Hepsor (HPR1T) Q1 2026 earnings summary

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.