Infortar (INF1T) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €447.4 million, up 20% year-over-year, mainly due to Tallink consolidation; EBITDA was €27.7 million, and net loss was €14.6 million, largely driven by Tallink's seasonal and macroeconomic challenges.

• Investments in Q1 tripled year-over-year to €22 million, with a focus on business growth, profitability, and ongoing expansion in agriculture, logistics, and infrastructure.

• Dividend proposal of €3 per share (~€61 million total), to be paid in two tranches, with a payout ratio of 35% and a 7% yield as of end 2024.

• Acquisition agreement signed for Estonia Farmid, expanding agricultural footprint to over 5% of Estonia's milk production and strengthening the segment.

• The group continues to focus on diversification, crisis resilience, and stable dividends, supported by a strong balance sheet and liquidity.

Financial highlights

• Q1 2025 revenue: €447.4m (up from €372.6m in Q1 2024); EBITDA: €27.7m (down from €74.0m); net loss: -€14.6m (vs. net profit €62.1m in Q1 2024); net loss attributable to shareholders: €4.5m.

• 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 €952.4 million as of Q1 2025; investment loans to EBITDA ratio at 3.3x.

• Asset base nearly doubled year-over-year, with cash reserves of €152.9 million at period end.

• Full-year net profit revised upward by €19 million due to Tallink ship revaluation reserve under IFRS 3.19.

Outlook and guidance

• Management expects improved performance in maritime transport as Tallink passes the most challenging period and outlook becomes more optimistic.

• Energy segment faces continued price pressure and competition, but supply chains have normalized and market outlook is positive.

• Real estate and infrastructure segments expected to remain stable and support portfolio balance, with major projects ongoing.

• Ongoing investments in business growth, with a focus on profitability and international expansion.

• Commitment to dividend reliability and crisis resilience remains firm.