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AKTSIASELTS INFORTAR
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04.05.2026 09:00:02
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Aktsiaseltsi Infortar 2026 aasta auditeerimata konsolideeritud esimese kvartali tulemused
Teade
Aktsiaselts Infortar (Infortar) korraldab täna kõikidele huvilistele esimese
kvartali tulemusi tutvustava veebiseminari. Veebiseminariga ühinemiseks palume
kasutada järgmiseid linke:
4. mail kell 12.00 eestikeelne veebiseminar
(https://www.globenewswire.com/Tracker?data=MdHcMWKSgUTynjFMscGTFEZlgysxsat3C1j0
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m1OC7KHOCJRXU_i0mwTsVHk3f9YMqr6A_boCn0m2PQvc41HicL8lQzd--iuFR1gmP8=)
4. mail kell 14.00 ingliskeelne veebiseminar
(https://www.globenewswire.com/Tracker?data=oUIUTDFQR_RtZeOgFqyS7mnj8euBrslujmu9
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Eesti üks suuremaid ettevõtteid Infortar kasvatas esimeses kvartalis oma
müügitulu 13% võrra 505 miljoni euroni. Ettevõtte kasum ulatus 5 miljoni euroni
ning EBITDA ulatus 47 miljoni euroni. Kontserni omakapital ulatus 1,236 miljardi
euroni, varade maht 2,659 miljardi euroni ning investeeringud 29 miljoni euroni.
Infortari laenukohustised vähenesid 7% võrra 1,032 miljardi euroni ja netovõlg
16% võrra 800 miljoni euroni.
Infortari juhatuse esimehe Ain Hanschmidti sõnul on kontserni kõigi olulisemate
finantsnäitajate paranemise taga loomulik, ettevõttesisene, igapäevase
äritegevuse ja mahtude kasv. "Oleme aastaga oma madalat laenukoormust veelgi
vähendanud, tugev bilanss ja likviidsus tagavad meile kindla finantsseisu ja
arenguvõimalused ka keerulisemates tingimustes," märkis Hanschmidt.
"Oleme teadlikult kujundanud portfelli, mis ei sõltu ühest sektorist või turust.
Energeetika, meretransport, kinnisvara ja põllumajandus käituvad
majandustsüklites erinevalt ning just see loob kontserni vaates stabiilsuse.
Muutlikes oludes kujutab mitmekesisus endast praktilist tööriista riskide
tasakaalustamiseks ja rahavoogude hoidmiseks," lausus Hanschmidt.
"Tallink Grupi juhtkonnas toimunud muudatused annavad hoogu ja uut hingamist
Läänemerel, läheme lootusrikkalt vastu suvisele kõrgperioodile. Kinnisvara ja
ehituse valdkonnas edeneb jõudsalt Rail Baltica rajamine, peagi on kätte jõudmas
Pärnumaal asuva Halinga rohegaasijaama avamine, Tallinnas Lasnamäel Depo
kaupluse ehitusel käivad aktiivsed betoonitööd, Paikusel on Sindi-Lodja
sillakaared paika asetatud, INF Ehituse uues tootmisbaasis tähistati sarikapidu
ning äsja avas taas uksed värskelt renoveeritud Tallink Express Hotel," märkis
Hanschmidt.
Olulisemad sündmused
Meretransport
2026. majandusaasta esimeses kvartalis vedas Tallink kokku üks miljon reisijat,
mida on 6,8% võrra enam kui eelmise aasta sama perioodi jooksul. Veetud
kaubaveoühikute arv kasvas eelmise aastaga võrreldes 13,4% võrra ning oli
65 578. Veetud sõiduautode arv kasvas aastases võrdluses 1,2% ning oli
137 479. Kvartali lõpu seisuga opereeris Tallink 11 laeva, sealhulgas 2 shuttle-
laeva, 6 liine teenindavat kruiisilaeva, välja oli prahitud 2 laeva ja 1 laev
seisis.
