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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.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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