Good afternoon, dear investors, and everyone who is joining us today. Welcome to Infortar Group's webinar presenting the consolidated financial results for the second quarter and for the first six months of 2026.

My name is Kadri Laanvee. I am Head of Investor Relations at Infortar.

Joining me today is Martti Talgre, Managing Director of Infortar. We will begin with an overview of the group's operations and the key developments during the second quarter of 2026, followed by a presentation of financial results.

After the presentation, we will answer the questions, and you can still submit the question by clicking the Q&A button at Teams. Today's presentation is being recorded and will be later made available on Infortar's investor webpage.

Let us begin with the operational overview, and I will now hand over to Martti.

Thank you, Kadri. Good afternoon, dear Infortar shareholders and investors.

I'll have a very quick intro about Infortar before going to six-month results. Infortar is Estonia's largest investment holding company.

Our core businesses are three segments, it's maritime transportation, energy, and real estate. In addition to that, we have supporting segments which are agriculture, engineering and construction, and printing services.

Largest investment in maritime transportation is nearly 69% stake in Tallink Group. In energy, we own Elenger Group, which operates across energy infrastructure, sales, and production.

Our real estate portfolio covers approximately 141,000 square meters and operates number of different properties predominantly in Tallinn and around Tallinn. We operate in seven markets.

Last year, consolidated results ended with €1.8 billion of sales. EBITDA was €228 million, asset base approximately €2.6 billion, and equity close to €1.2 billion.

I think that those figures demonstrates both our scale of operations and also our financial capacity. I think that Infortar is a diversified investment company with a very strong asset base, creating value through active ownership, strong market positions, and long-term cash flow.

Now let's move forward to our first six-month results for 2026. The slide is on the screen.

We see that the first half year results were clearly positive. Our group revenues were €946 million, broadly unchanged compared to last year.

At the same time, what's really important is that our profitability increased significantly. EBITDA increased by 31% to €111 million, and our operating profit increased almost by 100%, the correct number is 94% to €51 million.

Net profit was €7 million, and profit attributable to Infortar shareholders was €15 million. We also made investments in amount of €50 million.

What's very important to point out here is that the profitability improvement did not result from any exceptional, single, large-scale transaction. Performance was supported by the core business of our group companies, both energy and maritime transportation segments, but also what was very important was that the supportive segments, agriculture, engineering, performed significantly better than last year.

That means that actually all our segments improved their first half-year results compared to last year. The largest turnaround came from supporting segments where last year recorded EBITDA-level loss of €4.4 million, and that became a profit of €5.6 million, an improvement of €10 million.

Talking about our largest segments, Tallink focus is on cost efficiency and increasing sales volumes. Tallink's liquidity strong, leverage continues to decline.

Although, when we look at the Q2 environment where we had a lot of headwinds, significantly higher fuel prices impacted the profitability. Also the fact that starting from this year, we have to fully implement the EU carbon emission trading system and related costs.

When we look at energy segment, then energy delivered also a very strong result despite very volatile market environment, the prices were going up and down €10 a day. Also, what is good to see is that our gas supply situation is very strong.

Also, our newest Halinga biomethane plant was opened and right now nicely operational. Real estate segment delivered stable and strong results.

Tallink Express Hotel renovation was completed in time, and Depo do-it-yourself store project is progressing according to the plan. Also what is important to point out is that our construction businesses outperformed our expectations.

I think we could in a simple way sum up the first half-year results that revenue remains stable, but at the same time profitability improved significantly. It's good to see that the investments what we have made recent years are supporting increasingly our day-to-day financial performance.

I give this back to Kadri again.

Thank you. Now on the screen, you can see Infortar Group's results for the second quarter and for the first six months of 2026, together with comparative figures for the previous year.

Revenue for the second quarter amounted to €440.9 million, compared with €504.5 million a year earlier. This represents a decrease approximately 13%.

