Pro Kapital Grupp (PKG1T) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €34.3 million, up from €10.6 million year-over-year, driven by continued apartment handovers in Tallinn's Kalaranna District and ongoing development cycles in other Baltic capitals.

• Net profit for the nine months was €6.0 million, reversing a €4.1 million loss in the same period last year; Q3 saw a net loss of €0.2 million, an improvement from a €1.0 million loss in Q3 2024.

• Gross profit margin improved to 35% for the nine months, up from 27% year-over-year, reflecting higher sales volumes and improved project profitability.

• Cash generated from operating activities was €6.8 million, compared to €10.0 million used in the prior year period.

Financial highlights

• Operating profit for the nine months was €7.7 million, compared to a €1.7 million loss year-over-year; Q3 operating profit was €0.2 million.

• Earnings per share for the nine months were €0.11, up from -€0.07 in the prior year.

• Net asset value per share increased to €1.00 from €0.91 a year earlier.

• Total assets stood at €120.7 million, with total equity at €57.0 million and total liabilities at €63.7 million as of 30 September 2025.

• Debt/equity ratio improved to 1.12 from 1.21 year-over-year.

Outlook and guidance

• Management expects continued stabilization and growth, supported by a strong project pipeline and improving market sentiment in the Baltic capitals.

• Substantial completion of key projects in Tallinn and Vilnius is targeted by the end of 2025, with further sales and handovers expected.

• The Italian segment is anticipated to strengthen as market conditions normalize and brand visibility increases.