Energeetika
Esimeses kvartalis oli maagaasi tarbimine Soome ja Balti piirkonnas kokku 19,3
TWh, mis on 28% rohkem kui aasta varem (15,0 TWh). Elenger Grupi gaasi- ja
elektrimüügimahud 1. kvartalis kasvasid 21%, jõudes 5,5 TWh-ni. Selle tulemusena
ettevõtte gaasimüügi turuosa Soome-Balti turul 1. kvartalis jäi pisut alla
eelmisele aastale, jäädes 18%-le, müük Eestis moodustas 19% kogu energiamüügist.
Kinnisvara ja infrastruktuur
2026. aasta esimeses kvartalis jätkas Infortari gruppi kuuluv INF Infra Rail
Baltica põhitrassi ehitust Kangru-Saku lõigul. Samal perioodil jätkus Tallink
Tennisekeskuse kõrval asuvale kinnistule Depo (DIY Store) kaubanduspinna
rajamine.
Toetavad valdkonnad
Põllumajanduse ja biogaasivaldkonna tegevused on koondatud Infortar Agro alla.
Tütarühing Halinga opereerib Halinga suurfarmi ning alustas 2024. aasta
detsembris rohegaasijaama ehitust, mis on tänaseks jõudnud ehituse lõppfaasi.
Teise suurfarmi integreerimine kontserni jätkub. Estonia Farmid juures
opereeritakse Oisu biogaasijaama, mis on alates 2026. aastast samuti kontserni
ettevõte.
Tähtsamad finantsnäitajad ja suhtarvud
Perioodi kohta 1. kvartal 2026 1. kvartal 2025 12 kuud 2025
Müügitulu (miljonites eurodes) 504,996 447,357 1 837,000
Brutokasum (miljonites eurodes) 54,735 26,068 239,842
EBITDA (miljonites eurodes) 47,070 27,661 227,919
EBITDA marginaal (%) 9,3% 6,2% 12,4%
Ärikasum (EBIT) 21,382 -0,655 109,008
Kasum/ kahjum (miljonites 5,318 -14,561 69,857
eurodes)
Emaettevõtte omanikele kuuluv 12,821 -4,479 70,550
kasum/ kahjum (miljonites
eurodes)
Kasum/kahjum aktsia kohta 0,6 -0,2 3,3
(eurodes)(1)
Perioodi lõpu seisuga 31.03.2026 31.03.2025 31.12.2025
Omakapital (miljonites eurodes) 1 236,459 1 181,002 1 175,404
Laenu ja liisingkohustised 1 031,741 1 105,305 1 071,353
(miljonites eurodes)
Netovõlg (miljonites eurodes) 800,210 952,397 851,582
Investeerimislaenude ja EBITDA 2,9 3,3 3,0
suhe(2)
Likviidsus (miljonites eurodes) 231,531 152,908 219,771
(1) Kasum aktsia kohta (eurodes) arvutatakse järgmiselt: emaettevõtte omanikele
kuuluv kasum/kahjum täisarvudes/ aktsiate arv, millest on maha arvatud oma
aktsiad.
(2) Investeerimislaenud / EBITDA, mis on viidud aasta baasile.
Müügitulu
2026. majandusaasta 1 kvartalis suurenes kontserni konsolideeritud müügitulu 58
miljoni euro võrra võrreldes eelmise aasta sama perioodiga ja ulatus 504,996
miljoni euroni (2025. aasta 1. kvartali konsolideeritud müügitulu oli 447,357
miljonit eurot). Positiivset mõju avaldas merelaevanduse segmendis
müügitulemuste paranemine võrreldes eelmise aasta sama perioodiga ja energeetika
segmendis keskmiselt olulisem külmem kvartal, samal ajal kui 2025. aasta esimene
kvartal oli keskmisest soojem.
EBITDA ja segmendiaruandlus
Meretranspordi segmendi EBITDA 2026. majandusaasta esimese kvartali EBITDA oli
nullilähedane, mis tähendab paranemist võrreldes 2025. aasta sama perioodiga,
mil EBITDA oli -3,8 miljonit eurot.
Energeetikasegmendi EBITDA oli 2026. majandusaasta esimeses kvartalis 40,175
miljonit eurot (2025. majandusaasta esimeses kvartalis 31,82 miljonit eurot).
