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
Half-yearly financial report
Does the information contain personal data?
No
Is the data provided voluntary or not?
Yes
Original language of the information to be provided
Estonian
Is information covering a period?
Yes
The start date to which the information relates
01.01.2026
The end date to which the information relates
30.06.2026
Version
1
Unique data record identifier
18832
Submission date and time
29.07.2026 08:00:00
Content of announcement in Estonian
Title
Hepsor AS 2026 II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Message
2026. aasta esimene poolaasta kujunes kontserni arendusprojektide investeerimistsüklis üleminekuperioodiks, mida iseloomustas müügiks valmis korterite väike jääk, mis omakorda avaldas mõju ka aruandeperioodi finantstulemustele. Samal ajal jätkas kontsern uute arendusprojektide elluviimist ning sõlmis esimesel poolaastal 129 korteri esmamüügilepingut, mis on ligikaudu 40% rohkem kui aasta varem. Seisuga 30.06.2026 oli kontsernil ehituses rekordilised 513 uut kodu (30.06.2025: 255), mis loob tugeva aluse müügitulu ja kasumlikkuse kasvuks järgmistel perioodidel. Ehitusmahtude kasvu tulemusena kasvas konsolideeritud varade maht aastaga 35,2%, ulatudes 103,7 miljoni euroni (30.06.2025: 76,7 miljonit eurot).
2026. aasta alguseks oli kontserni valmis korterite jääk 28, millest 23 müüdi aruandeaasta esimesel poolel (6 kuud 2025: 102). 2026. aasta kolmanda kvartali lõpus on plaanis lõpetada ehitus ning alustada korterite üleandmist Tallinnas Manufaktuuri 12 arendusprojektis, kus valmib kokku 49 korterit, millest 27 korterit on võlaõiguslepinguga müüdud. Lisaks valmib neljandas kvartalis Riias aadressil Dzelzavas 74C 103 korteriga elamu, millest 42 on võlaõiguslepingutega müüdud.
Kontserni 2026. aasta esimese poolaasta müügitulu oli 6,2 miljonit eurot (I poolaasta 2025: 22,1 miljonit eurot) ja aruandeaasta teise kvartali müügitulu oli 2,4 miljonit eurot (II kvartal 2025: 13,9 miljonit eurot).
Aruandeaasta kuue kuu puhaskahjum oli 2,2 miljonit eurot (6 kuud 2025: puhaskasum 0,3 miljonit eurot), millest emaettevõtte omanike puhaskahjum oli 1,9 miljonit eurot (6 kuud 2025: 0,2 miljonit eurot).
Ehituses ja müügis olevad arendusprojektid
2026. aasta esimesel poolaastal sõlmis kontsern võla- ja asjaõiguslepingute alusel 129 korteri esmamüüki koguväärtusega 25,7 miljonit eurot, mis on vastavalt 36% ja 39% enam kui aasta varem (I poolaasta 2025: 95 kodu ja 18,5 miljonit eurot). Teises kvartalis sõlmiti 57 esmamüügilepingut koguväärtusega 10,8 miljonit eurot. Võrreldes eelmise aasta sama perioodiga vähenes müüdud korterite arv 3%, samas kasvas esmamüükide koguväärtus 6% (II kvartal 2025: 59 korterit ja 10,2 miljonit eurot).
Aruandekvartali lõpu seisuga ulatus nelja kvartali keskmine esmamüükide maht 10,8 miljoni euroni, kasvades aastaga 48% (30.06.2025: 7,3 miljonit eurot).
Kontsernil on eelmüügis ja müügis 9 projekti, millest 3 on valmis arendusprojektid ning 6 on ehituses.
Seisuga 30.06.2026 on kontsernil ehituses 513 korterit (30.06.2025: 255), millest 290 (30.06.2025: 152) korterit Eestis ja 223 (30.06.2025: 103) korterit Lätis. Aruandeperioodil alustasime Paevälja kvartalis 88 korteri ehitust.
Tulevikuvaade
2026. aastal on kavas alustada kolme uue arendusprojekti ehitust – kahe elamu- ja ühe ärikinnisvaraprojektiga.
- Rae vallas aadressil Vana-Tartu mnt 49, alustame Veski Keskuse ehitust. Hoonesse on planeeritud 3 551 m² üüritavat pinda, millest 97% on juba üürilepingutega kaetud;
- Riias aadressil Starta 17, alustame elamuarendusprojekti ehitust, mille käigus valmib mitmes etapis kokku 255 uut kodu;
- Riias alustame aadressil Braila iela 23 elamuarendusprojekti II etapi ehitust, mille käigus valmib 35 uut kodu.
