Good day to all our investors and everyone else listening in today. Welcome to webinar presenting AS Infortar fourth quarter and 12 months 2025 results. My name is Kadri Laanvee. I am responsible for investor relations. I am joined today by our Managing Director, Martti Talgre. We will begin with an overview of group operations and key developments in the fourth quarter of 2025. After the presentation, we will answer the questions. If you would still like to submit the question, please use Q&A button at Teams. Today's webinar is being recorded and will be available on Infortar's investor webpage after the event. Let's start with an overview of fourth quarter. I will hand over to Martti now.
Good afternoon, dear Infortar shareholders and investors. I'm very pleased to share with you today our results for the Q4 2025, and then for the total year as well. Quick recap regarding Infortar. Infortar is one of the largest investment companies in the Baltic States, founded back in 1997. Our business is mainly in maritime transportation, energy, and real estate, but we have also diversified our portfolio and have interests also in agriculture and engineering. When we talk about the main investments, I think that Tallink doesn't need much introduction, one of the largest companies in the region, and then we own 68.5% of the company.
In energy, our interests are mainly related with Elenger Group, which is a leading energy company in the Baltic countries and Finland. We are also now expanding in Poland. In real estate, we have about 141,000 square meters in and around of Tallinn. Additionally to that, we have recently invested quite significantly into agriculture sector. Our engineering business has also demonstrated a nice growth. Let's move to the key messages of the previous year. I would start from that although the year as such was quite a challenge, we are proud with the total results we delivered. We managed to grow our sales last year by roughly 1/3.
Our EBITDA also demonstrated a good development, 61% of growth to EUR 233 million. Net profit was EUR 72 million, which is less, significantly less than the year before, but I would point out here that when we look at the ongoing business operations, then the profitability is actually better in 2025 versus 2024, because 2024 profit also included quite a few one-off transactions, one-off profits from transactions, acquisition transactions, what we did. In general, we have been stressing this all the time, is that Infortar is after growth, but not just after growth, we are after profitable growth and delivering a good return on invested capital is really the key.
To grow, we've seen that really what we have to do is to have expansion internationally. What we've seen over the past quarters is that those investments we've done in Latvia and in Poland have really proven their profitability. Last year, the most important acquisitions, what we carried through was the acquisition of Estonia Farmd. That resulted the agriculture segment EBITA being three times bigger than before. For Infortar, dividend payment is always a very important.
We believe that a good company has to be capable to pay stable dividend for the shareholders, and then we can proudly report that for the 3rd consecutive year, we are increasing the dividend payout from Infortar's for Infortar shareholders. Just a few words regarding the key events in our main segments as well. In shipping, in maritime transportation, as I mentioned before, the year as such was a challenge, especially Q1. The fact that Tallink has managed to reduce significantly the loan burden and has a strong liquidity, allows us, and allows Tallink to continue with dividend payments. In energy, the year was solid.
We had a very stable and strong performance in infra part of energy business, and also the acquisition in Poland was very successful. The company is very nicely integrated and has become part of the family. When it comes to real estate, the performance there is very stable and solid. Last year, the key event there was the completion of Rimi logistics centre, which is now nicely operational. When it comes to the DEPO Do It Yourself store development, that goes according to the plan. Kadri, maybe you now comment a little bit on the numbers and then.
Yes, on the screen you can see consolidated figures for Q4 2025, alongside with the full year results for 2025, and comparative data from last year. Our annual revenue amounted to EUR 1.84 billion, representing approximately 34% growth compared to 2024. The 60% increase in EBITDA was mainly driven by consolidation of Tallink Group's results over the full 12 months, and also approximately EUR 12 million improvement in Elenger's EBITDA. The addition of the agricultural sector, including Estonia Farmid and Halinga, to the consolidation group. The 2025 net profit includes the effects of consolidating Tallink and also our subsidiary, Elenger Polska, for the whole year. The fourth quarter net profit amounted to EUR 14 million, compared to a loss in previous year. Definitely improved.
