Reported Earnings • Jul 30
Second quarter 2026 earnings released: €0.28 loss per share (vs €0.006 profit in 2Q 2025) Second quarter 2026 results: €0.28 loss per share (down from €0.006 profit in 2Q 2025). Revenue: €2.38m (down 83% from 2Q 2025). Net loss: €1.08m (down €1.11m from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Live News • Jul 04
Hepsor Secures €12.7m Funding to Launch 88-Home Paevälja Residential Project Hepsor SOF OÜ, a joint venture between Hepsor AS and EfTEN Special Opportunities Fund, has signed a €12.7m loan agreement with Coop Pank to finance three new residential buildings with 88 homes in the Paevälja quarter of Lasnamäe. The buildings are scheduled for completion by autumn 2027, with about 23% of units already under pre-construction contracts.
Construction contracts for both the apartment buildings and related infrastructure have been awarded to Mitt & Perlebach OÜ. This indicates that financing, contracting and early sales are all in place for this project.
Hepsor’s share price is €5.50, with the stock down 11.9% year to date.
This Paevälja project gives Hepsor a clearly financed, multi-year development pipeline with some early sales visibility. The weaker share price performance highlights execution, timing and market-demand risks that readers may wish to weigh against the secured funding and contracted build-out. New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Estonian stocks, typically moving 3.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 15% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (3.1% average weekly change). Market cap is less than US$100m (€23.8m market cap, or US$27.5m). Upcoming Dividend • Jun 04
Upcoming dividend of €0.27 per share Eligible shareholders must have bought the stock before 11 June 2026. Payment date: 19 June 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Estonian dividend payers (6.1%). Higher than average of industry peers (3.8%). Announcement • May 23
Hepsor AS Announces Annual Dividend, Payable on June 19, 2026 Hepsor AS at the annual general meeting of shareholders held on May 20, 2026 resolved to pay a dividend of EUR 0.27 per share, i.e. to distribute the profit in the amount of EUR 1,056,000 as dividends to shareholders; The record date for shareholders entitled to dividends is June 12, 2026 at the end of the Nasdaq CSD Estonian settlement system business day. Accordingly, the ex-date is June 11, 2026. Dividends will be paid to shareholders on June 19, 2026 by transfer to the shareholder’s bank account. Announcement • Apr 28
Hepsor AS, Annual General Meeting, May 20, 2026 Hepsor AS, Annual General Meeting, May 20, 2026, at 11:00 FLE Standard Time. Location: hotel movenpick hotel tallinn, conference centre, lembitu st. 12, tallinn, Estonia Announcement • Apr 27
Hepsor AS Proposes Dividend for 2025, Payable on June 19, 2026 Hepsor AS announced at the AGM to be held on May 20, 2026, proposed to pay a dividend of EUR 0.27 per share, i.e. to distribute the profit in the amount of EUR 1,056,000 as dividends to shareholders for 2025. The record date for shareholders entitled to dividends is June 12, 2026 at the end of the Nasdaq CSD Estonian settlement system business day. Accordingly, the ex-date is June 11, 2026.Dividends will be paid to shareholders on June 19, 2026 by transfer to the shareholder’s bank account. Announcement • Jun 05
Hepsor AS (TLSE:HPR1T) agreed to acquire 20% stake in Hepsor Latvia OÜ from Hugomon OÜ for €0.43 million. Hepsor AS (TLSE:HPR1T) agreed to acquire 20% stake in Hepsor Latvia OÜ from Hugomon OÜ for €0.43 million on June 5, 2025. Hepsor AS will pay €0.02 million in cash to Hugomon OÜ for the share of Hepsor Latvia OÜ and will issue 57,821 shares of the Company to Hugomon OÜ, whereas upon the issue of the Company's shares, Hugomon OÜ will pay for the shares with the share of Hepsor Latvia OÜ as a non-monetary contribution. By amending the articles of association, the Supervisory Board of the Company is given the right to increase the share capital of the Company and to issue new shares to Hugomon OÜ, The subscription right for the new shares will be given to Hugomon OÜ and the pre-emptive subscription right of the existing shareholders will be excluded.Upon completion, Hepsor AS will own 100% stake in Hepsor Latvia OÜ. Announcement • May 07
