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]