Quarterly Report • Nov 14, 2025
Quarterly Report
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Pro Kapital Council approved Consolidated Interim Report for III Quarter and 9 Months of 2025 (Unaudited)
MANAGEMENT REPORT
Real Estate Development
Tallinn
During the third quarter of 2025, construction works continued at the Uus-
Kindrali project, located in Kristiine City, Tallinn.
The White Building (91 residential units) at Talli Street 3 / Sammu Street 8 has
progressed well. As at the date of this report, most apartments have received
their final finishes, including tiling and painting. The first client
inspections are scheduled to begin shortly, followed by the signing of final
notarial deeds in mid-November. As at the end of the third quarter, the project
has reached approximately 73.1% sell-out.
At the same time, construction is ongoing for another seven-storey residential
building with 90 units, located next to the White Building at Sammu Street
10 / Seebi Street 24a, Tallinn. As at this report, the installation of
prefabricated concrete elements has reached the top floor, and the final roof
elements are expected to be installed in early November. The completion of this
building is targeted for October-November 2026.
Within Kristiine City, we are also advancing the design and building permit
processes for four additional projects submitted to the Tallinn City Planning
Department. These developments will add approximately 35,000 sqm of GBA,
comprising around 350 predominantly residential units (about 95% residential and
5% commercial), further strengthening our presence in this well-established
urban area.
As at Q3 2025, construction of the final phase of the Kalaranna development
(comprising four buildings and 146 units) has been completed, with only a few
contractors remaining on site to finalize punch list items. At the same time, we
are implementing additional improvements to selected marketing units to further
support sales. As at the date of this report, the project has reached
approximately 60.9% sell-out.
Riga
At the beginning of 2025, after all units in River Breeze Residence had been
successfully sold, the Group commenced preparations for the next development
phase in Kliversala - the Blue Marine project (96 residential units).
Construction works started in the third quarter of 2025 and the project has
since progressed with retaining wall piles completed and excavation works
underway.
At the same time, we are actively engaged in sales activities and negotiating
the terms of a construction loan agreement with a local bank.
In Vilnius
During Q3 we continued the construction of the final stage of Shaltini? Namai
Attico with city villas and a commercial building. We are currently at almost
43% sellout in the villas and slightly above 21% in the commercial building
while achieving record prices in Vilnius real estate market. Regarding
construction we are on schedule to achieve substantial completion by the end of
2025.
Our latest investment on Naugarduko Street in Vilnius involves transforming a
former school into a high-end residential complex. Located on a hill with
breathtaking views of Vilnius' Old Town, the development will feature
approximately 50 luxury apartments. The building permit process is still
ongoing, with approval expected by the end of the year.
Hotel operations
Overall performance in the third quarter was broadly in line with expectations,
although slightly below the initial budgeted targets. Demand was mainly driven
by the individual leisure segment during July and August, when the hotel
exceeded expectations, while September performance fell short due to weaker than
expected demand from the Corporate and MICE segments. The outlook for the
remainder of the year remains positive, albeit with some current softness
observed in corporate demand.
Other operations
Our Italian operations, led by Preatoni Nuda Proprietà (PNP) and Preatoni
Intermediazioni Immobiliari (PII), continued to perform steadily despite the
broader market slowdown in 2024. The rise in interest rates has temporarily
affected transaction volumes, but the fundamentals of the bare ownership
model remain very strong - and we see increasing recognition of this innovative
investment concept among both private and institutional investors.
Over the past months, PNP has strengthened its market position, built new
partnerships, and demonstrated resilience in a changing environment. Confidence
in the Italian real estate sector is gradually returning, and as conditions
normalize through 2025, we expect PNP to emerge stronger, with even greater
brand visibility and deal flow.
Conclusion
The first nine months of 2025 have been a period of stabilization and quiet
determination across all our markets. Despite the usual bureaucratic hurdles and
seasonal slowdowns, our teams have continued to move forward - delivering
progress, not promises.
