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
Does the information contain personal data?
No
Is the data provided voluntary or not?
No
Original language of the information to be provided
Estonian
Is information covering a period?
Yes
The start date to which the information relates
01.07.2026
The end date to which the information relates
30.09.2026
Version
1
Unique data record identifier
19142
Submission date and time
28.10.2026 08:00:00
Content of announcement in Estonian
Title
Hepsor AS 2026 III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Message
2026. aasta esimesed üheksa kuud on Hepsori jaoks olnud aktiivse arendustegevuse ja mahukate investeeringute periood. Kontsern on jõudnud investeerimistsükli kõige kapitalimahukamasse etappi, mida peegeldab bilansimahu aastane 44%-line kasv. 2025. aastal alanud uus ja senisest mahukam investeerimistsükkel loob tugeva aluse kontserni edasisele arengule. Tehtud investeeringute tulemused hakkavad järk-järgult kajastuma kontserni finantstulemustes alates 2026. aasta neljandast kvartalist, mil arendusprojektid jõuavad realiseerimisfaasi.
Aruandeperioodi finantstulemusi mõjutas eelkõige müügiks valmis korterite väike jääk. Alustasime aastat 28 valmis korteriga ning tänaseks on neist müümata veel üks korter. Aruande avaldamise ajaks on Hepsor alustanud Tallinnas, Manufaktuuri kvartalis asuva M12- nimelise arendusprojekti korterite üleandmist, mis tähistab ligi kaheaastase perioodi lõppu, mil kontsernil Eestis uusi kortermaju ei valminud.
Hepsori arendusportfelli potentsiaalne müügitulu ulatus 30. septembri 2026 seisuga 535 miljoni euroni (30.09.2025: 385 miljonit eurot), millest 86% (30.09.2025: 82%) moodustas elukondlik kinnisvara ja 14% (30.09.2025: 18%) ärikinnisvara.
Kontserni 2026. aasta esimese üheksa kuu müügitulu oli 7,6 miljonit eurot (9 kuud 2025: 30,9 miljonit eurot) ja aruandeaasta kolmanda kvartali müügitulu oli 1,3 miljonit eurot (III kvartal 2025: 8,8 miljonit eurot).
Aruandeaasta üheksa kuu puhaskahjum oli 3,2 miljonit eurot (9 kuud 2025: puhaskasum 1,5 miljonit eurot), millest emaettevõtte omanike puhaskahjum oli 2,9 miljonit eurot (9 kuud 2025: puhaskasum 0,9 miljonit eurot).
Kontserni kolmanda kvartali puhaskahjum oli 1,0 miljonit eurot (III kvartal 2025: puhaskasum 1,2 miljonit eurot), millest emaettevõtte omanike kahjumiks kujunes 1,0 miljonit eurot (III kvartal 2025: puhaskasum 1,1 miljonit eurot).
Kontserni bilansimaht on aastaga kasvanud 44% ulatudes seisuga 30.09.2026 – 116,0 miljoni euroni (30.09.2025: 80,7 miljonit eurot).
Septembris viis Hepsor 20 miljoni euro suuruse võlakirjaprogrammi raames läbi teise avaliku emissiooni, milles 974 investorit märkisid võlakirju 7,1 miljoni euro väärtuses. Pakkumise esialgne maht märgiti 2,4-kordselt üle ning suure huvi tõttu suurendati emissiooni mahtu 3 miljonilt 5 miljoni euroni.
Ehituses ja müügis olevad arendusprojektid
2026. aasta esimesel üheksal kuul sõlmis kontsern võla- ja asjaõiguslepingute alusel 175 korteri esmamüüki koguväärtusega 34,5 miljonit eurot, mis on vastavalt 31% ja 27% enam kui aasta varem (9 kuud 2025: 134 korterit ja 27,1 miljonit eurot).
Aruandekvartali lõpu seisuga ulatus nelja kvartali keskmine esmamüükide maht 10,8 miljoni euroni (30.09.2025: 8,6 miljonit eurot), kasvades aastaga 26%.
