Infortar

Quarterly Report • Aug 4, 2025

Aktsiaselts Infortar unaudited consolidated interim report for Q2 2025

Aktsiaselts Infortar unaudited consolidated interim report for Q2 2025

Infortar will arrange a webinar for investors today 4 August 2025.Please join
the webinar via the following links:

at 12:00 (EET) Estonian webinar
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In the second quarter of this year, Infortar's sales volumes increased two and a
half times to EUR505 million.

"For the energy segment, the first quarter was clearly successful. We further
strengthened our position through increased volumes and improved profitability.
Maritime operations also showed the first signs of recovery, reflected in
growing customer confidence and the gradual restoration of travel capacity. In
the real estate and construction segment, we handed over the Pärnu bridge to the
Pärnu municipality and continued work on several major infrastructure projects,
including the construction of the main line of Rail Baltica," said Ain
Hanschmidt, Chairman of the Management Board of Infortar.
"The landmark transaction of the second quarter was the signing of the agreement
to acquire the agricultural company Estonia Farmid. For Infortar, this
represents a significant leap forward in the agricultural sector. Estonia
Farmid, together with Halinga, produces 160 tons of milk per day, accounting for
6.5% of Estonia's total milk output. By integrating milk production with
renewable energy generation and circular economy principles, we are able to
further strengthen the bioeconomy sector and produce domestically sourced
renewable biomethane," Hanschmidt noted.
"This year, we have already invested EUR38 million into various projects,
including the construction of one of Estonia's largest biomethane plants in
Halinga, a new solar power plant in the Olaine municipality in Latvia, and the
refurbishment of the cruise ferry Baltic Princess. While profitability in the
energy segment improved, with EBITDA reaching EUR20 million, the maritime
transport segment was still somewhat impacted by the costs of two excess vessels
in lay-up and the dividend withholding tax. The real estate and construction
segment continued to demonstrate stable growth," said Hanschmidt.

Major Events
Maritime transport

In the second quarter Tallink carried 1 488 128 passengers, which is 2.5% more
than in the second quarter of 2024. The number of cargo units transported
decreased by 22.8% amounting to 67 038.
Tallink operated 13 vessels including 2 shuttle vessels, 6 passenger vessels, 3
vessels that were chartered out and 2 vessels that were in lay-up.
During the quarter Tallink´s total investments amounted to EUR 8.4 million
majority of which were made to upgrading the cruise vessel Baltic Princess.

Energy

Elenger Group's gas and electricity sales in the second quarter totalled 4.9
TWh. an increase of 25% compared to the same quarter last year. The growth in
energy sales volumes was supported by a more active wholesale market in the
Baltics and the consolidation of Elenger Polska's sales volumes starting this
year.
Natural gas consumption in the Finland-Baltic region in the second quarter
amounted to 7.6 TWh. which was 3% lower compared to a year earlier (7.9 TWh).
The company's gas sales market share in the Finnish-Baltic market increased to
27.7% in the second quarter.

Real estate and infrastructure

In the second quarter 2025. Infortar's construction companies EG Ehitus and INF
Infra completed the construction of the new Pärnu bridge.
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 40.000 square-meter commercial space for Depo (DIY Store) in
Lasnamäe continued. The project is scheduled for completion in the fall of 2026.
Four new clay outdoor tennis courts were opened at Tallink Tennisekeskus in
Lasnamäe.

Key financial figures

Key figures Q2 2025 Q2 2024 6 months 6 months 2024
2025

Sales revenue. mEUR 504,512 203,555 951,869 576,139

Gross profit. mEUR 55,668 3,085 81,736 53,089

EBITDA. mEUR 57,390 1,506 85,051 75,510

EBITDA margin (%) 11,4 0,7 8,9 13,1

Net profit. EBIT. mEUR 27,038 -4,229 26,383 63,395

Profit before taxes. mEUR 15,548 10,765 2,695 74,890

Income tax expense. mEUR -17,106 0,190 -17,106 -1,873

Total profit(-loss). mEUR -1,558 10,955 -14,411 73,017

Net profit (-loss) holders of 1,930 10,921 -2,549 72,983
the Parent mEUR

EPS (euros)* -0,12 3,61 0,1 0,53

Total equity mEUR 1 174,599 840,216

Total liabilities mEUR 941,747 448,387

Net debt mEUR         795,379 263,144

Investment loans to EBITDA 2.7 1.5
(ratio)**

(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. For comparability, actual EBITDA of
Tallink Grupp for the relevant period has been used, based on Tallink Grupp
quarterly report.)

