Hepsor AS consolidated unaudited interim report for Q4 2025 and twelve months
The Group's consolidated revenue for the fourth quarter of 2025 amounted to 4.5
million euros (Q4 2024: 10.5 million euros), while the consolidated revenue for
the reporting year was 35.4 million euros (2024: 38.4 million euros).
The Group recorded a net loss of 0.5 million euros for the fourth quarter (Q4
2024: net profit of 1.0 million euros), of which the net loss attributable to
the owners of the parent company was 0.5 million euros (Q4 2024: net profit of
1.0 million euros). The Group's net profit for 2025 was 1.0 million euros (2024:
2.1 million euros). The net profit attributable to the owners of the parent
company for the reporting year was 0.4 million euros (2024: 0.4 million euros).
Compared with the previous year, the Group's revenue and profitability in 2025
were affected by a decrease in the number of apartments handed over to customers
- 141 apartments (2024: 194). Profitability was negatively impacted by lower
profit margins of the development projects sold, which in 2025 stood at 16.9%
(2024: 17.8%) and an increase in marketing expenses. Marketing expenses amounted
to 1,3 million euros in 2025 (2024: 0.9 million euros). The increase in expenses
was primarily driven by the growth in the number and scale of projects on sale,
which led to more intensive sales and marketing activities. The Group's finance
costs and personnel expenses remained at the same level as in the previous year.
On 21 November 2025, the public offering of the first series under the bond
programme of Hepsor AS was successfully completed. The initial issue volume was
6 million euros; however, the offering was 1.4 times oversubscribed and due to
strong investor demand, the volume was increased to 8 million euros. A total of
1,079 investors from Estonia, Latvia and Lithuania participated in the offering.
The bonds carry a fixed annual interest rate of 9.50%, and the first interest
payment will be made on 26 February 2026.
In 2025, we expanded the Group's development portfolio with three new plots of
land, with development activities planned in multiple phases to include a total
of approximately 700 apartments and around 2,500 m² of commercial space. In the
fourth quarter of 2025, the development portfolio was further expanded with a
plot at Manufaktuuri 3, Tallinn, where approximately 300 apartments are planned
to be constructed in three phases. According to the detailed plan, the plot
allows for the construction of a high-rise building of up to 60 floors.
Development projects under construction and for sale
During the reporting year, the Group concluded primary sales agreements for 185
homes under the law of obligations contracts or real rights contracts, with a
total value of 36.1 million euros, which is nearly twice as much as in 2024 (109
homes and 19.8 million euros). The growth was supported by a stable financial
environment with stabilised interest rates and a positive economic growth
outlook according to both the Estonian and Latvian central banks. In addition,
several projects that had previously been in the preparation phase entered the
construction stage, increasing supply volumes and expanding options for
different customer segments.
As at 31 December 2025, the Group had a total of 10 residential development
projects on sale, of which five had been completed and five were under
construction. In completed projects, a total of 355 new homes and 453 m² of
commercial space have been built. As at the reporting date, 92% of these, or
327 apartments, have been sold under real rights contracts. As at the end of the
reporting year, the inventory of completed unsold apartments amounted to 28
units.
In 2025, we handed over 141 homes to customers (2024: 194 homes), including 22
homes in the fourth quarter (Q4 2024: 52 homes). In Tallinn, we handed over 91
homes to customers (2024: 165 homes) and in Riga, 50 homes (2024: 29 homes).
As at 31 December 2025, the Group had 428 new homes under construction (31
December 2024: 192) representing a 223% increase compared with the corresponding
period. In Latvia 227 (31 December 2024: 40) homes were under construction and
in Estonia, 201 (31 December 2024: 152).
In 2025, we commenced construction of four new development projects. In
addition, the Manufaktuuri Vabriku development progressed from preparatory works
to the conclusion of a construction contract, with a total value of 33.3 million
euros.
In Riga, construction commenced on three separate residential development
projects. At Dzelzavas iela 74C, an apartment building comprising 103 homes is
under development. At Braila iela 23, a total of 105 new homes are planned
across two phases, and at Eizhenija iela 18, construction has begun on 54 new
homes.
