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
Annual financial report
Unique data record identifier
18478
Attachments
Submission date and time
24.04.2026 16:25:06
Content of announcement in Estonian
Title
Hepsor AS-i auditeeritud 2025. majandusaasta aruanne
Message
Hepsor AS-i juhatus on koostanud 2025. aasta majandusaasta auditeeritud aruande.
Võrreldes 18. veebruaril 2026 aasta avaldatud auditeerimata 2025. aasta
majandustulemustega ei ole auditeeritud aruandes finantstulemuste osas
erinevusi.
Kooskõlastatult kontserni nõukoguga, teeb juhatus ettepaneku maksta
aktsionäridele 2026. aastal eelnevate perioodide kasumist dividendidena välja
1 056 tuhat eurot (0,27 eurot aktsia kohta), mis arvestades aktsia hinda seisuga
31.12.2025 teeb dividenditootluseks 4,3%.
Kontserni 2025. aasta konsolideeritud müügitulu oli 35,4 miljonit eurot (2024:
38,4 miljonit eurot). 2025. aastal müüs kontsern asjaõiguslepingutega 141 uut
kodu (2024: 194 uut kodu). Lisaks müüsid Hepsor kontserni ettevõtted Hepsor
Fortuuna OÜ ja Hepsor N450 OÜ kinnistud aadressidel Paevälja 7 ja 9 ja Narva mnt
150, 150a kontserni 50% osalusega ühisettevõttele Hepsor SOF OÜ-le. Tehingute
kogumaksumus oli 9,0 miljonit eurot, millele lisandus käibemaks.
Aruandeperioodil kajastub sellest tehingust müügituluna 7,2 miljonit eurot.
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). 2025. aastal mõjutas kontserni kasumlikkust
klientidele üle antud väiksem korterite arv võrreldes eelmise aastaga. Lisaks
avaldasid kasumlikkusele negatiivset mõju müüdud projektide madalam
kasumimarginaal, mis 2025. aastal oli 16,9% (2024: 17,8%) ning suurenenud
arendusprojektidele tehtud turustuskulud, mis 2025. aastal olid 1,1 miljonit
eurot (2024: 0,7 miljonit eurot). Turustuskulude kasv on eelkõige seotud müügis
olevate projektide arvu ja mahu suurenemisega, mis on toonud kaasa aktiivsema
müügi- ja turundustegevuse.
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.
Elukondlikud arendusprojektid
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. Suurima arendusmahuga 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
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). Müügikasvu toetas mitme varem
ettevalmistusfaasis olnud projekti jõudmine ehitusetappi, mis suurendas
pakkumismahtu ja laiendas valikuvõimalusi eri kliendisegmentidele. Samuti
soodustasid kasvu stabiilne finantskeskkond, stabiliseerunud intressimäärad ning
Eesti ja Läti keskpankade hinnangul positiivne majanduskasvu väljavaade.
Seisuga 31.12.2025 oli kontsernil ehituses 428 uut kodu (31.12.2024: 192) mis on
223% rohkem kui võrreldaval perioodil.
Ärikinnisvara
2024. aastal alustasime Riias aadressil Ulbrokas 34, mitmefunktsioonilise
ärihoone StokOfiss U34 ehitust. Hoone üüripind on 8 740 m(2). Juulis 2025.
aastal väljastati hoonele kasutusluba. Seisuga 31.12.2025 oli üürilepingute
kaetud 74% kogu üüritavast pinnast.
2025. aastal sõlmis kontsern pikaajalised üürilepingud Maxima Eesti OÜ ja GYM
Eesti OÜ-ga ning plaanib 2026. aastal alustada uue ärikeskuse ehitust aadressil
Vana-Tartu mnt 49, Rae vald. Arendatava kahekorruselise ärikeskuse planeeritav
üüripind on 3500 m².
Seisuga 31.12.2025 oli Hepsori valmis ärikinnisvara portfellist üürilepingutega
kaetud 84% kogu üüritavast pinnast.
