Slides
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Unaudited results for the second quarter of 202 6 AS Infortar 3 August 2026
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2 RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours RGB 6/43/75 Today's presenters Martti Talgre Managing Director Kadri Laanvee Head of Investor Relations
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Tallink ( 68. 76 % shareholding) • Passenger and cargo transport • 11 vessels • 4 operating hotels Elenger Grupp • Energy infrastructure • Energy sales • Energy production • Agriculture • Engineering & construction • Printing services Energy Maritime Transport Real E state The largest investment holding company in Estonia 1 RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours ~141 000 m 2 real estate portfolio • 4 hotels • 6 office buildings • 2 logistics centres Real E state Energy Maritime Transport Supporting segments Note: 1) Management assessment 1997 Founded EUR 70 million Net profit (2025) EUR 1 175 million Equity (2025) 7 m arkets EUR 1 837 million Revenue (2025) EUR 2 597 million Total assets (2025) EUR 228 million EBITDA (2025) Supporting Segments
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2026 6 months results RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours RGB 6/43/75 4 • Focus on cost efficiency and volume growth • Further deleveraging with strong liquidity • Profitability affected by fuel prices and EU ETS • Stable performance from the real estate segment • Tallink Express Hotel renovation and DEPO DIY development • Strong performance from INF Engineering businesses • Improved profitability and strong financial position • Resilient despite a volatile economic environment • Recent investments support growth Revenue EUR 946 million EBITDA EUR 111 million Net profit (loss) EUR 7 million Profit attributable to Infortar shareholders EUR 15 million Investments EUR 50 million Real Estate Maritime Transport Energy Notes: 1) Unaudited financial results for 6 months 202 6 • Strong profitability in a volatile market • Security of gas supply ensured • Halinga biomethane plant opened
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Q2 and First Half 2026 Results RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours RGB 6/43/75 5 Notes: 1) For the earnings per share calculation, profit attributable to owners of the parent is used . Millions of euros Q 2 202 6 Q 2 202 5 Change 6 months 2026 6 months 2025 Change 2025 Revenue 441 505 - 12.6% 946 952 - 0.6% 1 837 EBITDA 64 57 11.8% 111 85 30.8% 228 Operating profit (EBIT) 30 27 9.8% 51 26 93.6% 109 Profit before tax 18 16 13.9% 27 3 - 87 Income tax expense - 16 - 15 - - 20 - 17 - - 17 Net profit 2 0.2 - 7 - 14 - 70 Profit attributable to owners of the parent 2 2 - 15 - 3 - 71 Earnings per share, in euros 1 0.1 0.1 - 0.7 - 0.1 - 3.3 Book value per share (EUR) 45.2 43.5 3.9% 45.2 43.5 3.9% 43.5 Assets 2 714 2 499 8.6% 2 714 2 499 8.6% 2 597 Including cash and cash equivalents 253 146 73.0% 253 146 73.0% 220 Equity 1 201 1 179 1.9% 1 201 1 179 1.9% 1 175 Loan and lease liabilities 1 083 942 15.0% 1 083 942 15.0% 1 071 Net debt 830 795 4.4% 830 795 4.4% 852 Investment loans to EBITDA 3.0x 2.7x - 3.0x 2.7x - 3.0x
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Share price development 6
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MARITIME TRANSPORT RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours RGB 6/43/75 Crisis - tested agile business operations Strong market position in the Baltic Sea region creates attractive long - term investment case Significant synergies with other group operations Infortar’s investment rationale
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1066 153 93 Ships Other fixed assets Current assets Cash 40 8 Source: Tallink's financial reports Notes: 1) Five routes are active, one route is suspended as at 30.06.2026 2) Owned by Infortar RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours RGB 6/43/75 1,352 Loan obligations and leverage, EUR million 11 vessels (passenger and cargo transport) AS Tallink Grupp is one of Europe's leading providers of passenger and cargo transport services in the Northern Baltic Sea region 5 ferry routes 1 Operating 4 hotels 2 Operating 20 Burger King restaurants in the Baltics Retail operations onboard, onshore and online Assets (as at 30.06 .202 6 EUR million) Overview of Tallink 746 555 469 372 349 27 5.4 2.8 3.1 3.13.3 0,0 2,0 4,0 6,0 8,0 10,0 12,0 0 100 200 300 400 500 600 700 800 31.12.22 31.12.23 31.12.24 31.12.25 30.06.26 Long-term bank loans Overdraft Net debt/EBITDA
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Notes: (1) H1 2026 figures are unaudited 87 85 58 66 85 87 67 69 76 67 60 76 65 60 0 100 200 300 400 2023 2024 2025 2026 303324 245 135 27 34 69 47 37 34 82 68 69 28 26 28 -10 40 90 140 190 240 2023 2024 2025 2026 (1) 215 175 130 36 171 160 137 149 230 210 207 207 232 232 233 184 188 188 0 200 400 600 800 1000 2023 2024 2025 2026 (1) 835 786 765 356 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Passengers (millions) Cargo (th. units) Revenue (in million euros) EBITDA (in million euros) 1.0 1.1 1.0 1.0 1.5 1.5 1.5 1.5 1.8 1.7 1.8 1.3 1.3 1.3 0 2 4 6 2023 2024 2025 2026 5.65.7 5.5 2.5 9 Dynamics of seasonality
