Financial Performance - Hepsor's consolidated revenue for Q2 2025 was 13.9 million euros, a significant increase from 5.2 million euros in Q2 2024, while revenue for the first half of 2025 reached 22.1 million euros compared to 7.4 million euros in H1 2024 [1] - The Group reported a net profit of 0.4 million euros for Q2 2025, recovering from a net loss of 0.6 million euros in Q2 2024, with a net profit of 0.3 million euros for the first half of 2025 compared to a net loss of 1.5 million euros in H1 2024 [2] - The net loss attributable to the owners of the parent company was 0.2 million euros in H1 2025, an improvement from a net loss of 1.5 million euros in H1 2024 [2] Property Transactions - Hepsor Fortuuna OÜ sold properties located at Paevälja 5, 7, and 9 to its joint venture Hepsor SOF OÜ for a total of 2.7 million euros, generating a profit of 0.8 million euros from the sale [4] - In July 2025, Hepsor N450 OÜ sold properties at Narva mnt 150 and 150a to Hepsor SOF OÜ for 6.3 million euros, with a profit of 2.8 million euros expected from this transaction [12] Residential Development - As of June 30, 2025, Hepsor had 9 residential developments for sale, with 5 completed and 4 under construction or set to start in 2025, totaling 355 new homes and 453 m² of commercial space [5] - The company handed over 102 homes to customers in the first half of 2025, compared to 46 homes in H1 2024, with 60 homes delivered in Q2 2025 [6] Commercial Real Estate - Hepsor started construction on the StokOfiss U34 multifunctional commercial building in Riga, with 65% of the leasable area already covered by lease agreements as of June 30, 2025 [8] - The P113 Health Centre property has 98% of its leasable area covered by lease agreements as of June 30, 2025 [9] Future Projects - Hepsor plans to acquire a new property development in Riga, consisting of three 14-storey apartment buildings with approximately 250 apartments, with a total investment of close to 40 million euros [10] - In Tallinn, Hepsor is preparing for the construction of the Manufaktuuri Factory development project, which will include 152 homes, scheduled for completion in autumn 2027 [6] Management Changes - Significant management changes are set to take place in August 2025, with Martti Krass joining the Management Board and Gints Vanders becoming the Country Manager in Latvia [16]

Group 1 - Hepsor AS and EfTEN Special Opportunities Fund's joint venture, Hepsor SOF OÜ, acquired properties at Narva mnt 150 and 150a for EUR 6.3 million, generating a profit of EUR 2.8 million for Hepsor, with EUR 1.4 million realized in Q3 2025 [1] - The acquisition is part of a larger cooperation project in Lasnamäe, Tallinn, which includes the construction of approximately 300 homes and some commercial premises, with the first construction stage set to begin in 2026 [2] - Hepsor has completed the Paevälja courtyard houses project in the same area, building 100 new homes, and plans to construct around 500 new homes and 4,200 m² of commercial space in the broader development area [3] Group 2 - Recent approvals for detailed plans in December 2024 and May 2025 will enable Hepsor to build an additional 400 homes in the development area [4] - The Lasnamäe district is one of the most densely populated residential areas in Estonia, with low development competition, making the project strategically important for Hepsor [5] - The partnership with EfTEN is expected to enhance the quality of life in Lasnamäe and strengthen Hepsor's capital structure, leveraging EfTEN's experience in property investment [6]

Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada [3] - The company has created 2,076 homes and nearly 36,300 square meters of commercial space over fourteen years [3] - Hepsor is recognized as the first developer in the Baltic States to implement innovative engineering solutions for energy-efficient and environmentally friendly buildings [3] - The company has a portfolio of 25 development projects totaling 172,800 square meters [3] Share Capital Increase - On 8 July 2025, the Supervisory Board of Hepsor AS decided to increase the share capital by €57,821 related to the acquisition of a 20% stake in Hepsor Latvia OÜ from Hugomon OÜ [1] - The share capital increase was registered in the Commercial Register on 17 July 2025, bringing the total registered share capital to €3,912,522, divided into 3,912,522 shares with a nominal value of €1 [2] - The company plans to submit an application for the admission to trading of the new shares on the main list of the Nasdaq Tallinn Stock Exchange [2]

Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada, with a total of 2,076 homes and nearly 36,300 m² of commercial space created over fourteen years [4] - The company has a portfolio of 25 development projects totaling 172,800 m², and is recognized for implementing innovative engineering solutions for energy efficiency [4] Recent Acquisition - Hepsor Latvia OÜ, a subsidiary of Hepsor AS, has acquired a 100% holding in Starta 17 SIA, which owns a property at Starta iela 17 in Riga [1] - The total transaction price for the acquisition is EUR 1.25 million, with EUR 800,000 raised from partners for a 20% minority holding in Starta 17 SIA [2] Development Project Details - The planned development includes three 14-storey apartment buildings with a total of 250 apartments and a net area of 14,500 m², with phased construction set to begin at the end of 2026 [1] - The total investment in the development project is approximately EUR 40 million, marking it as Hepsor's largest development in the Latvian real estate market [2] Market Insights - The Country Manager at Hepsor Latvia, Martti Krass, highlighted a more than 25% year-on-year increase in primary market real estate transaction activity in Riga, indicating a positive trend expected to continue [3] - The development will be located in Teika, an area experiencing a boom in new residential and commercial buildings, leading to strong demand for new housing [3] - Hepsor has previously developed around 400 apartments in Latvia, with 95% sold, and an additional 514 apartments expected to be completed in the coming years [3]

