Liven AS - Consolidated unaudited interim report for the I quarter of 2025

Core Insights - The recovery from market lows continued in Q1 2025, with 25 contracts signed under the law of obligation, up from 16 in Q1 2024, driven by projects like Iseära phase II and Regati [1][3][31] - The average weekly sales ratio remained stable at around 1.9%, exceeding 2.5% in March, compared to a long-term average of 1.5–2.0% [2] - The company reported a net loss of EUR 705 thousand in Q1 2025, attributed to low sales volume and lower-than-average profitability, with revenue of EUR 1,931 thousand [4][11] Financial Performance - Cash and cash equivalents increased by EUR 4,011 thousand to EUR 9,916 thousand, while total assets grew by EUR 10,512 thousand to EUR 88,810 thousand [5] - Total borrowings rose by EUR 10,427 thousand to EUR 57,684 thousand, with EUR 6,808 thousand in bank loans disbursed for project financing [6][7] - The company redeemed EUR 2,000 thousand in bonds and reduced current borrowings by EUR 4,367 thousand to EUR 2,039 thousand [7] Project Developments - No new construction completions occurred in Q1 2025, with only 5 homes and 1 commercial space handed over from previous developments [4] - The company has 104 contracts for homes scheduled for completion in 2025, with a total revenue value of EUR 40.7 million [3][31] - A public offering of green bonds in March 2025 was oversubscribed by 2.1 times, raising EUR 6,200 thousand [16] Market Environment - The 6-month Euribor rate fell to 2.39% by the end of Q1 2025, continuing a downward trend [20] - Inflation in Estonia was 4.4% in Q1 2025, higher than the euro area average, with forecasts suggesting inflation could reach 6.6% for the year [22] - The number of apartment transactions in Tallinn decreased by 15.8% from the previous quarter but showed an 18.3% increase year-on-year [24] Future Outlook - The company expects continued recovery in demand for residential real estate, with potential revenue of up to EUR 75 million from 194 residential and commercial units in 2025 [27][28] - Most planned revenue and profit for 2025 will be generated in the second half of the year, with ongoing efforts in pre-sales and new project developments [29][32] - The company is actively seeking new sites and negotiating acquisitions to expand its development portfolio [33]