Oleme alustamas Riias Veidema kvartali arendusprojekti aadressil Ganību dambis 17A projekti arenduslahenduse muutmist. Esialgse stock-office-tüüpi ärikinnisvara arenduse asemel kavandame kinnistule korterelamute rajamist. Muudatuse aluseks on turuolukorra oluline muutumine võrreldes meie algse arendusplaaniga. Näeme täna tugevat nõudluse kasvu elukondlikus segmendis ning kinnistu sobib hästi elukondliku hoonestuse rajamiseks. Ärikinnisvara projektide teostatavust on mõjutanud ehitushindade kasv, samal ajal on rendihinnad püsinud valdavalt varasemal tasemel ning ka laenuraha hind on tõusnud. Eelnevast tulenevalt on ärikinnisvara arendusprojektide oodatav tootlus vähenenud, mistõttu otsustasime jätkata elukondliku arendusprojekti elluviimisega.
20. juulil 2026 sõlmisid Hepsor SIA ja SIA „AF 2“ (registrikood 40203600778) Riia linnas aadressidel Meža iela 6-1, Meža iela 6-2, Meža iela 6-3 ja Meža iela 6-4 asuvate kinnistute ostu-müügi eellepingu. Kontsern plaanib rajada kinnistutele 48 korteriga korterelamu. Arendusprojekti ehituse algus on kavandatud 2027. aasta teise poolaastasse. Tehing toetab kontserni eesmärki kasvatada arendusportfelli uute elamuarendusprojektidega nii Lätis kui ka Eestis.
Konsolideeritud finantsseisundi aruanne
| tuhandetes eurodes | 30.06.2026 | 31.12.2025 | 30.06.2025 |
|
|
| |
| Varad |
|
|
|
| Käibevarad |
|
|
|
| Raha ja raha ekvivalendid | 2 519 | 3 821 | 3 005 |
| Nõuded ja ettemaksed | 1 727 | 1 807 | 1 028 |
| Lühiajalised laenunõuded | 0 | 0 | 200 |
| Varud | 70 868 | 58 938 | 52 318 |
| Käibevarad kokku | 75 114 | 64 566 | 56 551 |
| Põhivarad |
|
|
|
| Materiaalne põhivara | 224 | 260 | 299 |
| Immateriaalne põhivara | 0 | 0 | 1 |
| Kinnisvarainvesteering | 11 820 | 11 820 | 7 980 |
| Finantsinvesteeringud | 8 858 | 7 837 | 7 821 |
| Investeeringud ühisettevõtetesse | 26 | 26 | 1 |
| Pikaajalised laenunõuded | 6 521 | 6 521 | 3 604 |
| Muud pikaajalised nõuded | 1 169 | 805 | 467 |
| Põhivarad kokku | 28 618 | 27 269 | 20 173 |
| Varad kokku | 103 732 | 91 835 | 76 724 |
| Kohustised ja omakapital |
|
|
|
| Lühiajalised kohustised |
|
|
|
| Lühiajalised laenukohustised | 3 319 | 5 687 | 8 551 |
| Lühiajalised rendikohustised | 25 | 50 | 26 |
| Ettemaksed klientidelt | 3 516 | 1 544 | 390 |
| Võlad tarnijatele ja muud võlad | 8 548 | 6 832 | 6 122 |
| Lühiajalised kohustised kokku | 15 408 | 14 113 | 15 089 |
| Pikaajalised kohustised |
|
|
|
| Pikaajalised laenukohustised | 55 380 | 42 060 | 35 031 |
| Pikaajalised rendikohustised | 112 | 112 | 162 |
| Muud pikaajalised kohustised | 8 884 | 8 472 | 5 872 |
| Pikaajalised kohustised kokku | 64 376 | 50 644 | 41 065 |
| Kohustised kokku | 79 784 | 64 757 | 56 154 |
| Omakapital |
|
|
|
| Aktsiakapital | 3 913 | 3 913 | 3 855 |
| Ülekurss | 8 917 | 8 917 | 8 917 |
| Reservkapital | 385 | 385 | 385 |
| Jaotamata kasum | 10 733 | 13 863 | 7 413 |
| Omakapital kokku | 23 948 | 27 078 | 20 570 |
| sh emaettevõtte omanikele kuuluv omakapital kokku | 17 896 | 20 858 | 19 373 |
| sh vähemusosanikele kuuluv omakapital kokku | 6 052 | 6 220 | 1 197 |
| Kohustised ja omakapital kokku | 103 732 | 91 835 | 76 724 |
Konsolideeritud koondkasumi aruanne
| tuhandetes eurodes | 6 kuud 2026 | 6 kuud 2025 | II kvartal 2026 | II kvartal 2025 |
|
|
|
| |
| Müügitulu | 6 224 | 22 063 | 2 380 | 13 857 |
