Hepsor (HPR1T) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached €30.9M, up from €27.9M year-over-year, with net profit at €1.5M (9M 2024: €1.2M).

• Q3 2025 revenue was €8.8M (Q3 2024: €20.4M), with net profit of €1.2M (Q3 2024: €2.7M).

• 119 new homes delivered in 9M 2025, with 374 homes under construction as of 30 September 2025.

• The company operates in Estonia, Latvia, and Canada, with 30 active development projects and a total saleable area of 178,200 m².

Financial highlights

• Gross profit for 9M 2025 was €4.9M (gross margin 16.0%), up from €4.2M (15.2%) year-over-year.

• EBITDA for 9M 2025 was €3.1M (10.0% margin), up from €2.5M (8.9%) in 9M 2024.

• Net profit margin for 9M 2025 was 4.9% (9M 2024: 4.2%).

• Total assets as of 30 September 2025 were €80.7M, down from €93.4M a year earlier.

• Equity ratio at 30 September 2025 was 26.8%, with an adjusted equity ratio of 46.6%.

Outlook and guidance

• Construction of two new projects in Riga to begin in Q4 2025, with four more projects planned for H1 2026 in Estonia and Latvia.

• 12-month rental income forecast (Oct 2025–Sep 2026) is €2.2M.

• The company is preparing a bond program to be listed on Nasdaq Tallinn.