Interim report
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 1 I
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 2 I Aktsiaselts INFORTAR Q3 2026 consolidated unaudited report Beginning of the financial year: 1 January 2026 Reporting date: 30 September 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 Q3 2026 CONSOLIDATED UNAUDITED REPORT I 3 I CONTENTS PAGE Management Report 4 Letter from the CEO 7 Events in Q3 2026 8 Share Price and Shareholders 10 Key Figures for Q3 2026 11 Consolidated Interim Financial Statements 13 Consolidated Statement of Financial Position 13 Consolidated Statement of Profit or Loss and other Comprehensive Income 15 Consolidated Statement of Cash Flows 17 Consolidated Statement of Changes in Equity 18 Notes to the Consolidated Financial Statements 19 Note 1. Basis of Preparation 19 Note 2. Segment Reporting 20 Note 3. Financial Assets and Inventories 23 Note 4. Receivables, Provisions and Other Liabilities 24 Note 5. Fixed Assets 26 Note 6. Subsidiaries and Associates 29 Note 7. Financial Liabilities 30 Note 8. Share Capital, Contingent Liabilities and Reserves 31 Note 9. Revenue 34 Note 10. Operating Expenses 35 Note 11. Transactions with Related Parties 36 Note 12. Financial Statements of the Parent Company 37 Note 13. Management Declaration 41 Note 14. Events after the Reporting Date 42
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 4 I MANAGEMENT REPORT Aktsiaselts I nfortar, 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 30.09.26: Equity: EUR 1 248 million Total assets: EUR 2 621 million Number of employees: 6203 For the nine months ended 30.09.26: EBITDA: EUR 199 million Investments: approximately EUR 61 million As of 30 September 2026, the Infortar Group included 107 companies, including 3 associates and 2 subsidiaries of those associates. Following the acquisition of UAB Litagra on 28 October 2026, Infortar includes 141 companies. 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. 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 1038 people. Elenger’s 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
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 5 I 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 Baltic and Finnish 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 utilised. MARITIME TRANSPORT Aktsiaselts Tallink Grupp ( hereinafter ‘Tallink Grupp’ or ‘Tallink’) is one of Europe's leading providers of passenger and cargo transport services in the Northern Baltic Sea region . Infortar’s shareholding in Tallink was 68.35% as at 30 September 2026. As at the date of publication of the quarterly report, Infortar’s shareholding is 68.38%. 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 19 Burger King restaurants in Estonia, Latvia, and Lithuania as the franchise owner for the Baltic region. The group's subsidiary, Tallink Duty Free, is an 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 centre serving the entire group. Tallink’s offices are in Estonia, Finland, Sweden, Latvia, and Germany. With approximately 4500 employees, Tallink serves millions of customers worldwide annually, and its customer loyalty programme, Club One, boasts over three million members. Tallink Grupp is listed on the Nasdaq Tallinn and Nasdaq Helsinki stock exchanges. REAL ESTATE The real estate portfolio consists of 18 properties 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, a sports centre in Lasnamäe and a healthcare centre in Nõmme. The total net area of the properties in the portfolio is approximately 143,000 square metres. SUPPORTING SECTORS The supporting businesses segment includes activities that support other segments of the Group, primarily in agriculture, engineering, construction aggregates, the provision of printing services and the 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. The subsidiary OÜ Oisu Biogaas and the associates OÜ Eesti Biogaas, OÜ Tartu Biogaas and OÜ Vinni Biogaas operate three biomethane plants in Vinni, Ilmatsalu and Oisu. OÜ INF Engineering’s subsidiaries operate in the engineering sector, including AS INF Ehitus, INF Infra OÜ, OÜ INF Maavarad and OÜ Gaslab, a measurement and calibration business. 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 Q3 2026 CONSOLIDATED UNAUDITED REPORT I 6 I ORGANISATION CHART AS AT 30 SEPTEMBER 2026
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 7 I Letter from the CEO Europe’s competitiveness, energy security and green transition are increasingly interconnected. As European Commission President Ursula von der Leyen emphasised in her 2026 State of the Union address: “So we need to double down on our affordable and homegr own clean energy.” This is a goal to which Infortar contributes through its investments. Biomethane production, renewable energy development and energy storage help strengthen the region’s energy security. At the same time, the green transition must not lo se sight of the need for energy to be not only clean, but also affordable and reliable. The third quarter brought important decisions for Infortar that will shape the Group’s development in the years ahead. We have consistently expanded our activities in sectors where we see long -term growth potential but knowing when to exit a business is equally important. Managing an investment portfolio means both identifying new opportunities and continuously reassessing existing investments. Over the past three years, we have invested a total of EUR 550 million, several times more than anyone dared to predict when we went public, let alone promise. In September, we signed an agreement to acquire the Lithuanian agricultural group Litagra. The transaction has now been completed, making Infortar Agro the largest milk producer in the Baltic States. The acquisition will expand our dairy and crop farming operations and introduce poultry farming as a new business activity. Together with our energy and biomethane production businesses, agriculture creates opportunities for different sectors to complemen t one another and make more efficient use of resources. During