| Müüdud kaupade ja teenuste kulu (-) | -5 808 | -19 203 | -2 300 | -12 014 |
| Brutokasum | 416 | 2 860 | 80 | 1 843 |
| Turustuskulud (-) | -496 | -448 | -219 | -169 |
| Üldhalduskulud (-) | -861 | -918 | -466 | -506 |
| Muud äritulud | 17 | 82 | 0 | 59 |
| Muud ärikulud (-) | -35 | -166 | -21 | -149 |
| Ärikasum/-kahjum | -959 | 1 410 | -626 | 1 078 |
| Finantstulud | 368 | 157 | 182 | 108 |
| Finantskulud (-) | -1 297 | -1 002 | -670 | -524 |
| Kasum enne tulumaksu | -1 888 | 565 | -1 114 | 662 |
| Tulumaks | -322 | -283 | -322 | -283 |
| Aruandeperioodi puhaskasum | -2 210 | 282 | -1 436 | 379 |
| Emaettevõtte omanikele kuuluv osa puhaskasumis/-kahjumis | -1 916 | -196 | -1 081 | 24 |
| Vähemusosalusele kuuluv osa puhaskasumis/-kahjumis | -294 | 478 | -355 | 355 |
|
|
|
| |
| Koondkasum/- kahjum |
|
|
|
|
| Omanikuvahetusega seotud muutused | 216 | 0 | 216 | 0 |
| Vähemusosaluse varjatud tuletisinstrumentide väärtuse muutus | -39 | -428 | -39 | -278 |
| Valuutakursi vahed välisettevõtete ümberarvestusel | -41 | -292 | -50 | -131 |
| Aruandeperioodi muu koondkasum kokku | 136 | -720 | 127 | -409 |
| Emaettevõtte omanikele kuuluv osa muu koondkasumis/-kahjumis | 10 | -341 | 1 | -180 |
| Vähemusosalusele kuuluv osa koondkasumis | 126 | -379 | 126 | -229 |
|
|
|
| |
| Aruandeperioodi koondkasum kokku | -2 074 | -438 | -1 309 | -30 |
| Emaettevõtte omanikele kuuluv osa koondkasumis/-kahjumis | -1 906 | -537 | -1 080 | -156 |
| Vähemusosalusele kuuluv osa koondkasumis/-kahjumis | -168 | 99 | -229 | 126 |
|
|
|
| |
| Kasum aktsia kohta |
|
|
|
|
| Tava (eurot aktsia kohta) | -0,49 | -0,05 | -0,28 | 0,01 |
| Lahustatud (eurot aktsia kohta) | -0,49 | -0,05 | -0,28 | 0,01 |
Täispika 2026 II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuandega saab tutvuda Hepsori kodulehel: https://hepsor.ee/investorile/aktsia/aruandedjaesitlused/
Martti Krass
Juhatuse liige
Telefon: +372 5692 4919
e-post: [email protected]
Hepsor AS (www.hepsor.ee) on elukondliku ja ärikinnisvara arendaja. Kontsern tegutseb Eestis, Lätis ja Kanadas. Viieteistkümne 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 29 arendusprojekti kogupindalaga 195 000 m2. Lisaks tegutseb kontsern viies Kanada projektis, kus põhitegevuseks on maa detailplaneeringute koostamine ning seeläbi suurema ehitusõiguse saavutamine.
Attachments
Content of announcement in English
Title
Hepsor AS consolidated unaudited interim report for Q2 2026 and six months
Message
The first half of 2026 marked a transitional period for the Group's development projects within the investment cycle, characterised by a small remaining stock of ready-to-sell apartments, which in turn affected the Group's financial results for the reporting period. At the same time, the Group continued to advance new development projects and initial sale agreements for 129 apartments in the first half of the year, approximately 40% more than a year earlier. As at 30 June 2026, the Group had a record number of homes under construction – 513 new homes (30 June 2025: 255) – laying a strong foundation for revenue and profitability growth in the coming periods. As a result of the growth in construction volumes, the Group's consolidated assets grew by 35.2% year-on-year, reaching 103.7 million euros (30 June 2025: 76.7 million euros).
