Good afternoon, dear shareholders and investors. I will start with a quick intro regarding Infortar and then walk you through the performance of our business segments during Q3 and first nine months of this year as well. To start with, Infortar is one of the largest investment companies in the region. Our ambition is to build a crisis-proof, inflation-proof dividend aristocrat. For that purpose, we have created clear five business platforms for Infortar. The largest of them is energy, followed by maritime transportation. Then we have real estate portfolio in our group, then infrastructure construction companies, and then also agriculture. We operate in seven different countries around the Baltic Sea. After the Litagra acquisition, our group includes more than 140 companies. The sectors we are operating in, they are different, but at the same time, the investment logic is very much the same. We look at the strong market positions, good assets, and skills on which we can build long-term success. When you look at our figures from 2025, it shows our scale. Our revenues are more than EUR 1.8 billion. EBITDA last year was almost EUR 230 million. Assets are exceeding EUR 2.5 billion, and equity is approximately half of that, EUR 1.2 billion. We believe that the strong balance sheet allows us to make also investments in the future, and that's the reason we always keep a very strong liquidity position. A clear ambition of Infortar is to grow the portfolio going forward. Of course, all the new growths and the investment have to be profitable. Now let's move forward to the Q3 and nine months results. To start with, our nine months performance has been strong. We demonstrate continuous strong liquidity, and we have also done quite a bit of investments within this year. The biggest step in Q3 was the acquisition of Litagra in Lithuania, which expands significantly our agriculture platform. Now we are not operating only in Estonia, but we have a very strong and solid platform to continue growth in agriculture sector also in Lithuania. When it comes to our energy business, the clear focus this year, because of the very turbulent market situation in the gas market, has been to secure gas supplies for our customers, and I think we have done good job in that front. At the same time, we are continuing on our investments in energy field as well. In Q3, we launched our first battery storage facility in Latvia in Olaine. When it comes to Tallink, Tallink delivered a solid quarter. Q3 is the most important quarter for Tallink. Although the fuel cost was significantly higher than last year, the financial result was pretty much in line with the last year performance. Also, our real estate segment has shown nice growth, so numbers are significantly stronger than last year. We are continuing with the growth of our portfolio there. A couple of weeks ago, we set the cornerstone for the new DEPO, future self-storage development, and the new store should be operating starting from spring next year. Regarding the numbers, the sales was a little bit lower than last year, predominantly explained by the fact that the sales volumes in energy segment were smaller than last year, because the focus was creating the security supply. EBITDA EUR 87 million, net profit EUR 50 million, investments during the first three quarters EUR 61 million. I point out that this doesn't include Litagra transaction yet, and we are continuously keeping a strong liquidity position. I think when it comes to numbers, Kadri will give you a little bit more deeper overview how we are doing. Yes, thank you. In the third quarter, revenue reached EUR 458 million and EBITDA amounted to EUR 87 million. Net profit was EUR 50 million, while quarterly EBITDA and net profit were below last year's levels. The nine-month figures provide a better overview, as there are some one-off transactions in Q3 2025. The overview and the results come from everyday business activities. Revenue was broadly stable at EUR 1.4 billion, while EBITDA increased by 5% to EUR 199 million. Operating profit is up by 30% to EUR 118 million. Our balance sheet remains strong. At the end of September, total assets stood at EUR 2.62 billion and equity EUR 1.25 billion. We held EUR 185 million in cash. The net debt decreased from EUR 852 million at the end of the year to EUR 828 million. For us, financial discipline means that we continue to grow and keep the debt under control. Our liquidity provides flexibility to develop our existing businesses and assess new opportunities. To take this together, nine months EBITDA and operating profit increased while our balance sheet stayed strong and debt declined. Now let's look at the share price graphs. Yeah. A quick comment on that as well. As of the end of Q3, the share price closed on EUR 64 a share. Quite a strong development in Q3. When we look at the performance since the IPO, I think it has been really solid and has been some of the best performances in the Baltic Stock Exchange. At the same time, Infortar management doesn't manage the company basing on the daily share price. Our job is to grow the value of the business. We also want to keep a solid and strong balance sheet and share our profits with our shareholders. We believe that if we do those things well, then this will be reflected in the share price over time. But now let's move forward to the performance of our business segments, and I would start with Elenger. Elenger is Infortar's most international and