Aktsiaselts Infortar unaudited consolidated interim report for Q2 2025
Infortar will arrange a webinar for investors today 4 August 2025.Please join
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In the second quarter of this year, Infortar's sales volumes increased two and a
half times to EUR505 million.
"For the energy segment, the first quarter was clearly successful. We further
strengthened our position through increased volumes and improved profitability.
Maritime operations also showed the first signs of recovery, reflected in
growing customer confidence and the gradual restoration of travel capacity. In
the real estate and construction segment, we handed over the Pärnu bridge to the
Pärnu municipality and continued work on several major infrastructure projects,
including the construction of the main line of Rail Baltica," said Ain
Hanschmidt, Chairman of the Management Board of Infortar.
"The landmark transaction of the second quarter was the signing of the agreement
to acquire the agricultural company Estonia Farmid. For Infortar, this
represents a significant leap forward in the agricultural sector. Estonia
Farmid, together with Halinga, produces 160 tons of milk per day, accounting for
6.5% of Estonia's total milk output. By integrating milk production with
renewable energy generation and circular economy principles, we are able to
further strengthen the bioeconomy sector and produce domestically sourced
renewable biomethane," Hanschmidt noted.
"This year, we have already invested EUR38 million into various projects,
including the construction of one of Estonia's largest biomethane plants in
Halinga, a new solar power plant in the Olaine municipality in Latvia, and the
refurbishment of the cruise ferry Baltic Princess. While profitability in the
energy segment improved, with EBITDA reaching EUR20 million, the maritime
transport segment was still somewhat impacted by the costs of two excess vessels
in lay-up and the dividend withholding tax. The real estate and construction
segment continued to demonstrate stable growth," said Hanschmidt.
Major Events
Maritime transport
In the second quarter Tallink carried 1 488 128 passengers, which is 2.5% more
than in the second quarter of 2024. The number of cargo units transported
decreased by 22.8% amounting to 67 038.
Tallink operated 13 vessels including 2 shuttle vessels, 6 passenger vessels, 3
vessels that were chartered out and 2 vessels that were in lay-up.
During the quarter Tallink´s total investments amounted to EUR 8.4 million
majority of which were made to upgrading the cruise vessel Baltic Princess.
Energy
Elenger Group's gas and electricity sales in the second quarter totalled 4.9
TWh. an increase of 25% compared to the same quarter last year. The growth in
energy sales volumes was supported by a more active wholesale market in the
Baltics and the consolidation of Elenger Polska's sales volumes starting this
year.
Natural gas consumption in the Finland-Baltic region in the second quarter
amounted to 7.6 TWh. which was 3% lower compared to a year earlier (7.9 TWh).
The company's gas sales market share in the Finnish-Baltic market increased to
27.7% in the second quarter.
Real estate and infrastructure
In the second quarter 2025. Infortar's construction companies EG Ehitus and INF
Infra completed the construction of the new Pärnu bridge.
INF Infra continued the construction of Rail Baltica's mainline on the Kangru-
Saku section. The contract value is EUR 67.2 million. and the work is planned to
continue until March 2028.
Construction on a 40.000 square-meter commercial space for Depo (DIY Store) in
Lasnamäe continued. The project is scheduled for completion in the fall of 2026.
Four new clay outdoor tennis courts were opened at Tallink Tennisekeskus in
Lasnamäe.
Key financial figures
Key figures Q2 2025 Q2 2024 6 months 6 months 2024
2025
Sales revenue. mEUR 504,512 203,555 951,869 576,139
Gross profit. mEUR 55,668 3,085 81,736 53,089
EBITDA. mEUR 57,390 1,506 85,051 75,510
EBITDA margin (%) 11,4 0,7 8,9 13,1
Net profit. EBIT. mEUR 27,038 -4,229 26,383 63,395
Profit before taxes. mEUR 15,548 10,765 2,695 74,890
Income tax expense. mEUR -17,106 0,190 -17,106 -1,873
Total profit(-loss). mEUR -1,558 10,955 -14,411 73,017
Net profit (-loss) holders of 1,930 10,921 -2,549 72,983
the Parent mEUR
EPS (euros)* -0,12 3,61 0,1 0,53
Total equity mEUR 1 174,599 840,216
Total liabilities mEUR 941,747 448,387
Net debt mEUR 795,379 263,144
Investment loans to EBITDA 2.7 1.5
(ratio)**
(Notes: *EPS (in euros) is calculated as: profit/loss attributable to the owners
of the parent * 1000 / number of shares of which own shares are excluded. **
Investment loans / EBITDA, annualized. For comparability, actual EBITDA of
Tallink Grupp for the relevant period has been used, based on Tallink Grupp
quarterly report.)
