while the segment result remained broadly unchanged at EUR 30.1 million (EUR 30.2 million in third quarter 2025). The segment reflects the operations of two shuttle vessels, MyStar and Megastar, and the cruise ferry Victoria I.

In the third quarter 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 5.3%. The number of transported cargo units increased by 20.5%. The routes’ revenue increased by EUR 5.8 million to EUR 78.8 million and the segment result decreased by EUR 1.0 million to EUR 11.2 million, year-on-year. The segment reflects the operations of one cruise ferry on the Turku-Stockholm (the cruise ferry Baltic Princess) and two cruise ferries on the Helsinki-Stockholm route (the cruise ferries Silja Serenade and Silja Symphony).

On the Estonia-Sweden route the number of carried passengers increased by 5.8%. The number of transported cargo units decreased by 50.1% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 0.4 million to EUR 26.1 million. The segment result decreased by EUR 0.4 million to EUR 3.8 million. The third quarter results for the Estonia-Sweden route reflect the operation of the Tallinn-Stockholm route by the cruise ferries Baltic Queen and Romantika, with Romantika operating on the route in July and for three days in August. A year ago, the Estonia-Sweden routes were operated by the cruise ferry Baltic Queen on the Tallinn-Stockholm route and Superfast IX on the Paldiski-Kapellskär route. Following the commencement of the charter agreement for the passenger vessel Superfast IX on 1 May 2026, operations on the Paldiski-Kapellskär route were discontinued, resulting in a significant decrease in cargo volumes in the Estonia-Sweden segment.

Revenue from the segment Other increased by EUR 2.6 million compared to the third quarter 2025 amounting to EUR 42.6 million. The segment result was EUR 14.8 million, up by EUR 4.8 million year-on-year.

As at the end of the third quarter 2026, the Group had the following vessels chartered out:

• The cruise ferry Galaxy I was chartered out in September 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. In August 2026, the charter agreement of Galaxy I was extended until April 2027 with an option to further extend the charter term.
• The cruise ferry Silja Europa was chartered out in August 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. The recent charter agreement from December 2024 was extended in December 2025 until the end of January 2027 with the option of extending the agreement for another year.
• The passenger vessel St Patrick (formerly Superfast IX) was chartered out for 36 months from 1 May 2026. The agreement includes an option to extend the charter period by two additional 12-month periods (12+12 months) and a purchase option for the vessel.
• As at the end of the quarter, the Group had one vessel in lay-up, the cruise ferry Romantika, which had operated additional departures on the Tallinn–Stockholm route in July and early August before being temporarily chartered out to provide accommodation and catering services during the Mediterranean Games held in Italy from 21 August to 3 September 2026.

Earnings

In the third quarter of 2026, the Group’s gross profit increased by EUR 2.7 million to EUR 69.8 million (EUR 67.2 million in the third quarter of 2025). EBITDA amounted to EUR 67.9 million compared to EUR 68.9 million a year ago.

Amortisation and depreciation expense decreased by EUR 4.2 million year-on-year to EUR 18.8 million. The decline was mainly attributable to the alignment of the estimated useful lives of the cruise and passenger vessels (excluding shuttle vessels) to 45 years, resulting in lower depreciation rates, as well as the sale of cargo vessel Regal Star in August 2025.

Net finance costs increased by EUR 0.2 million year-on-year to EUR 5.2 million in the third quarter of 2026 (EUR 4.9 million in the third quarter of 2025).

The Group’s unaudited net profit for the third quarter of 2026 amounted to EUR 43.8 million, or EUR 0.059 per share compared to a net profit of EUR 40.8 million, or EUR 0.055 per share in the third quarter 2025.

Liquidity and Cash Flow

The Group’s cash position in the third quarter of 2026 was affected by capital expenditure, dividend payments and related income tax payments, as well as loan repayments and interest payments. These outflows were partially offset by proceeds of EUR 2.5 million from the issuance of new shares under the Group’s share option programme.

The Group’s investments of EUR 3.4 million (EUR 5.5 million in the third quarter of 2025) were mainly related to vessel maintenance, repair and interior upgrades, as well as improvements to the Group’s IT systems.

As at the end of third quarter 2026, the Group has 3 outstanding loan agreements, including a syndicated loan and two shipbuilding loans related to the shuttle vessels MyStar and Megastar.

In September 2026, the Group amended and restated its EUR 298 million syndicated loan agreement signed in December 2023. The maturity of the EURIBOR-based floating interest rate loan was extended by two years until 21 December 2030, with options for two additional one-year extensions. The outstanding loan balance at the time of the amendment was EUR 169.4 million. The amended agreement reduces the Group’s refinancing risk.

At the end of the third quarter 2026, the interest-bearing liabilities totalled EUR 420.4 million of which long-term bank loans were EUR 332.3 million. During the quarter, the Group repaid loans and related interest expense (less lease liabilities related to right-to-use assets) in the amount of EUR 20.6 million (EUR 20.9 million in the third quarter of 2025).

At the end of the third quarter of 2026, the Group’s net debt amounted to EUR 398.6 million, decreasing by EUR 11.0 million compared to the end of the second quarter of 2026. The net debt to EBITDA ratio stood at 3.0 as at the reporting date (3.1 as at 30 June 2026).

As at 30 September 2026, the Group’s cash and cash equivalents amounted to EUR 21.8 million (EUR 39.6 million as at 30 June 2026), while unused credit facilities totalled EUR 81.1 million (EUR 72.7 million as at 30 June 2026). The Group’s total liquidity buffer, comprising cash, cash equivalents and unused credit facilities, amounted to EUR 102.8 million (EUR 112.4 million as at 30 June 2026).

Dividends

In 2018, the Group adopted a dividend policy subject to which dividends of a minimum amount of EUR 0.05 per share would be paid if the economic performance enables it.

The Annual General Meeting of Shareholders held on 19 May 2026 adopted a resolution to pay a dividend of EUR 0.06 per share in 2026. The dividends are paid in two instalments. The first instalment of EUR 0.03 per share in the total amount of EUR 22.3 million was paid out on 1 July 2026 and the second instalment of EUR 0.03 per share in the total amount of EUR 22.5 million will be paid out on 24 November 2026.

Results of the 9 Months of the Financial Year 2026

In the first 9 months (1 January – 30 September) of the 2026 financial year, the Group carried 4,307,304 passengers, up 2.0% year-on-year.

The Group’s unaudited revenue for the period increased by 4.5% and amounted to EUR 603.0 million (EUR 577.3 million in January-September 2025). Unaudited EBITDA was EUR 104.3 million (EUR 102.5 million in January-September 2025) and unaudited net profit was EUR 19.4 million (EUR 5.1 million in January-September 2025).

Revenue from route operations (the Group’s core operations) increased by EUR 23.6 million to EUR 496.8 million compared to the same period a year ago. The segment result from route operations amounted to EUR 54.4 million (EUR 54.4 million in January-September 2025).

The number of passengers carried on the Estonia-Finland route increased year-on-year by 0.8% to 2,795,158. The number of transported cargo units increased by 13.4%. Revenue from the Estonia-Finland route increased by EUR 14.4 million compared to the same period a year ago and amounted to EUR 251.3 million while the segment result increased by EUR 3.3 million to EUR 56.9 million, year-on-year.

In the first 9 months of 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 7.5% amounting to 1,110,095. The number of transported cargo units increased by 25.5%. The routes’ revenue increased by EUR 12.7 million to EUR 183.7 million. The segment recorded a loss of EUR 2.7 million compared to a profit of EUR 3.3 million in the corresponding period of 2025, mainly reflecting higher fuel costs.

On Estonia-Sweden routes, the number of passengers carried decreased by 3.9% and the number of transported cargo units declined by 35.2% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 3.6 million and was EUR 61.7 million. The segment result improved by EUR 2.7 million to EUR 0.2 million. The revenues decreased primarily due to the ceasing of the Paldiski-Kapellskär route following the chartering of the passenger vessel Superfast IX from 1 May 2026.

Revenue from the segment Other increased by EUR 1.1 million year-on-year amounting to EUR 109.4 million. The segment result increased by EUR 12.7 million to EUR 27.3 million, mainly due to cost savings from fewer idle vessels.

The financial results of the first 9 months of 2026 were impacted by the following factors:

• Low consumer and business confidence in the Group’s core markets, alongside heightened geopolitical tensions that increased volatility in energy markets and drove up the Group’s fuel costs by EUR 18.9 million or 30.5% year-on-year.
• Investments in the amount of EUR 25.0 million (EUR 27.2 million in January-September 2025), mainly related to upgrades of the cruise ferries Baltic Queen, Silja Symphony and Victoria I in the first quarter, and maintenance and refurbishment of passenger vessel Superfast IX in the second quarter. The planned maintenance works totalling 63 days (68 days in January-September 2025) affected the passenger and cargo levels.
• Dividend payment and related income tax in the amount of EUR 28.6 million in the third quarter of 2026. Income tax expense on dividends in the amount of EUR 12.5 million was recorded in the second quarter of 2026.
• Repayment of long-term loans and interest expense (less lease liabilities related to right-to-use assets) in the amount of EUR 51.8 million (EUR 94.8 million in January-September 2025).
• EU ETS cost increased by 44.2% year-on-year to EUR 14.9 million (EUR 10.3 million in January–September 2025).
• Chartering of passenger vessel Superfast IX for 36 months from 1 May 2026.
• The cruise ferry Romantika returned from charter after the expiry of the agreement in March 2026. During the summer, the vessel operated additional departures on the Tallinn-Stockholm route in July and early August, before being chartered out to Italy to provide accommodation and catering services during the Mediterranean Games held from 21 August to 3 September 2026. As at the end of the quarter the cruise vessel Romantika was in lay-up.
• Alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years retrospectively for the financial year 2025 reduced depreciation expense.