Energeetikasegmendi kasumlikkust mõjutasid positiivselt keskmisest oluliselt
külmem talv ning stabiilsed võrguettevõtete tulemused.
Kinnisvarasegmendis võetakse kasumlikkuse hindamisel arvesse eraldiseisvate
kinnisvaraettevõtete EBITDA. Kinnisvara EBITDA oli 2026. majandusaasta esimeses
kvartalis kokku 4,196 miljonit eurot (2025. majandusaasta esimeses kvartalis
3,893 miljonit eurot).
Puhaskasum
Konsolideeritud puhaskasum oli 2026. majandusaasta esimeses kvartalis 5,318
miljonit eurot (2025. majandusaasta esimeses kvartalis kahjum -14,561 miljonit
eurot). Kasumlikkus paranes meretranspordi segmendi kahjumi vähenemise ja
energeetika segmendi tulemuste paranemise mõjul.
Finantseerimine
Laenu ja liisingkohustised olid 2026. majandusaasta esimeses kvartalis kokku
1 031,741 miljonit eurot (2025. majandusaasta lõpu seisuga 1 071,353 miljonit
eurot). Netovõla ja EBITDA suhtarv on 3,2.
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;
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 oma aktsiate arv.
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
(tuhandetes eurodes) 31.03.26 31.12.25
KÄIBEVARA
Raha 231 531 219 771
Lühiajalised tuletisinstrumendid 55 467 4 732
Realiseerunud tuletisinstrumentide nõuded 2 445 1 823
Nõuded ostjatele 144 883 153 473
Maksude ettemaksed 5 022 5 659
Muud nõuded ja ettemaksud 59 191 38 878
Ettemaksed varude eest 579 476
Varud 75 341 90 672
Bioloogilised varad 1 560 1 545
Käibevara kokku 576 019 517 029
PÕHIVARA
Investeeringud sidusettevõtetesse 15 765 21 412
Pikajalised tuletisinstrumendid 5 770 1 079
Muud pikaajalised nõuded 31 346 31 648
Õiglases väärtuses põhivara 1 202 701 1 202 173
Kinnisvarainvesteeringud 67 883 66 872
Materiaalne põhivara 674 595 669 797
Immateriaalne põhivara 37 450 37 930
Kasutusõigusega vara 38 589 39 645
Bioloogiline vara 8 944 9 022
Põhivara kokku 2 083 043 2 079 578
VARAD KOKKU 2 659 062 2 596 607
(tuhandetes eurodes) 31.03.26 31.12.25
LÜHIAJALISED KOHUSTUSED
Laenukohustised 277 372 338 515
Rendikohustised 9 472 10 029
Võlad tarnijatele 102 862 123 330
Maksukohustused 45 846 44 972
Ostjate ettemaksed 54 459 38 621
Realiseerunud tuletisinstrumendid 5 770 4 156
Muud lühiajalised kohustused 115 546 69 677
Lühiajalised tuletisinstrumendid 5 742 9 552
Lühiajalised kohustused kokku 617 069 638 852
PIKAAJALISED KOHUSTUSED
Pikaajalised eraldised 8 144 8 695
Edasilükkunud tulumaksukohustis 3 478 1 894
Muud pikaajalised kohustused 46 836 46 028
Pikaajalised tuletisinstrumendid 2 179 2 925
Laenukohustised 709 273 686 187
Rendikohustised 35 624 36 622
Pikaajalised kohustused kokku 805 534 782 351
KOHUSTUSED KOKKU 1 422 603 1 421 203
OMAKAPITAL
Aktsiakapital 2 117 2 117
Oma aktsiad -1 433 -790
Ülekurss 32 484 32 484
Reservkapital 212 212
Optsioonireserv 11 215 10 099
Riskimaandamise reserv 49 908 -7 260
Realiseerimata kursivahed -736 1 167
Töösuhtejärgsete hüvitiste kohustuste reserv -559 -559
Jaotamata kasum 897 025 884 204
Emaettevõtte omanikele kuuluv omakapital 990 233 921 674
Vähemusosalus 246 226 253 730
Omakapital kokku 1 236 459 1 175 404
KOHUSTUSED JA OMAKAPITAL KOKKU 2 659 062 2 596 607
KONSOLIDEERITUD KASUMI- JA KOONDKASUMIARUANNE
12 kuud
(tuhandetes eurodes) 1. kv 2026 1. kv 2025 2025
Müügitulu 504 996 447 357 1 837 000