Total assets amounted to EUR 2.59 billion, with a slight decrease due to portfolio optimization and sale of some assets. The cash balance at the end of the period remains strong, and compared to previous year, free cash has also increased. This shows that the company is ready for further investments. Liabilities and net debt have decreased. The ratio of the year 2025 confirms that Infortar is profitable, financially strong, and ready for sustainable growth. Quarterly results show clear improvement compared to previous year. Infortar continues to move forward with the balanced growth and solid risk management. Let's move on with the more details.
Very good. Quick recap on our share price performance as well. It has been relatively stable over the past year, but it's good to see that not us are happy with the last year results, but seems that our shareholders as well. Today, the share price is up by approximately 3%, so it's good to see that reflection from the stock exchange as well. Let's move forward to the dividend proposal. Infortar management board proposes to pay shareholders a dividend of EUR 3.02, and that is an increase of the payment by EUR 0.02 compared to last year.
When we listed our shares, then we said that our dream is to build a crisis-proof, inflation-proof company, which is also a dividend aristocrat. When you look at the dividend payments, what we have paid to our shareholders over the last years, we have shown a third consecutive year when the dividend payment is increasing. Back in 2024, we paid EUR 61 million to our shareholders. Last year, it was EUR 62 million, this year, the combined amount is EUR 63 million, what we propose. As usually, we pay out dividends in two parts, semiannually.
The first payment is going to be made in July, and that is then 1.51 EUR per share, and the second one in December 2026. This dividend proposal is very nicely in line with our current dividend strategy. Our ordinary or guaranteed dividend is 1 EUR per share. In addition to that, we pass through the dividends, what we receive from Tallink, and that corresponds to 1.48 EUR per share, and additional dividend is EUR 0.54 per share. Altogether, that means that our dividend yield is approximately 6.5%, which is, I think, quite a solid number. I think that from Infortar's financial point of view, that is very nicely justified.
We have a strong cash flow, we have a strong liquidity position, I think it's a good indication of our solid financial result. Let's dig a little bit deeper, let's talk about our segments as well. I start from Tallink, which is the largest segment and the largest subsidiary we have within the group. As Tallink corresponds to approximately half of our balance sheet, the performance of Tallink is really important for the whole group. As I mentioned before, that last year in total definitely was a challenge, especially the Q1 for Tallink, when we had four ships standing idle. I think it's very positive to see that all those four ships have found their solution.
Three of those ships have been sold and one is chartered out. As of today, none of the ships is standing idle. In what is I think also very important to point out here is that over the past three years, Tallink has reduced the leverage or loan burden significantly. Versus 2022, in three years, Tallink reduced the investment loan amount by half, and only in 2025 the number was EUR 100 million of loans repaid. That actually gives us a lot of confidence on the financial wellbeing of Tallink.
The balance sheet is very strong and solid, and as we've seen the positive development when it comes to fundamental numbers over the past months, and quarters, then we truly believe that the Tallink is going to have a very, very good future. What's important to point out regarding Tallink is that Tallink, out of our all businesses, is suffering the most from the consumer confidence, and then general macro and geopolitical environment. Knowing that even under those rather challenging circumstances, Tallink managed to deliver strong results, and then we believe that, you know, when the environment will get better, I think also the Tallink long-term outlook is going to be very positive.
When we look at the seasonality, it's always very important to bear in mind that the Tallink business is very seasonal, so most of the money is generated in Q2 and Q3. That actually also impacts a lot of Infortar's total consolidated numbers. Usually, Q1 is the weakest for Tallink, whereas for the energy, Q1 is the strongest. I would say that those segments don't fully eliminate or even out each other. From Infortar's total performance point of view, the summer quarters are always stronger than the winter quarters. Now moving forward to Elenger and our energy business. Elenger is the most international part of our portfolio and has shown the fastest growth over the past years.
What you see in this picture is our new business line, which is bio-LNG. We have been fueling Tallink shuttle vessels with LNG now for almost 10 years. Since Q3 last year, we have started bunkering Tallink shuttle vessels with bio-LNG as well. That is a very good example of the synergies within our group. Tallink and Elenger together can create an access to international CO2 market as well. From Tallink's point of view, it's definitely also a very positive sign from that point of view, that our ships are going to be even more environmentally friendly and also reduce the cost for emission charges.
