Aktsiaselts Infortar: Q3 2024 Results and Strategic Growth

Infortar, a prominent Estonian investment company, recently hosted an investor webinar to introduce the results of the third quarter of 2024. The webinar, held on 4 November 2024 at 12:00 (EET) in Estonian and at 14:00 (EET) in English, was attended by the company's Managing Director, Martti Talgre, and Investor Relations Manager, Kadri Laanvee. The event provided valuable insights into Infortar's financial performance and strategic initiatives.


Infortar's total assets reached €2.5 billion following the acquisition of a majority stake in Aktsiaselts Tallink Grupp (Tallink). The company's consolidated revenue amounted to €926 million, net profit reached €187 million, and investments totaled €138 million for the first nine months of 2024. Ain Hanschmidt, Chairman of Infortar's Management Board, remarked that the company has grown into Estonia's largest investment company, with its consolidated asset volume increasing by €1 billion within just nine months.

Infortar's expansion into various sectors, including maritime transport, energy, and real estate, has significantly contributed to its financial performance. The company's consolidated revenue increased by €178.7 million, reaching €925.6 million, compared to €746.9 million in the same period in 2023. This growth was primarily driven by the line-by-line consolidation of Tallink results into Infortar's financial statements following its majority stake acquisition.


Infortar's strategic initiatives have led to increased EBITDA, particularly in the energy and maritime transportation segments. In the energy segment, AS Eesti Gaas, the largest private energy company in the Finnish and Baltic region, increased its sales volume of natural gas and electricity by 27% year-on-year, reaching 13.9 TWh and a market share of 25.7%. This expansion, coupled with operational efficiency gains, contributed to a nine-month EBITDA of €79.5 million, down from €99.1 million in 2023. In the maritime transportation segment, Infortar's acquisition of a majority stake in Tallink led to a nine-month EBITDA of €149.5 million, compared to €177.7 million in 2023, indicating improved operational synergies and cost management.

Infortar's expansion into new markets, such as Poland and Germany, through its energy subsidiary AS Eesti Gaas operating under the Elenger brand, has significantly contributed to its consolidated revenue and EBITDA. The company's total assets reached €2.5 billion, with net profit reaching €187 million and investments totaling €138 million for the first nine months of 2024.

Infortar's acquisition of printing houses Tallinna Raamatutrükikoda, Printon, and Vaba Maa at the end of Q3 2024 aimed to enhance synergies and bolster its extensive experience in the printing sector. This strategic move allowed Infortar to consolidate its position in the printing industry, leveraging the combined strengths of the acquired companies. By integrating these printing houses into its portfolio, Infortar could optimize resources, streamline operations, and potentially reduce costs, ultimately contributing to its overall financial performance.

In conclusion, Infortar's Q3 2024 results demonstrate the company's strong financial performance and strategic growth initiatives. By expanding into various sectors and markets, Infortar has successfully diversified its revenue streams and enhanced its EBITDA. The company's acquisition of printing houses further bolsters its position in the printing sector, contributing to its overall financial performance. As Infortar continues to execute its strategic growth plans, investors can expect the company to maintain its strong financial performance and generate consistent returns.