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].