We hope that by the end of the year, the great majority of the fuel used by our vessels on Tallink Helsinki route will run on Bio-LNG, what makes Tallink kind of the greenest bridge between Estonia and Finland. Digging more into the details of our energy business, as of today, the biggest part of our energy business is the regulated infrastructure part. That includes the largest, actually the monopolistic gas distribution network in Latvia, which is owned and operated by our subsidiary, Gaso. Also, gas distribution networks in Estonia, where we own the largest network, and in Poland, what we acquired back in 2024, and which is the second largest privately owned gas distribution network.
Altogether, it's approximately 9,500 kilometers of gas network. That's a lot, and we serve approximately half million customers all over the geographies. The energy sale is from the sales point of view, the biggest part of our energy business, but when it comes to cash flow generation, the infrastructure part is bigger. And this is a business area where we are leading player in the Baltic Finnish market, but we see very positively the future development possibilities in Poland. That was actually the reason why we made the investment and expanded to Poland back in 2024 as well. Last but least, we have also invested in energy production. We've invested in units.
We have biomethane production, and we have also done the first battery investments as well. Now going to the key words of 2025. Firstly, starting from the numbers, I think it's so. It's very important to bear in mind that weather as such has a significant effect on natural gas business, and 2025 was one of the warmest years in history. Nevertheless, we actually managed to deliver a very strong revenue number. We managed to increase the revenue number a little bit versus the year before. We also increased EBITDA, and we managed to maintain the NSG sales volumes and market shares in the Baltic Finnish market.
Of course, in Poland, where we are so small, so less than 1% of the market, so that's the market where we see a clear potential for the further growth. Regarding the key messages from the energy sector, the most important is the new investment, what we did in Poland, that has been performing very well and has been integrated very nicely. We are very proud that we managed to do that investment. We're also very proud of the whole infrastructure segment in total. Gaso in Latvia and Gaasivõrk in Estonia delivered very strong EBITDA numbers. Currently, Elenger's major part of the cash flows is generated from regulated infrastructure gas distribution businesses.
I think that makes our EBITDA generation outlook very solid and stable for the future as well. What is also important is the decarbonization. Estonia is a good example, where nowadays almost 10% of the natural gas which is consumed is locally produced biomethane. It's good for decarbonization, and it's good for energy independence as well, and that's clearly a focus area for the group in total. Cooperation of Elenger and Tallink in global FuelEU Maritime and then CO2 markets. Definitely we see a future growth potentials there as well. Also, we have made our investments into the battery storage solutions in Latvia, and we plan to continue with those looking forward as well.
Then regarding real estate, this is when it comes to our three main business segments, this is the smallest, but still, I think in Estonian terms, we have quite a substantial real estate portfolio, what we own and operate. What's good to see is that when we look at the numbers, there is a stable growth in that segment. That mainly comes from the addition of new assets into the portfolio. Both the value of the assets, what we own, sales we generate, or EBITDA or net operating income, all those numbers. A nice and stable growth over the years. We have received lots of questions regarding our supporting segment as well.
As mentioned before, the biggest part of the supportive segment are our agriculture business and our engineering. We prepared some additional information regarding those parts of the business as well. I start from agriculture. Agriculture was the part of the business which grew fastest last year, we tripled EBITDA generating there. What I think makes our approach very unique is that we don't look at this business solely like agriculture. We actually see that as an integrated biogas and milk production. I think we are the only one in the region looking at the business in that way. When we look at the numbers, that part of the business has grown quite large.
The total assets we have in that segment is EUR 131 million, which is approximately 5% of our total balance sheet, and we actually see a possibility to continue with the growth in that segment. Last year was a very strong year, financially as well. There was a very good tailwind from the milk price, so we generated close to EUR 17 million of EBITDA in agriculture, and our revenues are approaching the EUR 50 million. When we look at the numbers, we are among the largest milk producers in Estonia, so producing 57,000 tons of milk per year. That is approximately 160 tons of milk per day. We have 8,700 animals.
