The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2025 and will submit it to the Annual General Meeting for approval.
Major Events
Maritime transport
2025 financial year, Tallink carried 5.5 million passengers, which is down 0.9% compared to the financial year 2024. The number of cargo units transported decreased by 19.2% to 245,004 while the number of passenger vehicles was down by 2.2% to 760,473, year-on-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
In the 2025 financial year, Elenger delivered a total of 18 TWh LNG cargoes to the Inkoo and Klaipėda terminals (2024: 18 TWh). Market share in the Finnish–Baltic region reached approximately one quarter. Gas inventories were stored not only in the Latvian underground gas storage facility, but also in Poland and Germany. Sales in Estonia at the end of the year accounted for 15% of the energy sales of the total volume. The company´s market share was 21%.
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 commercial space for Depo (DIY Store) in Lasnamäe continued. The project is scheduled for completion in the fall of 2026.
Key figures of financial year
| Key figures | 12 months 2025 | 12 months 2024 |
| Sales revenue. m€ | 1 837.000 | 1 371.775 |
| Gross profit. m€ | 239.842 | 128.628 |
| EBITDA. m€ | 227.919 | 145.275 |
| EBITDA margin (%) | 12.4% | 10.6% |
| Operating profit. EBIT. m€ | 109.008 | 77.024 |
| Total profit(-loss). m€ | 69.857 | 193.670 |
| Net profit (-loss) holders of the Parent m€ | 70.550 | 191.253 |
| EPS (euros)1 | 3.3 | 9.36 |
| Total equity m€ | 1 175.404 | 1 166.221 |
| Total liabilities m€ | 1 071.353 | 1 223.287 |
| Net debt m€ | 851.582 | 1 055.708 |
| Investment loans to EBITDA (ratio) | 3.0x | 3.0x |
1 Earnings per share (in euros) is calculated as follows: profit/loss attributable to the owners of the parent, in absolute figures, divided by the number of shares, excluding own shares.
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 119.528 million in the 2025 financial year (EUR 175.181 million in the 2024 financial year). Tallink’s 2024 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.
Total Profit
The consolidated net profit for the 2025 financial year amounted to EUR 69.857 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 1,071.353 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 statement of financial position
| (in thousands of EUR) | 31.12.25 | 31.12.24 |
| Current assets | ||
| Cash and cash equivalents | 219 771 | 167 579 |
| Short-term derivatives | 4 732 | 8 333 |
| Settled derivative receivables | 1 823 | 676 |
| Trade receivables | 153 473 | 155 351 |
| Prepaid 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 | ||
| Investments in associates | 21 412 | 16 603 |
| Long-term derivative instruments | 1 079 | 3 214 |
| Long-term loans and other receivables | 4 548 | 9 055 |
| Deferred tax asset | 27 100 | 26 108 |
| Investment property | 66 872 | 67 931 |
| Property, plant and equipment | 1 871 970 | 1 909 458 |
| Intangible assets | 37 930 | 38 874 |
| Right-of-use assets | 39 645 | 47 598 |
| Biological assets | 9 022 | 2 753 |
| Total non-current assets | 2 079 578 | 2 121 594 |
| TOTAL ASSETS | 2 596 607 | 2 715 234 |
| (in thousands of EUR) | 31.12.25 | 31.12.24 |
| Current liabilities | ||
| Loan liabilities | 338 515 | 497 162 |
| Lease liabilities | 10 029 | 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 | 638 852 | 774 466 |
| Non-current liabilities | ||
| Long-term provisions | 8 695 | 9 946 |
| Deferred taxes | 1 894 | 2 816 |
| Other long-term liabilities | 46 028 | 43 209 |
| Long-term derivatives | 2 925 | 1 471 |
| Loan liabilities | 686 187 | 676 670 |
| Lease liabilities | 36 622 | 40 435 |
| Total non-current liabilities | 782 351 | 774 547 |
| TOTAL LIABILITIES | 1 421 203 | 1 549 013 |
| 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 | -7 260 | -21 674 |
| Unrealised exchange rate differences | 1 167 | 45 |
| Post-employment benefit obligation reserve | -559 | -185 |
| Retained earnings from previous periods | 884 204 | 890 167 |
| Total equity attributable to equity holders of the Parent | 921 674 | 909 317 |
| Non-controlling interest(s) | 253 730 | 256 904 |
| Total equity | 1 175 404 | 1 166 221 |
| TOTAL LIABILITIES AND EQUITY | 2 596 607 | 2 715 234 |
Consolidated statement of profit or loss and other comprehensive income
