Aktsiaselts Infortar Unaudited Consolidated Results For The First Quarter Of 2026

(MENAFN- GlobeNewsWire - Nasdaq) Infortar will host a webinar for investors to present the results of the first quarter 2026. Please join the webinar via the following links:

4 May at 12:00 (EET) Estonian webinar
4 May at 14:00 (EET) English webinar

Estonia's largest investment holding company, Infortar, increased its revenue by 13% in the first quarter to EUR 505 million. The company's profit amounted to EUR 5 million, and EBITDA reached EUR 47 million. The Group's equity amounted to EUR 1.236 billion, total assets to EUR 2.659 billion and investments to EUR 29 million. Infortar's borrowings decreased by 7% to EUR 1.032 billion, and net debt decreased by 16% to EUR 800 million.

According to Ain Hanschmidt, Chairman of the Management Board of Infortar, the improvement across all of the Group's key financial indicators has been driven by organic growth in day-to-day business activity and volumes.“Over the past year, we have further reduced our already low debt burden. A strong balance sheet and solid liquidity give us a secure financial position and room to grow even in more challenging conditions,” Hanschmidt noted.

“We have built a portfolio that does not rely on any single sector or market. Energy, maritime transport, real estate and agriculture perform differently across economic cycles, and that diversification is what gives the Group stability. In a changing environment, it helps us balance risk and maintain steady cash flows,” Hanschmidt said.“Changes in Tallink Grupp's management have brought fresh momentum, and we are entering the peak summer season on the Baltic Sea with confidence. In real estate and construction, projects are progressing well: the Rail Baltica project continues to move forward, the Halinga green gas plant in Pärnu County is nearing completion, concrete works are actively underway at the Depo store development in Lasnamäe, Tallinn, the arches of the Sindi–Lodja bridge have been installed in Paikuse, a topping-out ceremony was held at INF Ehitus's new production facility, and the newly renovated Tallink Express Hotel has reopened,” Hanschmidt added.

Major Events

Maritime transport

In the first quarter 2026, Tallink carried 1 million passengers, representing a 6.8% increase year-on-year. The number of cargo units transported increased by 13.4% to 65,578 while the number of passenger vehicles was up by 1.2% to 137,479.

As at the end of the quarter, Tallink operated 11 vessels including 2 shuttle vessels, 6 passenger vessels, 2 vessels that were chartered out and 1 vessel was in lay-up.

Energy

In the first quarter, natural gas consumption in the Finnish-Baltic region totalled 19.3 TWh, increasing by 28% compared with the previous year (15.0 TWh). Elenger Grupp gas and electricity sales volumes in the first quarter increased by 21% compared to a year earlier, totalling 5.5 TWh (compared to 4.6 TWh in Q1 2025). As a result, Elenger's gas market share in the Finnish-Baltic market was 18% in Q1 2026, and Estonia accounted for 19% of energy sales.

Real estate and infrastructure

In the first quarter of 2026, INF Infra, part of the Infortar Group, continued construction of the Rail Baltica main route on the Kangru–Saku section. During the same period, development of a Depo (DIY store) retail building continued on a property adjacent to the Tallink Tennis Centre.

Supporting segments

Agriculture and biomethane operations are grouped under Infortar Agro. Its subsidiary Halinga operates the Halinga farm and began construction of a biomethane plant in December 2024, which is now in the final stage of development. The integration of another large-scale farm into the Infortar Group is also ongoing. Estonia Farmid operates the Oisu biomethane plant, which became part of the Group in 2026.

Key figures

For the period	Q1 2026	Q1 2025	12 months 2025
Sales revenue m€	504.996	447.357	1 837.000
Gross profit m€	54.735	26.068	239.842
EBITDA m€	47.070	27.661	227.919
EBITDA margin (%)	9.3%	6.2%	12.4%
Operating profit (EBIT) m€	21.382	-0.655	109.008
Net profit(-loss) m€	5.318	-14.561	69.857
Net profit (-loss) attributable to owners of the parent m€	12.821	-4.479	70.550
EPS (euros)1	0.6	-0.2	3.3
As at	31.03.2026	31.03.2025	31.12.2025
Total equity m€	1 236.459	1 181.002	1 175.404
Interest-bearing liabilities m€	1 031.741	1 105.305	1 071.353
Net debt m€	800.210	952.397	851.582
Investment loans to EBITDA (ratio)2	2.9	3.3	3.0
Liquidity	231.531	152.908	219.771

¹ Earnings per share (in euros) is calculated as follows: profit/loss attributable to owners of the parent (in absolute terms) divided by the number of shares, excluding treasury shares.
² Investment loans / EBITDA, annualised.

