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Merko Ehitus (MRK1T) investor relations material

Merko Ehitus Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Revenue for the first nine months of 2025 was €241.8 million, down 36.1% year-over-year; Q3 revenue was €73.9 million, down 57.8% from Q3 2024.

  • Net profit for 9M 2025 was €36.7 million, a decrease from €44.8 million in 9M 2024; Q3 net profit was €15.0 million, down from €27.3 million in Q3 2024.

  • 315 apartments and 3 commercial units were handed over in 9M 2025, a 55% increase in units compared to the same period last year.

  • The secured order book reached €486.2 million at the end of Q3 2025, up 12.8% year-over-year.

Financial highlights

  • Pre-tax profit for 9M 2025 was €40.2 million (16.6% margin), down from €49.6 million (13.1% margin) in 9M 2024.

  • Gross profit margin improved to 19.5% in 9M 2025 from 16.7% in 9M 2024.

  • EBITDA for 9M 2025 was €33.9 million (14.0% margin), down from €49.4 million (13.0% margin) in 9M 2024.

  • Cash and cash equivalents at period end were €34.3 million, with a negative net debt of €8.0 million.

  • Equity ratio increased to 64.4% from 51.3% a year earlier.

Outlook and guidance

  • Construction prices are expected to remain stable for the next 18 months, with no significant decline anticipated.

  • The Baltic construction market is forecasted to see moderate growth, with public sector investments offsetting weak private sector demand.

  • New housing prices are expected to continue rising in 2025, especially in Vilnius and Riga.

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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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