In Tallinn, construction and new planning milestones within Kristiine City show
how consistent effort translates into lasting value. In Riga, the Blue
Marine project is taking shape, reflecting our belief in building with our own
hands and know-how. And in Vilnius, achieving record sales prices in our
flagship project reaffirms our reputation for quality and trust.
I am proud of how far we have come - often in complex circumstances - and even
more confident in what lies ahead. With a focused team, a solid pipeline, and
improving market sentiment, we are turning stability into momentum. The
foundations are strong, and I am convinced that the remainder of 2025 will
confirm our capacity to grow with discipline, creativity, and purpose.
I would like to thank all our colleagues, partners, and shareholders for their
continued trust and dedication. Every step forward - no matter how small - is
the result of shared commitment and belief in our long-term vision.
Edoardo Preatoni
CEO
Key financials
The total revenue of the Group in first nine months of 2025 was EUR 34.3 million
compared with EUR 10.6 million in first nine months of 2024. The total revenue
of the third quarter was EUR 5.7 million compared with EUR 3.7 million in 2024.
The real estate sales revenues are recorded at the point of time when legal
title is transferred to the buyer. Therefore, the revenues from sales of real
estate depend on the construction cycle and the completion of the residential
developments.
Revenue from the sale of real estate increased compared with the previous year,
as we continued handing over completed apartments in the Kalaranna District,
Tallinn, following the initial deliveries that began in December 2024. The lower
revenue during the first nine months of 2024 reflects the development cycle, as
construction was ongoing and only a limited number of remaining inventory units
were available for sale in Riga and Vilnius.
The gross profit for the first nine months of 2025 increased to EUR 11.9 million
compared with EUR 2.9 million in the same period of 2024. The gross profit of
the third quarter was EUR 1.7 million compared with EUR 0.4 million in 2024.
The operating result in the first nine months was EUR 7.7 million profit
compared with EUR 1.7 million loss during the same period in 2024. The operating
result of the third quarter was EUR 0.2 million profit compared with EUR 0.9
million loss in the third quarter of 2024.
The net result for the first nine months of 2025 was EUR 6.0 million profit,
compared with EUR 4.1 million loss in the reference period. The net result of
the third quarter was EUR 0.2 million loss compared with EUR 1.0 million loss in
the same period of 2024.
Cash generated in operating activities during first nine months of 2025 was EUR
6.8 million compared with EUR 10.0 million used during the same period in 2024.
Cash used in operating activities during third quarter was EUR 1.8 million
compared with EUR 5.5 million used in the third quarter of 2024.
Net assets per share were EUR 1.00 as at 30 September 2025, compared with EUR
0.91 a year earlier.
