Market announcement
Hepsor AS
LEI code
254900NNCQC3L9WR9P45
Size of the entity
Medium group
Economic activities
Professional, Scientific and Technical Activities
Industry sector(s)
Alternative Investment Fund Manager
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
18216
Submission date and time
18.02.2026 07:00:00
Content of announcement in Estonian
Title
Hepsor AS 2025 IV kvartali ja kaheteist kuu konsolideeritud auditeerimata vahearuanne
Message
Kontserni 2025. aasta IV kvartali konsolideeritud müügitulu oli 4,5 miljonit
eurot (IV kvartal 2024: 10,5 miljonit eurot) ja aruandeaasta konsolideeritud
müügitulu oli 35,4 miljonit eurot (2024: 38,4 miljonit eurot).
Kontserni neljanda kvartali puhaskahjumiks kujunes 0,5 miljon eurot (IV kvartal
2024: puhaskasum 1,0 miljonit eurot), sh emaettevõtte omanikele kuuluv
puhaskahjum oli 0,5 miljonit eurot (IV kvartal 2024: puhaskasum 1,0 miljonit
eurot) ja kontserni 2025. aasta puhaskasum oli 1,0 miljonit eurot (2024: 2,1
miljonit eurot). Aruandeaasta emaettevõtte omanikele kuuluv puhaskasum oli 0,4
miljonit eurot (2024: 0,4 miljonit eurot).
Võrdluses eelmise aastaga mõjutas 2025. aasta kontserni müügitulu ja
kasumlikkust klientidele üle antud korterite arvu vähenemine - 141 korterit
(2024: 194). Kasumlikkusele avaldasid negatiivset mõju müüdud arendusprojektide
madalam kasumimarginaal, mis 2025. aastal oli 16,9% (2024: 17,8%) ning
turustuskulude kasv. Tururustuskulud ulatusid 2025. aastal 1,3 miljoni euroni
(2024: 0,9 miljonit eurot). Kulude suurenemine tulenes eelkõige müügis olevate
projektide arvu ja mahu kasvust, mis tõi kaasa aktiivsema müügi- ja
turundustegevuse. Kontserni finants- ja tööjõukulud püsisid võrreldes eelmise
aastaga samal tasemel.
21. novembril 2025 lõppes edukalt Hepsor AS-i võlakirjaprogrammi esimese seeria
avalik pakkumine. Emissiooni esialgne maht oli 6 miljonit eurot, kuid pakkumine
märgiti 1,4-kordselt üle ning tugeva investorihuvi tõttu suurendasime mahtu 8
miljoni euroni. Pakkumises osales 1 079 investorit Eestist, Lätist ja Leedust.
Võlakirjade fikseeritud intressimäär on 9,50% aastas ning esimene intressimakse
tehakse 26. veebruaril 2026.
2025. aastal laiendasime kontserni arendusportfelli kolme uue kinnistuga, mille
arendustegevus hõlmab mitme etapi kaupa kokku ligi 700 korteri ning umbes 2 500
m² äripinna ehitust. 2025. aasta neljandas kvartalis lisandus arendusporfelli
kinnistu aadressil Manufaktuuri 3, Tallinn kuhu planeeritakse kolmes etapis
rajada kokku ca 300 korterit. Detailplaneeringu alusel on kinnistul muu hulgas
võimalik rajada kuni 60-korruseline kõrghoone.
Ehituses ja müügis olevad arendusprojektid
Aruandeaastal tegi kontsern 185 kodu esmamüüki võla- või asjaõiguslepingute
alusel kogumahus 36,1 miljonit eurot, mis on ligi kaks korda enam kui 2024.
aastal (109 kodu ja 19,8 miljonit eurot). Kasvu toetasid stabiilne
finantskeskkond ja stabiliseerunud intressimäärad ning positiivne majanduskasvu
prognoos nii Eesti kui ka Läti keskpankade hinnangul. Lisaks jõudsid mitmed
varasemalt ettevalmistusfaasis olnud projektid ehitusetappi, suurendades
pakkumismahtu ning laiendades valikuvõimalusi erinevatele kliendisegmentidele.
