Core Insights - Harju Elekter Group reported strong third-quarter results, achieving a record operating profit exceeding 10 million euros for the first time, with operating profitability improving to 8.7% for the quarter and 8.0% for the nine-month period [1][3][6] Revenue and Financial Results - The Group's revenue for Q3 2025 was 43.0 million euros, a 4.5% increase from 41.2 million euros in Q3 2024. However, total revenue for the nine-month period decreased by 12.6% to 126.5 million euros compared to 144.7 million euros in the previous year [3][4][18] - Gross profit for Q3 2025 was 7.5 million euros, up 22.1% from 6.1 million euros in Q3 2024, while EBITDA increased by 31.0% to 4.8 million euros [4][6] - Operating profit (EBIT) rose by 38.7% to 3.8 million euros for Q3 2025, with a net profit of 2.9 million euros, reflecting a 75.5% increase from 1.7 million euros in Q3 2024 [4][19] Cost Management - Operating expenses for Q3 2025 totaled 39.4 million euros, slightly up from 38.5 million euros in Q3 2024, with the cost of sales increasing to 35.6 million euros [4][5] - Distribution expenses rose by 0.6 million euros in Q3 and by 0.8 million euros over the nine-month period, while administrative expenses decreased to 2.1 million euros in Q3 2025 [5][19] Market Performance - The four largest target markets—Estonia, Finland, Sweden, and Norway—accounted for 86.8% of the Group's quarterly revenue, with growth driven primarily by Estonia and Norway [8][12] - The Estonian market showed significant growth, with Q3 revenue reaching 8.7 million euros, while Finland experienced a decline of 18.8% to 13.7 million euros [9][10] - The Norwegian market saw an impressive 85.7% increase in revenue for Q3, reaching 10.7 million euros, primarily due to sales in the marine and shipping sectors [12] Investments and Future Plans - The Group plans to continue implementing strategic activities to improve profitability, including expanding the Keila plant by 4,000 m², with completion expected in October 2026 [2][14] - Total investments in non-current assets during the reporting period amounted to 2.9 million euros, focusing on production technology and process management systems [14][15] Financial Position - As of September 30, 2025, the Group's total assets were valued at 174.4 million euros, with total liabilities at 77.8 million euros, resulting in total equity of 96.6 million euros [17]