Results of Hepsor AS’s bond offering

As a part of the Offering, Hepsor offered up to 6,000 EUR 9.50 Hepsor AS bond 25–2028 with a nominal value of 1,000 euros, maturing on 26 November 2028 and carrying a fixed annual interest rate of 9.50% payable quarterly (the first interest payment will be made on 26 February 2026). In the event of oversubscription, Hepsor had the right to increase the volume of the Offering by up to 2,000 bonds. The Offering was directed at retail and institutional investors in Estonia, Latvia and Lithuania...

On Friday, 24/11/2025 (informazione.news - comunicati stampa - economia)

As a part of the Offering, Hepsor offered up to 6,000 EUR 9.50 Hepsor AS bond 25–2028 with a nominal value of 1,000 euros, maturing on 26 November 2028 and carrying a fixed annual interest rate of 9.50% payable quarterly (the first interest payment will be made on 26 February 2026). In the event of oversubscription, Hepsor had the right to increase the volume of the Offering by up to 2,000 bonds. The Offering was directed at retail and institutional investors in Estonia, Latvia and Lithuania.

A total of 1,079 investors participated in the Offering, subscribing for bonds in the total amount of 8.5 million euros of which 6.2 million euros, or 72.8%, in Estonia; 2.1 million euros, or 24.6%, in Latvia; and 0.2 million euros, or 2.6%, in Lithuania. Therefore, the base volume of the first series of the Offering in the amount of 6 million euros was oversubscribed by 1.4 times. Hepsor exercised its right to increase the volume of the Offering by 2,000 bonds, as a result of which the total volume of the Offering increased to 8 million euros.

The management board of Hepsor AS decided on the allocation of the offered bonds at its discretion, based inter alia on the following principles:

Martti Krass, Member of the Board of Hepsor: “I would like to thank all investors who trust our vision and support our growth objectives. Your trust enables us to continue pursuing ambitious goals and creating long-term value through our real estate development projects.”

According to Silver Kalmus, Head of the Bond Division at LHV Bank, the issuance reflected strong investor confidence in Hepsor: “During the investor roadshow, there was a clear sense of trust in the listed company Hepsor – this is confirmed by the circle of more than one thousand investors who decided to invest in Hepsor’s bonds. I am especially pleased to see the activity of Latvian investors, who subscribed for more than two million euros worth of Hepsor bonds. At the investor meetings in Latvia, we were left with a positive impression that local investors and potential homebuyers welcome Hepsor as a developer of high-quality homes in Riga. I believe there is significant potential in Latvia in the context of upcoming series under the programme, as well as continued investor interest in Hepsor’s bonds,” Kalmus commented.

The bonds will be transferred to investors’ securities accounts on November 26, 2025 or on a date close to it, and, the first trading  day of the bonds on  the Nasdaq Tallinn Stock Exchange Baltic Bond List will be 27 November 2025 or a date close to it.

Estonian resident individuals who have acquired or plan to acquire Hepsor bonds through an investment account may, in accordance with the Income Tax Act, defer the income tax liability on interest and receive the full interest on the bonds in their investment account. To do so, a corresponding application must be submitted to the issuer.

The application form is available on the Hepsor AS website: https://hepsor.ee/investorile/volakirjad/

The application must be submitted only once and no later than two business days before the interest payment date. Applications submitted later will be taken into account only for the next interest payment date. Hepsor bond interest payments are made quarterly on 26 February, 26 May, 26 August, and 26 November.

Martti Krass
Member of the Management Board
Phone: +372 5692 4919
E-mail: martti@hepsor.ee