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.
