AS Nordecon group company Tariston AS and the Estonian Transport Administration have concluded a contract for the construction of the Päädeva–Orgita road section located at kilometres 62.2–64.8 and Haimre traffic junction and road section at kilometres 68.2–70.2 of National Road…
Correction: The consolidated cash flow statement on page 22 has been corrected, as well as the cash flow-related figures in the Key Financial Indicators table on page 11. All other information remains unchanged. GROUP CEO’S REVIEW The Estonian real estate market…
COMMENTARY FROM MANAGEMENT Merko Ehitus generated revenue of EUR 74 million in the third quarter of 2025 and EUR 242 million in the first 9 months of the year. Net profit for Q3 amounted to EUR 15.0 million, while net…
Compared to the optimistic estimates at the beginning of the year, the economic growth forecast for 2025 has become increasingly modest. Estonia’s economic growth continues at a slow pace, with the latest forecasts estimating annual growth at 0.6%. The construction…
Global growth has been more resilient than expected so far this year, despite the impact of new tariffs and a high level of uncertainty. Economic growth has slowed down in the US and China, but the global outlook appears slightly…
Northern Horizon Capital AS, the management company of Baltic Horizon Fund, hereby notifies that on 30 October 2025, the previous sole shareholder Northern Horizon A/S (registered in Denmark under register number 27599397) transferred the ownership of this Estonian licensed fund…
In the third quarter of 2025, the market remained active. During the quarter, several previously made reservations were converted into contracts under the law of obligations (sales contracts), particularly in development projects with construction scheduled for completion in 2026. A…
Arco Vara AS will pay its shareholders a dividend of EUR 0.02 net per share for the financial year 2024. The dividends will be paid out to shareholders on 12 November 2025. In accordance with the company’s approved dividend policy,…
The Fund manager’s comment In a prolonged period of low economic activity, financial results of the EfTEN Real Estate Fund AS have gradually improved. This is due to the fund’s strong focus on maintaining low vacancy rates, new successful investments…
Hepsor’s consolidated revenue for the third quarter of 2025 was 8.8 million euros (Q3 2024: 20.4 million euros) and the revenue for the first nine months of 2025 was 30.9 million euros (9M 2024: 27.9 million euros). During the first…
Following the departure of Arco Vara Bulgaria’s former Managing Director, Daniel Yordanov, Arco Vara AS has appointed Christian Petrov as the new head of its Bulgarian subsidiaries. The main responsibility of the new manager is to ensure the smooth continuation…
GROUP CEO’S REVIEW The Estonian real estate market in the third quarter of 2025 was characterized by stable and moderately recovering activity. The number of transactions remained at a comparable level to the previous quarter, indicating that the market is…
Summus Capital, one of the leading real estate investment companies in the Baltics and Poland, has sold two commercial properties in Estonia and Latvia to INDEXO Real Estate Fund AS, a fund managed by Provendi asset management AIFP. The portfolio…
Publicly listed real estate developer Hepsor, in cooperation with LHV Pank, is preparing a bond programme and plans to list the bonds on the main list of the Nasdaq Tallinn Stock Exchange in order to diversify the company’s financing structure…
On Friday, September 19, 2025, the public offering of Arco Vara AS bonds ended. The offering was carried out on the basis of the prospectus approved by the Estonian Financial Supervision Authority on September 8, 2025. As part of the…