The decline in revenue was mainly due to energy segment, where Elenger Group wholesale energy volumes were lower than in the same period last year. Revenue for the six months amounted to €945.9 million, which was broadly in line with the revenue reported a year earlier.

Despite the lower revenue, the group's profitability improved. Second-quarter EBITDA increased to €64.2 million, compared with €57.4 million a year earlier, and this represents growth of approximately 12%.

EBITDA for the first six months amounted to €111.2 million, compared with €85.1 million in the previous year, and this represents growth of approximately 31%. The improvement in profitability was supported by the previous acquisitions of profitable agriculture businesses and also the strong performance in the infrastructure construction and also closing some non-profitable businesses.

Operating profit for the second quarter amounted to €29.7 million, compared with €27 million a year earlier. Operating profit for the first six months increased to €51.1 million, compared with €26.4 million in the previous year.

As a result, operating profit for the first six months was nearly twice as high as a year earlier. We would like to point out the €20 million income tax expense that is related with the dividend payout and it's still giving effect to net profit, but did not affect the group's operating profit from its core activities.

Profit before tax for the second quarter amounted to €17.7 million, while net profit was €1.9 million. Net profit for the first six months was €7.2 million, compared with a loss of €14.4 million in the first six months of 2025.

Earnings per share for the first six months amounted to approximately €0.7. At the end of June, the group's total assets amounted to €2.7 billion, an increase of approximately 4.5%, compared with a year-end of 2025.

The group's equity increased to €1.2 billion, and the equity ratio was 44.2%. Loan and lease liabilities amounted to €1 billion 83 million at the end of June, slightly above year-end levels.

Cash was €146.4 million at six months 2025, and it is now €253.2 million. The cash buffer increased by more than €100 million during this period.

To wrap this up, the results for the first six months of 2026 can be considered strong. The most important positive signal is that profitability improved, even though the revenue for the first six months remained broadly in line with the previous year.

This demonstrates an improvement in the group's operating efficiency and the quality of its earnings. The floor back to you, Martti.

Thank you, Kadri. This slide looks as positive as the previous one.

When you look at our six-month results, it's really good to see that our balance sheet is strong and liquidity is also very strong. Net debt is decreasing, and that gives us opportunities to grow the company even further.

Now when we look at the share price development, then this has also been very positive. As of today, the share price is already more than €54.

I think it's good to see that our performance and our share price are going in tandem. We believe that Infortar's investment case is strengthening over the time as well.

Profitability is improving, earlier investments are contributing more, and the balance sheet continues to support both dividend payments and the ability to pursue for new opportunities. We made also the first dividend payment for this year in July, it was altogether €31.5 million.

The second payment of the same amount will be made in December for our shareholders. It's definitely our objective to provide investors with attractive cash return, but we also want to maintain sufficient investment capacity and financial flexibility.

What's also important to point out here is that we achieved another important milestone in July when Infortar became the largest listed company in Tallinn Stock Exchange by market capitalization. Now let's move forward to the segment performances, starting from Tallink.

Tallink is our largest and first investment what Infortar made. Tallink for us is a crisis-tested company with strong market position and high-quality asset base.

Our objective for Tallink is not simply to grow volumes. Our focus is on profitable volumes, efficient fleet utilization, cost discipline, and also reduction of leverage.

In Q2, Infortar also increased our stake in Tallink, now it's 68.76%. We have a strong believe into company's long-term development potential.

Moving forward to the next slide. What's important to bring out here is that the company as such is pretty much the same as the last quarter.

We have put a lot of focus on optimization of the fleet and utilization of the fleet. From 1st of May, Superfast IX, which is now operating under the name Stena Patrick, was chartered out for three years.

We also have Silja Europa and Galaxy chartered out, delivering good cash flow. Unfortunately, Romantika was laid up during Q2 and also impacted the financial results because of that, but during the summer period, we are using Romantika for Tallinn-Stockholm route and also for special cruises.

Tallink leverage is demonstrating a good trend as well. Long-term bank loans are down on €349 million level, and the net debt EBITDA ratio is 3.1, which is a very solid number.