Seisuga 31. detsember 2025 on kontsernil müügis kokku 10 elamuarendusprojekti,
millest viis on valminud ja viis ehituses. Valminud projektides on rajatud kokku
355 uut kodu ja 453 m² äripinda. Aruandekuupäeva seisuga on valmis
arendusprojektides asjaõiguslepingutega müüdud 92% ehk 327 korterit. Kontserni
valminud korterite jääk lõppenud aasta seisuga oli 28 korterit.
2025. aastal andsime klientidele üle 141 kodu (2024: 194 kodu), sealhulgas 22
kodu neljandas kvartalis (IV kvartal 2024: 52). Tallinnas andsime klientidele
üle 91 kodu (2024: 165 kodu) ja 50 kodu (2024: 29 kodu) Riias.
Seisuga 31.12.2025 on kontsernil ehituses 428 uut kodu (31.12.2024: 192) mis on
223% rohkem kui võrreldaval perioodil. Lätis on ehituses 227 (31.12.2024: 40)
kodu ja Eestis 201 (31.12.2024: 152) kodu.
2025. aastal alustasime nelja uue arendusprojekti ehitusega. Lisaks jõudsime
Manufaktuuri Vabriku arendusprojektiga ettevalmistustöödest ehituslepinguni,
mille kogumaksumus on 33,3 miljonit eurot.
Riias alustasime A+ energiaklassi elamute ehitusega, kolmes erinevas
arendusprojektis. Dzelzavas iela 74C aadressile rajame 103 koduga kortermaja,
aadressill Braila iela 23 arenduses on plaanis ehitada kahes etapis kokku 105
uut kodu ja aadressil Eizhenija iela 18 alustasime 54 uue kodu ehitust.
Tallinnas alustasime Manufaktuuri kvartali järgmise etapi ehitust aadressil
Manufaktuuri 12, kuhu valmib käesoleva aasta lõpuks kaks kortermaja kokku 49 uue
koduga.
Hepsor Kanadas
Hepsori Kanada äritegevuseks on arendusprojektidele detailplaneeringu toestamine
ja seeläbi suurema ehitusõiguse saavutamine. Seisuga 31.12.2025 on kontsern
investeerinud viite arendusprojekti. 2025. aasta augustis jõustus Toronto
linnavolikogu otsus, millega anti ehitusõigus Hepsori esimesele Weston Roadi
nimelisele arendusprojektile. Toronto linnavolikogu otsus näeb ette kahe 35- ja
39-korruselise kortermaja rajamist. Detailplaneeringu käigus õnnestus tõsta
ehitusmahtu 27 000 m2-ilt 62 000 m2-ni.
Tulevikuvaade
2026. aastal on kavas alustada viie uue arendusprojekti ehitust - Eestis kahe
elamu- ja ühe ärikinnisvaraprojektiga ning Lätis ühe elamu- ja ühe
ärikinnisvaraprojektiga:
* V7 elamuarendusprojekt, aadressil Võistluse 7, Tallinn - Hepsori esimene
puitkandekonstruktsiooniga kaheksa korteriga elamu.
* Paevälja kvartal I etapp - 2026. aasta teises kvartalis plaanime alustada
93 korteri ja 918 m2 äripinna ehitust aadressil Päevälja 5, 7, 9.
* Rae vallas, aadressil Vana-Tartu mnt 49, alustame Peetri ärikeskuse ehitust.
Hoonesse on planeeritud 3 551 m² üüritavat pinda, millest 88% on juba
üürilepingutega kaetud.
* Veidema kvartali I etapi ehitustöid, aadressil Ganibu Dambis 17a, Riia kus
on plaanis kontorlao ehk stock-office-tüüpi arendusprojekt;
* Riias, aadressil Starta 17, alustame elamuarendusprojekti ehitust, mille
käigus valmib mitmes etapis kokku 255 uut kodu.
