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 |
Kindlustunde indikaatorid näitavad, et tarbijate arvates on majanduses toimunud kerge olukorra paranemine. Värske tarbija kindlustunde indikaator -26 näitab siiski, et neid, kes arvavad, et olukord on läinud kehvemaks, on protsentuaalselt rohkem kui neid, kes arvavad, et olukord on läinud paremaks. Eelmise kuu näitajaga -29 võrreldes on olukord tarbijate hinnangul paranenud. Euroopa Liidu keskmine näitaja oli -15 ning ka see läks juulis eelmise kuuga võrreldes natuke paremaks. Naabritega võrreldes on eestlased jätkuvalt kõige pessimistlikumad.
Jõelähtme vallavanem Andrus Umboja hoiatas, et kui valitsus ei seadusta kiiresti sotsiaalse taristu arendustasu, võib elamuehitus Eesti peamistes majanduspiirkondades seiskuda. Eesti suurima kinnisvarabüroo Uus Maa kutselise hindaja ja analüüsieksperdi Mihkel Eliste sõnul võib pikalt vinduv lahenduseta olukord viia pakkumise vähenemise ning hinnatõusuni, mille maksavad kinni ostjad.
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Statistikaamet avaldas ettevõtete ja tarbijate majanduslikku kindlustunnet mõõtvate uuringute ehk konjunktuuribaromeetrite juuli andmed. Tulemused näitavad, et ehitus- ja kaubandusettevõtjate kindlustunne on veidi langenud, kuid teiste sektorite ja tarbijate hinnangud paranesid.
AS Merko Ehitus kontserni kuuluv OÜ Merko Kodud on otsustanud alustada Tallinnas Maarjamäe paeklindil asuva Lahekalda korteriarendusprojekti seitsmenda etapi ehitust, mille raames valmib 2027. aasta sügisel kortermaja 50 korteriga.
Koolitus „
Tallinn kuulutas välja rahvusvahelise riigihanke eraettevõtja leidmiseks, kes rajaks Lasnamäele Kuukivi tänavale uue mitmeotstarbelise spordikeskuse. Keskuse südameks saab rahvusvahelistele olümpiastandarditele vastav ujula.
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Euroopa Keskpanga nõukogu eilsel kohtumisel otsustasime euroala intressimäärad tõstmata jätta, mis aga ei tähenda, et Lähis-Ida sõjaga seonduv ebakindlus ja sellest tulenev risk hindade tõusuks oleksid möödas. Pigem on viimase pooleteise kuu sündmused näidanud, et sõjaline konflikt Lähis-Idas võib kiiresti nii leeveneda kui ka uuesti lahvatada, mille tõttu käivad energiahinnad üles ja alla nagu sõit Ameerika mägedel.
Kokku tehti Riia uute korterite turul juunikuus 189 uut müüki, viimase kuue kuu hinnanguline nõudlus ulatus keskmiselt 223 korterini kuus. Kaamos Kinnisvara tegi juunis uute korteritega rekordilised 40 müügitehingut ning kinnitab Riia turu jätkuvat nõudlust uusarenduste vastu.
Kinnisvaramaakleri tööle hea alguse tegemiseks on vaja enamat kui huvi valdkonna vastu – olulised on ka teadmised kinnisvaraturust, tehingutest, hindamisest, müügist ja juriidikast. 
