The Estonian economy continues to grow slowly, with the latest forecasts estimating annual economic growth at 1.2%. The construction market is showing signs of stabilisation. Within the buildings segment, there are indications of a slight increase in orders from the private sector. Public sector volumes are being supported by orders from local governments and the Estonian Centre for Defence Investment. The infrastructure segment is also being supported by the volume of Rail Baltica works this year, whereas investments by the Transport Administration have not recovered.During the period, revenues generated by both group's main operating segments decreased compared to the first six months of 2024. The Buildings segment accounted for 89% of the group's total revenue, while the Infrastructure segment's contribution decreased slightly (H1 2025: 11%; H1 2024: 13%). In the first half of the year, the group secured a significant number of new contracts, the impact of which will be reflected in revenue over a longer period.The group's gross margin was 5.9% and operating margin was 2.3%. Net profit for the period was primarily affected by the foreign exchange loss resulting from the weakening of the Ukrainian hryvnia against the euro.Compared to 30 June 2024, the group's order book grew by 70%. The order books of both the Buildings and the Infrastructure segments increased. A significant portion of the order book comprises work scheduled for 2026 and 2027.

Condensed consolidated interim statement of financial position

€'000

30 June 2025

31 December 2024

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

9,326

8,195

Trade and other receivables

38,683

29,449

Prepayments

2,701

3,543

Inventories

24,068

28,091

Total current assets

74,778

69,278

Non-current assets

 

 

Other investments

77

77

Trade and other receivables

10,809

10,681

Investment property

5,517

5,517

Property, plant and equipment

13,102

13,247

Intangible assets

14,927

14,951

Total non-current assets

44,432

44,473

TOTAL ASSETS

119,210

113,751

 

 

 

LIABILITIES

 

 

Current liabilities

 

 

Borrowings

12,432

12,626

Trade payables

45,621

36,819

Other payables

10,087

10,260

Deferred income

12,665

12,472

Provisions

1,039

1,333

Total current liabilities

81,844

73,510

Non-current liabilities

 

 

Borrowings

3,811

5,720

Trade payables

3,023

5,091

Provisions

2,984

2,826

Total non-current liabilities

9,818

13,637

TOTAL LIABILITIES

91,662

87,147

 

 

 

EQUITY

 

 

Share capital

14,379

14,379

Own (treasury) shares

(660)

(660)

Share premium

635

635

Statutory capital reserve

2,554

2,554

Translation reserve

4,507

4,034

Retained earnings

4,612

4,746

Total equity attributable to owners of the parent

26,027

25,688

Non-controlling interests

1,521

916

TOTAL EQUITY

27,548

26,604

TOTAL LIABILITIES AND EQUITY

119,210

113,751

Condensed consolidated interim statement of comprehensive income

€'000

H1 2025

Q2 2025

H1 2024

Q2 2024

2024

Revenue

92,638

53,283

114,945

68,700

223,925

Cost of sales

(87,188)

(49,635)

(107,751)

(63,644)

(207,155)

Gross profit

5,450

3,648

7,194

5,056

16,770

 

 

 

 

 

 

Marketing and distribution expenses

(169)

(86)

(172)

(104)

(422)

Administrative expenses

(3,072)

(1,526)

(3,373)

(1,809)

(7,878)

Other operating income

68

16

77

51

286

Other operating expenses

(160)

(126)

(458)

(312)

(695)

Operating profit

2,117

1,926

3,268

2,882

8,061

 

 

 

 

 

 

Finance income

258

113

317

180

678

Finance costs

(1,904)

(1,165)

(1,546)

(841)

(3,011)

Net finance costs

(1,646)

(1,052)

(1,229)

(661)

(2,333)

 

 

 

 

 

 

Profit before tax

471

874

2,039

2,221

5,728

Income tax expense

0

0

(237)

(237)

(563)

Profit for the period

471

874

1,802

1,984

5,165

 

 

 

 

 

 

Other comprehensive incomeItems that may be reclassified subsequently to profit or loss

 

 

 

 

 

Exchange differences on translating foreign operations

473

569

165

114

248

Total other comprehensive income

473

569

165

114

248

TOTAL COMPREHENSIVE INCOME

944

1,443

1,967

2,098