Group 1 - Ahto Aruväli has been appointed as a new member of the management board of Embach Ehitus OÜ, responsible for leading the North Estonia division [1] - The management board of Embach Ehitus OÜ now consists of three members: Andres Salusaar (Chairman), Peeter Voovere (Head of Sales and Pre-Construction), and Ahto Aruväli [3] - Nordecon AS is a group of construction companies focused on construction project management and general contracting, operating in Estonia, Ukraine, and Sweden [4] Group 2 - Ahto Aruväli holds degrees in building construction and strategic management, and has previous experience on the management boards of multiple construction companies [2] - Nordecon Group reported a consolidated revenue of 208 million euros in 2025 and currently employs approximately 430 people [4]

Group 1 - Nordecon AS has signed a contract with the Tallinn Property Department for the construction of a new school building for Helen's School, valued at 12.6 million euros plus VAT, to be completed by autumn 2027 [1] - Nordecon Group specializes in construction project management and general contracting, operating in Estonia, Ukraine, and Sweden [2] - The consolidated revenue of Nordecon Group was 208 million euros in 2025, and the company employs approximately 430 people [2]

Group 1 - Nordecon AS and its subsidiary Embach Ehitus OÜ have signed a contract with Riigi Kinnisvara AS for the design and construction of the Võru special training infrastructure, with an estimated total cost of 8.05 million euros excluding VAT [1] - The project includes the construction of a shooting range and tactics building, with completion scheduled for December 2027 [1] Group 2 - Nordecon is a group of construction companies focused on construction project management and general contracting in buildings and infrastructures, operating in Estonia, Ukraine, and Sweden [2] - The consolidated revenue of Nordecon Group in 2024 was 224 million euros, and the company employs approximately 425 people [2] - Nordecon AS has been listed on the main list of the Nasdaq Tallinn Stock Exchange since May 18, 2006 [2]

Economic Overview - Estonia's economic growth forecast for 2025 has been revised down to an annual growth of 0.6%, reflecting a slowdown compared to earlier optimistic estimates [1] - The construction market in Estonia is stabilizing, but recovery remains slow and uneven [1] Financial Performance - The Group's revenue for the first nine months of 2025 was €147,666 thousand, a decrease of approximately 17.4% compared to €178,722 thousand in the same period of 2024 [21] - The Buildings segment accounted for 80% of total revenue, with a 21% decline in revenue compared to the same period in 2024, while the Infrastructure segment's revenue remained stable [21][22] - Gross profit for the first nine months of 2025 was €9,919 thousand, with a gross margin of 6.7%, down from 7.1% in 2024 [8][12] Profitability Metrics - Operating profit for the nine months of 2025 was €4,756 thousand, down from €6,972 thousand in the same period of 2024 [10] - Net profit for the period was €2,588 thousand, compared to €4,547 thousand in 2024, with net profit attributable to owners of the parent at €1,738 thousand [12][17] Cash Flow Analysis - Net cash from operating activities was €2,701 thousand, down from €3,726 thousand in the same period of 2024 [13] - Cash and cash equivalents at the end of the period were €8,083 thousand, a decrease from €11,476 thousand a year earlier [16] Order Book and Future Outlook - The Group's order book stood at €276,332 thousand as of September 30, 2025, an increase of approximately 41% compared to the previous year [30] - Major contracts secured include construction projects for a spa hotel, kindergarten, and sections of the Rail Baltica railway infrastructure [33] - Management expects business volumes in 2025 to decrease compared to 2024, focusing on managing fixed costs and increasing productivity [34] Employee Metrics - The average number of employees for the first nine months of 2025 was 425, a decrease of around 3% from the previous year [35] - Staff costs for the period amounted to €14,694 thousand, down from €16,178 thousand in 2024, reflecting a 9% decline [35]

Group 1 - Nordecon group company Embach Ehitus OÜ and Kaarsilla Kinnisvara OÜ have signed a contract for the construction of a commercial building in Narva, with a total cost of 5.05 million euros excluding VAT, expected to be completed by July 2026 [1] - Nordecon is a group of construction companies focused on construction project management and general contracting, operating in Estonia, Ukraine, and Sweden [2] - The consolidated revenue of Nordecon Group in 2024 was reported at 224 million euros, and the group employs approximately 420 people [2]

AS Nordecon group company Embach Ehitus OÜ and Riigi Kinnisvara AS (State Real Estate Ltd) entered into a contract for the reconstruction of Võru riigimaja (Võru State Building) in Võru, Jüri 12. The total cost of the contract is 4.7 million euros excluding VAT, and the works will be completed in 18 months. Nordecon (www.nordecon.com) is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographicall ...

