Infortar’s quarterly profit falls 30% despite stronger operating earnings
Estonian investment group Infortar reported a 30% decline in third-quarter net profit to €50.4 million, although operating profit increased and nine-month earnings remained broadly stable.
According to the unaudited results published on 2 November, group revenue fell 2.2% year on year to €457.5 million in the third quarter of 2026, while EBITDA declined 16.7% to €87.4 million.
Operating profit, however, increased from €64.8 million to €66.7 million. The decline in net profit partly reflected a substantial change in financial investment results, which moved from a €17.6 million gain a year earlier to a €2.4 million loss.
For the first nine months of 2026, consolidated net profit was €57.6 million, compared with €57.8 million in the corresponding period of 2025. Nine-month EBITDA increased 4.6% to €198.7 million, while operating profit rose 29% to €117.8 million.
The group’s businesses showed different trends.
Energy subsidiary Elenger reported a 27% decline in gas and electricity sales volumes to 2.8 TWh in the third quarter, mainly because of lower wholesale sales. Nevertheless, its share of the Baltic-Finnish gas market increased to 31%, according to Infortar.
Maritime transport operator Tallink carried 1.82 million passengers, up 2.8% year on year, while cargo units increased 7.8% to 64,980.
At the end of September, the group’s total assets amounted to €2.62 billion. Net debt stood at €828 million, down from €851.6 million at the end of 2025.
The results show a divergence between Infortar’s underlying operating performance and its quarterly bottom line, with energy sales volumes and financial investment results weighing on the overall picture.