fastest growing business area. Over the years, we have grown the business significantly. We started with an Estonian business, what was predominantly about the gas sales in Estonia, but nowadays, actually the business is predominantly about international gas distribution assets. I think we should move to the next slide. I will walk you through of the business logics what we have here. As we have said this also before, Elenger has three main business areas. The largest part of the business nowadays when it comes to cash flow generated is the infrastructure business. We operate the largest gas distribution networks in Latvia and Estonia, and in Poland, we are the owner and operator of the second-largest privately owned gas network. Altogether, those networks have more than 425,000 customers and reach almost 10,000 kilometers of gas pipelines. In energy sales, we are one of the largest gas importers in the Baltic-Finnish area. We supply gas through both LNG terminals. We import the gas predominantly from Norway and U.S. And we also do little bit of energy trading business in Germany as well. When it comes to the energy production, the biggest chunk there is related with biogas production. We have invested into four biogas plants, but also we have invested into PVs and also the battery energy storage solutions. One of those assets was launched in this quarter as well. We believe that Elenger operates across the full energy value chain, and we believe that this international reach reduces our dependence of just one market. When we look at the results of our energy business, the sales has been little bit lower than the last year. Here, the main reason has been that in Q2 and Q3, we have been less active on the wholesale market, and we have focused on creating security of gas for our portfolio customers. In general, the Baltic market volume in gas has decreased a bit. One of the reasons has been also very high gas price. When we look at the cash flow generated, that is little bit lower than last year. At the same time, what's important to bear in mind is that last year, the quarterly seasonality was a little bit different than usually. We had a very strong Q3 and not so strong Q4. This year, it looks like we are going to see a more regular seasonality in the gas business. When it comes to volumes, as I mentioned, the volumes are a little bit lower, but at the same time, when we look at the market shares, they are stable, and we actually had 31% of market share in Q3, which is higher than the average during this year. In general, good performance in energy. Now moving forward to Tallink. Tallink has been our longest investment, so we've been together with Tallink for almost 30 years. During that period of time, we have seen how Tallink has grown into one of the strongest transportation and tourist platforms in the Baltic Sea region. We have a very long-term view on Tallink. Tallink has gone through a number of different crises, and has demonstrated the capability to adapt. This year definitely, because of the high fuel prices, is a challenging one for the Tallink. But at the same time, looking at the financial results, Tallink has managed pretty much to keep the same levels like last year. Q3 was also very much in line with the last year result. I will come back to that in a minute. Regarding Tallink, the company is pretty much the same as before. It is good to see that the leverage numbers are still continuously decreasing. From almost EUR 750 million of net debt, what we had four years ago, today only EUR 330 million remains. This is not kind of like a separate campaign of reducing the leverage of Tallink, but lower leverage creates more flexibility for the company. The company can invest, can handle the seasonality, and of course, with lower leverage, is more capable to pay dividends as well. Regarding the numbers, if we move to the next slide, as I mentioned before, Tallink's performance this year has been good. Tallink has managed to grow the volumes, passengers, cargoes, also the revenues is higher than last year. It is good to see that also the cash flow generation is continuously strong. in Q3 alone, more than EUR 10 million more was spent on fuel and CO2 quotas. For the whole three quarters this year, the number is EUR 24 million. Knowing that Tallink has quite a backpack, I think it gives another kind of a strong element if you look at the performance. We are happy with what Tallink is doing, and we like that the management keeps their focus on increasing efficiencies further, growing the sales volumes, finding the best alternatives how to use the fleet, and also to reduce the debt. Happy with Tallink's performance this year so far. Moving forward to real estate. I have been joking before that this is the most boring business we have, but this is the boring business in a good way. For us, the role of real estate portfolio for Infortar is very simple. It has to be stable. It has to be an easy-to-understand business. We do not expect any kind of jumps up or down, but rather a very reliable and strong cash flow, what we can also use for the continuous developments. Over the past years, we have increased the portfolio quite a bit, and we have an ongoing project, the Depo project, which should be completed beginning of next year as well. After that, our square meters, what we own and rent, are going to be more than 180,000 square meters. When you look at the numbers as well, the development has been quite nice. The