Hepsor AS announces Annual dividend, payable on September 01, 2025 Hepsor AS announced Annual dividend of EUR 0.2600 per share payable on September 01, 2025, ex-date on June 30, 2025 and record date on July 01, 2025. Announcement • Apr 29
Hepsor AS, Annual General Meeting, May 21, 2025 Hepsor AS, Annual General Meeting, May 21, 2025, at 14:00 FLE Standard Time. Location: in hotel ibis styles tallinn conference center, toompuiestee 19, tallinn, Estonia New Risk • Nov 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Estonian stocks, typically moving 3.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (3.4% average weekly change). Market cap is less than US$100m (€18.5m market cap, or US$19.7m). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €0.36 (vs €0.12 in 3Q 2023) Third quarter 2024 results: EPS: €0.36 (up from €0.12 in 3Q 2023). Revenue: €20.4m (up 32% from 3Q 2023). Net income: €1.37m (up 192% from 3Q 2023). Profit margin: 6.7% (up from 3.0% in 3Q 2023). Announcement • Oct 30
Hepsor AS Updates Earnings Guidance for the Year 2024 Hepsor AS updated earnings guidance for the year 2024. The Group’s net profit for 2024 is estimated at €2.2 million (forecast for 2023 was €4.5 million), of which the net profit of the owners of the parent company is €0.2 million (forecast for 2023 was €2.5 million). The net profit is primarily affected by the smaller than forecast number of apartments sold and the reduced profitability of development projects for sale. Profitability has declined due to extended periods of sale as well as write-downs made. Currently, the company's forecast that in 2024, the Group’s revenue will be realised from the sale of 189 apartments with a turnover volume of approximately €37.3 million. Reported Earnings • Aug 01
Second quarter 2024 earnings released: €0.17 loss per share (vs €0.41 profit in 2Q 2023) Second quarter 2024 results: €0.17 loss per share (down from €0.41 profit in 2Q 2023). Revenue: €5.15m (down 65% from 2Q 2023). Net loss: €647.0k (down 141% from profit in 2Q 2023). Announcement • Jul 31
Hepsor as Provides Earnings Guidance for the Year 2024 Hepsor AS provided earnings guidance for the year 2024. For the period, the company forecast sales revenue of €43.1 million, net profit of €4.5 million, and net profit attributable to the parent company's shareholders of €2.5 million. Announcement • Jul 26
Hepsor Announces Other Residential Developments in Riga Hepsor announced the company has other residential developments in Riga - Nameja Rezidence with 38 apartments will be completed in the third quarter of 2024, and the Annenhof Majas with 40 apartments is scheduled for completion in early 2025. With the addition of this new development, Hepsor’s residential development portfolio in Riga will total 242 homes. Announcement • May 24
Hepsor AS Announces Distribution of Profit for the Financial Year Ended December 31, 2023 Hepsor AS at the AGM held on May 23, 2024 decided to distribute the net profit in the amount of EUR 1,185,000 of the financial year which ended December 31, 2023 as follows: allocate EUR 1,185,000 to the retained profit from previous periods. Reported Earnings • Apr 24
