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Q4 results of 2025

Infortar increased its sales revenue by more than one third last year to EUR 1.837 billion, while the company’s EBITDA rose by 60 percent to EUR 233 million. The Group’s equity amounted to EUR 1.178 billion, total assets to EUR 2.588 billion, investments to EUR 125 million, and net profit to EUR 72 million. Over the year, Infortar’s loan liabilities decreased by one sixth to EUR 1.060 billion and net debt declined by one fifth to EUR 841 million.

A recording of the webinar presenting the fourth-quarter results is available HERE.
“Infortar’s major investments are now generating returns, cash flows have become more stable, and the Group’s resilience has strengthened. Last year, we reduced our debt burden, increased liquidity, and achieved strong growth in EBITDA as our key performance indicator, where we continue to see further growth potential,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.
“Infortar’s core business segments made a strong contribution, but there is certainly still room for further improvement. In maritime transport, it was an extremely challenging year, yet the debt burden was significantly reduced and Tallink is paying its shareholders a solid dividend. Infortar will pass on Tallink’s dividends to its own shareholders together with its base dividend and additional dividend. We are optimistic about 2026 and believe that Tallink can become even stronger and more efficient.
In energy, it is encouraging to note that our recent international investments have proven their worth – both Gaso and Elenger Polska delivered excellent results. Elenger Group’s profit and cash flows are well diversified across different business areas and countries, which in turn supports the growth and expansion in the future,” said Hanschmidt.
“Our focus has been on actively managing and developing the portfolio in a way that diversifies risk, generates stable cash flows and enables investment even during the most challenging periods. The maritime transport, energy and real estate sectors behave differently across economic cycles, and it is precisely this difference that provides strength,” Hanschmidt noted.
“Last year’s significant expansion in agriculture, including the acquisition of the Estonia dairy farms, was a strategic step to balance the portfolio and at the same time a long-term investment. Food production, energy and infrastructure are not short-term trends but the foundations of the economy. We view these sectors as an integrated whole, where synergy creates additional value,” Hanschmidt added.

Infortar plans to pay a dividend of EUR 3.02 per share to its shareholders. The dividend consists of three components: the minimum EUR 1 per share promised at the time of the IPO, to be paid in accordance with the dividend policy; a carried-forward dividend from Tallink of EUR 1.48 per share; and an additional supplementary dividend of EUR 0.54 per share. Dividend payments will be made in two equal instalments in July and December of this year, in line with the company’s dividend policy. Infortar will pay a total of EUR 63 million to 6,400 shareholders, which, to the best of our knowledge, represents the largest dividend payment in the history of companies listed on the Tallinn Stock Exchange.

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Ain Hanschmidt Awarded the Order of the White Star

On 14 February, at a ceremony held in Rakvere at Ukuaru – the music house dedicated to Arvo Pärt – the President of the Republic of Estonia, Alar Karis, presented Ain Hanschmidt with the Order of the White Star, Third Class, in recognition of his dedication and perseverance in advancing Estonian enterprise.

According to the Head of State, one of the defining strengths of the recipients is that they have not been afraid to turn their good ideas into reality. “You have not done your work in pursuit of one high distinction or another; you have done it so that the world around us would be more supportive and wiser, so that children could receive a better education and our economy could grow, so that our people could receive the help they need and we could all feel more secure,” President Karis said while presenting the decorations. “Without your work, Estonia would be very different – poorer and bleaker. Through your diverse contributions, you have made Estonia a better place.”

According to Ain Hanschmidt, the decoration belongs to the entire Infortar group. "I regard this as a significant recognition primarily of our entire group, as achievements of this scale are by no means the result of the efforts of just a few enterprising individuals. I thank the President of the Republic of Estonia, our shareholders, partners and colleagues for their trust – trust is our greatest capital".

Colleagues warmly congratulate the new laureate.

Photo: Raigo Pajula

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Cornerstone Laid for the Sindi–Lodja Bridge

At midday on 11 December, winter swimmers brought a time capsule from the opposite bank of the River Reiu. The capsule was then placed into the bridge structure by Pärnu Mayor Kristel Voltenberg, Hannes Vaidla, Head of the Western Division of the Transport Administration, Ain Hanschmidt, CEO of Infortar, and Robert Sinikas, CEO of INF Infra.

According to Ain Hanschmidt, the construction of the Sindi–Lodja Bridge is rewriting history. “Archaeological excavations at the mouth of the River Reiu have revealed what is likely Estonia’s oldest house, dating back 7,300 years. With the building of the new bridge, however, we are writing new construction history and creating a fresh culture of cooperation, as this is the first time in Estonia that we are using the alliance contracting model, which binds the client and the contractor more closely together,” Hanschmidt said.

“By placing today’s time capsule, we mark an important milestone in the construction of the bridge. We have now completed the underground structures and reached ground level, marking the start of the above-ground phase. We will continue with the construction of the bridge piers and the installation of the steel structure, followed by the construction of the deck slab. In the second half of the summer, we will open the new bridge to traffic, after which we will refurbish the adjacent old bridge for pedestrians and cyclists,” noted INF Infra CEO Robert Sinikas.

“The time capsule placed today represents not only a new stage in the construction process but also an innovative approach to delivering infrastructure projects. The alliance model has enabled us to bring together the expertise of the client, designer and contractor at an early stage to ensure higher quality results and better-managed risks. This form of cooperation creates greater transparency and shared responsibility within the project and helps ensure that the completed bridge will benefit the region in the long term,” said Hannes Vaidla, Head of the Western Division of the Transport Administration.

The new Sindi–Lodja steel composite bridge, featuring V-shaped intermediate piers, will span the River Reiu alongside the existing reinforced concrete arch bridge. The new bridge has been designed so that it does not dominate the old one; instead, the two structures will complement each other.

The alliance procurement method—used in Estonia for the first time—is a new-generation contracting approach that differs from traditional methods in terms of early involvement, joint decision-making, and the sharing of risks and benefits between the client and the contractor.