Aktsiaselts Infortar Unaudited Consolidated Interim Report for third quarter of 2025
Aktsiaselts Infortar (Infortar) will organize a webinar for introducing third
quarter 2025 results today. Please join the webinar via the following links:
3. November at 12.00 (EET) Estonian webinar
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3. November at 14.00 (EET) English webinar
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Infortar's sales volume grew by one-third in the third quarter, reaching 468
million euros, EBITDA amounted to 105 million euros, and net profit to 72
million euros. Over the first nine months, the Group's revenue increased to 1.4
billion euros, and total investments reached 96 million euros.
"We delivered a strong quarterly result, with all business segments contributing
more significantly than a year ago. The considerable growth in sales volumes has
had a positive impact on profitability, higher revenues have translated into
increased profit. Tallink has successfully adapted to the regional economic
challenges and market environment, increasing passenger numbers. Following a
mild winter, Elenger expanded its market share in Finland and the Baltic region
to a record 30% over the summer months. In the real estate and construction
segment, we continue work on several large infrastructure projects, including
the construction of the main line of Rail Baltica," said Ain Hanschmidt,
Chairman of the Management Board of Infortar.
"The Group companies Tallink and Elenger have jointly taken a significant step
towards sustainability - Tallink's newest shuttle vessel, MyStar, began using
bio-LNG fuel in the third quarter, with the aim of transitioning both MyStar and
Megastar fully to bio-LNG. Tallink is setting an example for other operators and
helping to reduce the environmental footprint across the Baltic Sea," Hanschmidt
added.
"Major changes are also taking place in onshore gas consumption. In Estonia, the
share of locally produced biomethane - derived from cattle manure and biowaste -
has already grown to nearly 10% of the country's total gas consumption, thereby
strengthening our overall energy independence. In the transport sector, imported
fossil gas has already been replaced by locally produced green gas, transforming
what was once a fossil fuel into a renewable and domestic source of energy,"
Hanschmidt noted.
Major Events
Maritime transport
In the third quarter of 2025 Tallink transported a total of 1 766 335 passengers
and 60 306 cargo units. The third quarter was strong for the Tallink Group.
supported by increased passenger numbers during the summer months and improved
profitability. In the maritime transport segment. all vessels are now back in
operation and the company has demonstrated strong adaptability and sustained
financial stability in a challenging economic environment.
Energy
Elenger Grupp. the largest private energy company in the Finnish and Baltic
region. sold a total of 3.8 TWh of energy. Sales in Estonia accounted for 11% of
the energy sales of the total volume. The company´s market share increased to
30.5% in the third quarter. confirming Elenger's strong position in the regional
energy market.
The construction of Rimi's logistics centre and the new Pärnu bridge are going
according to the schedule. In July. the bridge arch was installed. introducing
new engineering solutions to Estonia.
Real estate and infrastructure
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.
Key financial figures
KEY FIGURES Q3 2025 Q3 2024 9 months 2025 9 months 2024
Sales revenue. mEUR 467.693 349.468 1 419.562 925.607
Gross profit. mEUR 95.829 40.669 177.565 93.758
EBITDA. mEUR 104.926 41.874 189.977 117.384
EBITDA margin (%) 22.4% 12.0% 13.4% 12.7%
Net profit. EBIT. mEUR 64.836 20.422 91.220 83.817
Total profit(-loss). mEUR 72.239 114.322 57.828 187.339
Net profit (-loss) holders
of the Parent mEUR 59.068 111.105 56.519 184.122
30.09.2025 31.12.2024
EPS (euros)* 2.8 9.1
Total equity mEUR 1 203.956 1 166.221
Total liabilities mEUR 1 035.423 1 223.287
Net debt mEUR 899.281 1 055.708
Investment loans to EBITDA
(ratio)** 4.2 4
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.
Revenue
During the first nine months of 2025. Infortar's consolidated revenue increased
by EUR493. 955 million reaching EUR1 419.6 million compared to EUR925.607 million in
the same period in 2024. A positive impact came from the addition of new
companies to the consolidation group compared to the previous year.
EBITDA and Segment Reporting
In the nine months of the 2025 financial year the EBITDA of the maritime
transport segment amounted to EUR 102.5 million (9 months 2024: EUR 149.5
million).
