Estonia's Hepsor swings to Q4 loss as fewer apartment handovershithits margins

Hepsor AS

18/02/2026 05:34

Corrects typographical error in headline

Overview

Estonia real estate developer's Q4 revenue fell yr/yr due to fewer apartment handovers

Company recorded Q4 net loss of 0.5 mln euros, impacted by lower profit margins

Company completed bond offering, raising 8 mln euros due to strong investor demand

Outlook

Hepsor plans to launch five new development projects in 2026

Company to begin construction of timber-frame residential building in Tallinn

Hepsor expands Canadian operations with increased building rights for development projects

Result Drivers

FEWER APARTMENT HANDOVERS - Revenue and profitability were affected by a decrease in the number of apartments handed over to customers, totaling 141 in 2025 compared to 194 in 2024

LOWER PROFIT MARGINS - Profitability was negatively impacted by lower profit margins of development projects sold, which stood at 16.9% in 2025 compared to 17.8% in 2024

INCREASED MARKETING EXPENSES - Marketing expenses rose to 1.3 mln euros in 2025 from 0.9 mln euros in 2024, driven by growth in the number and scale of projects on sale

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
EUR 4.53 mln
Q4 Net Income
-EUR 486,000
Q4 Gross Profit
EUR 694,000
Q4 Pretax Profit
-EUR 422,000


Press Release: ID:nGNEcfV51L

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 (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)