Täispika 2025 IV kvartali ja kaheteist kuu konsolideeritud auditeerimata
vahearuandega saab tutvuda Hepsori kodulehel:
https://hepsor.ee/investorile/aktsia/aruandedjaesitlused/
Konsolideeritud finantsseisundi aruanne
-------------------------------------------------------------------------------
tuhandetes eurodes 31.12.2025 31.12.2024
-------------------------------------------------------------------------------
----------------------------------------------------+------------+-------------
Varad | |
----------------------------------------------------+------------+-------------
Käibevarad | |
----------------------------------------------------+------------+------------+
Raha ja raha ekvivalendid | 3 821 | 6 249 |
----------------------------------------------------+------------+------------+
Nõuded ja ettemaksed | 1 807 | 761 |
----------------------------------------------------+------------+------------+
Lühiajalised laenunõuded | 0 | 200 |
----------------------------------------------------+------------+------------+
Varud | 58 938 | 64 141 |
----------------------------------------------------+------------+------------+
Käibevarad kokku | 64 566 | 71 351 |
----------------------------------------------------+------------+------------+
Põhivarad | |
----------------------------------------------------+------------+------------+
Materiaalne põhivara | 260 | 288 |
----------------------------------------------------+------------+------------+
Immateriaalne põhivara | 0 | 2 |
----------------------------------------------------+------------+------------+
Kinnisvarainvesteering | 11 820 | 7 980 |
----------------------------------------------------+------------+------------+
Finantsinvesteeringud | 7 837 | 6 424 |
----------------------------------------------------+------------+------------+
Investeeringud ühisettevõtetesse | 26 | 0 |
----------------------------------------------------+------------+------------+
Pikaajalised laenunõuded | 6 521 | 2 428 |
----------------------------------------------------+------------+------------+
Muud pikaajalised nõuded | 805 | 340 |
----------------------------------------------------+------------+------------+
Põhivarad kokku | 27 269 | 17 462 |
----------------------------------------------------+------------+------------+
Varad kokku | 91 835 | 88 813 |
----------------------------------------------------+------------+------------+
Kohustised ja omakapital | |
----------------------------------------------------+------------+-------------
Lühiajalised kohustised | |
----------------------------------------------------+------------+------------+
Lühiajalised laenukohustised | 5 687 | 23 336 |
----------------------------------------------------+------------+------------+
Lühiajalised rendikohustised | 50 | 52 |
----------------------------------------------------+------------+------------+
Ettemaksed klientidelt | 1 544 | 724
----------------------------------------------------+------------+-------------
Võlad tarnijatele ja muud võlad | 6 832 | 6 542
----------------------------------------------------+------------+-------------
Lühiajalised kohustised kokku | 14 113 | 30 654
----------------------------------------------------+------------+-------------
Pikaajalised kohustised | |
----------------------------------------------------+------------+------------+
Pikaajalised laenukohustised | 42 060 | 31 352 |
----------------------------------------------------+------------+------------+
Pikaajalised rendikohustised | 112 | 162 |
----------------------------------------------------+------------+------------+
Muud pikaajalised kohustised | 8 472 | 4 635 |
----------------------------------------------------+------------+------------+
Pikaajalised kohustised kokku | 50 644 | 36 149 |
----------------------------------------------------+------------+------------+
Kohustised kokku | 64 757 | 66 803 |
----------------------------------------------------+------------+------------+
Omakapital | |
----------------------------------------------------+------------+------------+
Aktsiakapital | 3 913 | 3 855 |
----------------------------------------------------+------------+------------+
Ülekurss | 8 917 | 8 917 |
----------------------------------------------------+------------+------------+
Reservkapital | 385 | 385 |
----------------------------------------------------+------------+------------+