the third quarter, we also signed an agreement to exit the printing services business. The transaction was completed on 1 October. This was a deliberate decision to focus on sectors where we see greater opportunities for long -term value creation. Ac quisitions and divestments are a natural part of investment activity, but both must be based on sound economic reasoning. One of Infortar’s key strengths is mutual trust. It enables decisions to be made quickly and where the best knowledge lies, gives people the confidence to take responsibility and allows different businesses to work together as one Group. Trust and accountability go hand in hand, and together they enable us to retain an entrepreneurial mindset as the Group continues to grow. The economic environment remains uncertain, but our long -term objective is unchanged: to create value for our shareholders through profitable core operations and well -considered investments. We thank our shareholders, partners and colleagues for their trust and contribution. Ain Hanschmidt CEO of Infortar
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 8 I Events in Q3 2026 Energy business segment In the third quarter, natural gas consumption in the Baltic -Finnish region totalled 5.6 TWh, decreasing by 6% compared with the previous year (5.9 TWh). Elenger Grupp’s gas and electricity sales volumes in the third quarter decreased by 27% year on year to 2.8 TWh (compared to 3.8 TWh in Q3 2025). The decline was primarily driven by a reduction in wholesale sales. Elenger’s gas market share in the Baltic -Finnish market was 31% in Q3 2026, and Estonia accounted for 14% of energy sales. The third quarter marked a significant shift in European gas market dynamics. After closing June below 45 EUR/MWh, TTF front -month prices rose during Q3, reaching approximately 84.50 EUR/MWh and remaining in a strong upward trend for almost the entire quar ter. The price increase was driven by continued disruptions to LNG supplies from the Middle East, an increasingly challenging gas storage situation and stronger competition with Asia for flexible LNG cargoes. Europe enters Q4 with less storage flexibility and a tighter global LNG market than initially expected. As a result, TTF prices are likely to remain highly sensitive to weather forecasts, LNG flows and geopolitical developments affecting global LNG trade. Elenger Group delivered eight LNG cargoes to the Baltic -Finnish region in the first nine months. At least eleven LNG cargoes are planned for the current calendar year, ensuring security of supply for customers. Elenger sources gas mainly from the United States and Norway and is theref ore not directly dependent on the conflict in the Middle East. More broadly, the physical availability of gas in Europe currently remains stable. In the third quarter, Elenger continued developing battery energy storage systems. During the quarter a 4.5 MW battery energy storage facility in Olaine, Latvia was granted a use permit. Elenger has invested nearly EUR 10 million in battery energy storage systems in Estonia and Latvia. Maritime transport business segment In the third quarter of 2026, Tallink Grupp and its subsidiaries carried 1,816,174 passengers, representing a 2.8% increase year-on-year. The number of cargo units transported increased by 7.8% to 64,980, while the number of passenger vehicles decreased by 1.1% to 249,100. 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. The maritime transport segment’s total revenue in the third quarter of 2026 increased by EUR 13.6 million to EUR 246.7 million (EUR 233.1 million in the third quarter of 2025). Tallink Grupp’s total EBITDA amounted to EUR 67.9 million (EBITDA of EUR 68.9 million in the third quarter of 2025) and the unaudited net profit for the period increased to EUR 43.8 million (EUR 40.8 million in the third quarter of 2025). Revenue and operating results in 2026 were impacted by several key business and operational factors: • ongoing geopolitical tensions, particularly in the Middle East, which contributed to volatility in energy markets and increased fuel costs by EUR 9.2 million, or 45.5%, year-on-year.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 9 I • Despite ongoing economic uncertainty and subdued consumer and business confidence in Tallink’s core markets, passenger and cargo volumes increased. The decrease in cargo volumes on the Estonia -Sweden routes was primarily attributable to the closure of the Paldiski-Kapellskär route. • 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). The cost of EU ETS increased by 64.3% to EUR 5.9 million (EUR 3.6 million in the third quarter of 2025) year-on-year. • Dividend payment and related income tax payment of EUR 28.6 million impacted Tallink Grupp cash position. Real Estate Development and Construction Projects In Q3 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 Q3 2026, construction of a Depo DIY Store continued on the property adjacent to the Tallink Tennis Centre. The project is scheduled for completion in the spring of 2027. In Q3 2026, the reconstruction and expansion project of the Radisti 7 warehouse and office building continued. The works are being carried out by INF Ehitus and are scheduled for completion by the end of 2026. Changes in Infortar's Business Segments and Group Structure On 31 August 2026, Infortar entered into an agreement to sell its 100% shareholding in Tallinna Raamatutrükikoja OÜ. The transaction was completed on 1 October 2026. On 9 September and 23 October 2026, Infortar acquired additional shares in Tallink Grupp. Following these transactions and the increase in Tallink Grupp’s share capital, Infortar holds 68.38% of the shares in Tallink Grupp.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 10 I 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 of 30 September 2 026, Infortar had issued a total of 21,166,239 INF1T shares. The accompanying table shows the shareholdings of Infortar’s largest shareholders as of 30 September 2026. As at the reporting date, the closing price of the share on the Nasdaq Baltic Exchange was EUR 64 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 571 529 2.70% Meelis Asi 363 850 1.72% Viljar Jaamu 279 090 1.32% Eve Pant 182 183 0.86% Other shareholders 1 767 314 8.35% The following charts give an overview of the share price movements during the first nine months of 2026 and trading turnover in the third quarter of the same year. Share price, EUR Daily turnover, EUR 26 € 36 € 46 € 56 € 66 € 10000 60000 110000 160000
