INF1T AKTSIASELTS INFORTAR

Aktsiaselts Infortar unaudited consolidated interim report for Q2 2025

Aktsiaselts Infortar unaudited consolidated interim report for Q2 2025

Infortar will arrange a webinar for investors today 4 August 2025.Please join the webinar via the following links:



In the second quarter of this year, Infortar’s sales volumes increased two and a half times to €505 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 €38 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 €20 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 figuresQ2 2025Q2 20246 months 20256 months 2024
Sales revenue. m€504,512203,555951,869576,139 
Gross profit. m€55,6683,08581,73653,089 
EBITDA. m€57,3901,50685,05175,510 
EBITDA margin (%)11,40,78,913,1 
Net profit. EBIT. m€27,038-4,22926,38363,395 
Profit before taxes. m€15,54810,7652,69574,890 
Income tax expense. m€-17,1060,190-17,106-1,873 
Total profit(-loss). m€-1,55810,955-14,41173,017 
Net profit (-loss) holders of the Parent m€        1,93010,921-2,54972,983 
EPS (euros)*-0,123,610,10,53 
Total equity m€1 174,599840,216   
Total liabilities m€941,747448,387   
Net debt m€        795,379263,144   
Investment loans to EBITDA (ratio)**        2.71.5   

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 2025Q2 20246 M

2025
6 M

2024
Revenue504 512203 555951 869576 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 profit55 6683 08581 73653 089
Marketing expenses-12 119-423-23 095-838
General administrative expenses-22 556-7 018-43 521-14 256
Profit (loss) from derivatives5 243-1379 18224 522
Profit (loss) from biological assets137-27104-27
Profit (loss) from the change in the fair value of the investment property000156
Other operating revenue2 2804814 2361 081
Other operating expenses-1 615-190-2 259-332
Operating profit27 038-4 22926 38363 395
Profit (loss) from investments accounted for by equity method36616 8851 32118 885
Financial income and expenses:    
Other financial investments-2782 738-6112 738
Interest expense-11 581-6 381-24 477-13 126
Interest income8951 7601 7373 004
Profit (loss) from changes in exchange rates-71-2-386-4
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 tax15 54810 7652 69574 890
Corporate income tax-17 106190-17 106-1 873
Profit for the financial year-1 55810 955-14 41173 017
including:    
Profit attributable to the owners of the parent company1 93010 921-2 54972 983
Profit attributable to non-controlling interest-1 78034-11 86234
Items that may be subsequently reclassified to the income statement: 
Revaluation of risk hedging instruments  24 1680
Exchange rate differences attributable to foreign subsidiaries  922-33 221
Total of other comprehensive income  25 090-33 221
Total income  10 67939 796
including:    
Comprehensive profit attributable to the owners of the parent company  22 5410
Comprehensive profit attributable to non-controlling interest  -11 86239 849
Ordinary earnings per share (in euros per share)  -0,123,61
Diluted earnings per share (in euros per share)  -0,123,48

Consolidated Statement of Financial Position

(in thousands of EUR)30.06.2531.12.24
Current assets  
Cash and cash equivalents146 368167 579
Derivative financial assets11 2768 333
Settled derivative receivables8 495676
Other prepayments and receivables123 032155 351
Prepayments for taxes5 9543 831
Trade and other receivables42 14038 517
Prepayments for inventories1 7822 498
Inventories127 784215 914
Biological assets825941
Total current assets467 656593 640
   
Non-current assets30.06.2531.12.24
Investments to associates17 92416 603
Long-term derivative instruments6643 214
Other long term obligations34 04935 163
Property, plant and equipment at fair value1 233 5731 315 167
Investment property68 40967 931
Property, plant and equipment594 987594 291
Intangible assets37 26338 874
Right-of-use assets41 93047 598
Biological assets2 8572 753
Total non-current assets2 031 6562 121 594
TOTAL ASSETS2 499 3122 715 234
   
(in thousands of EUR)30.06.2531.12.24
Current liabilities  
Loan liabilities272 694497 162
Rental liabilities8 8219 020
Payables to suppliers145 35187 941
Tax obligations48 82749 354
Buyers' advances53 62131 126
Settled derivatives1 5908 728
Other current liabilities70 90963 431
Short term derivatives6 10227 704
Total current liabilities607 915774 466
   
Non-current liabilities30.06.2531.12.24
Long-term provisions8 9179 946
Deferred taxes3 1252 816
Other long-term liabilities43 28343 209
Long-term derivatives1 2411 471
Loan-liabilities623 577676 670
Rental liabilities36 65540 435
Total non-current liabilities716 798774 547
TOTAL LIABILITIES1 324 7131 549 013
   
(in thousands of EUR)30.06.2531.12.24
Equity  
Share capital2 1172 117
Own shares-72-72
Share premium32 48432 484
Reserve capital212212
Option reserve8 6636 223
Hedging reserve*2 353-21 674
Unrealised currency translation differences96745
Employment benefit reserve-44-185
Retained earnings882 877890 167
Net profit of the financial year  
Total equity attributable to equity holders of the Parent929 557909 317
Minority interests245 042256 904
Total equity1 174 5991 166 221
   
TOTAL LIABILITIES AND EQUITY2 499 3122 715 234

Consolidated cash flow report

Cash flows from operating activities  
(in thousands of EUR)6 months

2024
12 months

2024
Profit for the financial year-14 41173 017
Adjustments:  
Depreciation, amortisation, and impairment of non-current assets58 66812 115
Equity profits/losses-1 321-18 885
Change in the value of derivatives-22 22525 168
Other financial income/expenses-81583
Calculated interest expenses24 47713 126
Profit/loss from non-current assets sold-244-173
Income from grants recognised as revenue-993-84
Corporate income tax expense17 1061 873
Income tax paid-16 798-1 672
Change in receivables and prepayments related to operating activities18 70491 407
Change in inventories88 8469 606
Change in payables and prepayments relating to operating activities81 445-27 452
Change in biological assets12149
Total cash flows from operating activities256 619178 278
   
Cash flows from investing activities6 months

2024
12 months

2024
Purchase of investments in associates0-21 822
Proceeds from disposal of investments in associates  
Purchases of subsidiaries0-5 401
Given loans1 3171 932
Interest gain1 5862 686
Purchases Investment property-2 015-8 296
Purchases of property, plant and equipment-36 414-8 213
Proceeds from sale of property65 331282
Total cash flows used in investing activities29 805-38 814
Gain from government grants8930
Changes in overdraft-43 390-15 513
Proceeds from borrowings-4 801107 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 emission03 152
Total cash flows used in financing activities-307 635-41 336
 00
TOTAL NET CASH FLOW-21 21198 128
Cash at the beginning of the year167 57987 115
Cash at the end of the period146 368185 243
Net (decrease)/increase in cash-21 21198 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 m2. 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:

e-mail:

Attachments



EN
04/08/2025

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