Economic Overview - Estonia's economy grew modestly by 1% compared to optimistic forecasts at the beginning of the year, with the construction market stabilizing and a slight increase in activity in the second half of the year [1] Company Performance - Nordecon's revenue for 2025 was €208,281 thousand, a decrease of approximately 7% compared to €223,925 thousand in 2024, primarily due to a roughly 10% decline in revenue from the Buildings segment, while the Infrastructure segment grew by 10% [2][22] - The Buildings segment accounted for 81% of total revenue, with no significant change in the revenue breakdown between segments compared to the prior year [2] - The group's gross profit for 2025 was €13,535 thousand, with a gross margin of 6.5%, down from 7.5% in 2024 [8][17] - The operating profit for 2025 was €5,651 thousand, with an EBITDA of €8,250 thousand and an EBITDA margin of 4.0% [10][17] Financial Position - As of 31 December 2025, total assets amounted to €126,700 thousand, an increase from €113,751 thousand in 2024, while total liabilities rose to €97,700 thousand from €87,147 thousand [4][5] - The group's order book grew by 30% to €273,060 thousand, with 69% of the order book comprising work scheduled for 2026 [3][31] Cash Flow - The net cash from operating activities was €1,204 thousand in 2025, an increase from €1,075 thousand in 2024, while investing activities resulted in a net cash outflow of €2,767 thousand [7][13] - Financing activities generated a net cash outflow of €1,194 thousand, significantly lower than the outflow of €4,178 thousand in 2024 [15] Segment Performance - The revenue from the Buildings segment was €168,302 thousand, while the Infrastructure segment generated €39,902 thousand [22] - The largest projects in the Buildings segment included the design and construction of various educational and commercial buildings, while the Infrastructure segment's revenue was primarily from road construction and maintenance [25][30] Geographical Market Performance - Estonia accounted for 98% of the group's revenue, with Ukraine contributing around 2%, primarily from reconstruction projects [19][20]