Aktsiaselts Infortar interim report for Q1 2025
Infortar will arrange a webinar for investors today 5 May 2025.Please join the webinar via the following links:
- at 12:00 (EET) Estonian webinar
- at 14:00 (EET) English webinar
Estonia’s largest investment holding company, Infortar, increased its turnover by 20% in the first quarter of the year compared to the same period last year, reaching €447 million. The group’s total assets nearly doubled to €2.6 billion, while investments tripled to €22 million. In recent years, Infortar has nearly doubled the size of its real estate portfolio and is actively expanding across multiple sectors.
Since August 1st of last year, the results of Tallink, a group company, have been consolidated into Infortar’s financial statements. Due to the highly seasonal nature of the maritime transport business, Tallink’s first-quarter loss of €33 million was reflected in Infortar’s own results. An additional impact came from a €1.7 million income tax expense, resulting in a total net loss of €14.6 million for Infortar in the first quarter, of which €4.5 million was attributable to Infortar’s shareholders. The energy business was affected by an exceptionally warm winter and lower consumption, but remained profitable overall. The real estate segment, meanwhile, showed significant year-on-year growth in volumes.
“The economy stands on three pillars – agriculture, industry, and services. In recent years, Infortar has expanded its presence across all three to achieve its goals and diversify risk. Moreover, we have grown into a market leader in each,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.
“The performance of Tallink had the biggest impact on Infortar’s first-quarter profitability. In addition to typical seasonality, passenger numbers in the first quarter reflected the state of the core markets’ economies and low consumer confidence. Still, it is important to note that the most challenging period of the year is now behind Tallink, and the outlook is more optimistic,” Hanschmidt added.
“The energy business was affected by an exceptionally mild winter, lower consumption, and a gas surplus. Nevertheless, the segment remained profitable, primarily due to well-placed investments in gas distribution networks in Latvia and Poland. In real estate, we continued rapid growth – over the past year, we have expanded our portfolio by nearly 50%, becoming one of the largest property owners in the Baltics,” said Hanschmidt.
“Despite a turbulent environment, Infortar continues to grow as one of the largest investment companies on the eastern coast of the Baltic Sea, actively seeking new investment opportunities. Our balance sheet strength is the key indicator of resilience – Infortar’s financial position and liquidity remain solid, free liquidity is €153 million enabling us to generate cash and invest. We can also confirm our continued commitment to the stated dividend policy. Diversification across sectors and countries has created a strong platform that provides confidence even in volatile times,” Hanschmidt concluded.
Major Event
Maritime transport
Tallink´s first quarter of 2025 was impacted by low consumer and business confidence levels, the economic challenges in the Group’s core markets and global geopolitical tensions. As at the end of the quarter, the Group operated 14 vessels including 2 shuttle vessels, 6 passenger vessels, 2 vessels that were chartered out and 4 vessels that were in lay-up.
During the quarter Tallink´s total investments amounted to EUR 13.3 million majority of which were made to upgrading the cruise ferries Baltic Princess and Silja Serenade. The planned maintenance works totalling 68 days in the first quarter of 2025 affected the passenger and cargo levels in Finland-Sweden routes.
Energy
In the first quarter, natural gas consumption in the Finnish-Baltic region totalled 15,0 TWh, decreasing by 19% compared with the previous year (16,5 TWh). Energy sales were negatively impacted by higher-than-average temperatures, which reduced the demand for natural gas.
In the first quarter of 2025, Elenger Grupp sold a total of 4.6 TWh of energy (compared to 6,1 TWh in Q1 2024). Sales in Estonia accounted for 17% of the energy sales in Q1 2025. The company´s market share decreased in Q1 2025 to 20,0% in the Finland-Baltic gas market.
Real estate
At the end of last year, the Rimi logistics center in Saue municipality received its usage permit; this summer, the new bridge in Pärnu will be completed, and next year, DEPO will open its second store in Estonia, located in Lasnamäe.
