AS Infortar: Unaudited results for Q2 and H1 2026
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at 12:00 (Tallinn local time) Estonian webinar
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Infortar increased operating profit by 94% to EUR 51 million in the first half of 2026, while EBITDA rose by 31% to EUR 111 million. Revenue remained broadly unchanged at EUR 946 million. The Group invested EUR 50 million during the period.
“Profitable growth and investment have long been at the heart of our strategy. We have signed major acquisition agreements and expanded our holdings across sectors and geographies. The first-half results demonstrate that the decisions we have made are creating long-term value and that profitable growth is generated not only through one-off transactions, but also through our day-to-day business operations,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.
“In the energy segment, Elenger continued to balance investments between transition fuels and renewable energy. As Estonia’s largest biomethane producer, we opened a new biomethane plant at the Halinga dairy farm complex in June. The plant will produce green gas from local feedstock, strengthening both energy and food security.
“We also maintained sufficient reserves of Western-sourced natural gas and secured supplies for the next heating season. Half of the volumes required for the next heating season have already arrived in the region via LNG terminals in Finland and Lithuania, while agreements are in place for the remaining deliveries, ensuring security of supply for our customers,” Hanschmidt noted.
“To demonstrate our confidence in Tallink’s long-term prospects, we further increased our shareholding. Tallink generates stable revenue, supported in recent months by growth in cargo volumes, while the current management team is focused on improving profitability and efficiency,” Hanschmidt said.
Major Events
Maritime transport
In the second quarter, Tallink carried 1,454,725 passengers, representing a 2.2% decrease year-on-year. The number of cargo units transported increased by 2.9% to 68,986, while the number of passenger vehicles was down by 6.5% to 199,025.
At quarter-end, Tallink operated 11 vessels: two shuttle vessels, five cruise ferries serving regular routes, three chartered-out vessels and one vessel in lay-up.
During the quarter, Tallink’s investments totalled EUR 7.3 million.
Energy
In the second quarter, natural gas consumption in the Finnish-Baltic region totalled 7.0 TWh, decreasing by 7% compared with the previous year (7.6 TWh).
Elenger Grupp’s gas and electricity sales volumes in the second quarter decreased by 34% year on year, totalling 3.3 TWh (compared to 4.9 TWh in Q2 2025). The decline was primarily driven by a reduction in wholesale sales. Elenger’s gas market share in the Finnish-Baltic market increased to 29% in Q2 2026, and Estonia accounted for 15% of energy sales.
Real estate and infrastructure
In Q2 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 Q2 2026, construction of the DEPO DIY store continued on the property adjacent to the Tallink Tennis Centre. The project is scheduled for completion in autumn 2026.
Key financial figures
| Key figures | Q2 2026 | Q2 2025 | 6 months 2026 | 6 months 2025 | |
| Revenue, m€ | 440.921 | 504.512 | 945.917 | 951.869 | |
| Gross profit, m€ | 59.397 | 55.668 | 114.132 | 81.736 | |
| EBITDA, m€ | 64.158 | 57.390 | 111.228 | 85.051 | |
| EBITDA margin (%) | 14.6 | 11.4 | 11.8 | 8.9 | |
| Operating profit (EBIT), m€ | 29.686 | 27.038 | 51.068 | 26.383 | |
| Profit before tax, m€ | 17.709 | 15.548 | 27.195 | 2.695 | |
| Income tax expense, m€ | -15.826 | -15.398 | -19.994 | -17.106 | |
| Net profit(-loss), m€ | 1.883 | 0.15 | 7.201 | -14.411 | |
| Net profit (-loss) attributable to owners of the parent, m€ | 2.342 | 1.930 | 15.163 | -2.549 | |
| Earnings per share (euros)* | 0.1 | 0.1 | 0.7 | -0.1 | |
| Total equity m€ | 1 200.533 | 1 174.599 | 1 200.533 | 1 174.599 | |
| Loan and lease liabilities m€ | 1 083.091 | 941.747 | 1 083.091 | 941.747 | |
| Net debt m€ | 829.904 | 795.379 | 829.904 | 795.379 | |
| Investment loans / EBITDA** | 3.0 | 2.7 | 3.0 | 2.7 | |
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.
Revenue
In the first half of 2026 financial year, the Group’s consolidated revenue was EUR 945.917 million (6 months 2025 consolidated revenue: EUR 951.869 million).
EBITDA and Segment Reporting
In the first half of 2026 financial year, the EBITDA of the maritime transport segment amounted to EUR 39.277 million (6 months 2025: EUR 33.292 million).
The energy segment’s EBITDA in the first half of 2026 was EUR 59.891 million (6 months 2025: EUR 51.749 million).
In the real estate segment, profitability is calculated based on the standalone results of the real estate companies. The real estate segment’s EBITDA in the first half of 2026 was EUR 8.087 million (6 months 2025 was EUR 7.691 million).
Net Profit (Loss)
The consolidated net profit for the first half of the 2026 financial year was EUR 7.201 million, including a profit attributable to Infortar 's owners of EUR 15.163 million (6 months 2025 net loss: EUR -14.4 million, including EUR -2.549 million attributable to Infortar 's owners).
