Core Points - Aktsiaselts Infortar held its Annual General Meeting on June 4, 2025, with 45 shareholders representing 85.91% of the share capital [1][2] Financial Performance - The net profit for 2024 was approved at 193,670 thousand euros, with a proposed dividend of 3 euros per share, to be paid in two installments [3] Dividend Distribution - The first dividend payment of 1.5 euros per share will be made on July 15, 2025, for shareholders registered by July 4, 2025, and the second payment will be made on December 15, 2025, for shareholders registered by December 4, 2025 [3] Auditor Appointment - KPMG Baltics OÜ was appointed as the auditor for the financial year 2025 [4] Option Plan - The existing share option plan will be terminated, and a new plan will be implemented to motivate management and employees, allowing for the issuance of up to 400,000 options, representing 1.89% of the share capital [5][7] Articles of Association Amendment - The Supervisory Board was granted the right to increase share capital to fulfill the conditions of the new Option Plan, with an amendment allowing for an increase of up to 500,000 euros [11] Share Buy-Back Program - Aktsiaselts Infortar has the right to acquire its own shares, with a maximum of 250,000 shares to be repurchased, representing 1.18% of the share capital [12][13] Company Overview - Infortar operates in seven countries, primarily in maritime transport, energy, and real estate, holding significant stakes in various companies, including a 68.47% stake in Tallink Grupp [15]

Company Overview - Danaos Corp. is a ship-owning company focused on maritime transport, with a portfolio of 74 container vessels and 10 dry bulk vessels, positioning it as a significant competitor in the industry [1] Investment Focus - The company is appealing to individual investors who seek value in companies linked to commodity production, particularly those with sustained free cash flows, low leverage, and sustainable debt levels [1] - There is a preference for analyzing companies in sectors that are often overlooked by the market, such as oil & gas, metals, and mining, especially in emerging markets [1] Shareholder Value - Danaos Corp. is noted for its solid pro-shareholder attitude, maintaining consistent buyback programs and dividend distributions over time, which enhances its attractiveness to investors [1]

Company Overview - Infortar operates in seven countries, focusing on maritime transport, energy, and real estate [2] - The company holds a 68.47% stake in Tallink Grupp and a 100% stake in Elenger Grupp, along with a real estate portfolio of approximately 141,000 m² [2] - Infortar's operations extend to construction, mineral resources, agriculture, printing, and other sectors, comprising a total of 110 companies, including 101 subsidiaries, 4 affiliated companies, and 5 subsidiaries of affiliated companies [2] - The company employs 6,296 people, excluding affiliates [2] Management Update - The Supervisory Board of AS Elenger Grupp approved the extension of Management Board Member Raul Kotov's term for an additional three years, until April 30, 2028 [1]

Core Viewpoint - Irish Continental Group plc (ICG) reported a mixed performance in its trading update for the year to date as of May 3, 2025, with a notable increase in container freight volumes but a decline in car and RoRo freight carryings compared to the previous year [1][2][6]. Volume Performance - For the year to date, car volumes decreased by 7.1% to 140,800 units compared to 151,500 units in 2024 [2][6]. - RoRo freight volumes saw a slight decline of 0.6%, totaling 259,400 units compared to 260,900 units in 2024 [2][6]. - Container freight volumes increased significantly by 28.6%, reaching 132,800 teu compared to 103,300 teu in 2024 [2][8]. - Terminal lifts also rose by 9.8%, totaling 123,500 units compared to 112,500 units in 2024 [2][8]. Recent Updates - Since the last update on March 1, 2025, car volumes decreased by 0.7%, while RoRo freight increased by 2.8% [3]. - Container freight volumes rose by 23.9% since the last update, and terminal lifts increased by 9.6% [3]. Financial Performance - Consolidated Group revenue for the first four months of 2025 was €189.5 million, reflecting a 7.1% increase from €177.0 million in 2024 [5]. - The pre-IFRS 16 net debt was reported at €145.2 million, up from €56.6 million at the end of 2024, while IFRS net debt increased to €247.9 million from €162.2 million [5]. Division Performance - The Ferries Division recorded total revenues of €118.8 million, a slight decrease of 0.8% from €119.7 million in 2024 [6]. - The Container and Terminal Division saw total revenues rise by 17.6% to €80.9 million from €68.8 million in 2024 [8]. Market Conditions - The beginning of 2025 was affected by the closure of Holyhead Port, impacting volumes in the Ferries Division, but a partial reopening in mid-January has led to a more normalized market [7]. - The company is leveraging macro market weaknesses to expand its operations, including recent acquisitions of vessels [4].

Core Insights - Infortar, Estonia's largest investment holding company, reported a 20% increase in turnover for Q1 2025, reaching €447 million, with total assets nearly doubling to €2.6 billion and investments tripling to €22 million [1][14][17] - The consolidation of Tallink's results into Infortar's financial statements led to a net loss of €14.6 million for Q1 2025, primarily due to Tallink's seasonal losses and an income tax expense [2][16] - The company has diversified its operations across agriculture, industry, and services, becoming a market leader in each sector [3] Financial Performance - In Q1 2025, Infortar's sales revenue increased by €74.7 million compared to Q1 2024, largely due to the consolidation of Tallink Grupp [14] - The EBITDA for the maritime transport segment was negative at €-3.8 million, while the energy segment reported €31.8 million, and the real estate segment's EBITDA was €3.4 million [15] - The net profit attributable to Infortar's owners was €-4.5 million, a significant decline from a profit of €62.2 million in Q1 2024 [16] Sector Performance - The maritime transport segment faced challenges due to low consumer confidence and economic conditions in core markets, resulting in a loss of €33 million for Tallink in Q1 2025 [4][7] - The energy segment remained profitable despite a 19% decrease in natural gas consumption in the Finnish-Baltic region, attributed to an exceptionally warm winter [9][11] - The real estate segment experienced significant growth, expanding its portfolio by nearly 50% over the past year [5] Investment and Strategy - Infortar's total investments in Q1 2025 amounted to approximately €22 million, with a focus on expanding its agricultural sector presence [17] - The company maintains a strong balance sheet with free liquidity of €153 million, allowing for continued investment and adherence to its dividend policy [6][19] - Infortar operates in seven countries and has diversified its activities beyond its main sectors, including construction, agriculture, and mineral resources [24]

Infortar will organize a webinar for investors on 5 May 2025 at 12:00 (EET) in Estonian and at 14:00 (EET) in English to introduce the first quarter 2025 results. The webinar will be attended by the Chairman of the Board of Infortar Ain Hanschmidt, the Managing Director Martti Talgre and Investor Relations Manager Kadri Laanvee. The webinar will be hosted on the Microsoft Teams platform. Please note that to participate, no prior registration is required, and no reminder of the webinar will be sent. You can ...