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 11 I Key Figures for Q3 2026 30.09.26 31.12.25 Total assets (in thousands of EUR) 2 620 924 2 596 607 Loan and lease liabilities (in thousands of EUR) 1 012 732 1 071 353 Cash and cash equivalents (in thousands of EUR) 184 723 219 771 Total equity (in thousands of EUR) 1 248 133 1 175 404 Equity ratio (equity /assets) (%) 47.6% 45.3% Interest-bearing liabilities /equity (%) 81.1% 91.1% Current ratio 1.0 0.8 Net debt (in thousands of EUR) 828 009 851 582 Net debt/ EBITDA 3.1 3.7 Total equity attributable to equity holders of the Parent (in thousands of EUR) 992 436 921 674 Number of ordinary shares 21 166 239 21 166 239 Earnings per share (EUR) 2.8 3.3 Book value per share (EUR) 46.9 43.5 Number of group employees 6 203 6 466 Q3 2026 Q3 2025 9 months 2026 9 months 2025 Revenue (in thousands of EUR) 457 508 467 693 1 403 425 1 419 562 Gross profit (in thousands of EUR) 93 849 95 828 207 981 177 564 EBITDA (in thousands of EUR) 87 423 104 927 198 651 189 978 EBITDA margin 19.1% 22.4% 14.2% 13.4% Operating profit/loss (EBIT) (in thousands of EUR) 66 732 64 836 117 800 91 219 Net profit/loss for the period (in thousands of EUR) 50 399 72 239 57 600 57 828 Net profit attributable to the owners of the parent (in thousands of EUR) 43 439 59 068 58 602 56 519 Labour costs, including taxes (in thousands of EUR) 70 475 66 438 207 637 201 252 ROA (%) 4.5% 1.8% ROE (%) 9.7% 3.7%
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 12 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) = profit attributable to the owners 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 amortisation + change in fair value of investment property EBITDA margin (%) = EBITDA / revenue ROA % = EBIT / the arithmetic average of total assets at the beginning and end of the reporting period. ROE % = EBIT / the arithmetic average of equity at the beginning and end of the reporting period. Average total assets and average total equity are calculated as the arithmetic average of the respective balances at the beginning and end of the reporting period. The ratios are not annualised Laying the cornerstone for the new DEPO DIY store in Lasnamäe. Photo: Raul Mee
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 13 I CONSOLIDATED INTERIM FINANCIAL STATEMENTS Consolidated Statement of Financial Position (in thousands of EUR) 30.09.26 31.12.25 NOTE Current assets Cash and cash equivalents 184 723 219 771 3.1 Derivative financial assets 62 115 4 732 Settled derivative receivables 4 376 1 823 Trade receivables 138 436 153 473 Prepayments for taxes 7 642 5 659 Other receivables and prepayments 45 677 38 878 4.1 Prepayments for inventories 1 039 476 3.3 Inventories 99 692 90 672 3.2 Biological assets 1 471 1 545 Total current assets 545 171 517 029 Non-current assets 30.09.26 31.12.25 NOTE Investments in associates 16 339 21 412 6.3 Long-term derivative instruments 10 781 1 079 Other non-current receivables 32 892 31 648 4.1 Property, plant and equipment at fair value 1 187 384 1 202 173 Investment property 68 629 66 872 5.1 Property, plant and equipment 673 344 669 797 5.2 Intangible assets 36 864 37 930 5.3 Right-of-use assets 41 726 39 645 5.5 Biological assets 7 794 9 022 Total non-current assets 2 075 753 2 079 578 TOTAL ASSETS 2 620 924 2 596 607
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 14 I Liabilities and Equity (in thousands of EUR) 30.09.26 31.12.25 NOTE Current liabilities Loan liabilities 229 556 338 515 7.1 Lease liabilities 7 653 10 029 7.1 Trade payables 108 555 123 330 4.2 Tax liabilities 52 584 44 972 4.2 Buyers' advances 37 053 38 621 4.2 Settled derivatives 2 211 4 156 4.2 Other current liabilities 79 306 69 677 4.2 Short-term derivative instruments 21 411 9 552 Total current liabilities 538 329 638 852 Non-current liabilities 30.09.26 31.12.25 NOTE Long-term provisions 6 794 8 695 4.2 Deferred tax liabilities 2 183 1 894 4.2 Other long-term liabilities 48 399 46 028 4.2 Long-term derivatives 1 563 2 925 Loan liabilities 741 627 686 187 7.1 Lease liabilities 33 896 36 622 7.1 Total non-current liabilities 834 462 782 351 TOTAL LIABILITIES 1 372 791 1 421 203 (in thousands of EUR) 30.09.26 31.12.25 NOTE Equity Share capital 2 117 2 117 8.1 Own shares -3 076 -790 8.2 Share premium 32 484 32 484 8 Reserve capital 212 212 8.4 Option reserve 13 663 10 099 8.2 Hedging reserve 46 284 -7 260 8.5 Unrealised exchange rate differences -2 461 1 167 Post-employment benefit obligation reserve -550 -559 Retained earnings from previous periods 903 763 884 204 Total equity attributable to equity holders of the Parent 992 436 921 674 Non-controlling interests 255 697 253 730 Total equity 1 248 133 1 175 404 TOTAL LIABILITIES AND EQUITY 2 620 924 2 596 607