Investments
In the first half of 2026, the total amount of investments made by the Infortar Group was approximately EUR 50 million (H1 2025: EUR 38 million).
Financing
As at 30 June 2026, the Group’s total loan and lease liabilities amounted to EUR 1 083.091 million (compared to EUR 1,071.353 million at the end of the 2025 financial year). Infortar’s net debt stood at EUR 829.904 million (compared with EUR 851.582 million at 31 December 2025). The net debt to EBITDA ratio was 3.3 (31.12.2025 ratio was 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.
Consolidated Statement of Profit or Loss
| (in thousands of EUR) | Q2 2026 | Q2 2025 | 6 months 2026 | 6 months 2025 |
| Revenue | 440 921 | 504 512 | 945 917 | 951 869 |
| Cost of goods (goods and services) sold | -381 617 | -448 771 | -831 690 | -869 944 |
| Write-down of receivables | 93 | -73 | -95 | -189 |
| Gross profit | 59 397 | 55 668 | 114 132 | 81 736 |
| Marketing expenses | -12 441 | -12 119 | -23 382 | -23 095 |
| General administrative expenses | -23 532 | -22 556 | -45 287 | -43 521 |
| Profit (loss) from derivatives | -766 | 5 243 | -1 505 | 9 182 |
| Profit (loss) from biological assets | 2 827 | 137 | 1 266 | 104 |
| Other operating income | 4 807 | 2 280 | 9 518 | 4 236 |
| Other operating expenses | -606 | -1 615 | -3 674 | -2 259 |
| Operating profit | 29 686 | 27 038 | 51 068 | 26 383 |
| (in thousands of EUR) | Q2 2026 | Q2 2025 | 6 months 2026 | 6 months 2025 |
| Profit (loss) from investments accounted for by equity method | 282 | 366 | -2 141 | 1 321 |
| Financial income and expenses: | ||||
| Other financial investments | -218 | -278 | -218 | -611 |
| Interest expense | -10 791 | -11 581 | -21 031 | -24 477 |
| Interest income | 777 | 895 | 1 706 | 1 737 |
| Profit (loss) from changes in exchange rates | -1 283 | -71 | -917 | -386 |
| Other financial income and expenses | -744 | -821 | -1 272 | -1 272 |
| Total financial income and expenses | -12 259 | -11 856 | -21 732 | -25 009 |
| Profit before tax | 17 709 | 15 548 | 27 195 | 2 695 |
| Corporate income tax | -15 826 | -15 398 | -19 994 | -17 106 |
| Profit for the financial period | 1 883 | 150 | 7 201 | -14 411 |
| including: | ||||
| Profit attributable to the owners of the parent company | 2 342 | 1 930 | 15 163 | -2 549 |
| Profit attributable to non-controlling interest | -459 | -1 780 | -7 962 | -11 862 |
| Other comprehensive income | 6 months 2026 | 6 months 2025 | ||
| Items that will not be reclassified to profit or loss: | ||||
| Revaluation of post-employment benefit obligations | 9 | 0 | ||
| Items that may be subsequently reclassified to the profit or loss: | ||||
| Revaluation of risk hedging instruments | 22 267 | 24 168 | ||
| Exchange rate differences attributable to foreign subsidiaries | -1 816 | 922 | ||
| Total of other comprehensive income | 20 460 | 25 090 | ||
| Total income | 27 661 | 10 679 | ||
| including: | ||||
| Comprehensive profit attributable to the owners of the parent company | 35 623 | 22 541 | ||
| Comprehensive profit attributable to non-controlling interest | -7 962 | -11 862 | ||
| Ordinary earnings per share (in euros per share) | 0.74 | -0.12 | ||
| Diluted earnings per share (in euros per share) | 0.72 | -0.12 | ||
Consolidated Statement of Financial Position
| (in thousands of EUR) | 30.06.26 | 31.12.25 |
| Current assets | ||
| Cash and cash equivalents | 253 187 | 219 771 |
| Derivative financial assets | 33 637 | 4 732 |
| Settled derivative receivables | 6 982 | 1 823 |
| Trade receivables | 114 630 | 153 473 |
| Prepayments for taxes | 5 382 | 5 659 |
| Other receivables and prepayments | 44 525 | 38 878 |
| Prepayments for inventories | 1 526 | 476 |
| Inventories | 178 023 | 90 672 |
| Biological assets | 2 486 | 1 545 |
| Total current assets | 640 378 | 517 029 |
| Non-current assets | 30.06.26 | 31.12.25 |
| Investments to associates | 16 046 | 21 412 |
| Long-term derivative instruments | 1 612 | 1 079 |
| Other non-current receivables | 30 949 | 31 648 |
| Property, plant and equipment at fair value | 1 195 909 | 1 202 173 |
| Investment property | 68 130 | 66 872 |
| Property, plant and equipment | 678 481 | 669 797 |
| Intangible assets | 37 117 | 37 930 |
| Right-of-use assets | 37 933 | 39 645 |
| Biological assets | 7 754 | 9 022 |
| Total non-current assets | 2 073 931 | 2 079 578 |
| TOTAL ASSETS | 2 714 309 | 2 596 607 |