Key financial figures
| Key figures | Q1 2025 | Q1 2024 | 12 months 2024 |
| Sales revenue. m€ | 447.357 | 372.584 | 1 371.775 |
| Gross profit. m€ | 26.068 | 50.004 | 128.628 |
| EBITDA. m€ | 27.661 | 74.004 | 145.275 |
| EBITDA margin (%) | 6.2% | 19.9% | 10.6% |
| Net profit. EBIT. m€ | -0.655 | 67.624 | 77.024 |
| Total profit(-loss). m€ | -14.561 | 62.062 | 193.670 |
| Net profit (-loss) holders of the Parent m€ | -4.479 | 62.167 | 191.253 |
| EPS (euros)* | -0.2 | 3.1 | 9.6 |
| Total equity m€ | 1 181.002 | 820.210 | 1 166.222 |
| Total liabilities m€ | 1 105.305 | 852.690 | 1 223.287 |
| Net debt m€ | 952.397 | 195.799 | 1 055.708 |
| Investment loans to EBITDA (ratio)** | 3.3x | 1.5x | 3.0x |
Notes: *For the earnings per share (EPS) calculation, the number of shares as of 31.03.35 has been used for comparability. Formula: profit/loss attributable to Infortar shareholders divided by the number of shares, excluding own shares issued under the stock option program. Example calculation based on the end of Q1 2024: (191 x 1,000,000) / (20,443,629 – 722,610). ** 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 quarter of the 2025 financial year, the Group’s consolidated revenue increased by EUR 74.7 million to EUR 447.4 million (Q1 2024 consolidated revenue: EUR 372.6 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 quarter of the 2025 financial year, the EBITDA of the maritime transport segment amounted to EUR -3.8 million (Q1 2024: EUR 34.5 million).
The energy segment’s EBITDA was EUR 31.8 million (Q1 2024: EUR 73.9 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 was EUR 3.4 million in Q1 2025 (Q1 2024: EUR 3.8 million).
Net Profit (Loss)
The consolidated net loss for the first quarter of the 2025 financial year was EUR -14.6 million, including a loss attributable to Infortar’s owners of EUR -4.5million (Q1 2024 net profit: EUR 62.1 million, including EUR 62.2 million attributable to Infortar’s owners).
Investments
In the spring of 2024, Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began construction of a biomethane plant next to the farm to produce local green gas. Today, on 5 May, Infortar announced an additional investment plan in Estonia Farmid OÜ.
In the first quarter of 2025, the total amount of investments made by the Infortar Group was approximately EUR 22 million.
Financing
As of the first quarter of the 2025 financial year, the Group’s total loan and lease liabilities amounted to EUR 1 105.3million (compared to EUR 1 223.3 million at the end of the 2024 financial year). Infortar’s net debt stood at EUR 952.397 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. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025.
