Aktsiaselts Infortar Unaudited Consolidated Interim Report for fourth quarter and 12 months of 2024

Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:

25 February 2025 at 12:00 (EET) Estonian webinar

25 February 2025 at 14:00 (EET) English webinar

Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.

"Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region," said Ain Hanschmidt, Chairman of the Management Board of Infortar.

"Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for Natural Gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve," Hanschmidt added.

Major events

Maritime transportation

In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.

The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.

Energy

Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company's market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

Real estate

Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

Key figures of financial year

Key figures	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Sales revenue, m€	446.168	337.734	1 371.775	1 084.626
Gross profit, m€	34.871	42.235	128.629	149.473
EBITDA, m€	27.892	37.418	145.415	143.283
EBITDA margin (%)	6.3%	11.1%	10.6%	13.2%
Net profit, EBIT, m€	-6.792	28.967	77.025	123.628
Total profit(-loss), m€	-11.988	24.206	175.351	293.830
Net profit (-loss) holders of the Parent m€	-11.188	24.232	172.934	293.778
EPS (euros)*	-0.54	1.18	8.46	14.62
Total equity m€	1 166.222	820.210	1 166.222	820.210
Total liabilities m€	1 223.287	441.160	1 223.287	441.160
Net debt m€	1 055.708	354.045	1 055.708	354.045
Investment loans to EBITDA (ratio)	3.0x	1.7x	3.0x	1.7x

Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company's owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.

Revenue

2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

EBITDA and Segment Reporting

Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.

Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

Net Profit

The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.

The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).

Investments

Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.

Financing

Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). 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 finiancial 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. The dividend consists of three parts:

1 euro per share, as per the dividend policy.

Carried-over dividend from AS Tallink Grupp, which is rounded upwards.

Additional dividend based on the high deliveries of the financial results in 2024.

AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.

Consolidated statement of profit or loss and other comprehensive income

(in thousands of EUR)	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Revenue	446 168	337 734	1 371 775	1 084 626
Cost of goods (goods and services) sold	-411 237	-295 439	-1 243 033	-934 811
Write-down of receivables	-60	-60	-113	-342
Gross profit	34 871	42 235	128 629	149 473
Marketing expenses	-12 459	-511	-21 086	-1 620
General administrative expenses	-22 759	-9 522	-50 438	-22 085
Profit (loss) from biological assets	-156	0	-139	0
Profit (loss) from the change in the fair value of the investment property	-6 749	-4 074	-9 640	-4 074
Unsettled gain/loss on derivative financial instruments	2 098	902	26 672	1 969
Other operating revenue	-767	1 458	4 682	2 523
Other operating expenses	-871	-1 521	-1 655	-2 558
Operating profit	-6 792	28 967	77 025	123 628
(in thousands of EUR)	Q4 2024	Q4 2023	12 months 2024	12 months 2023
Profit (loss) from investments accounted for by equity method	846	1 938	22 974	39 639
Financial income and expenses
Other financial investments	269	54	72 789	-4
Interest expense	-13 808	-8 569	-38 274	-22 573
Interest income	760	465	4 979	2 765
Profit (loss) from changes in exchange rates	-56	-13	100	-173
Other financial income and expenses	16 287	-58	15 892	159 158
Total financial income and expenses	3 452	-8 121	55 486	139 173
Profit before tax	-2 494	22 784	155 485	302 440
Corporate income tax	-9 494	1 422	19 866	-8 610
Profit for the financial year	-11 988	24 206	175 351	293 830
including:
Profit attributable to the owners of the parent company	-11 188	24 232	172 934	293 778
Profit attributable to non-controlling interest	-800	-26	2 417	52
Other comprehensive income			12 months 2024	12 months 2023
Revaluation of risk hedging instruments			-46 786	-58 233
Exchange rate differences attributable to foreign subsidiaries			53	-42
Total of other comprehensive income			-46 733	-58 275
Total income, including:			128 618	235 555
including:
Comprehensive profit attributable to the owners of the parent company			126 201	235 503
Comprehensive profit attributable to non-controlling interest			2 417	52
Ordinary earnings per share (in euros per share)			8,46	14,26
Diluted earnings per share (in euros per share)			8,16	14,10