30.09.2026 seisuga oli kontsernil eelmüügis ja müügis 7 elukondlikku arendusprojekti (30.09.2025: 9 elukondlikku arendusprojekti), millest üks oli valminud ning kuus ehituses.
Kontsernil on ehituses 548 korterit (30.09.2025: 374), millest 289 korterit Eestis (30.09.2025: 201) ja 259 korterit Lätis (30.09.2025: 173).
Ärikinnisvara
Seisuga 30.09.2026 on Hepsori valmis ärikinnisvara portfellist, mis koosneb neljast projektist kogumahuga 16 678 m², üürilepingutega kaetud 92% üüritavast pinnast.
SIA „Riga Properties 4“ osanikud otsustasid loobuda kavandatud ärikinnisvaraprojekti arendamisest ning panna ettevõttele kuuluvad kinnistud müüki. Otsuse tegemisel lähtuti ärikinnisvaraturu praegusest nõudlusest ja projekti arendusväljavaadetest.
Kanada arendusprojektid
2026. aasta kolmas kvartal oli Hepsori Kanada arendusprojektide jaoks oluline. Toronto linnavolikogu otsustega jõustusid ehitusõigused kahes arendusprojektis – Isabella ja Elysium Glenavy.
Isabella arendusprojektis on võimalik rajada ligikaudu 46 000 m² ehitusmahuga 70-korruseline üürikortermaja ning Elysium Glenavy projektis ligikaudu 26 500 m² ehitusmahuga 36-korruseline üürikortermaja.
Koos 2025. aastal ehitusõiguse saanud Weston Roadi projektiga on Hepsori viiest Kanada arendusprojektist kolmes saavutatud kavandatud ehitusmaht.
Tulevikuvaade
2026. aasta neljandas kvartalis on kavandatud kahe elukondliku arendusprojekti valmimine: Tallinnas Manufaktuuri 12 aadressil asuv 49 korteriga M12 arendusprojekt ning Riias 103 korteriga 360° Dzelzavas Residences arendusprojekt. Kokku valmib kahes projektis 152 uut korterit, millest 30. septembri seisuga oli võlaõiguslepingutega müüdud 75 korterit.
Käesoleva aasta viimases kvartalis keskendume eelkõige ehituses olevate arendusprojektide valmimisele, korterite müügile ning uute projektide ettevalmistamisele.
Eestis on olulisel kohal Manufaktuuri kvartali arendustegevuse jätkamine ja Paevälja kvartali esimese etapi ehitus. Neljandas kvartalis on kavandatud Rae vallas aadressil Vana-Tartu mnt 49 Veski Keskuse arendusprojekti ehituse algus. Veski Keskusesse on planeeritud 3 551 m² üüritavat pinda, millest 96% on üürilepingutega kaetud.
Lätis jätkame mitme uue elukondliku arendusprojekti ettevalmistamist ja elluviimist. 2026. aastal on kavas alustada ehitust Riias aadressil Starta 17 asuva arendusprojekti esimeses etapis, mille käigus valmib 84 korterit.