revenues, net operating income numbers, and EBITDAs are nicely up, both on quarterly basis and on a yearly basis as well. The level of debt has been staying pretty much on the same level before. The gearing ratios are also on a reasonable level, approximately 45%. Let us move forward to agriculture. We plan to have quarterly financial reporting for agriculture segment in the future as well. But so far, especially that no numbers of the Lithuanian acquisition are included in our Q3 numbers, so we just demonstrate the full-year numbers of 2025, just to give you a little bit a glimpse or taste, you know, how the agriculture business looks like. But regarding agriculture, this is the newest business we have within the group. First investment was made just two and a half years ago, and since then, there hasn't been really much looking back. Our logic here is quite simple. We see that geographically, Baltics is a good area of producing milk. What we also like is that there are very strong and solid synergies between our existing businesses, I mean, the energy business and agriculture. One of the byproducts of the whole process is biomethane, which can be monetized quite nicely by our energy business as well. The next slide is about the portfolio, what Infortar owned as of end of third quarter, because Litagra transaction was closed in October. Here the numbers what we show are for 2025. Altogether, the companies what Infortar owns, or Infortar Agro, the subsidiary, which is the holding company for our agriculture assets. The farms produced a little bit more than 6% of the total milk produced in Estonia in 2025, 57,000 tons a year. The dairy herd cattle and young animals number is 8,700. The total land in active cultivation is close to 14,000 hectares, and we employ more than 200 people in that area. As mentioned before, we don't look into the agriculture just as an agriculture company, but also the biomethane production business. We have invested into four plants, and that makes us the largest biomethane producer in Estonia as of today. Talking about the numbers, the total revenues of the companies we own in 2025 was EUR 46 million, generating EBITDA of close to EUR 17 million, and the asset base was approximately EUR 130 million. But now when we get to Litagra, that actually expands the business quite significantly. It adds volumes, it adds new businesses, but I think most important thing with Litagra transaction is that it adds geography. With Litagra transaction, we are entering into Lithuanian agriculture market, which in essence is bigger market than Estonia. Litagra is the third-largest milk producer in Lithuania, and Litagra and Infortar Agro other assets in combination actually are now the largest Baltic milk producer and actually one of the largest milk producers in Europe. Litagra only doesn't add the milk production business, it also adds crops and poultry. New business areas for us, but also interesting and with potential to grow in the future. Again, no numbers from this year, but when we look at the numbers from last year and when we combine them with Infortar Agro other businesses, firstly, for Litagra, 2025 sales number was close to EUR 70 million. Just to remind, Infortar Agro in Estonia was EUR 46 million. EBITDA earned in Lithuania was close to EUR 15 million, and the asset base is approximately EUR 100 million. In combination, when we look at the asset, what the Infortar Agro now owns, 2025 kind of pro forma numbers would be revenues about EUR 115 million, EBITDA of EUR 31 million, and the asset base EUR 230 million. In a very short period of time, we have grown a significantly large business, and I think it's a little bit illustrating how Infortar does businesses. We have strong liquidity position. When we see business opportunities we like, we can act fast and make long steps in a very short period of time. So, to wrap up, as I started, Infortar's ambition is to build a crisis-proof, inflation-proof dividend aristocrat, and that for us means that our long-term ambition is a growth ambition. We want to grow the company so that the company can invest even more into the future growth and can pay dividends. The main idea of creating crisis-proof company is to invest into different assets. None of those assets are crisis-proof by themselves, but it should be very rare that all our business areas would face challenges at the same time. Historically, what we've seen is that when one business is facing challenges, the others usually are doing better, so they balance each other out. We also see all those five business areas where we are operating in the energy, maritime, transportation, real estate, engineering, and agriculture as five platforms. The platforms what we can grow even further, and we can grow internationally in different countries. We have also demonstrated that we are capable of starting businesses in new countries. We try to stay very agile, although when the company grows bigger, we still try to keep a very agile mindset so we can move fast. We also have a very solid team of people, so eventually, you just don't need liquidity and balance sheet, but you also need people who can integrate those acquisitions and can make those investments really generating money. All in all, the ambition of the company is to generate strong cash flow, which then we can use to grow the company even further and pay consistent dividend payments to our shareholders. I would wrap this up here. Thank you. Let's