Infortar will arrange a webinar for investors today 4 August 2025.Please join the webinar via the following links:
at 12:00 (EET) Estonian webinar
at 14:00 (EET) English webinar
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 figures | Q2 2025 | Q2 2024 | 6 months 2025 | 6 months 2024 | ||
Sales revenue. m€ | 504,512 | 203,555 | 951,869 | 576,139 | ||
Gross profit. m€ | 55,668 | 3,085 | 81,736 | 53,089 | ||
EBITDA. m€ | 57,390 | 1,506 | 85,051 | 75,510 | ||
EBITDA margin (%) | 11,4 | 0,7 | 8,9 | 13,1 | ||
Net profit. EBIT. m€ | 27,038 | -4,229 | 26,383 | 63,395 | ||
Profit before taxes. m€ | 15,548 | 10,765 | 2,695 | 74,890 | ||
Income tax expense. m€ | -17,106 | 0,190 | -17,106 | -1,873 | ||
Total profit(-loss). m€ | -1,558 | 10,955 | -14,411 | 73,017 | ||
Net profit (-loss) holders of the Parent m€ | 1,930 | 10,921 | -2,549 | 72,983 | ||
EPS (euros)* | -0,12 | 3,61 | 0,1 | 0,53 | ||
Total equity m€ | 1 174,599 | 840,216 | ||||
Total liabilities m€ | 941,747 | 448,387 | ||||
Net debt m€ | 795,379 | 263,144 | ||||
Investment loans to EBITDA (ratio)** | 2.7 | 1.5 | ||||
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 2025 | Q2 2024 | 6 M | 6 M |
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 value of the investment property | 0 | 0 | 0 | 156 |
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 for by equity method | 366 | 16 885 | 1 321 | 18 885 |
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 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 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 parent company | 1 930 | 10 921 | -2 549 | 72 983 |
Profit attributable to non-controlling interest | -1 780 | 34 | -11 862 | 34 |
Items that may be subsequently reclassified to the income statement: | ||||
Revaluation of risk hedging instruments | 24 168 | 0 | ||
Exchange rate differences attributable to foreign subsidiaries | 922 | -33 221 | ||
Total of other comprehensive income | 25 090 | -33 221 | ||
Total income | 10 679 | 39 796 | ||
including: | ||||
Comprehensive profit attributable to the owners of the parent company | 22 541 | 0 | ||
Comprehensive profit attributable to non-controlling interest | -11 862 | 39 849 | ||
Ordinary earnings per share (in euros per share) | -0,12 | 3,61 | ||
Diluted earnings per share (in euros per share) | -0,12 | 3,48 | ||
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 |
Profit for the financial year | -14 411 | 73 017 |
Adjustments: | ||
Depreciation, amortisation, and impairment of non-current assets | 58 668 | 12 115 |
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 activities | 18 704 | 91 407 |
Change in inventories | 88 846 | 9 606 |
Change in payables and prepayments relating to operating activities | 81 445 | -27 452 |
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 |
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 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: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor
Attachments