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 15 I Consolidated Statement of Profit or Loss and other Comprehensive Income (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 NOTE Revenue 457 508 467 693 1 403 425 1 419 562 9.1 Cost of goods and services sold -363 665 -371 837 -1 195 355 -1 241 781 10.1 Write-down of receivables 6 -28 -89 -217 10.1 Gross profit 93 849 95 828 207 981 177 564 Marketing expenses -10 458 -11 123 -33 840 -34 218 10.2 General administrative expenses -20 643 -18 804 -65 930 -62 325 10.3 Profit (loss) from derivatives 1 291 -1 145 -214 8 037 Profit (loss) from biological assets 2 448 4 511 3 714 4 615 Gain/(loss) from changes in the fair value of non-current assets 0 -5 607 0 -5 607 Other operating income 894 2 237 10 412 6 473 Other operating expenses -649 -1 061 -4 323 -3 320 Operating profit 66 732 64 836 117 800 91 219 (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 NOTE Profit (loss) from investments accounted for using the equity method 292 619 -1 849 1 940 6.3 Financial income and expenses: Income/(expense) from financial investments -2 365 17 595 -2 583 16 984 Interest expense -12 050 -10 323 -33 081 -34 800 7.2 Interest income 773 609 2 479 2 346 Profit (loss) from changes in exchange rates -199 388 -1 116 2 Other financial income and expenses -887 -705 -2 159 -1 977 Total financial income and expenses -14 728 7 564 -36 460 -17 445 Profit before tax 52 296 73 019 79 491 75 714 Corporate income tax -1 897 -780 -21 891 -17 886 4.3 Profit/(loss) for the period 50 399 72 239 57 600 57 828 including: Profit attributable to the owners of the parent company 43 439 59 068 58 602 56 519 Profit attributable to non-controlling interests 6 960 13 171 -1 002 1 309
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 16 I Other comprehensive income 9 months 2026 9 months 2025 NOTE Items that will not be reclassified to profit or loss: Revaluation of post-employment benefit obligations 9 141 Items that may be subsequently reclassified to profit or loss: Cash flow hedging instruments – effective portion of changes in fair value 53 544 21 096 Exchange rate differences attributable to foreign subsidiaries -3 628 -48 Total other comprehensive income 49 925 21 189 Total comprehensive income 107 525 79 017 including: Comprehensive profit attributable to the owners of the parent company 108 527 77 708 Comprehensive profit attributable to non-controlling interests -1 002 1 309 Basic earnings per share (in euros per share) 2.84 2.75 8.7 Diluted earnings per share (in euros per share) 2.78 2.68 8.7 Tarmo Tera, Member of the Management Board of INF Ehitus, at the opening of the new fuel terminal at Tallinn Airport. Photo: Ardo Kaljuvee
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 17 I Consolidated Statement of Cash Flows Cash flows from operating activities (in thousands of EUR) 9 months 2026 9 months 2025 NOTE Profit for the period 57 600 57 828 Adjustments: Depreciation, amortisation, and impairment of non- current assets 80 851 98 758 5 Fair value adjustment of equity investment 2 322 -1 940 6 Change in the value of derivatives -3 047 -17 413 Other financial income/expenses -435 -21 797 Calculated interest expenses 33 081 34 800 7 Profit/loss from non-current assets sold -1 919 -706 Income from grants recognised as revenue -531 -1 079 Corporate income tax expense 21 891 17 886 Recognition and adjustment of provisions 3 574 21 237 Income tax paid -21 601 -17 475 4 Change in receivables and prepayments related to operating activities 2 271 35 661 4 Change in inventories -9 583 57 722 3 Change in payables and prepayments relating to operating activities -3 748 -7 995 Change in biological assets 1 302 232 Total cash flows from operating activities 162 028 255 719 Cash flows from investing activities 9 months 2026 9 months 2025 NOTE Proceeds from the sale of associates 2 752 0 6 Net cash flows on acquisition of subsidiaries -2 725 -39 927 Payments to acquire associates -1 -1 332 Received dividends 22 0 Repayments of loans granted 182 2 708 Interest received 2 484 2 134 Purchases of investment property -1 757 -2 116 Payments for purchases of property, plant and equipment and intangible assets -58 960 -52 605 Proceeds from sale of property 3 217 78 110 Total cash flows used in investing activities -54 786 -13 028 Cash flows used in financing activities 9 months 2026 9 months 2025 NOTE Proceeds from targeted financing 2 644 2 638 Changes in overdraft -739 -43 513 7 Proceeds from borrowings 38 031 99 173 Repayments of borrowings -90 811 -248 146 Repayment of finance lease liabilities -18 063 -11 703 7 Interest paid -32 023 -34 088 Dividends paid -39 043 -38 511 Repurchase of own shares -2 286 22 Total cash flows used in financing activities -142 290 -274 128 TOTAL NET CASH FLOW -35 048 -31 437 Cash at the beginning of the year 219 771 167 579 3 Cash at the end of the period 184 723 136 142 3 Net change in cash -35 048 -31 437
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 18 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 Dividends paid 0 0 0 0 0 0 0 0 -38 511 0 -38 511 Stock options 0 0 21 1 199 0 0 0 0 0 0 1 220 Profit/(loss) for the period 0 0 0 0 0 0 0 0 56 519 1 309 57 828 Other comprehensive income 0 0 0 0 0 21 096 -48 141 0 0 21 189 Balance as at 30.09.25 2 117 32 484 -51 7 422 212 -578 -3 -44 908 175 258 213 1 207 947 Dividends paid 0 0 0 0 0 0 0 0 -38 002 0 -38 002 Stock options 0 0 -739 2 677 0 0 0 0 0 0 1 938 Change in minority shareholding 0 0 0 0 0 0 0 0 0 -2 481 -2 481 Profit/(loss) for the period 0 0 0 0 0 0 0 0 14 031 -2 002 12 029 Other comprehensive income 0 0 0 0 0 -6 682 1 170 -515 0 0 -6 027 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 Change in minority shareholding 0 0 0 0 0 0 0 0 0 2 969 2 969 Dividends paid 0 0 0 0 0 0 0 0 -39 043 0 -39 043 Stock options 0 0 -2 286 3 564 0 0 0 0 0 0 1 278 Profit/(loss) for the period 0 0 0 0 0 0 0 0 58 602 -1 002 57 600 Other comprehensive income 0 0 0 0 0 53 544 -3 628 9 0 0 49 925 Balance as at 30.09.26 2 117 32 484 -3 076 13 663 212 46 284 -2 461 -550 903 763 255 697 1 248 133
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 19 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 reviewed. 1.2. Basis of preparation The consolidated quarterly financial statements have been prepared on a historical cost basis , except in the case of the following items in the statement of financial position: • vessels, which are measured at revalued amounts; • derivative 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 The presentation currency of the consolidated quarterly accounts is the euro (EUR). The functional currency of the parent company and most subsidiaries is also the euro; the functional currency of the Polish entities is the Polish zloty (PLN). The numeric indicators in the main statements and notes are presented in thousands of euros rounded to the nearest thousand (unless stated otherwise).