Key Figures

For the period	Q3 2026	Q3 2025	Q3 2024	Jan-Sep 2026	Jan-Sep 2025	Jan-Sep 2024
Revenue (EUR million)	246.7	233.1	231.9	603.0	577.3	602.3
Gross profit/loss (EUR million)	69.8	67.2	67.0	114.1	101.5	127.6
EBITDA¹ (EUR million)	67.9	68.9	68.4	104.3	102.5	149.5
EBIT¹ (EUR million)	49.1	45.9	44.0	46.7	33.3	76.1
Net profit/loss for the period (EUR million)	43.8	40.8	36.8	19.4	5.1	45.5
Depreciation and amortisation (EUR million)	18.8	23.0	24.4	57.6	69.2	73.3
Capital expenditures¹ ²(EUR million)	3.4	5.5	5.6	25.0	27.2	16.5
Weighted average number of ordinary shares outstanding	745,307,831	743,569,064	743,569,064	744,148,653	743,569,064	743,569,064
Earnings/loss per share¹ (EUR)	0.059	0.055	0.050	0.026	0.007	0.061
Number of passengers	1,816,174	1,766,335	1,715,496	4,307,304	4,224,822	4,270,002
Number of cargo units	64,980	60,306	66,865	199,544	185,174	238,628
Average number of employees	4,837	4,988	5,063	4,780	4,936	5,004
As at	30.09.2026	30.06.2026	31.12.2025	30.09.2026	30.09.2025	30.09.2024
Total assets (EUR million)	1,316.1	1,351.9	1,330.8	1,316.1	1,359.1	1,498.9
Total liabilities (EUR million)	588.1	670.2	580.7	588.1	621.4	711.5
Interest-bearing liabilities (EUR million)	420.4	449.2	445.9	420.4	464.6	588.3
Net debt¹ (EUR million)	398.6	409.6	432.4	398.6	432.7	555.7
Net debt to EBITDA¹	3.0	3.1	3.3	3.0	3.4	3.0
Total equity (EUR million)	728.0	681.7	750.1	728.0	737.7	787.4
Equity ratio¹ (%)	55%	50%	56%	55%	54%	53%
Number of ordinary shares outstanding	748,785,364	743,569,064	743,569,064	748,785,364	743,569,064	743,569,064
Shareholders’ equity per share (EUR)	0.97	0.92	1.01	0.97	0.99	1.06
Ratios¹	Q3 2026	Q3 2025	Q3 2024	Jan-Sep 2026	Jan-Sep 2025	Jan-Sep 2024
Gross margin (%)	28.3%	28.8%	28.9%	18.9%	17.6%	21.2%
EBITDA margin (%)	27.5%	29.6%	29.5%	17.3%	17.8%	24.8%
EBIT margin (%)	19.9%	19.7%	19.0%	7.7%	5.8%	12.6%
Net profit/loss margin (%)	17.8%	17.5%	15.9%	3.2%	0.9%	7.6%
ROA (%)	4.8%	2.4%	5.6%	4.8%	2.4%	5.6%
ROE (%)	4.4%	0.0%	6.1%	4.4%	0.0%	6.1%
ROCE (%)	5.9%	2.9%	6.7%	5.9%	2.9%	6.7%

1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of Interim Report.
2 Does not include additions to right-of-use assets.

EBITDA: result from operating activities before net financial items, share of profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings/loss per share: net profit or loss/ weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder’s equity per share: shareholder’s equity / number of shares outstanding
Gross profit/loss margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit/loss margin: net profit or loss / net sales
Capital expenditure: additions to property, plant and equipment – additions to right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average total assets
ROE: net profit 12-months trailing / average shareholders’ equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total assets – current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing

Consolidated statement of profit or loss and other comprehensive income

Unaudited, in thousands of EUR	Q3 2026	Q3 2025	Jan-Sep 2026	Jan-Sep 2025
Revenue	246,696	233,072	603,048	577,302
Cost of sales	-176,866	-165,894	-488,944	-475,822
Gross profit	69,830	67,178	114,104	101,480
Sales and marketing expenses	-10,072	-10,686	-32,439	-32,550
Administrative expenses	-10,853	-11,778	-36,710	-37,118
Other operating income	205	1,438	2,007	3,246
Other operating expenses	-46	-274	-267	-1,768
Result from operating activities	49,064	45,878	46,695	33,290
Finance income	35	202	92	316
Finance costs	-5,204	-5,132	-14,635	-16,982
Profit before income tax	43,895	40,948	32,152	16,624
Income tax	-46	-173	-12,756	-11,536
Net profit for the period	43,849	40,775	19,396	5,088
Net profit for the period attributable to equity holders of the Parent	43,849	40,775	19,396	5,088
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-107	-43	33	-76
Revaluation of property, plant and equipment	0	-1,356	0	-5,607
Other comprehensive loss/income for the period	-107	-1,399	33	-5,683
Total comprehensive income for the period	43,742	39,376	19,429	-595
Total comprehensive income for the period attributable to equity holders of the Parent	43,742	39,376	19,429	-595
EPS (in EUR)	0.059	0.055	0.026	0.007
Diluted EPS (in EUR)	0.058	0.054	0.026	0.007

Consolidated statement of financial position

Unaudited, in thousands of EUR	30.09.2026	30.09.2025	31.12.2025
ASSETS
Cash and cash equivalents	21,759	31,937	13,491
Trade and other receivables	30,604	33,347	36,830
Prepayments	13,846	11,409	8,303
Inventories	45,277	42,513	45,770
Intangible assets	67	1,226	1,503
Current assets	111,553	120,432	105,897
Other financial assets and prepayments	443	508	438
Deferred income tax assets	21,840	21,840	21,840
Investment property	300	300	300
Property, plant and equipment	1,163,155	1,195,032	1,182,216
Intangible assets	18,830	20,965	20,073
Non-current assets	1,204,568	1,238,645	1,224,867
TOTAL ASSETS	1,316,121	1,359,077	1,330,764
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings (Note 8)	89,726	74,517	77,156
Trade and other payables	102,262	88,452	97,297
Payables to owners	22,469	22,313	6
Income tax liability	6,507	6,222	4
Deferred income	36,458	39,723	37,458
Current liabilities	257,422	231,227	211,921
Interest-bearing loans and borrowings	330,666	390,129	368,770
Non-current liabilities	330,666	390,129	368,770
Total liabilities	588,088	621,356	580,691
Share capital	351,929	349,477	349,477
Share premium	1,302	663	663
Reserves	59,076	59,314	59,760
Retained earnings	315,726	328,267	340,173
Equity attributable to equity holders of the Parent	728,033	737,721	750,073
Total equity	728,033	737,721	750,073
TOTAL LIABILITIES AND EQUITY	1,316,121	1,359,077	1,330,764

 

Consolidated statement of cash flows

Unaudited, in thousands of EUR	Q3 2026	Q3 2025	Jan-Sep 2026	Jan-Sep 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss/profit for the period	43,849	40,775	19,396	5,088
Adjustments	24,024	28,673	84,396	98,775
Changes in:
Receivables and prepayments related to operating activities	-154	10,302	678	-11,848
Inventories	1,727	3,308	426	3,837
Liabilities related to operating activities	-23,933	-27,820	5,170	11,033
Changes in assets and liabilities	-22,360	-14,210	6,274	3,022
Cash generated from operating activities	45,513	55,238	110,066	106,885
Income tax paid	-6,094	-4,918	-6,254	-4,994
NET CASH USED IN/FROM OPERATING ACTIVITIES	39,419	50,320	103,812	101,891
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, equipment and intangible assets	-3,415	-5,491	-24,963	-27,196
Proceeds from disposals of property, plant, equipment	39	6,349	95	70,966
Interest received	35	81	92	175
NET CASH USED IN/FROM INVESTING ACTIVITIES	-3,341	939	-24,776	43,945
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans received (Note 8)	-16,778	-16,778	-39,990	-80,283
Change in overdraft (Note 8)	-8,347	-7,956	15,799	0
Payment of lease liabilities (Note 8)	-4,109	-3,809	-13,083	-13,531
Interest paid	-4,409	-4,451	-13,187	-15,867
Payment of transaction costs related to loans	-452	0	-452	-616
Dividends paid	-22,307	-22,307	-22,307	-22,307
Issue of shares	2,452	0	2,452	0
NET CASH FROM/USED IN FINANCING ACTIVITIES	-53,950	-55,301	-70,768	-132,604
TOTAL NET CASH FLOW	-17,872	-4,042	8,268	13,232
Cash and cash equivalents at the beginning of period	39,631	35,979	13,491	18,705
Change in cash and cash equivalents	-17,872	-4,042	8,268	13,232
Cash and cash equivalents at the end of period	21,759	31,937	21,759	31,937

Anneli Simm
Investor Relations Manager

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail anneli.simm@tallink.ee
Phone: +372 56157170

Attachments

• AS Tallink Grupp Q3 2026 Webinar Presentation
• Tallink Grupp 2026 Q3 ENG
• Tallink Grupp 2026 Q3 Financial Data

The results of AS Tallink Grupp for the Q3 2026 will be introduced at an Investor Webinar held today at 12:00 (EEST). To participate, please join via the following link; we kindly ask participants to provide their questions latest by 11:00 am by email to: investor@tallink.ee. Further details are available in a previously published announcement.

