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Merko Ehitus (MRK1T) investor relations material
Merko Ehitus Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Revenue for H1 2025 was EUR 167.9 million, down 17.5% year-over-year; Q2 revenue was EUR 82.6 million, down 32.5% from Q2 2024.
Net profit for H1 2025 reached EUR 21.7 million, up 24.6% year-over-year; Q2 net profit was EUR 11.2 million, down from EUR 13.1 million in Q2 2024.
Real estate development's share in revenue and profit increased, with 222 apartments handed over in H1 2025, up 85% year-over-year.
Secured order book at end of Q2 2025 was EUR 443.8 million, up 1.4% year-over-year.
Construction market volumes remain low, with public sector and energy projects as key drivers.
Financial highlights
H1 2025 pre-tax profit was EUR 23.5 million (14.0% margin), up from EUR 18.3 million (9.0%) in H1 2024.
H1 2025 net profit margin was 12.9%, up from 8.6% in H1 2024.
EBITDA for H1 2025 was EUR 20.1 million (12.0% margin), up from EUR 16.3 million (8.0%) in H1 2024.
Cash and cash equivalents at period end were EUR 25.9 million, down from EUR 44.2 million a year earlier.
Equity at period end was EUR 242.3 million (60.1% of total assets), up from EUR 206.5 million (49.4%) a year earlier.
Outlook and guidance
Construction price indices are expected to remain stable over the next 18 months, with no significant decline anticipated.
Modest growth is expected in the Baltic construction sector in 2025, with public sector investments offsetting weak private demand.
New housing price index is expected to continue growing in 2025, especially in Vilnius and Riga.
How did public sector orders impact secured order book?
Explain the rationale behind Connecto Infra division.
Assess the impact of VAT hike on Estonian market.
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Next Merko Ehitus earnings date
Q3 20256 Nov, 2025
Next Merko Ehitus earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
AS Merko Ehitus is an Estonia-based construction and real estate development company. It operates through several subsidiaries and focuses on the construction of buildings, infrastructure, and roads. Additionally, the company is active in real estate development, which involves the construction, sale, and leasing of properties, with projects primarily in Estonia, Latvia, and Lithuania. Merko Ehitus is involved in various large-scale projects, including residential developments, commercial buildings, and infrastructure projects such as energy facilities and transportation terminals. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.
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