We operate close to 14,000 hectares of land, and we employ approximately 230 people. We believe that looking forward, the agriculture and biomethane definitely allows us to continue with the diversification of our group and creates a lot of synergies with our energy company and shipping business as well. Now, moving forward to our engineering business. This is another part of the group, what we are very proud of. We have posted quite stable sales numbers over the past three years, but what's good to see here is the nice development of the profitability. Last year, the sales were close to EUR 70 million, and EBITDA was EUR 66.3 million.
I think quite strong marginality for engineering business. When we talk about the largest projects from last year, INF Engineering built the Rimi logistics centre for us. They also completed the Pärnu Bridge, which got lots of coverage locally. We employ approximately 180 people in INF Engineering. What is maybe the part what is not so much kind of seeable or visible is our production of construction aggregates. We are among the three largest players in Estonia, operating 22 quarries across Estonia. Actually that part also demonstrates a very strong and stable result.
To wrap this up, Infortar, as I said before, has always had a long-term goal to build a crisis-resilient company, which is inflation-proof and, which can be a dividend aristocrat. For that, we have diversified our portfolio. We have built up a very strong asset base, which gives us a possibility to continue with the growth looking forward. We understand the growth doesn't happen itself, so you need to always work for that. You need to make acquisitions, you need to CapEx, you need to go international, and then those are all the things what we are doing and that we have experience of doing. I think one of the great strengths of Infortar is our very business-minded and very agile management style.
versus our peers, we can act really fast. We have built up a very strong balance sheet. We have a very decent leverage and very strong liquidity, so when any of those investment opportunities arise, we can handle them very fast. To sum this up, we believe that the good company is the company which can demonstrate growth and then pay strong dividends, and then that is clearly our ambition looking forward.
Thank you, Martti, for the good overview. Let's move on to questions now. Before the webinar, we received several questions about dividends that Infortar will pay in 2026. For now, we can talk about only about the proposal, but still, for example, some investors ask that how is it possible that, during 2025, they only got the one and half euros of dividends? Maybe let's go through this slide one more time and explain how it will be this year.
Yep. Infortar is paying out dividends two times a year. Usually that happens in July and in December. The cut-off date, I think we haven't proposed those yet, but it's usually two or three weeks before the dividend payment date. If you own dividends or... Sorry, if you own shares at that date, then, you're entitled to receive dividends. If any of the shareholders sees that they just received EUR 1.5 of dividends, then most probably, you know, for one of those cut-off dates, they didn't own the shares.
When we look at the, you know, what is the logics or what is the, what is the dividend policy of Infortar, then we have also received the questions regarding the, you know, how does this Tallink dividend pass-through works? The logics we have is that the EUR 1, basically EUR 0.50 and EUR 0.50 during both payments, is paid from other Infortar businesses. All dividends what we receive from Tallink will be pass-through. I think the rule of thumb is that, basically for every Infortar share, Infortar owns 25 Tallink shares, so it's easy to remember that. If Tallink pays EUR 0.06 per share, then Infortar shareholders receive EUR 1.5, or actually, that's approximately.
The exact number is EUR 1.8, EUR 1.48 per share. We also pay that out in two tranches. So, EUR 0.74 then in July and EUR 0.74 in December. Additionally, looking at the financial position of Infortar, we are proposing to pay additional dividend of EUR 0.54, and that is also paid in two halves. All in all, I think from Infortar's shareholder point of view, it's easy to see that it's the payment is received twice in a year. Last year it was both times EUR 1.5. This year, if the proposal gets approved by shareholders, then it's EUR 1.51 per share twice in a year.
Thank you. As we have not received more questions, then I think we can wrap this up for today, and thank you to everyone who joined us live or watching the recording later on. If you have any further questions regarding Infortar as an investment or the fourth quarter results, you can reach directly out to me or write to investor@infortar.ee address, and also you can call. Thank you for watching, and goodbye.
Thank you.