Interim report
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 1 I
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 2 I Aktsiaselts INFORTAR Q2 2026 consolidated unaudited report Beginning of the financial year: 1 January 2026 Reporting date: 30 June 2026 Commercial Registry Name: Aktsiaselts Infortar Commercial Registry No.: 10139414 Address: Liivalaia 9, Tallinn, 10118 Estonia Telephone: +372 640 9978 E-mail: info@infortar.ee Primary activity (EMTAK): Activities of holding companies (64201) Members of the Supervisory Board: Enn Pant Kalev Järvelill Toivo Ninnas Mare Puusaag Members of the Management Board: Ain Hanschmidt Eve Pant Auditor: Aktsiaselts PricewaterhouseCoopers
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 3 I CONTENTS PAGE Management Report 4 Letter from the CEO 7 Events in Q2 2026 8 Share Price and Shareholders 11 Key Figures for Q2 2026 13 Consolidated Interim Financial Statements 15 Consolidated Statement of Financial Position 15 Consolidated Statement of Profit or Loss and other Comprehensive Income 17 Consolidated Cash Flow Statement 19 Consolidated Statement of Changes in Equity 21 Notes to the Consolidated Financial Statements 22 Note 1. Basis of Preparation 22 Note 2. Segment Reporting 23 Note 3. Financial Assets and Inventories 26 Note 4. Receivables, Provisions and Other Liabilities 27 Note 5. Fixed Assets 29 Note 6. Subsidiaries and Associates 32 Note 7. Financial Liabilities 33 Note 8. Share Capital, Contingent Liabilities and Reserves 34 Note 9. Revenue 37 Note 10. Operating Expenses 38 Note 11. Transactions with Related Parties 39 Note 12. Financial Statements of the Parent Company 40 Note 13. Management Declaration 45 Note 14. Events after the Reporting Date 45
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 4 I MANAGEMENT REPORT Aktsiaselts Infortar along with its subsidiaries (hereinafter ‘The Group’ or ‘Infortar’) is an Estonian investment company primarily active in the maritime transport, energy and real estate sectors. Additionally, the group has invested in areas supporting its core activities. Infortar’s mission is to build a crisis -resilient and inflation-proof dividend aristocrat - today and for generations to come. OVERVIEW OF THE GROUP As at 30.06.2026: Equity: EUR 1 201 million Total assets: EUR 2 714 million Number of employees: 6890 For the six months ended 30.06.2026: EBITDA: EUR 111 million Investments: approximately EUR 50 million The Infortar group includes 1 07 companies, including 3 associates and 2 subsidiaries of those associates. The business activities of the Infortar Group are characterised by seasonality. In the energy segment, the peak season traditionally corresponds to colder periods, namely the first and fourth quarters, when the majority of the Group’s consolidated operatin g profit for the respective periods is generated by the energy segment. As of 2025, the seasonality of the energy segment has decreased due to the increased share of infrastructure businesses, which has resulted in a more stable earnings profile throughout the year. In the maritime transport segment, the peak season occurs during the summer months, primarily in the second and third quarters, when the majority of the Group’s consolidated operating profit is generated by this segment. MARITIME TRANSPORT Aktsiaselts Tallink Grupp (68. 76% ownership , hereinafter ‘Tallink Grupp’ or ‘Tallink’) is one of Europe's leading providers of passenger and cargo transport services in the Northern Baltic Sea region. Tallink's fleet consists of 11 vessels, operating under the strong brand Tallink Silja Line on five routes. Additionally, the group operates three quality hotels in downtown Tallinn and one in Riga, as well as 20 Burger King restaurants in Estonia, Latvia, and Lithuania as the franchise owner for the Baltic region. The group's subsidiary, Tallink Duty Free, is a n international travel retail company with numerous shops on ships and on shore, a rapidly expanding e-shop in the group's home markets, and an extensive logistics centr e serving the entire group. Tallink offices are in Estonia, Finland, Sweden, Latvia, and Germany. With approx. 5100 employees, Tallink serves millions of customers worldwide annually, and its customer loyalty program, Club One, boasts over three million members. Tallink Grupp is listed on the Nasdaq Tallinn and Nasdaq Helsinki stock exchanges.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 5 I ENERGY AS Elenger Grupp (hereinafter ‘Elenger Grupp’ or ‘Elenger’) is the largest privately owned energy company in the Baltic and Finnish region. Operating under the Elenger brand, the group is active in six markets: Finland, Estonia, Latvia, Lithuania, Poland, and Germany, serving over 425,000 customers and employing 1040 people. Elenger subsidiaries Gaso in Latvia and Gaasivõrk in Estonia are the largest gas distribution companies in their operating areas. Elenger Polska operates Poland’s second largest privately owned natural gas distribution network. Elenger Marine transports LNG by road using a fleet of specialised semitrailers, while the LNG bunkering carrier Optimus provides marine transport and bunkering services. Elenger Grupp operates across the entire energy spectrum, including sales and trading, infrastructure, and production. The company provides customers with natural gas from Western sources and domestically produced biomethane, while operating more than 9,400 km of gas distribution networks in Estonia, Latvia and Poland. Additionally, Elenger Grupp sells electricity, including green electricity generated in its own solar parks, and is actively engaged in international energy trading. As one of the largest gas importers in the Finland-Baltic region, Elenger Grupp imports about one- fourth of the region's total gas supply. The company mainly imports natural gas from Norway and the U.S., transported by tankers to the Inkoo LNG terminal in Finland and Klaipeda LNG terminal in Lithuania, from where it is distributed to customers via pipelines. To ensure uninterrupted year- round supply, gas storage facilities in Latvia, Poland, and Germany are utilized. REAL ESTATE The real estate portfolio consists of 18 buildings that are divided into four main areas: four hotels (three in Tallinn and one in Riga), six office buildings in Tallinn, logistics centres in Maardu and in Laagri, sports centre in Lasnamäe and healthcare centre in Nõmme. The total net area of the properties in the portfolio is approximately 141,000 square metres. SUPPORTING SECTORS The supporting businesses segment includes activities that support other segments of the Group, primarily in agriculture, engineering, construction aggregates, provision of printing services, and operation of a tennis centre through subsidiary companies. Operations in agriculture and biomethane production have been consolidated under OÜ Infortar Agro. Its subsidiary Halinga OÜ operates the large-scale Halinga farm and the recently completed biomethane plant. Another large-scale farm is OÜ Estonia Farmid, together with its subsidiaries OÜ Estonia, OÜ Kabala Agro, and OÜ Sõrandu Farm. Subsidiary OÜ Oisu Biogaas and associated companies include OÜ Eesti Biogaas, OÜ Tartu Biogaas and OÜ Vinni Biogaas that operate bioenergy production through three biomethane plants in Vinni, Ilmatsalu and Oisu . OÜ INF Engineering subsidiaries operate in the engineering sector, including AS INF Ehitus, INF Infra OÜ, OÜ INF Maavarad and OÜ Gaslab, a measurement and calibration business. The printing services sector is managed by OÜ Tallinna Raamatutrükikoja. AS Vaba Maa continues its operations as a subsidiary of Tallinna Raamatutrükiko ja along with its own subsidiary OÜ CardPlus VM. Tallink Tennis Centre has 24 tennis courts, 10 badminton courts, 4 studios for group training and a 650- square-metre gym.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 6 I ORGANIZATION CHART