In the third quarter of 2026, AS Tallink Grupp and its subsidiaries (the Group) carried 1,816,174 passengers, representing a 2.8% increase year-on-year. The number of cargo units transported increased by 7.8% to 64,980, while the number of passenger vehicles decreased by 1.1% to 249,100.

The Group’s unaudited consolidated revenue increased by EUR 13.6 million to EUR 246.7 million (EUR 233.1 million in the third quarter of 2025). Unaudited EBITDA amounted to EUR 67.9 million (EBITDA of EUR 68.9 million in the third quarter of 2025) and the unaudited net profit for the period increased to EUR 43.8 million (EUR 40.8 million in the third quarter of 2025).

The Group’s revenue and operating results in the third quarter 2026 were impacted by a number of key business and operational factors:

• ongoing geopolitical tensions, particularly in the Middle East, which contributed to volatility in energy markets and increased fuel costs by EUR 9.2 million, or 45.5%, year-on-year.
• Despite ongoing economic uncertainty and subdued consumer and business confidence in the Group’s core markets, passenger and cargo volumes increased. The decrease in cargo volumes on the Estonia-Sweden routes was primarily attributable to the closure of the Paldiski-Kapellskär route.
• As at the end of the quarter, the Group operated a fleet of 11 vessels, including 2 shuttle vessels, 5 passenger vessels, 3 vessels chartered out and 1 vessel in lay-up.
• Share of emissions to be surrendered under the EU ETS (European Union Emissions Trading System) increased to 100% of the emitted CO₂ equivalent in 2026 (70% in 2025). The cost of EU ETS increased by 64.3% to EUR 5.9 million (EUR 3.6 million in third quarter of 2025) year-on-year.
• The Group operated three hotels in Tallinn and one in Riga.
• Dividend payment and related income tax payment of EUR 28.6 million impacted the Group’s cash position.
• Total loan repayment and interest payment (less lease liabilities related to right-to-use assets) amounted to EUR 20.6 million while the drawn overdraft amounted to EUR 18.9 million (EUR 27.3 million as at 30 June 2026).
• As at 30 September 2026, the Group’s net debt amounted to EUR 398.6 million (EUR 409.6 million as at 30 June 2026). The net debt to EBITDA ratio stood at 3.0 as at 30 September 2026 (3.1 as at 30 June 2026).
• The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes.
• The Group regularly monitors the developments on its core routes, including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing chartering agreements.

Sales and Segments

In the third quarter 2026, the Group’s total revenue amounted to EUR 246.7 million, up by EUR 13.6 million or 5.8% year-on-year. 

Revenue from route operations (the Group’s core operations) increased by EUR 10.7 million to EUR 205.5 million compared to the third quarter 2025. The segment result from route operations amounted to EUR 45.0 million compared to EUR 46.5 million in the third quarter 2025, down by 3.2% year-on-year.

The number of passengers carried on the Estonia-Finland route increased by 1.5% year-on-year. The number of transported cargo units increased by 15.9%. Revenue from the Estonia-Finland route increased by EUR 5.3 million year-on-year to EUR 100.7 million, while the segment result remained broadly unchanged at EUR 30.1 million (EUR 30.2 million in third quarter 2025). The segment reflects the operations of two shuttle vessels, MyStar and Megastar, and the cruise ferry Victoria I.

In the third quarter 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 5.3%. The number of transported cargo units increased by 20.5%. The routes’ revenue increased by EUR 5.8 million to EUR 78.8 million and the segment result decreased by EUR 1.0 million to EUR 11.2 million, year-on-year. The segment reflects the operations of one cruise ferry on the Turku-Stockholm (the cruise ferry Baltic Princess) and two cruise ferries on the Helsinki-Stockholm route (the cruise ferries Silja Serenade and Silja Symphony).

On the Estonia-Sweden route the number of carried passengers increased by 5.8%. The number of transported cargo units decreased by 50.1% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 0.4 million to EUR 26.1 million. The segment result decreased by EUR 0.4 million to EUR 3.8 million. The third quarter results for the Estonia-Sweden route reflect the operation of the Tallinn-Stockholm route by the cruise ferries Baltic Queen and Romantika, with Romantika operating on the route in July and for three days in August. A year ago, the Estonia-Sweden routes were operated by the cruise ferry Baltic Queen on the Tallinn-Stockholm route and Superfast IX on the Paldiski-Kapellskär route. Following the commencement of the charter agreement for the passenger vessel Superfast IX on 1 May 2026, operations on the Paldiski-Kapellskär route were discontinued, resulting in a significant decrease in cargo volumes in the Estonia-Sweden segment.

Revenue from the segment Other increased by EUR 2.6 million compared to the third quarter 2025 amounting to EUR 42.6 million. The segment result was EUR 14.8 million, up by EUR 4.8 million year-on-year.

As at the end of the third quarter 2026, the Group had the following vessels chartered out:

• The cruise ferry Galaxy I was chartered out in September 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. In August 2026, the charter agreement of Galaxy I was extended until April 2027 with an option to further extend the charter term.
• The cruise ferry Silja Europa was chartered out in August 2022 to Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands. The recent charter agreement from December 2024 was extended in December 2025 until the end of January 2027 with the option of extending the agreement for another year.
• The passenger vessel St Patrick (formerly Superfast IX) was chartered out for 36 months from 1 May 2026. The agreement includes an option to extend the charter period by two additional 12-month periods (12+12 months) and a purchase option for the vessel. 

As at the end of the quarter, the Group had one vessel in lay-up, the cruise ferry Romantika, which had operated additional departures on the Tallinn–Stockholm route in July and early August before being temporarily chartered out to provide accommodation and catering services during the Mediterranean Games held in Italy from 21 August to 3 September 2026.

Earnings

In the third quarter of 2026, the Group’s gross profit increased by EUR 2.7 million to EUR 69.8 million (EUR 67.2 million in the third quarter of 2025). EBITDA amounted to EUR 67.9 million compared to EUR 68.9 million a year ago.

Amortisation and depreciation expense decreased by EUR 4.2 million year-on-year to EUR 18.8 million. The decline was mainly attributable to the alignment of the estimated useful lives of the cruise and passenger vessels (excluding shuttle vessels) to 45 years, resulting in lower depreciation rates, as well as the sale of cargo vessel Regal Star in August 2025.

Net finance costs increased by EUR 0.2 million year-on-year to EUR 5.2 million in the third quarter of 2026 (EUR 4.9 million in the third quarter of 2025).

The Group’s unaudited net profit for the third quarter of 2026 amounted to EUR 43.8 million, or EUR 0.059 per share compared to a net profit of EUR 40.8 million, or EUR 0.055 per share in the third quarter 2025.

Liquidity and Cash Flow

The Group’s cash position in the third quarter of 2026 was affected by capital expenditure, dividend payments and related income tax payments, as well as loan repayments and interest payments. These outflows were partially offset by proceeds of EUR 2.5 million from the issuance of new shares under the Group’s share option programme.

The Group’s investments of EUR 3.4 million (EUR 5.5 million in the third quarter of 2025) were mainly related to vessel maintenance, repair and interior upgrades, as well as improvements to the Group’s IT systems.

As at the end of third quarter 2026, the Group has 3 outstanding loan agreements, including a syndicated loan and two shipbuilding loans related to the shuttle vessels MyStar and Megastar.

In September 2026, the Group amended and restated its EUR 298 million syndicated loan agreement signed in December 2023. The maturity of the EURIBOR-based floating interest rate loan was extended by two years until 21 December 2030, with options for two additional one-year extensions. The outstanding loan balance at the time of the amendment was EUR 169.4 million. The amended agreement reduces the Group’s refinancing risk.

At the end of the third quarter 2026, the interest-bearing liabilities totalled EUR 420.4 million of which long-term bank loans were EUR 332.3 million. During the quarter, the Group repaid loans and related interest expense (less lease liabilities related to right-to-use assets) in the amount of EUR 20.6 million (EUR 20.9 million in the third quarter of 2025).

At the end of the third quarter of 2026, the Group’s net debt amounted to EUR 398.6 million, decreasing by EUR 11.0 million compared to the end of the second quarter of 2026. The net debt to EBITDA ratio stood at 3.0 as at the reporting date (3.1 as at 30 June 2026).

As at 30 September 2026, the Group’s cash and cash equivalents amounted to EUR 21.8 million (EUR 39.6 million as at 30 June 2026), while unused credit facilities totalled EUR 81.1 million (EUR 72.7 million as at 30 June 2026). The Group’s total liquidity buffer, comprising cash, cash equivalents and unused credit facilities, amounted to EUR 102.8 million (EUR 112.4 million as at 30 June 2026).

Dividends

In 2018, the Group adopted a dividend policy subject to which dividends of a minimum amount of EUR 0.05 per share would be paid if the economic performance enables it.

The Annual General Meeting of Shareholders held on 19 May 2026 adopted a resolution to pay a dividend of EUR 0.06 per share in 2026. The dividends are paid in two instalments. The first instalment of EUR 0.03 per share in the total amount of EUR 22.3 million was paid out on 1 July 2026 and the second instalment of EUR 0.03 per share in the total amount of EUR 22.5 million will be paid out on 24 November 2026.

