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
3. November at 14.00 (EET) English webinar
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 In the transport sector, imported fossil gas has already been replaced by locally produced green gas, transforming what was once a fossil fuel into a renewable and domestic source of energy," Hanschmidt noted.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. m€ | 467.693 | 349.468 | 1 419.562 | 925.607 |
| Gross profit. m€ | 95.829 | 40.669 | 177.565 | 93.758 |
| EBITDA. m€ | 104.926 | 41.874 | 189.977 | 117.384 |
| EBITDA margin (%) | 22.4% | 12.0% | 13.4% | 12.7% |
| Net profit. EBIT. m€ | 64.836 | 20.422 | 91.220 | 83.817 |
| Total profit(-loss). m€ | 72.239 | 114.322 | 57.828 | 187.339 |
| Net profit (-loss) holders of the Parent m€ | 59.068 | 111.105 | 56.519 | 184.122 |
| 30.09.2025 | 31.12.2024 | |||
| EPS (euros)* | 2.8 | 9.1 | ||
| Total equity m€ | 1 203.956 | 1 166.221 | ||
| Total liabilities m€ | 1 035.423 | 1 223.287 | ||
| Net debt m€ | 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 €493. 955 million reaching €1 419.6 million compared to €925.607 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 €76.5 million down from €79.5 million in 2024.
Real Estate Segment: EBITDA for real estate in the first nine months of 2025 reached €11 million. up from €11 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 €57.828 million compared to €187.339 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 €1 035.4 million for the first nine months of 2025 down from €1 166.2 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
| (in thousands of EUR) | Q3 2025 | Q3 2024 | 9 M 2025 | 9 M 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 |
| (in thousands of EUR) | Q3 2025 | Q3 2024 | 9 M 2025 | 9 M 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 |
| Other comprehensive income | 9 months 2025 | 9 months 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 | ||
| (in thousands of EUR) | 9 months 2024 | 9 months 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 |
| Cash flows from investing activities | 9 months 2024 | 9 months 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 |
| Cash flows used in financing activities | 9 months 2024 | 9 months 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: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor
