Market announcement
AKTSIASELTS INFORTAR
LEI code
549300LS1K5S7AWHV603
Size of the entity
Large group
Economic activities
Financial and Insurance Activities
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
18244
Attachments
Submission date and time
25.02.2026 09:00:02
Content of announcement in Estonian
Title
Aktsiaseltsi Infortar 2025 aasta auditeerimata konsolideeritud 12 kuu ja neljanda kvartali tulemused
Message
Aktsiaselts Infortar (Infortar) korraldab täna kõikidele huvilistele 4. kvartali
2025 ja 12 kuu tulemusi tutvustava veebiseminari. Veebiseminariga ühinemiseks
palume kasutada järgmiseid linke:
25. veebruaril kell 12.00 eestikeelne veebiseminar
(https://teams.microsoft.com/dl/launcher/launcher.html?url=%2F_%23%2Fl%2Fmeetup-
join%2F19%3Ameeting_N2ZmM2Y3NjktODBlZS00N2I0LWFjNTctNTgwNjJkODQ2YzVl%40thread.v2
%2F0%3Fcontext%3D%257B%2522Tid%2522%253A%252286359415-f0d5-4ea5-bb32-
42128c4493be%2522%252C%2522Oid%2522%253A%2522cac0a2ac-22c1-4c6b-8c26-544f0e5a12c
5%2522%252C%2522IsBroadcastMeeting%2522%253Atrue%252C%2522role%2522%253A%2522a%2
522%257D%26btype%3Da%26role%3Da%26anon%3Dtrue&type=meetup-
join&deeplinkId=a8ce8396-68d7-4bae-af14-
273818eb6363&directDl=true&msLaunch=true&enableMobilePage=true&suppressPrompt=tr
ue)
25. veebruaril kell 13.00 ingliskeelne veebiseminar
(https://teams.microsoft.com/dl/launcher/launcher.html?url=%2F_%23%2Fl%2Fmeetup-
join%2F19%3Ameeting_ZDM5NDZlYWUtYTY5My00OGU5LWIwMWEtYWMzM2QzZWE3MDJh%40thread.v2
%2F0%3Fcontext%3D%257B%2522Tid%2522%253A%252286359415-f0d5-4ea5-bb32-
42128c4493be%2522%252C%2522Oid%2522%253A%2522cac0a2ac-22c1-4c6b-8c26-544f0e5a12c
5%2522%252C%2522IsBroadcastMeeting%2522%253Atrue%252C%2522role%2522%253A%2522a%2
522%257D%26btype%3Da%26role%3Da%26anon%3Dtrue&type=meetup-
join&deeplinkId=8d8502d4-
351a-48d7-8337-701bc9ad24bb&directDl=true&msLaunch=true&enableMobilePage=true&su
ppressPrompt=true)
Eesti üks suuremaid ettevõtteid Infortar kasvatas möödunud aastal oma müügitulu
enam kui kolmandiku võrra 1,837 miljardi euroni, ettevõtte EBITDA kasvas 60
protsenti 233 miljoni euroni. Kontserni omakapital ulatus 1,178 miljardi euroni,
varade maht 2,588 miljardi euroni, investeeringud 125 miljoni euroni ning kasum
72 miljoni euroni.
Infortari laenukohustised vähenesid aastaga kuuendiku võrra 1,060 miljardi
euroni ja netovõlg viiendiku võrra 841 miljoni euroni.
"Eelmiste aastate suurinvesteeringud on teinud Infortari finantsiliselt
vastupidavamaks ning kasvatanud ja ühtlustanud kontserni rahavooge. Möödunud
aastal vähendasime võlakoormust, suurendasime likviidsust ning tegime EBITDA kui
peamise näitaja osas korralikku hüppe, milles näeme ka järgmistel aastatel
täiendavat kasvuruumi," märkis Infortari juhatuse esimees Ain Hanschmidt.
"Meie fookus on olnud portfelli teadlik kujundamine viisil, mis hajutab riske,
loob stabiilseid rahavooge ja võimaldab investeerida ka kõige keerulisematel
perioodidel. Meretranspordi, energeetika ja kinnisvara valdkonnad käituvad
majandustsüklites erinevalt ning just see erinevus annab tugevuse," sõnas
Hanschmidt.
"Infortari põhivaldkonnad andsid tugeva panuse, kuid kasvuruumi on kindlasti
veel. Merelaevanduses oli äärmiselt väljakutsete rohke aasta, kuid sellele
vaatamata vähendati oluliselt laenukoormust ning Tallink maksab omanikele
soliidset dividendi. Tallinki dividendid kannab Infortar koos omapoolse põhi- ja
lisadividendiga edasi ka oma aktsionäridele. 2026. aasta osas oleme
optimistlikud ning usume, et Tallink suudab muutuda veelgi tugevamaks ja
efektiivsemaks. Energeetikas on hea tõdeda, et varasemate aastate
välisinvesteeringud on end õigustanud ning nii Gaso kui ka Elenger Polska tegid
suurepärase tulemuse. Elenger Grupi kasum ja rahavood on praeguseks hästi
hajutatud nii tegevusvaldkondade kui ka riikide lõikes, mis omakorda toetab
kasvu ja laienemist ka tulevikus," ütles Hanschmidt.
"Möödunud aastal toimus oluline laienemine põllumajanduses ning lisaks Halingale
soetas Infortar Estonia piimafarmid. Ühelt poolt on tegemist strateegilise
sammuga portfelli tasakaalustamiseks, kuid teisalt ka pikema vaatega
investeering valdkonda, kus Eestil võiks olla selge konkurentsieelis.
Toidutootmine, energeetika ja taristu ei ole lühiajalised trendid, vaid
majanduse alustalad. Vaatame neid valdkondi tervikuna, kus sünergia loob
täiendavat väärtust," tähendas Hanschmidt.
Olulisemad sündmused
Meretransport
2025. majandusaasta neljandas kvartalis vedas Tallink kokku 1,3 miljonit
reisijat, mida on 0,3% võrra vähem kui eelmise aasta sama perioodi
jooksul. Toimus kaubalaeva Sailor müük ja kruiisilaeva Silja Europa
prahilepingut pikendati kuni 2027. aasta jaanuari lõpuni võimalusega lepingut
selle lõppemisel pikendada ühe aasta võrra.
Energeetika
Soome ja Balti piirkonna suurim erakapitalil energiafirma AS Elenger Grupp müüs
neljandas kvartalis 4,8 teravatt-tundi energiat. Müük Eestis moodustas 15%
kogumahust ning ettevõtte gaasimüügi turuosa Soome-Balti turul oli 21%.
Kinnisvara ja infrastruktuur
INF Infra jätkas Rail Baltica põhitrassi ehitusega Kangru-Saku lõigul. Lepingu
maht on 67,2 miljonit eurot ja tööd on planeeritud kestma 2028. aasta märtsini.
Jätkus Tallink Tennisekeskuse kõrval asuvale kinnistule 40 000 ruutmeetri
suuruse Depo (DIY Store) kaubanduspinna rajamine. Ehitustööde valmimise tähtaeg
on 2026. aasta sügisel.
Tähtsamad finantsnäitajad ja suhtarvud
4. kvartal 4. kvartal 12 kuud 2025 12 kuud 2024
2025 2024
Müügitulu (miljonites 417,438 446,168 1 837,000 1 371,775
eurodes)
Brutokasum (miljonites 63,282 34,871 240,846 128,628
eurodes)
EBITDA (miljonites 42,604 27,892 232,581 145,415
eurodes)
EBITDA marginaal (%) 10,2% 6,3% 12,7% 10,6%
Ärikasum (EBIT) 19,842 -6,792 111,061 77,024
Kasum/ kahjum 14,141 -11,988 71,969 193,670
(miljonites eurodes)
Emaettevõtte omanikele 16,143 -11,188 72,662 191,253
kuuluv kasum/ kahjum
(miljonites eurodes)
Kasum/kahjum aktsia 0,7 -0,5 3,5 9,1
kohta (eurodes)*
Omakapital (miljonites 1 177,516 1 166,221 1 177,516 1 166,221
eurodes)
Laenu ja 1 060,453 1 223,287 1 060,453 1 223,287
liisingkohustised
(miljonites eurodes)
Netovõlg (miljonites 840,682 1 055,708 840,682 1 055,708
eurodes)
Investeerimislaenude ja 3 3 3 3
EBITDA suhe**
Likviidsus (miljonites 219,771 167,579 219,771 167,579
eurodes)
(*Kasum/kahjum aktsia kohta (eurodes) arvutatakse järgmiselt: emaettevõtte
omanikele kuuluv kasum/kahjum * 1000/ aktsiate arv millest on maha arvatud
omaaktsiad. )(** Investeerimislaenud / EBITDA, mis on viidud aasta baasile.)
Müügitulu
2025. majandusaasta 12 kuu jooksul suurenes kontserni konsolideeritud müügitulu
465,225 miljoni euro võrra ja ulatus 1 837,000 miljoni euroni (2024. aasta 12
kuu konsolideeritud müügitulu oli 1 371,775 miljonit eurot). Olulist positiivset
mõju avaldas uute ettevõtete lisandumine konsolideerimisgruppi võrdluses eelmise
aastaga.
EBITDA ja segmendiaruandlus
EBITDA 60 protsendi kasv tulenes eelkõige Tallink Grupi tulemuste
konsolideerimisest kogu 12 kuu ulatuses, Elengeri EBITDA ligikaudu 12 miljoni
euro suurusest paranemisest ning põllumajandussektori, sh Estonia Farmide ja
Halinga, lisandumisest konsolideerimisgruppi.
Meretranspordi segmendi EBITDA oli 2025. majandusaastal 124,187 miljonit eurot
(2024. majandusaastal 175,181 miljonit eurot). Tallinki 2024 tulemusi mõjutasid
peamiselt keeruline majandusolukord koduturgudel ja tarbimiskindluse madalaim
tase viimase kümnendi jooksul.
Energeetikasegmendi EBITDA oli 2025. majandusaastal 89,323 miljonit eurot (2024.
majandusaastal 77,235 miljonit eurot). Energeetikasegmendi kasumlikkust
mõjutasid positiivselt võrguettevõtete tulemused.
Kinnisvarasegmendis võetakse kasumlikkuse hindamisel arvesse eraldiseisvate
kinnisvaraettevõtete EBITDA. Kinnisvara EBITDA oli 2025. majandusaastal kokku
14,748 miljonit eurot (2024. majandusaastal 14,309 miljonit eurot). Täiendavalt
lisandus 2025. majandusaastal arvestusse Rimi Logistikakeskus.
Puhaskasum
Konsolideeritud puhaskasum oli 2025. majandusaastal 71,969 miljonit eurot (2024.
majandusaastal 193,670 miljonit eurot). Kui välja arvata 2024. aastal Tallinki
omandamisest saadud ühekordne kasum, paranes kontserni põhitegevusest tulenev
kasumlikkus 2025. aastal.
Finantseerimine
Laenu ja liisingkohustised olid 2025. majandusaastal kokku 1 060,453 miljonit
eurot (2024. majandusaastal 1 223,287 miljonit eurot). Netovõla ja EBITDA
suhtarv on 3,0.
Dividendid
Dividendipoliitika kohaselt on eesmärgiks maksta dividendideks vähemalt 1 euro
aktsia kohta majandusaastas. Dividendide väljamakseid tehakse kahes osas.
Infortar kontserni juhatus kavatseb kooskõlastatult nõukoguga teha ettepaneku
tasuda 2025. aasta majandustulemuste eest dividendi 3,02 eurot aktsia kohta.
Ettepaneku kohaselt toimuvad väljamaksed juulis ja detsembris 2026.
Dividend koosneb kolmest osast:
1 euro aktsia kohta, mida makstakse vastavalt dividendipoliitikale;
AS Tallink Grupp edasi kantav dividend 1,48 eurot aktsia kohta;
Täiendav dividend 0,54 eurot aktsia kohta, mida makstakse tulenevalt
majandustulemustest 2025. aastal.
Infortari aktsiate arv kokku on 21 166 239, millest arvatakse dividendi maksetel
maha omaaktsiate arv.
Konsolideeritud finantsseisundi aruanne
(tuhandetes eurodes) 31.12.25 31.12.24
KÄIBEVARA
Raha 219 771 167 579
Lühiajalised tuletisinstrumendid 4 732 8 333
Realiseerunud tuletisinstrumentide nõuded 1 823 676
Nõuded ostjatele 153 473 155 351
Maksude ettemaksed 5 659 3 831
Muud nõuded ja ettemaksud 38 878 38 517
Ettemaksed varude eest 476 2 498
Varud 90 672 215 914
Bioloogilised varad 1 545 941
Käibevara kokku 517 029 593 640
PÕHIVARA 31.12.25 31.12.24
Investeeringud sidusettevõtetesse 21 410 16 603
Pikajalised tuletisinstrumendid 1 079 3 214
Muud pikaajalised nõuded 31 648 35 163
Õiglases väärtuses põhivara 1 203 283 1 315 167
Kinnisvarainvesteeringud 66 872 67 931
Materiaalne põhivara 669 797 594 291
Immateriaalne põhivara 37 930 38 874
Kasutusõigusega vara 29 748 47 598
Bioloogiline vara 9 022 2 753
Põhivara kokku 2 070 789 2 121 594
VARAD KOKKU 2 587 818 2 715 234
(tuhandetes eurodes) 31.12.25 31.12.24
LÜHIAJALISED KOHUSTUSED
Laenukohustised 338 515 497 162
Rendikohustised 8 882 9 020
Võlad tarnijatele 123 330 87 941
Maksukohustused 44 972 49 354
Ostjate ettemaksed 38 621 31 126
Realiseerunud tuletisinstrumendid 4 156 8 728
Muud lühiajalised kohustused 69 677 63 431
Lühiajalised tuletisinstrumendid 9 552 27 704
Lühiajalised kohustused kokku 637 705 774 466
PIKAAJALISED KOHUSTUSED 31.12.25 31.12.24
Pikaajalised eraldised 8 695 9 946
Edasilükkunud tulumaksukohustis 1 893 2 816
Muud pikaajalised kohustused 46 028 43 209
Pikaajalised tuletisinstrumendid 2 925 1 471
Laenukohustised 686 187 676 670
Rendikohustised 26 869 40 435
Pikaajalised kohustused kokku 772 597 774 547
KOHUSTUSED KOKKU 1 410 302 1 549 013
(tuhandetes eurodes) 31.12.25 31.12.24
OMAKAPITAL
Aktsiakapital 2 117 2 117
Omaaktsiad -790 -72
Ülekurss 32 484 32 484
Reservkapital 212 212
Optsioonireserv 10 099 6 223
Riskimaandamise reserv -7 775 -21 674
Realiseerimata kursivahed 1 167 45
Töösuhtejärgsete hüvitiste kohustuste reserv -44 -185
Jaotamata kasum 886 316 890 167
Emaettevõtte omanikele kuuluv omakapital 923 786 909 317
Vähemusosalus 253 730 256 904
Omakapital kokku 1 177 516 1 166 221
KOHUSTUSED JA OMAKAPITAL KOKKU 2 587 818 2 715 234
Konsolideeritud kasumi ja koondkasumi aruanne
12 kuud
(tuhandetes eurodes) 4. kv 2025 4. kv 2024 2025 12 kuud 2024
Müügitulu 417 438 446 168 1 837 000 1 371 775
Müügikulu -353 700 -411 237 -1 595 481 -1 243 034
Nõuete allahindlused -456 -60 -673 -113
Brutokasum 63 282 34 871 240 846 128 628
Turustuskulud -12 353 -12 459 -46 571 -21 086
Üldhalduskulud -31 914 -22 759 -94 239 -50 438
Kasum/kahjum
tuletisinstrumentidest 2 810 2 098 10 847 26 672
Kasum/kahjum bioloogilistelt
varadelt 797 -156 5 412 -139
Kahjum kinnisvarainvesteeringute
õiglase väärtuse muutusest -2 868 -6 749 -2 868 -949
Kasum/kahjum põhivara õiglase
väärtuse muutusest -2 548 0 -8 155 -8 691
Muud äritulud 3 607 -767 10 080 4 682
Muud ärikulud -971 -871 -4 291 -1 655
Ärikasum 19 842 -6 792 111 061 77 024
12 kuud
(tuhandetes eurodes) 4. kv 2025 4. kv 2024 2025 12 kuud 2024
Kasum kapitaliosaluse meetodil
arvestatud investeeringutelt 2 305 846 4 245 22 974
Finantstulud ja -kulud:
Finantsinvesteeringute tulu/kulu 2 024 269 19 008 93 659
Intressikulu -10 888 -13 808 -45 688 -38 274
Intressitulu 724 760 3 070 4 979
Kasum/kahjum valuutakursi
muutustest 242 -56 244 100
Muud finantstulud ja -kulud -615 16 287 -2 592 13 342
Finantstulud ja -kulud kokku -8 513 3 452 -25 958 73 806
Kasum enne maksustamist 13 634 -2 494 89 348 173 804
Ettevõtte tulumaks 507 -9 494 -17 379 19 866
Kasum/kahjum 14 141 -11 988 71 969 193 670
sealhulgas:
Emaettevõtte omanikele kuuluv
kasum/kahjum 16 143 -11 188 72 662 191 253
Vähemusosalusele kuuluv
kasum/kahjum -2 002 -800 -693 2 417
12 kuud
Muu koondkasum 2025 12 kuud 2024
Kirjed, mida võib edaspidi ümber
klassifitseerida
kasumiaruandesse:
Töösuhtejärgsete hüvitiste
kohustuste ümberhindlus 0 -141
Rahavoogude riskimaandamis-
instrumendid - õiglase väärtuse
muutuse efektiivne osa 14 040 -45 792
Välismaiste tütarettevõtjate ümberarvestusel tekkinud
valuutakursivahed 1122 53
Muu koondkasum kokku 15 162 -45 880
Koondkasum/-kahjum kokku 87 131 147 790
sealhulgas:
Emaettevõtte omanikele kuuluv
kasum/kahjum 87 824 145 514
Vähemusosalusele kuuluv
kasum/kahjum -693 2 417
Tavakasum aktsia kohta 3,54 9,36
Lahustatud kasum aktsia kohta 3,47 9,12
Konsolideeritud rahavoogude aruanne
Rahavood äritegevusest
(tuhandetes eurodes) 12 kuud 2025 12 kuud 2024
Aruandeperioodi kasum/kahjum 71 969 193 670
Korrigeerimised:
Põhivara kulum ja väärtuse langus 121 520 68 251
Kapitaliosaluse ümberhindlus -4 245 -22 974
Tuletisinstrumentide väärtuse muutus 3 078 -1 483
Muud finantstulud/-kulud -15 585 -112 030
Arvestatud intressikulud 45 688 38 274
Kasum/kahjum põhivarast -479 -955
Tuludes kajastatud sihtfinantseerimise tulu -1 791 -643
Arvestatud tulumaksukulu 17 379 -19 866
Makstud tulumaks -18 302 -10 551
Äritegevusega seotud nõuete ja ettemaksete muutus -195 52 022
Varude muutused 131 376 -12 830
Äritegevusega seotud kohustuste muutus 40 163 -81 275
Bioloogiliste varade muutus -1 944 -322
Kokku rahavood äritegevusest 388 632 89 288
Rahavood investeerimistegevusest 12 kuud 2025 12 kuud 2024
Tasutud sidusettevõtete ostul 12 0
Tasutud tütarettevõtete ostul -43 880 -111 684
Saadud dividendid 0 20 862
Antud laenude tagasimaksed 4 513 1 918
Laekunud intressid 3 043 4 953
Tasutud kinnisvarainvesteeringute soetamisel -3 348 -10 352
Tasutud materiaalse ja immateriaalse põhivara
soetamisel -76 747 -27 835
Laekunud kinnisvarainvesteeringute ja põhivara
müügist 84 584 1 561
Kokku rahavood investeerimistegevusest -31 823 -120 577
Rahavood finantseerimistegevusest 12 kuud 2025 12 kuud 2024
Saadud sihtfinantseerimine 4 196 225
Arvelduskrediidi muutus 1 224 12 863
Saadud laene 103 379 358 731
Saadud laenude tagasimaksed -271 067 -151 790
Rendikohustiste põhiosa tagasimaksed -18 562 -11 300
Makstud intressid -46 556 -39 153
Makstud dividendid -76 513 -60 997
Oma aktsiate ost ja laekumised aktsiate
emiteerimisest -718 3 174
Kokku rahavood finantseerimistegevusest -304 617 111 753
Rahavood kokku 52 192 80 464
Raha ja raha ekvivalendid perioodi alguses 167 579 87 115
Raha ja raha ekvivalendid perioodi lõpus 219 771 167 579
Raha ja raha ekvivalentide muutus 52 192 80 464
Infortar tegutseb seitsmes riigis, ettevõtte peamised tegevusvaldkonnad on
meretransport, energeetika ja kinnisvara. Infortar omab 68,47 protsendi suurust
osalust AS-is Tallink Grupp, 100% osalust AS-is Elenger Grupp ning mitmekülgset
ja kaasaegset, ca 141 000 m2 suurust kinnisvaraportfelli. Lisaks kolmele
põhitegevusvaldkonnale tegutseb Infortar põllumajanduse, insenerehituse,
ehitusmaavarade, trükkimise ja muudes valdkondades. Kokku kuulub Infortari
kontserni 109 ettevõtet: 100 kontserni ettevõtet, 4 sidusettevõtet ja 4
sidusettevõtete tütarettevõtet. Arvestamata sidusettevõtteid annab Infortar tööd
6466 inimesele.
