Infortar (INF1T) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose to €447.4 million, up 20% year-over-year, mainly due to Tallink Group consolidation.

• Net loss for the quarter was €14.6 million, with Tallink's loss as the main driver; loss attributable to owners was €4 million.

• Major Q1 events included the acquisition of Estonia Farmid, expanding the agricultural segment and increasing market share to 5-6% of Estonia's milk production.

• Investments totaled €22 million in Q1, three times higher than last year, mainly from Tallink.

• The group maintains a strong balance sheet, liquidity, and a dividend proposal of €3 per share.

Financial highlights

• Q1 2025 revenue: €447.4 million (up from €372.6 million in Q1 2024); EBITDA: €27.7 million (down from €74.0 million); net loss: €14.6 million (vs. net profit €62.1 million in Q1 2024).

• Book value per share at Q1 2025 was €44; share price increased 78.54% since IPO, reaching €46.6 by March 31, 2025.

• Net debt at €952 million as of Q1 2025; net debt/EBITDA: 3.4x.

• Dividend yield at 7% as of December 31, 2024; payout ratio at 35%.

• Full-year 2024 net profit restated to €194 million due to Tallink ship revaluation reserve.

Outlook and guidance

• Management expects improved performance in maritime transport as Tallink passes its most challenging period.

• Energy segment faces continued price pressure and competition, but supply chains have normalized and performance is expected to improve as the market normalizes.

• Real estate portfolio expanded by nearly 50% year-over-year, with major projects ongoing and increased rental income expected.

• Ongoing investments in business growth, profitability, and international expansion.

• Commitment to dividend reliability and crisis resilience remains firm.