Revenue
In the first half of the 2025 financial year, the Group's consolidated revenue
increased by EUR 275.73 million to EUR 951.869 million (6 months 2024
consolidated revenue: EUR 576,139 million). A significant impact came from the
consolidation of Tallink Grupp's results into Infortar's consolidated financial
statements as of 1 August 2024.
EBITDA and Segment Reporting
In the first half of the 2025 financial year, the EBITDA of the maritime
transport segment amounted to EUR 33.292 million (6 months 2024: EUR 81.1
million).
The energy segment's EBITDA in the first half of the 2025 was EUR 51,749 million
(6 months 2024: EUR 73.031 million). Compared to the second quarter last year,
the profitability of the energy segment improved by EUR 19.084 million, reaching
EUR 19.929 million in Q2 2025 (Q2 2024: -EUR 0.845 million).
In the real estate segment, profitability is assessed based on the EBITDA of
individual real estate entities.
Based on separate real-estate companies results, the real estate segment's
EBITDA in the first half of the 2025 was EUR 7.691 million (6 months 2024 was
EUR 7.367 million).
Net Profit (Loss)
The consolidated net loss for the first half of the 2025 financial year was EUR
-14.4 million, including a loss attributable to Infortar's owners of EUR -2,549
million (6 months 2024 net profit: EUR 73.017 million, including EUR 72.983
million attributable to Infortar's owners).
Investments
In the first half of 2025, the total amount of investments made by the Infortar
Group was approximately EUR 38 million.
Financing
As of the first half of the 2025 financial year, the Group's total loan and
lease liabilities amounted to EUR 941.747 million (compared to EUR 448.387
million at the end of the 2024 financial year). Infortar's net debt stood at EUR
795.379 million. The net debt to EBITDA ratio was 3.4.
Dividends
According to the dividend policy, the objective is to pay dividends of at least
1 euro per share per financial year. Based on Resolution 2.2 of the Annual
General Meeting approved on 4 June 2025, a dividend of EUR 3 per share will be
paid to shareholders for the 2024 financial year. The first payment was made on
15 July 2025, and the second payment will be made on 15 December 2025 with
transfer to the shareholders' bank accounts.
Consolidated Statement of Profit or Loss
(in thousands of EUR) Q2 2025 Q2 2024 6 M 6 M
2025 2024
Revenue 504 512 203 555 951 869 576 139
Cost of goods (goods and services) sold -448 771 -200 420 -869 944 -522 993
Write-down of receivables -73 -50 -189 -57
Gross profit 55 668 3 085 81 736 53 089
Marketing expenses -12 119 -423 -23 095 -838
General administrative expenses -22 556 -7 018 -43 521 -14 256
Profit (loss) from derivatives 5 243 -137 9 182 24 522
Profit (loss) from biological assets 137 -27 104 -27
Profit (loss) from the change in the fair 0 0 0 156
value of the investment property
Other operating revenue 2 280 481 4 236 1 081
Other operating expenses -1 615 -190 -2 259 -332
Operating profit 27 038 -4 229 26 383 63 395
Profit (loss) from investments accounted 366 16 885 1 321 18 885
for by equity method
Financial income and expenses:
Other financial investments -278 2 738 -611 2 738
Interest expense -11 581 -6 381 -24 477 -13 126
Interest income 895 1 760 1 737 3 004
Profit (loss) from changes in exchange -71 -2 -386 -4
rates
Other financial income and expenses -821 -6 -1 272 -2
Total financial income and expenses -11 856 -1 891 -25 009 -7 390
Profit before tax 15 548 10 765 2 695 74 890
Corporate income tax -17 106 190 -17 106 -1 873
Profit for the financial year -1 558 10 955 -14 411 73 017
including:
Profit attributable to the owners of the 1 930 10 921 -2 549 72 983
parent company
Profit attributable to non-controlling -1 780 34 -11 862 34
interest
Items that may be subsequently reclassified to the income statement:
Revaluation of risk hedging instruments 24 168 0
Exchange rate differences attributable to 922 -33 221
foreign subsidiaries
Total of other comprehensive income 25 090 -33 221
Total income 10 679 39 796
including:
Comprehensive profit attributable to the 22 541 0
owners of the parent company
Comprehensive profit attributable to non- -11 862 39 849
controlling interest
Ordinary earnings per share (in euros per -0,12 3,61
share)
Diluted earnings per share (in euros per -0,12 3,48
share)
Consolidated Statement of Financial Position
(in thousands of EUR) 30.06.25 31.12.24
Current assets
Cash and cash equivalents 146 368 167 579
Derivative financial assets 11 276 8 333
Settled derivative receivables 8 495 676