In Tallinn, the next phase of the Manufaktuuri quarter at Manufaktuuri 12 has
started, involving the construction of two apartment buildings with a total of
49 new homes, scheduled for completion by the end of the year.
Hepsor in Canada
Hepsor's Canadian operations focus on supporting detailed land-use planning for
development projects, thereby securing increased building rights. As at 31
December 2025, the Group has invested in five development projects. In August
2025, a decision by the Toronto City Council came into effect, granting building
rights for Hepsor's first Weston Road development project. The City Council's
decision provides for the construction of two residential towers of 35 and 39
storeys. During the detailed planning process, the building volume was
successfully increased from 27,000 m² to 62,000 m².
Future outlook
In 2026, the Group plans to launch construction of five new development projects
- two residential and one commercial real estate project in Estonia, and one
residential and one commercial real estate project in Latvia:
* V7 residential development project, located at Võistluse 7, Tallinn -
Hepsor's first residential building with a timber frame structure,
comprising eight apartments;
* Paevälja quarter, stage I - construction of 93 apartments and 918 m² of
commercial space at Paevälja 5, 7 and 9 is scheduled to begin in the second
quarter of 2026;
* Peetri business centre, located at Vana-Tartu mnt 49, Rae Parish - the
building will include 3,551 m² of leasable area, 88% of which is already
covered by lease agreements;
* Veidema quarter, stage I, located at Gan?bu dambis 17a, Riga - a stock-
office type development project combining office and warehouse functions;
* Starta 17 residential development project in Riga - construction will begin
in stages, with a total of 255 new homes to be completed.
The full consolidated unaudited interim report for the IV quarter and twelve
months of 2025 can be found on the Hepsor website:
https://hepsor.ee/en/for-investors/stock/reports-2/
Consolidated statement of financial position
---------------------------------------------+----------------+-----------------
in thousands of euros |31 December 2025|31 December 2024
---------------------------------------------+----------------+-----------------
---------------------------------------------+----------------+-----------------
Assets | |
---------------------------------------------+----------------+-----------------
Current assets | |
---------------------------------------------+----------------+----------------+
Cash and cash equivalents | 3,821| 6,249|
---------------------------------------------+----------------+----------------+
Trade and other receivables | 1,807| 761|
---------------------------------------------+----------------+----------------+
Current loan receivables | 0| 200|
---------------------------------------------+----------------+----------------+
Inventories | 58,938| 64,141|
---------------------------------------------+----------------+----------------+
