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Welcome Peep Jalakas

As of 6 April, Peep Jalakas has taken up the role of Chairman of the Management Board of Tallink Grupp. In his first interviews, he noted that he sees the offer to lead Tallink as a significant recognition of his work to date. On his very first day, we asked the new CEO to sum up the past 40 years of his life in just a few sentences.

“I was born and raised in the small town of Kunda, attended Kunda Ühisgümnaasium, and went on to study economics at the University of Tartu. Numbers have always fascinated me, and when the opportunity arose to join SEB Bank during my second year at university, I didn’t hesitate for long. Of course, at 20, I didn’t imagine I would stay there for 20 years and work my way through nine different roles – from teller and client manager to Head of Credit and ultimately Member of the Management Board. At one point, I also spent six months in Sweden.”

As a leader, Peep is demanding of both himself and his colleagues, valuing precision and openness. He also believes that alongside hard work, it is important to take time to celebrate achievements, as most of us spend half or more of our waking hours at work with colleagues – and that part of life should be enjoyable too.

“I’m very excited to join the Tallink team and contribute to the company’s growth and development. Over the years, Tallink has shown it can perform in all kinds of circumstances. My goal is to ensure Tallink continues to be the number one choice for both customers and employees, while delivering financial results that satisfy our more than 37,000 shareholders.”

In his free time, Peep enjoys sports, with running as his main passion, alongside ball games such as tennis and volleyball.

“During secondary school, in addition to basketball, I was also actively involved in folk dancing. I can confidently say it’s the mother of all cardio training – there’s only a very short step from that to running a full marathon,” he added with a smile.

Welcome aboard and best of luck! tere

Photo: Jake Farra

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INF Maavarad is the first in Estonia

INF Maavarad has taken a significant step in its sustainability strategy by becoming the first company in Estonia’s construction aggregates sector to issue Environmental Product Declarations (EPDs) for its products.

An EPD, or Environmental Product Declaration, is an analysis based on Life Cycle Assessment (LCA) that provides a comprehensive overview of a product’s environmental impacts, including its carbon footprint. Importantly, all calculations are verified by an independent third party prior to publication, ensuring the reliability and comparability of the data.

The introduction of EPDs creates value across the entire supply chain. It provides:

greater transparency for the producer in understanding and improving its operations,
clarity and reliable information for customers,
essential input for calculating the environmental impacts of other products, where EPDs are often a prerequisite.

For INF Maavarad, this represents a milestone that supports both the company’s and the wider construction sector’s transition towards more environmentally conscious and measurable solutions.

OÜ INF Maavarad is part of the Infortar Group and is engaged in the extraction and processing of construction aggregates. The company brings together long-standing experience and sector expertise dating back to 1993. INF Maavarad produces materials that are essential for the construction industry’s daily needs and places strong value on engineering know-how – its quarries are managed by experienced, certified mining engineers. The company actively collaborates with both clients and local communities to minimise the impacts of its operations and contribute to shared development.

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Q4 results of 2025

Infortar increased its sales revenue by more than one third last year to EUR 1.837 billion, while the company’s EBITDA rose by 60 percent to EUR 233 million. The Group’s equity amounted to EUR 1.178 billion, total assets to EUR 2.588 billion, investments to EUR 125 million, and net profit to EUR 72 million. Over the year, Infortar’s loan liabilities decreased by one sixth to EUR 1.060 billion and net debt declined by one fifth to EUR 841 million.

A recording of the webinar presenting the fourth-quarter results is available HERE.
“Infortar’s major investments are now generating returns, cash flows have become more stable, and the Group’s resilience has strengthened. Last year, we reduced our debt burden, increased liquidity, and achieved strong growth in EBITDA as our key performance indicator, where we continue to see further growth potential,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.
“Infortar’s core business segments made a strong contribution, but there is certainly still room for further improvement. In maritime transport, it was an extremely challenging year, yet the debt burden was significantly reduced and Tallink is paying its shareholders a solid dividend. Infortar will pass on Tallink’s dividends to its own shareholders together with its base dividend and additional dividend. We are optimistic about 2026 and believe that Tallink can become even stronger and more efficient.
In energy, it is encouraging to note that our recent international investments have proven their worth – both Gaso and Elenger Polska delivered excellent results. Elenger Group’s profit and cash flows are well diversified across different business areas and countries, which in turn supports the growth and expansion in the future,” said Hanschmidt.
“Our focus has been on actively managing and developing the portfolio in a way that diversifies risk, generates stable cash flows and enables investment even during the most challenging periods. The maritime transport, energy and real estate sectors behave differently across economic cycles, and it is precisely this difference that provides strength,” Hanschmidt noted.
“Last year’s significant expansion in agriculture, including the acquisition of the Estonia dairy farms, was a strategic step to balance the portfolio and at the same time a long-term investment. Food production, energy and infrastructure are not short-term trends but the foundations of the economy. We view these sectors as an integrated whole, where synergy creates additional value,” Hanschmidt added.

Infortar plans to pay a dividend of EUR 3.02 per share to its shareholders. The dividend consists of three components: the minimum EUR 1 per share promised at the time of the IPO, to be paid in accordance with the dividend policy; a carried-forward dividend from Tallink of EUR 1.48 per share; and an additional supplementary dividend of EUR 0.54 per share. Dividend payments will be made in two equal instalments in July and December of this year, in line with the company’s dividend policy. Infortar will pay a total of EUR 63 million to 6,400 shareholders, which, to the best of our knowledge, represents the largest dividend payment in the history of companies listed on the Tallinn Stock Exchange.