Aktsiaselts Infortar 2024 audited Annual Report

The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2024 and will submit it to the Annual General Meeting for approval.

Major events

Maritime transport

In the summer, Infortar invested €110 million in acquiring Tallink Grupp (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 totalled 777,000.

Energy

Infortar’s subsidiary, Elenger Grupp (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 centre 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	12 months 2024	12 months 2023
Sales revenue. m€	1 371.775	1 084.626
Gross profit. m€	128.628	149.473
EBITDA. m€	145.275	143.283
EBITDA margin (%)	10.6%	13.2%
Operating profit. EBIT. m€	77.024	123.628
Total profit(-loss). m€1,2	193.670	293.830
EPS (euros)2	9.36	14.62
Total equity m€	1 166.221	820.210
Total liabilities m€3	1 223.287	441.160
Net debt m€4	1 055.708	354.045
Investment loans to EBITDA (ratio)5	3.0x	1.7x

^1.The 2024 financial year total profit includes a one-off revaluation of €94 million, mainly arising from the acquisition of Tallink. The 2023 financial year profit includes a one-off revaluation of €159 million, mainly arising from the acquisition of Gaso.

^2. In the Q4 and 12-month annual results reported on 25 February 2025, the consolidated total profit for the financial year was €173.351 million, and earnings per share (EPS) amounted to €8.46. Adjustments have been made in the audited figures, mainly related to the purchase price allocation of Tallink Grupp, resulting in an increase of €20.319 million in the total profit for the annual year and an increase of earnings per share (EPS) by 0.9 euros.

^3–4. The significant increase in liabilities and net debt is due to the consolidation of Tallink’s loans into Infortar’s financial statements in 2024.

^5. Infortar Group’s investment loans / EBITDA ratio. For 2024 Tallink’s 12-month EBITDA (€265.447 million) has been used for comparability purposes

Revenue

2024. financial year, the group´s consolidated sales revenue increased by €287.149 million reaching €1 371.775 million (compared to €1 084.626 million 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 (compared to €214.528 million 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 (compared to €135.999 million 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 (compared to €12.39 million in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

Total Profit

The consolidated total profit for the 2024 financial year was €193.67 million (compared to €293.83 million in the 2023 financial year). One-off significant impacts included the effects related to the acquisition of Tallink in 2024 and Latvian gas distribution company Gaso in 2023. The consolidated operating profit for the 2024 financial year was €77.024 million (compared to €123.628 million in 2023).

Investments

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

Infortar subsidiary Elenger signed a €120 million 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.

Financing

Loan and lease liabilities amounted to €1 223.287 million in 2024 financial year (compared to €441.16 million 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, reaching €1 055.708 million (compared to €354,045 million 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 financial 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.

Consolidated statement of profit or loss and other comprehensive income

(in thousands of EUR)	12 months 2024	12 months 2023
Revenue	1 371 775	1 084 626
Cost of goods (goods and services) sold	-1 243 034	-934 811
Write-down of receivables	-113	-342
Gross profit	128 628	149 473
Marketing expenses	-21 086	-1 620
General administrative expenses	-50 438	-22 085
Profit (loss) from biological assets	-139	0
Profit (loss) from the change in the fair value of the investment property	-949	-4 074
Profit (loss) from changes in the fair value of fixed assets	-8 691
Unsettled gain/loss on derivative financial instruments	26 672	1 969
Other operating revenue	4 682	2 523
Other operating expenses	-1 655	-2 558
Operating profit	77 024	123 628
Profit (loss) from investments accounted for by equity method	22 974	39 639
Financial income and expenses	13 392	0
Other financial investments	-50	-4
Interest expense	-38 274	-22 573
Interest income	4 979	2 765
Profit (loss) from changes in exchange rates	100	-173
Gain from bargain purchase	93 659	159 158
Total financial income and expenses	73 806	139 173
Profit before tax	173 804	302 440
Corporate income tax	19 866	-8 610
Profit for the financial year	193 670	293 830
including:
Profit attributable to the owners of the parent company	191 253	293 778
Profit attributable to non-controlling interest	2 417	52
Other comprehensive income
Items that will not be reclassified to profit or loss
Revaluation of post-employment benefit obligations	-141	-44
Items that may be subsequently reclassified to the income statement:
Revaluation of risk hedging instruments	-45 792	-58 189
Exchange rate differences attributable to foreign subsidiaries	53	-42
Total of other comprehensive income	-45 880	-58 275
Total income	147 790	235 555
including:
Comprehensive profit attributable to the owners of the parent company	145 514	235 503
Comprehensive profit attributable to non-controlling interest	2 417	52
Ordinary earnings per share (in euros per share)	9,36	14,62
Diluted earnings per share (in euros per share)	9,12	14,15

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 derivatives	8 333	28 728
Settled derivative receivables	676	5 958
Other prepayments and receivables	155 351	162 575
Prepaid 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	593 640	455 863
Non-current assets
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	2 715 234	1 460 512
(in thousands of EUR)	31.12.24	31.12.23
Current liabilities
Loan liabilities	497 162	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	774 466	312 670
Non-current liabilities
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	676 670	246 410
Rental liabilities	40 435	8 725
Total non-current liabilities	774 547	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*	-21 674	24 118
Unrealised exchange rate differences	45	-39
Post-employment benefit obligation reserve	-185	-44
Retained earnings from previous periods	890 167	759 918
Total equity attributable to equity holders of the Parent	909 317	819 376
Minority interests	256 904	834
Total equity	1 166 221	820 210
TOTAL LIABILITIES AND EQUITY	2 715 234	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	193 670	293 830
Adjustments:
Depreciation, amortisation, and impairment of non-current assets	68 251	19 655
Change in the fair value of the investment property	-22 974	-39 639
Change in the value of derivatives	-1 483	54 122
Other financial income/expenses	-112 030	-161 965
Calculated interest expenses	38 274	22 573
Profit/loss from non-current assets sold	-955	-91
Income from grants recognised as revenue	-643	784
Corporate income tax expense	-19 866	8 610
Income tax paid	-10 551	-267
Change in receivables and prepayments related to operating activities	52 023	54 540
Change in inventories	-12 831	-61 914
Change in payables and prepayments relating to operating activities	-81 275	-406
Change in biological assets	-322	0
Total cash flows from operating activities	89 288	189 832
Cash flows from investing activities
Purchases of associates	0	-10 314
Purchases of subsidiaries	-111 684	-103 414
Received dividends	20 862	0
Given loans	1 918	6 652
Interest gain	4 953	2 691
Purchases Investment property	-10 352	-18 304
Purchases of property, plant and equipment	-27 835	-18 143
Proceeds from sale of property	1 561	-252
Total cash flows used in investing activities	-120 577	-141 084
Cash flows used in financing activities	12 months 2024	12 months 2023
Proceeds from targeted financing	225	0
Changes in overdraft	12 863	14 348
Proceeds from borrowings	358 731	287 606
Repayments of borrowings	-151 790	-312 846
Repayment of finance lease liabilities	-11 300	-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	111 753	-21 635
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

The 2024 Annual Report of Aktsiaselts Infortar is attached to this notice and will be made available on the website Reports | Infortar.

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

• 2024_majandusaasta aruanne ENG
• AS Infortar 2024 audit