Müügikulu -450 073 -421 173 -1 596 485
Nõuete allahindlused -188 -116 -673
Brutokasum 54 735 26 068 239 842
Turustuskulud -10 941 -10 976 -46 571
Üldhalduskulud -21 755 -20 965 -94 178
Kasum/kahjum tuletisinstrumentidest -739 3 939 10 847
Kasum/kahjum bioloogilistelt varadelt -1 561 -33 5 412
Kahjum kinnisvarainvesteeringute õiglase
väärtuse muutusest 0 0 -2 868
Kasum/kahjum põhivara õiglase väärtuse
muutusest 0 0 -9 265
Muud äritulud 4 711 1 956 10 080
Muud ärikulud -3 068 -644 -4 291
Ärikasum 21 382 -655 109 008
12 kuud
(tuhandetes eurodes) 1. kv 2026 1. kv 2025 2025
Kasum kapitaliosaluse meetodil arvestatud
investeeringutelt -2 423 955 4 247
Finantstulud ja -kulud:
Finantsinvesteeringute tulu/kulu 0 -333 16 416
Intressikulu -10 240 -12 896 -45 749
Intressitulu 929 842 3 070
Kasum/kahjum valuutakursi muutustest 366 -315 244
Muud finantstulud ja -kulud -528 -451 0
Finantstulud ja -kulud kokku -9 473 -13 153 -26 019
Kasum enne maksustamist 9 486 -12 853 87 236
Ettevõtte tulumaks -4 168 -1 708 -17 379
Kasum/kahjum 5 318 -14 561 69 857
sealhulgas:
Emaettevõtte omanikele kuuluv kasum/kahjum 12 821 -4 479 70 550
Vähemusosalusele kuuluv kasum/kahjum -7 503 -10 082 -693
12 kuud
Muu koondkasum 1. kv 2026 1. kv 2025 2025
Kirjed, mida võib edaspidi ümber
klassifitseerida kasumiaruandesse:
Töösuhtejärgsete hüvitiste kohustuste
ümberhindlus -374
Rahavoogude riskimaandamis-instrumendid -
õiglase väärtuse muutuse efektiivne osa 14 414
Välismaiste tütarettevõtjate ümberarvestusel tekkinud
valuutakursivahed 1 122
Muu koondkasum kokku 15 162
Koondkasum/-kahjum kokku 85 019
sealhulgas:
Emaettevõtte omanikele kuuluv kasum/kahjum 87 712
Vähemusosalusele kuuluv kasum/kahjum -693
Tavakasum aktsia kohta 0,62 -0,22 3,43
Lahustatud kasum aktsia kohta 0,61 -0,21 3,37
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
Rahavood äritegevusest
(tuhandetes eurodes) 3 kuud 2026 12 kuud 2025
Aruandeperioodi kasum/kahjum 5 318 69 857
Korrigeerimised:
Põhivara kulum ja väärtuse langus 25 688 118 911
Kapitaliosaluse ümberhindlus 2 896 -4 247
Tuletisinstrumentide väärtuse muutus -2 439 3 433
Muud finantstulud/-kulud -2 829 -15 585
Arvestatud intressikulud 10 240 45 749
Kasum/kahjum põhivarast -1 121 -479
Tuludes kajastatud sihtfinantseerimise tulu -318 -1 791
Arvestatud tulumaksukulu 4 168 17 379
Eraldiste moodustamine ja korrigeerimine 742 3 519
Makstud tulumaks -2 584 -18 302
Äritegevusega seotud nõuete ja ettemaksete muutus -11 599 -195
Varude muutused 15 228 131 377
Äritegevusega seotud kohustuste muutus 42 711 36 289
Bioloogiliste varade muutus 62 -1 944
Kokku rahavood äritegevusest 86 163 383 971
Rahavood investeerimistegevusest 3 kuud 2026 12 kuud 2025
Tasutud sidusettevõtete ostul 0 12
Laekunud sidusettevõtete müügist 2 752 0
Tasutud tütarettevõtete ostul 0 -43 881
Antud laenude tagasimaksed 201 4 513
Laekunud intressid 922 3 043
Tasutud kinnisvarainvesteeringute soetamisel -1 011 -3 348
Tasutud materiaalse ja immateriaalse põhivara
soetamisel -28 130 -76 747
Laekunud kinnisvarainvesteeringute ja põhivara
müügist 1 263 84 584
Kokku rahavood investeerimistegevusest -24 003 -31 824
Rahavood finantseerimistegevusest 3 kuud 2026 12 kuud 2025
Saadud sihtfinantseerimine 763 4 196
