COMMENTARY FROM MANAGEMENT Merko Ehitus generated revenue of EUR 118 million in the third quarter of 2026 and EUR 268 million in the nine months of the year. Net profit amounted to EUR 12.6 million for the third quarter and…
The Estonian economy continued to recover during the period, but the economic environment remained affected by geopolitical uncertainty, as well as high energy and fuel prices. There are also signs of a moderate recovery in the construction market, although progress…
Nordecon AS and the Estonian Centre for Defence Investments have signed a contract for the construction of a building in Harju County. The contract is valued at 2.8 million euros, plus VAT, and the construction work will be completed in…
Baltic Horizon Capital AS, the management company of Baltic Horizon Fund, hereby informs of changes in the management board. This follows the announcement of 15 October 2026, where Baltic Horizon Capital AS proposed Ülari Niinemägi for appointment to the management…
According to Statistics Estonia’s flash estimate, Estonia’s real GDP increased by 2.2% y/y and by 0.6% q/q (seasonally and working day adjusted – swda) in Q3 2026, in line with our expectations. The economy grew by an average of 2.2%…
Summary of the third quarter There were no new completions during the third quarter. We handed over only 7 previously completed homes, which is why sales volume was low and we recorded a net loss. Most of the year’s handovers…
Nordecon AS group company Eurocon Ukraine LLC and Airlogix LLC have signed contracts for the construction of three warehouse buildings in the Kyiv region of Ukraine. The total value of the contracts is UAH 259.5 million, equivalent to approximately EUR…
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…
By a resolution of the supervisory board of Tariston AS, a wholly owned subsidiary of Nordecon AS, Elmo Riig has been appointed as a new member of the management board as of 4 January 2027. He will be responsible for…
Nordecon AS group company Embach Ehitus OÜ and OÜ Nõo Lihatööstus have entered into a contract for the construction of a cold storage facility for Nõo Lihatööstus. The contract value is EUR 4.7 million, excluding VAT. The building is scheduled…
The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) increased to EUR 0.4323 at the end of September 2026 (EUR 0.4077 as of 31 August 2026). The month-end total net asset value of the Fund…
Baltic Horizon Capital AS, the management company of Baltic Horizon Fund, hereby informs of changes in the management board. Ülari Niinemägi has been proposed for appointment as a member of the management board of Baltic Horizon Capital AS. The Estonian…
AS Nordecon group company Embach Ehitus OÜ and Kaarsilla Kinnisvara OÜ have entered into a contract for the construction of an apartment building at Kalda tee 57 in Tartu, forming part of the Kaldapesa kodud residential development. The contract value…
At its meeting held on 8 October 2026, the Supervisory Board of Arco Vara AS decided to recall Rait Riim from the Management Board and to appoint Kert Keskpaik as the new Member of the Management Board and manager of…
AS Nordecon group company Embach Ehitus OÜ and the Estonian University of Life Sciences have entered into a contract for the design and reconstruction of blocks 3 and 5 of the academic building at Kreutzwaldi 56 in Tartu. The contract…