Energy Segment: Nine-month EBITDA for 2025 was EUR76.5 million down from EUR79.5
million in 2024.
Real Estate Segment: EBITDA for real estate in the first nine months of 2025
reached EUR11 million. up from EUR11 million in the same period of 2024. In the real
estate segment. the assessment of profitability takes into account the EBITDA of
separate real estate companies.
Net Profit
Consolidated net profit for the first nine months of 2025 was EUR57.828 million
compared to EUR187.339 million for the same period in 2024. The previous year
results included a one-time profit from the Tallink acquisition.
Financing
Loan and lease obligations totalled EUR1 035.4 million for the first nine months
of 2025 down from EUR1 166.2 million in 2024 mainly due to the consolidation of
Tallink liabilities. The net debt EBITDA is 4.2.
STATEMENT OF FINANCIAL POSITION
(in thousands of EUR) 30.09.25 31.12.24
Current assets
Cash and cash equivalents 136 142 167 579
Derivative financial assets 8 675 8 333
Settled derivative receivables 11 203 676
Other prepayments and receivables 108 491 155 351
Prepayments for taxes 4 005 3 831
Trade and other receivables 40 764 38 517
Prepayments for inventories 565 2 498
Inventories 164 238 215 914
Biological assets 499 941
Total current assets 474 582 593 640
Non-current assets 30.09.25 31.12.24
Investments to associates 20 449 16 603
Long-term derivative instruments 579 3 214
Other long term obligations 32 642 35 163
Property, plant and equipment at fair value 1 211 907 1 315 167
Investment property 68 510 67 931
Property, plant and equipment 653 410 594 291
Intangible assets 37 748 38 874
Right-of-use assets 34 833 47 598
Biological assets 7 891 2 753
Total non-current assets 2 067 969 2 121 594
TOTAL ASSETS 2 542 551 2 715 234
(in thousands of EUR) 30.09.25 31.12.24
Current liabilities
Loan liabilities 284 430 497 162
Rental liabilities 8 839 9 020
Payables to suppliers 97 393 87 941
Tax obligations 42 583 49 354
Buyers' advances 40 516 31 126
Settled derivatives 212 8 728
Other current liabilities 58 556 63 431
Short term derivatives 7 672 27 704
Total current liabilities 540 201 774 466
Non-current liabilities 30.09.25 31.12.24
Long-term provisions 6 270 9 946
Deferred taxes 3 227 2 816
Other long-term liabilities 44 946 43 209
Long-term derivatives 1 797 1 471
Loan-liabilities 709 824 676 670
Rental liabilities 32 330 40 435
Total non-current liabilities 798 394 774 547
TOTAL LIABILITIES 1 338 595 1 549 013
(in thousands of EUR) 30.09.25 31.12.24
Equity
Share capital 2 117 2 117
Own shares -51 -72
Share premium 32 484 32 484
Reserve capital 212 212
Option reserve 7 422 6 223
Hedging reserve -578 -21 674
Unrealised currency translation differences -3 45
Employment benefit reserve -44 -185
Retained earnings 908 175 890 167
Total equity attributable to equity holders of the Parent 949 734 909 317
Minority interests 254 222 256 904
Total equity 1 203 956 1 166 221
TOTAL LIABILITIES AND EQUITY 2 542 551 2 715 234
INCOME STATEMENT
Q3 Q3 9 M 9 M
(in thousands of EUR) 2025 2024 2025 2024
Revenue 467 693 349 468 1 419 562 925 607
Cost of goods (goods and services) sold -371 837 -308 803 -1 241 781 -831 796
Write-down of receivables -28 4 -217 -53
Gross profit 95 828 40 669 177 564 93 758
Marketing expenses -11 123 -7 789 -34 218 -8 627
General administrative expenses -18 804 -13 423 -62 325 -27 679
Profit (loss) from derivatives -1 145 52 8 037 24 574
Profit (loss) from biological assets 4 511 44 4 615 17
Profit (loss) from the change in the
fair value of the investment property 0 -3 047 0 -2 891
Profit (loss) from the change in the
fair value of the investment property -5 607 0 -5 607 0
Other operating revenue 2 237 4 368 6 473 5 449
Other operating expenses -1 061 -452 -3 320 -784
Operating profit 64 836 20 422 91 219 83 817
Q3 Q3 9 M 9 M
(in thousands of EUR) 2025 2024 2025 2024
Profit (loss) from investments accounted
for by equity method 619 3 243 1 940 22 128