Consolidated Statement of Profit or Loss
| (in thousands of EUR) | Q1 2025 | Q1 2024 | 12 months 2024 |
| Revenue | 447 357 | 372 584 | 1 371 775 |
| Cost of goods (goods and services) sold | -421 173 | -322 573 | -1 243 034 |
| Write-down of receivables | -116 | -7 | -113 |
| Gross profit | 26 068 | 50 004 | 128 628 |
| Marketing expenses | -10 976 | -415 | -21 086 |
| General administrative expenses | -20 965 | -7 238 | -50 438 |
| Profit (loss) from derivatives | 0 | 26 672 | |
| Profit (loss) from biological assets | -33 | 0 | -139 |
| Profit (loss) from the change in the fair value of the investment property | 0 | 156 | -949 |
| Profit (loss) from the change in the fair value of the investment property | 3 939 | 24 659 | -8 691 |
| Other operating revenue | 1 956 | 600 | 4 682 |
| Other operating expenses | -644 | -142 | -1 655 |
| Operating profit | -655 | 67 624 | 77 024 |
| (in thousands of EUR) | Q1 2025 | Q1 2024 | 12 months 2024 |
| Profit (loss) from investments accounted for by equity method | 955 | 2 000 | 22 974 |
| Financial income and expenses: | |||
| Other financial investments | -333 | 0 | 13 342 |
| Interest expense | -12 896 | -6 745 | -38 274 |
| Interest income | 842 | 1 244 | 4 979 |
| Profit (loss) from changes in exchange rates | -315 | -2 | 100 |
| Other financial income and expenses | -451 | 4 | 93 659 |
| Total financial income and expenses | -13 153 | -5 499 | 73 806 |
| Profit before tax | -12 853 | 64 125 | 173 804 |
| Corporate income tax | -1 708 | -2 063 | 19 866 |
| Profit for the financial year | -14 561 | 62 062 | 193 670 |
| including: | |||
| Profit attributable to the owners of the parent company | -4 479 | 62 167 | 191 253 |
| Profit attributable to non-controlling interest | -10 082 | -105 | 2 417 |
| Other comprehensive income | Q1 2025 | Q1 2024 | 12 months 2024 |
| tems that will not be reclassified to profit or loss | |||
| Revaluation of post-employment benefit obligations | -141 | ||
| Items that may be subsequently reclassified to the income statement: | |||
| Revaluation of risk hedging instruments | -45 792 | ||
| Exchange rate differences attributable to foreign subsidiaries | 53 | ||
| Total of other comprehensive income | -45 880 | ||
| Total income, including: | 147 790 | ||
| including: | |||
| Comprehensive profit attributable to the owners of the parent company | 145 514 | ||
| Comprehensive profit attributable to non-controlling interest | 2 417 | ||
| Ordinary earnings per share (in euros per share) | -0,22 | 14,62 | 9 |
| Diluted earnings per share (in euros per share) | -0,21 | 14,15 | 14,15 |
Consolidated Statement of Financial Position
| (in thousands of EUR) | 31.03.25 | 31.12.24 |
| Current assets | ||
| Cash and cash equivalents | 152 908 | 167 579 |
| Short term financial investments | 0 | 0 |
| Derivative financial assets | 16 968 | 8 333 |
| Settled derivative receivables | 2 448 | 676 |
| Other prepayments and receivables | 153 040 | 155 351 |
| Prepayments for taxes | 3 650 | 3 831 |
| Trade and other receivables | 51 379 | 38 517 |
| Prepayments for inventories | 1 953 | 2 498 |
| Inventories | 124 636 | 215 914 |
| Biological assets | 941 | 941 |
| Total current assets | 507 923 | 593 640 |
| Non-current assets | 31.03.25 | 31.12.24 |
| Investments to associates | 17 559 | 16 603 |
| Long-term derivative instruments | 340 | 3 214 |
| Other long term obligations | 34 685 | 35 163 |
| Property, plant and equipment at fair value | 1 309 599 | 1 315 167 |
| Investment property | 68 175 | 67 931 |
| Property, plant and equipment | 598 280 | 594 291 |
| Intangible assets | 38 008 | 38 874 |
| Right-of-use assets | 46 043 | 47 598 |
| Biological assets | 2 720 | 2 753 |
| Total non-current assets | 2 115 409 | 2 121 594 |
| TOTAL ASSETS | 2 623 332 | 2 715 234 |
| (in thousands of EUR) | 31.03.25 | 31.12.24 |
| Current liabilities | ||
| Loan liabilities | 396 801 | 497 162 |
