Infortar (INF1T) Q3 2024 earnings summary

Executive summary

• 9M revenue was €925.6m, EBITDA €117.4m and net income €187.3m; investment spending totaled €138m.

• Tallink ownership reached 68.47%; its results were consolidated line by line from 1 August, expanding the reporting base and affecting comparisons.

• Assets were €2.497bn at 30 September, up from €1.461bn at year-end 2023.

Financial highlights

• Q3 revenue was €349.5m vs €186.5m YoY; EBITDA was €41.9m vs €19.3m, and EBIT was €20.4m vs €14.2m.

• Q3 net income was €114.3m vs €185.9m YoY; profit attributable to parent owners was €111.1m vs €185.7m.

• 9M revenue was €925.6m vs €746.9m; EBITDA was €117.4m vs €105.9m, while EBIT fell to €83.8m from €94.7m.

• 9M net income was €187.3m vs €269.6m; profit attributable to parent owners was €184.1m vs €269.5m.

• 9M basic EPS was €9.11 vs €13.20; diluted EPS was €8.78 vs €12.80.

Outlook and guidance

• Energy expansion priorities included Poland and Germany and wholesale gas-market access in the Netherlands and Belgium.

• RIMI logistics center construction in Saue was on schedule, with opening expected in March 2025; Pärnu bridge construction advanced to arch installation.

• Galaxy I’s charter was extended through October 2025, with an option for two additional six-month extensions.

• EWE Polska EBITDA was expected to normalize in 2025 after tariff protections and gas-market volatility affected 2023 results.