see. Do we have any questions? Yes. Let's move to questions then. First question. In Q3, the energy segment saw its EBITDA cut in more than half to EUR 11.6 million, hurt by 27% reduction in the energy volumes sold. Could you please elaborate on the reasons behind this reduction? I briefly commented on that before as well. It is predominantly driven by the comparison base. Last year, Q3 was very, very strong. When you look at the Q4, it was rather weak last year. What we observe is that this year, the seasonality seems to be more kind of classical, what we've seen in the energy business. We don't see that there is any kind of reason to worry about this. Second question. From the accounting side of things, there is a calculation done that the fair value of risk hedging instruments was EUR 31.3 million in Q3. Is this related to booked most of the profit on gas trade settling financial derivatives? The answer to this question is that we will take it separately and give this answer in the written form, as we have to agree this yet with our accounting department. Moving on to next question. The main comment is that, it's not part of EBITDA what we report, and it's very much related with the fact that there has been a very much volatility in the energy markets, as well the fact that we are creating reserves for our customers for the winter period. During the volatile time, you have seen those kinds of moves in the past as well. Nothing extraordinary. It's more related with our hedge accounting. But I think Kadri can- Yes, we haven't clarified this yet, so let's move on. Thank you. Could you please provide approximate EBITDA breakdown between energy sales and infra? Would it be right to assume that EBITDA in infra was relatively stable? The infrastructure business is very stable and it's regulated. So, the main difference when we look at the performance comes from the energy sales part, if we compare with the last year. Mm-hmm. At the end of Q3, the group had natural gas inventory in storage by EUR 31.2 million, 71% down at the third-lowest level in listed history, which is also quite unusual going into the cold season. Could you please help to understand the logics behind it? I'm actually struggling here a little bit because when we look at the volumes which we have already injected to our storages, it should be bigger. So, again, I think, Kadri, we need to come back on that. Might be maybe related with some derivatives or I don't know. Yes, we can clarify it with the energy segment and come back to this question. Thank you. Moving forward to agriculture segment, there are also few questions. The presentation shows the pro forma EBITDA of EUR 31 million for agro assets in 2025. Could you please hint at how representative figures for using it forward? You know, we usually don't give any guidelines when it comes to performances. But I think that the level of EUR 30 million from the agribusiness is something, you know, we've seen. In energy, we talk about EBITDAs levels of approximately EUR 100 million on a yearly basis, which is kind of a good level. I think this EUR 30 million is something similar for agro as well. But as I said before, the agriculture business is something what we want to grow even further, so we are going to definitely make additional CapEx investments, which should add into the cash flow generation in upcoming years as well. Thank you. The integration would arguably unlock synergies between the group's businesses. Is it possible to quantify them? Not in this stage. Clearly, the biggest synergies what we see in agribusiness is, of course, the biomethane production. Our logics is that our investments in farms are some of the largest farms in the region, so that gives us a possibility to have very efficient biogas production facilities, so where all the logistic costs are by far lower than is usual in the industry. I think that is the greatest synergy what we see here. I think another synergy what we see is that we have already created quite a portfolio of biogas assets. Selling and delivering gas from a portfolio and by energy company like Elenger, who is taking care of the gas sales, gives more confidence for the off-takers of gas as well, and that definitely allows us to squeeze more profitability out of the biogas production. Okay. And finally, a question we actually can answer to ourselves. Are you planning to show Infortar Agro as a separate segment given its rise in its importance? Yes. Actually, the expectation is that first time for the full year 2026, we are going to have separate reporting for two new segments, for energy and agriculture. Firstly, because the importance of those segments has been growing. Secondly, over the past couple of years, we have reduced the assets in the segment called other or supportive. In Q3, we exited from the printing business. Last year, we made exit from taxi business and then some other smaller businesses. As of today, Infortar business is very much in those five main segments, and we believe that this is prudent and proper to start reporting financial numbers for all five segments in a way like we do for the three segments today. Great. Thank you. This is all for today. Thank you very much to everyone who joined us today, as well as to those who will watch the recording later. Should you have any questions about Infortar, feel free to contact me. This is all for today. Thank you and goodbye. Thank you.
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