2025 III quarter and 9 months consolidated interim report (unaudited)

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 market shows signs of stabilisation, but the sector’s recovery remains very slow and uneven.
The Buildings segment accounts for 80% of the Group’s total revenue, and there has been no significant change in the revenue distribution between segments compared to the same period last year. The decrease in revenue compared to the same period in 2024 was primarily affected by an approximately 21% decline in the volume of the Buildings segment. Revenue in the Infrastructure segment remained essentially at the same level. During the reporting period, the Group signed a substantial volume of new contracts, the impact of which on revenue will materialise over a longer timeframe.
The Group’s gross profit margin was 6.7% and operating profitability 3.2%. Net profit for the reporting period was mainly affected by an exchange loss resulting from the weakening of the Ukrainian hryvnia against the euro.
On an annual basis, i.e., compared to 30 September 2024, the Group’s order book increased by 41%. The volume of outstanding work increased in both the Buildings and Infrastructure segments. A significant share of the order book consists of work to be performed in 2026 and 2027.