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Q2 Results of 2025

Infortar’s second-quarter sales volumes reached a record-breaking €505 million, exceeding the result of the same period last year by more than 2.5 times.

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

"The second quarter was successful in the energy sector – we strengthened our market positions, increased both energy sales volumes and profitability, particularly in the Polish market and in infrastructure," said Ain Hanschmidt. "Maritime transport also showed signs of recovery, reflecting renewed customer confidence and the restoration of travel capabilities. In the real estate and construction segment, we handed over the Pärnu bridge to the client and continue to work on several major infrastructure projects, including the construction of the Rail Baltica main line.

One of the most notable transactions of the half-year also took place in the second quarter – the signing of the agreement to acquire Estonia Farms. For Infortar, this marks a significant expansion into agriculture – Estonia Farms and the Halinga farm acquired last year produce 160 tonnes of milk daily, accounting for 6.5% of Estonia’s total milk output. Integrating milk production with circular economy practices and renewable energy enables us to further expand the bioeconomy sector and produce domestic green gas.

This half-year, we have invested €38 million across various projects, including the construction of one of Estonia’s largest biogas plants in Halinga, a new solar power plant in Olaine Municipality, Latvia, and repair and upgrade works on the cruise ship Baltic Princess. While the energy segment’s profitability has grown and EBITDA has reached €20 million, the maritime transport result was affected by only two idle vessels (compared to four previously) and dividend withholding tax. The construction and real estate segment has remained on a path of stable growth."

Elenger Group increased its second-quarter sales volume by nearly a quarter compared to the same period last year, reaching a total of 4.9 TWh. The company’s gas sales market share in the Finland-Baltic region grew to 28%. Energy sales in Estonia accounted for 10% of the second-quarter total in 2025.

Since 1 August of last year, Infortar has also been consolidating the results of Tallink in its reports. In Q2 2025, AS Tallink Grupp transported a total of 1,488,128 passengers, representing a 2.5% increase compared to the same period last year. While the transport of passenger vehicles grew by 1.4%, reaching 212,782 units, the number of cargo units transported fell by 22.8% to 67,038 units.

Infortar’s second-quarter EBITDA was €57.4 million and pre-tax profit €15.5 million, marking a 50% increase from Q2 2024. However, due to a €17 million income tax charge, the net result for the quarter was a loss of €1.6 million. As of 30 June 2025, total assets amounted to €2.5 billion.

The Group’s sales revenue for the first half of the year totalled €951 million, with a net loss of €14 million.

As of 30 June 2025, the company’s equity stood at €1.174 billion, and total assets at €2.499 billion. In July this year, the company paid out €31 million in dividends.

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Infortar Acquires Estonia Farmid

The Competition Authority has granted Infortar approval to acquire one of Estonia’s largest agricultural enterprises, Estonia Farmid OÜ. Infortar consolidated its agricultural businesses under the Infortar Agro umbrella, successfully completed the transaction, and will continue to invest in agriculture.

“Estonia Farmid and the Halinga megafarm acquired last year in Pärnu County are undoubtedly among the absolute top in European dairy farming – in terms of expertise, technology, and output,” said Ain Hanschmidt, Chairman of the Management Board at Infortar. “Estonia is a land of milk, and our dairy products are highly valued across the region. Going forward, we hope to see milk become an increasingly important export commodity.”

“If the dairy industry is combined with circular economy principles and renewable energy, and biogas plants are built next to the farms, we can produce not only high-quality milk but also a domestic fuel source. This could power public transport in cities as well as heavy goods vehicles. Biogas simultaneously alleviates environmental problems in both agriculture and public transport, and helps the country as a whole achieve its climate goals,” Hanschmidt added.

“Estonia Farmid is a well-managed and successfully operating agricultural company that will become even stronger with its new owner. It is in the company’s interest to now take the next developmental leap and move towards a broader level that treats the bioeconomy as a unified whole,” noted Jaanus Marrandi, Member of the Management Board of Estonia Farmid OÜ.

“Agriculture is a strategic key sector for Estonia, and its development depends heavily on capital and vision. This transaction shows that capital flows to where there is potential to create value. We are pleased to support the cooperation of two strong Estonian companies – Infortar and Estonia Farmid – in a sector that directly impacts our food supply, regional policy, and economic sustainability,” said Eero Treumann, Member of the Management Board and Head of Corporate Banking at Swedbank.

Estonia Farmid OÜ holds stakes in three agricultural companies: Estonia OÜ, Kabala Agro OÜ, and Sõrandu Farm OÜ. According to audited data, Estonia Farmid OÜ had a turnover of €20 million and a profit of €2 million in 2024. The company’s equity stands at €22 million, and its assets total €41 million. Estonia Farmid OÜ also holds a 40% stake in the Oisu biogas plant.

Infortar Agro now manages a total of 13,100 hectares of land in the municipalities of Türi, Järva, and Northern Pärnumaa, representing 1.33% of Estonia’s arable land. The group’s dairy farms are located in Oisu, Taikse, and Kabala in central Estonia, as well as in Halinga in Pärnu County, housing a total of 8,200 dairy cows and young cattle. The average annual milk yield per cow at the Estonia and Halinga farms ranks among the highest in the country, reaching up to 13,000 kilograms. Combined, the daily milk production at Estonia and Halinga amounts to 160 tonnes – 6.5% of Estonia’s total milk output. The company employs 220 people.

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Opening Ceremony in Pärnu

On 21 June, a new bridge in Pärnu was officially inaugurated – a project local residents had been awaiting for over 30 years. Speeches at the opening ceremony were delivered by Prime Minister Kristen Michal, Vice-President of the Riigikogu Toomas Kivimägi, Mayor of Pärnu Romek Kosenkranius, Chairman of the City Council Siim Suursild, Deputy Mayor Meelis Kukk, CEO of Infortar Ain Hanschmidt, and Chairman of the Management Board of INF Infra Robert Sinikas.

According to Mayor Romek Kosenkranius, a decades-long dream of many Pärnu residents has finally come true: “This has become a landmark for Pärnu, and I am very pleased with the builders who managed to complete such a unique bridge in a relatively short time. I am also truly grateful to everyone whose efforts helped turn the people of Pärnu’s dream into reality,” said the mayor.

Ain Hanschmidt emphasised that prosperity can only grow through investment: “Pärnu has set an example for other municipalities by showing how, especially in challenging times, infrastructure investment is essential – and how it can have a wide-ranging positive impact on the region and the broader economy. Now that the bridge is complete, our next focus could be the highway that connects us to the rest of Europe,” Hanschmidt noted.

The bridge, which extends from Pargi Street to Raba Street, features three traffic lanes, each 3.25 metres wide: there is one lane for entering the bridge and two for exiting - the right-hand exit lanes allow for right turns onto Lai or Rääma Street. A speed limit of 40 kilometres per hour has been set on the streets leading to the bridge.

The bridge was designed and built by engineering and construction companies INF Infra OÜ and AS EG Ehitus, both part of the Infortar group. The overall project manager was Robert Sinikas, with Marko Rentik serving as project manager, Tambet Anso as site manager for the bridge, and Reigo Roosimets as site manager for road construction. The design work was carried out by Stricto Projekt OÜ, represented by engineers Andreas Papp, Dmitri Gorbatjuk, and Ando Funk along with their team. The total cost of the bridge construction exceeded €28 million.

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