Infortar (INF1T) Q4 2024 earnings summary

Executive summary

• FY2024 revenue was €1,371.8m, EBITDA €145.4m and net income €175.4m, down from €1,084.6m, €143.3m and €293.8m, respectively.

• Q4 revenue rose to €446.2m, but EBITDA fell to €27.9m and the quarter recorded a €12.0m net loss.

• Assets increased to €2,715.2m following investments and acquisitions; Tallink became a subsidiary after ownership reached 68.5%.

Financial highlights

• FY gross profit was €128.6m vs €149.5m; EBIT was €77.0m vs €123.6m, including a Q4 €6.7m loss from investment-property fair-value changes.

• Q4 gross profit was €34.9m vs €42.2m; EBIT was -€6.8m vs €29.0m, and parent-attributable net loss was €11.2m vs profit of €24.2m.

• Operating cash flow was €133.3m vs €189.8m; investing cash flow was -€169.4m and financing cash flow was €116.6m.

• FY2024 EPS was €8.46 vs €14.62; book value per share was €43.34 vs €26.02.

Outlook and guidance

• A €3 per share dividend was proposed for 2025; expansion is expected to be followed by a focus on operating recent investments more efficiently.

• 2025 Tallink results were expected to benefit from forecast modest GDP growth in Finland and Sweden, lower European interest rates and potential consumer-spending recovery.

• Energy expansion plans include ~100 MW of solar, wind and storage projects; timing and delivery depend on market conditions and other factors outside management’s control.

• Real estate development includes 41,000 m² of permitted space; a 30,000 m² DEPO retail site in Lasnamäe is targeted for completion in autumn 2026.