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Q3 Results of 2025

Infortar’s sales volume grew by one-third in the third quarter, reaching 468 million euros, EBITDA amounted to 105 million euros, and net profit to 72 million euros. Over the first nine months, the Group’s revenue increased to 1.4 billion euros, and total investments reached 96 million euros.

A recording of the webinar presenting the second-quarter results is available HERE.

“We delivered a strong quarterly result, with all business segments contributing more significantly than a year ago. The considerable growth in sales volumes has had a positive impact on profitability, higher revenues have translated into increased profit. Tallink has successfully adapted to the regional economic challenges and market environment, increasing passenger numbers. Following a mild winter, Elenger expanded its market share in Finland and the Baltic region to a record 30% over the summer months. In the real estate and construction segment, we continue work on several large infrastructure projects, including the construction of the main line of Rail Baltica,” said Ain Hanschmidt, CEO of Infortar.

“The Group companies Tallink and Elenger have jointly taken a significant step towards sustainability – Tallink’s newest shuttle vessel, MyStar, began using bio-LNG fuel in the third quarter, with the aim of transitioning both MyStar and Megastar fully to bio-LNG. Tallink is setting an example for other operators and helping to reduce the environmental footprint across the Baltic Sea,” Hanschmidt added.

“Major changes are also taking place in onshore gas consumption. In Estonia, the share of locally produced biomethane – derived from cattle manure and biowaste – has already grown to nearly 10% of the country’s total gas consumption, thereby strengthening our overall energy independence. In the transport sector, imported fossil gas has already been replaced by locally produced green gas, transforming what was once a fossil fuel into a renewable and domestic source of energy,” Hanschmidt noted.

The Group’s sales revenue for nine months totalled €1.419 billion, with EBITDA of €190 million and a net profit of €58 million. As of 30 September 2025, the company’s equity stood at €1.2 billion, and total assets at €2.5 billion. In July this year, the company paid out €31 million in dividends.

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Infortar Estonian Challenge

Next summer, the Estonian Golf Association will host the Infortar Estonian Challenge at the Estonian Golf & Country Club in Jõelähtme, as part of the European professional golf series, the HotelPlanner Tour. The tournament boasts a record-breaking prize fund of €300,000 – the largest in Estonian sporting history – with the winner taking home a €48,000 cheque.

According to Ain Hanschmidt, President of the Estonian Golf Association, bringing a professional tournament to Estonia marks a significant milestone in the development of golf in the country.

“For Estonian national golfers, it opens a window into the professional world; for golf fans, it’s a chance to experience top-level golf first-hand; and for Estonian sport as a whole, it adds another prestigious international event alongside WRC Delfi Rally Estonia, the Swedbank Tallinn Marathon, and Ironman – helping raise the profile of our country and our players,” Hanschmidt noted.

Sam Townend, Chief Executive of the HotelPlanner Tour, added:

“Estonia will become the 52nd country to host a stage of the HotelPlanner Tour and the first new country since 2020. We expect 156 top-class players from across the globe – including rising stars and golfers who have already earned millions over their careers.”

The Estonian Golf Association has signed a three-year hosting agreement with the European Tour Group, with the total cost of organising the three stages exceeding €1.5 million. The main sponsor of the event is Infortar, one of the largest companies in the region, supported by the national golf team’s sponsor club, which includes 30 companies and private members.

The inaugural Infortar Estonian Challenge will take place from 30 July to 2 August at the Sea Course of the Estonian Golf & Country Club – one of the most renowned courses in the Baltic region.

Hanno Kross, CEO of the Estonian Golf & Country Club, emphasised that it’s no coincidence the professional tournament will be held in Jõelähtme for the next two years:

“Since our founding 20 years ago, we have worked closely with the European Tour to bring world-class expertise to Estonia in both golf development and course management. Hosting top-level tournaments has always been central to our strategy – we have already hosted seven European Championships at our Sea Course. It’s a great honour that the European Tour and the Estonian Golf Association have chosen us from among all Estonian courses to provide professionals with a beautiful yet challenging venue,” said Kross.

The event also grants the Estonian Golf Association 50 playing invitations, which can be exchanged with other tournament organisers. This gives Estonian golfers an opportunity to begin their professional journeys at the second tier of European professional golf.

The HotelPlanner Tour – formerly known as the Challenge Tour – is Europe’s second-tier professional golf series, established in 1989. It has served as a launchpad for golfers aspiring to reach the world’s elite: the top 20 players each season advance to the DP World Tour (formerly the European Tour).

To date, 231 former HotelPlanner Tour players have won 618 tournaments on the DP World Tour. The 2026 HotelPlanner Tour season will begin in January in South Africa and conclude with the Grand Final in Mallorca, featuring up to 30 tournaments across 20 or more countries in Europe, Asia, the Middle East, and Africa.

Over the years, the Tour has produced eight major champions – Michael Campbell, Trevor Immelman, Louis Oosthuizen, Martin Kaymer, Henrik Stenson, Justin Rose, Brooks Koepka, and Matt Fitzpatrick. In 2011, Martin Kaymer became the first Tour graduate to reach the world number one ranking.

In total, 35 former HotelPlanner Tour players have represented their teams in the Ryder Cup, including six members of the victorious European team who began their professional journeys on the Tour.

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Biomethane Plant Topping-Out in Halinga

If renewable energy is already being produced in Põhja-Pärnumaa municipality at the Tootsi wind farm and solar parks around Vändra, then now renewable gas will be added alongside them – a topping-out ceremony was held on Piimajõe Road in Halinga to mark the construction of one of Estonia’s largest biomethane plants.

The plant, due for completion next spring, will produce biomethane from local livestock manure and biowaste, turning them into clean domestic fuel. The €15 million facility is being built by Infortar next to dairy farms, with support from the European Union’s Recovery and Resilience Facility under the NextGenerationEU programme.

“At Halinga, we have always valued traditions – in spring we sow, in autumn we plough. Only in early spring there was just a big hole in the ground where the plant is now rising, but today the white domes are already visible from the Via Baltica. The topping-out wreath is a sign that the builders have kept their word and the work is on schedule. This is the largest investment of the year in Põhja-Pärnumaa, and its assured completion by spring 2026 gives confidence to the whole region. As tradition dictates, we mark the occasion with a well-deserved handshake for the builders,” said Raul Peetson, Managing Director of Halinga OÜ.

“The construction of the Halinga biomethane plant has been an exciting challenge for INF Ehitus – on the one hand, it is a complex engineering project, and on the other, it carries responsibility for the country’s energy security. Major construction works on the general and external networks are now nearing completion, and the digesters are ready. Equipment installation and technological works are under way and will continue until the end of this year. After that, the commissioning and start-up of the plant will follow – a process comparable in complexity to setting up a modern industrial complex,” said Martin Viilep, Member of the Management Board of AS INF Ehitus.

Biomethane is a fully domestic Estonian fuel, produced mainly from manure and biowaste. From the annual manure output of a single dairy cow, it is possible to produce about 200 kg of biomethane – enough to drive up to 5,000 kilometres.

Together with partners, Infortar has invested nearly €30 million in biomethane plants and launched production in Oisu (Järva County), Ilmatsalu (Tartu County) and Vinni (Lääne-Viru County). The largest customers for biomethane today are public transport companies in Tartu, Rakvere, Jõhvi and Pärnu, in addition to which biomethane is available at filling stations across Estonia.

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