Full year 2023 earnings released: EPS: €0.31 (vs €0.36 in FY 2022) Full year 2023 results: EPS: €0.31 (down from €0.36 in FY 2022). Revenue: €41.1m (up 220% from FY 2022). Net income: €1.19m (down 15% from FY 2022). Profit margin: 2.9% (down from 11% in FY 2022). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: €0.30 (vs €0.36 in FY 2022) Full year 2023 results: EPS: €0.30 (down from €0.36 in FY 2022). Revenue: €41.1m (up 220% from FY 2022). Net income: €1.17m (down 16% from FY 2022). Profit margin: 2.8% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: €0.12 (vs €0.066 in 3Q 2022) Third quarter 2023 results: EPS: €0.12 (up from €0.066 in 3Q 2022). Revenue: €15.5m (up €13.8m from 3Q 2022). Net income: €469.0k (up 255% from 3Q 2022). Profit margin: 3.0% (down from 7.9% in 3Q 2022). The decrease in margin was driven by higher expenses. New Risk • Jul 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€31.9m market cap, or US$35.2m). Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: €0.41 (vs €0.07 loss in 2Q 2022) Second quarter 2023 results: EPS: €0.41 (up from €0.07 loss in 2Q 2022). Revenue: €14.6m (up 445% from 2Q 2022). Net income: €1.56m (up €1.84m from 2Q 2022). Profit margin: 11% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Announcement • Jul 27
Hepsor AS Provides Earnings Guidance for 2023 Hepsor AS provides earnings guidance for 2023. The Group forecasts a revenue of EUR 41.3 million, net profit of EUR 3.3 million and net profit attributable to the owners of the parent of EUR 1.1 million for 2023. The Group's sales results for the first half of 2023 show that the Group is on track to meet the forecasts for 2023. Announcement • May 12
Hepsor AS Provides Earnings Guidance for the Year 2023 Hepsor AS provided earnings guidance for the year 2023. For the period, the company forecast a revenue of EUR 41.3 million, net profit of EUR 3.3 million and net profit attributable to the owners of the parent of EUR 1.1 million. The Group's sales results for the first quarter of 2023 give its confidence that the company can expect to meet the forecasts for 2023. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: €0.06 (vs €0.001 in 1Q 2022) First quarter 2023 results: EPS: €0.06 (up from €0.001 in 1Q 2022). Revenue: €5.98m (up 370% from 1Q 2022). Net income: €240.0k (up €235.0k from 1Q 2022). Profit margin: 4.0% (up from 0.4% in 1Q 2022). Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: €0.36 (vs €0.006 loss in FY 2021) Full year 2022 results: EPS: €0.36 (up from €0.006 loss in FY 2021). Revenue: €12.9m (down 14% from FY 2021). Net income: €1.40m (up €1.42m from FY 2021). Profit margin: 11% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Announcement • Feb 08
Hepsor AS Appoints Nele Sumberg as CFO Hepsor AS announced that on 6 February 2023, Nele Sumberg took office as a CFO. From 2020 to November 2022, Nele Sumberg worked as the CFO of Liven AS. In 2014, she started as the Financial Manager of Ülemiste Center OÜ. In 2012-2014 Nele Sumberg worked as the Financial Controller of energy sales unit of Eesti Energia. She started her career in the audit department of PWC where she worked between 2006-2012. Reported Earnings • Nov 03
Third quarter 2022 earnings released: €0.04 loss per share (vs €0.009 profit in 3Q 2021) Third quarter 2022 results: €0.04 loss per share. Revenue: €1.67m (down 70% from 3Q 2021). Net income: €132.0k (up 326% from 3Q 2021). Profit margin: 7.9% (up from 0.6% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 90% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Reported Earnings • Aug 08
Second quarter 2022 earnings released: €0.07 loss per share (vs €0.29 profit in 2Q 2021) Second quarter 2022 results: €0.07 loss per share (down from €0.29 profit in 2Q 2021). Revenue: €2.68m (down 82% from 2Q 2021). Net loss: €278.0k (down 125% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 181% compared to a 6.8% decline forecast for the industry in Europe. Reported Earnings • Jun 24
Full year 2021 earnings released Full year 2021 results: Revenue: €15.0m (down 61% from FY 2020). Net loss: €22.0k (down 101% from profit in FY 2020). Announcement • May 02
Hepsor AS, Annual General Meeting, May 25, 2022 Hepsor AS, Annual General Meeting, May 25, 2022, at 11:00 E. Europe Standard Time. Location: L’Embitu Hotel, Lembitu 12 Tallinn Estonia Agenda: To approve the 2021 annual report of Hepsor AS; and to consider distribution of profit. 