Jaotamata kasum | 13 863 | 8 853 |
----------------------------------------------------+------------+------------+
Omakapital kokku | 27 078 | 22 010 |
----------------------------------------------------+------------+------------+
sh emaettevõtte omanikele kuuluv omakapital kokku | 20 858 | 20 912 |
----------------------------------------------------+------------+------------+
sh vähemusosanikele kuuluv omakapital kokku | 6 220 | 1 098 |
----------------------------------------------------+------------+------------+
Kohustised ja omakapital kokku | 91 835 | 88 813 |
----------------------------------------------------+------------+------------+
Konsolideeritud koondkasumi aruanne
-------------------------------------------------------------------------------
tuhandetes eurodes IV kvartal IV kvartal
12 kuud 2025 12 kuud 2024 2025 2024
-------------------------------------------------------------------------------
---------------------------+------------+------------+------------+------------
Müügitulu | 35 414| 38 397| 4 526| 10 542
---------------------------+------------+------------+------------+------------
Müüdud kaupade ja teenuste| | | |
kulu (-) | -29 778| -31 635| -3 832| -8 011
---------------------------+------------+------------+------------+------------
Brutokasum | 5 636| 6 762| 694| 2 531
---------------------------+------------+------------+------------+------------
Turustuskulud (-) | -1 334| -898| -658| -295
---------------------------+------------+------------+------------+------------
Üldhalduskulud (-) | -1 828| -1 802| -472| -460
---------------------------+------------+------------+------------+------------
Muud äritulud | 1 155| 449| 841| 365
---------------------------+------------+------------+------------+------------
Muud ärikulud (-) | -270| -179| -59| -143
---------------------------+------------+------------+------------+------------
Ärikasum/-kahjum | 3 359| 4 332| 346| 1 998
---------------------------+------------+------------+------------+------------
Finantstulud | 712| 421| 390| 159
---------------------------+------------+------------+------------+------------
Finantskulud (-) | -2 685| -2 578| -1 158| -1 159
---------------------------+------------+------------+------------+------------
Kasum enne tulumaksu | 1 386| 2 175| -422| 998
---------------------------+------------+------------+------------+------------
Tulumaks | -347| -41| -64| -41
---------------------------+------------+------------+------------+------------
Aruandeperioodi puhaskasum| 1 039| 2 134| -486| 957
---------------------------+------------+------------+------------+------------
Emaettevõtte omanikele| | | |
kuuluv osa puhaskasumis/- | | | |
kahjumis | 399| 423| -538| 578
---------------------------+------------+------------+------------+------------
Vähemusosalusele | | | |
kuuluv osa puhaskasumis/- | | | |
kahjumis | 640| 1 711| 52| 379
---------------------------+------------+------------+------------+------------
| | | |
---------------------------+------------+------------+------------+------------
Koondkasum/- kahjum | | | |
---------------------------+------------+------------+------------+------------
Omanikuvahetusega seotud | | | |
muutused | -81| -313| 0| -389
---------------------------+------------+------------+------------+------------
Muutused tütarettevõtete | | | |
omakapitalides | 249| 0| 249| 0
---------------------------+------------+------------+------------+------------
Vähemusosaluse varjatud | | | |
tuletisinstrumentide | | | |
väärtuse muutus | -714| -1 874| -180| -671
---------------------------+------------+------------+------------+------------
Valuutakursi vahed | | | |
välisettevõtete | | | |
ümberarvestusel | -302| -103| 73| 27
---------------------------+------------+------------+------------+------------
Aruandeperioodi muu | | | |
koondkasum kokku | -848| -2 290| 142| -1 033
---------------------------+------------+------------+------------+------------
Emaettevõtte omanikele| | | |
kuuluv osa muu | | | |
koondkasumis/-kahjumis | 491| -504| 72| -330
---------------------------+------------+------------+------------+------------
Vähemusosalusele | | | |
kuuluv osa koondkasumis | -1 339| -1 786| 69| -703
---------------------------+------------+------------+------------+------------
| | | |
---------------------------+------------+------------+------------+------------
Aruandeperioodi koondkasum| | | |
