Instead of the usually quieter beginning of the year, the activity from the end of the previous year persisted in the first quarter, and we doubled last year’s sales performance. In total, we concluded 54 sales contracts (contracts under the law of obligations; Q1 2025: 25; Q4 2025: 60) during the quarter, including 3 sales contracts in Berlin. The largest contribution to new contracts signed during the quarter came from sales in the Iseära, Luuslangi, and Olemuse projects.

Relatively high supply volume kept the ratio mostly below the 1.5% level at the beginning of the first quarter, but the growth trend that started in March indicates the market’s continued strong recovery in demand. The ratio fluctuates over time due to the sales and supply cycles of project.

Sales contracts signed during the period that are not transferred under a real right contract within the same period are recognized as presales. As of the beginning of the quarter, the estimated monetary value of previously recognized presales was EUR 33.7 million, of which EUR 32.3 million was in projects planned for completion during 2026.

During the quarter, we signed new contracts in the sales revenue volume of EUR 13.0 million, and presales from new sales made during the quarter amounted to EUR 10.4 million. This includes construction to be completed in both 2026 and 2027. We enter the second quarter of 2026 with 133 contracts under the law of obligations and a presale volume of EUR 39.7 million, of which 119 contracts under the law of obligations and a sales revenue volume of EUR 35.0 million are in buildings to be completed during 2026. Presales do not include Phase I of the Peakorter project, as the 50/50 joint venture results are not consolidated line-by-line and sales revenue is not reflected in the consolidated results.

In Q1, we handed over a total of 14 homes (Q1 2025: 6; Q4 2025: 83). These included 12 freshly completed homes in the Regati project and 2 previously completed homes in the Iseära project. The first quarter of 2026 sales revenue was EUR 6,937 thousand (Q1 2025: EUR 1,931 thousand; Q4 2025: EUR 34,888 thousand) and net profit was EUR 420 thousand (Q1 2025: EUR -705 thousand; Q4 2025: EUR 5,014 thousand).

Over the last 12-month period, we have signed 205 new sales contracts, delivered 147 homes, generated revenue of EUR 54,293 thousand and net profit of EUR 6,539 thousand.

Consolidated statement of financial position

Consolidated statement of comprehensive income

The customer satisfaction score for the last 12 months, collected at various stages of the customer journey, remained stably high at the end of the 2025 Q4—9.6 points out of 10 (Q1 2025: 9.5; Q4 2025: 9.6).

Key events

In January, we signed a general contract with Mitt & Perlebach OÜ for the construction of the next residential buildings in Phase II of the Luuslangi project, where they also serve as the general contractor for the earlier buildings. The 39 homes at Jalami 4 are scheduled for completion in first half of 2027.

In January, we refinanced the loan liabilities of the Regati project with the previous financier, secured by the completed homes, as well as the costs arising from additional and modification works.

In February, the Tallinn City Council approved the detailed spatial plan for the Kadakadabra development

In February, the Supervisory Board decided to approve the Management Board’s proposal to continue the project being developed at Juhkentali 48 with a rental housing concept. The architectural competition that began at the end of 2025 was won by architecture firm Apex with their entry “Jauch”, on the basis of which further development of the project will proceed.

To develop future projects, we established three new 100% owned companies in Estonia in March: Liven Kodu 25 OÜ, Liven Kodu 26 OÜ, and Liven Kodu 27 OÜ. The share capital of all companies is EUR 2,500, and the three-member Management Board includes Andres Aavik, Mihkel Simson, and Andero Laur.

Events after the reporting period

We continued preparations and announced our intention to organize an initial public offering this spring and to apply for the admission of shares to trading on the main list of the Nasdaq Tallinn Stock Exchange.

In April, the Supervisory Board decided to cancel previous options for 191,850 shares with personalized targets and replace them with new options for up to 508,500 shares. The vesting period for the new options is at least 3 years and they assume the admission of Liven’s shares to trading on the Nasdaq Tallinn Stock Exchange. The vesting targets are divided incrementally over 5 years and are based on the six-month average share price, ranging from EUR 8.95 to EUR 10.64.

The Annual General Meeting of Liven AS was held on 9 April 2026, attended by 28 shareholders representing 93.5% of votes. The shareholders approved the 2025 annual report and a dividend of EUR 1,362 thousand. In connection with the planned public offering, they also approved preparations for the process and share listing, excluded existing shareholders’ pre-emptive subscription rights, and amended the Articles of Association to extend the Supervisory Board’s authority to increase share capital.

In April, we authorised a notary to file an application with the Berlin Charlottenburg Commercial Register for the establishment of a new subsidiary, Liven P19 GmbH (100% owned), for the development of a future project. Registration is expected in Q2 2026.