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 7 I Letter from the CEO We have spoken extensively about profitable growth and investments, completed major acquisitions and expanded our holdings across different industries and countries. The real test, however, comes later. Only then do we see whether the decisions we have mad e create lasting value and whether the company's growth is driven by its day -to-day operations or by one -off transactions. The first half of the year provided a clear answer. Although revenue remained broadly unchanged, EBITDA increased by 31% and EBIT by 94%. No new business combinations were completed during the second quarter, and every business segment contributed to the G roup's improved EBITDA performance in the first half of the year. The most significant turnaround came from our supporting businesses, where EBITDA improved from a loss of €4.4 million to a profit of €5.6 million. Companies create long -term value by generating sustainable profits from their core business. The completion of the Halinga biomethane plant is a good example of this. It is more than a new production facility. It brings together agriculture, energy and the circular economy in an integrated system where the by-products of one activity become the raw materials of another. Investments like these strengthen Estonia's energy and food security while increasing the share of domestically produced renewable energy. Across the Group, projects launched in recent years continue to progress as planned. Tallink Grupp enters the summer peak season with a new management team, major projects carried out by the construction companies operating under the INF brand have reached new milestones, and the benefits of several investments are becoming increasingly visible. In May, we celebrated Infortar’s 29th anniversary at the Estonian National Library. A company’s strength is not measured by age alone. It is equally reflected in the trust, knowledge and cooperation built over the years. Ultimately, it is people who turn investments into successful businesses. At the Annual General Meeting in June, shareholders approved this year’s dividend. A dividend is shared value returned to our owners and a sign of confidence in the company’s long- term development. The same principle guides our investment decisions – we fa vour projects whose value grows over time. The economic environment remains volatile, and geopolitical tensions persist. In such conditions, the ability to make calm, long-term decisions becomes even more important. A strong balance sheet, moderate debt levels, and stable core operations enable Infortar to remain focused on what has always been our objective: creating sustainable long -term value for our shareholders. We thank our shareholders, partners and colleagues for their trust. A company grows only when trust grows with it. Ain Hanschmidt CEO of Infortar
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 8 I Events in Q2 2026 Maritime transport business segment In the second quarter of 2026, Tallink Grupp and its subsidiaries carried 1,454,725 passengers, representing a 2.2% decrease year-on-year. The number of cargo units transported increased by 2.9% to 68,986 while the number of passenger vehicles was down by 6.5% to 199,025. As at the end of the quarter, Tallink operated 11 vessels including 2 shuttle vessels, 5 passenger vessels, 3 vessels that were chartered out and 1 in lay-up. During the quarter, total investments in the maritime transport segment amounted to EUR 7.3 million. The maritime transport segment total revenue in second quarter 2026 amounted to EUR 207.0 million, unchanged from the prior -year period . Net loss for second quarter 2026 was EUR 2. 5 million, unchanged from the second quarter of 2025 (net loss of EUR 2. 5 million). Tallink generated EBITDA of EUR 34.3 million compared to EUR 37.4 million a year ago. Revenue and operating results in 2026 were impacted by several key business and operational factors: • Heightened geopolitical tensions in the Middle East have increased volatility in global energy markets and driven up fuel costs. At the same time, demand has remained weak due to low consumer and business confidence and ongoing economic challenges in the T allink core markets. • The passenger vessel Superfast IX ( now operating as St Patrick ) was chartered out for 36 months from 1 May 2026. • The share of emissions to be surrendered under the EU ETS (European Union Emissions Trading System) increased to 100% of the emitted CO2 equivalent in 2026 (70% in 2025). • Higher fuel prices increased fuel costs by EUR 8.4 million compared to the same period last year. • Tallink operated three hotels in Tallinn and one in Riga. Tallink Express Hotel in Tallinn was closed for renovations in November 2025 and was reopened to guests in May 2026. • Income tax on dividends in the amount of EUR 12. 5 million was recorded in the second quarter 2026. Energy business segment In the second quarter, natural gas consumption in the Finnish -Baltic region totalled 7.0 TWh, decreasing by 7% compared with the previous year (7.6 TWh). Elenger Grupp’s gas and electricity sales volumes in the second quarter decreased by 34%, compared to a year earlier, totalling 3.3 TWh (compared to 4.9 TWh in Q2 2025). The decline was primarily driven by a reduction in wholesale sales. Elenger’s gas market share in the Finnish-Baltic market was 29% in Q2 2026, and Estonia accounted for 15% of energy sales.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 9 I The second quarter of the year began under the shadow of the events of the first quarter. Markets continued to be affected by the conflict involving the United States and Israel with Iran, the closure of the Strait of Hormuz, and the attack on the Ras Laff an LNG complex in Qatar. For the market, the most challenging situation was one in which ceasefires alternated with violations and renewed escalations. The average price of the ICE Endex TTF front-month benchmark during Q2- 26 was 45.64 EUR/MWh, which was nevertheless significantly below the March peak of over EUR 70/MWh. The forward TTF price curve remains in backwardation for 2026 delivery periods, with each subsequent delivery month priced lower than the previous one. A particularly s harp price drop is visible between the March 2027 and April 2027 contracts. Elenger Group delivered five LNG cargoes to the Finnish and Baltic region in the second quarter. A minimum of ten LNG cargoes is planned for the current calendar year in total, ensuring security of supply for customers. Elenger sources gas mainly from the United States and Norway and is therefore not directly dependent on the conflict in the Middle East. More broadly, the physical availability of gas in Europe currently remains stable. In the second quarter, Elenger continued developing battery energy storage systems. At the beginning of the third quarter, a 4.5 MW battery energy storage facility in Liepāja , Latvia, entered commercial operation, while a second 4.5 MW facility in Olaine, Latvia, underwent grid testing. Elenger’s Polish subsidiaries signed a EUR 60 million loan agreement with the local major banks mBank and Bank Pekao S.A. to support the expansion of the Polish gas business. Real Estate Development and Construction Projects In Q2 2026, INF Infra, part of the Infortar group, continued the construction of Rail Baltica’s mainline on the Kangru -Saku section. The contract value is EUR 67.2 million, and the work is planned to continue until March 2028. In Q2 2026, construction of Depo (DIY Store) continued on the property adjacent to the Tallink Tennis Centre. The project is scheduled for completion in autumn of 2026. In Q2 2026, the renovation of 166 rooms at Tallink Express Hotel was completed. The hotel was closed for renovation works on 3 November 2025 and reopened to guests in May 2026. In Q 2 2026, the reconstruction and expansion project of the Radisti 7 warehouse and office building continued. The works are carried out by INF Ehitus and are scheduled for completion by the end of 2026. Changes in Infortar's Business Segments and Group Structure In Q2 2026, Infortar acquired additional shares in Tallink Grupp, as a result of which its ownership in Tallink Group increased to 68.76%.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 10 I Future Outlook and Key Risks The Group’s financial performance, financial position and cash flows may be affected by geopolitical developments, volatility in energy and fuel prices, changes in demand, the general economic environment, interest rates, weather conditions, and changes in the tax and regulatory environment. The Group’s diversified business portfolio reduces its dependence on any single market or area of activity. The more stable revenue base of the energy segment’s network companies and the predominantly stable income of the real estate segment help mitigate the market and seasonal risks associated with maritime transport, energy trading and supporting business activities. However, diversification does not eliminate the potential impact of individual adverse events or the simultaneous occurrence of several risks. Compared with the end of 2025, geopolitical uncertainty has increased following the escalation of the US-Israeli conflict with Iran since 28 February 2026. The conflict may affect the prices and availability of energy commodities, international supply chains and transportation costs. The Group’s financing costs and investment capacity may be affected by changes in market interest rates, credit margins and refinancing conditions. The Group monitors compliance with loan covenants and manages liquidity through cash flow forecasts, availab le cash and unused credit facilities. The Group’s operations depend on the reliability of its IT systems and digital infrastructure. Cyberattacks, system failures, data breaches or service provider disruptions may affect sales and booking systems and other operational processes, resulting in financial loss, regulatory consequences and reputational damage. The Group