Pro Kapital Council approved Consolidated Interim Report for II Quarter and 6 Months of 2025 (Unaudited)


14 augusti, 12:15

MANAGEMENT REPORT

Real Estate Development

Tallinn

By the second quarter of 2025, construction of the final phase of the Kalaranna development (4 buildings, 146 units) reached an end with some landscaping and a few client modifications works remaining. As of the publication of this report, 76 sold apartments have been handed over to buyers, and the overall sales rate has reached 60.7%.

In Kristiine City, we are continuing the design and building permit process for four different projects submitted to the Tallinn City Planning Department:

  • "Dunte" - still awaiting the issuance of the building permit.
  • Sammu 2/4 / Sõjakooli 15 - building permit application was submitted in December 2024.
  • Marsi 1 / Sõjakooli 13 - building permit application was submitted in February 2025.
  • Sammu 3 / Sõjakooli 17 - we are in the design phase and preparing a new concept, alongside an application for a change of use to allow 95% residential and 5% commercial functions. The plan is to submit the projecting to the city within July 2025.

All the above listed projects will add ca 35.000 sqm of GBA with ca 350 units of predominantly residential function (95% residential/5% commercial) to our portfolio in a well-established neighbourhood in Kristiine City.

As of Q2 2025, construction of the White Building (91 residential units) in Uus-Kindrali project, located in Kristiine City at Talli Street 3 /Sammu Street 8, Tallinn, has progressed well. As of the date of this report, we have already begun the installation of final finishes (tiles, paintwork, etc). To date, the project has reached 62.4% sellout, with final completion expected in November–December 2025.

Earlier this year, we had also started the excavation and foundation works for another 7-story residential building with 90 units, located next to the White Building at Sammu Street 10 / Seebi Street 24a, Tallinn. With sales we are at 12.2% sellout. To date we have almost finished the underground works and will start erecting the structure above ground. The expected completion of this residential building is planned for Oct-Nov 2026.

Riga

Following the successful completion of sales in River Breeze Residence at the end of 2024, with all units sold, the Group initiated preparations for the next phase of development in Kliversala – the Blue Marine project (96 residential units). Throughout the first half of 2025, we have taken key steps toward launching this new stage. The engineering team is now nearly fully assembled, and construction preparation started in July 2025. At the same time, we have collected interest from potential buyers.

To support this next stage of development, two new subsidiaries were established in June 2025: SIA Pro Kapital Engineering, which will be responsible for construction project management activities in Latvia, and SIA BM Kliversala for the purpose of developing Blue Marine project.

In Vilnius

During Q2 we continued the construction of the final stage of Šaltinių Namai Attico with city villas and a commercial building. We are currently at almost 40% sellout in the villas and slightly above 10% 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 in Q3 2025.

Hotel operations

Hotel performance in the second quarter was still slightly below budgeted expectations but overall, we are confident that the performance shortfall can be recovered by September-October.  The second quarter result was expected to have some challenges due to the closure of the Thermal Baths for periodic maintenance, which very directly affected occupancy and tourists’ presence in our destination.

We are confident that the property will maintain the positive trends of performance shown in the past years.

Other operations

The Group holds a majority stake in Preatoni Nuda Proprietà (PNP) and its subsidiary Preatoni Intermediazioni Immobiliari (PII), which continue to strengthen their presence in the Italian real estate market, focusing on bare ownership transactions.

Despite the market slowdown in 2024, caused by rising interest rates, confidence in the real estate sector has been gradually recovering, with full market normalization expected by the end of 2025.

Conclusion

The first half of 2025 showed stabilisation across our geographical markets, despite continued bureaucratic delays and seasonal slowdowns in some areas of our operations. In Tallinn, we continued to make progress both in terms of construction milestones and in expanding our development pipeline within the promising Kristiine City area. Riga continued with the momentum in preparation of the Blue Marine project, where we are applying the successful in-house construction model used in Estonia. In Vilnius, we are concluding new sales with record pricing in our flagship project and laying the groundwork for a high-end transformation in Naugarduko Street.

Overall, the Group remains focused on disciplined execution, strategic development, and value creation. We are well positioned to capitalize on the improving macroeconomic sentiment and deliver strong results throughout the rest of the year.

Edoardo Preatoni
CEO

Key financials

The total revenue of the Group in first six months of 2025 was 28.5 million euros compared to 6.9 million euros in first six months of 2024.  The total revenue of the second quarter was 16.1 million euros compared to 3.9 million euros 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 to 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 in the second quarter 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 six months of 2025 increased to 10.2 million euros compared to 2.4 million euros in the same period of 2024. The gross profit of the second quarter was 6.0 million euros compared to 1.5 million euros in 2024.

The operating result in the first six months was 7.5 million euros profit comparing to 0.9 million euros loss during the same period in 2024. The operating result of the second quarter was 5.0 million euros profit compared to 0.2 million euros loss in the second quarter of 2024.

The net result for the first six months of 2025 was 6.2 million euros profit, comparing to 3.0 million euros loss in the reference period. The net result of the second quarter was 4.3 million euros loss compared to 1.3 million euros loss in the same period of 2024.

Cash generated in operating activities during first six months of 2025 was 8.5 million euros comparing to 4.5 million euros used during the same period in 2024. Cash generated in operating activities during second quarter was 7.2 million euros compared to 2.8 million euros used in the second quarter of 2024.