Core Insights - Hepsor Phoenix 4 OÜ has signed a construction contract for the M12 development project in Tallinn, valued at 7.0 million euros, with completion expected in the second half of 2026 [1][3] - The M12 project will feature two apartment buildings with a total of 49 apartments and a saleable area of 3,090 m² [1] - The development emphasizes energy efficiency and sustainability, incorporating smart home systems, electric vehicle charging, solar panels, and storage for bicycles and strollers [2] Company Developments - The M12 project is the fourth collaboration between Hepsor and the Tolaram Group in the Manufaktuuri quarter, following the completion of 421 homes in previous projects, with 96% sold [4] - Construction for the first phase of the Manufaktuuri Factory project, which will add 152 new homes, is planned to start in the third quarter of 2025 [4] - Hepsor AS has developed 2,076 homes and nearly 36,300 m² of commercial space over 14 years, and is recognized for implementing innovative engineering solutions for energy efficiency [4]

Core Points - Hepsor AS amended its articles of association on 12 June 2025, with the new articles registered on 25 June 2025 [1][2] - The amended articles of association are available on the company's website [2] Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada [2] - Over fourteen years, the company has developed 2,076 homes and nearly 36,300 square meters of commercial space [2] - Hepsor is recognized as the first developer in the Baltic States to implement innovative engineering solutions for energy-efficient and environmentally friendly buildings [2] - The company currently has a portfolio of 25 development projects totaling 172,800 square meters [2]

Core Points - Hepsor AS plans to acquire a 20% minority shareholding in Hepsor Latvia OÜ from Hugomon OÜ, represented by Martti Krass, to align management interests with the company [1][5] - The company will pay €20,000 in cash and issue 57,821 new shares to Hugomon OÜ as part of the transaction [9] - The company’s current share capital is €3,854,701, divided into 3,854,701 ordinary shares, each granting one vote [4] Shareholder Voting Process - Shareholders must submit their votes digitally or in hard copy by June 12, 2025, at 11:59 PM Estonian time [3][15] - Voting forms must be signed digitally or submitted with a handwritten signature, and additional identification may be required for representatives [10][11] - The voting form and related documents are available on the company's website [12] Proposed Resolutions - Approval of the acquisition of the minority shareholding in Hepsor Latvia OÜ [5] - Amendment of the articles of association to facilitate the transaction [6][7] - Exclusion of pre-emptive subscription rights for existing shareholders regarding the new shares issued [7][9] Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada [14] - The company has developed 2,076 homes and nearly 36,300 square meters of commercial space over fourteen years [14] - Hepsor is recognized for implementing innovative engineering solutions to enhance energy efficiency in its buildings [14]

Core Viewpoint - Hepsor AS has appointed Martti Krass as a new member of the Management Board, effective August 1, 2025, succeeding Henri Laks, who will transition to the Supervisory Board [1][2][3] Group 1: Management Changes - Martti Krass has been with Hepsor since 2014, serving in various roles including Latvian Country Manager since 2017 [2] - Henri Laks, the current Chairman of the Management Board, will become a member of the Supervisory Board upon the expiration of his mandate on August 1, 2025 [1][3] Group 2: Future Goals and Strategy - Martti Krass emphasized the company's focus on increasing profitability through enhanced efficiency, teamwork, and client satisfaction [3] - The company aims to continue its activities in Estonia and Latvia, with an emphasis on sustainable development projects and improving living environments [3] Group 3: Company Background - Hepsor AS is a developer of residential and commercial real estate, operating in Estonia, Latvia, and Canada [4] - Over fourteen years, Hepsor has developed 2,076 homes and nearly 36,300 square meters of commercial space [4] - The company has a portfolio of 25 development projects totaling 172,800 square meters [4]

Core Points - Hepsor AS held its annual general meeting on May 21, 2025, with 35 shareholders representing 76.84% of the votes [4] - The company approved its 2024 annual report and decided on the distribution of profits [5][6] Financial Summary - Retained earnings from previous periods amount to €7,836 thousand, with a net profit of €423 thousand for 2024, leading to a total distributable profit of €8,259 thousand [6] - A dividend of €0.26 per share will be paid, totaling €1,002 thousand to shareholders, while retained earnings of €7,257 thousand will not be distributed [9] Governance Changes - Lauri Meidla will resign from the supervisory board effective July 31, 2025, and Henri Laks was elected as a new member, starting from August 1, 2025 [7] - The remuneration for supervisory board members was set at €1,000 gross per month, with the chairman receiving €8,000 gross per month, effective August 1, 2025 [8] Company Overview - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada, with a portfolio of 25 development projects totaling 172,800 m² [10]

Group 1 - Hepsor AS subsidiary Hepsor 3Torni OÜ sold 20 apartments in the Ojakalda Kodud development project for four million euros, excluding VAT, under market conditions [1] - The average price per square meter of the sold apartments matched the pricing level of comparable units previously sold in the same development [1] - Hepsor 3Torni OÜ will continue to sell the remaining 20 apartments in line with the original development project strategy [2] Group 2 - Hepsor AS acquired an additional 49% stake in Hepsor 3Torni OÜ from Artex KV OÜ for 1,225 euros, making Hepsor AS the sole owner of the subsidiary [3] - The Ojakalda Kodud development project includes three completed apartment buildings with a total of 101 apartments, of which 61 have already been sold [2] - Hepsor AS has developed 2,076 homes and nearly 36,300 square meters of commercial space over its fourteen years of operation [3]