Infortar (INF1T) Q1 2024 earnings summary

Executive summary

• Q1 revenue was €372.584m, EBITDA €74.004m and net income €62.062m; all were the strongest first-quarter results to date.

• Results benefited from higher energy sales and a €24.659m derivative gain; seasonal energy demand and Tallink’s contribution also supported the portfolio.

• Total assets were €1,399m, equity €852.7m and net debt €195.8m at March 31, 2024.

Financial highlights

• Revenue was €372.584m vs €347.480m; EBIT €67.624m vs €49.679m; EBITDA €74.004m vs €52.560m, Q1 2024 vs Q1 2023.

• Net income was €62.062m vs €46.777m; EBITDA margin was 19.9% vs 15.1%. Gross profit declined to €50.004m from €65.812m.

• Derivative gains were €24.659m vs nil; noncash fair-value changes did not affect underlying operating profitability or cash-generating capacity.

• Operating cash flow was €166.639m vs €235.576m; investing cash flow was -€141.084m vs -€18.143m.

Outlook and guidance

• Strategic priorities include geographic expansion of proven business models, balancing transition and renewable-energy investments, and building synergies across businesses.

• LNG capacity is reserved for 12 cargoes at Inkoo and 3 at Klaipėda in FY2024; contracted Klaipėda capacity is 3 TWh annually for 2025–2032 and 4 TWh for 2033–2044.

• A ~4 MW solar plant is under construction in Latvia, with €2.7m investment; construction continued on Rimi’s ~25,000 m² logistics center in Saue.

• Rimi logistics-center and Pärnu bridge construction progressed as planned.