Lisainfo:
Kadri Laanvee
AS Infortar investorsuhete juht
Tel. 5156662
E-mail: [email protected]
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Content of announcement in English
Title
Aktsiaselts Infortar Unaudited Consolidated Interim Report for fourth quarter and 12 months of 2025
Message
Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth
quarter 2025 and 12 months results today. Please join the webinar via the
following links:
25 February at 12.00 (EET) Estonian webinar
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25 February at 13.00 (EET) English webinar
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ue)
One of Estonia's largest companies, Infortar increased its sales revenue by more
than one third last year to EUR 1.837 billion, while the company's EBITDA rose
by 60 percent to EUR 233 million. The Group's equity amounted to EUR 1.178
billion, total assets to EUR 2.588 billion, investments to EUR 125 million, and
net profit to EUR 72 million. Over the year, Infortar's loan liabilities
decreased by one sixth to EUR 1.060 billion and net debt declined by one fifth
to EUR 841 million.
"Infortar's major investments are now generating returns, cash flows have become
more stable, and the Group's resilience has strengthened. Last year, we reduced
our debt burden, increased liquidity, and achieved strong growth in EBITDA as
our key performance indicator, where we continue to see further growth
potential," said Ain Hanschmidt, Chairman of the Management Board of Infortar.
"Infortar's core business segments made a strong contribution, but there is
certainly still room for further improvement. In maritime transport, it was an
extremely challenging year, yet the debt burden was significantly reduced and
Tallink is paying its shareholders a solid dividend. Infortar will pass on
Tallink's dividends to its own shareholders together with its base dividend and
additional dividend. We are optimistic about 2026 and believe that Tallink can
become even stronger and more efficient.
In energy, it is encouraging to note that our recent international investments
have proven their worth - both Gaso and Elenger Polska delivered excellent
results. Elenger Group's profit and cash flows are well diversified across
different business areas and countries, which in turn supports the growth and
expansion in the future," said Hanschmidt.
"Our focus has been on actively managing and developing the portfolio in a way
that diversifies risk, generates stable cash flows and enables investment even
during the most challenging periods. The maritime transport, energy and real
estate sectors behave differently across economic cycles, and it is precisely
this difference that provides strength," Hanschmidt noted.
"Last year's significant expansion in agriculture, including the acquisition of
the Estonia dairy farms, was a strategic step to balance the portfolio and at
the same time a long-term investment. Food production, energy and infrastructure
are not short-term trends but the foundations of the economy. We view these
sectors as an integrated whole, where synergy creates additional value,"
Hanschmidt added.
Major Events
Maritime transport
In the fourth quarter of the 2025 financial year, Tallink carried 1.3 million
passengers which is down by 0.3% compared to the same period last year. Cargo
vessel Sailor was sold and the charter agreement of the cruise ferry Silja
Europa was extended until the end of January 2027 with the option of extending
the agreement for another year.
Energy
Elenger Grupp, the largest private energy company in the Finnish and Baltic
region, sold a total of 4.8 TWh of energy in Q4 2025. Sales in Estonia accounted
for 15% of the energy sales of the total volume. The company´s market share was
21% in the fourth quarter.
Real estate and infrastructure
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.
Key financial figures
KEY FIGURES Q4 2025 Q4 2024 12 months 2025 12 months 2024
Sales revenue mEUR 417.438 446.168 1 837.000 1 371.775
Gross profit mEUR 63.282 34.871 240.846 128.628
EBITDA mEUR 42.604 27.892 232.581 145.415
EBITDA margin (%) 10.2% 6.3% 12.7% 10.6%
Operating profit EBIT mEUR 19.842 -6.792 111.061 77.024
Net profit(-loss) mEUR 14.141 -11.988 71.969 193.670
Net profit (-loss) holders
of the Parent mEUR 16.143 -11.188 72.662 191.253
EPS (euros)* 0.7 -0.5 3.5 9.1
Total equity mEUR 1 177.516 1 166.221 1 177.516 1 166.221
Total loan and leasing
liabilities mEUR 1 060.453 1 223.287 1 060.453 1 223.287
Net debt mEUR 840.682 1 055.708 840.682 1 055.708
Investment loans to EBITDA
(ratio)** 3 3 3 3
(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 has been used.)
Revenue
During the 12 months of the 2025 financial year, the Infortar group's
consolidated revenue increased by EUR 465.225 million, reaching EUR 1,837.000
million (consolidated revenue for the 12 months of 2024 amounted to EUR
1,371.775 million). The addition of new companies to the consolidation group
compared to the previous year had a significant positive impact.