Konsolideeritud finantsseisundi aruanne
| tuhandetes eurodes | 30.09.2026 | 31.12.2025 | 30.09.2025 |
|
|
| |
| Varad |
|
|
|
| Käibevarad |
|
|
|
| Raha ja raha ekvivalendid | 7 410 | 3 821 | 1 867 |
| Lühiajalised finantsinvesteeringud | 50 | 0 | 0 |
| Nõuded ja ettemaksed | 1 879 | 1 807 | 1 796 |
| Lühiajalised laenunõuded | 425 | 0 | 0 |
| Varud | 76 628 | 58 938 | 53 994 |
| Käibevarad kokku | 86 392 | 64 566 | 57 657 |
| Põhivarad |
|
|
|
| Materiaalne põhivara | 208 | 260 | 274 |
| Immateriaalne põhivara | 0 | 0 | 1 |
| Kinnisvarainvesteering | 11 820 | 11 820 | 7 980 |
| Finantsinvesteeringud | 9 078 | 7 837 | 7 550 |
| Investeeringud ühisettevõtetesse | 451 | 26 | 1 |
| Pikaajalised laenunõuded | 6 651 | 6 521 | 6 572 |
| Muud pikaajalised nõuded | 1 351 | 805 | 631 |
| Põhivarad kokku | 29 559 | 27 269 | 23 009 |
| Varad kokku | 115 951 | 91 835 | 80 666 |
| Kohustised ja omakapital |
|
|
|
| Lühiajalised kohustised |
|
|
|
| Lühiajalised laenukohustised | 1 617 | 5 687 | 8 192 |
| Lühiajalised rendikohustised | 12 | 50 | 13 |
| Ettemaksed klientidelt | 4 530 | 1 544 | 1 211 |
| Võlad tarnijatele ja muud võlad | 7 973 | 6 832 | 5 255 |
| Lühiajalised kohustised kokku | 14 132 | 14 113 | 14 671 |
| Pikaajalised kohustised |
|
|
|
| Pikaajalised laenukohustised | 67 917 | 42 060 | 36 720 |
| Pikaajalised rendikohustised | 112 | 112 | 162 |
| Muud pikaajalised kohustised | 9 213 | 8 472 | 7 500 |
| Pikaajalised kohustised kokku | 77 242 | 50 644 | 44 382 |
| Kohustised kokku | 91 374 | 64 757 | 59 053 |
| Omakapital |
|
|
|
| Aktsiakapital | 3 913 | 3 913 | 3 913 |
| Ülekurss | 8 917 | 8 917 | 8 917 |
| Reservkapital | 385 | 385 | 385 |
| Jaotamata kasum | 11 362 | 13 863 | 8 398 |
| Omakapital kokku | 24 577 | 27 078 | 21 613 |
| sh emaettevõtte omanikele kuuluv omakapital kokku | 16 999 | 20 858 | 21 323 |
| sh vähemusosanikele kuuluv omakapital kokku | 7 578 | 6 220 | 290 |
| Kohustised ja omakapital kokku | 115 951 | 91 835 | 80 666 |
Konsolideeritud koondkasumi aruanne
| tuhandetes eurodes | 9 kuud 2026 | 9 kuud 2025 | III kvartal 2026 | III kvartal 2025 |
|
|
|
| |
| Müügitulu | 7 568 | 30 888 | 1 344 | 8 825 |
| Müüdud kaupade ja teenuste kulu (-) | -6 766 | -25 946 | -958 | -6 743 |
| Brutokasum | 802 | 4 942 | 386 | 2 082 |
| Turustuskulud (-) | -799 | -676 | -303 | -228 |
| Üldhalduskulud (-) | -1 420 | -1 356 | -559 | -438 |
| Muud äritulud | 44 | 314 | 27 | 232 |
| Muud ärikulud (-) | -50 | -211 | -15 | -45 |
| Ärikasum/-kahjum | -1 423 | 3 013 | -464 | 1 603 |
| Finantstulud | 616 | 322 | 248 | 165 |
| Finantskulud (-) | -2 048 | -1 527 | -751 | -525 |
| Kasum enne tulumaksu | -2 855 | 1 808 | -967 | 1 243 |
| Tulumaks | -323 | -283 | -1 | 0 |
| Aruandeperioodi puhaskasum | -3 178 | 1 525 | -968 | 1 243 |
| Emaettevõtte omanikele kuuluv osa puhaskasumis/-kahjumis | -2 878 | 937 | -962 | 1 133 |
| Vähemusosalusele kuuluv osa puhaskasumis/-kahjumis | -300 | 588 | -6 | 110 |
|
|
|
| |
| Koondkasum/-kahjum |
|
|
|
|
| Omanikuvahetusega seotud muutused | -137 | -81 | -353 | -81 |
| Vähemusosaluse varjatud tuletisinstrumentide väärtuse muutus | -98 | -534 | -59 | -106 |
| Valuutakursi vahed välisettevõtete ümberarvestusel | -12 | -375 | 29 | -83 |
| Aruandeperioodi muu koondkasum kokku | -247 | -990 | -383 | -270 |
| Emaettevõtte omanikele kuuluv osa muu koondkasumis/-kahjumis | 75 | 418 | 65 | 759 |
| Vähemusosalusele kuuluv osa koondkasumis | -322 | -1 408 | -448 | -1 029 |
|
|
|
| |
