INTERIM CONSOLIDATED REPORT FOR THE FOURTH QUARTER AND 12 MONTHS OF 2025 (UNAUDITED)

GROUP CEO’S REVIEW The fourth quarter of 2025 in the Estonian real estate market was overall stable, but fell short of the expectations set at the beginning of the year. The market was no longer in a downturn phase; however, a clear growth cycle had not yet begun either. Rather, it was a period of stabilization, during which both buyers and sellers were adapting to the new economic environment and waiting for clearer signals regarding interest rates and the overall improvement of economic conditions. The fo ...