Kanada
Hepsori Kanada äritegevuseks on arendusprojektidele detailplaneeringu teostamine
ja seeläbi suurema ehitusõiguse saavutamine. Seisuga 31.12.2025 oli 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 m(2)-ilt 62 000 m(2)-ni.
Tulevikuvaade
2026. aastal on kavas alustada uute arendusprojektide ehitusega, mille raames
rajatakse üle 200 uue kodu ning ligikaudu 9 600 m² äripinda. Jätkame uute
investeeringute tegemist, keskendudes arendusportfelli laiendamisele eelkõige
Lätis, kuid sobivate võimaluste puhul ka Eestis. Investeeringute elluviimiseks
kaasame vajadusel täiendavaid vahendeid võlakirjaprogrammi raames. Samuti
jätkame iga-aastast dividendi maksmist aktsionäridele.
Tulevikku vaadates on põhjust olla positiivne, kuna meie koduturgude müügimahud
on taastumas. See on andnud tuge ka projektide esmamüükidele, mille kasvu
toetavad nii uute projektide käivitamisest tulenev pakkumise suurenemine kui ka
jätkuvalt tugev nõudlus uute korterite järele meie koduturgudel. Kui 2024. aasta
lõpus oli meie esmamüükide nelja kvartali libisev keskmine 4,9 miljonit eurot
siis 2025. aasta lõpuks oli see kasvanud 9,0 miljoni euroni, mis tähendab 84%
kasvu.
Need arengud loovad tugeva aluse ettevõtte edasiseks kasvuks ja jätkusuutlikuks
arenguks.
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
----------------------------------------------------+------------+------------
Finantsinvesteering | 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
----------------------------------------------------+------------+------------
Võlad tarnijatele, muud võlad ja ettemaksed | 8 376 | 7 266
----------------------------------------------------+------------+------------
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 2025 2024
-----------------------------------------------------------------------------
-------------------------------------------------------------+-------+-------
Müügitulu | 35 414| 38 397
-------------------------------------------------------------+-------+-------
Müüdud kaupade ja teenuste kulu (-) |-29 778|-31 635
-------------------------------------------------------------+-------+-------
Brutokasum | 5 636| 6 762
-------------------------------------------------------------+-------+-------
Turustuskulud (-) | -1 334| -898
-------------------------------------------------------------+-------+-------
Üldhalduskulud (-) | -1 828| -1 802
-------------------------------------------------------------+-------+-------
Muud äritulud | 1 155| 449
-------------------------------------------------------------+-------+-------
Muud ärikulud (-) | -270| -179
-------------------------------------------------------------+-------+-------
Ärikasum | 3 359| 4 332
-------------------------------------------------------------+-------+-------
Finantstulud | 712| 421
-------------------------------------------------------------+-------+-------
Finantskulud (-) | -2 685| -2 578
-------------------------------------------------------------+-------+-------
Kasum enne tulumaksu | 1 386| 2 175
-------------------------------------------------------------+-------+-------
Tasumisele kuuluv tulumaks | -347| -41
-------------------------------------------------------------+-------+-------
Aruandeperioodi puhaskasum/-kahjum | 1 039| 2 134
-------------------------------------------------------------+-------+-------
Emaettevõtte omanikele kuuluv osa puhaskasumis/-kahjumis| 399| 423
-------------------------------------------------------------+-------+-------
Vähemusosalusele kuuluv osa puhaskasumis/-kahjumis| 640| 1 711
-------------------------------------------------------------+-------+-------
| |
-------------------------------------------------------------+-------+-------
Koondkasum/-kahjum | |
-------------------------------------------------------------+-------+-------
| |
-------------------------------------------------------------+-------+-------
Omanikuvahetusega seotud muutused | -81| -313
-------------------------------------------------------------+-------+-------
Muutused tütarettevõtete omakapitalides | 249| 0
-------------------------------------------------------------+-------+-------
Varjatud tuletisinstrumentide väärtuse muutus | -714| -1 874
-------------------------------------------------------------+-------+-------
Valuutakursi vahed välisettevõtete ümberarvestusel | -302| -103
-------------------------------------------------------------+-------+-------