Financial income and expenses:
Other financial investments 17 595 69 782 16 984 72 520
Interest expense -10 323 -11 340 -34 800 -24 466
Interest income 609 1 215 2 346 4 219
Profit (loss) from changes in exchange
rates 388 160 2 156
Other financial income and expenses -705 -393 -1 977 -395
Total financial income and expenses 7 564 59 424 -17 445 52 034
Profit before tax 73 019 83 089 75 714 157 979
Corporate income tax -780 31 233 -17 886 29 360
Profit for the financial year 72 239 114 322 57 828 187 339
including:
Profit attributable to the owners of the
parent company 59 068 111 105 56 519 184 122
Profit attributable to non-controlling
interest 13 171 3 217 1 309 3 217
9 months 9 months
Other comprehensive income 2025 2024
Items that may be subsequently
reclassified to the income statement:
Revaluation of risk hedging instruments 21 237 0
Exchange rate differences attributable
to foreign subsidiaries -48 -33 516
Total of other comprehensive income 21 189 -33 516
Total income 79 017 153 823
including:
Comprehensive profit attributable to the
owners of the parent company 77 708 0
Comprehensive profit attributable to
non-controlling interest 1 309 150 659
Ordinary earnings per share (in euros
per share) 2,75 9,11
Diluted earnings per share (in euros per
share) 2,68 8,78
CASH FLOW STATEMENT
Cash flows from operating activities
9 months 9 months
(in thousands of EUR) 2024 2024
Profit for the financial year 57 828 187 339
Adjustments:
Depreciation, amortisation, and impairment of non-current
assets 98 758 33 567
Equity profits/losses -1 940 -156 017
Change in the value of derivatives -17 413 26 156
Other financial income/expenses -21 797 -66
Calculated interest expenses 34 800 24 466
Profit/loss from non-current assets sold -706 -301
Income from grants recognised as revenue -1 079 -319
Corporate income tax expense 17 886 -29 360
Income tax paid -17 475 -1 482
Change in receivables and prepayments related to operating
activities 35 661 79 126
Change in inventories 57 722 -22 986
Change in payables and prepayments relating to operating
activities -7 995 35 968
Change in biological assets 232 112
Total cash flows from operating activities 255 719 176 203
9 months 9 months
Cash flows from investing activities 2024 2024
Purchase of investments in associates -1 332 0
Proceeds from disposal of investments in associates
Purchases of subsidiaries -39 927 -67 810
Given loans 2 708 2 057
Interest gain 2 134 4 019
Purchases Investment property -2 116 -10 566
Purchases of property, plant and equipment -52 605 -17 042
Proceeds from sale of property 78 110 707
Total cash flows used in investing activities -13 028 -67 773
9 months 9 months
Cash flows used in financing activities 2024 2024
Gain from goverment grants 2 638 0
Changes in overdraft -43 513 -30 457
Proceeds from borrowings 99 173 106 303
Repayments of borrowings -245 306 -114 706
Repayment of finance lease liabilities -11 703 -8 674
Interest paid -34 088 -24 968
Dividends paid -38 511 -30 332
Gain from share emission 22 3 152
Total cash flows used in financing activities -274 128 -99 682
0 0
TOTAL NET CASH FLOW -31 437 8 748
Cash at the beginning of the year 167 579 87 115
Cash at the end of the period 136 142 95 863
Net (decrease)/increase in cash -31 437 8 748
Infortar operates in seven countries. the company's main fields of activity are
maritime transport. energy and real estate. Infortar owns a 68.47% share in
Tallink Grupp. a 100% share in Elenger Grupp and a versatile and modern real
estate portfolio of approx. 141.000 m2. In addition to the three main areas of
activity. Infortar also operates in agriculture, engineering, construction
minerals, printing sector, services 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
6558 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: [email protected] (mailto:[email protected])
www.infortar.ee/en/investor (http://www.infortar.ee/en/investor)