mitigates these risks through information security and access controls, system monitoring, data backups, business continuity plans and employee training. The results of the maritime transport segment depend significantly on passenger volumes during the summer season, ticket revenue, on -board sales and demand for cargo transportation . Profitability may be affected by higher fuel prices, weaker demand, technical failures, supply disruptions, extreme weather conditions and labour shortages. Compliance with environmental requirements and the introduction of alternative fuels and new tech nologies may require significant investments. The prices of natural gas, LNG and electricity depend on the geopolitical situation, the availability of supplies, gas storage levels, weather conditions, available generation capacity and transmission interconnections. Price increases or supply disruption s may increase the Group’s costs and working capital requirements. Variability in renewable energy generation may affect electricity prices and sales margins. Higher interest rates and rising energy, maintenance and insurance costs may reduce returns on real estate investments and asset values. Rising material, energy and labour costs, limited availability of workers and subcontractors, permitting procedures, and project delays may reduce the profitability of construction projects. The performance of the agricultural activities depends on weather conditions, animal health, selling prices for agricultural products, and the cost of feed, fertilisers, energy and fuel. Outbreaks of animal diseases, trade restrictions and changes in subsi dies and environmental requirements may increase costs and restrict production.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 11 I The Group continuously monitors market and economic developments and maintains sufficient financial buffers to reorganise its operations in response to changing market conditions when necessary. Infortar actively seeks new investment opportunities to diversify its asset portfolio and reduce the impact of individual risks. Management’s assessments are based on the information available at the time of preparing the report, and actual circumstances may differ from the assumptions described. Share Price and Shareholders Infortar´s shares (ISIN EE3100149394) are registered with the Estonian branch of Nasdaq CSD, and their trading symbol on the Nasdaq Baltic Exchange is INF1T. All shares are of the same class and each share gives shareholders one vote at the general meeting. No preference shares or shares with special rights have been issued. As at 30 June 2026, Infortar had issued a total of 21,166,239 INF1T shares. The accompanying table shows the shareholdings of Infortar’s largest shareholders as at 3 0 June 2026. As at the reporting date, the closing price of the share on the Nasdaq Baltic Exchange was EUR 50.4 per share. Shareholder Number of shares Holding % Mersok OÜ 4 846 982 22,90% Abante OÜ 4 828 000 22,81% Pärdiklill osaühing 4 811 566 22,73% Keijo Erkki Mehtonen 1 490 000 7,04% Toivo Ninnas 1 313 425 6,21% Enn Pant 712 300 3,37% Infortar AS 554 071 2,62% Meelis Asi 363 850 1,72% Trading House Scandinavia Aktiebolag 203 570 0,96% Eve Pant 182 183 0,86% Other shareholders 1 860 292 8,79% The following charts give an overview of the share price and trading volume in the past six months. Share price 42 € 43 € 44 € 45 € 46 € 47 € 48 € 49 € 50 € 02.01.26 23.01.26 13.02.26 06.03.26 27.03.26 17.04.26 08.05.26 29.05.26 19.06.26
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 12 I Daily turnover 0 € 40 000 € 80 000 € 120 000 € 160 000 € 200 000 € 240 000 € Estonia Farmid. Photo: Kaspar Pokk.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 13 I KEY FIGURES FOR Q2 2026 30.06.26 31.12.25 Total assets (in thousands of EUR) 2 714 309 2 596 607 Interest-bearing liabilities (in thousands of EUR) 1 083 091 1 071 353 Total equity (in thousands of EUR) 1 200 533 1 175 404 Equity ratio (equity /assets) (%) 44,2% 45,3% Interest-bearing liabilities /equity (%) 90,2% 91,1% Current ratio 1,0 0,8 Net debt (in thousands of EUR) 829 904 851 582 Net debt/ EBITDA 3,3 3,7 Total equity attributable to equity holders of the Parent (in thousands of EUR) 957 233 921 674 Number of ordinary shares 21 166 239 21 166 239 Earnings per share (EUR) 0,7 3,30 Book value per share (EUR) 45 44 Number of group employees 6 890 6 466 Cash and cash equivalents (in thousands of EUR) 253 187 146 368 Q2 2026 Q2 2025 6 months 2026 6 months 2025 Revenue (in thousands of EUR) 440 921 504 512 945 917 951 869 Gross profit (in thousands of EUR) 59 397 55 668 114 132 81 736 EBITDA (in thousands of EUR) 64 158 57 390 111 228 85 051 EBITDA margin 14.6% 11.4% 11.8% 8.9% Operating profit/loss (EBIT) (in thousands of EUR) 29 686 27 038 51 068 26 383 Profit before tax (in thousands of EUR) 17 709 15 548 27 195 2 695 Income tax (in thousands of EUR) -15 826 -15 398 -19 994 -17 106 Net profit/loss for the period (in thousands of EUR) 1 883 150 7 201 -14 411 Net profit attributable to owners of the parent (in thousands of EUR) 2 342 1 930 15 163 -2 549 Labour costs, including taxes (in thousands of EUR) 70 381 71 010 137 162 134 814 ROA (%) 1.9% -0.6% ROE (%) 4.3% -1.2% The Group’s revenue in the second quarter decreased year on year, mainly due to lower revenue in the energy segment, where Elenger Group’s gas and electricity sales volumes were affected by a decline in wholesale sales. The improvement in the Group’s profitability was supported by stronger performance in the energy segment, the addition of new agricultural units and the closure of unprofitable operations. The improvement in the Group’s liquidity reflects cash flow management and the maintenance of a liquidity buffer to finance new investments.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 14 I Equity ratio (%) = total equity / total assets Interest-bearing liabilities /equity (%) = (loan liabilities + lease liabilities) / equity Current ratio = current assets / total current liabilities Net debt (in thousands of EUR) = loan liabilities + lease liabilities - cash Net debt / EBITDA = net debt / annualised EBITDA Earnings per share (EUR) = net profit holders of the parent / weighted average number of ordinary shares (note 8.7) Book value per share (EUR) = total equity attributable to equity holders of the parent / number of shares EBITDA (in thousands of EUR) = operating profit + depreciation and amortization + change in fair value of investment property EBITDA margin (%) = EBITDA / revenue ROA % = EBIT / total assets (two-year average) ROE % = EBIT / equity (two-year average) Panel discussion at the inauguration of the Halinga biomethane plant. Photo: Ardo Kaljuvee
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 15 I CONSOLIDATED INTERIM FINANCIAL STATEMENTS Consolidated Statement of Financial Position (in thousands of EUR) 30.06.26 31.12.25 NOTE Current assets Cash and cash equivalents 253 187 219 771 3.1 Derivative financial assets 33 637 4 732 Settled derivative receivables 6 982 1 823 Trade receivables 114 630 153 473 Prepayments for taxes 5 382 5 659 Other receivables and prepayments 44 525 38 878 4.1 Prepayments for inventories 1 526 476 3.3 Inventories 178 023 90 672 3.2 Biological assets 2 486 1 545 Total current assets 640 378 517 029 Non-current assets 30.06.26 31.12.25 NOTE Investments in associates 16 046 21 412 6.3 Long-term derivative instruments 1 612 1 079 Other non-current receivables 30 949 31 648 4.1 Property, plant and equipment at fair value 1 195 909 1 202 173 Investment property 68 130 66 872 5.1 Property, plant and equipment 678 481 669 797 5.2 Intangible assets 37 117 37 930 5.3 Right-of-use assets 37 933 39 645 5.5 Biological assets 7 754 9 022 Total non-current assets 2 073 931 2 079 578 TOTAL ASSETS 2 714 309 2 596 607
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 16 I Liabilities and Equity (in thousands of EUR) 30.06.26 31.12.25 NOTE Current liabilities Loan liabilities 284 143 338 515 7.1 Lease liabilities 8 587 10 029 7.1 Trade payables 152 274 123 330 4.2 Tax liabilities 52 728 44 972 4.2 Buyers' advances 52 036 38 621 4.2 Settled derivatives 1 074 4 156 4.2 Other current liabilities 97 549 69 677 4.2 Short-term derivative instruments 15 321 9 552 Total current liabilities 663 712 638 852 Non-current liabilities 30.06.26 31.12.25 NOTE Long-term provisions 8 017 8 695 4.5 Deferred tax liabilities 2 119 1 894 4.2 Other long-term liabilities 47 725 46 028 4.2 Long-term derivatives 1 842 2 925 Loan liabilities 755 278 686 187 7.1 Lease liabilities 35 083 36 622 7.1 Total non-current liabilities 850 064 782 351 TOTAL LIABILITIES 1 513 776 1 421 203 (in thousands of EUR) 30.06.26 31.12.25 NOTE Equity Share capital 2 117 2 117 8.1 Own shares -2 133 -790 8.2 Share premium 32 484 32 484 8 Reserve capital 212 212 8.4 Option reserve 12 331 10 099 8.2 Hedging reserve 15 006 -7 260 8.5 Unrealised exchange rate differences -649 1 167 Post-employment benefit obligation reserve -550 -559 Retained earnings from previous periods 898 415 884 204 Total equity attributable to equity holders of the Parent 957 233 921 674 Non-controlling interests 243 300 253 730 Total equity 1 200 533 1 175 404 TOTAL LIABILITIES AND EQUITY 2 714 309 2 596 607
