Correction: Hepsor AS consolidated unaudited interim report for Q1 2025

In the consolidated unaudited interim report for Q1 published by Hepsor AS on 30 April 2025, the operating profit for Q1 2025 was mistakenly presented as a negative amount in the consolidated statement of profit and loss and other comprehensive income.Corrected notice to follow: Hepsor's consolidated sales revenue for Q1 2025 was 8.2 million euros (Q1 2024: 2.3 million euros). The Group's net loss for the first quarter was 0.1 million euros (Q1 2024: 1.0 million euros), of which the...

Tallinn, 30/04/2025 (informazione.news - comunicati stampa - economia)

Hepsor's consolidated sales revenue for Q1 2025 was 8.2 million euros (Q1 2024: 2.3 million euros).

The Group's net loss for the first quarter was 0.1 million euros (Q1 2024: 1.0 million euros), of which the net loss attributable to the owners of the parent was 0.2 million euros (Q1 2024: 0.9 million euros).

In coordination with the Group's Supervisory Board, the Management Board proposes to distribute 1,0 million euros (EUR 0.26 per share) in dividends to shareholders in 2025 from the profits of previous periods. Based on the share price as of 31 March 2025, this results in a dividend yield of 6.9%.

In the first quarter of 2025, we continued the construction and sales of projects in our development portfolio. Customer interest in Hepsor's developments has remained stable. In Latvia, the Annenhof Mājas development project at Jūrmalas gatve 74 was completed at the beginning of the year, where customer interest in purchasing new apartments has been high. By the end of March, 60% of all apartments in the Annenhof Mājas development project had been sold.

In the first quarter of 2025, we handed over 42 homes to customers, compared to 12 homes during the same period in 2024. Of these, 26 homes were delivered in Tallinn, and 16 in Riga.

During the reporting quarter, construction and sales continued on the first phase of the main building of the former Baltic Cotton Spinning and Weaving Factory at Manufaktuuri 5, where 150 new homes are planned to be built.

In 2024, we started the construction of StokOfiss 34 at Ulbrokas 34 in Riga. StokOfiss 34 is a multifunctional commercial building with 8,740 m² of rental space. While in 2024, we had signed lease agreements for 6% of the total rental area, as of 31 March 2025, the leases cover nearly half, or 47%, of the total rental area. The planned completion of the construction is in the third quarter of 2025.

In the associate company Hepsor P113 OÜ, the leasing of the P113 Health Centre office building continued, and as of 31 March 2025, 82% of the rental space had been leased.

In April 2025, Hepsor Finance OÜ signed a shareholders' agreement under which a 50% stake in Hepsor SOF OÜ was sold to the EfTEN Special Opportunities Fund. According to the shareholders' agreement, Hepsor SOF OÜ will acquire 5 properties from Hepsor's Group companies in Lasnamäe, with a total value of 9.0 million euros. Hepsor's shareholders will earn a total of approximately 3.7 million euros in profit from these transactions, of which 1.9 million euros will be realised in the results of the following quarters in 2025. The released capital will be directed to other development projects of Hepsor Group in its current home markets. The cooperation project between Hepsor and EfTEN in Lasnamäe includes the construction of approximately 300 apartments, along with smaller amount of commercial space. The development will be carried out in three stages, with around 100 new homes in each stage. Construction of the first stage is planned to begin in 2026.

In 2025, we plan to start the construction of four new residential development projects. In Tallinn, at Manufaktuuri Quarter, we will begin the next development project at Manufaktuuri 12, where 49 new homes are planned. This will be Hepsor's fourth development in the area. The planned start of construction is in the second half of 2025.

In Riga, Latvia, we plan to start the construction of a total of 227 new homes:

During the reporting year, we aim to begin the construction of the first phase of the Veidema Quarter project at Ganibu Dambis 17a, a stock-office type development.

The full consolidated unaudited interim report for the first quarter of 2025 is available on Hepsor's website:

https://hepsor.ee/en/for-investors/stock/reports-2/

Henri Laks
Member of the Management Board
Phone: +372 5693 9114
e-mail: henri@hepsor.ee

Hepsor AS ( www.hepsor.ee ) is a developer of residential and commercial real estate. The Group operates in Estonia, Latvia and Canada. During our fourteen years of operation, we have created 2,076 homes and nearly 36,300 m of commercial space. As the first developer in the Baltic countries, Hepsor has implemented several innovative engineering and technical solutions that make the buildings built by the company more energy-efficient and thus more environmentally friendly. The company's portfolio includes a total of 25 development projects with a total area of 172,800 m .