Other prepayments and receivables 123 032 155 351
Prepayments for taxes 5 954 3 831
Trade and other receivables 42 140 38 517
Prepayments for inventories 1 782 2 498
Inventories 127 784 215 914
Biological assets 825 941
Total current assets 467 656 593 640
Non-current assets 30.06.25 31.12.24
Investments to associates 17 924 16 603
Long-term derivative instruments 664 3 214
Other long term obligations 34 049 35 163
Property, plant and equipment at fair value 1 233 573 1 315 167
Investment property 68 409 67 931
Property, plant and equipment 594 987 594 291
Intangible assets 37 263 38 874
Right-of-use assets 41 930 47 598
Biological assets 2 857 2 753
Total non-current assets 2 031 656 2 121 594
TOTAL ASSETS 2 499 312 2 715 234
(in thousands of EUR) 30.06.25 31.12.24
Current liabilities
Loan liabilities 272 694 497 162
Rental liabilities 8 821 9 020
Payables to suppliers 145 351 87 941
Tax obligations 48 827 49 354
Buyers' advances 53 621 31 126
Settled derivatives 1 590 8 728
Other current liabilities 70 909 63 431
Short term derivatives 6 102 27 704
Total current liabilities 607 915 774 466
Non-current liabilities 30.06.25 31.12.24
Long-term provisions 8 917 9 946
Deferred taxes 3 125 2 816
Other long-term liabilities 43 283 43 209
Long-term derivatives 1 241 1 471
Loan-liabilities 623 577 676 670
Rental liabilities 36 655 40 435
Total non-current liabilities 716 798 774 547
TOTAL LIABILITIES 1 324 713 1 549 013
(in thousands of EUR) 30.06.25 31.12.24
Equity
Share capital 2 117 2 117
Own shares -72 -72
Share premium 32 484 32 484
Reserve capital 212 212
Option reserve 8 663 6 223
Hedging reserve* 2 353 -21 674
Unrealised currency translation differences 967 45
Employment benefit reserve -44 -185
Retained earnings 882 877 890 167
Net profit of the financial year
Total equity attributable to equity holders of the Parent 929 557 909 317
Minority interests 245 042 256 904
Total equity 1 174 599 1 166 221
TOTAL LIABILITIES AND EQUITY 2 499 312 2 715 234
Consolidated cash flow report
Cash flows from operating activities
(in thousands of EUR) 6 months 12 months
2024 2024
Profit for the financial year -14 411 73 017
Adjustments:
Depreciation, amortisation, and impairment of non-current 58 668 12 115
assets
Equity profits/losses -1 321 -18 885
Change in the value of derivatives -22 225 25 168
Other financial income/expenses -815 83
Calculated interest expenses 24 477 13 126
Profit/loss from non-current assets sold -244 -173
Income from grants recognised as revenue -993 -84
Corporate income tax expense 17 106 1 873
Income tax paid -16 798 -1 672
Change in receivables and prepayments related to operating 18 704 91 407
activities
Change in inventories 88 846 9 606
Change in payables and prepayments relating to operating 81 445 -27 452
activities
Change in biological assets 12 149
Total cash flows from operating activities 256 619 178 278
Cash flows from investing activities 6 months 12 months
2024 2024
Purchase of investments in associates 0 -21 822
Proceeds from disposal of investments in associates
Purchases of subsidiaries 0 -5 401
Given loans 1 317 1 932
Interest gain 1 586 2 686
Purchases Investment property -2 015 -8 296
Purchases of property, plant and equipment -36 414 -8 213
Proceeds from sale of property 65 331 282
Total cash flows used in investing activities 29 805 -38 814
Gain from government grants 893 0
Changes in overdraft -43 390 -15 513
Proceeds from borrowings -4 801 107 712
Repayments of borrowings -229 369 -92 357
Repayment of finance lease liabilities -5 859 -928
Interest paid -24 619 -13 070
Dividends paid -490 -30 332
Gain from share emission 0 3 152
Total cash flows used in financing activities -307 635 -41 336
0 0
TOTAL NET CASH FLOW -21 211 98 128
Cash at the beginning of the year 167 579 87 115
Cash at the end of the period 146 368 185 243
Net (decrease)/increase in cash -21 211 98 128
Infortar operates in seven countries, the company's main fields of activity are
maritime transport, energy and real estate. Infortar owns a 68.47% stake in
Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real
estate portfolio of approx. 141,000 m(2). In addition to the three main areas of
activity, Infortar also operates in construction and mineral resources,
agriculture, printing, and other areas. A total of 110 companies belong to the
Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of
affiliated companies. Excluding affiliates, Infortar employs 6,866 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: [email protected]
www.infortar.ee/en/investor
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