Aruandeperioodi muu koondkasum/-kahjum | -848| -2 290
-------------------------------------------------------------+-------+-------
Emaettevõtte omanikele kuuluv osa muu koondkasumis/-kahjumis| 491| -504
-------------------------------------------------------------+-------+-------
Vähemusosalusele kuuluv osa muu koondkasumis/-kahjumis| -1 339| -1 786
-------------------------------------------------------------+-------+-------
Aruandeperioodi koondkasum/-kahjum | 191| -156
-------------------------------------------------------------+-------+-------
Emaettevõtte omanikele kuuluv osa koondkasumis| 890| -81
-------------------------------------------------------------+-------+-------
Vähemusosalusele kuuluv osa koondkasumis| -699| -75
-------------------------------------------------------------+-------+-------
Kasum aktsia kohta | |
-------------------------------------------------------------+-------+-------
Tava (eurot aktsia kohta) | 0,10| 0,11
-------------------------------------------------------------+-------+-------
Lahustatud (eurot aktsia kohta) | 0,10| 0,11
-------------------------------------------------------------+-------+-------
Kogu Hepsor AS-i auditeeritud 2025. aasta aastaaruandega saab tutvuda siin:
https://hepsor.ee/investorile/aktsia/aruandedjaesitlused/
Aastaaruanne esitatakse kinnitamiseks aktsionäride üldkoosolekule.
Martti Krass
Juhatuse liige
Telefon: +372 5692 4919
e-post: [email protected] (mailto:[email protected])
Hepsor AS (www.hepsor.ee
(https://www.globenewswire.com/Tracker?data=LA1wiZw3yDeb-
s6W9kEwgM5fHy8o7hiYKGGSmuvSVGz_xN53JmICz15RdNPaNvlViz8com-9HsfSd3BQ71hwCg==)) 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
Audited Annual Report of Hepsor AS for 2025
Message
The Management Board of Hepsor AS has prepared the audited annual report for 2025. Compared to the unaudited financial results for 2025 published on 18 February 2026, there are no differences in the financial results in the audited report. In coordination with the Group's Supervisory Board, the Management Board proposes to distribute dividends to shareholders in 2026 from retained earnings in the amount of 1,056 thousand euros (0.27 euros per share). Based on the share price as of 31 December 2025, this results in a dividend yield of 4.3%. The Group's consolidated revenue for 2025 was 35.4 million euros (2024: 38.4 million euros). In 2025, the Group sold 141 new homes under real rights agreements (2024: 194 homes). In addition, Hepsor Group companies Hepsor Fortuuna OÜ and Hepsor N450 OÜ sold properties located at Paevälja 7 and 9 and Narva mnt 150, 150a to the Group's 50% joint venture Hepsor SOF OÜ. The total value of the transactions was 9.0 million euros plus VAT, of which 7.2 million euros is recognised as revenue in the reporting period. The Group's net profit for 2025 was 1.0 million euros (2024: 2.1 million euros). Net profit attributable to owners of the parent company was 0.4 million euros (2024: 0.4 million euros). Profitability in 2025 was affected by the lower number of apartments handed over to customers compared to the previous year. In addition, profitability was negatively impacted by a lower margin on sold projects, which was 16.9% in 2025 (2024: 17.8%), and increased marketing expenses for development projects, which amounted to 1.1 million euros (2024: 0.7 million euros). The increase in marketing expenses is mainly related to the higher number and volume of projects on sale, leading to more active sales and marketing activities. On 21 November 2025, the first series of Hepsor AS bond programme was successfully completed. The initial issue size was 6 million euros, but the offering was oversubscribed by 1.4 times, and due to strong investor demand, the size was increased to 8 million euros. A total of 1,079 investors from Estonia, Latvia and Lithuania participated. The bonds carry a fixed annual interest rate of 9.50%. Residential development projects In 2025, the Group expanded its development portfolio with three new properties, the development of which includes approximately 700 apartments and around 2,500 m² of commercial space in several stages. The largest addition to the development portfolio was the property at Manufaktuuri 3, Tallinn, where approximately 300 apartments are planned to be built in three stages. According to the detailed plan, the property also allows for the construction of