Revenue

In the first quarter of the 2026 financial year, the Group's consolidated revenue increased by EUR 58 million compared to the same period last year and amounted to EUR 504.996 million (Q1 2025: EUR 447.357 million). The positive impact came from improved sales performance in the maritime transport segment compared to the same period last year and a significantly colder-than-average quarter, while the first quarter of 2025 was warmer than average.

EBITDA and segment reporting

The EBITDA of the maritime transport segment in the first quarter of 2026 was close to zero, representing an improvement compared to the same period in 2025, when EBITDA was EUR -3.8 million.

The EBITDA of the energy segment amounted to EUR 40.175 million in the first quarter of 2026 (Q1 2025: EUR 31.82 million). Profitability in the energy segment was positively influenced by a significantly colder winter than average and stable results of network companies.

In the real estate segment, profitability is assessed based on the EBITDA of individual real estate companies. Total real estate EBITDA amounted to EUR 4.196 million in the first quarter of 2026 (Q1 2025: EUR 3.893 million).

Net profit

Consolidated net profit amounted to EUR 5.318 million in the first quarter of 2026 (Q1 2025: loss EUR -14.561 million). Profitability improved due to reduced losses in the maritime transport segment and improved results in the energy segment.

Financing
Loan and lease liabilities amounted to EUR 1,031.741 million in the first quarter of the 2026 financial year (EUR 1,071.353 million as at the end of the 2025 financial year). The net debt to EBITDA ratio was 3.2.

Dividends
In accordance with the dividend policy, the objective is to pay dividends of at least EUR 1 per share per financial year. Dividend payments are made in two instalments. The Management Board of Infortar Group intends, in coordination with the Supervisory Board, to propose a dividend of EUR 3.02 per share for the 2025 financial year. According to the proposal, the payments will be made in July and December 2026.

The dividend consists of three components:
EUR 1 per share, paid in accordance with the dividend policy;
a pass-through of the dividend received from AS Tallink Grupp, amounting to EUR 1.48 per share;
an additional dividend 0.54 euros per share, paid based on the 2025 financial results.
The total number of Infortar shares amounts to 21 166 239 from which the company's own shares shall be deducted.

Consolidated statement of financial position

(in thousands of EUR)	31.03.26	31.12.25
Current assets
Cash and cash equivalents	231 531	219 771
Derivative financial assets	55 467	4 732
Settled derivative receivables	2 445	1 823
Trade receivables	144 883	153 473
Prepayments for taxes	5 022	5 659
Other receivables and prepayments	59 191	38 878
Prepayments for inventories	579	476
Inventories	75 341	90 672
Biological assets	1 560	1 545
Total current assets	576 019	517 029
Non-current assets
Investments to associates	15 765	21 412
Long-term derivative instruments	5 770	1 079
Other long-term receivables	31 346	31 648
Property, plant and equipment at fair value	1 202 701	1 202 173
Investment property	67 883	66 872
Property, plant and equipment	674 595	669 797
Intangible assets	37 450	37 930
Right-of-use assets	38 589	39 645
Biological assets	8 944	9 022
Total non-current assets	2 083 043	2 079 578
TOTAL ASSETS	2 659 062	2 596 607
(in thousands of EUR)	31.03.26	31.12.25
Current liabilities
Loan liabilities	277 372	338 515
Rental liabilities	9 472	10 029
Payables to suppliers	102 862	123 330
Tax obligations	45 846	44 972
Buyers' advances	54 459	38 621
Settled derivatives	5 770	4 156
Other current liabilities	115 546	69 677
Short term derivatives	5 742	9 552
Total current liabilities	617 069	638 852
Non-current liabilities
Long-term provisions	8 144	8 695
Deferred taxes	3 478	1 894
Other long-term liabilities	46 836	46 028
Long-term derivatives	2 179	2 925
Loan-liabilities	709 273	686 187
Rental liabilities	35 624	36 622
Total non-current liabilities	805 534	782 351
TOTAL LIABILITIES	1 422 603	1 421 203
Equity
Share capital	2 117	2 117
Own shares	-1 433	-790
Share premium	32 484	32 484
Reserve capital	212	212
Option reserve	11 215	10 099
Hedging reserve	49 908	-7 260
Unrealised currency translation differences	-736	1 167
Employment benefit reserve	-559	-559
Retained earnings	897 025	884 204
Total equity attributable to equity holders of the Parent	990 233	921 674
Minority interests	246 226	253 730
Total equity	1 236 459	1 175 404
TOTAL LIABILITIES AND EQUITY	2 659 062	2 596 607