| Rental liabilities | 8 755 | 9 020 |
| Payables to suppliers | 104 664 | 87 941 |
| Tax obligations | 48 861 | 49 354 |
| Buyers’ advances | 40 946 | 31 126 |
| Settled derivatives | 9 706 | 8 728 |
| Other current liabilities | 68 409 | 63 431 |
| Short term derivatives | 8 285 | 27 704 |
| Total current liabilities | 686 427 | 774 466 |
| Non-current liabilities | 31.03.25 | 31.12.24 |
| Long-term provisions | 8 455 | 9 946 |
| Deferred taxes | 3 039 | 2 816 |
| Other long-term liabilities | 43 412 | 43 209 |
| Long-term derivatives | 1 248 | 1 471 |
| Loan-liabilities | 661 602 | 676 670 |
| Rental liabilities | 38 147 | 40 435 |
| Total non-current liabilities | 755 903 | 774 547 |
| TOTAL LIABILITIES | 1 442 330 | 1 549 013 |
| (in thousands of EUR) | 31.03.25 | 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 | 7 431 | 6 223 |
| Hedging reserve* | 3 510 | -21 674 |
| Unrealised currency translation differences | 2 854 | 45 |
| Employment benefit reserve | -44 | -185 |
| Retained earnings | 885 688 | 890 167 |
| Net profit of the financial year | ||
| Total equity attributable to equity holders of the Parent | 934 180 | 909 317 |
| Minority interests | 246 822 | 256 904 |
| Total equity | 1 181 002 | 1 166 221 |
| TOTAL LIABILITIES AND EQUITY | 2 623 332 | 2 715 234 |
Consolidated Statement of Cash Flows
| Cash flows from operating activities | ||
| (in thousands of EUR) | 3 months 2024 |
12 months 2024 |
| Profit for the financial year | -14 561 | 193 670 |
| Adjustments: | ||
| Depreciation, amortisation, and impairment of non-current assets | 28 316 | 68 251 |
| Change in the fair value of the investment property | 0 | 0 |
| Equity profits/losses | -956 | -22 974 |
| Change in the value of derivatives | -79 | -1 483 |
| Other financial income/expenses | 2 300 | -112 030 |
| Calculated interest expenses | 12 896 | 38 274 |
| Profit/loss from non-current assets sold | -116 | -955 |
| Income from grants recognised as revenue | -385 | -643 |
| Corporate income tax expense | 1 708 | -19 866 |
| Income tax paid | -1 485 | -10 551 |
| Change in receivables and prepayments related to operating activities | -12 184 | 52 023 |
| Change in inventories | 91 823 | -12 831 |
| Change in payables and prepayments relating to operating activities | 29 780 | -81 275 |
| Change in biological assets | 33 | -322 |
| Total cash flows from operating activities | 137 090 | 89 288 |
| Cash flows from investing activities | 3 months 2024 |
12 months 2024 |
| Purchases of subsidiaries | -333 | -111 684 |
| Proceeds from the sale of other financial investments | 0 | 0 |
| Received dividends | 0 | 20 862 |
| Given loans | 607 | 1 918 |
| Interest gain | 755 | 4 953 |
| Purchases Investment property | -244 | -10 352 |
| Purchases of property, plant and equipment | -23 305 | -27 835 |
| Proceeds from sale of property | 139 | 1 561 |
| Total cash flows used in investing activities | -22 381 | -120 577 |
| Cash flows used in financing activities | 3 months 2024 |
12 months 2024 |
| Gain from goverment grants | 394 | 225 |
| Changes in overdraft | -43 343 | 12 863 |
| Proceeds from borrowings | 94 276 | 358 731 |
| Repayments of borrowings | -166 362 | -151 790 |
| Repayment of finance lease liabilities | -3 591 | -11 300 |
| Interest paid | -10 754 | -39 153 |
| Dividends paid | 0 | -60 997 |
| Gain from share emission | 0 | 3 174 |
| Total cash flows used in financing activities | -129 380 | 111 753 |
| 0 | 0 | |
| TOTAL NET CASH FLOW | -14 671 | 80 464 |
| Cash at the beginning of the year | 167 579 | 87 115 |
| Cash at the end of the period | 152 908 | 167 579 |
| Net (decrease)/increase in cash | -14 671 | 80 464 |
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 6,296 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: [email protected]
www.infortar.ee/en/investor
Attachments
- 1. kvartal 2025 aruanne ENG
- 1. kvartal 2025 presentatsioon ENG
