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]