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 17 I Consolidated Statement of Profit or Loss and other Comprehensive Income (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 NOTE Revenue 440 921 504 512 945 917 951 869 9.1 Cost of goods (goods and services) sold -381 617 -448 771 -831 690 -869 944 10.1 Impairment loss/(reversal) on 93 -73 -95 -189 10.1 Gross profit 59 397 55 668 114 132 81 736 Marketing expenses -12 441 -12 119 -23 382 -23 095 10.2 General administrative expenses -23 532 -22 556 -45 287 -43 521 10.3 Profit (loss) from derivatives -766 5 243 -1 505 9 182 Profit (loss) from biological assets 2 827 137 1 266 104 Other operating income 4 807 2 280 9 518 4 236 Other operating expenses -606 -1 615 -3 674 -2 259 Operating profit 29 686 27 038 51 068 26 383 (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 NOTE Profit (loss) from investments accounted for by equity method 282 366 -2 141 1 321 6.3 Financial income and expenses: Other financial investments -218 -278 -218 -611 Interest expense -10 791 -11 581 -21 031 -24 477 7.2 Interest income 777 895 1 706 1 737 Profit (loss) from changes in exchange rates -1 283 -71 -917 -386 Other financial income and expenses -744 -821 -1 272 -1 272 Total financial income and expenses -12 259 -11 856 -21 732 -25 009 Profit before tax 17 709 15 548 27 195 2 695 Corporate income tax -15 826 -15 398 -19 994 -17 106 4.3 Profit for the financial period 1 883 150 7 201 -14 411 including: Profit attributable to the owners of the parent company 2 342 1 930 15 163 -2 549 Profit attributable to non-controlling interest -459 -1 780 -7 962 -11 862
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 18 I Other comprehensive income 6 months 2026 6 months 2025 NOTE Items that will not be reclassified to profit or loss: Revaluation of post-employment benefit obligations 9 0 Items that may be subsequently reclassified to the profit or loss: Revaluation of risk hedging instruments 22 266 24 168 Exchange rate differences attributable to foreign subsidiaries -1 816 922 Total other comprehensive income 20 459 25 090 Total comprehensive income 27 660 10 679 including: Comprehensive profit attributable to the owners of the parent company 35 613 22 541 Comprehensive profit attributable to non- controlling interest -7 962 -11 862 Basic earnings per share (in euros per share) 0,74 -0,12 8.7 Diluted earnings per share (in euros per share) 0,72 -0,12 8.7 Celebration marking the completion of the Sindi-Lodja bridge deck slab. Photo: Ardo Kaljuvee
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 19 I Consolidated Cash Flow Statement Cash flows from operating activities (in thousands of EUR) 6 months 2026 6 months 2025 NOTE Profit of the period 7 201 -14 411 Adjustments: Depreciation, amortisation, and impairment of non-current assets 60 160 58 668 5 Fair value adjustment of equity investment 2 614 -1 321 6 Change in the value of derivatives -2 485 -22 225 Other financial income/expenses -3 583 -815 Calculated interest expenses 21 031 24 477 7 Profit/loss from non-current assets sold -1 775 -244 Income from grants recognised as revenue -380 -993 Corporate income tax expense 19 994 17 106 Recognition and adjustment of provisions 2 241 24 168 Income tax paid -19 768 -16 798 4 Change in receivables and prepayments related to operating activities 28 794 18 704 4 Change in inventories -88 401 88 846 3 Change in payables and prepayments relating to operating activities 73 496 81 445 Change in biological assets 326 12 Total cash flows from operating activities 99 465 256 619 Cash flows from investing activities 6 months 2026 6 months 2025 NOTE Proceeds from the sale of associates 2 752 0 6 Net cash flows on acquisition of subsidiaries -2 406 0 Repayments of loans granted 193 1 317 Interest received 1 729 1 586 Purchases of investment property -1 258 -2 015 Purchases of property, plant and equipment -48 521 -36 414 Proceeds from sale of property 2 074 65 331 Total cash flows used in investing activities -45 437 29 805
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 20 I Cash flows used in financing activities 6 months 2026 6 months 2025 NOTE Proceeds from targeted financing 1 866 893 Changes in overdraft -16 882 -43 390 7 Proceeds from borrowings 37 235 11 136 Repayments of borrowings -5 634 -245 306 Repayment of finance lease liabilities -14 813 -5 859 7 Interest paid -20 089 -24 619 Dividends paid -952 -490 Repurchase of own shares -1 343 0 Total cash flows used in financing activities -20 612 -307 635 0 0TOTAL NET CASH FLOW 33 416 -21 211 Cash at the beginning of the year 219 771 167 579 3 Cash at the end of the period 253 187 146 368 3 Net (decrease)/increase in cash 33 416 -21 211 Tallink City Hotel. Photo: Arbo Rae
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 21 I Consolidated Statement of Changes in Equity (in thousands of EUR) Share capital Share premium Own shares Option reserve Reserve capital Risk hedging reserve Unrealised currency translation differences Post employment benefit obligations reserve Retained earnings Non- controlling interests Total Balance as at 31.12.24 2 117 32 484 -72 6 223 212 -21 674 45 -185 890 167 256 904 1 166 221 Stock options 0 0 0 2 440 0 0 0 0 0 0 2 440 Profit for the financial period 0 0 0 0 0 0 0 0 -2 549 -11 862 -14 411 Other comprehensive income 0 0 0 0 0 24 027 922 141 0 0 25 090 Dividends paid 0 0 0 0 0 0 0 0 -490 0 -490 Balance as at 30.06.25 2 117 32 484 -72 8 663 212 2 353 967 -44 887 128 245 042 1 178 850 Dividends paid 0 0 0 0 0 0 0 0 -76 023 0 -76 023 Stock options 0 0 -718 1 436 0 0 0 0 0 0 718 Change in minority shareholding 0 0 0 0 0 0 0 0 0 -2 481 -2 481 Profit for the financial period 0 0 0 0 0 0 0 0 73 099 11 169 84 268 Other comprehensive income 0 0 0 0 0 -9 613 200 -515 0 0 -9 928 Balance as at 31.12.25 2 117 32 484 -790 10 099 212 -7 260 1 167 -559 884 204 253 730 1 175 404 Dividends paid 0 0 0 0 0 0 0 0 -952 0 -952 Stock options 0 0 -1 343 2 232 0 0 0 0 0 0 889 Change in minority shareholding 0 0 0 0 0 0 0 0 0 -2 468 -2 468 Profit for the financial period 0 0 0 0 0 0 0 0 15 163 -7 962 7 201 Other comprehensive income 0 0 0 0 0 22 266 -1 816 9 0 0 20 459 Balance as at 30.06.26 2 117 32 484 -2 133 12 331 212 15 006 -649 -550 898 415 243 300 1 200 533
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 22 I NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. BASIS OF PREPARATION 1.1. Statement of compliance These condensed consolidated interim financial statements (interim financial statements) have been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting and they do not include all the notes normally included in the annual financial statements. Thus, they should be read in conjunction with the group’s annual financial statements as at and for the year ended 31 December 202 5, which have been prepared in accordance with IFRS as adopted by the European Union. These interim financial statements have been prepared using the same accounting policies as those applied in the preparation of the group’s annual financial statements as at and for the year ended 31 December 202 5. The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, and income and expenses. Actual results may differ from those estimates. Significant judgements made by management in applying the group’s accounting policies and the key sources of estimation uncertainty were mainly the same as those described in the group’s annual financial statements as at and for the year ended 31 December 2025. These interim financial statements have not been audited or otherwise checked by auditors. 1.2. Bases of preparation The cost method was used for preparing the consolidated quarterly accounts, except in the case of the following items in the statement of financial position: • vessels, which are measured at revalued amounts; • financial instruments, which are measured at fair value. Where hedge accounting is applied, changes in fair value are recognised in accordance with the requirements of IFRS 9; • investment properties, which are measured at fair value. Changes in fair value are recognised in profit or loss. In exceptional circumstances, where fair value cannot be measured reliably, the cost model is applied; • buildings, which are measured at revalued amounts; • investments in associates, which are accounted for using the equity method in accordance with IAS 28. 1.3. Functional currency and presentation currency Currency of the consolidated quarterly accounts is the euro (except Poland), which is also the functional currency of the parent company and its subsidiaries. The numeric indicators in main statements and notes are presented in thousands of euros rounded to the nearest thousand (unless stated otherwise).
