Aktsiaselts Infortar unaudited consolidated results for the first quarter of 2026
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: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor
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