a high- rise building of up to 60 floors. During the reporting year, the Group completed first-time sales of 185 homes under the Law of Obligations or real rights agreements, with a total volume of 36.1 million euros, nearly twice as much as in 2024 (109 homes and 19.8 million euros). Sales growth was supported by several projects previously in the preparation phase reaching the construction phase, increasing supply and broadening options for different customer segments. Growth was also supported by a stable financial environment, stabilised interest rates, and a positive economic growth outlook according to the central banks of Estonia and Latvia. As of 31 December 2025, the Group had 428 homes under construction (31 December 2024: 192), which is 223% more compared to the previous period. Commercial real estate In 2024, construction began on a multifunctional commercial building, StokOfiss U34, at Ulbrokas 34 in Riga. The building has 8,740 m² of leasable space. An occupancy permit was issued in July 2025. As of 31 December 2025, 74% of the total leasable area was covered by lease agreements. In 2025, the Group entered into long-term lease agreements with Maxima Eesti OÜ and GYM Eesti OÜ and plans to begin construction of a new business centre in 2026 at Vana-Tartu mnt 49, Rae Parish. The planned two-storey business centre will have approximately 3,500 m² of leasable space. As of 31 December 2025, 84% of the Group's completed commercial real estate portfolio was covered by lease agreements. Canada Hepsor's activities in Canada focus on supporting zoning processes for development projects to achieve greater building rights. As of 31 December 2025, the Group had invested in five development projects. In August 2025, the Toronto City Council approved building rights for Hepsor's first development project, Weston Road. The decision allows for the construction of two apartment buildings with 35 and 39 floors. During the zoning process, the permitted construction volume was increased from 27,000 m² to 62,000 m². Outlook In 2026, the Group plans to begin construction of new development projects, including more than 200 new homes and approximately 9,600 m² of commercial space. The Group will continue making new investments, focusing primarily on expanding its development portfolio in Latvia, but also in Estonia where suitable opportunities arise. Additional funding may be raised through the bond programme if necessary. The Group will also continue its annual dividend payments to shareholders. Looking ahead, there is reason for optimism as sales volumes in our home markets are recovering. This has also supported first-time sales of our projects, with growth driven both by increased supply resulting from the launch of new developments and by continued strong demand for new apartments in our home markets. While at the end of 2024 the rolling four-quarter average of first-time sales was 4.9 million euros, by the end of 2025 it had increased to 9.0 million euros, representing growth of 84%. These factors provide a strong foundation for the company's continued growth and sustainable development. Consolidated statement of financial position in thousands of euros 31 Dec 2025 31 Dec 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 -------------------------------------------------------+-----------+----------- Trade and other payables and prepayments | 8,376| 7,266 -------------------------------------------------------+-----------+----------- 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 2025 2024 ------------------------------------------------------------------------------- ---------------------------------------------------------------+-------+------- Revenue | 35,414| 38,397 ---------------------------------------------------------------+-------+------- Cost of sales (-) |-29,778|-31,635 ---------------------------------------------------------------+-------+------- Gross profit | 5,636| 6,762 ---------------------------------------------------------------+-------+------- Marketing expenses (-) | -1,334| -898 ---------------------------------------------------------------+-------+------- Administrative expenses (-) | -1,828| -1,802 ---------------------------------------------------------------+-------+------- Other operating income | 1,155| 449 ---------------------------------------------------------------+-------+------- Other operating