Business
AS Infortar: Unaudited results for Q2 and H1 2026
AS Infortar: Unaudited results for Q2 and H1
About this update from Infortar As
Infortar will arrange a webinar for investors today 3 August 2026. Please join the webinar via the following links: at 12:00 (Tallinn local time) Estonian webinar at 14:00 (Tallinn local time) English webinar Infortar increased operating profit by 94% to EUR 51 million in the first half of 2026, while EBITDA rose by 31% to EUR 111 million. Revenue remained broadly unchanged at EUR 946 million. The Group invested EUR 50 million during the period. “Profitable growth and investment have long been at the heart of our strategy. We have signed major acquisition agreements and expanded our holdings across sectors and geographies. The first-half results demonstrate that the decisions we have made are creating long-term value and that profitable growth is generated not only through one-off transactions, but also through our day-to-day business operations,” said Ain Hanschmidt, Chairman of the Management Board of Infortar. “In the energy segment, Elenger continued to balance investments between transition fuels and renewable energy. As Estonia’s largest biomethane producer, we opened a new biomethane plant at the Halinga dairy farm complex in June. The plant will produce green gas from local feedstock, strengthening both energy and food security. “We also maintained sufficient reserves of Western-sourced natural gas and secured supplies for the next heating season. Half of the volumes required for the next heating season have already arrived in the region via LNG terminals in Finland and Lithuania, while agreements are in place for the remaining deliveries, ensuring security of supply for our customers,” Hanschmidt noted. “To demonstrate our confidence in Tallink’s long-term prospects, we further increased our shareholding. Tallink generates stable revenue, supported in recent months by growth in cargo volumes, while the current management team is focused on improving profitability and efficiency,” Hanschmidt said. Major Events Maritime transport In the second quarter, Tallink carried 1,454,725 passengers, representing a 2.2% decrease year-on-year. The number of cargo units transported increased by 2.9% to 68,986, while the number of passenger vehicles was down by 6.5% to 199,025. At quarter-end, Tallink operated 11 vessels: two shuttle vessels, five cruise ferries serving regular routes, three chartered-out vessels and one vessel in lay-up. During the quarter, Tallink’s investments totalled EUR 7.3 million. Energy In the second quarter, natural gas consumption in the Finnish-Baltic region totalled 7.0 TWh, decreasing by 7% compared with the previous year (7.6 TWh). Elenger Grupp’s gas and electricity sales volumes in the second quarter decreased by 34% year on year, totalling 3.3 TWh (compared to 4.9 TWh in Q2 2025). The decline was primarily driven by a reduction in wholesale sales. Elenger’s gas market share in the Finnish-Baltic market increased to 29% in Q2 2026, and Estonia accounted for 15% of energy sales. Real estate and infrastructure In Q2 2026, INF Infra, part of the Infortar group, 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. In Q2 2026, construction of the DEPO DIY store continued on the property adjacent to the Tallink Tennis Centre. The project is scheduled for completion in autumn 2026. Key financial figures Key figures Q2 2026 Q2 2025 6 months 2026 6 months 2025 Revenue, m€ 440.921 504.512 945.917 951.869 Gross profit, m€ 59.397 55.668 114.132 81.736 EBITDA, m€ 64.158 57.390 111.228 85.051 EBITDA margin (%) 14.6 11.4 11.8 8.9 Operating profit (EBIT), m€ 29.686 27.038 51.068 26.383 Profit before tax, m€ 17.709 15.548 27.195 2.695 Income tax expense, m€ -15.826 -15.398 -19.994 -17.106 Net profit(-loss), m€ 1.883 0.15 7.201 -14.411 Net profit (-loss) attributable to owners of the parent, m€ 2.342 1.930 15.163 -2.549 Earnings per share (euros)* 0.1 0.1 0.7 -0.1 Total equity m€ 1 200.533 1 174.599 1 200.533 1 174.599 Loan and lease liabilities m€ 1 083.091 941.747 1 083.091 941.747 Net debt m€ 829.904 795.379 829.904 795.379 Investment loans / EBITDA** 3.0 2.7 3.0 2.7 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. Revenue In the first half of 2026 financial year, the Group’s consolidated revenue was EUR 945.917 million (6 months 2025 consolidated revenue: EUR 951.869 million). EBITDA and Segment Reporting In the first half of 2026 financial year, the EBITDA of the maritime transport segment amounted to EUR 39.277 million (6 months 2025: EUR 33.292 million). The energy segment’s EBITDA in the first half of 2026 was EUR 59.891 million (6 months 2025: EUR 51.749 million). In the real estate segment, profitability is calculated based on the standalone results of the real estate companies. The real estate segment’s EBITDA in the first half of 2026 was EUR 8.087 million (6 months 2025 was EUR 7.691 million). Net Profit (Loss) The consolidated net profit for the first half of the 2026 financial year was EUR 7.201 million, including a profit attributable to Infortar's owners of EUR 15.163 million (6 months 2025 net loss: EUR -14.4 million, including EUR -2.549 million attributable to Infortar's owners). Investments In the first half of 2026, the total amount of investments made by the Infortar Group was approximately EUR 50 million (H1 2025: EUR 38 million). Financing As at 30 June 2026, the Group’s total loan and lease liabilities amounted to EUR 1 083.091 million (compared to EUR 1,071.353 million at the end of the 2025 financial year). Infortar’s net debt stood at EUR 829.904 million (compared with EUR 851.582 million at 31 December 2025). The net debt to EBITDA ratio was 3.3 (31.12.2025 ratio was 3.7). 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 2026, a dividend of EUR 3.02 per share will be paid to shareholders for the 2025 financial year. The first payment was made on 15 July 2026, and the second payment will be made on 15 December 2026 with transfer to the shareholders’ bank accounts. Consolidated Statement of Profit or Loss (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Revenue 440 921 504 512 945 917 951 869 Cost of goods (goods and services) sold -381 617 -448 771 -831 690 -869 944 Write-down of receivables 93 -73 -95 -189 Gross profit 59 397 55 668 114 132 81 736 Marketing expenses -12 441 -12 119 -23 382 -23 095 General administrative expenses -23 532 -22 556 -45 287 -43 521 Profit (loss) from derivatives -766 5 243 -1 505 9 182 Profit (loss) from biological assets 2 827 137 1 266 104 Other operating income 4 807 2 280 9 518 4 236 Other operating expenses -606 -1 615 -3 674 -2 259 Operating profit 29 686 27 038 51 068 26 383 (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Profit (loss) from investments accounted for by equity method 282 366 -2 141 1 321 Financial income and expenses: Other financial investments -218 -278 -218 -611 Interest expense -10 791 -11 581 -21 031 -24 477 Interest income 777 895 1 706 1 737 Profit (loss) from changes in exchange rates -1 283 -71 -917 -386 Other financial income and expenses -744 -821 -1 272 -1 272 Total financial income and expenses -12 259 -11 856 -21 732 -25 009 Profit before tax 17 709 15 548 27 195 2 695 Corporate income tax -15 826 -15 398 -19 994 -17 106 Profit for the financial period 1 883 150 7 201 -14 411 including: Profit attributable to the owners of the parent company 2 342 1 930 15 163 -2 549 Profit attributable to non-controlling interest -459 -1 780 -7 962 -11 862 Other comprehensive income 6 months 2026 6 months 2025 Items that will not be reclassified to profit or loss: Revaluation of post-employment benefit obligations 9 0 Items that may be subsequently reclassified to the profit or loss: Revaluation of risk hedging instruments 22 267 24 168 Exchange rate differences attributable to foreign subsidiaries -1 816 922 Total of other comprehensive income 20 460 25 090 Total income 27 661 10 679 including: Comprehensive profit attributable to the owners of the parent company 35 623 22 541 Comprehensive profit attributable to non-controlling interest -7 962 -11 862 Ordinary earnings per share (in euros per share) 0.74 -0.12 Diluted earnings per share (in euros per share) 0.72 -0.12 Consolidated Statement of Financial Position (in thousands of EUR) 30.06.26 31.12.25 Current assets Cash and cash equivalents 253 187 219 771 Derivative financial assets 33 637 4 732 Settled derivative receivables 6 982 1 823 Trade receivables 114 630 153 473 Prepayments for taxes 5 382 5 659 Other receivables and prepayments 44 525 38 878 Prepayments for inventories 1 526 476 Inventories 178 023 90 672 Biological assets 2 486 1 545 