Key performance indicators
Revenue, th, EUR 34 265 10 604 5 746 3 697 18 158
Gross profit, th. EUR 11 934 2 856 1 701 433 5 423
Gross profit, % 35% 27% 30% 12% 30%
Operating result, th. EUR 7 668 -1 731 151 -872 123
Operating result, % 22% -16% 3% -24% 1%
Net result, th. EUR 6 025 -4 062 -163 -1 022 -3 875
Net result, % 18% -38% -3% -28% -21%
Earnings per share, EUR 0.11 -0.07 0.00 -0.02 -0.06
Total Assets, th. EUR 120 694 113 614 118 758
Total Liabilities, th. EUR 63 728 62 148 67 537
Total Equity, th. EUR 56 966 51 466 51 221
Debt/ Equity * 1,12 1,21 1,32
Return on Assets, % ** 5.1% -2.9% -3.4%
Return on Equity, % *** 11.1% -5.7% -7.0%
Net asset value per share, EUR **** 1.00 0.91 0.89
*debt / equity = total debt / total equity
**return on assets = net profit/loss / total average assets
***return on equity = net profit/loss / total average equity
****net asset value per share = net equity / number of shares
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated interim statement of financial position
ASSETS
Current assets
Cash 4 925 6 112 4 344
Current receivables 1 330 1 283 822
Prepaid expenses 299 275 422
Inventories 60 879 51 757 56 951
---------------------------------
Total current assets 67 433 59 427 62 539
Non-current assets
Non-current receivables 313 19 317
Property, plant and equipment 7 394 7 639 7 595
Right-of-use-assets 320 438 513
Investment property 42 532 40 493 44 210
Goodwill 863 204 863
Intangible assets 1 839 3 026 2 721
---------------------------------
Total non-current assets 53 261 51 819 56 219
Assets held for sale 0 2 368 0
Total assets helt for sale 0 2 368 0
TOTAL ASSETS 120 694 113 614 118 758
LIABILITIES AND EQUITY
Current liabilities
Current debt
1 230 1 750 21 893
Customer advances 8 670 8 204 9 618
Trade and other payables 6 220 6 059 5 600
Tax liabilities 418 241 833
Short-term provisions 5 9 24
---------------------------------
Total current liabilities 16 543 16 263 37 968
Non-current liabilities
Non-current debt 45 272 44 585 27 350
Other long-term liabilities 6 2 6
Deferred income tax liabilities 1 788 1 131 2 031
Long-term provisions 119 167 182
---------------------------------
Total non-current liabilities 47 185 45 885 29 569
TOTAL LIABILITIES 63 728 62 148 67 537
Equity
Share capital in nominal value 11 338 11 338 11 338
Share premium 5 661 5 661 5 661
Statutory reserve 1 134 1 134 1 134
Revaluation reserve 1 977 2 092 1 977
Retained earnings 36 669 30 186 30 523
---------------------------------
Total equity attributable to owners of the
Company 56 779 50 411 50 633
---------------------------------
Non-controlling interest 187 1 055 588
TOTAL EQUITY 56 966 51 466 51 221
TOTAL LIABILITIES AND EQUITY 120 694 113 614 118 758
Consolidated interim statements of comprehensive income
in thousands of 2025 2024
euros 2025 9M 2024 9M Q3 Q3 2024 12M
CONTINUING
OPERATIONS
Operating
income
Revenue 34 265 10 604 5 746 3 697 18 158
Cost of goods -3
sold -22 331 -7 748 -4 045 264 -12 735
--------------------------------------
Gross profit 11 934 2 856 1 701 433 5 423
Marketing
expenses -933 -773 -307 -288 -1 136
Administrative -1
expenses -4 225 -3 819 -1 473 029 -5 293
Other operating
income 1 015 34 245 15 1 164
Other operating
expenses -123 -29 -15 -3 -35
--------------------------------------
Operating
profit 7 668 -1 731 151 -872 123
Finance income 30 98 7 31 123
Finance cost -1 914 -2 411 -400 -165 -4 276
--------------------------------------
Profit/ loss
before income -1
tax 5 784 -4 044 -242 006 -4 030
Income tax 241 -18 79 -16 155
--------------------------------------
Profit/ loss -1
for the period 6 025 -4 062 -163 022 -3 875
Attributable
to:
Equity holders
of the parent 6 292 -4 012 -50 -990 -3 675
Non-controlling
interest -267 -50 -113 -32 -200
Total other
comprehensive
income
Net change in
asset
revaluation
reserve 0 0 0 0 -115
--------------------------------------
Total comprehensive income for the -1
period 6 025 -4 062 -163 022 -3 990
Attributable
to:
Equity holders of the parent
6 292 -4 012 -50 -990 -3 790
Non-controlling
interest -267 -50 -113 -32 -200
Earnings per
share (Basic)
EUR 0.11 -0.07 0.00 -0.02 -0.06
The full report can be found in the file attached.
Ann-Kristin Kuusik
CFO
+372 614 4920
[email protected]
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