Total current assets | 64,566| 71,351|
---------------------------------------------+----------------+----------------+
Non-current assets | |
---------------------------------------------+----------------+----------------+
Property, plant and equipment | 260| 288|
---------------------------------------------+----------------+----------------+
Intangible assets | 0| 2|
---------------------------------------------+----------------+----------------+
Investment properties | 11,820| 7,980|
---------------------------------------------+----------------+----------------+
Financial investments | 7,837| 6,424|
---------------------------------------------+----------------+----------------+
Investments in joint ventures | 26| 0|
---------------------------------------------+----------------+----------------+
Non-current loan receivables | 6,521| 2,428|
---------------------------------------------+----------------+----------------+
Other non-current receivables | 805| 340|
---------------------------------------------+----------------+----------------+
Total non-current assets | 27,269| 17,462|
---------------------------------------------+----------------+----------------+
Total assets | 91,835| 88,813|
---------------------------------------------+----------------+----------------+
Liabilities and equity | |
---------------------------------------------+----------------+-----------------
Current liabilities | |
---------------------------------------------+----------------+----------------+
Loans and borrowings | 5,687| 23,336|
---------------------------------------------+----------------+----------------+
Current lease liabilities | 50| 52|
---------------------------------------------+----------------+----------------+
Prepayments from customers | 1,544| 724
---------------------------------------------+----------------+-----------------
Trade and other payables | 6,832| 6,542
---------------------------------------------+----------------+-----------------
Total current liabilities | 14,113| 30,654
---------------------------------------------+----------------+-----------------
Non-current liabilities | |
---------------------------------------------+----------------+----------------+
Loans and borrowings | 42,060| 31,352|
---------------------------------------------+----------------+----------------+
Non-current lease liabilities | 112| 162|
---------------------------------------------+----------------+----------------+
Other non-current liabilities | 8,472| 4,635|
---------------------------------------------+----------------+----------------+
Total non-current liabilities | 50,644| 36,149|
---------------------------------------------+----------------+----------------+
Total liabilities | 64,757| 66,803|
---------------------------------------------+----------------+----------------+
Equity | |
---------------------------------------------+----------------+----------------+
Share capital | 3,913| 3,855|