Revenue

In the first half of the 2025 financial year, the Group's consolidated revenue
increased by EUR 275.73 million to EUR 951.869 million (6 months 2024
consolidated revenue: EUR 576,139 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 half of the 2025 financial year, the EBITDA of the maritime
transport segment amounted to EUR 33.292 million (6 months 2024: EUR 81.1
million).
The energy segment's EBITDA in the first half of the 2025 was EUR 51,749 million
(6 months 2024: EUR 73.031 million). Compared to the second quarter last year,
the profitability of the energy segment improved by EUR 19.084 million, reaching
EUR 19.929 million in Q2 2025 (Q2 2024: -EUR 0.845 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 in the first half of the 2025 was EUR 7.691 million (6 months 2024 was
EUR 7.367 million).

Net Profit (Loss)

The consolidated net loss for the first half of the 2025 financial year was EUR
-14.4 million, including a loss attributable to Infortar's owners of EUR -2,549
million (6 months 2024 net profit: EUR 73.017 million, including EUR 72.983
million attributable to Infortar's owners).

Investments

In the first half of 2025, the total amount of investments made by the Infortar
Group was approximately EUR 38 million.

Financing

As of the first half of the 2025 financial year, the Group's total loan and
lease liabilities amounted to EUR 941.747 million (compared to EUR 448.387
million at the end of the 2024 financial year). Infortar's net debt stood at EUR
795.379 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. Based on Resolution 2.2 of the Annual
General Meeting approved on 4 June 2025, a dividend of EUR 3 per share will be
paid to shareholders for the 2024 financial year. The first payment was made on
15 July 2025, and the second payment will be made on 15 December 2025 with
transfer to the shareholders' bank accounts.

Consolidated Statement of Profit or Loss

(in thousands of EUR) Q2 2025 Q2 2024 6 M 6 M
2025 2024

Revenue 504 512 203 555 951 869 576 139

Cost of goods (goods and services) sold -448 771 -200 420 -869 944 -522 993

Write-down of receivables -73 -50 -189 -57

Gross profit 55 668 3 085 81 736 53 089

Marketing expenses -12 119 -423 -23 095 -838

General administrative expenses -22 556 -7 018 -43 521 -14 256

Profit (loss) from derivatives 5 243 -137 9 182 24 522

Profit (loss) from biological assets 137 -27 104 -27

Profit (loss) from the change in the fair 0 0 0 156
value of the investment property

Other operating revenue 2 280 481 4 236 1 081

Other operating expenses -1 615 -190 -2 259 -332

Operating profit 27 038 -4 229 26 383 63 395

Profit (loss) from investments accounted 366 16 885 1 321 18 885
for by equity method

Financial income and expenses:

Other financial investments -278 2 738 -611 2 738

Interest expense -11 581 -6 381 -24 477 -13 126

Interest income 895 1 760 1 737 3 004

Profit (loss) from changes in exchange -71 -2 -386 -4
rates

Other financial income and expenses -821 -6 -1 272 -2

Total financial income and expenses -11 856 -1 891 -25 009 -7 390

Profit before tax 15 548 10 765 2 695 74 890

Corporate income tax -17 106 190 -17 106 -1 873

Profit for the financial year -1 558 10 955 -14 411 73 017

including:

Profit attributable to the owners of the 1 930 10 921 -2 549 72 983
parent company

Profit attributable to non-controlling -1 780 34 -11 862 34
interest

Items that may be subsequently reclassified to the income statement:

Revaluation of risk hedging instruments     24 168 0

Exchange rate differences attributable to     922 -33 221
foreign subsidiaries

Total of other comprehensive income     25 090 -33 221

Total income     10 679 39 796

including:

Comprehensive profit attributable to the     22 541 0
owners of the parent company

Comprehensive profit attributable to non-     -11 862 39 849
controlling interest

Ordinary earnings per share (in euros per     -0,12 3,61
share)

Diluted earnings per share (in euros per     -0,12 3,48
share)