| (in thousands of EUR) | 12 months 2025 | 12 months 2024 |
| Revenue | 1 837 000 | 1 371 775 |
| Cost of goods (goods and services) sold | -1 596 485 | -1 243 034 |
| Write-down of receivables | -673 | -113 |
| Gross profit | 239 842 | 128 628 |
| Marketing expenses | -46 571 | -21 086 |
| General administrative expenses | -94 178 | -50 438 |
| Profit (loss) from derivative financial instruments | 10 847 | 26 672 |
| Profit (loss) from biological assets | 5 412 | -139 |
| Profit (loss) from the change in the fair value of the investment property | -2 868 | -949 |
| Profit (loss) from changes in the fair value of fixed assets | -9 265 | -8 691 |
| Other operating revenue | 10 080 | 4 682 |
| Other operating expenses | -4 291 | -1 655 |
| Operating profit | 109 008 | 77 024 |
| Profit (loss) from investments accounted for by equity method | 4 247 | 22 974 |
| Financial income and expenses | ||
| Income from financial investments | 19 008 | 13 392 |
| Other financial investments | -2 592 | -50 |
| Interest expense | -45 749 | -38 274 |
| Interest income | 3 070 | 4 979 |
| Profit (loss) from changes in exchange rates | 244 | 100 |
| Gain from bargain purchase | 0 | 93 659 |
| Total financial income and expenses | -26 019 | 73 806 |
| Profit before tax | 87 236 | 173 804 |
| Corporate income tax | -17 379 | 19 866 |
| Profit for the financial year | 69 857 | 193 670 |
| including: | ||
| Profit attributable to the owners of the parent company | 70 550 | 191 253 |
| Profit attributable to non-controlling interest | -693 | 2 417 |
| Other comprehensive income | ||
| Items that will not be reclassified to profit or loss | ||
| Revaluation of post-employment benefit obligations | -374 | -141 |
| Items that may be subsequently reclassified to the income statement: | ||
| Revaluation of risk hedging instruments | 14 414 | -45 792 |
| Exchange rate differences attributable to foreign subsidiaries | 1 122 | 53 |
| Total of other comprehensive income | 15 162 | -45 880 |
| Total income | 85 019 | 147 790 |
| including: | ||
| Comprehensive profit attributable to the owners of the parent company | 85 712 | 145 373 |
| Comprehensive profit attributable to non-controlling interest | -693 | 2 417 |
| Ordinary earnings per share (in EUR per share) | 3,43 | 9,36 |
| Diluted earnings per share (in EUR per share) | 3,37 | 9,12 |
Consolidated statement of cash flows statement
| Cash flows from operating activities | ||
| (in thousands of EUR) | 12 months 2025 | 12 months 2024 |
| Profit for the financial year | 69 857 | 193 670 |
| Adjustments: | ||
| Depreciation, amortisation, and impairment of non-current assets | 118 911 | 68 251 |
| Fair value adjustment of equity investment | -4 247 | -22 974 |
| Change in the value of derivatives | 3 433 | -1 483 |
| Other financial income/expenses | -15 585 | -112 030 |
| Calculated interest expenses | 45 749 | 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 |
| Recognition and adjustment of provisions | 3 519 | -321 |
| Total adjustments | 166 889 | -51 747 |
| Income tax paid | -18 302 | -10 551 |
| Change in receivables and prepayments related to operating activities | -195 | 52 023 |
| Change in inventories | 131 377 | -12 831 |
| Change in payables and prepayments relating to operating activities | 36 289 | -80 954 |
| Change in biological assets | -1 944 | -322 |
| Total cash flows from operating activities | 383 971 | 89 288 |
| Cash flows from investing activities | ||
| Purchases of associates | 12 | 0 |
| Net cash flows on acquisition of subsidiaries | -43 881 | -111 684 |
| Received dividends | 0 | 20 862 |
| Given loans | 4 513 | 1 918 |
| Interest received | 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 | -31 824 | -120 577 |
| Cash flows used in financing activities | 12 months 2025 | 12 months 2024 |
| Proceeds from targeted financing | 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 | -13 839 | -11 300 |
| Interest paid | -46 617 | -39 153 |
| Dividends paid | -76 513 | -60 997 |
| Gain from share emission | -718 | 3 174 |
| Total cash flows used in financing activities | -299 955 | 111 753 |
| Net change in cash and cash equivalents | 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, including 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: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor
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