kokku | 191| -156| -344| -76
---------------------------+------------+------------+------------+------------
Emaettevõtte omanikele| | | |
kuuluv osa koondkasumis/- | | | |
kahjumis | 889| -81| -466| 248
---------------------------+------------+------------+------------+------------
Vähemusosalusele | | | |
kuuluv osa koondkasumis/- | | | |
kahjumis | -699| -75| 121| -324
---------------------------+------------+------------+------------+------------
| | | |
---------------------------+------------+------------+------------+------------
Kasum aktsia kohta | | | |
---------------------------+------------+------------+------------+------------
Tava (eurot aktsia | | | |
kohta) | 0,10| 0,11| -0,14| 0,15
---------------------------+------------+------------+------------+------------
Lahustatud (eurot | | | |
aktsia kohta) | 0,10| 0,11| -0,14| 0,15
---------------------------+------------+------------+------------+------------
Martti Krass
Juhatuse liige
Telefon: +372 5692 4919
e-post: [email protected]
(https://www.globenewswire.com/Tracker?data=xPib7iXCvIj5TmfeOkrGmKv6sCFAuGB3YzMb
JSguASjWSA-sWq6ppEBpOZum2_SAVly4q8-1_XNm_SRXtJSJ8sL-D1F1FxEMiC7j2KKQ1IE=)
Hepsor AS (www.hepsor.ee (http://www.hepsor.ee)) on elukondliku ja ärikinnisvara
arendaja. Kontsern tegutseb Eestis, Lätis ja Kanadas. Neljateistkümne
tegutsemisaasta jooksul oleme loonud üle 2 000 kodu ja ligi 44 000 m2
äripindasid. Hepsor on esimese arendajana Balti riikides rakendanud mitmeid
uuenduslikke insener-tehnilisi lahendusi, mis muudavad ettevõtte rajatavad
hooned energiasäästlikumaks ja seeläbi keskkonna-sõbralikumaks. Ettevõtte
portfellis on kokku 28 arendusprojekti kogupindalaga 196 650 m2. Lisaks tegutseb
kontsern viies Kanada projektis, kus põhitegevuseks on maa detailplaneeringute
koostamine ning seeläbi suurema ehitusõiguse saavutamine.
Content of announcement in English
Title
Hepsor AS consolidated unaudited interim report for Q4 2025 and twelve months
Message
The Group's consolidated revenue for the fourth quarter of 2025 amounted to 4.5
million euros (Q4 2024: 10.5 million euros), while the consolidated revenue for
the reporting year was 35.4 million euros (2024: 38.4 million euros).
The Group recorded a net loss of 0.5 million euros for the fourth quarter (Q4
2024: net profit of 1.0 million euros), of which the net loss attributable to
the owners of the parent company was 0.5 million euros (Q4 2024: net profit of
1.0 million euros). The Group's net profit for 2025 was 1.0 million euros (2024:
2.1 million euros). The net profit attributable to the owners of the parent
company for the reporting year was 0.4 million euros (2024: 0.4 million euros).
Compared with the previous year, the Group's revenue and profitability in 2025
were affected by a decrease in the number of apartments handed over to customers
- 141 apartments (2024: 194). Profitability was negatively impacted by lower
profit margins of the development projects sold, which in 2025 stood at 16.9%
(2024: 17.8%) and an increase in marketing expenses. Marketing expenses amounted
to 1,3 million euros in 2025 (2024: 0.9 million euros). The increase in expenses
was primarily driven by the growth in the number and scale of projects on sale,
which led to more intensive sales and marketing activities. The Group's finance
costs and personnel expenses remained at the same level as in the previous year.
On 21 November 2025, the public offering of the first series under the bond
programme of Hepsor AS was successfully completed. The initial issue volume was
6 million euros; however, the offering was 1.4 times oversubscribed and due to
strong investor demand, the volume was increased to 8 million euros. A total of
1,079 investors from Estonia, Latvia and Lithuania participated in the offering.
The bonds carry a fixed annual interest rate of 9.50%, and the first interest
payment will be made on 26 February 2026.
In 2025, we expanded the Group's development portfolio with three new plots of
land, with development activities planned in multiple phases to include a total
of approximately 700 apartments and around 2,500 m² of commercial space. In the
fourth quarter of 2025, the development portfolio was further expanded with a
plot at Manufaktuuri 3, Tallinn, where approximately 300 apartments are planned
to be constructed in three phases. According to the detailed plan, the plot
allows for the construction of a high-rise building of up to 60 floors.
