Hepsor (HPR1T) Q4 2024 earnings summary

Executive summary

• Consolidated revenue for 2024 was €38.4M, with net profit at €2.1M and €0.4M attributable to parent owners.

• Q4 2024 revenue reached €10.5M, net profit €1M, and €0.6M attributable to parent owners.

• 193 new homes delivered in 2024, with 51 in Q4; major completions included Manufaktuuri 7 and Ojakalda homes.

• New investments made in Canada and the Baltics, expanding the development portfolio despite a challenging market.

• Market capitalization as of 31 Dec 2024 was €16.2M, with 9,433 shareholders.

Financial highlights

• 2024 revenue decreased to €38.4M from €41.1M in 2023; net profit dropped to €2.1M from €3.5M.

• Gross profit margin for 2024 was 17.6% (2023: 17.2%); Q4 margin improved to 24.0% (Q4 2023: 4.8%).

• Operating profit for 2024 was €4.3M (2023: €5.0M); Q4 operating profit was €2.0M (Q4 2023: -€0.3M).

• Net profit margin for 2024 was 5.7% (2023: 8.5%); Q4 net profit margin was 9.1% (Q4 2023: -25.5%).

• 193 apartments sold in 2024 (2023: 274), with 165 in Tallinn and 28 in Latvia.

Outlook and guidance

• Plans to start construction and sale of up to five new projects in 2025, including 147 new homes in Latvia and continued expansion in Tallinn.

• Declining interest rate environment supports moderate optimism for 2025.

• Focus remains on risk management and long-term project cycles of 3–5 years.