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
| Key figures | Q3 2026 | Q3 2025 | 9 months 2026 | 9 months 2025 |
| Revenue, m€ | 457.508 | 467.693 | 1,403.425 | 1,419.562 |
| Gross profit, m€ | 93.849 | 95.828 | 207.981 | 177.564 |
| EBITDA, m€ | 87.423 | 104.927 | 198.651 | 189.978 |
| EBITDA margin (%) | 19.1% | 22.4% | 14.2% | 13.4% |
| Operating profit (EBIT), m€ | 66.732 | 64.836 | 117.800 | 91.219 |
| Profit before tax, m€ | 52.296 | 73.019 | 79.491 | 75.714 |
| Income tax expense, m€ | -1.897 | -0.780 | -21.891 | -17.886 |
| Net profit (-loss), m€ | 50.399 | 72.239 | 57.600 | 57.828 |
| Net profit (-loss) attributable to owners of the parent, m€ | 43.439 | 59.068 | 58.602 | 56.519 |
| Earnings per share (euros)* | 2.11 | 2.87 | 2.84 | 2.75 |
| Total equity, m€ | 1,248.133 | 1,207.947 | 1,248.133 | 1,207.947 |
| Loan and lease liabilities, m€ | 1,012.732 | 1,035.423 | 1,012.732 | 1,035.423 |
| Net debt, m€ | 828.009 | 899.281 | 828.009 | 899.281 |
| Investment loans / EBITDA** | 3.0x | 3.3x | 3.0x | 3.3x |
*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
| (in thousands of EUR) | 30.09.26 | 31.12.25 |
| Current assets | ||
| Cash and cash equivalents | 184 723 | 219 771 |
| Derivative financial assets | 62 115 | 4 732 |
| Settled derivative receivables | 4 376 | 1 823 |
| Trade receivables | 138 436 | 153 473 |
| Prepayments for taxes | 7 642 | 5 659 |
| Other receivables and prepayments | 45 677 | 38 878 |
| Prepayments for inventories | 1 039 | 476 |
| Inventories | 99 692 | 90 672 |
| Biological assets | 1 471 | 1 545 |
| Total current assets | 545 171 | 517 029 |
| Non-current assets | 30.09.26 | 31.12.25 |
| Investments in associates | 16 339 | 21 412 |
| Long-term derivative instruments | 10 781 | 1 079 |
| Other non-current receivables | 32 892 | 31 648 |
| Property, plant and equipment at fair value | 1 187 384 | 1 202 173 |
| Investment property | 68 629 | 66 872 |
| Property, plant and equipment | 673 344 | 669 797 |
| Intangible assets | 36 864 | 37 930 |
| Right-of-use assets | 41 726 | 39 645 |
| Biological assets | 7 794 | 9 022 |
| Total non-current assets | 2 075 753 | 2 079 578 |
| TOTAL ASSETS | 2 620 924 | 2 596 607 |
| (in thousands of EUR) | 30.09.26 | 31.12.25 |
| Current liabilities | ||
| Loan liabilities | 229 556 | 338 515 |
| Lease liabilities | 7 653 | 10 029 |
| Trade payables | 108 555 | 123 330 |
| Tax liabilities | 52 584 | 44 972 |
| Buyers’ advances | 37 053 | 38 621 |
| Settled derivatives | 2 211 | 4 156 |
| Other current liabilities | 79 306 | 69 677 |
| Short-term derivative instruments | 21 411 | 9 552 |
| Total current liabilities | 538 329 | 638 852 |
| Non-current liabilities | 30.09.26 | 31.12.25 |
| Long-term provisions | 6 794 | 8 695 |
| Deferred tax liabilities | 2 183 | 1 894 |
| Other long-term liabilities | 48 399 | 46 028 |
| Long-term derivatives | 1 563 | 2 925 |
| Loan liabilities | 741 627 | 686 187 |
| Lease liabilities | 33 896 | 36 622 |
| Total non-current liabilities | 834 462 | 782 351 |
| TOTAL LIABILITIES | 1 372 791 | 1 421 203 |
| (in thousands of EUR) | 30.09.26 | 31.12.25 |
| Equity | ||
| Share capital | 2 117 | 2 117 |
| Own shares | -3 076 | -790 |
| Share premium | 32 484 | 32 484 |
| Reserve capital | 212 | 212 |
| Option reserve | 13 663 | 10 099 |
| Hedging reserve | 46 284 | -7 260 |
| Unrealised exchange rate differences | -2 461 | 1 167 |
| Post-employment benefit obligation reserve | -550 | -559 |
| Retained earnings | 903 763 | 884 204 |
| Total equity attributable to equity holders of the Parent | 992 436 | 921 674 |
| Non-controlling interests | 255 697 | 253 730 |
| Total equity | 1 248 133 | 1 175 404 |
| TOTAL LIABILITIES AND EQUITY | 2 620 924 | 2 596 607 |
CONSOLIDATED INCOME STATEMENT
| (in thousands of EUR) | Q3 2026 | Q3 2025 | 9 months 2026 | 9 months 2025 |
| Revenue | 457 508 | 467 693 | 1 403 425 | 1 419 562 |
| Cost of goods and services sold | -363 665 | -371 837 | -1 195 355 | -1 241 781 |
| Write-down of receivables | 6 | -28 | -89 | -217 |
| Gross profit | 93 849 | 95 828 | 207 981 | 177 564 |
| Marketing expenses | -10 458 | -11 123 | -33 840 | -34 218 |
| General administrative expenses | -20 643 | -18 804 | -65 930 | -62 325 |
| Profit (loss) from derivatives | 1 291 | -1 145 | -214 | 8 037 |
| Profit (loss) from biological assets | 2 448 | 4 511 | 3 714 | 4 615 |
| Gain/(loss) from changes in the fair value of non-current assets | 0 | -5 607 | 0 | -5 607 |
| Other operating income | 894 | 2 237 | 10 412 | 6 473 |
| Other operating expenses | -649 | -1 061 | -4 323 | -3 320 |
