The business activities of Volta SKAI OÜ consist of the development of a 12-storey duo of high-rise buildings with modern architecture at Krulli street 10, Tallinn.
The first high-rise building will have 14 commercial spaces and 70 apartments, many with 3.8-metre-high ceilings and two floors. Thanks to its location on a high coastal slope, home buyers can enjoy views of the waves, the Old Town and the skyline of the city centre. The first tower will provide 7,545 m2 of net sellable area, with a planned investment of 35.4 million and estimated sales revenue of 57.2 million euros. The tower of the second high-rise building is in the design phase.
Volta SKAI Bonds
Volta SKAI bonds are a secured bond programme of 30 million euros to finance the Volta SKAI development. In the second half of 2025, the first two series of the program were carried out, with the total volume of 12 million euros. The nominal value of the bonds is 1,000 euros and the coupon interest rate is 10%. Interest is paid quarterly: on 1 April, 1 July, 1 September and 1 January. The maturity date of the bonds is 1 October 2027. Since December 2025, Volta SKAI bonds are traded on the Nasdaq Baltic First North market. More detailed terms and conditions of the bonds and additional information are available at investor.endover.ee.
Overview of the sales process
The pre-sale of the first tower of Volta SKAI started in the second half of 2025. After the balance sheet date, on 23 January 2026, the public sale has also started and the price list is available on the company’s website voltaskai.endover.ee.
As at the date of publication of the report, 920 m2, i.e. 12% of the total area to be sold in the first tower, are covered by contracts of sale under the law of obligations. Pre-sales account for 12% of the estimated sales revenue of the project. The forecast sales period of the project is 5 years.
Overview of construction
In the second half of 2025, building design documentation was prepared and the site was prepared for construction activities. In the last week of November 2025, excavation work began, marking the start of construction activities.
The action plan for the first half of 2026 is as follows:
1) completion of the basement excavation and pile work,
2) construction of underground basement structures,
3) construction of monolithic structures of floors -2 and -1,
4) construction of monolithic and prefabricated structures of floors 1-3.
As at the publication of the report, we are on schedule with all construction works, despite the severe cold.
Financial indicators
The company recognizes sales revenue upon the conclusion of property law contracts, which are planned for 2027. Until 2027, the company will be in accounting loss, which is typical for the real estate development sector. The loss in the second half of 2025 was 428,785 euros, the loss in the second half of 2024 was 28,909 euros. The total loss in 2025 was 501,505 euros, the loss in 2024 was 57,577 euros. The above-listed loss is in line with the budget.
| (in euros) | 31.12.2025 | 31.12.2024 |
|
Net working capital (current assets – current liabilities) |
15,040,998 | 7,503,308 |
|
Quick ratio (current assets / current liabilities) |
47.92 | 5.55 |
|
Debt-to-equity ratio (liabilities / equity) |
84% | 102% |
|
Equity-to-asset ratio (equity / total assets) |
16% | -2% |
Balance sheet
| (in euros) | 31.12.2025 | 31.12.2024 |
| Assets | ||
| Current assets | ||
| Cash | 315,023 | 17,030 |
| Receivables and prepayments | 3,218,733 | 3,985 |
| Inventories | 11,827,814 | 9,133,184 |
| Total current assets | 15,361,570 | 9,154,199 |
| Total assets | 15,361,570 | 9,154,199 |
| Liabilities and equity | ||
| Liabilities | ||
| Current liabilities | ||
| Loans payable | 0 | 1,646,316 |
| Payables and prepayments | 320,574 | 4,575 |
| Total current liabilities | 320,574 | 1,650,891 |
| Long-term liabilities | ||
| Loans payable | 12,000,000 | 7,199,241 |
| Payables and prepayments | 592,087 | 453,655 |
| Total long-term liabilities | 12,592,087 | 7,652,896 |
| Total liabilities | 12,912,661 | 9,303,787 |
| Equity | ||
| Share capital at nominal value | 2,500 | 2,500 |
| Other reserves | 3,100,002 | 0 |
| Retained loss | -152,088 | -94,511 |
| Loss for financial year | -501,505 | -57,577 |
| Total equity | 2,448,909 | -149,588 |
| Total liabilities and equity | 15,361,570 | 9,154,199 |
Income statement
| (eurodes) | 2025 | 2024 | 2025 Second half-year | 2024 Second half-year |
| Other operating expenses | -504,089 | -57,680 | -431,366 | -29,010 |
| Operating loss | -504,089 | -57,680 | -431,366 | -29,010 |
| Interest income | 2,584 | 103 | 2,581 | 101 |
| Loss before income tax | -501,505 | -57,577 | -428,785 | -28,909 |
| Loss for financial year | -501,505 | -57,577 | -428,785 | -28,909 |
Volta SKAI OÜ is an affiliate of Endover. Endover is a 100% Estonian capital based real estate development company that has been operating since 1997. Endover’s affiliates have developed and reconstructed over 70 buildings, creating a total of nearly 368,000 square metres of residential and commercial space and raising over 200 million euros of capital for the implementation of projects.