expenses (-) | -270| -179 ---------------------------------------------------------------+-------+------- Operating profit of the year | 3,359| 4,332 ---------------------------------------------------------------+-------+------- Financial income | 712| 421 ---------------------------------------------------------------+-------+------- Financial expenses (-) | -2,685| -2,578 ---------------------------------------------------------------+-------+------- Profit before tax | 1,386| 2,175 ---------------------------------------------------------------+-------+------- Income tax | -347| -41 ---------------------------------------------------------------+-------+------- Net profit for the year | 1,039| 2,134 ---------------------------------------------------------------+-------+------- Attributable to owners of the parent | 399| 423 ---------------------------------------------------------------+-------+------- Non-controlling interest | 640| 1,711 ---------------------------------------------------------------+-------+------- | | ---------------------------------------------------------------+-------+------- Other comprehensive income (loss) | | ---------------------------------------------------------------+-------+------- | | ---------------------------------------------------------------+-------+------- Changes related to change of ownership | -81| -313 ---------------------------------------------------------------+-------+------- Changes in subsidiaries' equity | 249| 0 ---------------------------------------------------------------+-------+------- Change in value of embedded derivatives with minority | | shareholders | -714| -1,874 ---------------------------------------------------------------+-------+------- Exchange rate differences from foreign entities | -302| -103 ---------------------------------------------------------------+-------+------- Other comprehensive income (loss) for the period | -848| -2,290 ---------------------------------------------------------------+-------+------- Attributable to owners of the parent | 491| -504 ---------------------------------------------------------------+-------+------- Non-controlling interest | -1,339| -1,786 ---------------------------------------------------------------+-------+------- Comprehensive income (loss) for the period | 191| -156 ---------------------------------------------------------------+-------+------- Attributable to owners of the parent | 890| -81 ---------------------------------------------------------------+-------+------- Non-controlling interest | -699| -75 ---------------------------------------------------------------+-------+------- Earnings per share | | ---------------------------------------------------------------+-------+------- Basic (euros per share) | 0.10| 0.11 ---------------------------------------------------------------+-------+------- Diluted (euros per share) | 0.10| 0.11 ---------------------------------------------------------------+-------+------- Please see full version of Hepsor AS audited 2025 annual report: https://hepsor.ee/en/for-investors/stock/reports-2/. The annual report will be presented for approval to the General Meeting of Shareholders. Martti Krass Member of the Management Board Phone: +372 5692 4919 e-mail: [email protected] (mailto:[email protected]) Hepsor AS (www.hepsor.ee (https://www.globenewswire.com/Tracker?data=LA1wiZw3yDeb- s6W9kEwgM5fHy8o7hiYKGGSmuvSVGxMgZRek423AacpJJCdpuuIcs6z1VRDJwLQ31z3jxiAE3vfTFTp4 eexq- dGbXm3i0dHUVavwspyBa9IwkrxH_2HMKhihTKdmc74DsVwheK26itrcCHpUYxh4r9QyGHwnnQ7VI4Jrv suSfsWZpyqziJt3XmV_wZILEcuU5e2qX5hDC0FYaYGXlIJEiASp6eRrS1MDgG6rXzZlB5- n9nrtpMZOdvdIBdct6pTurERP9B1D7UnqoKp4nlSg9BaHFDb1hvWCLbgUgj1bvvs7eijDriAmPxXmHjW KBVYdW0IJANEiHPvqRRe1I1og3OAD5wWk0vBcdBs62kn4vFJPewIGGvsEyGfPlAT6vlgkEgscvjJASKE G2F0GxwSNUHmxlIY4ee05U7boBAI2NRpjorXlz_rI4Zhf40ytrOaRg7MtRXlH0sL5yn4mr6Fe0Rdybqs jb8TR6gXPBilN2Q0da1y3FurzZd5iT6zf7oraShGVxcUOGMOO58OHztpZBFsho5H8d61QMcEtS3HyIYN NqDHJonLDhZ6pHDDjpSWRVLH4u6UAJW7iYz- 2PMR9Z2xerlWrzM2M28JSULkzULr5PLTcFxBBF3ULUdHrgE6l9UTTGRnXOxcYQ81w2FpK6aNkCuMrSOn meQMaliKLLltNmO7TcnevmhiL- x50M2iSWKiH6kIoas8A7Cl_ltwECIdnJj225d17yihAm8EaNn_FQlnuQWd02qCA-k4Vno- 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real estate. The Group operates in Estonia, Latvia, and Canada. In fourteen years of operation, we have created over 2000 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.