Development projects under construction and for sale
During the reporting year, the Group concluded primary sales agreements for 185
homes under the law of obligations contracts or real rights contracts, with a
total value of 36.1 million euros, which is nearly twice as much as in 2024 (109
homes and 19.8 million euros). The growth was supported by a stable financial
environment with stabilised interest rates and a positive economic growth
outlook according to both the Estonian and Latvian central banks. In addition,
several projects that had previously been in the preparation phase entered the
construction stage, increasing supply volumes and expanding options for
different customer segments.
As at 31 December 2025, the Group had a total of 10 residential development
projects on sale, of which five had been completed and five were under
construction. In completed projects, a total of 355 new homes and 453 m² of
commercial space have been built. As at the reporting date, 92% of these, or
327 apartments, have been sold under real rights contracts. As at the end of the
reporting year, the inventory of completed unsold apartments amounted to 28
units.
In 2025, we handed over 141 homes to customers (2024: 194 homes), including 22
homes in the fourth quarter (Q4 2024: 52 homes). In Tallinn, we handed over 91
homes to customers (2024: 165 homes) and in Riga, 50 homes (2024: 29 homes).
As at 31 December 2025, the Group had 428 new homes under construction (31
December 2024: 192) representing a 223% increase compared with the corresponding
period. In Latvia 227 (31 December 2024: 40) homes were under construction and
in Estonia, 201 (31 December 2024: 152).
In 2025, we commenced construction of four new development projects. In
addition, the Manufaktuuri Vabriku development progressed from preparatory works
to the conclusion of a construction contract, with a total value of 33.3 million
euros.
In Riga, construction commenced on three separate residential development
projects. At Dzelzavas iela 74C, an apartment building comprising 103 homes is
under development. At Braila iela 23, a total of 105 new homes are planned
across two phases, and at Eizhenija iela 18, construction has begun on 54 new
homes.
In Tallinn, the next phase of the Manufaktuuri quarter at Manufaktuuri 12 has
started, involving the construction of two apartment buildings with a total of
49 new homes, scheduled for completion by the end of the year.
Hepsor in Canada
Hepsor's Canadian operations focus on supporting detailed land-use planning for
development projects, thereby securing increased building rights. As at 31
December 2025, the Group has invested in five development projects. In August
2025, a decision by the Toronto City Council came into effect, granting building
rights for Hepsor's first Weston Road development project. The City Council's
decision provides for the construction of two residential towers of 35 and 39
storeys. During the detailed planning process, the building volume was
successfully increased from 27,000 m² to 62,000 m².
Future outlook
In 2026, the Group plans to launch construction of five new development projects
- two residential and one commercial real estate project in Estonia, and one
residential and one commercial real estate project in Latvia:
* V7 residential development project, located at Võistluse 7, Tallinn -
Hepsor's first residential building with a timber frame structure,
comprising eight apartments;
* Paevälja quarter, stage I - construction of 93 apartments and 918 m² of
commercial space at Paevälja 5, 7 and 9 is scheduled to begin in the second
quarter of 2026;
* Peetri business centre, located at Vana-Tartu mnt 49, Rae Parish - the
building will include 3,551 m² of leasable area, 88% of which is already
covered by lease agreements;
* Veidema quarter, stage I, located at Gan?bu dambis 17a, Riga - a stock-
office type development project combining office and warehouse functions;
* Starta 17 residential development project in Riga - construction will begin
in stages, with a total of 255 new homes to be completed.