---------------------------------------------+----------------+----------------+
Share premium | 8,917| 8,917|
---------------------------------------------+----------------+----------------+
Reserves | 385| 385|
---------------------------------------------+----------------+----------------+
Retained earnings | 13,863| 8,853|
---------------------------------------------+----------------+----------------+
Total equity | 27,078| 22,010|
---------------------------------------------+----------------+----------------+
incl. total equity attributable to owners of| | |
the parent | 20,858| 20,912|
---------------------------------------------+----------------+----------------+
incl. non-controlling interest | 6,220| 1,098|
---------------------------------------------+----------------+----------------+
Total liabilities and equity | 91,835| 88,813|
---------------------------------------------+----------------+----------------+
Consolidated statement of profit and loss and other comprehensive income
---------------------------------------------+--------+--------+-------+-------
in thousands of euros |12M 2025|12M 2024|Q4 2025|Q4 2024
---------------------------------------------+--------+--------+-------+-------
| |
---------------------------------------------+--------+--------+-------+-------
Revenue | 35,414| 38,397| 4,526| 10,542
---------------------------------------------+--------+--------+-------+-------
Cost of sales (-) | -29,778| -31,635| -3,832| -8,011
---------------------------------------------+--------+--------+-------+-------
Gross profit | 5,636| 6,762| 694| 2,531
---------------------------------------------+--------+--------+-------+-------
Marketing expenses (-) | -1,334| -898| -658| -295
---------------------------------------------+--------+--------+-------+-------
Administrative expenses (-) | -1,828| -1,802| -472| -460
---------------------------------------------+--------+--------+-------+-------
Other operating income | 1,155| 449| 841| 365
---------------------------------------------+--------+--------+-------+-------
Other operating expenses (-) | -270| -179| -59| -143
---------------------------------------------+--------+--------+-------+-------
Operating profit (-loss) of the year | 3,359| 4,332| 346| 1,998
---------------------------------------------+--------+--------+-------+-------
Financial income | 712| 421| 390| 159
---------------------------------------------+--------+--------+-------+-------
Financial expenses (-) | -2,685| -2,578| -1,158| -1,159
---------------------------------------------+--------+--------+-------+-------
Profit before tax | 1,386| 2,175| -422| 998
---------------------------------------------+--------+--------+-------+-------
Corporate income tax | -347| -41| -64| -41
---------------------------------------------+--------+--------+-------+-------
Net profit (-loss) for the year | 1,039| 2,134| -486| 957
---------------------------------------------+--------+--------+-------+-------
Attributable to owners of the parent | 399| 423| -538| 578