Results of the 9 Months of the Financial Year 2026

In the first 9 months (1 January – 30 September) of the 2026 financial year, the Group carried 4,307,304 passengers, up 2.0% year-on-year.

The Group’s unaudited revenue for the period increased by 4.5% and amounted to EUR 603.0 million (EUR 577.3 million in January-September 2025). Unaudited EBITDA was EUR 104.3 million (EUR 102.5 million in January-September 2025) and unaudited net profit was EUR 19.4 million (EUR 5.1 million in January-September 2025).

Revenue from route operations (the Group’s core operations) increased by EUR 23.6 million to EUR 496.8 million compared to the same period a year ago. The segment result from route operations amounted to EUR 54.4 million (EUR 54.4 million in January-September 2025).

The number of passengers carried on the Estonia-Finland route increased year-on-year by 0.8% to 2,795,158. The number of transported cargo units increased by 13.4%. Revenue from the Estonia-Finland route increased by EUR 14.4 million compared to the same period a year ago and amounted to EUR 251.3 million while the segment result increased by EUR 3.3 million to EUR 56.9 million, year-on-year.

In the first 9 months of 2026, the year-on-year increase in the number of passengers on Finland-Sweden routes was 7.5% amounting to 1,110,095. The number of transported cargo units increased by 25.5%. The routes’ revenue increased by EUR 12.7 million to EUR 183.7 million. The segment recorded a loss of EUR 2.7 million compared to a profit of EUR 3.3 million in the corresponding period of 2025, mainly reflecting higher fuel costs.

On Estonia-Sweden routes, the number of passengers carried decreased by 3.9% and the number of transported cargo units declined by 35.2% compared to the same period a year ago. Year-on-year, the revenue of Estonia-Sweden routes decreased by EUR 3.6 million and was EUR 61.7 million. The segment result improved by EUR 2.7 million to EUR 0.2 million. The revenues decreased primarily due to the ceasing of the Paldiski-Kapellskär route following the chartering of the passenger vessel Superfast IX from 1 May 2026.

Revenue from the segment Other increased by EUR 1.1 million year-on-year amounting to EUR 109.4 million. The segment result increased by EUR 12.7 million to EUR 27.3 million, mainly due to cost savings from fewer idle vessels.

The financial results of the first 9 months of 2026 were impacted by the following factors:

• Low consumer and business confidence in the Group’s core markets, alongside heightened geopolitical tensions that increased volatility in energy markets and drove up the Group’s fuel costs by EUR 18.9 million or 30.5% year-on-year.
• Investments in the amount of EUR 25.0 million (EUR 27.2 million in January-September 2025), mainly related to upgrades of the cruise ferries Baltic Queen, Silja Symphony and Victoria I in the first quarter, and maintenance and refurbishment of passenger vessel Superfast IX in the second quarter. The planned maintenance works totalling 63 days (68 days in January-September 2025) affected the passenger and cargo levels.
• Dividend payment and related income tax in the amount of EUR 28.6 million in the third quarter of 2026. Income tax expense on dividends in the amount of EUR 12.5 million was recorded in the second quarter of 2026.
• Repayment of long-term loans and interest expense (less lease liabilities related to right-to-use assets) in the amount of EUR 51.8 million (EUR 94.8 million in January-September 2025).
• EU ETS cost increased by 44.2% year-on-year to EUR 14.9 million (EUR 10.3 million in January–September 2025).
• Chartering of passenger vessel Superfast IX for 36 months from 1 May 2026.
• The cruise ferry Romantika returned from charter after the expiry of the agreement in March 2026. During the summer, the vessel operated additional departures on the Tallinn-Stockholm route in July and early August, before being chartered out to Italy to provide accommodation and catering services during the Mediterranean Games held from 21 August to 3 September 2026. As at the end of the quarter the cruise vessel Romantika was in lay-up.
• Alignment of the estimated useful lives of the cruise and passenger vessels (except for shuttle vessels) to 45 years retrospectively for the financial year 2025 reduced depreciation expense.

Key Figures

For the period	Q3 2026	Q3 2025	Q3 2024	Jan-Sep 2026	Jan-Sep 2025	Jan-Sep 2024
Revenue (EUR million)	246.7	233.1	231.9	603.0	577.3	602.3
Gross profit/loss (EUR million)	69.8	67.2	67.0	114.1	101.5	127.6
EBITDA¹ (EUR million)	67.9	68.9	68.4	104.3	102.5	149.5
EBIT¹ (EUR million)	49.1	45.9	44.0	46.7	33.3	76.1
Net profit/loss for the period (EUR million)	43.8	40.8	36.8	19.4	5.1	45.5
Depreciation and amortisation (EUR million)	18.8	23.0	24.4	57.6	69.2	73.3
Capital expenditures¹ ²(EUR million)	3.4	5.5	5.6	25.0	27.2	16.5
Weighted average number of ordinary shares outstanding	745,307,831	743,569,064	743,569,064	744,148,653	743,569,064	743,569,064
Earnings/loss per share¹ (EUR)	0.059	0.055	0.050	0.026	0.007	0.061
Number of passengers	1,816,174	1,766,335	1,715,496	4,307,304	4,224,822	4,270,002
Number of cargo units	64,980	60,306	66,865	199,544	185,174	238,628
Average number of employees	4,837	4,988	5,063	4,780	4,936	5,004
As at	30.09.2026	30.06.2026	31.12.2025	30.09.2026	30.09.2025	30.09.2024
Total assets (EUR million)	1,316.1	1,351.9	1,330.8	1,316.1	1,359.1	1,498.9
Total liabilities (EUR million)	588.1	670.2	580.7	588.1	621.4	711.5
Interest-bearing liabilities (EUR million)	420.4	449.2	445.9	420.4	464.6	588.3
Net debt¹ (EUR million)	398.6	409.6	432.4	398.6	432.7	555.7
Net debt to EBITDA¹	3.0	3.1	3.3	3.0	3.4	3.0
Total equity (EUR million)	728.0	681.7	750.1	728.0	737.7	787.4
Equity ratio¹ (%)	55%	50%	56%	55%	54%	53%
Number of ordinary shares outstanding	748,785,364	743,569,064	743,569,064	748,785,364	743,569,064	743,569,064
Shareholders’ equity per share (EUR)	0.97	0.92	1.01	0.97	0.99	1.06
Ratios¹	Q3 2026	Q3 2025	Q3 2024	Jan-Sep 2026	Jan-Sep 2025	Jan-Sep 2024
Gross margin (%)	28.3%	28.8%	28.9%	18.9%	17.6%	21.2%
EBITDA margin (%)	27.5%	29.6%	29.5%	17.3%	17.8%	24.8%
EBIT margin (%)	19.9%	19.7%	19.0%	7.7%	5.8%	12.6%
Net profit/loss margin (%)	17.8%	17.5%	15.9%	3.2%	0.9%	7.6%
ROA (%)	4.8%	2.4%	5.6%	4.8%	2.4%	5.6%
ROE (%)	4.4%	0.0%	6.1%	4.4%	0.0%	6.1%
ROCE (%)	5.9%	2.9%	6.7%	5.9%	2.9%	6.7%

1 Alternative performance measures based on ESMA guidelines are disclosed in the Alternative Performance Measures section of Interim Report.
2 Does not include additions to right-of-use assets.

EBITDA: result from operating activities before net financial items, share of profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings/loss per share: net profit or loss/ weighted average number of shares outstanding
Equity ratio: total equity / total assets
Shareholder’s equity per share: shareholder’s equity / number of shares outstanding
Gross profit/loss margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit/loss margin: net profit or loss / net sales
Capital expenditure: additions to property, plant and equipment – additions to right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average total assets
ROE: net profit 12-months trailing / average shareholders’ equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total assets – current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing

Consolidated statement of profit or loss and other comprehensive income

Unaudited, in thousands of EUR	Q3 2026	Q3 2025	Jan-Sep 2026	Jan-Sep 2025
Revenue	246,696	233,072	603,048	577,302
Cost of sales	-176,866	-165,894	-488,944	-475,822
Gross profit	69,830	67,178	114,104	101,480
Sales and marketing expenses	-10,072	-10,686	-32,439	-32,550
Administrative expenses	-10,853	-11,778	-36,710	-37,118
Other operating income	205	1,438	2,007	3,246
Other operating expenses	-46	-274	-267	-1,768
Result from operating activities	49,064	45,878	46,695	33,290
Finance income	35	202	92	316
Finance costs	-5,204	-5,132	-14,635	-16,982
Profit before income tax	43,895	40,948	32,152	16,624
Income tax	-46	-173	-12,756	-11,536
Net profit for the period	43,849	40,775	19,396	5,088
Net profit for the period attributable to equity holders of the Parent	43,849	40,775	19,396	5,088
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-107	-43	33	-76
Revaluation of property, plant and equipment	0	-1,356	0	-5,607
Other comprehensive loss/income for the period	-107	-1,399	33	-5,683
Total comprehensive income for the period	43,742	39,376	19,429	-595
Total comprehensive income for the period attributable to equity holders of the Parent	43,742	39,376	19,429	-595
EPS (in EUR)	0.059	0.055	0.026	0.007
Diluted EPS (in EUR)	0.058	0.054	0.026	0.007