Consolidated statement of financial position

(in thousands of EUR)	31.12.24	31.12.23
Current assets
Cash and cash equivalents	167 579	87 115
Short term financial investments	1	0
Derivative financial assets	8 333	28 728
Settled derivative receivables	676	5 958
Other prepayments and receivables	155 351	162 575
Prepayments for taxes	3 831	925
Trade and other receivables	38 517	20 185
Prepayments for inventories	2 498	3 493
Inventories	215 914	146 884
Biological assets	941	0
Total current assets	593 641	455 863
Non-current assets	31.12.24	31.12.23
Investments to associates	16 603	346 014
Long-term derivative instruments	3 214	1 125
Long-term loans and other receivables	35 163	9 072
Investment property	67 931	176 024
Property, plant and equipment	1 909 458	446 748
Intangible assets	38 874	14 366
Right-of-use assets	47 598	11 300
Biological assets	2 753	0
Total non-current assets	2 121 594	1 004 649
TOTAL ASSETS	2 715 235	1 460 512
(in thousands of EUR)	31.12.24	31.12.23
Current liabilities
Loan liabilities	477 162	184 259
Rental liabilities	9 020	1 766
Payables to suppliers	87 941	74 751
Tax obligations	49 354	32 822
Buyers' advances	31 126	3 099
Settled derivatives	8 728	1 463
Other current liabilities	63 431	10 851
Short term derivatives	27 704	3 659
Total current liabilities	754 446	312 670
Non-current liabilities	31.12.24	31.12.23
Long-term provisions	9 946	8 399
Deferred taxes	2 816	33 233
Other long-term liabilities	43 209	30 679
Long-term derivatives	1 471	186
Loan-liabilities	696 670	246 410
Rental liabilities	40 435	8 725
Total non-current liabilities	794 547	327 632
TOTAL LIABILITIES	1 549 013	640 302
(in thousands of EUR)	31.12.24	31.12.23
Equity
Share capital	2 117	2 105
Own shares	-72	-95
Share premium	32 484	29 344
Reserve capital	212	205
Option reserve	6 223	3 864
Hedging reserve*	7 455	24 118
Unrealised currency translation differences	1 113	-39
Employment benefit reserve	-44	-44
Retained earnings	698 914	466 140
Net profit of the financial year	172 934	293 778
Total equity attributable to equity holders of the Parent	921 336	819 376
Minority interests	244 886	834
Total equity	1 166 222	820 210
TOTAL LIABILITIES AND EQUITY	2 715 235	1 460 512

Consolidated statement of cash flows

Cash flows from operating activities
(in thousands of EUR)	12 months 2024	12 months 2023
Profit for the financial year	175 351	293 830
Adjustments:
Depreciation, amortization, and impairment of non-current assets	58 611	15 581
Change in the fair value of the investment property	9 640	4 074
Equity profits/losses	-156 863	-39 639
Change in the value of derivatives	20 888	54 309
Other financial income/expenses	-827	-161 965
Calculated interest expenses	38 274	22 573
Profit/loss from non-current assets sold	-953	-91
Income from grants recognized as revenue	2 984	784
Corporate income tax expense	-19 866	8 610
Income tax paid	-10 551	-267
Change in receivables and prepayments related to operating activities	52 022	54 539
Change in inventories	-12 830	-61 915
Change in payables and prepayments relating to operating activities	-22 278	-591
Change in biological assets	-322	0
Total cash flows from operating activities	133 280	189 832
Cash flows from investing activities	12 months 2024	12 months 2023
Purchases of associates	0	-10 314
Purchases of subsidiaries	-155 313	-103 414
Received dividends	20 862	0
Given loans	1 918	6 652
Interest gain	4 953	2 691
Purchases Investment property	-5 071	-18 304
Purchases of property, plant and equipment	-38 332	-18 143
Proceeds from sale of property	1 559	-252
Total cash flows used in investing activities	-169 424	-141 084
Cash flows used in financing activities	12 months 2024	12 months 2023
Changes in overdraft	12 863	14 349
Proceeds from borrowings	358 733	130 567
Repayments of borrowings	-151 790	-155 808
Repayment of finance lease liabilities	-6 222	-2 233
Interest paid	-39 153	-22 224
Dividends paid	-60 997	-15 750
Gain from share emission	3 174	29 464
Total cash flows used in financing activities	116 608	-21 635
	0	0
TOTAL NET CASH FLOW	80 464	27 113
Cash at the beginning of the year	87 115	60 002
Cash at the end of the period	167 579	87 115
Net (decrease)/increase in cash	80 464	27 113

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 6,228 people.

Additional information:

Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor

Attachments

• 4 kvartali aruanne 31.12.2024 ENG
• 4 kvartali presentatsioon 31.12.2024 ENG