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Hepsor (HPR1T) investor relations material
Hepsor Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 was €6.2 million, down from €22.1 million year-over-year, with a net loss of €2.2 million compared to a €0.3 million profit in H1 2025.
The period was transitional, with low carryover of unsold completed apartments and a focus on advancing new development projects.
129 first-time home sale agreements were signed in H1 2026, up 40% year-over-year, and a record 513 homes were under construction at period end.
Financial highlights
H1 2026 revenue: €6.2 million (H1 2025: €22.1 million); Q2 2026 revenue: €2.4 million (Q2 2025: €13.9 million).
Net loss for H1 2026: €2.2 million (H1 2025: €0.3 million profit); Q2 2026 net loss: €1.4 million.
Gross profit margin for H1 2026: 6.7% (H1 2025: 13.0%); net profit margin: -35.5% (H1 2025: 1.3%).
Total assets as of 30 June 2026: €103.7 million, up 35% year-over-year.
Equity ratio: 23.1% (30 June 2025: 26.8%); adjusted equity ratio: 37.9% (30 June 2025: 45.4%).
Outlook and guidance
Construction of three new projects planned in 2026: two residential (Riga and Rae Parish) and one commercial (Veski Centre, Rae Parish).
Shift in Riga’s Veidema quarter from commercial to residential development due to market changes.
Preliminary agreement signed in July 2026 for a new 48-apartment project in Riga, with construction planned for H2 2027.
- Revenue and profit declined in Q1 2026, but construction and pipeline activity hit record highs.HPR1T
Q1 202629 Apr 2026 - 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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