Market announcement

Infortar will arrange a webinar for investors today 2 November 2026. Please join the webinar via the following links:

at 12:00 (Tallinn local time) Estonian webinar
at 14:00 (Tallinn local time) English webinar

At the end of September, Infortar’s total assets stood at €2.62 billion and equity at €1.25 billion. The Group’s borrowings decreased by 5.5% compared with the end of the previous year to €1.01 billion, while net debt declined by 2.8% to €828 million. In the third quarter, Infortar generated revenue of €458 million and a net profit of €50 million.

“The third quarter brought key decisions that will shape Infortar’s development in the years ahead and create a platform for further growth. We have consistently expanded our operations in sectors where we see long-term growth potential. In September, we signed an agreement to acquire the Lithuanian agricultural group Litagra at an enterprise value of €95 million. We completed the acquisition in October, making Infortar Agro the largest milk producer in the Baltic states. This marks an important step in the development of our agricultural business and provides a strong foundation for further growth,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.

“Tallink delivered a strong summer quarter, with growth in passenger numbers, cargo volumes and revenue. Despite rising fuel prices and environmental levies, Tallink remains focused on cost efficiency. Elenger focused on ensuring a reliable supply of energy for its customers ahead of the heating season, increasing its gas storage inventories and securing additional LNG deliveries. Our real estate business continued to grow steadily and rental income increased,” Hanschmidt added.

Major Events
Energy

In the third quarter, natural gas consumption in the Baltic-Finnish region totalled 5.6 TWh, decreasing by 6% compared with the previous year (5.9 TWh). Elenger Grupp’s gas and electricity sales volumes in the third quarter decreased by 27% year on year to 2.8 TWh (compared to 3.8 TWh in Q3 2025). The decline was primarily driven by a reduction in wholesale sales. Despite the overall decline in sales volumes, Elenger’s gas market share in the Baltic-Finnish market increased to 31%, and Estonia accounted for 14% of energy sales.

Maritime transport

In the third quarter, Tallink carried 1,816,174 passengers, representing a 2.8% increase year-on-year. The number of cargo units transported increased by 7.8% to 64,980, while the number of passenger vehicles decreased by 1.1% to 249,100.

As at the end of the quarter, Tallink operated 11 vessels including 2 shuttle vessels, 5 passenger vessels, 3 vessels that were chartered out and 1 in lay-up.

Real estate and infrastructure

In Q3 2026, INF Infra, part of the Infortar Group, 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.

In Q3 2026, construction of a Depo DIY Store continued on the property adjacent to the Tallink Tennis Centre. The project is scheduled for completion in the spring of 2027.

In Q3 2026, the reconstruction and expansion project of the Radisti 7 warehouse and office building continued. The works are being carried out by INF Ehitus and are scheduled for completion by the end of 2026.

Key financial figures

*Basic earnings per share is calculated by dividing profit attributable to owners of the parent for the period by the weighted average number of ordinary shares outstanding during the same period, excluding own shares.** The investment loans to EBITDA ratio is calculated by dividing long-term investment loans disclosed in Note 7.1 by EBITDA for the trailing twelve months, comprising the first nine months of the reporting year and the fourth quarter of the previous year.

Revenue

In the first nine months of the 2026 financial year, the Group’s consolidated revenue was EUR 1,403.425 million (9 months 2025: EUR 1,419.562 million).

EBITDA and Segment Reporting

In the first nine months of the 2026 financial year, the maritime transport segment’s EBITDA was EUR 104.025 million (9 months 2025: EUR 102.217 million).

In the first nine months of the 2026 financial year, the energy segment’s EBITDA was EUR 71.476 million (9 months 2025: EUR 76.597 million).

The profitability of the real estate segment is assessed based on the standalone EBITDA of the real estate companies. In the first nine months of the 2026 financial year, real estate EBITDA was EUR 12.034 million (9 months 2025: EUR 10.962 million).

Net Profit (Loss)

In the first nine months of the 2026 financial year, consolidated net profit was EUR 57.600 million, of which EUR 58.602 million was attributable to owners of the parent (9 months 2025: EUR 57.828 million and EUR 56.519 million, respectively).

Investments

In the first nine months of the 2026 financial year, the Group’s total investments amounted to approximately EUR 61 million (9 months 2025: EUR 96 million).

Financing

As at 30 September 2026, loan and lease liabilities totalled EUR 1,012.732 million (31 December 2025: EUR 1,071.353 million).

As at 30 September 2026, the Group’s net debt was EUR 828.009 million (31 December 2025: EUR 851.582 million). The net debt to EBITDA ratio was 3.1 (31 December 2025: 3.7).

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 2026, a dividend of EUR 3.02 per share will be paid to shareholders for the 2025 financial year. The first payment was made on 15 July 2026, and the second payment will be made on 15 December 2026 with transfer to the shareholders’ bank accounts.

STATEMENT OF FINANCIAL POSITION

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF CASH FLOWS

Infortar operates in seven countries, the company's main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.38% shareholding in Tallink Grupp, a 100% share in Elenger Grupp and a versatile and modern real estate portfolio of approx. 143,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, and other areas. A total of 141 companies belong to the Infortar group, including 3 associates and 2 subsidiaries of associates. Excluding associates, Infortar employs 6203 people.

Additional information:

Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: [email protected]
www.infortar.ee/en/investor