Core Insights - Merko Ehitus reported a revenue of EUR 74 million in Q3 2025 and EUR 242 million for the first nine months, with a net profit of EUR 15 million for Q3 and EUR 36.7 million for the nine-month period, indicating a significant increase in the number of apartments and commercial premises handed over compared to the previous year [1][2][3] Financial Performance - The pre-tax profit for the first nine months of 2025 was EUR 40.2 million, with a pre-tax profit margin of 16.6%, an increase from 13.1% in the same period of 2024 [10] - Net profit attributable to shareholders for the first nine months of 2025 was EUR 36.7 million, down from EUR 44.8 million in 2024, with a net profit margin of 15.2% compared to 11.8% in the previous year [10][11] Revenue Analysis - Revenue for Q3 2025 was EUR 73.9 million, a decrease from EUR 175.1 million in Q3 2024, while the nine-month revenue decreased by 36.1% year-on-year [11] - The share of revenue earned outside Estonia was 47.4% for the first nine months of 2025, down from 60.1% in the same period of 2024 [11] Order Book and Contracts - As of September 30, 2025, the secured order book stood at EUR 486 million, an increase from EUR 430.9 million in 2024, with new contracts signed amounting to EUR 323 million in the first nine months [12] - Major contracts included the Rail Baltica Ülemiste terminal and the Rail Baltica mainline section, indicating a focus on large-scale infrastructure projects [6][12] Real Estate Development - In the first nine months of 2025, Merko sold 315 apartments, up from 194 in the same period of 2024, generating EUR 59.7 million in revenue from these sales [13] - The company started construction on 771 new apartments and 21 commercial units, with a significant portion located in Vilnius, which remains the most active market [7][13] Market Conditions - The real estate market is most active in Lithuania, with improved conditions in Estonia and a slight upward trend in Latvia [3] - The construction market is characterized by intense competition and low service margins, with a historical high in unfinished construction work [4] Cash Position - As of September 30, 2025, the company had EUR 34.3 million in cash and cash equivalents, with equity amounting to EUR 257.3 million, representing 64.4% of total assets [14]

Core Insights - Merko Ehitus reported a revenue of EUR 85.2 million and a net profit of EUR 10.5 million for Q1 2025, with real estate development contributing 30% to the revenue, more than doubling from the previous year [1][2][3] Financial Performance - The pre-tax profit for Q1 2025 was EUR 11.6 million, resulting in a pre-tax profit margin of 13.6%, compared to EUR 5.2 million and 6.4% in Q1 2024 [7] - Net profit attributable to shareholders for Q1 2025 was EUR 10.5 million, with a net profit margin of 12.3%, up from EUR 4.4 million and 5.5% in Q1 2024 [7] - Revenue increased by 5.0% year-on-year, from EUR 81.2 million in Q1 2024 to EUR 85.2 million in Q1 2025 [8] Real Estate Development - The group sold 121 apartments and one commercial unit in Q1 2025, compared to 59 apartments and seven commercial units in the same period last year [5][11] - Revenue from real estate development reached EUR 26 million in Q1 2025, up from EUR 13 million in Q1 2024 [5] Construction Contracts - Merko signed new construction contracts worth EUR 50.6 million in Q1 2025, a significant increase from EUR 10.5 million in Q1 2024 [4][10] - The secured order book stood at EUR 332 million at the end of Q1 2025, down from EUR 419 million in Q1 2024 [9] Market Activity - Increased activity in the Lithuanian real estate market contributed to the improved results, while Merko also gained market share in Estonia despite stagnant sales of new apartments [2][3] - The group is focusing on completed or near-completion apartments, reflecting buyer preferences [3] Cash Position - As of March 31, 2025, the group had EUR 78.5 million in cash and cash equivalents, with equity amounting to EUR 264.7 million, representing 61.0% of total assets [12]