Consolidated statement of financial position

Unaudited, in thousands of EUR	30.09.2026	30.09.2025	31.12.2025
ASSETS
Cash and cash equivalents	21,759	31,937	13,491
Trade and other receivables	30,604	33,347	36,830
Prepayments	13,846	11,409	8,303
Inventories	45,277	42,513	45,770
Intangible assets	67	1,226	1,503
Current assets	111,553	120,432	105,897
Other financial assets and prepayments	443	508	438
Deferred income tax assets	21,840	21,840	21,840
Investment property	300	300	300
Property, plant and equipment	1,163,155	1,195,032	1,182,216
Intangible assets	18,830	20,965	20,073
Non-current assets	1,204,568	1,238,645	1,224,867
TOTAL ASSETS	1,316,121	1,359,077	1,330,764
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings (Note 8)	89,726	74,517	77,156
Trade and other payables	102,262	88,452	97,297
Payables to owners	22,469	22,313	6
Income tax liability	6,507	6,222	4
Deferred income	36,458	39,723	37,458
Current liabilities	257,422	231,227	211,921
Interest-bearing loans and borrowings	330,666	390,129	368,770
Non-current liabilities	330,666	390,129	368,770
Total liabilities	588,088	621,356	580,691
Share capital	351,929	349,477	349,477
Share premium	1,302	663	663
Reserves	59,076	59,314	59,760
Retained earnings	315,726	328,267	340,173
Equity attributable to equity holders of the Parent	728,033	737,721	750,073
Total equity	728,033	737,721	750,073
TOTAL LIABILITIES AND EQUITY	1,316,121	1,359,077	1,330,764

 

Consolidated statement of cash flows

Unaudited, in thousands of EUR	Q3 2026	Q3 2025	Jan-Sep 2026	Jan-Sep 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss/profit for the period	43,849	40,775	19,396	5,088
Adjustments	24,024	28,673	84,396	98,775
Changes in:
Receivables and prepayments related to operating activities	-154	10,302	678	-11,848
Inventories	1,727	3,308	426	3,837
Liabilities related to operating activities	-23,933	-27,820	5,170	11,033
Changes in assets and liabilities	-22,360	-14,210	6,274	3,022
Cash generated from operating activities	45,513	55,238	110,066	106,885
Income tax paid	-6,094	-4,918	-6,254	-4,994
NET CASH USED IN/FROM OPERATING ACTIVITIES	39,419	50,320	103,812	101,891
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, equipment and intangible assets	-3,415	-5,491	-24,963	-27,196
Proceeds from disposals of property, plant, equipment	39	6,349	95	70,966
Interest received	35	81	92	175
NET CASH USED IN/FROM INVESTING ACTIVITIES	-3,341	939	-24,776	43,945
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of loans received	-16,778	-16,778	-39,990	-80,283
Change in overdraft	-8,347	-7,956	15,799	0
Payment of lease liabilities	-4,109	-3,809	-13,083	-13,531
Interest paid	-4,409	-4,451	-13,187	-15,867
Payment of transaction costs related to loans	-452	0	-452	-616
Dividends paid	-22,307	-22,307	-22,307	-22,307
Issue of shares	2,452	0	2,452	0
NET CASH FROM/USED IN FINANCING ACTIVITIES	-53,950	-55,301	-70,768	-132,604
TOTAL NET CASH FLOW	-17,872	-4,042	8,268	13,232
Cash and cash equivalents at the beginning of period	39,631	35,979	13,491	18,705
Change in cash and cash equivalents	-17,872	-4,042	8,268	13,232
Cash and cash equivalents at the end of period	21,759	31,937	21,759	31,937

Anneli Simm
Investor Relations Manager

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail anneli.simm@tallink.ee
Phone: +372 56157170

Attachments

• Tallink Grupp 2026 Q3 Financial Data
• Tallink Grupp 2026 Q3 ENG
• AS Tallink Grupp Q3 2026 Webinar Presentation

ICG Enterprise Trust plc (the “Company”)

22 October 2026

Transaction in Own Shares

The Company announces that on 21 October 2026 it bought back 10,000 of its own shares under the long-term buyback programme, to be held as treasury shares, at an average price of 1399 pence per share.

Further details are set out below:

• Number of shares held as treasury shares following settlement of this purchase: 3,542,500
• Total shares in issue excluding treasury shares following settlement of this purchase: 60,011,692

The Company has bought back these shares under the authority granted by shareholders at its Annual General Meeting in June 2026, which permits the Company to repurchase a maximum of 14.99% of its ordinary shares. The actual number of shares repurchased by the Company will depend on market conditions. This authority lasts until the next shareholder authority granted (expected to be at the Annual General Meeting in 2027), or until expressly revoked by shareholders.

No maximum consideration payable has been determined by the Company, but the Company is unable to pay a price for any shares pursuant to the buyback which would equate to a premium to the net asset value. It is the Company’s current intention to hold any shares bought back in treasury.

The Company has instructed Numis Securities Limited (trading for these purposes as Deutsche Numis) as its broker in respect of its buyback transactions. This arrangement is in accordance with the UKLA Listing Rules and the Company’s general authority to repurchase shares.

Analyst / Investor enquiries:

Chris Hunt
Shareholder Relations, ICG
+44 (0) 20 3545 2020

Andrew Lewis
Company Secretary, ICG
+44 (0) 20 3545 1344

Media:

Clare Glynn
Corporate Communications, ICG
+44 (0) 20 3545 1395

                                

Quarterly information report as of the end of September 2026

Robust growth in a challenging macroeconomic context
(+6% at constant exchange rates and +3% at current exchange rates)

Paris, October 22, 2026

The group’s consolidated revenue at the end of September 2026 amounted to €12.3 billion, up 6% at constant exchange rates and 3% at current exchange rates compared to the same period in 2025. The Americas, Japan and Europe excluding France achieved particularly dynamic growth.

Third quarter sales reached €4.1 billion, in line with second-quarter sales, up 4% at constant exchange rates and 6% at current exchange rates. All regions recorded growth, with the exception of the Middle East, despite the deteriorating macroeconomic and geopolitical context.

Axel Dumas, Executive Chairman of Hermès, commented:
“Despite a complex environment, Hermès continues its profitable growth and maintains its course. Convinced of the strength and relevance of our artisanal model, we see our vision as firmly rooted in the long term, and we look to the future with confidence. It is with great enthusiasm that we prepare for a new year rich in creation, with the first men’s ready-to-wear collection signed by Grace Wales Bonner and the introduction of Couture by Nadège Vanhée next January.”

Sales by geographical area at the end of September
(at constant exchange rates unless otherwise indicated)

At the end of September 2026, all the geographical areas posted growth with the exception of the Middle East, slightly down.

• Asia excluding Japan (+2%) continued its growth, supported in particular by a solid performance in Korea. Greater China was stable over the period in a more difficult context. In April, the new Sanlitun store opened in Beijing, followed by the renovated and expanded stores of Hong Kong Elements and Sogo Fuxing in Taipei. Finally, the Kaohsiung store in Taiwan and the Taikoo Li mall store in Chengdu reopened following renovation and expansion work in August and September respectively.
• Japan (+11%) confirmed solid and steady momentum, driven by the loyalty of its local customer base. The new store at Hilton Plaza East in Osaka was inaugurated in May, following renovation and expansion work, before the opening of the new Nagoya location in June.

• The Americas (+13%) achieved strong growth across all countries and métiers. The San Diego store, renovated and expanded, reopened its doors in July, followed by the openings of new stores at Plaza del Lago in Chicago in August and Williamsburg in New York in September. In Brazil, the Barra da Tijuca store in Rio de Janeiro also opened its doors in August. An event dedicated to petit h creations was presented at the Ala Moana store in Honolulu, Hawaii, in August.
• Europe excluding France (+9%) maintained sustained growth, thanks in particular to the dynamism of Southern Europe. The United Kingdom also recorded a strong performance in the third quarter, driven by the opening a new Maison at 166 New Bond Street in London, successfully inaugurated on June 16.
• France (+2%) progressed, supported by the solid performance of seaside stores and the loyalty of the local customer base.
• The Other area (-4%), which mainly includes the Middle East, continued to show solid resilience in a geopolitical context that remains complex.

Sales by sector at the end of September
(at constant exchange rates unless otherwise indicated)

At the end of September 2026, the Leather Goods and Saddlery métier and the Silk and Textiles métier showed solid growth.

• Leather Goods and Saddlery (+10%) demonstrated remarkable performance with a slight acceleration in the third quarter, driven by strong desirability of both new models and iconic pieces. Collections have been enriched, notably with the Double Longe, Besace Attelée and Bride de Jour models. The increase in production capacity continued with the inauguration in early April of a twenty-fifth leather goods workshop in Loupes (Gironde). Three new leather goods workshops will open in the coming years: Charleville-Mézières (Ardennes) by 2027, Colombelles (Calvados) by 2028 and Les Andelys (Eure) by 2030. Hermès thus continues to reinforce its presence in France by developing employment and training in eleven regions.
• The Ready-to-wear and Accessories sector (+1%) experienced slight growth. The second chapter of the women’s fall-winter 2026 collection was successfully presented in June in Los Angeles, followed by the spring-summer 2027 collection, presented in early October at the Garde Républicaine in Paris, which also received a warm welcome.
• The Silk and Textiles sector (+7%) achieved solid performance thanks to the richness of its creations, in both women’s and men’s collections. The Chevaux d’Héphaïstos and La Nature en Voyage scarves reinterpreted the grammar of the carré with modernity.
• Perfume and Beauty (-1%) recorded a slight decline, with an improvement in the third quarter. The Perfume collections welcomed a new Eau de parfum with a solar signature, Barénia Pleine Fleur, as well as Ginseng Biloba, a woody and radiant Hermessence. Hermès Beauty introduced a lip care ritual with a mask and balm, which met with immediate success.
• The Watches métier (-2%) continued the enrichment of its offering, notably through the successful launch of the H08 squelette model, equipped with the latest generation titanium movement, unveiled last April at the Watches and Wonders trade show in Geneva. The strengthening of production capacities continues, with the expansion of the watchmaking site in Le Noirmont in Switzerland by 2028.
• The Other Hermès sectors (+3%), which include Jewellery and the Home Universe, recorded growth, illustrating the singularity and creative strength of the house. The ninth Haute Bijouterie collection, Into the Horsescape, was successfully unveiled in early July in Paris, at the Musée des Arts Décoratifs, before making a stop in Shanghai in September.