| Operating profit | 66 732 | 64 836 | 117 800 | 91 219 |
| (in thousands of EUR) | Q3 2026 | Q3 2025 | 9 months 2026 | 9 months 2025 |
| Profit (loss) from investments accounted for using the equity method | 292 | 619 | -1 849 | 1 940 |
| Financial income and expenses: | ||||
| Income/(expense) from financial investments | -2 365 | 17 595 | -2 583 | 16 984 |
| Interest expense | -12 050 | -10 323 | -33 081 | -34 800 |
| Interest income | 773 | 609 | 2 479 | 2 346 |
| Profit (loss) from changes in exchange rates | -199 | 388 | -1 116 | 2 |
| Other financial income and expenses | -887 | -705 | -2 159 | -1 977 |
| Total financial income and expenses | -14 728 | 7 564 | -36 460 | -17 445 |
| Profit before tax | 52 296 | 73 019 | 79 491 | 75 714 |
| Corporate income tax | -1 897 | -780 | -21 891 | -17 886 |
| Profit/(loss) for the period | 50 399 | 72 239 | 57 600 | 57 828 |
| including: | ||||
| Profit attributable to the owners of the parent company | 43 439 | 59 068 | 58 602 | 56 519 |
| Profit attributable to non-controlling interests | 6 960 | 13 171 | -1 002 | 1 309 |
| Other comprehensive income | 9 months 2026 | 9 months 2025 |
| Items that will not be reclassified to profit or loss: | ||
| Revaluation of post-employment benefit obligations | 9 | 141 |
| Items that may be subsequently reclassified to profit or loss: | ||
| Cash flow hedging instruments – effective portion of changes in fair value | 53 544 | 21 096 |
| Exchange rate differences attributable to foreign subsidiaries | -3 628 | -48 |
| Total other comprehensive income | 49 925 | 21 189 |
| Total comprehensive income | 107 525 | 79 017 |
| including: | ||
| Comprehensive profit attributable to the owners of the parent company | 108 527 | 77 708 |
| Comprehensive profit attributable to non-controlling interests | -1 002 | 1 309 |
| Basic earnings per share (in euros per share) | 2.84 | 2.75 |
| Diluted earnings per share (in euros per share) | 2.78 | 2.68 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| Cash flows from operating activities | ||
| (in thousands of EUR) | 9 months 2026 | 9 months 2025 |
| Profit for the period | 57 600 | 57 828 |
| Adjustments: | ||
| Depreciation, amortisation, and impairment of non-current assets | 80 851 | 98 758 |
| Fair value adjustment of equity investment | 2 322 | -1 940 |
| Change in the value of derivatives | -3 047 | -17 413 |
| Other financial income/expenses | -435 | -21 797 |
| Calculated interest expenses | 33 081 | 34 800 |
| Profit/loss from non-current assets sold | -1 919 | -706 |
| Income from grants recognised as revenue | -531 | -1 079 |
| Corporate income tax expense | 21 891 | 17 886 |
| Recognition and adjustment of provisions | 3 574 | 21 237 |
| Income tax paid | -21 601 | -17 475 |
| Change in receivables and prepayments related to operating activities | 2 271 | 35 661 |
| Change in inventories | -9 583 | 57 722 |
| Change in payables and prepayments relating to operating activities | -3 748 | -7 995 |
| Change in biological assets | 1 302 | 232 |
| Total cash flows from operating activities | 162 028 | 255 719 |
| Cash flows from investing activities | 9 months 2026 | 9 months 2025 |
| Proceeds from the sale of associates | 2 752 | 0 |
| Net cash flows on acquisition of subsidiaries | -2 725 | -39 927 |
| Payments to acquire associates | -1 | -1 332 |
| Received dividends | 22 | 0 |
| Repayments of loans granted | 182 | 2 708 |
| Interest received | 2 484 | 2 134 |
| Purchases of investment property | -1 757 | -2 116 |
| Payments for purchases of property, plant and equipment and intangible assets | -58 960 | -52 605 |
| Proceeds from sale of property | 3 217 | 78 110 |
| Total cash flows used in investing activities | -54 786 | -13 028 |
| Cash flows used in financing activities | 9 months 2026 | 9 months 2025 |
| Proceeds from targeted financing | 2 644 | 2 638 |
| Changes in overdraft | -739 | -43 513 |
| Proceeds from borrowings | 38 031 | 99 173 |
| Repayments of borrowings | -90 811 | -248 146 |
| Repayment of finance lease liabilities | -18 063 | -11 703 |
| Interest paid | -32 023 | -34 088 |
| Dividends paid | -39 043 | -38 511 |
| Repurchase of own shares | -2 286 | 22 |
| Total cash flows used in financing activities | -142 290 | -274 128 |
| TOTAL NET CASH FLOW | -35 048 | -31 437 |
| Cash at the beginning of the year | 219 771 | 167 579 |
| Cash at the end of the period | 184 723 | 136 142 |
| Net change in cash | -35 048 | -31 437 |
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: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor
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