Economic environment overview

The first quarter of 2026 was characterized by opposing trends: recovery in Estonian household purchasing power and deepening geopolitical uncertainty. Although the European Central Bank (ECB) kept key interest rates unchanged in March, uncertainty pushed the 6-month Euribor to 2.475% by quarter-end (31 March 2025: 2.39%; 31 December 2025: 2.14%). The ECB forecasts inflation at 2.6%, 2.0%, and 2.1% for 2026–2028, suggesting a broadly stable monetary policy outlook.

Despite interest rate pressure, Estonia’s macroeconomic environment is normalising. Although inflation remains above the Eurozone average, price growth slowed to 3.6% in Q1 2026 (Q1 2025: 4.4%; Q4 2025: 4.1%), indicating stabilisation. According to Eesti Pank, inflation is expected at around 3.8% in 2026, driven by production costs, tax increases and continued wage growth.

Based on the latest available data from Statistics Estonia and our assessment, the average gross wage grew by nearly 6.2% year-on-year in the first quarter, outpacing consumer price growth. A unified tax-free minimum, which came into effect at the beginning of 2026, plays a significant role in improving housing affordability, increasing the monthly net income and borrowing capacity of households.

According to the Land and Spatial Development Board’s purchase and sales statistics, 2,074 apartment ownership transactions were made in Tallinn in Q1 2026 (Q1 2025: 2,127; Q4 2025: 2,193). This is 5.9% below the record level of Q4 2025 (2,203 transactions). From the perspective of new developments, both the annual comparison and quarterly activity indicate a trend towards stable growth.

Compared to Q4 2025, sales offers and average prices for new developments in Tallinn remained broadly stable in Q1 2026. According to Citify.eu, the number of new apartment sales offers increased by 8.8% quarter-on-quarter to 3,008 units (Q4 2025: 2,765) and by 11.0% year-on-year (Q1 2025: 2,711). The average price per square metre rose by 2.8% to EUR 5,129/m² (Q4 2025: EUR 4,991/m²).

According to Citify.eu data, 445 sales contracts were signed in the first quarter, which is 20.9% more compared to the previous quarter (Q4 2025: 368) and 23.6% more compared to the same period last year (Q1 2025: 360). Additionally, a total of 216 apartments and terraced houses were sold in the surrounding areas of Tallinn during the first quarter, which was 46.9% more than in the same period last year (Q1 2025: 147), indicating a greater recovery in demand specifically outside Tallinn.

Although the stock of completed apartments on the market has clearly grown over the last three years, the relatively high transaction activity in the first quarter of 2026 reduced the stock to 916 apartments (31.03.2025: 939 apartments; 31.12.2025: 1,063 apartments). Completed apartments accounted for an average of 32.7% of the total supply in the first quarter (Q1 2025: 37.7%; Q4 2025: 35.9%).

Outlook for the future

The remaining nine months of 2026 will be characterized by the interaction of opposing factors. While the unified tax-free minimum that came into effect at the beginning of the year and real wage growth have improved household incomes and confidence, global political uncertainty and higher-than-expected Euribor volatility have added caution to the market. During the year, we may hand over up to 268 homes and commercial units from completed and ongoing buildings, with an estimated sales volume of EUR 86 million. We consider it realistic to realize around two-thirds of this, implying over 190 handovers and roughly 20% sales growth to nearly EUR 59 million.

During the year, we have the potential to hand over up to 268 homes and commercial units from completed and ongoing buildings, with an estimated sales volume of EUR 86 million. We consider it realistic to realize approximately 2/3 of the potential volume, implying over 190 handovers and roughly 20% sales growth to nearly EUR 59 million. We also expect net profit to increase and return on equity to exceed 20% target.

At the beginning of the second quarter, we have 133 homes and a presale portfolio of EUR 39.7 million, of which we expect the completion of construction and handovers in the amount of EUR 35.0 million in 2026. In addition to market demand, the sales revenue achieved also depends on the timely completion of construction and handovers before the end of the year.

We laid the foundation for a strong 2026 with sales and construction started in the previous year, and continue to build towards 2027 and beyond. Of the projects currently under construction, Peakorter phase I, the final buildings of Luuslangi phase II, and Wohngarten in Berlin will be completed in 2027.

In line with Liven’s business model, construction loan volumes are cyclical and depend heavily on the composition of the development portfolio. Due to ongoing construction work, we anticipate an increase in the volume of construction loans until mid-2026.

We expect the completion of the protracted planning procedure regarding the Erika 12 property.

While our current land portfolio provides work for years to come, we see opportunities in the market to acquire new properties that would allow us to significantly increase the volumes of supply and sales revenue in the long term. We are continuing active negotiations for the acquisition of properties in both Tallinn and Berlin, as well as preparations for an initial public offering and admission to trading on the Main List of the Nasdaq Tallinn Stock Exchange.

Liven-2026-Q1-interim-report