The full consolidated unaudited interim report for the IV quarter and twelve
months of 2025 can be found on the Hepsor website:
https://hepsor.ee/en/for-investors/stock/reports-2/
Consolidated statement of financial position
---------------------------------------------+----------------+-----------------
in thousands of euros |31 December 2025|31 December 2024
---------------------------------------------+----------------+-----------------
---------------------------------------------+----------------+-----------------
Assets | |
---------------------------------------------+----------------+-----------------
Current assets | |
---------------------------------------------+----------------+----------------+
Cash and cash equivalents | 3,821| 6,249|
---------------------------------------------+----------------+----------------+
Trade and other receivables | 1,807| 761|
---------------------------------------------+----------------+----------------+
Current loan receivables | 0| 200|
---------------------------------------------+----------------+----------------+
Inventories | 58,938| 64,141|
---------------------------------------------+----------------+----------------+
Total current assets | 64,566| 71,351|
---------------------------------------------+----------------+----------------+
Non-current assets | |
---------------------------------------------+----------------+----------------+
Property, plant and equipment | 260| 288|
---------------------------------------------+----------------+----------------+
Intangible assets | 0| 2|
---------------------------------------------+----------------+----------------+
Investment properties | 11,820| 7,980|
---------------------------------------------+----------------+----------------+
Financial investments | 7,837| 6,424|
---------------------------------------------+----------------+----------------+
Investments in joint ventures | 26| 0|
---------------------------------------------+----------------+----------------+
Non-current loan receivables | 6,521| 2,428|
---------------------------------------------+----------------+----------------+
Other non-current receivables | 805| 340|
---------------------------------------------+----------------+----------------+
Total non-current assets | 27,269| 17,462|
---------------------------------------------+----------------+----------------+
Total assets | 91,835| 88,813|
---------------------------------------------+----------------+----------------+
Liabilities and equity | |
---------------------------------------------+----------------+-----------------
Current liabilities | |
---------------------------------------------+----------------+----------------+
Loans and borrowings | 5,687| 23,336|
---------------------------------------------+----------------+----------------+
Current lease liabilities | 50| 52|
---------------------------------------------+----------------+----------------+
Prepayments from customers | 1,544| 724
---------------------------------------------+----------------+-----------------
Trade and other payables | 6,832| 6,542
---------------------------------------------+----------------+-----------------
Total current liabilities | 14,113| 30,654
---------------------------------------------+----------------+-----------------
Non-current liabilities | |
---------------------------------------------+----------------+----------------+
Loans and borrowings | 42,060| 31,352|
---------------------------------------------+----------------+----------------+
Non-current lease liabilities | 112| 162|
---------------------------------------------+----------------+----------------+
Other non-current liabilities | 8,472| 4,635|
---------------------------------------------+----------------+----------------+
Total non-current liabilities | 50,644| 36,149|
---------------------------------------------+----------------+----------------+
Total liabilities | 64,757| 66,803|
---------------------------------------------+----------------+----------------+
Equity | |
---------------------------------------------+----------------+----------------+
Share capital | 3,913| 3,855|
---------------------------------------------+----------------+----------------+
Share premium | 8,917| 8,917|
---------------------------------------------+----------------+----------------+
Reserves | 385| 385|
---------------------------------------------+----------------+----------------+
Retained earnings | 13,863| 8,853|
---------------------------------------------+----------------+----------------+
Total equity | 27,078| 22,010|
---------------------------------------------+----------------+----------------+
incl. total equity attributable to owners of| | |
the parent | 20,858| 20,912|
---------------------------------------------+----------------+----------------+
incl. non-controlling interest | 6,220| 1,098|
---------------------------------------------+----------------+----------------+
Total liabilities and equity | 91,835| 88,813|
---------------------------------------------+----------------+----------------+
Consolidated statement of profit and loss and other comprehensive income
---------------------------------------------+--------+--------+-------+-------
in thousands of euros |12M 2025|12M 2024|Q4 2025|Q4 2024