Economic Overview - The Estonian economy is projected to grow at an annual rate of 1.2%, with signs of stabilization in the construction market [1] - The Buildings segment is experiencing a slight increase in private sector orders, while public sector volumes are supported by local government and defense investment orders [1] Financial Performance - The group's revenue for H1 2025 was €92,638 thousand, a decrease of approximately 19% compared to H1 2024 [22] - The Buildings segment generated 89% of total revenue, while the Infrastructure segment contributed 11% [22][23] - Gross profit for H1 2025 was €5,450 thousand, with a gross margin of 5.9%, down from 6.3% in H1 2024 [7][17] - The group's net profit for H1 2025 was €471 thousand, a decline from €1,802 thousand in H1 2024 [12][17] Segment Performance - The Buildings segment's revenue decreased by 18% year-on-year, while the Infrastructure segment's revenue fell by 28% [22] - The largest revenue contributor in the Buildings segment was from public and commercial buildings, with commercial buildings seeing a 35% increase year-on-year [24] - The Infrastructure segment's revenue was primarily from road construction and maintenance, which decreased by around 30% compared to the previous year [30] Order Book - The group's order book stood at €303,914 thousand as of June 30, 2025, reflecting a 70% increase from the previous year [31][32] - The Buildings segment accounted for 70% of the order book, while the Infrastructure segment made up 30% [32] Cash Flow and Financial Position - Net cash from operating activities for H1 2025 was €2,950 thousand, down from €6,114 thousand in H1 2024 [13] - Cash and cash equivalents at the end of H1 2025 were €9,326 thousand, compared to €12,513 thousand at the end of H1 2024 [16] Employee and Cost Management - The average number of employees decreased by around 3% to 418 in H1 2025 [35] - Staff costs for H1 2025 were €9,221 thousand, a decline of approximately 9% from the previous year [36] Geographical Performance - Approximately 2% of the group's total revenue in H1 2025 was generated outside Estonia, solely from Ukraine [19][20]

Group 1 - Nordecon AS and its subsidiary Embach Ehitus OÜ have signed a contract with the Estonian Centre for Defence Investments for the design and construction of defence-related facilities valued at 34.3 million euros, plus VAT, to be completed within 14 months [1] - Nordecon Group operates in Estonia, Ukraine, and Sweden, focusing on construction project management and general contracting in the buildings and infrastructures segment [2] - The consolidated revenue of Nordecon Group in 2024 is projected to be 224 million euros, with approximately 411 employees currently [2]

Core Points - Nordecon AS held its annual general meeting on May 21, 2025, where key decisions regarding the company's financials and governance were made [1][2][3][4][5]. Financial Performance - The consolidated annual report for the financial year 2024 was approved, showing a net profit of 3,827 thousand euros and retained profit from previous periods of 919 thousand euros [2]. - No dividends will be paid to shareholders, and the retained profit will remain undistributed [2]. Governance and Management - KPMG Baltics OÜ was elected as the auditor for the financial year 2025 [3]. - The authorizations of the supervisory board members were extended until May 20, 2030, including Toomas Luman, Andre Luman, Sandor Liive, and Vello Kahro [4]. - Remuneration for supervisory board members was set, with the chairman receiving 13,500 euros per month, the vice-chairman 4,500 euros, and other members 1,500 euros [5]. Company Overview - Nordecon is a group of construction companies focused on construction project management and general contracting, operating in Estonia, Ukraine, and Sweden [6]. - The consolidated revenue for the group in 2024 was 224 million euros, with a workforce of 411 employees [6]. - The company's shares have been listed on the Nasdaq Tallinn Stock Exchange since May 18, 2006 [6].

Core Viewpoint - The decline in the Estonian construction market appears to have halted, with signs of stabilization, particularly in the Infrastructure segment supported by Rail Baltica projects, while private sector orders in the Buildings segment show some revival [1][2]. Financial Performance - The group's revenue for Q1 2025 was €39,355 thousand, a decrease of approximately 15% compared to €46,245 thousand in Q1 2024 [23][17]. - The gross profit for Q1 2025 was €1,802 thousand, maintaining a gross margin of 4.6%, consistent with the same period last year [9][3]. - The operating profit for Q1 2025 was €191 thousand, down from €386 thousand in Q1 2024, reflecting a decline in revenue [10][3]. Segment Performance - The Buildings segment generated 93% of the group's revenue, amounting to €36,584 thousand, while the Infrastructure segment contributed €2,766 thousand [24][23]. - Revenue from the Buildings segment decreased by 16%, while the Infrastructure segment saw a smaller decline of 1.5% [23][24]. - The gross margin for the Buildings segment was 7.5%, while the Infrastructure segment recorded a negative gross margin of (24.6)% [9][3]. Order Book and Contracts - The order book increased by 43% year-on-year, reaching €283,548 thousand as of March 31, 2025, with significant contributions from Rail Baltica contracts [4][31]. - New contracts signed in Q1 2025 totaled €111,276 thousand, a substantial increase from €17,617 thousand in Q1 2024 [31][32]. Cash Flow and Financial Position - The group experienced a net cash outflow of €249 thousand from operating activities in Q1 2025, compared to an inflow of €5,422 thousand in Q1 2024 [13][8]. - Cash and cash equivalents at the end of Q1 2025 were €7,399 thousand, down from €16,083 thousand at the end of Q1 2024 [16][8]. Employee and Cost Management - The average number of employees in Q1 2025 was 411, a decrease of around 3% from the previous year [35][36]. - Staff costs increased by 22% to €4,795 thousand in Q1 2025, attributed to salary increases [36][35]. Market Performance - Approximately 98% of the group's revenue in Q1 2025 was generated in Estonia, with Ukraine contributing about 2% [20][21]. - The group continues to provide services in Ukraine under contracts signed in 2023, although progress has been slower than planned [20].