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 23 I 1.4. Basis of consolidation The consolidated interim financial statements include the financial information of the parent company and its subsidiaries, consolidated on a line -by-line basis. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Intra -group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. NOTE 2. SEGMENT REPORTING The management uses segment reporting for assessing the economic results of the group and making management decisions. The reports present the consolidated segment -based information of the companies in the group, which, in turn, are based on the reports of the companies, divided by the main areas of activity of the group. The group distinguishes between three main areas of activity, which are presented as segments to be disclosed individually, and minor areas of activity, presented collectively as ‘supporting segments’: 1. Maritime transport (includes Tallink Grupp and its subsidiaries); 2. Energy (includes resale and distribution of natural gas, sale of electricity and biomethane production); 3. Real estate (includes all companies in the group that lease or develop investment property); 4. Supporting segments (agriculture, engineering, construction minerals, printing, and other fields). The management assesses the results of the segments mostly based on EBITDA but also monitors operating profit. Financial income and expenses and income tax expense are not allocated to segments. The assets and liabilities of the group are divided between the segments based on their purpose. The maritime transport segment is monitored at the Group level for decision -making purposes using Tallink’s financial reports. Infortar consolidates Tallink’s results on a line -by-line basis. Following the acquisition of control over Tallink, Infortar’s management did not change the approach to segment reporting. Tallink continues to report its maritime transport and other Group segments in accordance with its established segment reporting practices. The energy segment's revenue is primarily generated from the sale of natural gas and other energy products, as well as from network operations. Compared to previous periods, the segment's operations have become less seasonal, as gas distribution networks in Est onia, Latvia and Poland provide a more stable revenue base in addition to energy sales. While natural gas and electricity sales volumes remain largely dependent on weather conditions, with demand being higher during the heating season in the first and four th quarters of the year, the increased share of network operations mitigates seasonal fluctuations in the segment's operating results. Revenue in the real estate segment is primarily generated from leasing investment properties to both Group companies and external tenants. Transactions with Group entities are eliminated on consolidation.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 24 I The supporting segment also includes areas of activity with an insignificant individual contribution to the sales revenue or EBITDA of the group. None of the areas of activity exceed quantitative criteria where disclosure of information is required individually. The Group's management, assets and business operations are concentrated primarily in the Baltic-Finnish region. In the Maritime Transportation segment, Tallink operates in Estonia, Finland, Sweden, Latvia, Lithuania and Cyprus. In the Energy segment, Elenger Group operates in Estonia, Latvia, Lithuania, Finland, Poland and Germany. In the Real Estate segment, SIA Happy Trails operates in Latvia, while in the Supporting Activities segment, Infortar Marine Ltd. operates in Cyprus. The Group's remaining companies operate in Estonia. With the acquisitions of Tallink, Gaso and Elenger Polska the group’s workforce has significantly increased. However, the addition of new employees does not affect the company's management principles at the group level. Q2 2026 (in thousands of EUR) Maritime Transport Energy Real * Estate Supporting Segments Total External sales revenue 204 966 210 677 913 24 365 440 921 Intersegment sales revenue 2 016 10 715 3 893 7 992 24 616 Total revenue 206 982 221 392 4 806 32 357 465 537 Profit/loss based on the equity method -1 145 50 0 1 377 282 Segment operating profit 13 798 12 499 3 417 -28 29 686 Operating profit before depreciation and revaluation of non- current assets (EBITDA) 39 214 19 716 3 154 2 074 64 158 Q2 2025 (in thousands of EUR) Maritime Transport Energy Real * Estate Supporting Segments Total External sales revenue 206 875 274 599 422 22 616 504 512 Intersegment sales revenue 78 5 075 3 232 3 808 12 193 Total revenue 206 953 279 674 3 654 26 424 516 705 Profit/loss based on the equity method 0 178 0 188 366 Segment operating profit 14 271 13 058 2 948 -3 239 27 038 Operating profit before depreciation and revaluation of non- current assets (EBITDA) 37 116 19 929 2 847 -2 502 57 390
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 25 I 6 months 2026 Maritime Transport Energy Real * Estate Supporting Segments Total External sales revenue 350 105 547 372 1 851 46 589 945 917 Intersegment sales revenue 6 246 21 141 9 135 8 334 44 856 Total revenue 356 351 568 513 10 986 54 923 990 773 Profit/loss based on the equity method -1 145 1 066 0 -2 062 -2 141 Segment operating profit -2 970 45 531 6 988 1 519 51 068 Operating profit before depreciation and revaluation of non- current assets (EBITDA) 39 277 59 891 6 462 5 598 111 228 6 months 2025 Maritime Transport Energy Real * Estate Supporting Segments Total External sales revenue 344 050 566 888 853 40 078 951 869 Intersegment sales revenue 180 16 084 5 738 7 466 29 468 Total revenue 344 230 582 972 6 591 47 544 981 337 Profit/loss based on the equity method 0 898 0 423 1 321 Segment operating profit -12 863 38 046 4 638 -3 438 26 383 Operating profit before depreciation and revaluation of non- current assets (EBITDA) 33 292 51 749 4 433 -4 423 85 051 * Real estate portfolio overview, in thousands of EUR The real estate portfolio is valued once a year. Infortar's management monitors the profitability of the real estate portfolio based on the standalone financial results of the real estate companies. As intercompany transactions are eliminated in the consolidated real estate segment report in accordance with IFRS 8 , the standalone financial statements of the real estate companies provide a clearer view of the operating performance of the real estate companies. Q2 2026 Q2 2025 6 months 2026 6 months 2025 12 months 2025 Revenue 5 680 5 395 12 868 10 886 20 034 Net Operating Income 4 734 4 515 9 833 8 731 17 519 EBITDA 3 891 3 898 8 087 7 691 14 748 Interest expense 1 017 1 093 1 979 2 264 4 398 Interest Coverage Ratio ICR (x) 3,8 3,6 4,1 3,4 3,4 30.06.26 30.06.25 31.12.25 Real estate value, based on valuation reports 224 780 208 836 224 780 Real estate loans 102 618 97 526 105 240 Loan to value ratio LTV (%) 46% 47% 47%
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 26 I Properties included in the real estate portfolio: Address Company Infortar’s ownership as at 30 June 2026 A. Laikmaa 5 Tallinn OÜ Vara HTG 50% Vana-Posti 7 Tallinn OÜ Vana Posti Kinnisvara 50% Sadama 11A Tallinn OÜ INF Sadama 11 100% Sadama 5 Tallinn OÜ INF Sadama 579 100% Sadama 7 Tallinn OÜ INF Sadama 579 100% Sadama 9 Tallinn OÜ INF Sadama 579 100% Elizabetes 24, 26 Riga SIA Happy Trails 100% Osmussaare 7 Tallinn OÜ INF Tennisekeskus 100% Kaldase 3 Maardu OÜ INF Kaldase 100% Tähesaju 11 Tallinn OÜ INF Communications 100% Tähesaju 9 Tallinn OÜ INF Tähesaju 9 100% Liivalaia 9 Tallinn OÜ INF Liivalaia 100% Saue tee 10 Saue OÜ INF Saue 100% Gaasi 5, Tallinn OÜ INF 100% Radisti tee 7, Tallinn OÜ INF 100% Pargi 51a Jõhvi OÜ INF 100% Mustakivi tee 7 Tallinn OÜ INF Mustakivi 100% Põllu 61 Tallinn AS Infortar 100% Põllu 63 Tallinn AS Infortar 100% Sanatooriumi 5 Tallinn AS Infortar 100% NOTE 3. FINANCIAL ASSETS AND INVENTORIES 3.1. Cash and Cash Equivalents (in thousands of EUR) 30.06.26 31.12.25 Cash in hand 1 472 1 732 Cash at bank and short term deposits 251 715 218 039 Total 253 187 219 771 3.2. Inventories (in thousands of EUR) 30.06.26 31.12.25 Natural gas inventory in storage 108 719 26 027 Inventories and production progress 17 701 14 406 Unfinished goods 5 786 4 203 Finished goods 45 817 46 036 Total 178 023 90 672 3.3. Prepayments for inventories (in thousands of EUR) 30.06.26 31.12.25 Prepayments for natural gas 1 001 0 Prepayments to construction subcontractors 388 446 Prepayments for other inventories 137 30 Total 1 526 476