---------------------------------------------+--------+--------+-------+-------
Non-controlling interest | 640| 1,711| 52| 379
---------------------------------------------+--------+--------+-------+-------
| | | |
---------------------------------------------+--------+--------+-------+-------
Other comprehensive income (-loss) | | | |
---------------------------------------------+--------+--------+-------+-------
Changes related to change of ownership | -81| -313| 0| -389
---------------------------------------------+--------+--------+-------+-------
Changes in the equity of subsidiaries | 249| 0| 249| 0
---------------------------------------------+--------+--------+-------+-------
Change in value of embedded derivatives with| | | |
minority shareholders | -714| -1,874| -180| -671
---------------------------------------------+--------+--------+-------+-------
The effects of changes in foreign exchange | | | |
rates | -302| -103| 73| 27
---------------------------------------------+--------+--------+-------+-------
Other comprehensive income (-loss) for the | | | |
period | -848| -2,290| 142| -1,033
---------------------------------------------+--------+--------+-------+-------
Attributable to owners of the parent | 491| -504| 72| -330
---------------------------------------------+--------+--------+-------+-------
Non-controlling interest | -1,339| -1,786| 69| -703
---------------------------------------------+--------+--------+-------+-------
| | | |
---------------------------------------------+--------+--------+-------+-------
Comprehensive income (-loss) for the period | 191| -156| -344| -76
---------------------------------------------+--------+--------+-------+-------
Attributable to owners of the parent | 889| -81| -466| 248
---------------------------------------------+--------+--------+-------+-------
Non-controlling interest | -699| -75| 121| -324
---------------------------------------------+--------+--------+-------+-------
| | | |
---------------------------------------------+--------+--------+-------+-------
Earnings per share | | | |
---------------------------------------------+--------+--------+-------+-------
Basic (euros per share) | 0,10| 0,11| -0,14| 0,15
---------------------------------------------+--------+--------+-------+-------
Diluted (euros per share) | 0,10| 0,11| -0,14| 0,15
---------------------------------------------+--------+--------+-------+-------
Martti Krass
Member of the Management Board
Phone: +372 5692 4919
e-mail: [email protected]
(https://www.globenewswire.com/Tracker?data=xPib7iXCvIj5TmfeOkrGmKv6sCFAuGB3YzMb
JSguASjWSA-sWq6ppEBpOZum2_SAVly4q8-1_XNm_SRXtJSJ8sL-D1F1FxEMiC7j2KKQ1IE=)
Hepsor AS (www.hepsor.ee
(https://www.globenewswire.com/Tracker?data=g4mR27A4HrcwM1tmdao4VKjQjOFffKU7coNL
CMWM9DJOtzhDIwroHMIT-omB-
g5JQS15rudbOSgA928_aILzdYcwxalOYPicAbngTvFaa7oRVu5QjGGNdgWmT2i5bsqWCQ2C9rjH_0LGB
EadFe7SpwdJsoezS0bae7kcxunIjv4aqEoxejPl9HHXxGirsVaZnlzXRyT55l32CzgHM585-
ZZMPFU6cmsftTH1N-SCm84LT_eHpwQBQqTlY0DskCgDzRzYGXn0gW80OaC4TzVTfVR5owHsLp6-TS7-
