From Cows to Ferries: The Energy Logic Behind Infortar’s €1.8bn Platform
At first glance, dairy farms and Baltic Sea ferries have little in common. Yet within Infortar, the connection is increasingly defined by energy.
In 2025, the group reported €1.837bn in revenue, marking the fourth consecutive year above the €1bn threshold and bringing it close to the €2bn range. But the more important shift has not been scale — it has been structure.
While Infortar remains widely associated with Tallink Grupp, energy has increasingly become the stabilising core of the group’s business model.
2025 Snapshot
• Revenue: €1.837bn (+34%)
• EBITDA: €233mn (+60%)
• Net profit: €72mn
• Net debt: €841mn (−20%)
• Investments: €125mn
• Proposed dividend: €63mn
At current market prices, the proposed dividend implies a yield of roughly 6–7%, a comparatively elevated level for a listed infrastructure platform.
The 34% revenue increase reflects not only higher energy volumes but also the first full 12-month consolidation of Tallink into group accounts.
Energy: The Structural Anchor
In 2025, Elenger sold approximately 15.5–16 TWh of energy (gas and electricity), up 20–25% year-on-year.
Geographically:
Poland has emerged as a key growth driver following expansion there.
Finland remains strategically important via LNG imports through Inkoo.
Estonia now accounts for only 11–15% of total volumes.
Elenger has evolved from a domestic gas supplier into a regional energy trader and infrastructure operator active across the Baltics, Finland and Poland.
Energy first pushed the group beyond €1bn in revenue in 2022. Today, it underpins operating resilience and geographic diversification.
Maritime: Visible but Cyclical
Tallink operates:
14 vessels (12 passenger, 2 cargo)
5 core Baltic Sea routes
Approximately 5.5m passengers in 2025
Shipping remains capital-intensive and fuel-sensitive. In favourable cycles it offers operating leverage; in weaker phases it introduces volatility.
Within Infortar’s structure, maritime represents cyclical exposure rather than systemic stability.
Closing the Green Loop: From Dairy to Maritime Fuel
The agricultural segment includes dairy operations such as
Väätsa Agro and
Halinga OÜ.
With revenue of roughly €46mn, agriculture remains modest in scale relative to energy and maritime. Its strategic relevance, however, lies in transition dynamics.
In late 2025 and early 2026, Elenger began supplying certified bio-LNG to Tallink’s shuttle vessels MyStar and Megastar.
Deliveries began in summer 2025.
As of January 2026, bio-LNG covered 74% of fuel volumes for the two vessels, subject to availability and pricing.
A full transition is targeted.
Emissions could fall by up to 75% compared with fossil LNG.
While the group’s farms are not disclosed as the primary feedstock source for this fuel, the portfolio configuration creates the foundation for a renewable gas value chain linking agriculture, gas infrastructure and maritime transport.
In regulatory terms — particularly under EU maritime decarbonisation rules — such integration is increasingly relevant.
Conclusion
Infortar became a billion-euro company in 2022 on the back of energy markets.
Between 2024 and 2025, it matured into a diversified regional infrastructure platform in which:
energy provides structural stability,
maritime offers cyclical exposure,
agriculture supports long-term transition potential.
The coming year will test the durability of this model — particularly the balance between energy-driven stability and shipping’s inherent cyclicality.
What is clear, however, is the shift in perception: what was once seen primarily as a ferry holding increasingly operates as an energy-anchored infrastructure platform. BSM © 2026
Image: photos/photo_211@27-02-2026_20-38-24.jpg