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Arco Vara (ARC1T) investor relations material
Arco Vara Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 saw stable and moderately recovering activity in the Estonian real estate market, with transaction volumes and prices stabilizing, especially in Tallinn's high-demand areas.
The first public bond offering was oversubscribed more than twofold, marking the largest bond issue among Baltic-listed real estate developers.
Strategic focus shifted to Estonia, with a planned exit from the Bulgarian market to enhance operational efficiency and value creation.
Major developments advanced, including Luther Quarter, Rannakalda, Soodi 6, Spordi, and Arcojärve projects.
Financial highlights
Revenue for the first nine months of 2025 was €5,624k, up €1,537k year-over-year.
Operating profit (EBIT) reached €622k, compared to a €158k loss in the prior year; net profit was €214k versus a €845k loss.
Q3 2025 revenue was €2,531k (Q3 2024: €2,154k); Q3 net profit was €256k (Q3 2024: €-157k).
Total assets more than doubled to €93,933k, mainly due to new project acquisitions.
Net debt increased to €47,407k, up €31,585k year-over-year, driven by Luther Quarter acquisition and bond issuance.
Outlook and guidance
Moderate market recovery is expected in H1 2026, especially in new developments, if macroeconomic stability and lower interest rates persist.
2025 revenue forecast: €8.3m; net profit forecast: €0.3m. 2026 revenue forecast: €23.0m; net profit: €2.6m.
Q4 2025 priorities include active sales, progressing developments, and presale preparations for Luther Quarter.
Projected ROIC for Luther Quarter?
What is the financial impact of Bulgarian exit?
How is unhedged interest rate risk managed?
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Q4 202516 Apr, 2026
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Frequently asked questions
Arco Vara AS is an Estonia-based real estate development company focused on the residential and commercial sectors. The company operates primarily through its Development and Service segments. The Development segment is involved in the planning, construction, and sale of residential and commercial properties, with projects primarily located in Estonia and Bulgaria. The Service segment offers property management and real estate brokerage services. Arco Vara’s business model centers on creating and managing high-quality urban environments, including the Kodulahe residential area in Tallinn, which is one of their flagship projects. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.
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