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 20 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 consolidated segment information about the Group companies. This information, in turn, is based on the reports of the individual 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 Q3 2026 CONSOLIDATED UNAUDITED REPORT I 21 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. Q3 2026 Energy Maritime Transport Real * Estate Supporting Segments Total External sales revenue 181 360 245 689 1 088 29 371 457 508 Intersegment sales revenue 11 824 1 008 4 069 6 557 23 458 Total revenue 193 184 246 697 5 157 35 928 480 966 Profit/loss based on the equity method 109 183 0 0 292 Segment operating profit 4 283 53 748 3 291 5 410 66 732 Operating profit before depreciation and revaluation of non-current assets (EBITDA) 11 585 64 748 3 026 8 064 87 423 Q3 2025 Energy Maritime Transport Real * Estate Supporting Segments Total External sales revenue 207 895 232 968 889 25 941 467 693 Intersegment sales revenue 6 932 104 2 974 5 152 15 162 Total revenue 214 827 233 072 3 863 31 093 482 855 Profit/loss based on the equity method 416 0 0 203 619 Segment operating profit 17 852 40 271 2 141 4 572 64 836 Operating profit before depreciation and revaluation of non-current assets (EBITDA) 24 848 68 925 2 039 9 114 104 927
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 22 I 9 months 2026 Energy Maritime Transport Real * Estate Supporting Segments Total External sales revenue 728 732 595 794 2 939 75 960 1 403 425 Intersegment sales revenue 32 965 7 254 13 204 14 891 68 314 Total revenue 761 697 603 048 16 143 90 851 1 471 739 Profit/loss based on the equity method 1 175 -962 0 -2 062 -1 849 Segment operating profit 49 814 50 778 10 279 6 929 117 800 Operating profit before depreciation and revaluation of non-current assets (EBITDA) 71 476 104 025 9 488 13 662 198 651 9 months 2025 Energy Maritime Transport Real * Estate Supporting Segments Total External sales revenue 774 783 577 018 1 742 66 019 1 419 562 Intersegment sales revenue 23 016 284 8 712 12 618 44 630 Total revenue 797 799 577 302 10 454 78 637 1 464 192 Profit/loss based on the equity method 1 314 0 0 626 1 940 Segment operating profit 55 898 27 408 6 779 1 134 91 219 Operating profit before depreciation and revaluation of non-current assets (EBITDA) 76 597 102 217 6 472 4 692 189 978 * 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. Q3 2026 Q3 2025 9 months 2026 9 months 2025 12 months 2025 Revenue 5 385 4 335 18 253 14 484 20 034 Net Operating Income 4 819 3 350 14 652 12 982 17 519 EBITDA 3 948 3 354 12 034 10 962 14 748 Interest expense 1 070 1 028 3 049 3 287 4 398 Interest Coverage Ratio ICR (x) 3.7 3.3 3.9 3.3 3.4 30.09.26 30.09.25 31.12.25 Real estate value, based on valuation reports 224 780 208 836 224 780 Real estate loans 101 176 96 258 105 240 Loan to value ratio LTV (%) 45% 46% 47%
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 23 I Properties included in the real estate portfolio: Address Company Infortar’s ownership as at 30.09.26 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, Laagri 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) 30.09.26 31.12.25 Cash in hand 1 235 1 732 Cash at bank, short-term deposits and cash in transit 183 488 218 039 Total 184 723 219 771 3.2. Inventories (in thousands of EUR) 30.09.26 31.12.25 Natural gas inventory in storage 31 191 26 027 Raw materials and supplies 15 658 14 406 Work in progress 5 701 4 203 Goods held for resale 47 142 46 036 Total 99 692 90 672 3.3. Prepayments for inventories (in thousands of EUR) 30.09.26 31.12.25 Prepayments for natural gas 160 0 Prepayments to construction subcontractors 866 446 Prepayments for other inventories 13 30 Total 1 039 476
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 24 I NOTE 4. RECEIVABLES, PROVISIONS AND OTHER LIABILITIES 4.1. Short- and Long-Term Receivables (in thousands of EUR) 30.09.26 31.12.25 Trade receivables: Remaining term up to 12 months 138 436 153 473 Remaining term 1-5 years 318 314 Including receivables from related parties 177 177 Loans issued: 2 452 2 634 Interest receivables: 472 477 Including interest receivables from related parties 381 374 Prepaid expenses Remaining term up to 12 months 11 237 8 511 Remaining term 1-5 years 3 024 1 423 Other short-term receivables and prepayments 33 968 29 890 Prepaid taxes 7 642 5 659 Receivables from realised derivative instruments 4 376 1 823 Other long-term receivables and prepayments 27 098 27 277 Total receivables 229 023 231 481 4.2. Short-/Long-Term Liabilities (in thousands of EUR) 30.09.26 31.12.25 Maturing within one year Trade payables 108 555 123 330 Including debts to related parties 646 1 580 Tax liabilities 52 584 44 972 Liabilities arising from settled derivative financial instruments 2 211 4 156 Employee-related liabilities 33 204 39 061 Interest liabilities 2 369 1 311 Including interest liabilities to related parties 707 0 Advance payments received 37 053 38 621 Derivative financial instrument liabilities 21 411 9 552 Short-term provisions 216 638 Other liabilities 43 517 28 667 Maturing in 1–5 years Deferred income from government grants 13 164 11 051 Other liabilities 414 539 Long-term provisions 6 794 8 695 Derivative instruments 1 563 2 925 Maturing after five years Deferred income tax liability 2 183 1 894 Deferred income from connection fees 34 821 34 438 Total 360 059 349 850 Of which: current liabilities 301 120 290 308 Deferred tax liability 2 183 1 894 Other non-current liabilities 56 756 57 648