Consolidated Statement of Financial Position

(in thousands of EUR) 30.06.25 31.12.24

Current assets

Cash and cash equivalents 146 368 167 579

Derivative financial assets 11 276 8 333

Settled derivative receivables 8 495 676

Other prepayments and receivables 123 032 155 351

Prepayments for taxes 5 954 3 831

Trade and other receivables 42 140 38 517

Prepayments for inventories 1 782 2 498

Inventories 127 784 215 914

Biological assets 825 941

Total current assets 467 656 593 640

Non-current assets 30.06.25 31.12.24

Investments to associates 17 924 16 603

Long-term derivative instruments 664 3 214

Other long term obligations 34 049 35 163

Property, plant and equipment at fair value 1 233 573 1 315 167

Investment property 68 409 67 931

Property, plant and equipment 594 987 594 291

Intangible assets 37 263 38 874

Right-of-use assets 41 930 47 598

Biological assets 2 857 2 753

Total non-current assets 2 031 656 2 121 594

TOTAL ASSETS 2 499 312 2 715 234

(in thousands of EUR) 30.06.25 31.12.24

Current liabilities

Loan liabilities 272 694 497 162

Rental liabilities 8 821 9 020

Payables to suppliers 145 351 87 941

Tax obligations 48 827 49 354

Buyers' advances 53 621 31 126

Settled derivatives 1 590 8 728

Other current liabilities 70 909 63 431

Short term derivatives 6 102 27 704

Total current liabilities 607 915 774 466

Non-current liabilities 30.06.25 31.12.24

Long-term provisions 8 917 9 946

Deferred taxes 3 125 2 816

Other long-term liabilities 43 283 43 209

Long-term derivatives 1 241 1 471

Loan-liabilities 623 577 676 670

Rental liabilities 36 655 40 435

Total non-current liabilities 716 798 774 547

TOTAL LIABILITIES 1 324 713 1 549 013

(in thousands of EUR) 30.06.25 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 8 663 6 223

Hedging reserve* 2 353 -21 674

Unrealised currency translation differences 967 45

Employment benefit reserve -44 -185

Retained earnings 882 877 890 167

Net profit of the financial year

Total equity attributable to equity holders of the Parent 929 557 909 317

Minority interests 245 042 256 904

Total equity 1 174 599 1 166 221

TOTAL LIABILITIES AND EQUITY 2 499 312 2 715 234

Consolidated cash flow report

Cash flows from operating activities

(in thousands of EUR) 6 months 12 months
2024 2024

Profit for the financial year -14 411 73 017

Adjustments:

Depreciation, amortisation, and impairment of non-current 58 668 12 115
assets

Equity profits/losses -1 321 -18 885

Change in the value of derivatives -22 225 25 168

Other financial income/expenses -815 83

Calculated interest expenses 24 477 13 126

Profit/loss from non-current assets sold -244 -173

Income from grants recognised as revenue -993 -84

Corporate income tax expense 17 106 1 873

Income tax paid -16 798 -1 672

Change in receivables and prepayments related to operating 18 704 91 407
activities

Change in inventories 88 846 9 606

Change in payables and prepayments relating to operating 81 445 -27 452
activities

Change in biological assets 12 149

Total cash flows from operating activities 256 619 178 278

Cash flows from investing activities 6 months 12 months
2024 2024

Purchase of investments in associates 0 -21 822

Proceeds from disposal of investments in associates

Purchases of subsidiaries 0 -5 401

Given loans 1 317 1 932

Interest gain 1 586 2 686

Purchases Investment property -2 015 -8 296

Purchases of property, plant and equipment -36 414 -8 213

Proceeds from sale of property 65 331 282

Total cash flows used in investing activities 29 805 -38 814

Gain from government grants 893 0

Changes in overdraft -43 390 -15 513

Proceeds from borrowings -4 801 107 712

Repayments of borrowings -229 369 -92 357

Repayment of finance lease liabilities -5 859 -928

Interest paid -24 619 -13 070

Dividends paid -490 -30 332

Gain from share emission 0 3 152

Total cash flows used in financing activities -307 635 -41 336

0 0

TOTAL NET CASH FLOW -21 211 98 128

Cash at the beginning of the year 167 579 87 115

Cash at the end of the period 146 368 185 243

Net (decrease)/increase in cash -21 211 98 128

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 m(2). 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 6,866 people.

Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: [email protected]
www.infortar.ee/en/investor
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