Consolidated statement of profit or loss and other comprehensive income

(in thousands of EUR)	Q1 2026	Q1 2025	12 M 2025
Revenue	504 996	447 357	1 837 000
Cost of goods (goods and services) sold	-450 073	-421 173	-1 596 485
Write-down of receivables	-188	-116	-673
Gross profit	54 735	26 068	239 842
Marketing expenses	-10 941	-10 976	-46 571
General administrative expenses	-21 755	-20 965	-94 178
Profit (loss) from derivatives	-739	3 939	10 847
Profit (loss) from biological assets	-1 561	-33	5 412
Profit (loss) from the change in the fair value of the investment property	0	0	-2 868
Profit (loss) from the change in the fair value of fixed assets	0	0	-9 265
Other operating revenue	4 711	1 956	10 080
Other operating expenses	-3 068	-644	-4 291
Operating profit	21 382	-655	109 008
(in thousands of EUR)	Q1 2026	Q1 2025	12 M 2025
Profit (loss) from investments accounted for by equity method	-2 423	955	4 247
Financial income and expenses:
Other financial investments	0	-333	16 416
Interest expense	-10 240	-12 896	-45 749
Interest income	929	842	3 070
Profit (loss) from changes in exchange rates	366	-315	244
Other financial income and expenses	-528	-451	0
Total financial income and expenses	-9 473	-13 153	-26 019
Profit before tax	9 486	-12 853	87 236
Corporate income tax	-4 168	-1 708	-17 379
Profit for the financial year	5 318	-14 561	69 857
including:
Profit attributable to the owners of the parent company	12 821	-4 479	70 550
Profit attributable to non-controlling interest	-7 503	-10 082	-693
Other comprehensive income	Q1 2026	Q1 2025	12 Months 2025
Items that may be subsequently reclassified to the income statement:
Remeasurement of post-employment benefit obligations			-374
Revaluation of risk hedging instruments			14 414
Exchange rate differences attributable to foreign subsidiaries			1 122
Total of other comprehensive income			15 162
Total income			85 019
including:
Comprehensive profit attributable to the owners of the parent company			87 712
Comprehensive profit attributable to non-controlling interest			-693
Ordinary earnings per share (in euros per share)	0,62	-0,22	3,43
Diluted earnings per share (in euros per share)	0,61	-0,21	3,37

Consolidated statement of cash flows

Cash flows from operating activities
(in thousands of EUR)	3 Months 2026	12 Months 2025
Profit for the financial year	5 318	69 857
Adjustments:
Depreciation, amortisation, and impairment of non-current assets	25 688	118 911
Equity profits/losses	2 896	-4 247
Change in the value of derivatives	-2 439	3 433
Other financial income/expenses	-2 829	-15 585
Calculated interest expenses	10 240	45 749
Profit/loss from non-current assets sold	-1 121	-479
Income from grants recognised as revenue	-318	-1 791
Corporate income tax expense	4 168	17 379
Recognition and adjustment of provisions	742	3 519
Income tax paid	-2 584	-18 302
Change in receivables and prepayments related to operating activities	-11 599	-195
Change in inventories	15 228	131 377
Change in payables and prepayments relating to operating activities	42 711	36 289
Change in biological assets	62	-1 944
Total cash flows from operating activities	86 163	383 971
Cash flows from investing activities	3 Months 2026	12 Months 2025
Purchase of investments in associates	0	12
Proceeds from disposal of investments in associates	2 752	0
Purchases of subsidiaries	0	-43 881
Given loans	201	4 513
Interest income	922	3 043
Purchases Investment property	-1 011	-3 348
Purchases of property, plant and equipment	-28 130	-76 747
Proceeds from sale of property	1 263	84 584
Total cash flows used in investing activities	-24 003	-31 824
Cash flows used in financing activities	3 Months 2026	12 Months 2025
Government grants received	763	4 196
Changes in overdraft	-23 583	1 224
Proceeds from borrowings	37 725	103 379
Repayments of borrowings	-52 199	-271 067
Repayment of finance lease liabilities	-3 048	-13 839
Interest paid	-9 415	-46 617
Dividends paid	0	-76 513
Purchase of own shares and proceeds from share emission	-643	-718
Total cash flows used in financing activities	-50 400	-299 955
	0	0
TOTAL NET CASH FLOW	11 760	52 192
Cash at the beginning of the year	219 771	167 579
Cash at the end of the period	231 531	219 771
Net (decrease)/increase in cash	11 760	52 192

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 107 companies belong to the Infortar group, including 3 affiliated companies and 2 subsidiaries of affiliated companies. Excluding affiliates Infortar employs 6288 people.

Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: ...

Attachments

• Q1 report 2026_ENG
• Q1 presentation ENG

MENAFN04052026004107003653ID1111065683