Reported Earnings • Aug 04
Second quarter 2026 earnings released: EPS: €0.11 (vs €0.094 in 2Q 2025) Second quarter 2026 results: EPS: €0.11 (up from €0.094 in 2Q 2025). Revenue: €440.9m (down 13% from 2Q 2025). Net income: €2.34m (up 21% from 2Q 2025). Profit margin: 0.5% (up from 0.4% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Declared Dividend • Jul 16
Dividend of €1.51 announced Shareholders will receive a dividend of €1.51. Ex-date: 7th December 2026 Payment date: 15th December 2026 Dividend yield will be 6.0%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 21% to shift the payout ratio to a potentially unsustainable range, which is less than the 78% EPS decline seen over the last 5 years. Upcoming Dividend • Jun 30
Upcoming dividend of €1.51 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 15 July 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Estonian dividend payers (6.0%). Higher than average of industry peers (5.3%). Announcement • Jun 04
AS Infortar Approves Dividend for the Year 2025, Payable in July 15, 2026 and December 15, 2026 AS Infortar at its Annual General Meeting of Shareholders held on June 4, 2026, approved the proposal for the distribution of profit submitted by the Management Board of Aktsiaselts Infortar: Pay the Shareholders dividend EUR 3. 02 per share for the year 2025. Dividend shall be paid in two parts as follows: EUR 1.5 per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 8 July 2026 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 7 July 2026. Dividend shall be paid to the Shareholders on 15 July 2026 by transfer to the bank account of the Shareholder: EUR 1.51 per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 8 December 2026 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 7 December 2026. Dividend shall be paid to the Shareholders on 15 December 2026 by transfer to the bank account of the Shareholder. Declared Dividend • May 16
Dividend of €1.51 announced Shareholders will receive a dividend of €1.51. Ex-date: 7th July 2026 Payment date: 15th July 2026 Dividend yield will be 6.3%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 21% to shift the payout ratio to a potentially unsustainable range, which is less than the 78% EPS decline seen over the last 5 years. Announcement • May 14
AS Infortar, Annual General Meeting, Jun 04, 2026 AS Infortar, Annual General Meeting, Jun 04, 2026, at 11:00 FLE Standard Time. Location: conference centre of tallink spa &, conference hotel at sadama 11a, tallinn, Estonia Reported Earnings • May 05
First quarter 2026 earnings released: EPS: €0.61 (vs €0.22 loss in 1Q 2025) First quarter 2026 results: EPS: €0.61 (up from €0.22 loss in 1Q 2025). Revenue: €505.0m (up 13% from 1Q 2025). Net income: €12.8m (up €17.3m from 1Q 2025). Profit margin: 2.5% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Announcement • May 04
as Infortar Announces Dividend for the Financial Year 2025, Payable in July and December 2026 AS Infortar announced that in accordance with the dividend policy, the objective is to pay dividends of at least EUR 1 per share per financial year. Dividend payments are made in two instalments. The Management Board of Infortar Group intends, in coordination with the Supervisory Board, to propose a dividend of EUR 3.02 per share for the 2025 financial year. According to the proposal, the payments will be made in July and December 2026. The dividend consists of three components: EUR 1 per share, paid in accordance with the dividend policy; a pass-through of the dividend received from AS Tallink Grupp, amounting to EUR 1.48 per share; an additional dividend 0.54 euros per share, paid based on the 2025 financial results. The total number of Infortar shares amounts to 21 166 239 from which the company’s own shares shall be deducted. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: €3.54 (vs €9.36 in FY 2024) Full year 2025 results: EPS: €3.54 (down from €9.36 in FY 2024). Revenue: €1.84b (up 34% from FY 2024). Net income: €72.7m (down 62% from FY 2024). Profit margin: 4.0% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Announcement • Feb 25