| Aruandeperioodi koondkasum kokku | -3 425 | 535 | -1 351 | 973 |
| Emaettevõtte omanikele kuuluv osa koondkasumis/-kahjumis | -2 803 | 1 355 | -897 | 1 892 |
| Vähemusosalusele kuuluv osa koondkasumis/-kahjumis | -622 | -820 | -454 | -919 |
|
|
|
| |
| Kasum aktsia kohta |
|
|
|
|
| Tava (eurot aktsia kohta) | -0,74 | 0,24 | -0,46 | 0,29 |
| Lahustatud (eurot aktsia kohta) | -0,74 | 0,24 | -0,46 | 0,29 |
Täispika 2026. aasta III kvartali ja 9 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 äripindu. Hepsor on esimese arendajana Balti riikides rakendanud mitmeid uuenduslikke insenertehnilisi lahendusi, mis muudavad ettevõtte rajatavad hooned energiasäästlikumaks ja seeläbi keskkonnasõbralikumaks. Ettevõtte portfellis on kokku 28 arendusprojekti kogupindalaga 195 800 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 Q3 2026 and nine months
Message
The first nine months of 2026 were characterised by active development and substantial investments for Hepsor. The Group has reached the most capital-intensive stage of its investment cycle, as reflected in the 44% year-on-year increase in total assets. The new and larger-scale investment cycle, which began in 2025, provides a solid foundation for the Group's future growth. The investments made are expected to be gradually reflected in the Group's financial results from the fourth quarter of 2026 onwards, as development projects enter the sales and handover phase.
The financial results for the reporting period were primarily affected by the limited inventory of completed apartments available for sale. The Group started the year with 28 completed apartments, of which only one remains unsold to date. By the publication date of this report, Hepsor had commenced the handover of apartments in the M12 development project in the Manufaktuuri Quarter, marking the end of a nearly two-year period during which no new residential buildings were completed by the Group in Estonia.
As at 30 September 2026, the potential sales revenue of Hepsor’s development portfolio amounted to 535 million euros (30 September 2025: 385 million euros), of which residential real estate accounted for 86% (30 September 2025: 82%) and commercial real estate for 14% (30 September 2025: 18%).
The Group's sales revenue for the first nine months of 2026 was 7.6 million euros (9 months 2025: 30.9 million euros), and revenue for the third quarter of the reporting year was 1.3 million euros (Q3 2025: 8.8 million euros).
The Group's net loss for the first nine months of the reporting year was 3.2 million euros (9 months 2025: net profit of 1.5 million euros), of which the net loss attributable to the owners of the parent was 2.9 million euros (9 months 2025: net profit 0.9 million euros).
The Group's net loss for the third quarter amounted to 1.0 million euros (Q3 2025: net profit of 1.2 million euros), of which the loss attributable to owners of the parent company amounted to 1.0 million euros (Q3 2025: net profit of 1.1 million euros).
The Group’s total assets increased by 44% year-on-year, reaching 116.0 million euros as at 30 September 2026 (30 September 2025: 80.7 million euros).
In September, Hepsor carried out its second public bond offering under its 20 million euro bond programme. A total of 974 investors subscribed for bonds worth 7.1 million euros. The initial offering was oversubscribed 2.4 times, and in response to strong investor demand, the issue size was increased from 3 million euros to 5 million euros.