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 25 I 4.3. Income tax (in thousands of EUR) 9 months 2026 9 months 2025 Income tax expense/income -21 601 -17 475 Change in deferred tax asset/liability -290 -411 Total income tax expense/income -21 891 -17 886 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 of the support agreement was that the LNG bunkering carrier Optimus be completed by 2021 and operated 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 Q3 2026 CONSOLIDATED UNAUDITED REPORT I 26 I NOTE 5. FIXED ASSETS 5.1. Assets measured at fair value (in thousands of EUR) Real estate investments At 31.12.24 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 1 757 At 30.09.26 68 629 (in thousands of EUR) Property, plant and equipment held for rental Ships As at 01.01.25 139 990 1 175 177 Acquisition 689 0 Reclassification 0 16 735 Depreciation for the reporting period -1 709 -39 815 Disposals and write-offs 0 -79 629 Revaluation due to change in value -3 658 -5 607 As at 01.01.26 135 312 1 066 861 Acquisition 4 905 0 Reclassification 0 10799 Depreciation for the reporting period -1 186 -29307 As at 30.09.26 139 031 1 048 353 The fair value of investment property and land and buildings is based on market values determined by an independent real estate appraiser. The valuation is based on the discounted cash flow method and the comparable transactions method. Where the discounte d cash flow method cannot be applied, properties under development are valued using market prices derived from transactions involving comparable properties and adjusted for changes in the real estate market.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 27 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 24 489 204 23 239 951 48 883 Depreciation charge -14 492 0 -17 547 -1 200 -33 239 Reclassification -682 -10 135 18 0 -10 799 Disposals 50 0 -1 333 -15 -1 298 Book value as at 30.09.26 535 427 13 553 119 025 5 339 673 344 Cost or valuation as at 30.09.26 664 047 13 553 283 735 11 063 972 398 Accumulated depreciation 30.09.26 -128 620 0 -164 710 -5 724 -299 054 5.3. Intangible Assets (in thousands of EUR) Goodwill Value of contracts Computer software Mining rights Total Carrying amount as at 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 amortisation 0 -199 -8 168 -322 -8 689 Carrying amount as at 31.12.25 11 066 2 134 20 795 3 935 37 930 Acquisition of intangible assets 0 0 4840 332 5172 Calculated amortisation 0 -137 -5414 -687 -6238 Carrying amount at 30.09.26 11 066 1997 20 221 3 580 36 864 5.4. Lease Liabilities (in thousands of EUR) 30.09.26 31.12.25 Lease liabilities 41 549 46 651 <1 year 7 653 10 029 1-5 years 15 762 36 622 >5 years 18 134 0 Book value of leased assets 41 726 39 645 Lease payments in the year 18 063 13 839 Interest payments on lease in the reporting period 1 699 2 188 The leases expire by 2036 and are denominated in euros. The obligation is secured by the leased asset.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 28 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 6 886 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 28 073 11 572 39 645 New right-of-use assets 9 083 7257 16 340 Calculated depreciation -8 949 -1932 -10 881 Revaluation and write-off of lease liabilities -2 977 -401 -3 378 Balance as at 30.09.26 25 230 16 496 41 726 Rail Baltica under construction. Photo: Karsten Holter
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 29 I NOTE 6. SUBSIDIARIES AND ASSOCIATES 6.1. Subsidiaries Infortar Group as at 30.09.26: (in thousands of EUR) Established Holding 30.09.26 Holding 31.12.25 Equity 30.09.26 Equity 31.12.25 AS Tallink Grupp (consolidated) 01.09.94 68% 68% 750 497 750 073 AS Elenger Grupp (consolidated) 10.01.97 100% 100% 489 931 427 383 AS H.T.Valuuta 22.01.97 100% 100% 1 790 1 726 OÜ Tallinna Raamatutrükikoja (consolidated) 30.06.97 100% 100% 1 952 1 608 OÜ INF Liivalaia 28.03.02 100% 100% 4 986 4 707 OÜ INF Sadama 11 03.10.02 100% 100% 23 445 20 480 SIA Happy Trails 24.11.03 100% 100% 5 665 5 025 OÜ INF Sadama 579 19.03.04 100% 100% 27 307 25 085 OÜ INF Mustakivi 07.01.05 100% 100% 12 764 11 950 OÜ INF Kaldase 11.01.05 100% 100% 13 162 12 634 OÜ INF Tennisekeskus 11.01.05 100% 100% 1 560 1 519 AS INF G 07.10.05 100% 100% 148 147 AS INF T 19.09.07 100% 100% 6 4 OÜ Infortar Agro (consolidated) 14.05.08 100% 100% 46 509 3 687 OÜ Aianurga 26.05.10 100% 100% 12 11 OÜ Lasnamäe Spordikeskus 18.07.16 100% 100% 97 164 OÜ INF Communications 12.04.18 100% 100% 734 594 OÜ INF M 15.06.20 100% 100% 0 0 Infortar Marine Ltd 11.08.20 100% 100% 487 203 INF Saue OÜ 23.08.21 100% 100% 6 731 6 121 OÜ INF Tähesaju 9 06.09.22 100% 100% 432 332 OÜ INF Engineering (consolidated) 07.09.22 100% 100% 18 555 13 980 OÜ INF 06.03.23 100% 100% -9 29 As at 30 September 2026, the Infortar Group comprised 107 companies; following the acquisition of UAB Litagra on 28 October 2026, it comprised 141 companies. 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 19 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 incorporated in Latvia; Infortar Marine Ltd is incorporated in the Republic of Cyprus, while the other subsidiaries are incorporated in the Republic of Estonia. 6.2. Business combinations No business combinations occurred in Q3 2026.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 30 I 6.3. Investments in Associates (in thousands of EUR) 30.09.26 31.12.25 Total investments 16 339 21 412 OÜ Vara HTG 50% 50% value of holding 9 168 8 612 OÜ Vana-Posti Kinnisvara 50% 50% value of holding 554 512 OÜ Eesti Biogaas 50% 50% value of holding 6 617 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 as at 30 September 2026 is presented as part of the management report. NOTE 7. FINANCIAL LIABILITIES 7.1. Loan and Lease Liabilities (in thousands of EUR) Maturity date 30.09.26 31.12.25 Short-term liabilities under 1 year 237 209 348 544 Long-term liabilities 1–5 years 694 679 641 965 Long-term liabilities over 5 years 80 844 80 844 TOTAL 1 012 732 1 071 353 Breakdown of liabilities by type and term: Short-term loan liabilities Overdraft 43 875 44 614 Short-term loans 108 314 184 320 Short-term portion of long-term loan liabilities 77 367 109 581 TOTAL 229 556 338 515 Long-term loan liabilities Investment loan 741 627 686 187 TOTAL 741 627 686 187 Lease liabilities Short-term portion of lease liabilities 7 653 10 029 Long-term portion of lease liabilities 33 896 36 622 TOTAL 41 549 46 651 7.2. Interest (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 Interest expense 12 050 10 323 33 081 34 800 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: 1.15% to 2.45%). The base currency is the euro.