EBITDA and Segment Reporting
The 60 percent increase in EBITDA was primarily driven by the full 12-month
consolidation of Tallink Grupp, an approximately EUR 12 million improvement in
Elenger's EBITDA and the contribution from the agriculture segment, including
Estonia Farmid and Halinga.
The Maritime Transport segment's EBITDA amounted to EUR 124.187 million in the
2025 financial year (EUR 175.181 million in the 2024 financial year). Tallink's
2025 results were primarily impacted by the challenging economic environment in
its home markets and the lowest level of consumer confidence in the past decade.
The Energy segment's EBITDA amounted to EUR 89.323 million in the 2025 financial
year (EUR 77.235 million in the 2024 financial year). The profitability of the
Energy segment was positively influenced by the results of network companies.
In the Real Estate segment, profitability is assessed based on the EBITDA of the
separate real estate companies. Real Estate EBITDA totalled EUR 14.748 million
in the 2025 financial year (EUR 14.309 million in the 2024 financial year).
Additionally, the Rimi Logistics Centre was included in the reporting in the
2025 financial year.
Net Profit
The consolidated net profit for the 2025 financial year amounted to EUR 71.969
million (EUR 193.670 million in the 2024 financial year). Excluding the one-off
gain from the Tallink acquisition in 2024, the underlying profitability of the
Group improved in 2025.
Financing
Loan and lease liabilities totalled EUR 1,060.453 million in the 2025 financial
year (EUR 1,223.287 million in the 2024 financial year). The net debt to EBITDA
ratio was 3.0.
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;
the dividend received from AS Tallink Grupp, 1.48 euros 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 statements of financial position
(in thousands of EUR) 31.12.25 31.12.24
Current assets
Cash and cash equivalents 219 771 167 579
Derivative financial assets 4 732 8 333
Settled derivative receivables 1 823 676
Other prepayments and receivables 153 473 155 351
Prepayments for taxes 5 659 3 831
Trade and other receivables 38 878 38 517
Prepayments for inventories 476 2 498
Inventories 90 672 215 914
Biological assets 1 545 941
Total current assets 517 029 593 640
Non-current assets 31.12.25 31.12.24
Investments to associates 21 410 16 603
Long-term derivative instruments 1 079 3 214
Other long-term obligations 31 648 35 163
Property, plant and equipment at fair value 1 203 283 1 315 167
Investment property 66 872 67 931
Property, plant and equipment 669 797 594 291
Intangible assets 37 930 38 874
Right-of-use assets 29 748 47 598
Biological assets 9 022 2 753
Total non-current assets 2 070 789 2 121 594
TOTAL ASSETS 2 587 818 2 715 234
(in thousands of EUR) 31.12.25 31.12.24
Current liabilities
Loan liabilities 338 515 497 162
Rental liabilities 8 882 9 020
Payables to suppliers 123 330 87 941
Tax obligations 44 972 49 354
Buyers' advances 38 621 31 126
Settled derivatives 4 156 8 728
Other current liabilities 69 677 63 431
Short term derivatives 9 552 27 704
Total current liabilities 637 705 774 466
Non-current liabilities 31.12.25 31.12.24
Long-term provisions 8 695 9 946
Deferred taxes 1 893 2 816
Other long-term liabilities 46 028 43 209
Long-term derivatives 2 925 1 471
Loan-liabilities 686 187 676 670
Rental liabilities 26 869 40 435
Total non-current liabilities 772 597 774 547
TOTAL LIABILITIES 1 410 302 1 549 013
(in thousands of EUR) 31.12.25 31.12.24
Equity
Share capital 2 117 2 117
Own shares -790 -72
Share premium 32 484 32 484
Reserve capital 212 212
Option reserve 10 099 6 223
Hedging reserve -7 775 -21 674
Unrealised currency translation differences 1 167 45
Employment benefit reserve -44 -185
Retained earnings 886 316 890 167
Total equity attributable to equity holders
of the Parent 923 786 909 317
Minority interests 253 730 256 904
Total equity 1 177 516 1 166 221
TOTAL LIABILITIES AND EQUITY 2 587 818 2 715 234
Consolidated Income Statement of Comprehensive Income
Q4 Q4 12 M 12 M
(in thousands of EUR) 2025 2024 2025 2024
Revenue 417 438 446 168 1 837 000 1 371 775
Cost of goods (goods and services)
sold -353 700 -411 237 -1 595 481 -1 243 034
Write-down of receivables -456 -60 -673 -113
Gross profit 63 282 34 871 240 846 128 628
Marketing expenses -12 353 -12 459 -46 571 -21 086
General administrative expenses -31 914 -22 759 -94 239 -50 438