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 27 I NOTE 4. RECEIVABLES, PROVISIONS AND OTHER LIABILITIES 4.1. Short-/Long-Term Receivables (in thousands of EUR) 30.06.26 31.12.25 Trade receivables: Remaining term up to 12 months 114 630 153 473 Remaining term 1-5 years 315 314 Including receivables from related parties 186 0 Loans issued: 2 441 2 634 Interest receivables: 454 477 Including interest receivables from related parties 364 374 Accruals and deferred income: Remaining term up to 12 months 16 890 8 511 Remaining term 1-5 years 1 008 23 263 Other short-term receivables and prepayments 27 181 29 890 Prepaid taxes 5 382 5 659 Receivables from realized derivative instruments 6 982 1 823 Other long-term receivables and prepayments 27 185 5 437 Total receivables 202 468 231 481 4.2. Short-/Long-Term Liabilities (in thousands of EUR) 30.06.26 31.12.25 Term up to 1 year: Trade payables 152 274 123 330 Including debts to related parties 1 045 1 580 Tax liabilities 52 728 44 972 Liabilities from realized derivative instruments 1 074 4 156 Employee-related liabilities 36 660 39 061 Interest liabilities 2 253 1 311 Including interest liabilities to related parties 852 0 Prepayments received 52 036 38 621 Derivative instruments 15 321 9 552 Short-term provisions 216 638 Other liabilities 58 420 28 667 Term 1-5 years: Revenue from government grants in future periods 12 537 11 051 Other liabilities 414 539 Long-term provisions 8 017 8 695 Derivative instruments 1 842 2 925 Term over 5 years: Deferred income tax liability 2 119 1 894 Revenue from connection fees in future periods 34 774 34 438 Total 430 685 349 850 Including short-term liabilities 370 982 290 308 Deferred income tax liability 2 119 1 894 Other long-term liabilities 57 584 57 648
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 28 I 4.3. Income tax (in thousands of EUR) 6 months 2026 6 months 2025 Income tax expense/income -19 768 -16 798 Change in deferred tax asset/liability -226 -308 Total income tax expense/income -19 994 -17 106 Income tax expense consists of payable income tax and deferred income tax. Income tax expense is recognised in profit or loss, except for the part that is recognised in entries in other comprehensive income or loss. In the latter case, income tax liability is also recognised in other comprehensive income or loss. Current income tax is the expected amount of tax payable on taxable income for the reporting period, calculated using tax rates enacted or substantively enacted at the reporting date, together with any adjustments to tax payable in respect of previous years. Current income tax also includes the tax liability arising from the distribution of dividends. 4.4. Grants In 2018, Infortar received a grant from the public sector through the Connecting Europe Facility (CEF) and concluded a support contract with the Innovation and Networks Executive Agency (INEA), which coordinates the implementation of the CEF programme of t he European Union, to construct a bunkering carrier called Optimus for liquefied natural gas (LNG). The maximum amount of the grant was EUR 5.423 million, part of which was received as a prepayment and the rest after the project was completed in 2022. A condition for concluding the support contract was completing the LNG bunkering carrier Optimus by 2021 and commissioning it for at least five years. The LNG bunkering carrier was completed on time and it is still in use. The compensation from the grant was paid to the recipient after INEA validated the eligible costs in 2022. The received grant is recognised as income of the period when the ship is depreciated. Elenger Polska Group has received funding from the European Infrastructure and Environment Fund for the construction of gas networks in regions where gas supply was previously unavailable. Infortar Agro group receives funding from the EU’s recovery instrument, NextGenerationEU.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 29 I NOTE 5. FIXED ASSETS 5.1. Assets measured at fair value (in thousands of EUR) Real estate investments At 31.12.2024 67 931 Reclassification -1 539 Asset additions/disposals 3 348 Gain/loss from changes in fair value -2 868 At 01.01.26 66 872 Asset additions/disposals 1 258 At 30.06.2026 68 130 (in thousands of EUR) Leases of investment property Ships As at 01.01.25 139 990 1 175 177 Acquisition 689 0 Reclassifications 0 16 735 Depreciation for the reporting period -1 709 -39 815 Disposals and write-offs 0 -79 629 Revaluation due to increase in value -3 658 -5 607 As at 01.01.26 135 312 1 066 861 Acquisition 4 028 -1 Reclassifications 0 10069 Depreciation for the reporting period -791 -19569 As at 30.06.26 138 549 1 057 360 The fair value of the investment property is based on the market price set by an independent real estate appraiser. The appraisal principles of investment property are based on the discounted cash flow and the comparison method. If the discounted cash flow cannot be used, the appraisal of premises under development relies on the market price calculated based on purchase transactions of similar properties, adjusted according to the changes in the real estate market.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 30 I 5.2. Property, Plant and Equipment (in thousands of EUR) Land and buildings Assets under construction Plant and equipment Other TOTAL Book value as at 31.12.24 468 203 12 500 108 025 5 563 594 291 Additions 11 685 30 185 25 105 1 337 68 312 Additions on acquisition of subsidiaries 63 590 53 3 806 301 67 750 Depreciation charge -17 030 0 -22 315 -1 537 -40 882 Reclassification 1 592 -19 146 2 358 0 -15 196 Disposals -1 978 -108 -2 331 -61 -4 478 Book value as at 31.12.25 526 062 23 484 114 648 5 603 669 797 Additions 3 222 23 352 13 782 433 40 789 Depreciation charge -9 483 0 -11 550 -799 -21 832 Reclassification -682 -9 471 179 0 -9 974 Disposals 32 0 -321 -10 -299 Book value as at 30.06.26 519 151 37 365 116 738 5 227 678 481 Cost or valuation as at 30.06.26 643 486 37 365 275 463 10 669 966 983 Accumulated depreciation as at 30.06.26 -124 335 0 -158 725 -5 442 -288 502 5.3. Intangible Assets (in thousands of EUR) Goodwill Value of contracts Computer software Mining rights Total Residual value on 31.12.24 11 066 2 333 22 646 2 829 38 874 Acquisition of intangible assets 0 0 6 317 1 428 7 745 Calculated depreciation 0 -199 -8 168 -322 -8 689 Residual value on 31.12.25 11 066 2 134 20 795 3 935 37 930 Acquisition of intangible assets 0 0 3281 329 3610 Calculated depreciation 0 -92 -4047 -284 -4423 Residual value as at 30.06.2026 11 066 2042 20 029 3 980 37 117 5.4. Lease Liabilities (in thousands of EUR) 30.06.26 31.12.25 Lease liabilities 43 670 46 651 <1 year 8 587 10 029 1-5 years 16 949 36 622 >5 years 18 134 0 Book value of leased assets 37 933 39 645 Lease payments in the year 14 813 13 839 Interest payments on lease in the reporting period 1 033 2 188 Lease terms until 203 6, with the base currency in EUR. The obligation is secured by the leased asset.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 31 I 5.5. Right of Use Assets (in thousands of EUR) Land and buildings Plant and equipment Total Balance as at 31.12.24 35 724 11 874 47 598 New right-of-use assets 6 866 2 570 9 456 Calculated depreciation -13 676 -2 007 -15 683 Revaluation and write-off of lease liabilities -861 -865 -1 726 Balance as at 31.12.25 28 053 11 572 39 645 New right-of-use assets 12 559 1923 14 482 Calculated depreciation -12 257 -1288 -13 545 Revaluation and write-off of lease liabilities -2 585 -64 -2 649 Balance as at 30.06.26 25 770 12 143 37 933 LNG vessel Aristidis I at Klaipeda terminal. Photo: Elenger
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 32 I NOTE 6. SUBSIDIARIES AND ASSOCIATES 6.1. Subsidiaries Infortar Group as at 30.06.2026: (in thousands of EUR) Established Holding 30.06.26 Holding 31.12.25 Equity 30.06.26 Equity 31.12.25 AS Tallink Grupp (consolidated) 01.09.94 69% 68% 726 357 750 073 AS Elenger Grupp (consolidated) 10.01.97 100% 100% 462 275 427 383 AS H.T.Valuuta 22.01.97 100% 100% 1 742 1 726 OÜ Tallinna Raamatutrükikoja (consolidated) 30.06.97 100% 100% 1 810 1 608 OÜ INF Liivalaia 28.03.02 100% 100% 4 892 4 707 OÜ INF Sadama 11 03.10.02 100% 100% 22 457 20 480 SIA Happy Trails 24.11.03 100% 100% 5 457 5 025 OÜ INF Sadama 579 19.03.04 100% 100% 26 717 25 085 OÜ INF Mustakivi 07.01.05 100% 100% 12 500 11 950 OÜ INF Kaldase 11.01.05 100% 100% 12 983 12 634 OÜ INF Tennisekeskus 11.01.05 100% 100% 1 544 1 519 AS INF G 07.10.05 100% 100% 148 147 AS INF T 19.09.07 100% 100% 4 4 OÜ Infortar Agro (consolidated) 14.05.08 100% 100% 44 114 3 687 OÜ Aianurga 26.05.10 100% 100% 16 11 OÜ Lasnamäe Spordikeskus 18.07.16 100% 100% 135 164 OÜ INF Communications 12.04.18 100% 100% 684 594 OÜ INF M 15.06.20 100% 100% 0 0 Infortar Marine Ltd 11.08.20 100% 100% 391 203 INF Saue OÜ 23.08.21 100% 100% 6 532 6 121 OÜ INF Tähesaju 9 06.09.22 100% 100% 417 332 OÜ INF Engineering (consolidated) 07.09.22 100% 100% 14 678 13 980 OÜ INF 06.03.23 100% 100% 13 29 There are 107 companies in Infortar Group. Tallink Grupp operates in the Estonian, Latvian, Finnish, Swedish, and German markets under the Tallink Silja Line brand. Additionally, as the franchise owner of Burger King in the Baltic states, it manages 20 restaurants of this fast-food chain. Elenger Group operates in the Finnish, Estonian, Latvian, Lithuanian and Polish markets under the Elenger brand. In addition, among its most significant subsidiaries are the Latvian gas distribution company AS Gaso, the Estonian gas distribution company AS Gaasivõrk, and the Polish gas distribution company Elenger Dystrybucja. Infortar’s subsidiary SIA Happy Trails is in the Republic of Latvia; Infortar Marine Ltd is located in the Republic of Cyprus, while the other subsidiaries are located in the Republic of Estonia. 6.2. Business combinations No business combinations in Q2 2026.