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Hepsor (HPR1T) investor relations material
Hepsor Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 saw record construction and sales activity, with 428 homes under construction and 72 initial home sales totaling €15M, double the prior year’s value.
Revenue and profit are highly cyclical, depending on project completions; Q1 2026 revenue and profit were lower due to fewer apartment deliveries compared to Q1 2025.
The group operates in Estonia, Latvia, and Canada, with a development portfolio of 38 projects and 195,300 m² of sellable area.
Financial highlights
Q1 2026 revenue was €3.8M, down from €8.2M in Q1 2025; net loss was €0.8M versus €0.1M loss a year earlier.
Gross profit margin fell to 8.7% (Q1 2025: 12.4%), and net profit margin attributable to owners was -21.7% (Q1 2025: -2.7%).
Total assets rose to €97.3M (up 15.9% year-over-year), with inventories at €62.6M.
Cash and cash equivalents increased to €4.4M at quarter-end.
Equity attributable to owners was €20.0M, down 2.4% year-over-year.
Outlook and guidance
Construction of 207 new homes and 9,623 m² of commercial space is planned for upcoming quarters.
Five new projects (three residential, two commercial) are set to launch in 2026, including major developments in Tallinn and Riga.
Revenue potential of the development pipeline stands at €490M, with 81% residential and 19% commercial.
- Revenue and profit fell, but the project pipeline and equity base grew; €8M bond issued.HPR1T
Q4 202518 Feb 2026 - 9M 2025 revenue grew to €30.9M, net profit reached €1.5M, and loan liabilities declined.HPR1T
Q3 202529 Oct 2025 - H1 2025 saw strong revenue growth, a return to profit, and an expanding development pipeline.HPR1T
Q2 202530 Jul 2025 - Revenue up in Q3, but 2024 outlook cut as Baltic markets weaken and Canada expansion grows.HPR1T
Q3 202413 Jun 2025 - H1 2024 saw a net loss and lower revenue, with H2 expected to drive results as projects complete.HPR1T
Q2 202413 Jun 2025 - Q1 2025 revenue up 261% year-over-year, with narrowed net loss and robust project pipeline.HPR1T
Q1 20256 Jun 2025 - Hepsor's 2024 profit dropped as revenue softened, but development and expansion continued.HPR1T
Q4 20246 Jun 2025
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