Infortar (INF1T) Q4 2023 earnings summary

Executive summary

• FY2023 revenue was €1,084.6m, EBITDA €143.3m and net profit €293.8m; net profit included a €159m one-time gain from the Gaso acquisition.

• Total assets reached €1,462.2m and equity €821.9m at year-end 2023.

• FY2023 investments totaled €164m; results were described as records across turnover, profit, EBITDA, assets, investments, dividends and market share.

• Shares listed on Nasdaq Baltic Main List on 14 Dec 2023; the Tallink stake was 42.18% at year-end.

Financial highlights

• FY2023 revenue was €1,084.6m vs €1,053.7m; EBITDA €143.3m vs €120.0m and operating profit €123.6m vs €99.1m.

• FY2023 net profit was €293.8m vs €96.1m; recurring-business net profit was €144.8m after adjustments for the Gaso gain and property revaluations.

• Q4 revenue was €337.7m vs €442.6m; EBITDA €37.4m vs €10.0m and net profit €24.2m vs a €1.7m loss.

Outlook and guidance

• LNG capacity reserved for 2024 includes 13 vessel deliveries to Inkoo and three to Klaipėda; Klaipėda capacity is secured at 3 TWh annually for 2025–2032 and 4 TWh for 2033–2044.

• Priorities include cross-border expansion, investment in transitional and renewable energy, green-transition growth and synergies across businesses.

• A Latvian solar plant with ~4 MW panel capacity was under construction.