Development projects under construction and on sale
During the first nine months of 2026, the Group concluded contracts under the law of obligations and real right contracts for the first-time sale of 175 apartments with a total value of 34.5 million euros, representing increases of 31% and 27%, respectively, compared with the same period of the previous year (9 months 2025: 134 apartments and 27.1 million euros).
At the end of the reporting quarter, the four-quarter average value of first-time sales reached 10.8 million euros (30 September 2025: 8.6 million euros), representing a year-on-year increase of 26%.
As at 30 September 2026, the Group had 7 residential development projects in pre-sale and sale (30 September 2025: 9 residential development projects), of which one had been completed and six were under construction.
The Group had 548 apartments under construction (30 September 2025: 374), comprising 289 apartments in Estonia (30 September 2025: 201) and 259 apartments in Latvia (30 September 2025: 173).
Commercial Real Estate
As at 30 September 2026, 92% of the leasable area in Hepsor's completed commercial real estate portfolio – comprising four projects with a total area of 16,678 m² – is covered by lease agreements.
The shareholders of SIA “Riga Properties 4” decided not to proceed with the planned commercial real estate development project and to put the properties owned by the company up for sale. The decision was based on current demand in the commercial real estate market and the development prospects of the project.
Canadian development projects
The third quarter of 2026 was significant for Hepsor's Canadian development projects. Following decisions of Toronto City Council, building rights came into force for two development projects – Isabella and Elysium Glenavy.
The Isabella development project allows for the construction of a 70-storey rental apartment building with a gross building area of approximately 46,000 m², and the Elysium Glenavy project a 36-storey rental apartment building with a gross building area of approximately 26,500 m².
Together with the Weston Road project, which obtained building rights in 2025, the planned building volume has been achieved in three of Hepsor's five Canadian development projects.
Future outlook
The completion of two residential development projects is planned for the fourth quarter of 2026: the M12 development project at Manufaktuuri 12 in Tallinn, comprising 49 apartments, and the 360° Dzelzavas Residences development project in Riga, comprising 103 apartments. A total of 152 new apartments will be completed across the two projects, of which 75 had been sold under the law of obligations contracts as at 30 September 2026.
In the final quarter of the year, our primary focus will be on completing development projects currently under construction, selling apartments and preparing new projects.
In Estonia, key priorities include continuing the development of the Manufaktuuri Quarter and the construction of the first phase of the Paevälja Quarter. Construction of the Veski Keskus development project at Vana-Tartu mnt 49 in Rae Municipality is scheduled to commence in the fourth quarter. Veski Keskus will provide 3,551 m² of lettable area, of which 96% is already covered by lease agreements.
In Latvia, we continue to prepare and implement several new residential development projects. Construction of the first phase of the development project at Starta 17 in Riga, comprising 84 apartments, is scheduled to commence in 2026.
Consolidated statement of financial position
| in thousands of euros | 30 September 2026 | 31 December 2025 | 30 September 2025 |
|
|
| |
| Assets |
|
|
|
| Current assets |
|
|
|
| Cash and cash equivalents | 7,410 | 3,821 | 1,867 |
| Current financial investments | 50 | 0 | 0 |