Net assets per share were 1.01 euros as of 30 June 2025, compared to 0.93 euros a year earlier. 

Key performance indicators

2025
6M
2024
6M
2025
Q2
2024
Q2
2024
  12M
Revenue, th, EUR
28 519
6 907
16 069
3 853
18 158
Gross profit, th. EUR
10 233
2 423
6 026
1 535
5 423
Gross profit, %
36%
35%
38%
40%
30%
Operating result, th. EUR
7 517
-860
4 975
-201
123
Operating result, %
27%
-12%
32%
-5%
1%
Net result, th. EUR
6 188
-3 040
4 298
-1 340
-3 875
Net result, %
22%
-44%
27%
-35%
-21%


30.06.2025
30.06.2024
31.12.2024
Total Assets, th. EUR
115 759
109 695
118 758
Total Liabilities, th. EUR
58 350
57 207
67 537
Total Equity, th. EUR
57 409
52 488
51 221
Debt/ Equity *
1,02
1,09
1,32
Return on Assets, % **
5,5%
-2,9%
-3,4%
Return on Equity, % ***
11,3%
-5,7%
-7,0%
Net asset value per share, EUR ****
1,01
0,93
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

in thousands of euros
30.06.2025
30.06.2024
31.12.2024
ASSETS
Current assets
Cash
3 572
8 576
4 344
Current receivables
1 495
1 481
822
Prepaid expenses
0
359
422
Inventories
57 030
44 550
56 951
Total current assets
62 097
54 966
62 539
Non-current assets
Non-current receivables
314
20
317
Property, plant and equipment
7 463
7 655
7 595
Right-of-use-assets
384
495
513
Investment property                  
42 505
40 405
44 210
Goodwill
863
204
863
Intangible assets
2 133
3 615
2 721
Total non-current assets
53 662
52 394
56 219
Assets held for sale
0
2 335
0
Total assets helt for sale
0
2 335
0
TOTAL ASSETS
115 759
109 695
118 758
LIABILITIES AND EQUITY
Current liabilities
Current debt                                                         
7 284
1 749
21 893
Customer advances
7 525
7 083
9 618
Trade and other payables
6 010
6 235
5 600
Tax liabilities
471
175
833
Short-term provisions
16
8
24
Total current liabilities
21 306
15 250
37 968
Non-current liabilities
Non-current debt
34 966
40 676
27 350
Other long term liabilities
6
2
6
Deferred income tax liabilities
1 869
1 130
2 031
Long-term provisions
203
149
182
Total non-current liabilities
37 044
41 957
29 569
TOTAL LIABILITIES
58 350
57 207
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
36 865
31 175
30 523
Total equity attributable to owners of the Company
56 975
51 400
50 633
Non-controlling interest
434
1 088
588
TOTAL EQUITY
57 409
52 488
51 221
TOTAL LIABILITIES AND EQUITY
115 759
109 695
118 758

Consolidated interim statements of comprehensive income

in thousands of euros
2025
6M
2024
 6M
2025
Q2
2024
Q2
2024
12M
CONTINUING OPERATIONS
Operating income
Revenue
28 519
6 907
16 069
3 853
18 158
Cost of goods sold
-18 286
-4 484
-10 043
-2 318
-12 735
Gross profit
10 233
2 423
6 026
1 535
5 423
Marketing expenses
-626
-485
-340
-263
-1 136
Administrative expenses
-2 752
-2 790
-1 426
-1 465
-5 293
Other operating income
770
19
758
17
1 164
Other operating expenses
-108
-27
-43
-25
-35
Operating profit
7 517
-860
4 975
-201
123
Finance income
23
67
10
25
123
Finance cost
-1 514
-2 245
-769
-1 172
-4 276
Profit/ loss before income tax
6 026
-3 038
4 216
-1 348
-4 030
Income tax
162
-2
82
8
155
Profit/ loss for the period
6 188
-3 040
4 298
-1 340
-3 875
Attributable to:
Equity holders of the parent
6 342
-3 023
4 347
-1 323
-3 675
Non-controlling interest
-154
-17
-49
-17
-200
Total other comprehensive income
Net change in asset revaluation reserve
0
0
0
0
-115
Total comprehensive income for the period
6 188
-3 040
4 298
-1 340
-3 990
Attributable to:
Equity holders of the parent                                               
6 342
-3 023
4 347
-1 323
-3 790
Non-controlling interest
-154
-17
-49
-17
-200
Earnings per share (Basic) €
0,11
-0,05
0,08
-0,02
-0,06

The full report can be found in the file attached.

Ann-Kristin Kuusik
CFO
+372 614 4920
prokapital@prokapital.ee

Attachment


Marknadsöversikt

1 DAG %

Senast

1 mån
Senaste aktieanalyserna på Placera
Kollage Analys Ny
Privatekonomi med Placeras expert
Karolina Placera

Karolina Palutko Macéus skriver om allt som har med privatekonomi att göra och hur du kan få mer pengar i plånboken.

Affärsvärlden
AFV

Är du kund hos Avanza? Just nu kan du få en unik rabatt på Affärsvärlden. Afv har 28 år i rad utsetts till Sveriges bästa affärsmagasin i en undersökning med börs-VD:ar, finanschefer, IR-chefer och aktieproffs.

Annons
Introduce

för börsens små- och medelstora företag.

Annons
Investtech

Här hittar du våra artiklar om teknisk analys i samarbete med Investtech.