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 31 I NOTE 8. SHARE CAPITAL, CONTINGENT LIABILITIES AND RESERVES 8.1. Share Capital 30.09.26 31.12.25 Total number of ordinary shares issued 21 166 239 21 166 239 of which shares outstanding 20 594 710 20 640 841 Nominal value (EUR) 0.10 0.10 Share capital (thousands EUR) 2 117 2 117 Own shares (thousands EUR) -3 076 -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 third 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 of EUR 6.30 per share, for total consideration of 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 third 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 nine months of 2026 amounted to EUR 3.565 million, 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 Q3 2026 CONSOLIDATED UNAUDITED REPORT I 32 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 to receive 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 since the issue of the options. b) The option has not expired when it is exercised. Starts three years after the date of issue of the options. As at 3 0.09.26, Infortar had issued a total of 21,166,239 shares, of which 571,529 were own shares held by Infortar and used for the employee share option programme. The nominal value of own shares represented 2.70% 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 commence repurchasing its own shares in connection with the second share option programme. The repurchase is executed and organised by AS SEB Pank on behalf of AS Infortar. A total of 63,119 shares have been repurchased, including 17,458 shares during the third quarter of 2026. 8.3. Contingent Liabilities Potential income tax liability 30.09.26 31.12.25 Retained earnings 903 763 884 204 Including previously taxed profits 9 851 8 519 Maximum potential income tax liability 196 661 192 651 Dividends paid if all retained earnings are distributed 707 102 691 553 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 Q3 2026 CONSOLIDATED UNAUDITED REPORT I 33 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 realised cash flow hedging instruments 17 793 as at 31.12.25 -7 260 Cash flow hedging instruments - change in fair value 63 189 Profit (-) / loss (+) from realised cash flow hedging instruments -9 645 As at 30.09.26 46 284 The hedging reserve contains the effective portion of the change in the fair value of cash flow hedging instruments, which will be subsequently recogni sed 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 30.09.26: Name Position Number of shares in Infortar Holding % Stock options in Infortar Ain Hanschmidt Chairman of the Management Board 4 917 487 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 0,10% 900 000 Enn Pant 17 868 562 2,39% 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 Q3 2026 CONSOLIDATED UNAUDITED REPORT I 34 I 8.7. Earnings per Share 9 months 2026 9 months 2025 Profit attributable to the owners of the parent (thousands EUR) 58 602 56 519 Weighted average number of ordinary shares 20 617 776 20 550 729 Basic earnings per share (EUR) 2,84 2,75 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 21 105 031 21 116 355 Diluted earnings per share (EUR) 2,78 2,68 As at 30.09.26, Infortar holds 571,529 own shares. NOTE 9. REVENUE 9.1. Revenue by Category (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 Total revenue 457 508 467 693 1 403 425 1 419 562 Revenue from hedging instruments -14 276 3 800 -8 133 -22 262 Revenue from customer contracts 471 784 463 893 1 411 558 1 441 824 Revenue from customer contracts by type: Passenger and freight transport 225476 215 391 548 661 531 665 Lease and rental of real estate 1 159 956 3 182 1 951 Agricultural produce 8 586 8 308 25 075 14 386 Energy sales 213 727 219 359 779 296 836 689 Sale of construction and repair services 15 016 11 237 31 600 34 430 Other supporting activities 6 336 5 900 17 642 15 656 Other services 1 484 2 742 6 102 7 047
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 35 I NOTE 10. OPERATING EXPENSES 10.1. Cost of goods and services sold (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 Raw materials -138 447 -137 645 -511 700 -549 113 Goods purchased for resale -45 117 -46 278 -120 454 -129 648 Services purchased for resale -38 491 -47 979 -150 620 -164 711 Energy -558 -387 -1 689 -1 224 Fuel -26 079 -18 212 -66 306 -53 362 Subcontracting -31 152 -29 723 -88 220 -77 357 Transport expenses -5 354 -5 014 -16 130 -16 221 Impairment loss/(reversal) on receivables 6 -28 -89 -217 Labour costs -51 865 -50 626 -149 733 -147 164 Depreciation and amortisation -18 622 -31 414 -72 931 -84 016 Travel package expenses -2 582 -2 312 -5 432 -4 894 Other -5 398 -2 247 -12 139 -14 071 Total -363 659 -371 865 -1 195 443 -1 241 998 10.2. Marketing Expenses (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 Labour costs -4 814 -5 399 -16 096 -16 861 Amortisation cost -327 -324 -977 -972 Other -5 317 -5 400 -16 767 -16 385 Total -10 458 -11 123 -33 840 -34 218 10.3. General Administrative Expenses (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 Office expenses -2 784 -3 043 -9 381 -8 857 Labour costs -13 796 -10 413 -41 808 -37 227 Amortisation cost -1 742 -2 745 -6 943 -8 163 Other -2 321 -2 603 -7 798 -8 078 Total -20 643 -18 804 -65 930 -62 325 10.4. Labour Costs 30.09.26 30.09.25 Number of employees 6 203 6 558 including employees under employment contracts 6 149 6 498 Members of management or supervisory bodies 54 60 (in thousands of EUR) Q3 2026 Q3 2025 9 months 2026 9 months 2025 Total calculated remuneration -49 969 -46 215 -146 272 -141 076 Payroll taxes -20 506 -20 223 -61 365 -60 176 Total labour costs -70 475 -66 438 -207 637 -201 252
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 36 I NOTE 11. TRANSACTIONS WITH RELATED PARTIES The group has made transactions with related parties, and the group's balances with related parties are: 30.09.25 period end (in thousands of EUR) Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Owners, key management personnel and entities controlled by them 64 4 201 7 33 568 Associates 355 0 5 013 0 TOTAL 419 4 201 5 020 33 568 30.09.26 period end (in thousands of EUR) Sales to related parties Purchases from related parties Receivables from related parties Payables to related parties Owners, key management personnel and entities controlled by them 1 1 292 0 32 808 Associates 1 650 1 456 3 010 646 TOTAL 1 651 2 748 3 010 33 454
