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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Hepsor
Hepsor (HPR1T) investor relations material
Hepsor Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
9M 2026 revenue was €7.6M versus €30.9M a year earlier; net loss was €3.2M versus net profit of €1.5M, reflecting limited completed apartments available for sale.
An intensive investment cycle lifted total assets 43.7% YoY to €116.0M; 548 apartments were under construction, and portfolio sales potential reached €535M.
Management expects development investments to begin contributing to results from Q4 2026 as projects enter sales and handover phases.
Financial highlights
9M revenue €7.568M versus €30.888M; Q3 revenue €1.344M versus €8.825M.
9M gross profit €0.802M versus €4.942M; operating loss €1.423M versus operating profit €3.013M; EBITDA loss €1.362M versus EBITDA of €3.092M.
9M net loss €3.178M versus net profit €1.525M; loss attributable to parent owners €2.878M versus profit of €0.937M; EPS -€0.74 versus €0.24.
Q3 net loss was €0.968M versus net profit of €1.243M; loss attributable to parent owners €0.962M versus profit of €1.133M.
Total assets reached €115.951M, including €76.628M of inventories and €7.410M cash; total interest-bearing loans were €69.534M at 30 Sep 2026.
Outlook and guidance
Two residential projects, M12 and 360° Dzelzavas Residences, are scheduled for Q4 2026 completion, delivering 152 apartments; 75 were presold at 30 Sep.
Q4 priorities include completing projects under construction, selling apartments and preparing new projects; construction of the Veski Centre is scheduled to start, with 96% of planned leasable space covered by leases.
Starta 17 phase I in Riga, planned for 84 homes, is targeted to begin construction in 2026; first-phase Paevälja construction and continued Manufaktuuri development are key priorities in Estonia.
The apartment pipeline was forecast to reach 698 units under construction by 30 Jun 2027, including planned starts and completions.
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Latest events from Hepsor
- Net loss in H1 2026 amid weak sales, but record development pipeline and pre-sales.HPR1T
Q2 2026 - Revenue and profit declined in Q1 2026, but construction and pipeline activity hit record highs.HPR1TQ1 2026
- Revenue and profit fell, but the project pipeline and equity base grew; €8M bond issued.HPR1TQ4 2025
- 9M 2025 revenue grew to €30.9M, net profit reached €1.5M, and loan liabilities declined.HPR1TQ3 2025
- H1 2025 saw strong revenue growth, a return to profit, and an expanding development pipeline.HPR1TQ2 2025
- Revenue up in Q3, but 2024 outlook cut as Baltic markets weaken and Canada expansion grows.HPR1TQ3 2024
- H1 2024 saw a net loss and lower revenue, with H2 expected to drive results as projects complete.HPR1TQ2 2024
- Q1 2025 revenue up 261% year-over-year, with narrowed net loss and robust project pipeline.HPR1TQ1 2025
- Hepsor's 2024 profit dropped as revenue softened, but development and expansion continued.HPR1TQ4 2024
Next Hepsor earnings date
Q4 202618 Feb, 2027
Hepsor
Next Hepsor earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
Hepsor AS is a real estate development company operating primarily in Estonia and Latvia, with a growing presence in Canada. The company specializes in developing, renting, and selling both residential and commercial real estate properties. The company's portfolio includes a diverse range of projects, including residential buildings, office spaces, and commercial properties. Hepsor AS is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.