Slides
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Unaudited results for the first nine months of 2026 November 2, 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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Founded in 1997 • Five business platforms A leading investment holding company in the Baltic region EUR 1 837 million Revenue (2025) EUR 228 million EUR 2 597 million Total assets (2025) EUR 1 175 million Equity (2025)EBITDA (2025) EUR 70 million Net Profit (2025) Elenger Grupp ENERGY Infrastructure Energy Sales Production REAL ESTATE 143,000 m² 6 office buildings 4 hotels 2 logistics centres MARITIME TRANSPORT Tallink Grupp 68.38% shareholding 11 vessels 4 hotels ENGINEERING INF group Engineering Construction Aggregates AGRICULTURE Infortar Agro Dairy & poultry farms Grain and crops Biomethane
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• Nine - month EBITDA growth and continued investment • Infortar becomes the Baltics’ largest milk producer following the Litagra acquisition • Gas supplies secured for Elenger’s customers • Olaine battery storage facility in Latvia • Tallink’s passenger and cargo volumes increased, efficiency is a key priority • Stable performance in the real estate segment and growing rental income • DEPO Lasnamäe store cornerstone and Radisti street building expansion • Construction progressing on Rail Baltica’s Kangru – Saku main - line EUR 87 million EBITDA (Q3) EUR 50 million Net profit (Q3) EUR 458 million Revenue (Q3) EUR 185 million Cash and cash equivalents a s of 30 .09 2026 EUR 61 million Investments (9 months ) Solid financial position and a lower debt burden Litagra results are not included in the financial figures presented. The claim “the largest milk producer in the Baltic States” is based on company data.
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Notes: 1) Basic earnings per share is calculated by dividing profit attributable to owners of the parent for the period by the weighted average number of ordinary shares outstanding during the same period, excluding treasury shares. 2) The investment loans to EBITDA ratio is calculated by dividing long-term investment loans disclosed in Note 7.1 by annualised EBITDA. EBITDA is calculated for the trailing twelve months, comprising the first nine months of the reporting year and the fourth quarter of the previous year.The current portion of long-term loans is excluded from the calculation. Millions of euros Q3 2026 Q3 2025 Change 9 months 2026 9 months 2025 Change 2025 Revenue 458 468 - 2% 1 403 1 420 - 1% 1 837 EBITDA 87 105 - 17% 199 190 5% 228 Operating profit (EBIT) 67 65 3% 118 91 30% 109 Profit before tax 52 73 - 29% 79 76 5 % 87 Income tax expense - 2 - 1 - - 22 - 18 22% - 17 Net profit 50 72 - 3 1 % 58 58 0% 70 Profit attributable to owners of the parent 43 59 - 27% 59 57 4% 71 Earnings per share, in euros 1 2.11 2.87 - 26% 2.84 2.75 3% 3.3 Book value per share (EUR) 47 43 9% 47 43 9% 43.5 Assets 2 621 2 543 3% 2 621 2 543 3% 2 597 Including cash and cash equivalents 185 136 36% 185 136 36% 220 Equity 1 248 1 208 3% 1 248 1 20 8 3% 1 175 Loan and lease liabilities 1 013 1 035 - 2% 1 013 1 035 - 2% 1 071 Net debt 828 899 - 8% 828 899 - 8% 852 Investment loans to EBITDA 2 3.0x 3.3x - 3.0x 3.3x - 3.0x Third quarter performance overview 5
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Share price development 6
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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 ENERGY
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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 • 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 depende nt on a number of contingencies, including circumstances outside the control of Infortar. Consequently, potential projects may n ot be implemented by Infortar Energy sales 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 8
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8.1 15.9 18.4 18.0 13.3 11.6 2022 2023 2024 2025 9m 25 9m 26 1 010 1 027 806 769 1 2024 2025 9m 25 9m 26 Revenue, EURm 75 87 75 70 2024 2025 9m 25 9m 26 EBITDA, EURm 24% 23% 24% 23% 2024 2025 9m 25 9m 26 Market share of Elenger2 Energy sales volumes, TWh 9M EBITDA of EUR 7 0 m, driven by infrastructure and international markets Energy prices remained volatile; stable market share while overall market contracted in Q3 Security of natural gas supply remains solid, with 5 LNG cargoes for the winter Olaine battery park with 9 MWh of storage capacity granted a use permit in Latvia A leading energy supplier in the region 9 1. Energy segment revenue includes EUR 7 million from derivatives, which is recognised as part of total income in Elenger Group’s financial statements. In 2025, the corresponding amount was EUR 10.3 million. 2. Elenger’s energy sales market share for the first nine months of 2026.3. The figures are based on Elenger Group’s standalone financial statements.