A sustainable and responsible model

True to its sustainable artisanal model, Hermès integrates the management of its environmental impact into a long-term approach.

As part of its commitment to nature, the house continued to progress within the Science Based Targets for Nature (SBTN) initiative. Following the validation of the first two steps, Hermès has launched two pilot projects focusing on soil and freshwater, as part of the third step relating to the target-setting.

This sustainable and responsible approach was recognized in August by the rating agency MSCI, which confirmed its AA rating, in a context of increased requirements and transparency, a testament to the house’s commitments and values.

Other highlights

At the end of September 2026, currency fluctuations represented a negative impact of approximately €310 million on revenue.

During the first nine months, Hermès International redeemed 94 846 shares for €160 million, excluding transactions completed within the framework of the liquidity contract.

Outlook

In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates.

The group continues its development with confidence, thanks to the highly integrated artisanal model, balanced distribution network, the creativity of collections and the loyalty of clients.

Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, maintaining control over know-how and singular communication.

The theme for the year, Venture beyond, is an invitation to discover new horizons and renew our curiosity, constantly.

The press release on Revenue at the end of September 2026 is available on the group’s website: https://finance.hermes.com

        

Upcoming events:

• 12 February 2027: 2026 full-year results publication
• 22 April 2027: Q1 2027 revenue publication
• 28 April 2027: General Meeting of shareholders

REVENUE BY GEOGRAPHICAL AREA ⁽¹⁾

		At the end of September		Evolution /2025
In millions of Euros		2026	2025	Published	At constant exchange rates
France		1,171	1,143	2.4%	2.4%
Europe (excl. France)		1,852	1,721	7.6%	9.0%
Total Europe		3,023	2,864	5.6%	6.4%
Japan		1,200	1,204	(0.3%)	10.5%
Asia-Pacific (excl. Japan)		5,182	5,163	0.4%	1.6%
Total Asia		6,382	6,367	0.2%	3.3%
Americas		2,376	2,169	9.5%	13.1%
Other (Middle East)		479	515	(7.1%)	(4.3%)
TOTAL		12,260	11,916	2.9%	5.5%

		3rd quarter		Evolution /2025
In millions of Euros		2026	2025	Published	At constant exchange rates
France		417	403	3.6%	3.6%
Europe (excl. France)		687	633	8.6%	9.5%
Total Europe		1,104	1,036	6.6%	7.2%
Japan		402	389	3.4%	9.6%
Asia-Pacific (excl. Japan)		1,650	1,589	3.8%	0.0%
Total Asia		2,052	1,978	3.7%	1.9%
Americas		791	714	10.7%	8.8%
Other (Middle East)		149	154	(2.8%)	(4.5%)
TOTAL		4,096	3,881	5.5%	4.3%

⁽¹⁾ Sales by destination.

REVENUE BY SECTOR

		At the end of September		Evolution /2025
In millions of Euros		2026	2025	Published	At constant exchange rates
Leather Goods and Saddlery (1)		5,673	5,278	7.5%	10.2%
Ready-to-wear and Accessories (2)		3,340	3,412	(2.1%)	0.6%
Silk and Textiles		683	656	4.0%	7.0%
Other Hermès sectors (3)		1,551	1,540	0.7%	3.3%
Perfume and Beauty		361	367	(1.5%)	(0.7%)
Watches		393	412	(4.4%)	(1.9%)
Other products (4)		260	251	3.5%	5.4%
TOTAL		12,260	11,916	2.9%	5.5%

		3rd quarter		Evolution /2025
In millions of Euros		2026	2025	Published	At constant exchange rates
Leather Goods and Saddlery (1)		1,912	1,700	12.4%	10.8%
Ready-to-wear and Accessories (2)		1,141	1,157	(1.4%)	(2.0%)
Silk and Textiles		214	209	2.4%	1.4%
Other Hermès sectors (3)		486	484	0.4%	(1.1%)
Perfume and Beauty		128	118	7.9%	7.5%
Watches		125	131	(5.0%)	(6.0%)
Other products (4)		92	82	11.1%	10.5%
TOTAL		4,096	3,881	5.5%	4.3%

⁽¹⁾ The “Leather Goods and Saddlery” business line includes women’s and men’s bags, travel items, small leather goods and accessories, saddles, bridles and all equestrian objects and clothing.

⁽²⁾ The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.

⁽³⁾ The “Other Hermès sectors” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).

⁽⁴⁾ The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.

REMINDER – FIRST HALF 2026 KEY FIGURES

In millions of euros	H1 2026	2025	H1 2025
Revenue	8,163	16,002	8,034
Growth at current exchange rates vs. n-1	1.6%	5.5%	7.1%
Growth at constant exchange rates vs. n-1 (1)	6.1%	8.9%	8.1%
Recurring operating income (2)	3,351	6,569	3,327
As a % of revenue	41.0%	41.0%	41.4%
Operating income	3,351	6,569	3,327
As a % of revenue	41.0%	41.0%	41.4%
Net profit – Group share	2,238	4,524	2,246
As a % of revenue *	27.4%	28.3%	28.0%
Operating cash flows	2,694	5,607	2,733
Operating investments	344	1,161	316
Adjusted free cash flows (3)	2,182	3,880	1,847
Equity – Group share	19,023	18,840	16,602
Net cash position (4)	12,310	12,239	10,319
Restated net cash position (5)	12,926	12,773	10,723
Workforce (number of employees) (6)	27,107	26,494	25,697

⁽¹⁾         Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period.

⁽²⁾         Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non‑recurring items having a significant impact that may affect understanding of the group’s economic performance.

⁽³⁾         Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).

⁽⁴⁾                 Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short‑term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16.

⁽⁵⁾                 The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities.

⁽⁶⁾         Permanent + fixed-term employment contracts with no length of service condition.

* After restatement of the exceptional contribution on the profits of large companies in France, consolidated net profit (group share) represented 30.7% of revenue in the first half of 2026, compared to 31.2% in the first half of 2025 and 30.3% for full-year 2025.

Attachment

• Hermès_20261022_Revenue_Q3_en

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

Neuberger Private Equity Partners Announces Transaction in Own Shares

St Peter Port, Guernsey 22 October 2026

Neuberger Private Equity Partners Limited (“NBPE” or the “Company”) today announces details of Class A Shares bought back pursuant to general authority granted by shareholders of the Company on 11 June 2026 and the share buy-back agreement with Jefferies International Limited.

Transaction on London Stock Exchange

Date of purchase of Shares	21 October 2026
Number of Shares purchased	26,098 Class A Shares
Highest price/lowest price paid	£14.96 / £14.84
ISIN for the Shares	GG00B1ZBD492

All Class A Shares bought back will be cancelled. Following the cancellation, the number of outstanding Class A Shares is 36,960,866‬. The Company also has 3,150,408 Class A shares held in treasury. For reporting purposes under the FCA’s Disclosure Guidance and Transparency Rules the market should use the figure of 36,960,866 voting rights when determining if they are required to notify their interest in, or a change to their interest in the Company.

For further information, please contact:

NBPE Investor Relations        +44 20 3214 9002
Luke Mason        NBPrivateMarketsIR@nb.com

Oak Group        +44 1481 723450

        NBPEP@oak.group

About Neuberger Private Equity Partners Limited

Neuberger Private Equity Partners Limited (“NBPE”) invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger

Neuberger was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization.

From offices in 39 cities[1] across 26 countries, Neuberger manages a range of equity, fixed income, private equity and hedge fund strategies on behalf of institutions, advisors and individual investors worldwide. With more than 780[1] investment professionals and over 2,900[1] employees in total, Neuberger has built a diverse team of individuals united in their commitment to client outcomes and investment excellence. Our culture has afforded us enviable retention rates among our senior investment staff and we are proud to have been ranked 1st by Pensions & Investments in their 2025 “Best Places to Work in Money Management” survey, where we have placed 1st in four of the last five years and finished in the top two for 12 consecutive years[2].

As a private, independent, employee-owned investment manager, Neuberger is structurally aligned with the long-term interests of our clients. We have no external parent or public shareholders to serve, nor other lines of business to distract us from our core mission. And with our employees and their families invested alongside our clients—plus 100% of employee deferred cash compensation directly linked to team and firm strategies—we are truly in this together.
For more information, please visit our website: www.nb.com/en/global/who-we-are.

Media Contacts:
US: Soogyung Jordan: Soogyung.Jordan@nb.com
EMEA: Fiona Kehily: Fiona.Kehily@nb.com

[1] Firm data reflects the collective data for the various subsidiaries of Neuberger Berman Group LLC as of 30 June 2026.