Let's move forward to the next quarter. Tallink business is very highly seasonal, Q1 is traditionally the low season and also the period when we maintain our fleet.

When we look at the Q2, then the numbers as such were pretty good. Passenger number was close to 1.5 million, very slightly less than the year before.

Cargo units are up a little bit, which is a good trend to see. The revenue was at the same level like last year, although we were actually operating one route less than a year ago.

EBITDA slightly less than a year before, but what's important to bear in mind here is that the cost environment for Tallink was really challenging. Lots of headwinds.

The fuel cost was up by €8.4 million if we compare with the quarter last year. Also the costs from emission trading, EU emission trading system, were up because last year we had to cover 70% of the quotas and this year it's already 100%.

As I said, good to see that the cargo volumes are improving. Then I think that for the management the focus is very clear: so cost efficiency, growth of sales volumes, flexible fleet utilization, and continued deleveraging.

We are looking positively into Tallink's future. Now let's move forward to energy.

Energy is one of the Infortar's most international and fastest-growing business areas. Our portfolio combines here stable infrastructure business, international energy sales, and renewable energy growth.

Let's go to the next slide. As mentioned also during the last webinars, our Elenger has changed quite a bit over the years.

We are still the key energy supplier in the Baltic-Finnish region, but when we look at the cash flow contribution, then actually the largest part of the cash contribution comes from energy infrastructure, where we own the largest gas distribution grids in Estonia and Latvia, and also the second-largest privately owned gas distribution network in Poland. Together we have more than 425,000 customers and own 9,400 km of gas pipelines.

We are also active here in LNG. We own a bunkering vessel Optimus and fleet of dedicated semi-trailers for LNG bunkering and LNG deliveries.

On top of that, we have a compressed natural gas station network in Estonia what we use for our biomethane sales. In energy sales, Elenger is one of the leading natural gas suppliers in the Baltic-Finnish region.

I think last year we were the largest. I think that this might be the thing this year as well, but we're going to see this at the end of year.

We deliver LNG through both Inkoo and Klaipeda terminals and sell that gas to our end customers in Finland and Baltic countries. In energy production, the core focus right now is on biomethane production.

Here, we have invested into four biogas plants. The recent one, Halinga, was completed and is delivering strong results already, good to see.

Also we have put our focus into the investment of storage capacities, two smaller investments in Latvia completed during the past months. Looking at the numbers, the first-half revenues in energy segment was €570 million, slightly less than a year ago, but at the same time, EBITDA increased from €51 to €59 million.

In other words, revenue and sales volumes are lower, but profitability is improved, what is important. Energy sales volumes in first half of the year were slightly less than last year, 8.8 TWh versus 9.5 TWh a year ago.

In Q2, actually the volumes decreased by 34% to 3.3 TWh, but that is mainly related not with the fact that we're selling less to our end customers, but it was more related with the fact that we have been less active in the wholesale market. In Q2, our market share when we count the end customers in Finnish-Baltic gas market was 29%, and for the total year, it has been 21%.

The result was very much supported up by our infra businesses and international markets. I think that this demonstrates the strength of Elenger's model.

Earnings do not depend solely on the terawatt-hours what we sell, but also on the entire value chain. In general, the energy markets remain very volatile, we manage our risks properly.

We didn't gain or lose anything from those very rapid price movements. What we have paid a lot of attention to is the security of supply for gas.

We have this year brought already eight LNG cargoes to the region, three in Q1 and five in Q2. Also, mentioned already a couple of times, is Halinga biomethane plant which is now fully operational.

I think that it's a very good example of the synergies what Infortar Group can create. We put together the agriculture business, energy, and circular economy.

We convert agriculture waste or by-products into locally produced renewable gas. Let's move forward to the next slide.

Real estate has the most stable earnings profile of Infortar's three core segments. The investment rationale here is based on high-quality asset base, a diversified and modern portfolio, and tenants secured through long-term lease agreements.