| Trade and other receivables | 1,879 | 1,807 | 1,796 |
| Current loan receivables | 425 | 0 | 0 |
| Inventories | 76,628 | 58,938 | 53,994 |
| Total current assets | 86,392 | 64,566 | 57,657 |
| Non-current assets |
|
|
|
| Property, plant and equipment | 208 | 260 | 274 |
| Intangible assets | 0 | 0 | 1 |
| Investment properties | 11,820 | 11,820 | 7,980 |
| Financial investments | 9,078 | 7,837 | 7,550 |
| Investments in joint ventures | 451 | 26 | 1 |
| Non-current loan receivables | 6,651 | 6,521 | 6,572 |
| Other non-current receivables | 1,351 | 805 | 631 |
| Total non-current assets | 29,559 | 27,269 | 23,009 |
| Total assets | 115,951 | 91,835 | 80,666 |
| Liabilities and equity |
|
|
|
| Current liabilities |
|
|
|
| Loans and borrowings | 1,617 | 5,687 | 8,192 |
| Current lease liabilities | 12 | 50 | 13 |
| Prepayments from customers | 4,530 | 1,544 | 1,211 |
| Trade and other payables | 7,973 | 6,832 | 5,255 |
| Total current liabilities | 14,132 | 14,113 | 14,671 |
| Non-current liabilities |
|
|
|
| Loans and borrowings | 67,917 | 42,060 | 36,720 |
| Non-current lease liabilities | 112 | 112 | 162 |
| Other non-current liabilities | 9,213 | 8,472 | 7,500 |
| Total non-current liabilities | 77,242 | 50,644 | 44,382 |
| Total liabilities | 91,374 | 64,757 | 59,053 |
| Equity |
|
|
|
| Share capital | 3,913 | 3,913 | 3,913 |
| Share premium | 8,917 | 8,917 | 8,917 |
| Reserves | 385 | 385 | 385 |
| Retained earnings | 11,362 | 13,863 | 8,398 |
| Total equity | 24,577 | 27,078 | 21,613 |
| incl. total equity attributable to owners of the parent | 16,999 | 20,858 | 21,323 |
| incl. non-controlling interest | 7,578 | 6,220 | 290 |
| Total liabilities and equity | 115,951 | 91,835 | 80,666 |
Consolidated statement of profit and loss and other comprehensive income
| in thousands of euros | 9 months 2026 | 9 months 2025 | Q3 2026 | Q3 2025 |
|
|
|
| |
| Revenue | 7,568 | 30,888 | 1,344 | 8,825 |
| Cost of sales (-) | -6,766 | -25,946 | -958 | -6,743 |
| Gross profit | 802 | 4,942 | 386 | 2,082 |
| Marketing expenses (-) | -799 | -676 | -303 | -228 |
| Administrative expenses (-) | -1,420 | -1,356 | -559 | -438 |
| Other operating income | 44 | 314 | 27 | 232 |
| Other operating expenses (-) | -50 | -211 | -15 | -45 |
| Operating profit (-loss) of the year | -1,423 | 3,013 | -464 | 1,603 |
| Financial income | 616 | 322 | 248 | 165 |
| Financial expenses (-) | -2,048 | -1,527 | -751 | -525 |
| Profit before tax | -2,855 | 1,808 | -967 | 1,243 |
| Corporate income tax | -323 | -283 | -1 | 0 |
| Net profit (-loss) for the year | -3,178 | 1,525 | -968 | 1,243 |
| Attributable to owners of the parent | -2,878 | 937 | -962 | 1,133 |
| Non-controlling interest | -300 | 588 | -6 | 110 |
|
|
|
| |
| Other comprehensive income (-loss) |
|
|
|
|
| Changes related to change of ownership | -137 | -81 | -353 | -81 |
| Change in value of embedded derivatives with minority shareholders | -98 | -534 | -59 | -106 |
| The effects of changes in foreign exchange rates | -12 | -375 | 29 | -83 |
| Other comprehensive income (-loss) for the period | -247 | -990 | -383 | -270 |
| Attributable to owners of the parent | 75 | 418 | 65 | 759 |
| Non-controlling interest | -322 | -1,408 | -448 | -1,029 |
|
|
|
| |
| Comprehensive income (-loss) for the period | -3,425 | 535 | -1,351 | 973 |
| Attributable to owners of the parent | -2,803 | 1,355 | -897 | 1,892 |
| Non-controlling interest | -622 | -820 | -454 | -919 |
|
|
|
| |
| Earnings per share |
|
|
|
|
| Basic (euros per share) | -0.74 | 0.24 | -0.25 | 0.29 |
| Diluted (euros per share) | -0.74 | 0.24 | -0.25 | 0.29 |
The full unaudited consolidated interim report for Q3 and nine 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 28 development projects with a total area of 195 800 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.