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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 MARITIME TRANSPORT
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1,048 157 89 22 Source: Tallink's financial reports Notes: 1) Five routes are active, one route is suspended as at 30.09.2026 2) Owned by Infortar 1,316 Loan obligations and leverage, EUR million AS Tallink Grupp is one of Europe's leading providers of passenger and cargo transport services in the Northern Baltic Sea region 11 vessels (passenger and cargo transport) 5 ferry routes 1 Operating 4 hotels 2 Operating 19 Burger King restaurants in the Baltics Retail operations onboard, onshore and online Assets (as at 30.09 .202 6 EUR million) Overview of Tallink 11 663 746 555 469 372 332 3 19 11.2 5.4 2.8 3.1 3.3 3.0 0,0 2,0 4,0 6,0 8,0 10,0 12,0 0 100 200 300 400 500 600 700 800 31.12.21 31.12.22 31.12.23 31.12.24 31.12.25 30.09.26 Long-term bank loans Overdraft
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12 87 85 58 66 85 87 67 69 76 67 60 65 76 65 60 0 100 200 300 400 2023 2024 2025 2026 303324 245 200 37 34 69 47 37 34 82 68 69 68 27 26 28 -10 40 90 140 190 240 2023 2024 2025 2026 (1) 215 175 130 104 171 160 137 149 230 210 207 207 240 232 233 247 194 184 188 0 200 400 600 800 1000 2023 2024 2025 2026 (1) 835 786 765 603 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 1.8 1.3 1.3 1.3 0 2 4 6 2023 2024 2025 2026 5.65.7 5.5 4.3 Note: The figures for the first nine months of 2026 are unaudited and reflect Tallink Grupp’s standalone financial results. Tallink Grupp seasonality
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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 REAL ESTATE
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209 225 225 92 105 101 31.12.2024 31.12.2025 30.09.2026 31.12.2024 31.12.2025 30.09.2026 Note 1. The real estate segment includes, as of 30 September 2026, all real estate properties that generate rental income for the group. Associated companies are reflected in accordance with the group’s ownership percentage. 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~ 143 000 m2 • Health campus and the largest tennis centre in Estonia, located in Tallinn Revenue, NOI and EBITDA1, EURm 18 20 14 1817 18 13 1514 15 11 12 0 5 10 15 20 25 2024 2025 9 months 2025 9 months 2026 Revenue NOI EBITDA 41 000 m2 under development, with building permits issued Loans related to the real estate portfolio Real estate portfolio overview 14
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Integrated food and energy production creates multiple value streams Scalable agricultural platform with strong growth potential Essential food production supported by resilient long - term demand Infortar’s investment rationale AGRICULTURE
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Leading milk and biomethane producer Agriculture (Dairy Farming) Infortar Agro is among Estonia’s leading milk producers. In 2025, Halinga and Estonia Farmid produced 6.2% of Estonia’s total milk output. Biomethane (Renewable Energy) Four biomethane plants convert manure and agricultural by - products into renewable energy to reduce dairy’s environmental footprint and support a more sustainable farming model . Infortar Agro at a glance 2025 Annual milk production 57 000t Dairy herd and young cattle 8 700 Land in active cultivation 13 800 ha Number of Employees 230 c 6 17 46 2023 2024 2025 Total Revenue, (EUR m) 2.2 5.2 16.7 2023 2024 2025 EBITDA, (EUR m) 13 36 131 2023 2024 2025 Total Assets, (EUR m) 16 Source: Infortar Agro’s financial figures for 2023–2025 are not consolidated. They are a summary based on the separate audited financial statements of investments held under Infortar Agro. These investments include the subsidiaries Estonia Farmid OÜ and Halinga OÜ. Aggregate of the companies’ standalone results, including 50% of Eesti Biogaas’s results. These are not consolidated figures.
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Litagra – dairy , feed & poultry production Litagra UAB • Lithuanian agricultural group est. in 1991 • Operations in dairy & crop farming, poultry farming and feed production • 3 5 companies in the group What does Litagra add? 2025 Combined Annual milk production 36 000 t 93 000 t Total number of cattle 8300 17 000 Cultivated land 10 500 ha 24 300 ha Number of employees 400 630 Turkeys and broilers >500k pa Annual feed production 69 000t Scaled production base in Lithuania c 59 55 69 2023 2024 2025 Total Revenue, (EUR m) 1.5 8.3 14.5 2023 2024 2025 EBITDA, (EUR m) 86 93 100 2023 2024 2025 Total Assets, (EUR m) EUR 115m Revenue EUR 31m EUR 231m AssetsEBITDA 2025 pro forma figures including Litagra 17 Sources: As of 30 September 2026, Litagra UAB is not part of the Infortar Group. The pro forma financial statements have been prepared using the separate audited financial results of the companies in the Litagra UAB Group and the Infortar Agro Group, aggregated together and adjusted on a pro forma basis where necessary. Data for companies operating in Estonia have been sourced from audited annual reports and PRIA’s public database. The 2025 pro forma figures are not a forecast for 2026. Litagra was not part of the Group as at 30 September 2026.
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Infortar as an investment 18 Diversified and expanding portfolio with a 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