Looking at the numbers, I think that here we have demonstrated a very stable growth over the years. All together, our revenues in first half of this year were approximately €30 million, a little bit more than a year before.

Net operating income is also up a little bit, and EBITDA is about the same like last year. I think this is very consistent with the role of this segment for Infortar: so deliver stable and predictable cash flow complemented by developing new projects.

In Q2, we completed the renovation of Tallink Express Hotel, the hotel is reopened from May. Also Depo do-it-yourself store projects goes according to the plan.

In general, what's very important to note is that the construction businesses perform above expectations, they are getting more and more important into contributing the results of the whole group. To wrap this up, I think that let's move to the last slide.

Infortar investment case combines strong balance sheet, diversified cash flow, active ownership, dividend capacity, and then further growth potential. It's good to see that we have managed to deliver the expectations, and it's good to see that also the good results have been reflected in our share price.

Thank you.

Thank you, Martti. It seems that not only team Infortar is working during the summer, but also some investors and analytics.

We have promised to answer their questions, and the first question is: Elenger's Polish subsidiary signed a €60 million loan agreement with local major banks to support expansion of the Polish gas business. Could you please provide a bit more color on the planned expansion and expected returns?

Not so much in details, but I think that in general, the reason why we invested to Poland was that when you look at the Elenger's market position in Finnish-Baltic region, then it's very strong. In Poland, our market share is very small, there are lots of possibilities to grow over there.

The ambition for us in Poland is to demonstrate good growth. Finding new customers, entering into new businesses, maybe doing renewable energy production.

We can of course talk about the specific projects when they are on table, when we have signed those, but our ambition in Poland is definitely to grow.

Next question: according to the report, half of the volume, eight LNG cargoes required for the next heating season, have already arrived via LNG terminals in Finland and Lithuania. Given the once again elevated gas prices from July, and inventories 12.5 times quarter-to-quarter to €109 million, Infortar seems to be positioned well to carry its gas trade in H2.

Would that be reasonable to expect?

Firstly, I would stress this once more that we don't speculate with the gas price. We have seen a lot of volatility: war on, war off, war on, war off.

We are pretty much square with our gas prices, we are not impacted by the gas price movements. The reason we create the reserves for the winter is predominantly the fact that we want to make sure that the security of supply is there.

Usually, it is easier to source natural gas during the summertime when seasonally, globally, the demand is a little bit less. I think that the main kind of message for our customers is that we have the molecules.

I guess that the gas price will stay very very volatile, it's very much impacted by the conflict situation on the Persian Gulf. My message is that, we don't think that, if the prices go dramatically up or dramatically down because of the changes in the situation, that this has any material impact on our profitability.

Of course, if the gas prices go up, then the sales prices go up as well, but it shouldn't create any additional profits or losses for the company.

Thank you. Could you please provide some flavor on drop in energy wholesale volumes in Q2?

No, don't or

can't go too much into the details, but it is little bit related with the security of the supply situation as well that, when the gas availability is plentiful, then it's so much more easy to make the commercial decisions and source natural gas to sell for other wholesalers. When the situation is more critical, as it has been now in Q2, then you firstly focus on your own customer portfolio.

Okay. Congratulations to Infortar on solid results.

Thank you. Could you please provide an approximate EBITDA split, €19.7 million, between infra and energy sales in the energy segment in Q2?

Not in detail, but, as said before, all segments were profitable. In general, the infra business has created more stability into our Q2 and Q3 cash flows as well that years ago, I think Q2 and Q3 were very very low EBITDA levels.

In general, I think that we might start showing little bit light into those numbers in the future and maybe also, when you look at the in a way how this other or supporting segment is growing, maybe it also makes sense to split that little bit more, but definitely not this year, so.

It takes some time to reorganize those reports, but yes. Thank you very much to everyone who joined us today as well as those who will watch this webinar later.

If you have any questions about Infortar, you can always write or call me. This is it for today.

Thank you, and see you again.

Thank you.