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 33 I 6.3. Investments in Associates (in thousands of EUR) 30.06.26 31.12.25 Total investments 16 046 21 412 OÜ Vara HTG 50% 50% value of holding 8 996 8 612 OÜ Vana-Posti Kinnisvara 50% 50% value of holding 542 512 OÜ Eesti Biogaas 50% 50% value of holding 6 508 7 002 Pakrineeme Sadama OÜ 0% 50% value of holding 0 5 286 6.4. Group Structure A diagram reflecting the structure of the Infortar Group is presented as part of the management report. NOTE 7. FINANCIAL LIABILITIES 7.1. Loan and Lease Liabilities (in thousands of EUR) Maturity date 30.06.26 31.12.25 Short-term liabilities under 1 year 292 730 348 544 Long-term liabilities 1-5 years 709 517 641 965 Long-term liabilities over 5 years 80 844 80 844 TOTAL 1 083 091 1 071 353 Breakdown of liabilities by type and term: Short-term loan liabilities Overdraft 27 732 44 614 Short-term loans 175 500 184 320 Short-term portion of long term loan liabilities 80 911 109 581 TOTAL 284 143 338 515 Long-term loan liabilities Investment loan 755 278 686 187 TOTAL 755 278 686 187 Lease liabilities Short-term portion of lease liabilities 8 587 10 029 Long-term portion of lease liabilities 35 083 36 622 TOTAL 43 670 46 651 7.2. Interest (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Interest expense 10 791 11 581 21 031 24 477 The Group's loan and lease liabilities bear interest at rates linked to the 1-, 3- or 6-month EURIBOR or €STR. The applicable margins ranged from 1.15% to 2.45% (2025: 1 -, 3- or 6-month EURIBOR or €STR, with margins ranging from 1.15% to 2.45%). The base currency is the euro.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 34 I NOTE 8. SHARE CAPITAL, CONTINGENT LIABILITIES AND RESERVES 8.1. Share Capital 30.06.26 31.12.25 Total number of ordinary shares issued 21 166 239 21 166 239 of which shares outstanding 20 612 168 20 640 841 Nominal value (EUR) 0,10 0,10 Share capital (thousands EUR) 2 117 2 117 Own shares (thousands EUR) -2 133 -790 The share capital of 2,116,624 euros is divided into 21,166,239 ordinary shares, with a nominal value of 0.10 euros per share. The minimum share capital of the company is one million (1,000,000) euros, and the maximum share capital is four million (4,000,000) euros. Within these limits, the share capital of the company may be increased or decreased without amending the Articles of Association. No new shares were issued in the second quarter of 2026. 8.2. Option reserve Key terms of a stock option programme were approved for Infortar in 2021 and for Tallink in 2023 to motivate employees and management. The purpose of the program me is to incentivise management and employees by making them shareholders, allowing option holders to benefit from the increase in the value of shares as a result of their work. In 2021, under the first share option programme, Infortar acquired 15,000 own shares with a nominal value EUR 6,30 per share for a total consideration EUR 94,500. Following the change in the nominal value of shares in 2023, Infortar held 945,000 shares . Of these, share options over 222,390 shares were exercised in 2024 and over 214,200 shares in 2025. No share options were exercised during the second quarter of 2026. On 4 June 2025, the General Meeting of Shareholders of Infortar resolved to terminate early the share option programme approved on 15 June 2021, effective from 30 June 2025, and to approve the establishment of a new share option programme. The objective of the new programme is to motivate management and employees by involving them as shareholders, and it has a duration of up to four years. Under the programme, up to 400,000 options may be granted, each entitling the holder to acquire one share of AS Infortar. Upon e xercise of the options, either newly issued shares or own shares held by AS Infortar may be used. The share option expense for the first six months of 2026 amounted to EUR 2 232 thousand, and it is reflected in the income statement under "Administrative Expenses" in the line "Personnel Expenses." The option validity period is 36 months, and the value is measured according to the Black-Scholes-Merton formula.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 35 I The main terms related to the stock option programme are as follows: The date of issue of options The condition for earning the right for receiving options Exercise period of options Infortar November 2023 June 2024 March 2025 November 2025 June 2026 Tallink August 2023 June 2024 June 2025 a) Three years have passed from the issue of options. b) The option has not expired when it is exercised. Starts when three years have passed from the date of issue of the options. As at 30 June 2026, Infortar had issued a total of 21,166,239 shares, of which 554,071 were own shares held by Infortar and used for the employee share option programme. The nominal value of own shares represented 2.62% of the share capital. The option reserve related to Tallink's share option programme is presented in the consolidated financial statements as non -controlling interests within equity, in accordance with the interpretation of IFRS 10. In October 2025, Infortar announced that it would begin a share buyback program me. The buyback is executed and organized by AS SEB Pank, which carries out the repurchase on behalf of Aktsiaselts Infortar. Under the share buyback programme, a total of 45,661 shares have been repurchased, including 14,641 shares during the second quarter of 2026. 8.3. Contingent Liabilities Potential income tax liability 30.06.26 31.12.25 Retained earnings 898 415 884 204 Including taxable profit 9 559 8 519 Maximum potential income tax liability 195 548 192 651 Dividends paid if all retained earnings are distributed 702 867 691 553 The calculation is based on the tax rate (22/78) that has been in effect since the beginning of the financial year for dividends paid out, with the assumption that the total of the distributed dividends and the resulting income tax will not exceed the retained earnings balance as of the reporting date. 8.4. Legal Reserve The reserve capital is formed from annual allocations of net profit, as well as other allocations transferred to the reserve capital in accordance with the law or the Articles of Association. The size of the reserve capital is stipulated in the Articles of Association and must not be less than 1/10 of the share capital. At least 1/20 of the net profit must be transferred to the reserve capital each financial year. Once the reserve capital reaches the size specified in the Articles of Association, further allocations from net profit to the reserve capital are discontinued.
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 36 I The reserve capital may be used, by decision of the general meeting, to cover losses if it is not possible to cover them from the company's free equity, or to increase the share capital. Payments to shareholders cannot be made from the reserve capital. 8.5. Hedging Reserve (in thousands of EUR) as at 31.12.24 -21 674 Cash flow hedging instruments - change in fair value -3 379 Profit (-) / loss (+) from realized cash flow hedging instruments 17 793 as at 31.12.25 -7 260 Cash flow hedging instruments - change in fair value 16 475 Profit (-) / loss (+) from realized cash flow hedging instruments 5 791 As at 30.06.26 15 006 The hedging reserve contains the effective portion of the change in the fair value of cash flow hedging instruments, which will be subsequently recognized in profit or loss when the hedged cash flows affect profit or loss. 8.6. Shares and stock options belonging to the members of the management and supervisory board Direct holdings and holdings through controlled companies as at 30.06.2026: Name Position Number of shares in Infortar Holding % Stock options in Infortar Ain Hanschmidt Chairman of the Management Board 4 916 700 23,23% 34 932 Eve Pant Member of the Management Board 182 183 0,86% 34 932 Enn Pant Chairman of the Supervisory Board 5 559 282 26,26% 34 932 Kalev Järvelill Member of the Supervisory Board 4 943 866 23,36% 34 932 Toivo Ninnas Member of the Supervisory Board 1 322 800 6,25% 34 932 Mare Puusaag Member of the Supervisory Board 1 000 0,00% 14 000 Name Holding % Stock options in Tallink Ain Hanschmidt 5 056 723 0,68% 900 000 Eve Pant 781 000 0,11% 900 000 Enn Pant 17 868 562 2,40% 900 000 Kalev Järvelill 0 0,00% 900 000 Toivo Ninnas 3 668 770 0,49% 900 000 Mare Puusaag 140 000 0,02% 0 Number of shares in Tallink
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 37 I 8.7. Earnings per Share 6 months 2026 6 months 2025 Profit attributable to the owners of the parent (thousands EUR) 15 163 -2 549 Weighted average number of ordinary shares 20 626 505 20 443 629 Basic earnings per share (EUR) 0,74 -0,12 Number of options issued 535 445 567 345 Exercise price (EUR) 4,50 0,10 Average market price (EUR) 50 33 Number of shares that would have been issued at market price 48190 1 719 Weighted average number of shares 21 113 760 21 009 255 Diluted earnings per share (EUR) 0,72 -0,12 As at 30.06.2026, Infortar holds 554,071 own shares. NOTE 9. REVENUE 9.1. Revenues by Category (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Total revenue 440 921 504 512 945 917 951 869 Revenue from hedging instruments 880 883 6 143 -26 062 Revenue from customer contracts 440 041 503 629 939 774 977 931 Revenue from customer contracts by type: Passenger and freight transport 193002 192 346 323 185 316 274 Lease and rental of real estate 986 491 2 023 995 Agricultural produce 7 286 3 000 16 489 6 078 Energy sales 221 131 286 299 565 569 617 330 Sale of construction and repair services 11 112 14 146 16 584 23 193 Other supporting activities 5 418 4 988 11 306 9 756 Other services 1 106 2 359 4 618 4 305