Profit (loss) from derivatives 2 810 2 098 10 847 26 672
Profit (loss) from biological assets 797 -156 5 412 -139
Profit (loss) from the change in the
fair value of the investment property -2 868 -6 749 -2 868 -949
Profit (loss) from the change in the
fair value of the property -2 548 0 -8 155 -8 691
Other operating revenue 3 607 -767 10 080 4 682
Other operating expenses -971 -871 -4 291 -1 655
Operating profit 19 842 -6 792 111 061 77 024
Q4 Q4 12 M 12 M
(in thousands of EUR) 2025 2024 2025 2024
Profit (loss) from investments
accounted for by equity method 2 305 846 4 245 22 974
Financial income and expenses:
Other financial investments 2 024 269 19 008 93 659
Interest expense -10 888 -13 808 -45 688 -38 274
Interest income 724 760 3 070 4 979
Profit (loss) from changes in exchange
rates 242 -56 244 100
Other financial income and expenses -615 16 287 -2 592 13 342
Total financial income and expenses -8 513 3 452 -25 958 73 806
Profit before tax 13 634 -2 494 89 348 173 804
Corporate income tax 507 -9 494 -17 379 19 866
Profit for the financial year 14 141 -11 988 71 969 193 670
including:
Profit attributable to the owners of
the parent company 16 143 -11 188 72 662 191 253
Profit attributable to non-controlling
interest -2 002 -800 -693 2 417
12 Months 12 Months
Other comprehensive income 2025 2024
Items that may be subsequently
reclassified to the income statement:
Remeasurement of post-employment
benefit obligations 0 -141
Revaluation of risk hedging instruments 14 040 -45 792
Exchange rate differences attributable
to foreign subsidiaries 1 122 53
Total of other comprehensive income 15 162 -45 880
Total income 87 131 147 790
including:
Comprehensive profit attributable to
the owners of the parent company 87 824 145 514
Comprehensive profit attributable to
non-controlling interest -693 2 417
Ordinary earnings per share (in euros per share) 3,54 9,36
Diluted earnings per share (in euros per share) 3,47 9,12
Consolidated Cash Flow Statement
12 Months 12 Months
(in thousands of EUR) 2025 2024
Profit for the financial year 71 969 193 670
Adjustments:
Depreciation, amortisation, and impairment of non-current
assets 121 520 68 251
Equity profits/losses -4 245 -22 974
Change in the value of derivatives 3 078 -1 483
Other financial income/expenses -15 585 -112 030
Calculated interest expenses 45 688 38 274
Profit/loss from non-current assets sold -479 -955
Income from grants recognised as revenue -1 791 -643
Corporate income tax expense 17 379 -19 866
Income tax paid -18 302 -10 551
Change in receivables and prepayments related to operating
activities -195 52 022
Change in inventories 131 376 -12 830
Change in payables and prepayments relating to operating
activities 40 163 -81 275
Change in biological assets -1 944 -322
Total cash flows from operating activities 388 632 89 288
12 Months 12 Months
Cash flows from investing activities 2025 2024
Purchase of investments in associates 12 0
Purchases of subsidiaries -43 880 -111 684
Received dividends 0 20 862
Given loans 4 513 1 918
Interest gain 3 043 4 953
Purchases Investment property -3 348 -10 352
Purchases of property, plant and equipment -76 747 -27 835
Proceeds from sale of property 84 584 1 561
Total cash flows used in investing activities -31 823 -120 577
12 Months 12 Months
Cash flows used in financing activities 2025 2024
Gain from government grants 4 196 225
Changes in overdraft 1 224 12 863
Proceeds from borrowings 103 379 358 731
Repayments of borrowings -271 067 -151 790
Repayment of finance lease liabilities -18 562 -11 300
Interest paid -46 556 -39 153
Dividends paid -76 513 -60 997
Purchase of own shares and gain from share emission -718 3 174
Total cash flows used in financing activities -304 617 111 753
0 0
TOTAL NET CASH FLOW 52 192 80 464
Cash at the beginning of the year 167 579 87 115
Cash at the end of the period 219 771 167 579
Net (decrease)/increase in cash 52 192 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% 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 109 companies
belong to the Infortar group: 100 subsidiaries 4 affiliated companies and 4
subsidiaries of affiliated companies. Excluding affiliates Infortar employs
6466 people.
Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: [email protected] (mailto:[email protected])
www.infortar.ee/en/investor (http://www.infortar.ee/en/investor)