Hepsor (HPR1T) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was €7.6M versus €30.9M a year earlier; net loss was €3.2M versus net profit of €1.5M, reflecting limited completed apartments available for sale.

• An intensive investment cycle lifted total assets 43.7% YoY to €116.0M; 548 apartments were under construction, and portfolio sales potential reached €535M.

• Management expects development investments to begin contributing to results from Q4 2026 as projects enter sales and handover phases.

Financial highlights

• 9M revenue €7.568M versus €30.888M; Q3 revenue €1.344M versus €8.825M.

• 9M gross profit €0.802M versus €4.942M; operating loss €1.423M versus operating profit €3.013M; EBITDA loss €1.362M versus EBITDA of €3.092M.

• 9M net loss €3.178M versus net profit €1.525M; loss attributable to parent owners €2.878M versus profit of €0.937M; EPS -€0.74 versus €0.24.

• Q3 net loss was €0.968M versus net profit of €1.243M; loss attributable to parent owners €0.962M versus profit of €1.133M.

• Total assets reached €115.951M, including €76.628M of inventories and €7.410M cash; total interest-bearing loans were €69.534M at 30 Sep 2026.

Outlook and guidance

• Two residential projects, M12 and 360° Dzelzavas Residences, are scheduled for Q4 2026 completion, delivering 152 apartments; 75 were presold at 30 Sep.

• Q4 priorities include completing projects under construction, selling apartments and preparing new projects; construction of the Veski Centre is scheduled to start, with 96% of planned leasable space covered by leases.

• Starta 17 phase I in Riga, planned for 84 homes, is targeted to begin construction in 2026; first-phase Paevälja construction and continued Manufaktuuri development are key priorities in Estonia.

• The apartment pipeline was forecast to reach 698 units under construction by 30 Jun 2027, including planned starts and completions.