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: at 12:00 (EET) Estonian webinar at 14:00 (EET) English webinarIn 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...

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 2025	6 M 2024
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 2024	12 months 2024
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 2024	12 months 2024
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: [email protected]
www.infortar.ee/en/investor

Attachments

• Q2_2025_kvartali_aruanne_ ENG
• Q2_2025_ENG presentatsioon