AS Infortar Announces Dividend Paid in Two Instalments for the Financial Year 2025 , Payable on July 2026 and December 2026 Respectively AS Infortar announced in accordance with the dividend policy, the objective is to pay dividends of at least EUR 1 per share per financial year. Dividend payments are made in two instalments. The Management Board of Infortar Group intends, in coordination with the Supervisory Board, to propose a dividend of EUR 3.02 per share for the 2025 financial year. According to the proposal, the payments will be made in July and December 2026. The dividend consists of three components: EUR 1 per share, paid in accordance with the dividend policy; the dividend received from AS Tallink Grupp, EUR 1.48 per share; an additional dividend EUR 0.54 per share, paid based on the 2025 financial results. The total number of Infortar shares amounts to 21,166,239 from which the company’s own shares shall be deducted. Announcement • Nov 28
AS Infortar Announces Appointment of Priit Tamme as Member Supervisory Board of Subsidiary AS Elenger Grupp, as of December 1, 2025 AS Infortar announced that the membership of the Supervisory Board of subsidiary AS Elenger Grupp is changing. As of December 1, 2025 Priit Tamme is appointed as a member Supervisory Board based on a resolution of the sole shareholder of AS Elenger Grupp. The Supervisory Board of AS Elenger Grupp will continue with five members. PROFESSIONAL EXPERIENCE of Priit Tamme is Aktsiaselts Infortar: September 2023 - present, Deputy Managing Director. AS SEB Pank: October 2021 - September 2023; Head of Corporate Clients Department. Elenger Polska Sp. z o.o.: December 2024 - present, Member of the Supervisory Board. Elenger Dystrybucja Sp. z o.o.: December 2024 - present, Member of the Supervisory Board. Estonia Farmid OÜ: July 2025 - present, Member of the Management Board. Osaühing ESTONIA: July 2025 - present, Member of the Supervisory Board. KABALA AGRO OSAÜHING: July 2025 - present. Member of the Supervisory Board: Ü Halinga: April 2024 - present, Member of the Supervisory Board. Tallinna Raamatutrükikoja Osaühing, October 2024 - present, Member of the Supervisory Board. AS INF T: January 2025 - present, Member of the Supervisory Board. Upcoming Dividend • Nov 26
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 03 December 2025. Payment date: 15 December 2025. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 6.6%. Lower than top quartile of Estonian dividend payers (6.9%). Higher than average of industry peers (5.7%). Announcement • Nov 26
Aktsiaselts Infortar Announces Second Installment of Dividends for the Financial Year 2024, Payable on 15 December 2025 Aktsiaselts Infortar will pay the second instalment of dividends for the 2024 financial year in the net amount 1.5 euros per share. List of shareholders entitled to dividends will be recorded on 4 December 2025 at the end of the business day of the settlement system of the securities registrar (record-date). The day of change of the rights related to the shares (ex-date) is 3 December 2025. From this date onwards, persons acquiring shares will not be entitled to receive dividends for the financial year 2024 on 15 December 2025. Dividend shall be paid to the Shareholders on 15 December 2025 by transfer to the bank account. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: €2.84 (vs €5.50 in 3Q 2024) Third quarter 2025 results: EPS: €2.84 (down from €5.50 in 3Q 2024). Revenue: €467.7m (up 34% from 3Q 2024). Net income: €59.1m (down 47% from 3Q 2024). Profit margin: 13% (down from 32% in 3Q 2024). Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: €0.12 (vs €0.54 in 2Q 2024) Second quarter 2025 results: EPS: €0.12 (down from €0.54 in 2Q 2024). Revenue: €504.5m (up 148% from 2Q 2024). Net income: €1.93m (down 82% from 2Q 2024). Profit margin: 0.4% (down from 5.4% in 2Q 2024). Declared Dividend • Jul 16
Dividend of €1.50 announced Dividend of €1.50 is the same as last year. Ex-date: 3rd December 2025 Payment date: 15th December 2025 Dividend yield will be 6.2%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to decline by 45% to shift the payout ratio to a potentially unsustainable range, which is similar to the EPS decline seen over the last 5 years. Announcement • Jul 16
AS Infortar (TLSE:INF1T) acquired remaining 10% stake in OU INF Saue from Lumi Partners JV1 OÜ. AS Infortar (TLSE:INF1T) acquired remaining 10% stake in OU INF Saue from Lumi Partners JV1 OÜ on July 15, 2025.