At the beginning of 2026, the Group's stock of completed apartments stood at 28 units, of which 23 were sold in the first half of the reporting year (6 months 2025: 102). Construction is scheduled to be completed and the handover of apartments to begin at the end of the third quarter of 2026 at the Manufaktuuri 12 development project in Tallinn, where a total of 49 apartments will be completed, of which 27 apartments have been sold under obligation law contracts. In addition, a 103-apartment residential building at Dzelzavas 74C in Riga will be completed in the fourth quarter, of which 42 apartments have been sold under obligation law contracts.
The Group's sales revenue for the first half of 2026 was 6.2 million euros (H1 2025: 22.1 million euros), and revenue for the second quarter of the reporting year was 2.4 million euros (Q2 2025: 13.9 million euros).
The Group's net loss for the first six months of the reporting year was 2.2 million euros (6 months 2025: net profit of 0.3 million euros), of which the net loss attributable to the owners of the parent was 1.9 million euros (6 months 2025: 0.2 million euros).
Development projects under construction and on sale
In the first half of 2026, the Group signed initial sale agreements under obligation law contracts and real right contracts for 129 apartments with a total value of 25.7 million euros, an increase of 36% and 39% respectively compared to the same period last year (H1 2025: 95 homes and 18.5 million euros). In the second quarter, 57 initial sale agreements were signed with a total value of 10.8 million euros. Compared to the same period last year, the number of apartments sold decreased by 3%, while the total value of initial sales increased by 6% (Q2 2025: 59 apartments and 10.2 million euros).
As at the end of the reporting quarter, the four-quarter moving average of initial sales reached 10.8 million euros, up 48% year-on-year (30 June 2025: 7.3 million euros).
The Group has 9 projects in pre-sale and sale, of which 3 are completed development projects and 6 are under construction.
As at 30 June 2026, the Group had 513 apartments under construction (30 June 2025: 255), of which 290 apartments (30 June 2025: 152) were in Estonia and 223 apartments (30 June 2025: 103) were in Latvia. During the reporting period, we commenced the construction of 88 apartments in the Paevälja quarter.
Future outlook
In 2026, the Group plans to start construction on three new development projects – two residential and one commercial real estate project.
- In Rae Parish, at Vana-Tartu mnt 49, we will begin construction of the Veski Centre. The building is planned to have 3,551 m² of leasable space, of which 97% is already covered by lease agreements;
- In Riga, at Starta 17, we will begin construction of a residential development project, which will deliver a total of 255 new homes in several stages;
- In Riga, we will begin construction of Phase II of the residential development project at Braila iela 23, which will deliver 35 new homes.
We are beginning to revise the development concept for the Veidema quarter project in Riga, at Ganību dambis 17A. Instead of the originally planned stock-office-type commercial development, we now plan to build apartment buildings on the site. The change is driven by a significant shift in market conditions compared with our original development plan. We are currently seeing strong growth in demand in the residential segment, and the site is well suited for residential construction. The feasibility of commercial property projects has been affected by rising construction costs, while rental prices have largely remained at previous levels and the cost of borrowing has also increased. As a result, the expected return on commercial development projects has declined, which is why we have decided to proceed with a residential development instead.
On 20 July 2026, Hepsor SIA and SIA "AF 2" (registry code 40203600778) signed a preliminary purchase agreement for properties located at Meža iela 6-1, Meža iela 6-2, Meža iela 6-3 and Meža iela 6-4 in Riga. The Group plans to build a 48-apartment residential building on the properties. Construction of the development project is planned to start in the second half of 2027. The transaction supports the Group's goal of growing its development portfolio with new residential projects in both Latvia and Estonia.
