Infortar (INF1T) Q3 2024 earnings summary

Executive summary

• Achieved significant growth in assets, revenue, and equity over the past year, with a focus on maritime transportation, energy, and real estate, operating 105 companies with 6,108 employees as of September 30, 2024.

• Increased shareholding in Tallink to 68.5% and implemented line-by-line consolidation from August 2024, enhancing reported results and making Tallink the largest segment.

• Consolidated assets increased by €1 billion year-over-year, reaching €2.5 billion.

• Investments totaled €138 million in the first nine months of 2024, supporting growth in maritime transport, energy, and real estate.

• Maintains a diversified, cash-generative portfolio with a strong platform for future expansion.

Financial highlights

• Revenue for 9M 2024 rose to €926 million, up from €747 million in 9M 2023; Q3 2024 revenue was €349.5 million.

• EBITDA for 9M 2024 was €117 million, up from €106 million in 9M 2023; Q3 2024 EBITDA was €41.9 million.

• Net profit for 9M 2024 was €187 million, down from €270 million in 9M 2023, reflecting Tallink consolidation and market conditions.

• Total assets reached €2,497 million; equity increased to €1,223 million; equity ratio at 49%.

• Book value per share increased to €46.2; earnings per share for 9M 2024 was €9.1.

Outlook and guidance

• Plans to continue growth, especially in foreign markets, leveraging recent acquisitions and a strong cash flow platform.

• Full-year impact of Tallink acquisition will be reflected in 2025 results; focus on renewable energy and international expansion.

• EBITDA generation in the energy segment expected to normalize in 2025 after recent volatility.

• Dividend policy remains at a minimum of €1 per share, with potential for higher payouts depending on Tallink dividends and liquidity.

• Seasonal effects: energy segment peaks in winter, maritime in summer; diversification helps balance results.