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ENERGY RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours RGB 6/43/75 Balanced investments in transitional and renewable energy Strong synergies between existing and new business lines Infortar’s investment rationale Geographic expansion of proven business models
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• Largest biomethane producer in Estonia with 4 plants (two in a joint venture with Alexela ) • 17 MW of PV parks in operation. • 26 MWh of battery energy storage (BESS) • Development pipeline of ~100 MW (power production and storage) 1,2 Energy sales • The leading natural gas supplier in the Baltic - Finnish region, LNG deliveries to both Inkoo and Klaipeda terminals • Gas sales to end customers in Finland, the Baltic states and Poland • Power sales to end customers in the Baltic states and Poland • Energy trading in Finland, the Baltic states, Poland and Germany • More than 77 000 B2B & B2C customers Key energy supplier in the Baltic - Finnish region Notes: 1) Capacity of PV panels; 2) The described plan is based on current expectations and projections about future events w hic h are uncertain and subject to change. The implementation of specific projects and their timing is decided based on a number of factors, including prevalent market conditions. Further, the completion of any investments or development projects is dependent on a number of c ont ingencies, including circumstances outside the control of Infortar. Consequently, potential projects may not be implemented b y I nfortar Energy production Energy infrastructure • Largest gas distribution network operator in Estonia and Latvia • Second - largest privately - owned gas distribution network operator in Poland • Approx . 425 000 customers and 9 400 km of pipelines • LNG capabilities with the bunker vessel Optimus and a fleet of dedicated semitrailers • CNG station network in Estonia for biomethane refueling 11
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8,1 15,9 18,4 18,0 9,5 8,8 2022 2023 2024 2025 H1 25 H1 26 12 1 010 1 027 593 570 * 2024 2025 H1 25 H1 26 Revenue, EURm 75 87 51 59 2024 2025 H1 25 H1 26 EBITDA, EURm 24% 23% 23% 21% 2024 2025 H1 25 H1 26 Market share of Elenger Energy sales volumes, TWh EBITDA increased to EUR 59 m , driven by infrastructure and international markets Profitability improved despite lower natural gas sales volumes Energy prices remained volatile Security of natural gas supply remains solid, with 8 LNG cargo e s in 1H Halinga biomethane plant commenced operations Energy segment revenue, including EUR 3.2 million from derivatives, which is reported as part of total revenue in the Elenger Group’s financial statements. In 2025, the derivatives component amounted to EUR 11.7 million. A leading energy supplier in the region
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REAL ESTATE 1313 RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours RGB 6/43/75 Secure assets providing stable cash flow generation Diversified, modern portfolio covering multiple real estate segments Stable tenant base secured with long - term lease agreements Infortar’s investment rationale
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201 209 225 225 97 92 106 103 31.12.2023 31.12.2024 31.12.2025 30.06.2026 31.12.2023 31.12.2024 31.12.2025 30.06.2026 Note 1. The real estate segment includes, as of 3 0 June 202 6 , all real estate properties that generate rental income for the group. Associated companies are reflected in accordance with th e group’s ownership percentage. RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours Fair value of real estate portfolio, EURm Market value of assets in the real estate segment • 6 office buildings • 4 hotels: 3 in Tallinn and 1 in Riga • 2 logistics centres located in Maardu and Laagri Offices Hotels Logistics Other Size of the operating portfolio ~ 141 000 m 2 • Health campus and the largest tennis centre in Estonia, located in Tallinn Revenue, NOI and EBITDA 1 , EURm 18 20 11 13 17 18 9 10 14 15 8 8 0 5 10 15 20 25 2024 2025 6 months 2025 6 months 2026 Revenue NOI EBITDA 46 000 m2 under development, with building permits issued Loans related to the real estate portfolio 14 Real estate portfolio overview
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Infortar as an investment RGB 0/65/82 RGB 91/102/112 RGB 0/168/79 RGB 206/232/212 RGB 0/47/95 RGB 87/150/207 RGB 0/186/251 RGB 224/223/0 RGB 255/255/0 Custom colours 15 Diversified and expanding portfolio with strong asset base through prudent investments Further growth focus ed on international expansion and finding new investment opportunities Agile business mindset focused on value creation and cross - segment synergies Strong management and active owners with unique competence in large - scale investments Stable cash flow supports consistent dividend payments 1. 2. 5. 4. 3.
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Q&A Martti Talgre Managing Director Kadri Laanvee Head of Investor Relations