Arvelduskrediidi muutus -23 583 1 224
Saadud laene 37 725 103 379
Saadud laenude tagasimaksed -52 199 -271 067
Rendikohustiste põhiosa tagasimaksed -3 048 -13 839
Makstud intressid -9 415 -46 617
Makstud dividendid 0 -76 513
Oma aktsiate ost ja laekumised aktsiate
emiteerimisest -643 -718
Kokku rahavood finantseerimistegevusest -50 400 -299 955
Rahavood kokku 11 760 52 192
Raha ja raha ekvivalendid perioodi alguses 219 771 167 579
Raha ja raha ekvivalendid perioodi lõpus 231 531 219 771
Raha ja raha ekvivalentide muutus 11 760 52 192
Infortar tegutseb seitsmes riigis, ettevõtte peamised tegevusvaldkonnad on
meretransport, energeetika ja kinnisvara. Infortar omab 68,47% suurust osalust
AS-is Tallink Grupp, 100% osalust AS-is Elenger Grupp ning mitmekülgset ja
kaasaegset, ca 141 000 m(2) suurust kinnisvaraportfelli. Lisaks kolmele
põhitegevusvaldkonnale tegutseb Infortar põllumajanduse, insenerehituse,
ehitusmaavarade, trükkimise ja muudes valdkondades. Kokku kuulub Infortari
kontserni 107 ettevõtet, sealhulgas 3 sidusettevõtet ja 2 sidusettevõtete
tütarettevõtet. Arvestamata sidusettevõtteid annab Infortar tööd 6288 inimesele.
Lisainfo:
Kadri Laanvee
AS Infortar investorsuhete juht
Tel. 5156662
E-mail: [email protected]
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www.infortar.ee/investorile
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Pealkiri
Aktsiaselts Infortar unaudited consolidated results for the first quarter of 2026
Teade
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
(https://www.globenewswire.com/Tracker?data=eK_7IvST-
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4 May at 14:00 (EET) English webinar
(https://www.globenewswire.com/Tracker?data=z5EbiHWHis0Ee5tHDkU9G-
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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 mEUR 504.996 447.357 1 837.000
Gross profit mEUR 54.735 26.068 239.842
EBITDA mEUR 47.070 27.661 227.919
EBITDA margin (%) 9.3% 6.2% 12.4%
Operating profit (EBIT) mEUR 21.382 -0.655 109.008
Net profit(-loss) mEUR 5.318 -14.561 69.857
Net profit (-loss) attributable to owners 12.821 -4.479 70.550
of the parent mEUR
EPS (euros)(1) 0.6 -0.2 3.3
As at 31.03.2026 31.03.2025 31.12.2025
Total equity mEUR 1 236.459 1 181.002 1 175.404
Interest-bearing liabilities mEUR 1 031.741 1 105.305 1 071.353
Net debt mEUR 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
Q1 Q1 12 M
(in thousands of EUR) 2026 2025 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
Q1 Q1 12 M
(in thousands of EUR) 2026 2025 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
Q1 Q1 12 Months
Other comprehensive income 2026 2025 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
3 Months 12 Months
(in thousands of EUR) 2026 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
3 Months 12 Months
Cash flows from investing activities 2026 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
3 Months 12 Months
Cash flows used in financing activities 2026 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 m(2). 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: [email protected]
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www.infortar.ee/en/investor
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