mH4MpQqayDizEy5L_45We6Pw6qF6LQR4oXL5ubcEwrKCofu1I9ffvyMglvRSN1COMCWJ7a6q0IjhkBM6
j_IWZQEZbI2DCagqmYipS11R3z5mOLkZ8O-
d12C1HThmNfc0yDTX71tMWa6BZWaDm6Z0gZu8oq7l9CYt9eHJV9t-
iNiwbE3cd5b02NPo924JoY1EKLb8TQXqGRGyOf7Nu02KNsaCwrAZZSnLTeawCBEPqeGVNQo2zU1NOFaW
gy61fbgbe0Zn6K2aU8aG_T_fr-DCdSYOhYfTS-
NWklD74hFQhZUSkK1HOmHGJQbTIXr3sirp9Kfyk8imuLbZMMJFq-
iwHz9dOjH0wNJk9Qs1AG9sk9Sw845Gg7hvHNO1FHAXGhJWZR8W3MW-
fsk8f4GMZ_x3wLmNQdHQI6hqBQhYwm8hPkg5k3p7jAgJxZr02aVw-
bDDNPSxAHA4RdwjNZZEIHcFqBtN_cf_5c9MmySW9jiCFBXjC6hK3CFmN93qZEX3c_80coowWjNvBUnUz
vQ-zDt8gXwKFKTB51U3aJOJRn2vc-
SDlNnaNpZKvFhNf1oGrDLMqKdkPKIPH83Xpx38biOdgYVv6eGtgqH0MKfVnoGM1oCBILzV8Y6R45CI2h
C5NSvbobRymjv2IGKjAp8rsI-UeMDD-
ow4sY7syvhxqX139ZGA4czQ9dguMqXOvbAjln55bu6H4RN1BG14-
3FNYRndTbr_tsE5gbFFW9tiLHAt2S6BOXuFI5vKSTE1JMGJvq8EsX3cuYQAdOue0utRNleMj4ItAn5_A
69MAZ0p7La2KsFnP_DPDo_Vgj6AGqjxqYISWwcdZRKKtvP17bdxQdsScQ_JOXO4n3VnL3w2yVvkGx7B4
-
Ob6XXqtWAcGyylF8mwOAe5pBZffX4l3FDQHlW_SJbyfc2VWQDNBYP6CwiVj0grSSVxWPa2fLkaAUWHjr
qdV9wtgkIz5NMW1WuscE1MLZ0eUXIaWDqoiAxO_Na_EHxYzsMMd7FO4ZVE_OYyD7zjMCG-
lur2P7_JpHs33d-KHyTLJOJozTOqrHpuhHtEBtneTpej2ybB6sfy-
gBLnbEBr06ngRfk01KUFB_P2kZh4ANcQ07giwcvdqRhm2TbdY0V23GlW-
YaLLFxq_5GxkQE6M7eZsXSVXllI-xMqC_kl4dRQDGvzyEoqh8oFN-
0WZ9JtHuW_DeeFOYJFRbgp_DyHJObY-
RS0Xes_M_US0x2desZtRNvWYUVD517HtxRp8qiFn1RDM0HHN2E4sPUdxFGrsZOmzFXSfI4_d8pZp2QZu
pIXMelQOLlbsHxwTm8G6dlehZY-
C3wuPBmwx0jbhlZJ2WgA0jSEt6p0PknmvWLFFjFlrYrwelg5T07LCUu3b3bFflUkX_P17Pv6nVyfIURW
hnFtM27J6VHv7DShRFuVl6NorBHTGwiqe9tgbQFAmQ6nuVkutGJGOnD8X9eXaePeZi1jPUuYJNh2cFpA
C6IoIPlc9S_isQJNMukOwQ_JVLBccBY5-
NENnhOVXHF7vUOXCu0yxgIDYg9dAiE7PBeqOaHfCww6FDFEB2CdjFJdoW5P1267zEkHXzBeH1zDKkf3N
lWhEUTaex6ay-f-coJSTgYfxZWN9x6EF3RlJ4k9CZ38gTJaUs-
3cc4BXmGY2uTmhFgLR6_xe51X23sguzmF9_eN8XBiyxCuLVFBMQF7xHOmPPpEzsBeLSXIWGm_YB1cF8o
DFSMxkyLUA-
RWh2jqO6mpldFdAqD1ZY1kXYC8iUKFl5KHjMO43TbfsTxtC7B6jYakCtr_v4kWFcOUg1r7bHOROP4ugC
MUbKQnPnXKyZpYVCVJiFThi-
Fg2GbWlgde7udJOKnxYGG2iFfs_RTS_OfPurKwL09Mlf1uSqbsGFd1uzonVQNN5DIpYXpA3Z9Yr2iFP5
OltDMv1pb-mK2GVUEcUjzqLik1SH4JQfZwO9zV-xTo5VgnkVk7UZY0YVFQPMAtnrMwV-
hYftlimuJBoOjWBn6QatjXr-
nuwS06VwThoeJbXADlGfxXFQTUmibpBEy8w6wAwVNIBxTlHAG_vsBVl1iXCjqQG7bq0vMs5UyLV5OTd9
QcTuCF_YpWSMe0dAyFU3u3vAoHlGh79zOA722WByP3U_oRqlefQmGz8LbKoJrILFu2Cw9ODC4Is09v69
3LAxcLVuoRCsQbPiEBzXJD3BfSsVW9tglf3yl0bhm1P7iyRq4E_Elm7NriA7zzuF7fFDVrayBl6LOwzT
Yh0cLbZMgVS2snMMb2cCk9nbwAyNuIP2DeJOsRu1UiJXGNPtUZ03KaIVbb_7SJ0Jfq8P6UUJHK3C-
HmZiBK9Inr03lK1WNrWZyN-
QmAjKhvPnr_vzmxPfK33coRgylnNT6rxes1pfPxGWD3aXNh_brKjRuaxcC3ArSMYaEvSeqrwafjCg1WL
E5jhbhCWeU9rq_jcfB6CdqyZgw1tjJiWSkg61OCIK_16HeY2paDaal_XBOqweD7Jlpl1wAVbqZSrU6pJ
L_h0wlulPvr5sS6lncS9ACTk9UvpBqq8kkMjYNUSPhcXObhxT8niE7ih_FBVyhKoD8hampSsYp3lIWk5
4H5XbQb364YkRAImn3PRyM0Ofd1NffU1Xsie5IW0C2E_OXjpRnum-IXnFleZsjJth6udUonshal4LG-
Go06C9XvIfR1iIMmcstV9Nk1ijpsFGqqJj0toWuiv8h1QbxQfqpmNiftxR1AHyxm294aVUFg9Fk3LESb
6BLZK-
FooE8o6C9Z_ayxokSRJj8kKpI1zYTsNQ93nHklSXhWYlBgh37vPe_z7xrGngZ2eNwgvn9ePahCyLbkGH
TfDMTrN90EBGDvS4E3-uSPuYyzhu8MXshRuaAy4Xomx8bMSY99be_KA42rHjBsZfE7fT6-
kPLoLztn4_OmuPa3B0ZEyZ6N8Dd5qOQMaa_ZgGSZJ6gTK0cN55mPg1hzpWHcGgvUuQU4PWZ4r7Ycsn-