Total current assets 640 378 517 029 Non-current assets 30.06.26 31.12.25 Investments to associates 16 046 21 412 Long-term derivative instruments 1 612 1 079 Other non-current receivables 30 949 31 648 Property, plant and equipment at fair value 1 195 909 1 202 173 Investment property 68 130 66 872 Property, plant and equipment 678 481 669 797 Intangible assets 37 117 37 930 Right-of-use assets 37 933 39 645 Biological assets 7 754 9 022 Total non-current assets 2 073 931 2 079 578 TOTAL ASSETS 2 714 309 2 596 607 (in thousands of EUR) 30.06.26 31.12.25 Current liabilities Loan liabilities 284 143 338 515 Lease liabilities 8 587 10 029 Trade payables 152 274 123 330 Tax liabilities 52 728 44 972 Buyers' advances 52 036 38 621 Settled derivatives 1 074 4 156 Other current liabilities 97 549 69 677 Short-term derivative instruments 15 321 9 552 Total current liabilities 663 712 638 852 Non-current liabilities 30.06.26 31.12.25 Long-term provisions 8 017 8 695 Deferred taxes 2 119 1 894 Other long-term liabilities 47 725 46 028 Long-term derivatives 1 842 2 925 Loan liabilities 755 278 686 187 Lease liabilities 35 083 36 622 Total non-current liabilities 850 064 782 351 TOTAL LIABILITIES 1 513 776 1 421 203 (in thousands of EUR) 30.06.26 31.12.25 Equity Share capital 2 117 2 117 Own shares -2 133 -790 Share premium 32 484 32 484 Reserve capital 212 212 Option reserve 12 331 10 099 Hedging reserve 15 006 -7 260 Unrealised exchange rate differences -649 1 167 Post-employment benefit obligation reserve -550 -559 Retained earnings from previous periods 898 415 884 204 Total equity attributable to equity holders of the Parent 957 233 921 674 Non-controlling interest(s) 243 300 253 730 Total equity 1 200 533 1 175 404 TOTAL LIABILITIES AND EQUITY 2 714 309 2 596 607 Consolidated cash flow report (in thousands of EUR) 6 months 2026 6 months 2025 Profit of the period 7 201 -14 411 Adjustments: Depreciation, amortisation, and impairment of non-current assets 60 160 58 668 Fair value adjustment of equity investment 2 614 -1 321 Change in the value of derivatives -2 485 -22 225 Other financial income/expenses -3 583 -815 Calculated interest expenses 21 031 24 477 Profit/loss from non-current assets sold -1 775 -244 Income from grants recognised as revenue -380 -993 Corporate income tax expense 19 994 17 106 Recognition and adjustment of provisions 2 241 24 168 Income tax paid -19 768 -16 798 Change in receivables and prepayments related to operating activities 28 794 18 704 Change in inventories -88 401 88 846 Change in payables and prepayments relating to operating activities 73 496 81 445 Change in biological assets 326 12 Total cash flows from operating activities 99 465 256 619 Cash flows from investing activities 6 months 2026 6 months 2025 Proceeds from the sale of associates 2 752 0 Net cash flows on acquisition of subsidiaries -2 406 0 Repayments of loans granted 193 1 317 Interest received 1 729 1 586 Purchases of investment property -1 258 -2 015 Purchases of property, plant and equipment -48 521 -36 414 Proceeds from sale of property 2 074 65 331 Total cash flows used in investing activities -45 437 29 805 Cash flows used in financing activities 6 months 2026 6 months 2025 Proceeds from targeted financing 1 866 893 Changes in overdraft -16 882 -43 390 Proceeds from borrowings 37 235 11 136 Repayments of borrowings -5 634 -245 306 Repayment of finance lease liabilities -14 813 -5 859 Interest paid -20 089 -24 619 Dividends paid -952 -490 Repurchase of own shares -1 343 0 Total cash flows used in financing activities -20 612 -307 635 0 0 TOTAL NET CASH FLOW 33 416 -21 211 Cash at the beginning of the year 219 771 167 579 Cash at the end of the period 253 187 146 368 Net (decrease)/increase in cash 33 416 -21 211 Infortar operates in seven countries, the company's main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.76% stake 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 construction and mineral resources, agriculture, printing, and other areas. A total of 107 companies belong to the Infortar group, including 3 associates and 2 subsidiaries of associates. Infortar employs 6890 people. Additional information: Kadri Laanvee Investor Relations Manager Phone: +372 5156662 e-mail: [email protected] www.infortar.ee/en/investor Attachments Q2 report 2026_ENG Q2 presentation ENG