Hepsor (HPR1T) Q2 2026 earnings summary

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.