Ga5KATI-yMhmAtsPsIx7NQwURV8D0CQju0amGiAK2e-g9jeVo5T4qyanec0-
rMd9qArLw4kpL_HGN59ZcighVfYCBXebZLwu89FxXVjLvFqVYA5fHqOdxxE-
hxIPFaURvTN5cpVVdsna0WahyeF-wFONZKBhGct0WJUgz0Ou_D4pTpNSuPB-_BYXS-GR5AE5-
Z2YAYv2kowWBfzifY2EfIqmsCqb_HoShygtR-Bu8R7fwDs5IzL55FQSvAySp8bGUMJQffu-
HkHTrkfEwPmoummxZx_1Td4ZU3OXLe3Xx0IjIQpLpe44Yv51pAChEBaCK5_HN7PH343Dyv1BrT1bcWDE
tMTj52cTupK9hnAbxfxlMHbZIE_JTD7NUyMMTEVgtLJrpV0X-
8Pw1iX41Ig_3g9nKBI6rH65My8_vwx8yhicBwYiCe9FIrJeyT7T2SIyiDwM-
zYoBp9qRg7xsYEfNnYmdOJ2v0dYlE5Qu5_hr0o9uQXZQpXwawcNfYMmUrX8STKIgdhR346oAd_yJUYvX
Ce17RD8ubqqOIEtvxTkhGqO-e1gi-
acUm1FhwnNfHpCu0nbCheQyq7zjFrqHSmZlYAvR270QRPTVYTVViWOdrLPfazpVIG9YoUpv-
bm1h2F9TQUMdemd4yFNwR0nRbYfTsKpaSE2St0klNuLMtir74TH8hSbkyRz8DRQneQPvMXo_RyEprQ3U
7ZBWlkcNqTT0OJlycxj5G4zQEzDxeV0FM20XQURC4Uq2Rgv1TGS3rAfMRVFGJDSo7n1ecfnf172QS4Us
wLFIaROktQZgO80cATywTFIxcTV_gN6HacU9RAAzPtx8pwC5VzENwWg69Rx5TKveqfvgZ83R3loRFd5r
rN9Gtyg4VeCM8uaOmkcTFyEy9M5EDh3oyi9yd2C2gCmrjDq-xpQECH221e-a4K190rLU8f8-
riGLo7CkMAwI-
E0xOmPSZBZB_pdGMfWw3tB5kb0GWMaRRVenF0YLmBxWPQzW2SOuJZSF2SAvQ9UwD2faAnRqBfCr2m7HG
-laQ4NhWBb-AMFnzzsb4jVQf2DAnHWCqUbTLHRVQfUSV07ToNSKHRqxWBsZ4-
AGytyPBntbl1HwBtSzDdHqvLrHPHFq1qp4Fe3-
BJuP7kLRJ9tmpHDb1KN_7bkAXdQQyb2szwW5LkVGIkYrMLtxXWU902GH6lBUkzhzYNew9Kj_Nw0dbn9_
hWelUQoaQwrxZbZuxNWjnj_f4KR86_Kp8gBSGmKtmkwedWZf-
GvnR0Xamjn7hHKHWnL00JdRKyApJUmTHIPd8Re9GjfNhb1tj-IAVv3Z-
fp2X75lgxJjW465m5vVHGKu_fx-e8Qs51cizZ8UqwgFKyr_nqE_210yS-
rnjwnvJavjZyYLyhms3cULkPj6RwCTXeApKyVej7ZVYhXjuEYWKWDH9CIbyogvnkurPChkF43GTDSITT
QYSygCKCr9or-z6yUCo7dK_wELRujmcm5Pzs0EptI2b4qH6R4Cx3-
y64575yc9jAh19Y8jtBdO4PgtHl7GFUKPl96uvZoSpWW1SyMQ6mg9jH0WSq19BWivBA8BfpNiuaN_jDQ
kFZ2fOPYSFpMeP0b3g4l7VJqPq50n9HMSuTQZtchynCkMUMihrOQjmJleWylSyjYGshru5GPIJ5uA_rA
oNcKDF2DrK-
HqdqL4o6vwAESEPursYmSytKW7Dvsu1jyOVdvUYuLqMjUfgu8EGXRtAjiaVvIOmmR3_k3cToHXNHRxWk
dOlEhqiw88ofuW6gwv7UGQPe6wKgu5RaHmVSI27flqgDUW9aOvgzdbY2FOORcyta2wIBao2dm8uNcFAb
fOz8S3yTwRK260ZwY0yAaHeV_qOPeIMWC-CUvS0wLstJbrhFhpSFB-
0_XG8s7FhxFI07BgvOMtfHBXcWO81Uu_AGxIm2q1kHb-
CN07pSC5qNEGx4PO6hv6tNv4PKAz1OnSDVMRlqxL8aA_FUhYfMjQ78QVNoBYxo1l-
hCliHpB3jLQJgVDzlR7tkqG_4p25OendFJqr0_6Hsbd_OHV2urhrKeF4Lvr6QcECAZzsHIQPn48lF0nt
Xw4dSwLLroffwmyB4iUw5sHIVUgpKT31jKiIVfNFe3C2qCXgtO2HCXVwE-
qIc0a1Q4MjWHqRPc5HgiwqP1jBLV9FTFAQ44hzg7vtU21CkzMDVZDpGNj-s9_JQJncF2d-
n6dxCnqj8U1d4Z0ksgsRlqCovg==)) is a developer of residential and commercial real
estate. The Group operates in Estonia, Latvia, and Canada. In fourteen years of
operation, we have created over 2,00 homes and nearly 44,000 m(2) of commercial
space. Hepsor is the first developer in the Baltic states to implement a number
of innovative engineering solutions that make the buildings it constructs more
energy efficient, and thus more environmentally friendly. The company's
portfolio includes 28 development projects with a total area of 196,650 m(2). In
addition, the Group is active in five projects in Canada, where the main
activity is the preparation of detailed spatial plans for land, thereby
achieving greater building rights.