AS Infortar (TLSE:INF1T) completed the acquisition of remaining 10% stake in OU INF Saue from Lumi Partners JV1 OÜ on July 15, 2025. Upcoming Dividend • Jun 26
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 6.3%. Within top quartile of Estonian dividend payers (6.2%). In line with average of industry peers (5.9%). Announcement • Jun 05
AS Infortar, Annual General Meeting, Jun 04, 2025 AS Infortar, Annual General Meeting, Jun 04, 2025, at 11:00 FLE Standard Time. Location: the conference centre of tallink spa, & conference hotel at sadama 11a, Estonia Reported Earnings • May 02
Full year 2024 earnings released: EPS: €9.36 (vs €14.62 in FY 2023) Full year 2024 results: EPS: €9.36 (down from €14.62 in FY 2023). Revenue: €1.37b (up 27% from FY 2023). Net income: €191.3m (down 35% from FY 2023). Profit margin: 14% (down from 27% in FY 2023). Buy Or Sell Opportunity • Apr 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.1% to €46.80. The fair value is estimated to be €38.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 83%. New Risk • Mar 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin). New Risk • Feb 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 534% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (67% net debt to equity). Large one-off items impacting financial results. New Risk • Feb 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: €8.46 (vs €14.62 in FY 2023) Full year 2024 results: EPS: €8.46 (down from €14.62 in FY 2023). Revenue: €1.37b (up 27% from FY 2023). Net income: €172.9m (down 41% from FY 2023). Profit margin: 13% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Upcoming Dividend • Nov 25
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 02 December 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 6.7%. Lower than top quartile of Estonian dividend payers (6.9%). In line with average of industry peers (6.6%). Announcement • Nov 19
Aktsiaselts Infortar Announces Second Installment of Dividends for the Year 2023, Payable on December 12, 2024 Aktsiaselts Infortar will pay the second installment of dividends for the 2023 financial year in the net amount EUR 1.5 per share. List of shareholders entitled to dividends will be recorded on 3 December 2024 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 2 December 2024.From this date onwards, individuals acquiring shares will not be entitled to receive dividends for the financial year 2023 on 12 December 2024. Dividend shall be paid to the Shareholders on 12 December 2024 by transfer to the bank account. New Risk • Nov 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 67% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (67% net debt to equity). Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (3.6% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: €5.50 (vs €29.47 in 3Q 2023) Third quarter 2024 results: EPS: €5.50 (down from €29.47 in 3Q 2023). Revenue: €349.5m (up 87% from 3Q 2023). Net income: €111.1m (down 40% from 3Q 2023). Profit margin: 32% (down from 100% in 3Q 2023). Announcement • Oct 16
Infortar AS (TLSE:INF1T) completed the acqusition of Tallinna Raamatutrukikoja Osauhing from ViroInvestment OÜ. Infortar AS (TLSE:INF1T) signed a share purchase agreement to acquire Tallinna Raamatutrukikoja Osauhing from ViroInvestment OÜ on September 13, 2024. The transaction is not considered as a transaction beyond everyday economic activities or a transaction of a significant importance, nor it is regarded as a transaction with related persons, under the "Requirements for Issuers" section of the NASDAQ Tallinn Stock Exchange rules. The members of the Supervisory Board and the Management Board of Aktsiaselts Infortar have no personal interest in the transaction in any other way.
According to the agreement, obtaining approval from the Competition Authority and completion of additional operations are preconditions for closing of the transaction. The transaction does not have a significant impact on Aktsiaselts Infortar's activities.