| (in thousands of EUR) | 30.06.26 | 31.12.25 |
| Current liabilities | ||
| Loan liabilities | 284 143 | 338 515 |
| Lease liabilities | 8 587 | 10 029 |
| Trade payables | 152 274 | 123 330 |
| Tax liabilities | 52 728 | 44 972 |
| Buyers ' advances | 52 036 | 38 621 |
| Settled derivatives | 1 074 | 4 156 |
| Other current liabilities | 97 549 | 69 677 |
| Short-term derivative instruments | 15 321 | 9 552 |
| Total current liabilities | 663 712 | 638 852 |
| Non-current liabilities | 30.06.26 | 31.12.25 |
| Long-term provisions | 8 017 | 8 695 |
| Deferred taxes | 2 119 | 1 894 |
| Other long-term liabilities | 47 725 | 46 028 |
| Long-term derivatives | 1 842 | 2 925 |
| Loan liabilities | 755 278 | 686 187 |
| Lease liabilities | 35 083 | 36 622 |
| Total non-current liabilities | 850 064 | 782 351 |
| TOTAL LIABILITIES | 1 513 776 | 1 421 203 |
| (in thousands of EUR) | 30.06.26 | 31.12.25 |
| Equity | ||
| Share capital | 2 117 | 2 117 |
| Own shares | -2 133 | -790 |
| Share premium | 32 484 | 32 484 |
| Reserve capital | 212 | 212 |
| Option reserve | 12 331 | 10 099 |
| Hedging reserve | 15 006 | -7 260 |
| Unrealised exchange rate differences | -649 | 1 167 |
| Post-employment benefit obligation reserve | -550 | -559 |
| Retained earnings from previous periods | 898 415 | 884 204 |
| Total equity attributable to equity holders of the Parent | 957 233 | 921 674 |
| Non-controlling interest(s) | 243 300 | 253 730 |
| Total equity | 1 200 533 | 1 175 404 |
| TOTAL LIABILITIES AND EQUITY | 2 714 309 | 2 596 607 |
Consolidated cash flow report
| (in thousands of EUR) | 6 months 2026 | 6 months 2025 |
| Profit of the period | 7 201 | -14 411 |
| Adjustments: | ||
| Depreciation, amortisation, and impairment of non-current assets | 60 160 | 58 668 |
| Fair value adjustment of equity investment | 2 614 | -1 321 |
| Change in the value of derivatives | -2 485 | -22 225 |
| Other financial income/expenses | -3 583 | -815 |
| Calculated interest expenses | 21 031 | 24 477 |
| Profit/loss from non-current assets sold | -1 775 | -244 |
| Income from grants recognised as revenue | -380 | -993 |
| Corporate income tax expense | 19 994 | 17 106 |
| Recognition and adjustment of provisions | 2 241 | 24 168 |
| Income tax paid | -19 768 | -16 798 |
| Change in receivables and prepayments related to operating activities | 28 794 | 18 704 |
| Change in inventories | -88 401 | 88 846 |
| Change in payables and prepayments relating to operating activities | 73 496 | 81 445 |
| Change in biological assets | 326 | 12 |
| Total cash flows from operating activities | 99 465 | 256 619 |
| Cash flows from investing activities | 6 months 2026 | 6 months 2025 |
| Proceeds from the sale of associates | 2 752 | 0 |
| Net cash flows on acquisition of subsidiaries | -2 406 | 0 |
| Repayments of loans granted | 193 | 1 317 |
| Interest received | 1 729 | 1 586 |
| Purchases of investment property | -1 258 | -2 015 |
| Purchases of property, plant and equipment | -48 521 | -36 414 |
| Proceeds from sale of property | 2 074 | 65 331 |
| Total cash flows used in investing activities | -45 437 | 29 805 |
| Cash flows used in financing activities | 6 months 2026 | 6 months 2025 |
| Proceeds from targeted financing | 1 866 | 893 |
| Changes in overdraft | -16 882 | -43 390 |
| Proceeds from borrowings | 37 235 | 11 136 |
| Repayments of borrowings | -5 634 | -245 306 |
| Repayment of finance lease liabilities | -14 813 | -5 859 |
| Interest paid | -20 089 | -24 619 |
| Dividends paid | -952 | -490 |
| Repurchase of own shares | -1 343 | 0 |
| Total cash flows used in financing activities | -20 612 | -307 635 |
| 0 | 0 | |
| TOTAL NET CASH FLOW | 33 416 | -21 211 |
| Cash at the beginning of the year | 219 771 | 167 579 |
| Cash at the end of the period | 253 187 | 146 368 |
| Net (decrease)/increase in cash | 33 416 | -21 211 |
Infortar operates in seven countries, the company 's main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.76% stake 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 construction and mineral resources, agriculture, printing, and other areas. A total of 107 companies belong to the Infortar group, including 3 associates and 2 subsidiaries of associates. Infortar employs 6890 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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