[2] Among organizations with over 1,000 employees by Pensions & Investments. For additional information on the criteria for the award, please visit https://www.pionline.com/awards/best-places-to-work-in-money-management/pi-best-places-to-work-2025.

This material is issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications to learn about each company and the legal restrictions and restrictions. The name “Neuberger Berman” and logo are registered service marks of Neuberger Berman Group LLC.

© 2026 Neuberger Berman Group LLC. All rights reserved.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

At the end of the third quarter, loans to customers stood at a record high of 3.3 billion euros, having increased by 271 million euros (+9%) over the quarter and by 688 million euros (+27%) year on year. Compared to the end of the previous quarter, the business loan portfolio grew by 201 million euros (+16%) to 1.4 billion euros, the home loan portfolio by 47 million euros (+5%) to 933 million euros and the consumer loan portfolio by 22 million euros (+3%) to 881 million euros.

The group’s total deposit portfolio grew by 332 million euros (+10%) quarter on quarter and by 795 million euros (+29%) year on year, reaching 3.5 billion euros. The savings deposit portfolio showed the strongest quarter-on-quarter growth, increasing by 253 million euros (+17%) to 1.8 billion euros. The term deposit portfolio grew by 39 million euros (+2%) over the quarter, reaching 1.65 billion euros.

Current accounts continued to grow robustly, even outpacing term deposits. Their volume increased by 41 million euros (+59%) over the quarter, reaching 110 million euros by the end of the period. Bigbank continues to offer the most competitive current account services to both retail and corporate customers in the Baltics. Customers receive 2% interest on unlimited balances and enjoy free payments. The current account itself is also free of charge.

Bigbank’s net profit for the first nine months of 2026 amounted to 30.1 million euros. Net profit for the same period in 2025 was 30.2 million euros. In the third quarter, Bigbank earned a net profit of 12.6 million euros, up 1.1 million euros (+10%) from the third quarter of 2025.

Bigbank’s interest income for the third quarter amounted to 58.3 million euros, an increase of 11.8 million euros (+25%) year on year. Interest expense totalled 24.5 million euros, up 5.4 million euros (+28%) compared to the same period last year. The resulting net interest income grew by 6.4 million euros (+23%) year on year, reaching 33.8 million euros.

The quality of the loan portfolio improved in the third quarter. The credit quality of consumer loans continues to improve, while that of home loans is very high and that of business loans remains good. Furthermore, due to the transfer of a large business loan out of stage 3, the share of stage 3 loans in the total loan portfolio decreased visibly. Net expected credit loss allowances declined by 0.3 million euros year on year, reaching 2.2 million euros. The volume of stage 3 loans decreased to 100 million euros, accounting for 3.0% of the total loan portfolio.

Bigbank’s strong team has played a key role in boosting the group’s business volumes. The number of employees increased by 29 (+4%) during the quarter and by 122 (+20%) year on year, rising to 741. The main growth drivers were the launch of everyday banking products and the commitment to providing high-quality customer service in the context of growing loan and deposit portfolios. Salary expenses and associated charges increased to 10.8 million euros in the third quarter, exceeding the figure for the same period in 2025 by 2.1 million euros (+24%).

The value of the group’s investment property portfolio remained stable at 81.0 million euros. No investment properties were revalued during the third quarter, and the level of cash inflows from leasing out commercial premises and agricultural land remained the same.

In the third quarter, Bigbank issued Additional Tier 1 (AT1) bonds totalling 17.23 million euros, thereby increasing its Additional Tier 1 capital by the same amount. A total of 1,723 bonds with a nominal value of 10,000 euros each were issued to 83 investors.

Income statement, in thousands of euros	Q3 2026	Q3 2025	9M 2026	9M 2025
Net interest income	33,834	27,351	94,000	78,687
Net fee and commission income	2,289	2,686	6,954	7,759
Net income (loss) on financial assets	644	-851	101	1,794
Net other operating income	-1,304	-704	-3,594	-2,719
Total net operating income	35,463	28,482	97,461	85,521
Salaries and associated charges	-10,844	-8,763	-30,916	-24,498
Administrative expenses	-4,158	-3,255	-11,551	-8,881
Depreciation, amortisation and impairment	-2,542	-2,239	-7,408	-6,552
Other gains (losses)	1	1,999	-2,380	217
Total expenses	-17,543	-12,258	-52,255	-39,714
Profit before loss allowances	17,920	16,224	45,206	45,807
Net expected credit loss allowances	-2,190	-2,426	-6,853	-8,350
Profit before income tax	15,730	13,798	38,353	37,457
Income tax expense	-3,101	-2,328	-8,255	-7,245
Profit for the period	12,629	11,470	30,098	30,212
Statement of financial position, in thousands of euros	30 Sept 2026	30 June 2026	31 Dec 2025	30 Sept 2025
Cash and cash equivalents	601,012	484,924	448,876	419,470
Debt securities at FVOCI	18,393	40,668	37,226	34,796
Loans to customers	3,268,370	2,997,804	2,707,537	2,580,940
Other assets	115,882	117,935	123,084	116,779
Total assets	4,003,657	3,641,331	3,316,723	3,151,985
Customer deposits and loans received	3,531,196	3,199,007	2,887,687	2,735,153
Subordinated notes	127,645	109,972	106,744	106,976
Other liabilities	23,383	23,319	22,891	17,511
Total liabilities	3,682,224	3,332,298	3,017,322	2,859,640
Equity	321,433	309,033	299,401	292,345
Total liabilities and equity	4,003,657	3,641,331	3,316,723	3,151,985

Commentary by Martin Länts, chairman of the management board of Bigbank AS:

“The third quarter of 2026 was another strong quarter for Bigbank. Our loan portfolio reached a record EUR 3.3 billion, increasing by 9% during the quarter and 27% year on year. Growth was broad-based across all major lending segments, with particularly strong performance in business lending. Our deposit portfolio also continued to grow, reaching EUR 3.5 billion by the end of the quarter.

We are particularly pleased that this strong business growth was accompanied by improved loan portfolio quality and solid profitability. Net interest income increased by 23% compared with the third quarter of last year, while quarterly net profit rose by 10% to EUR 12.6 million. Net expected credit loss allowances declined, and the share of stage 3 loans in the total loan portfolio decreased to 3.0%.

The development of our everyday banking services also continued to deliver encouraging results. Current account balances increased by 59% during the quarter to EUR 110 million, demonstrating growing customer interest in using Bigbank for their day-to-day banking needs. During the quarter, we took further important steps in developing our everyday banking offering: we added Apple Pay alongside Google Pay and Garmin Pay and enhanced our free debit card offering with free purchase protection insurance. Our current account combines interest on the account balance with free payments and no account-related fees, providing customers with a strong and competitive alternative in the Baltic banking market.

During the quarter, we also successfully issued Additional Tier 1 (AT1) bonds totalling EUR 17.23 million. The issuance further strengthened our capital base and supports the continued implementation of our growth strategy.

Looking ahead, we will remain focused on profitable and sustainable growth, maintaining strong credit quality and further developing our everyday banking services. Our ambition is to make Bigbank an increasingly relevant primary banking partner for customers across the Baltic countries.”

Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 September 2026, the bank’s total assets amounted to 4.0 billion euros, with equity of 321 million euros. Operating in nine countries, the bank serves more than 222,000 active customers and employs over 700 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

Argo Kiltsmann
Member of the Management Board
Telephone: +372 5393 0833
Email: argo.kiltsmann@bigbank.ee
www.bigbank.ee

Attachment

• Bigbank_interimreport_Q3_2026

Utrecht, 22 October 2026

In the third quarter Aalberts realised EUR 823.3 million revenue, which translates into 13.0% organic revenue growth compared to the third quarter of last year. We realised EUR 113.8 million EBITA or 13.8% EBITA margin.

We report improved organic revenue growth and EBITA margin in our three segments. Our added value margin remained at a good level.

Stéphane Simonetta, CEO commented: “We are pleased to report another solid quarter with improved performance. Our end market dynamics in data centres, aerospace, power generation, defence and semicon remain positive, and activity in automotive and residential buildings is still stable. The customer demand in semicon is further accelerating driven by AI related investments.

In building, we delivered a mixed performance. In Industry and semicon, EBITA margin was at a good level, driven by a favourable product mix.

While we continue our focus on operational excellence programmes and footprint optimisation in our building and industry segment, we are investing in manufacturing capabilities across Europe, North America and Southeast Asia to support higher demand for our products, solutions and services exposed to attractive end markets.

We are entering the last quarter of the year with a positive momentum and a healthy order book. Based on current end market conditions, we are confident to deliver a full year with improved organic growth and EBITA margin versus last year. We continue to deploy our strategic actions as per our ‘thrive 2030’ strategy.”

share buyback
On 12 October 2026 Aalberts reported the completion of the share buyback programme for capital reduction. The repurchase of shares commenced on 27 February 2026 and completed on 9 October 2026. A cumulative total of 2,068,007 shares was repurchased for a total consideration of EUR 74,999,387. It is intended that the shares will be cancelled following repurchase. Visit aalberts.com/sbb for more information.

contact
+31 (0)30 3079 302 (from 8:00 am CEST)
investors@aalberts.com

Attachment

• Press release

2026 9M Sales
Press release – Paris, October 22^nd, 2026 

Resilient nine-month performance, driven by America and EMEA,
despite softer consumer demand in Q3

2026 9M Sales at €888m, remaining broadly stable on an organic¹ basis (-0.2%) compared to 2025 (€896m)

• Organic sales growth in America (+8.6%) and in the EMEA region (+5.5%); sales stabilization in Asia‑Pacific; decline in France (-10.4%), impacted by a weak consumption environment and the contraction of the store network (BHV‑SGM)
• Like‑for‑like growth in all regions outside France, supported by America, helping Group’s like‑for‑like sales growth of +0.7%
• 2026 Q3 Sales at €291m, organic decline of -2.0% compared to Q3 2025 (€294m)

Continued strict full‑price strategy, with a 2-point reduction in the average discount rate compared to 2025. The improvement was observed across all regions, supported by the ongoing work to enhance brand desirability.