Infortar AS (TLSE:INF1T) completed the acqusition of Tallinna Raamatutrukikoja Osauhing from ViroInvestment OÜ on October 16, 2024. The Competition Authority has granted a merger permit to complete the transaction after fulfilling additional operations and preconditions. Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: €0.50 (vs €29.47 in 2Q 2023) Second quarter 2024 results: EPS: €0.50 (down from €29.47 in 2Q 2023). Revenue: €203.6m (up 9.1% from 2Q 2023). Net income: €10.9m (down 94% from 2Q 2023). Profit margin: 5.4% (down from 100% in 2Q 2023). Announcement • Jun 18
Infortar AS (TLSE:INF1T) intended to make a voluntary takeover offer to acquire remaining 53.26% stake in AS Tallink Grupp (TLSE:TAL1T) from Baltic Cruises Holding, L.P., Baltic Cruises Investment L.P., Citigroup Venture Capital International Investment GP Limited, Luksusjaht AS, Mersok OÜ, and Clearstream Banking AG for approximately €217 million. Infortar AS (TLSE:INF1T) intended to make a voluntary takeover offer to acquire remaining 53.26% stake in AS Tallink Grupp (TLSE:TAL1T) from Baltic Cruises Holding, L.P., Baltic Cruises Investment L.P., Citigroup Venture Capital International Investment GP Limited, Luksusjaht AS, Mersok OÜ, and Clearstream Banking AG for approximately €217 million on June 17, 2024. The Offeror makes the Offer with the price of €0.55 per one Tallink share. Upon completion, Infortar AS will own 100% stake in AS Tallink Grupp. The Offer takes place as a voluntary takeover offer and the Offeror is not obliged to conduct the Offer under § 166 of the Estonian Securities Market Act. In accordance, the Offeror shall submit the Prospectus and the Offer notice to the Estonian Financial Supervision and Resolution Authority (“ EFSA ”) for approval. The Prospectus and Offer notice shall be published at a date determined by EFSA after their approval, however, the Offeror intends to start the Offer in the beginning of July 2024 and the Offer is intended to last for 35 days. The Offer shall be made in accordance with the laws of the Republic of Estonia and will not be subject to any review or approval by any foreign regulatory authority. Announcement • May 17
Infortar AS (TLSE:INF1T) acquired an additional 3.5% stake in AS Tallink Grupp (TLSE:TAL1T) for €16.7 million. Infortar AS (TLSE:INF1T) acquired an additional 3.5% stake in AS Tallink Grupp (TLSE:TAL1T) for €16.7 million on May 14, 2024. As part of acquisition, 26,030,390 shares were acquired for €0.64 per share. Infortar now owns 46.74% stake in AS Tallink.
Infortar AS (TLSE:INF1T) completed the acquisition of additional 3.5% stake in AS Tallink Grupp (TLSE:TAL1T) on May 14, 2024. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: €14.62 (vs €15.23 in FY 2022) Full year 2023 results: EPS: €14.62. Revenue: €1.08b (up 2.9% from FY 2022). Net income: €293.8m (up 206% from FY 2022). Profit margin: 27% (up from 9.1% in FY 2022). Announcement • Apr 26
Infortar AS, Annual General Meeting, May 20, 2024 Infortar AS, Annual General Meeting, May 20, 2024, at 11:00 E. Europe Standard Time. Location: centre of Tallink SPA & Conference Hotel at Sadama Tallinn Estonia Agenda: To Approve the 2023 Annual Report of Aktsiaselts Infortar submitted by the Management Board; to Approve the distribution of profit ; to extend the authorisation of the Supervisory Board Member ; to Approve the Issue of Options to members of the Supervisory Board under the Option Plan approved by the resolution of the General Meeting of Shareholders of 15 June 2021; to appoint the company of auditors KPMG Baltics OÜ to conduct the audit of Aktsiaselts Infortar in the financial year 2024 and to remunerate the work according to the audit contract to be concluded with the auditor; and to consider other matters. Announcement • Apr 25
Infortar AS Proposes Dividend, Payable on 12 June 2024 and 12 December 2024 Respectively Infortar AS announced at the AGM to be held on May 20, 2024, proposed Pay the Shareholders dividend 3 euros per share. Dividend shall be paid in two parts as follows: 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 3 June 2024 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 31 May 2024. Dividend shall be paid to the Shareholders on 12 June 2024 by transfer to the bank account of the Shareholder; 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 3 December 2024 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 2 December 2024. Dividend shall be paid to the Shareholders on 12 December 2024 by transfer to the bank account of the Shareholder. New Risk • Apr 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Estonian stocks, typically moving 7.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.1% average weekly change). Minor Risk High level of debt (42% net debt to equity). Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: €14.62 (vs €15.23 in FY 2022) Full year 2023 results: EPS: €14.62. Revenue: €1.08b (up 2.9% from FY 2022). Net income: €293.8m (up 206% from FY 2022). Profit margin: 27% (up from 9.1% in FY 2022). The increase in margin was primarily driven by lower expenses. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €33.20, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 10x in the Gas Utilities industry in Europe. Announcement • Dec 31
Infortar AS to Report Fiscal Year 2023 Results on Feb 26, 2024 Infortar AS announced that they will report fiscal year 2023 results on Feb 26, 2024