---------------------------------------------+--------+--------+-------+-------
| |
---------------------------------------------+--------+--------+-------+-------
Revenue | 35,414| 38,397| 4,526| 10,542
---------------------------------------------+--------+--------+-------+-------
Cost of sales (-) | -29,778| -31,635| -3,832| -8,011
---------------------------------------------+--------+--------+-------+-------
Gross profit | 5,636| 6,762| 694| 2,531
---------------------------------------------+--------+--------+-------+-------
Marketing expenses (-) | -1,334| -898| -658| -295
---------------------------------------------+--------+--------+-------+-------
Administrative expenses (-) | -1,828| -1,802| -472| -460
---------------------------------------------+--------+--------+-------+-------
Other operating income | 1,155| 449| 841| 365
---------------------------------------------+--------+--------+-------+-------
Other operating expenses (-) | -270| -179| -59| -143
---------------------------------------------+--------+--------+-------+-------
Operating profit (-loss) of the year | 3,359| 4,332| 346| 1,998
---------------------------------------------+--------+--------+-------+-------
Financial income | 712| 421| 390| 159
---------------------------------------------+--------+--------+-------+-------
Financial expenses (-) | -2,685| -2,578| -1,158| -1,159
---------------------------------------------+--------+--------+-------+-------
Profit before tax | 1,386| 2,175| -422| 998
---------------------------------------------+--------+--------+-------+-------
Corporate income tax | -347| -41| -64| -41
---------------------------------------------+--------+--------+-------+-------
Net profit (-loss) for the year | 1,039| 2,134| -486| 957
---------------------------------------------+--------+--------+-------+-------
Attributable to owners of the parent | 399| 423| -538| 578
---------------------------------------------+--------+--------+-------+-------
Non-controlling interest | 640| 1,711| 52| 379
---------------------------------------------+--------+--------+-------+-------
| | | |
---------------------------------------------+--------+--------+-------+-------
Other comprehensive income (-loss) | | | |
---------------------------------------------+--------+--------+-------+-------
Changes related to change of ownership | -81| -313| 0| -389
---------------------------------------------+--------+--------+-------+-------
Changes in the equity of subsidiaries | 249| 0| 249| 0
---------------------------------------------+--------+--------+-------+-------
Change in value of embedded derivatives with| | | |
minority shareholders | -714| -1,874| -180| -671
---------------------------------------------+--------+--------+-------+-------
The effects of changes in foreign exchange | | | |
rates | -302| -103| 73| 27
---------------------------------------------+--------+--------+-------+-------
Other comprehensive income (-loss) for the | | | |
period | -848| -2,290| 142| -1,033
---------------------------------------------+--------+--------+-------+-------
Attributable to owners of the parent | 491| -504| 72| -330
---------------------------------------------+--------+--------+-------+-------
Non-controlling interest | -1,339| -1,786| 69| -703
---------------------------------------------+--------+--------+-------+-------
| | | |
---------------------------------------------+--------+--------+-------+-------
Comprehensive income (-loss) for the period | 191| -156| -344| -76
---------------------------------------------+--------+--------+-------+-------
Attributable to owners of the parent | 889| -81| -466| 248
---------------------------------------------+--------+--------+-------+-------
Non-controlling interest | -699| -75| 121| -324
---------------------------------------------+--------+--------+-------+-------
| | | |
---------------------------------------------+--------+--------+-------+-------
Earnings per share | | | |
---------------------------------------------+--------+--------+-------+-------
Basic (euros per share) | 0,10| 0,11| -0,14| 0,15
---------------------------------------------+--------+--------+-------+-------
Diluted (euros per share) | 0,10| 0,11| -0,14| 0,15
---------------------------------------------+--------+--------+-------+-------
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
e-mail: [email protected]
(https://www.globenewswire.com/Tracker?data=xPib7iXCvIj5TmfeOkrGmKv6sCFAuGB3YzMb
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n6dxCnqj8U1d4Z0ksgsRlqCovg==)) is a developer of residential and commercial real
estate. The Group operates in Estonia, Latvia, and Canada. In fourteen years of
operation, we have created over 2,00 homes and nearly 44,000 m(2) of commercial
space. Hepsor is the first developer in the Baltic states to implement a number
of innovative engineering solutions that make the buildings it constructs more
energy efficient, and thus more environmentally friendly. The company's
portfolio includes 28 development projects with a total area of 196,650 m(2). In
addition, the Group is active in five projects in Canada, where the main
activity is the preparation of detailed spatial plans for land, thereby
achieving greater building rights.