Store network of 1,586 points of sale, broadly stable in Q3:

• Disciplined retail network management, combining targeted adjustments with selective development opportunities
• Continued expansion through our partners in existing markets, including the opening of one new country (Armenia)

2026 objectives confirmed, assuming no further significant deterioration in trading conditions in France

Commenting on those results, Isabelle Guichot, CEO of SMCP, stated: « In the third quarter, the Group delivered a resilient performance despite a challenging consumer environment across certain geographies. We are particularly pleased by the continued growth in America and EMEA, achieved against demanding comparison bases. In France, performance was impacted in Q3 by weak consumer demand notably due to unusual weather conditions, and unfavorable perimeter effects that will ease in Q4. In Asia-Pacific, sales remained broadly stable over the first nine months, supported by solid momentum in several markets despite a difficult backdrop in Mainland China. At the same time, we maintained disciplined execution of our full-price strategy, with further improvements in discount rates across all regions. In this context, together with all our teams, we remain fully mobilized to pursue our strategy and continue strengthening the desirability of our brands. »

Sales

€m	Q3 2025	Q3 2026	Organic change	Reported change
Sales by region
EMEA ex. France	110.3	112.6	+2.5%	+2.1%
France	97.1	87.7	-9.7%	-9.7%
America	46.7	49.6	+4.3%	+6.3%
Asia Pacific	40.4	41.6	-3.3%	+3.0%
Sales by brand
Sandro	145.5	147.3	0.0%	+1.2%
Maje	115.7	114.2	-2.4%	-1.3%
Other brands2	33.2	30.0	-9.6%	-9.6%
TOTAL	294.4	291.4	-2.0%	-1.0%

€m	9M 2025	9M 2026	Organic change	Reported change
Sales by region
EMEA ex. France	314.2	330.6	+5.5%	+5.2%
France	304.1	272.4	-10.4%	-10.4%
America	140.2	147.3	+8.6%	+5.1%
Asia Pacific	137.0	138.1	+0.2%	+0.8%
Sales by brand
Sandro	447.7	446.9	+0.5%	-0.2%
Maje	340.0	346.8	+2.6%	+2.0%
Other brands1	107.7	94.7	-12.1%	-12.1%
TOTAL	895.5	888.4	-0.2%	-0.8%

SALES BREAKDOWN BY REGION

EMEA sales reached €331 million at the end of September, representing organic growth of +5.5% compared with 2025. In a more moderate consumer environment and despite a particularly demanding comparison base in the third quarter (Q3 2025 LFL sales up 7% vs. Q3 2024), the region delivered solid growth, supported by positive like-for-like performance across several markets, notably Italy, Spain and the Benelux countries. This performance reflects resilient demand in the region’s key markets, as well as disciplined execution of the Group’s full-price strategy, which continues to support brand desirability. In addition, partner-operated activities momentum remained favorable, notably in Middle East and Turkey.

In France, sales totaled €272 million over the first nine months of the year, down 10.4% organically compared with 2025, in a market environment that deteriorated during the third quarter. During the period, activity continued to be impacted by an unfavorable perimeter effect related to the closure of the BHV-SGM corners in November 2025. Paris continued to outperform provincial stores, benefiting from more resilient demand and sustained tourist traffic. Sandro and Maje delivered like-for-like performances in line with market indicators. The Group also maintained its disciplined promotional policy, resulting in a two-point reduction in the average discount rate vs 2025.

In America, sales reached €147 million at the end of September, representing organic growth of +8.6% compared with 2025. In the third quarter, growth was driven by strong like-for-like sales performance in the United States, supported by sustained store traffic and continued digital momentum, despite the impact of the Saks corners closures. Canada also maintained its positive trajectory. This performance was achieved while reducing the average discount rate by three points vs. 2025. Activity operated through partners was impacted by shipment timing effects between H1 2026 and Q3 2026, combined with a high comparison base in Q3 2025.

In APAC, sales for the first nine months of the year (€138 million) were stable organically vs. 2025, supported by positive like-for-like growth. In Q3 2026, strong momentum in Hong Kong, Taiwan, Macau and Singapore partly offset the challenging consumer environment in Mainland China, which weighed on performance. The Group continued to rigorously manage discounts, achieving a two-point reduction in the average discount rate across both the store network and digital channels.

Financial Calendar

February 18^th, 2027 – 2026 Results publication

A conference call and a webcast with investors and analysts will be held today by CEO Isabelle Guichot and CFO Patricia Huyghues Despointes, from 9:00 a.m. (Paris time). Related slides will also be available on the website (www.smcp.com), in the Finance section.

METHODOLOGY NOTE

Unless otherwise indicated, amounts are expressed in millions of euros and rounded to the first digit after the decimal point. In general, figures presented in this press release are rounded to the nearest full unit. As a result, the sum of rounded amounts may show non-material differences with the total as reported. Note that ratios and differences are calculated based on underlying amounts and not based on rounded amounts.

DISCLAIMER : FORWARD-LOOKING STATEMENTS

Certain information contained in this document includes projections and forecasts. These projections and forecasts are based on SMCP management’s current views and assumptions. Such forward-looking statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such projections and forecasts as a result of numerous factors, risks and uncertainties. These risks and uncertainties include those discussed or identified under Chapter 2 “Risk factors and internal control” of the Company’s Universal Registration Document filed with the French Financial Markets Authority (Autorité des Marchés Financiers – AMF) on 9 April 2026 and available on SMCP’s website (www.smcp.com).
This document has not been independently verified. SMCP makes no representation or undertaking as to the accuracy or completeness of such information. None of the SMCP or any of its affiliate’s representatives shall bear any liability (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.
APPENDICES

Breakdown of points of sales by region

Number of DOS		Q3-25	2025		H1-26	Q3-26		Q3-26 variation		2026 Variation
By region
France		450	424		414	412		-2		-12
EMEA		396	396		400	398		-2		+2
America		168	168		162	162		–		-6
Asia Pacific		240	239		218	221		+3		-18
By brand
Sandro		550	539		519	525		+6		-14
Maje		458	453		438	435		-3		-18
Claudie Pierlot		173	166		166	163		-3		-3
Fursac		73	69		71	70		-1		+1
Total DOS		1,254	1,227		1,194	1,193		-1		-34

Number of POS	Q3-25	2025	H1-26	Q3-26	Q3-26 variation	2026 Variation
By region
France	450	424	414	412	-2	-12
EMEA	566	565	578	576	-2	+11
America	208	210	206	206	–	-4
Asia Pacific	427	431	391	392	+1	-39
By brand
Sandro	758	746	719	729	+10	-17
Maje	629	624	609	606	-3	-18
Claudie Pierlot	189	184	183	179	-4	-5
Fursac	75	76	78	72	-6	-4
Total POS	1,651	1,630	1,589	1,586	-3	-44
o/w partners	397	403	395	393	-2	-10

ABOUT SMCP 

SMCP brings together four fashion brands: Sandro, Maje, Claudie Pierlot and Fursac. Faithful to its distinctive Creative Premium positioning, the Group and its brands offer contemporary collections inspired by the spirit of the times, combining creativity, high standards and a carefully balanced style-quality-price proposition. Present in 57 countries, the Group, led by Isabelle Guichot, Chief Executive Officer, operates a network of approximately 1,600 points of sale worldwide and enjoys a strong digital presence across all its key markets. Evelyne Chetrite and Judith Milgrom founded Sandro and Maje in Paris in 1984 and 1998, respectively, and continue to oversee the artistic direction of their brands. Claudie Pierlot and Fursac joined the Group through acquisitions completed in 2009 and 2019, respectively. SMCP is listed on the Euronext Paris regulated market (compartment B. ISIN Code FR0013214145. ticker: SMCP).

CONTACTS INVESTORS/PRESS

SMCP Amélie Dernis +33 (0) 1 55 80 51 00 amelie.dernis@smcp.com

BRUNSWICK  Hugues Boëton +33 (0) 6 79 99 27 15  Tristan Roquet Montegon +33 (0) 6 37 00 52 57 smcp@brunswickgroup.com

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¹ Organic growth | All references in this document to the “organic sales performance” refer to the performance of the Group at constant currency and scope
² Claudie Pierlot and Fursac brands

Attachment

• SMCP – Press Release – 2026 9M Sales

OSLO, NORWAY (22 October 2026) – Following the authorization from the Annual General Meeting on 29 April 2026, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.155 per share (NOK 1.45 per share) in Q4 2026.

Key information relating to the cash dividend:

• Dividend amount and declared currency: USD 0.155 per share (equivalent to NOK 1.45 per share)
• Last trading day including right: 28 October 2026
• Ex-date: 29 October 2026
• Record date: 30 October 2026
• Payment date: 12 November 2026
• Date of approval: 21 October 2026

About TGS 
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).