Consolidated statement of financial position
| in thousands of euros | 30 June 2026 | 31 December 2025 | 30 June 2025 |
|
|
| |
| Assets |
|
|
|
| Current assets |
|
|
|
| Cash and cash equivalents | 2,519 | 3,821 | 3,005 |
| Trade and other receivables | 1,727 | 1,807 | 1,028 |
| Current loan receivables | 0 | 0 | 200 |
| Inventories | 70,868 | 58,938 | 52,318 |
| Total current assets | 75,114 | 64,566 | 56,551 |
| Non-current assets |
|
|
|
| Property, plant and equipment | 224 | 260 | 299 |
| Intangible assets | 0 | 0 | 1 |
| Investment properties | 11,820 | 11,820 | 7,980 |
| Financial investments | 8,858 | 7,837 | 7,821 |
| Investments in joint ventures | 26 | 26 | 1 |
| Non-current loan receivables | 6,521 | 6,521 | 3,604 |
| Other non-current receivables | 1,169 | 805 | 467 |
| Total non-current assets | 28,618 | 27,269 | 20,173 |
| Total assets | 103,732 | 91,835 | 76,724 |
| Liabilities and equity |
|
|
|
| Current liabilities |
|
|
|
| Loans and borrowings | 3,319 | 5,687 | 8,551 |
| Current lease liabilities | 25 | 50 | 26 |
| Prepayments from customers | 3,516 | 1,544 | 390 |
| Trade and other payables | 8,548 | 6,832 | 6,122 |
| Total current liabilities | 15,408 | 14,113 | 15,089 |
| Non-current liabilities |
|
|
|
| Loans and borrowings | 55,380 | 42,060 | 35,031 |
| Non-current lease liabilities | 112 | 112 | 162 |
| Other non-current liabilities | 8,884 | 8,472 | 5,872 |
| Total non-current liabilities | 64,376 | 50,644 | 41,065 |
| Total liabilities | 79,784 | 64,757 | 56,154 |
| Equity |
|
|
|
| Share capital | 3,913 | 3,913 | 3,855 |
| Share premium | 8,917 | 8,917 | 8,917 |
| Reserves | 385 | 385 | 385 |
| Retained earnings | 10,733 | 13,863 | 7,413 |
| Total equity | 23,948 | 27,078 | 20,570 |
| incl. total equity attributable to owners of the parent | 17,896 | 20,858 | 19,373 |
| incl. non-controlling interest | 6,052 | 6,220 | 1,197 |
| Total liabilities and equity | 103,732 | 91,835 | 76,724 |
Consolidated statement of profit and loss and other comprehensive income
| in thousands of euros | 6 months 2026 | 6 months 2025 | Q2 2026 | Q2 2025 |
|
|
|
| |
| Revenue | 6,224 | 22,063 | 2,380 | 13,857 |
| Cost of sales (-) | -5,808 | -19,203 | -2,300 | -12,014 |
| Gross profit | 416 | 2,860 | 80 | 1,843 |
| Marketing expenses (-) | -496 | -448 | -219 | -169 |
| Administrative expenses (-) | -861 | -918 | -466 | -506 |
| Other operating income | 17 | 82 | 0 | 59 |
| Other operating expenses (-) | -35 | -166 | -21 | -149 |
| Operating profit (-loss) of the year | -959 | 1,410 | -626 | 1,078 |
| Financial income | 368 | 157 | 182 | 108 |
| Financial expenses (-) | -1,297 | -1,002 | -670 | -524 |
| Profit before tax | -1,888 | 565 | -1,114 | 662 |
| Corporate income tax | -322 | -283 | -322 | -283 |
| Net profit (-loss) for the year | -2,210 | 282 | -1,436 | 379 |
| Attributable to owners of the parent | -1,916 | -196 | -1,081 | 24 |
| Non-controlling interest | -294 | 478 | -355 | 355 |
|
|
|
| |
| Other comprehensive income (-loss) |
|
|
|
|
| Changes related to change of ownership | 216 | 0 | 216 | 0 |
| Change in value of embedded derivatives with minority shareholders | -39 | -428 | -39 | -278 |
| The effects of changes in foreign exchange rates | -41 | -292 | -50 | -131 |
| Other comprehensive income (-loss) for the period | 136 | -720 | 127 | -409 |
| Attributable to owners of the parent | 10 | -341 | 1 | -180 |
| Non-controlling interest | 126 | -379 | 126 | -229 |
|
|
|
| |
| Comprehensive income (-loss) for the period | -2,074 | -438 | -1,309 | -30 |
| Attributable to owners of the parent | -1,906 | -537 | -1,080 | -156 |
| Non-controlling interest | -168 | 99 | -229 | 126 |
|
|
|
| |
| Earnings per share |
|
|
|
|
| Basic (euros per share) | -0.49 | -0.05 | -0.28 | 0.01 |
| Diluted (euros per share) | -0.49 | -0.05 | -0.28 | 0.01 |
The full unaudited consolidated interim report for Q2 and the first six months of 2026 is available on Hepsor’s website: https://hepsor.ee/en/for-investors/stock/reports-2
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
e-mail: [email protected]
Hepsor AS (www.hepsor.ee) is a developer of residential and commercial real estate. The Group operates in Estonia, Latvia and Canada. During our fifteen years of operation, we have created 2000 homes and nearly 44 000 m2 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 a total of 29 development projects with a total area of 195 000 m2. 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.