The Estonian economy continues to grow slowly, with the latest forecasts estimating annual economic growth at 1.2%. The construction market is showing signs of stabilisation. Within the buildings segment, there are indications of a slight increase in orders from the private sector. Public sector volumes are being supported by orders from local governments and the Estonian Centre for Defence Investment. The infrastructure segment is also being supported by the volume of Rail Baltica works this year, whereas investments by the Transport Administration have not recovered.
During the period, revenues generated by both group’s main operating segments decreased compared to the first six months of 2024. The Buildings segment accounted for 89% of the group’s total revenue, while the Infrastructure segment’s contribution decreased slightly (H1 2025: 11%; H1 2024: 13%). In the first half of the year, the group secured a significant number of new contracts, the impact of which will be reflected in revenue over a longer period.
The group’s gross margin was 5.9% and operating margin was 2.3%. Net profit for the period was primarily affected by the foreign exchange loss resulting from the weakening of the Ukrainian hryvnia against the euro.
Compared to 30 June 2024, the group’s order book grew by 70%. The order books of both the Buildings and the Infrastructure segments increased. A significant portion of the order book comprises work scheduled for 2026 and 2027.
Condensed consolidated interim statement of financial position
| €’000 | 30 June 2025 | 31 December 2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 9,326 | 8,195 |
| Trade and other receivables | 38,683 | 29,449 |
| Prepayments | 2,701 | 3,543 |
| Inventories | 24,068 | 28,091 |
| Total current assets | 74,778 | 69,278 |
| Non-current assets | ||
| Other investments | 77 | 77 |
| Trade and other receivables | 10,809 | 10,681 |
| Investment property | 5,517 | 5,517 |
| Property, plant and equipment | 13,102 | 13,247 |
| Intangible assets | 14,927 | 14,951 |
| Total non-current assets | 44,432 | 44,473 |
| TOTAL ASSETS | 119,210 | 113,751 |
| LIABILITIES | ||
| Current liabilities | ||
| Borrowings | 12,432 | 12,626 |
| Trade payables | 45,621 | 36,819 |
| Other payables | 10,087 | 10,260 |
| Deferred income | 12,665 | 12,472 |
| Provisions | 1,039 | 1,333 |
| Total current liabilities | 81,844 | 73,510 |
| Non-current liabilities | ||
| Borrowings | 3,811 | 5,720 |
| Trade payables | 3,023 | 5,091 |
| Provisions | 2,984 | 2,826 |
| Total non-current liabilities | 9,818 | 13,637 |
| TOTAL LIABILITIES | 91,662 | 87,147 |
| EQUITY | ||
| Share capital | 14,379 | 14,379 |
| Own (treasury) shares | (660) | (660) |
| Share premium | 635 | 635 |
| Statutory capital reserve | 2,554 | 2,554 |
| Translation reserve | 4,507 | 4,034 |
| Retained earnings | 4,612 | 4,746 |
| Total equity attributable to owners of the parent | 26,027 | 25,688 |
| Non-controlling interests | 1,521 | 916 |
| TOTAL EQUITY | 27,548 | 26,604 |
| TOTAL LIABILITIES AND EQUITY | 119,210 | 113,751 |
Condensed consolidated interim statement of comprehensive income
| €’000 | H1 2025 | Q2 2025 | H1 2024 | Q2 2024 | 2024 |
| Revenue | 92,638 | 53,283 | 114,945 | 68,700 | 223,925 |
| Cost of sales | (87,188) | (49,635) | (107,751) | (63,644) | (207,155) |
| Gross profit | 5,450 | 3,648 | 7,194 | 5,056 | 16,770 |
| Marketing and distribution expenses | (169) | (86) | (172) | (104) | (422) |
| Administrative expenses | (3,072) | (1,526) | (3,373) | (1,809) | (7,878) |
| Other operating income | 68 | 16 | 77 | 51 | 286 |
| Other operating expenses | (160) | (126) | (458) | (312) | (695) |
| Operating profit | 2,117 | 1,926 | 3,268 | 2,882 | 8,061 |
| Finance income | 258 | 113 | 317 | 180 | 678 |
| Finance costs | (1,904) | (1,165) | (1,546) | (841) | (3,011) |
| Net finance costs | (1,646) | (1,052) | (1,229) | (661) | (2,333) |
| Profit before tax | 471 | 874 | 2,039 | 2,221 | 5,728 |
| Income tax expense | 0 | 0 | (237) | (237) | (563) |
| Profit for the period | 471 | 874 | 1,802 | 1,984 | 5,165 |
| Other comprehensive income Items that may be reclassified subsequently to profit or loss |
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| Exchange differences on translating foreign operations | 473 | 569 | 165 | 114 | 248 |
| Total other comprehensive income | 473 | 569 | 165 | 114 | 248 |
| TOTAL COMPREHENSIVE INCOME | 944 | 1,443 | 1,967 | 2,098 |