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 37 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). 12.2. Statement of Financial Position (in thousands of EUR) ASSETS 30.09.26 31.12.25 CURRENT ASSETS Cash and cash equivalents 12 328 41 761 Trade and other receivables 928 883 Loans granted 0 0 Total current assets 13 256 42 644 NON-CURRENT ASSETS Investments in subsidiaries 202 911 195 158 Investments in associates 14 4 827 Loans granted 1 741 1 955 Investment property 8 451 8 433 Property, plant and equipment 846 864 Right-of-use assets 1 0 Total non-current assets 213 964 211 237 TOTAL ASSETS 227 220 253 881 LIABILITIES CURRENT LIABILITIES Loan and leasing obligations 97 311 142 520 Trade payables 267 70 Buyers' advances 26 23 Other current liabilities 2 423 2 157 Total current liabilities 100 027 144 770 NON-CURRENT LIABILITIES Loan and lease obligations 91 033 67 100 Total non-current liabilities 91 033 67 100 TOTAL LIABILITIES 191 060 211 870 EQUITY Share capital 2 117 2 117 Own shares -3 076 -790 Share premium 32 484 32 484 Reserve capital 212 212 Option reserve 11 514 9 060 Retained earnings -7 091 -1 072 Total equity 36 160 42 011 TOTAL LIABILITIES AND EQUITY 227 220 253 881
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 38 I 12.3. Statement of Profit or Loss (in thousands of EUR) 9 months 2026 9 months 2025 Revenue 5 541 4 829 Cost of goods and services sold -265 -71 Gross profit 5 276 4 758 Administrative expenses -10 539 -9 695 Other operating income 34 44 Other operating expenses -31 -49 Operating profit -5 260 -4 942 Financial income and expenses Impairment of investments in subsidiaries and associates -1 033 -1 026 Interest expense -4 124 -4 996 Interest income 2 252 2 998 Dividend income 33 267 25 647 Total financial income and expenses 30 362 22 623 Net profit/(loss) for the period 25 102 17 681 Compound feed production site in Joniškis.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 39 I 12.4. Statement of Cash Flows (in thousands of EUR) 9 months 2026 9 months 2025 Cash Flow from Operating Activities Net profit/loss 25 102 17 681 Adjustments Profit/loss from financial investments -32 234 1 026 Depreciation and impairment of fixed assets 271 255 Accrued interest expenses and income 1 872 1 998 Profit/loss from fixed assets -34 -44 Change in receivables and prepayments related to operating activities -77 883 Change in liabilities related to operating activities 2 158 2 013 Total cash flow from operating activities -2 942 23 812 Cash Flow from Investing Activities Purchase, sale and/or capital expansion of subsidiaries and associates -6 725 -3 073 Proceeds from the sale of associates 2 752 0 Loans granted and repayments received, net 214 15 022 Dividends received 33 267 0 Interest received 2 284 2 998 Paid on acquisition of investment properties -18 0 Purchases of property, plant and equipment -262 -48 Proceeds from sale of real estate investments and fixed assets 42 50 Total change in cash flow from investing activities 31 554 14 949 Cash Flow from Financing Activities Purchase of own shares -2 286 22 Changes in overdraft 32 430 54 838 Proceeds from borrowings 2 500 2 000 Repayments of borrowings -56 205 -66 080 Interest paid -3 363 -4 996 Dividends paid -31 121 -30 987 Total change in cash flow from financing activities -58 045 -45 203 Total net cash flow -29 433 -6 442 Cash at the beginning of the year 41 761 40 180 Cash at the end of the period 12 328 33 738 Net change in cash -29 433 -6 442
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 40 I 12.5. 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 Dividends paid 0 0 0 0 0 -31 121 -31 121 Stock options 0 0 -2 286 2 454 0 0 168 Net profit 0 0 0 0 0 25 102 25 102 Balance 30.09.26 2 117 32 484 -3 076 11 514 212 -7 091 36 160 Adjusted Unconsolidated Equity as at 30.09.26 Unconsolidated equity 36 160 Carrying amount of investments in subsidiaries and associates -202 925 Carrying amount of investments accounted for using the equity method 1 159 201 Adjusted unconsolidated equity 992 436
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 41 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, 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 0 October 2026.
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INFORTAR GROUP Q3 2026 CONSOLIDATED UNAUDITED REPORT I 42 I NOTE 14. EVENTS AFTER THE REPORTING DATE On 1 October 2026, the Group completed the sale of its 100% interest in Tallinna Raamatutrükikoja OÜ. The operations of the disposed entity did not represent a separate major line of business or a major geographical area of operations for the Group, and the transaction did not constitute a significant strategic shift in the Group’s operations. Consequ ently, the transaction has not been presented as a discontinued operation under IFRS 5. In management’s assessment, the transaction did not have a material effect on the Group’s financial position, financial performance or cash flows. On 28 October 2026, the Group completed the acquisition of a 100% shareholding in Litagra UAB. As at 30 September 2026, the transaction had not yet been completed and, therefore, the results of the acquired entity have not been consolidated in this interim report. The Group is performing a purchase price allocation in connection with the acquisition and assessing its segment structure in accordance with the requirements of IFRS 8. Further information on the transaction and the segment structure will be disclosed in the interim report for the fourth quarter of 2026. As the purchase price allocation and the assessment of the fair values of the acquired assets and liabilities are still ongoing, the Group is not yet able to reliably estimate the financial impact of the acquisition, including its effect on the Group’s revenue, profit or loss, assets and liabilities.