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 38 I NOTE 10. OPERATING EXPENSES 10.1. Cost of Sales (Goods, Services) (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Raw materials -150 011 -208 435 -373 253 -411 468 Goods purchased for resale -44 479 -50 536 -75 337 -83 370 Services purchased for resale -37 390 -49 636 -112 129 -116 732 Energy -605 -367 -1 132 -837 Fuel -21 704 -17 129 -40 227 -35 150 Subcontracting -33 616 -27 122 -57 068 -47 634 Transport expenses -5 971 -6 311 -10 776 -11 207 Miscellaneous office expenses -2 580 -9 053 -4 487 -11 313 Impairment loss/(reversal) on receivables 93 -73 -95 -189 Labour costs -49 748 -50 791 -97 868 -96 538 Depreciation and amortisation -31 588 -27 317 -54 309 -52 602 Travel package expenses -1 840 -1 615 -2 850 -2 582 Other -2 085 -459 -2 255 -511 Total -381 524 -448 844 -831 785 -870 133 10.2. Marketing Expenses (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Labour costs -5 706 -5 952 -11 282 -11 462 Depreciation expense -327 -319 -650 -648 Other -6 408 -5 848 -11 450 -10 985 Total -12 441 -12 119 -23 382 -23 095 10.3. General Administrative Expenses (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Office expenses -3 388 -2 948 -6 597 -5 814 Labour costs -14 927 -14 267 -28 012 -26 814 Amortisation cost -2 557 -2 716 -5 201 -5 418 Other -2 660 -2 625 -5 477 -5 475 Total -23 532 -22 556 -45 287 -43 521 10.4. Labour Costs 30.06.26 30.06.25 Number of employees 6 890 6 866 including employees under employment 6 832 6 810 Members of management or supervisory bodies 58 56 (in thousands of EUR) Q2 2026 Q2 2025 6 months 2026 6 months 2025 Total calculated remuneration -49 486 -49 889 -96 303 -94 861 Payroll taxes -20 895 -21 121 -40 859 -39 953 Total labour costs -70 381 -71 010 -137 162 -134 814
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 39 I NOTE 11. TRANSACTIONS WITH RELATED PARTIES The group has made transactions with related parties, and the group's balances with related parties are: (in thousands of EUR) Sales to related parties 6 months 2026 Purchases from related parties 6 months 2026 Receivables from related parties 31.12.26 Payables to related parties 31.12.26 Owners, key management personnel and entities controlled by them 51 1 152 9 32 973 Associates 1 535 1 866 2 982 1 024 TOTAL 1 586 3 018 2 991 33 997 (in thousands of EUR) Sales to related parties 6 months 2025 Purchases from related parties 6 months 2025 Receivables from related parties 31.12.25 Payables to related parties 31.12.25 Owners, key management personnel and entities controlled by them 0 1 740 0 32 126 Associates 1 829 9 816 3 185 1 580 TOTAL 1 829 11 556 3 185 33 706
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 40 I NOTE 12. FINANCIAL STATEMENTS OF THE PARENT COMPANY 12.1. Accounting Principles According to the Estonian Accounting Act, the consolidated financial statements must include separate unconsolidated primary statements (balance sheet, income statement, cash flow statement, and statement of changes in equity) of the consolidating entity ( parent company). When preparing the primary statements of the parent company, the same accounting principles applied in preparing the consolidated financial statements are followed, except for investments in subsidiaries and associated companies, which are reflected in the unconsolidated statement at cost (minus impairments). Construction of Rail Baltica. Photo: Kaspar Pokk
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 41 I 12.2. Statement of Financial Position (in thousands of EUR) ASSETS 30.06.26 31.12.25 CURRENT ASSETS Cash and cash equivalents 44 644 41 761 Short-term financial investments 873 883 Trade and other receivables 0 0 Total current assets 45 517 42 644 NON-CURRENT ASSETS Investments in subsidiaries 202 224 195 158 Investments in associates 14 4 827 Loans granted 1 741 1 955 Investment property 8 451 8 433 Property, plant and equipment 890 864 Right-of-use assets 1 0 Total non-current assets 213 321 211 237 TOTAL ASSETS 258 838 253 881 LIABILITIES CURRENT LIABILITIES Loan and leasing obligations 111 872 142 520 Trade payables 60 70 Buyers' advances 26 23 Other current liabilities 1 782 2 157 Total current liabilities 113 740 144 770 NON-CURRENT LIABILITIES Loan and lease obligations 91 047 67 100 Total non-current liabilities 91 047 67 100 TOTAL LIABILITIES 204 787 211 870 EQUITY Share capital 2 117 2 117 Own shares -2 133 -790 Share premium 32 484 32 484 Reserve capital 212 212 Option reserve 10 656 9 060 Retained earnings 10 715 -1 072 Total equity 54 051 42 011 TOTAL LIABILITIES AND EQUITY 258 838 253 881
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 42 I 12.3. Income Statement of the Parent (in thousands of EUR) 6 months 2026 6 months 2025 Revenue 3 705 3 219 Cost of sales -250 -54 Gross profit 3 455 3 165 Administrative expenses -6 890 -8 880 Revaluation result of real estate investments 0 0 Other operating income 34 15 Other operating expenses -11 -40 Operating profit -3 412 -5 740 Impairment of investments in subsidiaries and associates -1 401 -1 374 Financial income and expenses Interest expense -2 933 -3 951 Interest income 1 604 2 011 Other financial income and expenses 0 0 Dividend income 17 929 10 374 Total financial income and expenses 15 199 7 060 Net profit for the financial period 11 787 1 320 Tallink Megastar. Photo: Tiit Mõttus
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 43 I 12.4. Cash Flow Statement (in thousands of EUR) 6 months 2026 6 months 2025 Cash Flow from Operating Activities Net profit/loss 11 787 1 320 Adjustments Profit/loss from financial investments -16 528 1 374 Change in fair value of investment properties 0 0 Depreciation and impairment of fixed assets 182 170 Interest paid and received 1 329 1 940 Profit/loss from fixed assets -34 -15 Change in receivables and prepayments related to operating activities 11 1 098 Change in liabilities related to operating activities 336 2 638 Total cash flow from operating activities -2 917 8 525 Cash Flow from Investing Activities Purchase, sale and/or capital expansion of subsidiaries and associates -6 407 -660 Proceeds from the sale of an associate 2 752 0 Loans granted and repayments received, net 214 -666 Dividends received 17 929 0 Interest received 1 603 2 011 Purchases of investment properties -18 0 Purchases of property, plant and equipment -218 -48 Proceeds from sale of real estate investments and fixed assets 42 20 Total change in cash flow from investing activities 15 897 657 Cash Flow from Financing Activities Purchase of own shares -1 343 0 Changes in overdraft -8 411 44 587 Proceeds from borrowings 2 500 2 000 Repayments of borrowings -789 -65 720 Interest paid -2 054 -3 949 Total change in cash flow from financing activities -10 097 -23 082 Total net cash flow 2 883 -13 900 Cash at the beginning of the year 41 761 40 180 Cash at the end of the period 44 644 26 280 Net decrease/increase in cash 2 883 -13 900
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 44 I 12.5. Parent Company Statement of Changes in Equity (in thousands of EUR) Share Capital Share Premium Own Shares Option Reserve Reserve Capital Retained Earnings Total Balance 31.12.24 2 117 32 484 -72 5 540 212 7 944 48 225 Dividends paid -61 954 -61 954 Stock options 0 0 -718 3 520 0 0 2 802 Net profit 0 0 0 0 0 52 938 52 938 Balance 31.12.25 2 117 32 484 -790 9 060 212 -1 072 42 011 Stock options 0 0 -1 343 1 596 0 0 253 Net profit 0 0 0 0 0 11 787 11 787 Balance 30.06.26 2 117 32 484 -2 133 10 656 212 10 715 54 051 Adjusted Unconsolidated Equity as at 30.06.26 Unconsolidated equity 54 051 Carrying amount of investments in subsidiaries and associates -202 238 Fair value of associates by equity method 1 105 420 Adjusted unconsolidated equity 957 233
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INFORTAR GROUP Q2 2026 CONSOLIDATED UNAUDITED REPORT I 45 I NOTE 13. MANAGEMENT DECLARATION The members of the Management Board confirm that, to the best of their knowledge, the condensed financial statements, prepared in accordance with applicable accounting standards, provide a true and fair view of the assets, liabilities, financial position, and profit or loss of Aktsiaselts Infortar and the entities included in the consolidation as a whole. Furthermore, the interim management report provides a true and fair view of the significant events affecting Aktsiaselts Infortar and the consolidated entities as a whole, their impact on the condensed financial statements, and includes a description of the main risks. The Management Board authorised these interim financial statements for issue on 3 August 2026. NOTE 14. EVENTS AFTER THE REPORTING DATE No material events occurred after the reporting date.