MAIN EVENTS IN Q2 2023

April 28, 2023

Ülemiste City is the fastest growing economic region in Estonia

Ülemiste City has grown into Estonia's third largest economy, but in ten years it hopes to surpass Estonia's second largest city, Tartu. The key to the success of Ülemiste City is proper and continuous growth (companies and the campus development and both local and foreign talents) and cooperation with researchers (in Estonia 20–25% of companies cooperate with universities, in Ülemiste this figure is 50%). In addition, it is significant that 20–30% of all Estonian IT sector exports are produced in Ülemiste City, and last year the campus employees paid 3.4% of Estonian labor taxes.

May 10–11, 2023

Top international experts on the stage of Ülemiste City Future Forum

In May 10–11 , the two-day Future Forum conference (Future Conference and EduFest) organized by Ülemiste City developers took place for the second time. This year, in addition to the three main themes of creating and implementing new business models, talent discovery and development, and green thinking as a new reality and business opportunity, the new theme was future trends. More than 50 performers took the stage, and altogether more than 500 people from nearly 15 countries participated. International and domestic companies, university lecturers, researchers and students, both start-ups and state representatives were involved. In addition, the NordPlus studytrip tour took place at the same time, which focused mainly on companies and universities to create a strong connection for future cooperation, this time focusing on fresh talents and their opportunities and careers in green business and digitalization.

May 30, 2023

Mainor Ülemiste and Elcogen extended the lease

Mainor Ülemiste and Elcogen have decided to extend the lease of the existing Valukoja 23 building. Over the past year, Elcogen has additionally invested in the building in order to increase production volumes, and the new Elcogen production building planned for the Suur-Sõjamäe 16 property will not be developed in this form.

June 7, 2023

The cornerstone was laid for the new Ülemiste City Health Center

Ülemiste City further expands the campus's health cluster and the range of health services with the second Health Center. On June 7, the corner stone of the 20 million euro building, which will be completed in a year at Sepapaja 12, was ceremoniously laid. The second building of the health center was designed in cooperation with What If OÜ, the architectural solution of the building was prepared by Apex Arhitektuuribüroo OÜ, interior architecture by Studio Argus OÜ and landscape architectural solution by Tajuruum OÜ. The main construction contractor is OÜ Fund Ehitus, and the financier is a syndicate of SEB and Luminor banks.

The new Health Center is a natural continuation of the first one, which was opened and successfully launched in 2020, and aims to create synergy through new services in the field of personal medicine, surgery, diagnostics and prevention and rehabilitation. The construction of the building was primarily based on its function - healing people, maintaining health and improving the quality of life.

June 12, 2023

The sixth Ülo Pärnits’ scholarship issued

The Ülo Pärnits’ scholarship was issued for the sixth year in a row, as seven students received the scholarship this year. During all these years, nearly 50 students have received the scholarship. Their innovative ideas and practical proposed solutions have been used both in the campus development and the wider area.

June 15, 2023

Ülemiste City started the construction of an international educational quarter

Mainor Ülemiste signed a contract with NOBE, a construction company belonging to the Nordecon Group, for the construction of the first stage of the Ülemiste educational quarter, where the International School of Tallinn will start working in early 2025, and the Ülemiste community building will be opened. NOBE won the new construction tender that was arranged for the changed project of the Ülemiste educational quarter, and in the first stage, they will construct the building of the International School of Tallinn with a gross area of nearly 6,000 square meters and the Ülemiste community building at Valukoja 9. The total cost of the construction is approximately 11.5 million euros without VAT. The new educational quarter brings even more international education to the campus, providing international and our talents with the most modern learning environment.

June 29, 2023

Ericsson Eesti AS to build a new next-generation smart manufacturing and technology hub in Ülemiste City

Intending to build a new carbon-neutral office and leading innovation center, Mainor Ülemiste AS signed a contract under the law of obligations with Ericsson Eesti AS for properties located on 52.5 thousand square meters in Ülemiste City in Tallinn.

"Ericsson has been a client of our office building since 2017 and a cooperation partner in the Future City Professorship. Therefore, we are pleased that Ülemiste City was chosen as their new location with a diverse talent community and range of services. In our vision, the innovation and development center gathering more than 2,200 talents fits very well in Ülemiste City as a modern office, living and learning environment – it complements the multifunctional campus and with their ambition to become carbon neutral by 2030 is in line with our sustainability goals. By bringing Ericsson's innovation unit to the campus, the influence of the Ülemiste region on Estonian export will expand significantly as Ericsson develops and produces breakthrough network products for the whole world," commented Ursel Velve, Chairman of the Board of Mainor Ülemiste AS and Chief Innovation Officer of Ülemiste City.

Ülemiste City Key Figures (as of 30.06.2023)

Leasable space                          218,100 square meters

Incl. leasable office space          167,300 square meters

Occupancy rate                          91%

Incl. office's occupancy rate       92%

FINANCIAL PERFORMANCE

2Q 2023 - Net profit EUR 1,151 thousand

Net Sales and Net Profit

• Net sales amounted to EUR 4,278 th in the 2^nd quarter, increase of 12.2% compared to the 2^nd quarter of 2022
• Operating profit amounted to EUR 2,899 th in the 2^nd quarter, increase of 8.0% compared to the 2^nd quarter of 2022
• Net profit amounted to EUR 1,151 th, decrease of 38.8% compared to the 2^nd quarter of 2022.

Expenses

• Operating expenses increased from EUR 2,155 th (2^nd quarter 2022) to EUR 2,171 th in the 2^nd quarter of 2023
• Interest expense on loans and issued bonds increased from EUR 819 th (2^nd quarter 2022) to EUR 1,867 th.

Interest-bearing liabilities

• Mainor Ülemiste AS interest-bearing liabilities amounted to EUR 120,583 th. The Company's four largest creditors at the end of period were SEB Pank AS, Luminor Bank AS, OP Corporate Bank Plc, LHV Pank AS and COOP Pank AS.
• At the end of the reporting period, Mainor Ülemiste AS had EUR 13,627 th in untapped credit facilities.

Statement of the management board

The financial and other additional information published in the Interim Report April-June 2023 is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operation and cash flows of the group.

Consolidated financial statements in the report for the period April-June 2023 are not audited.

Ursel Velve

CEO
Tallinn, 31.07.2023

CONSOLIDATED INCOME STATEMENT

(According to IFRS)                                                                        In thousands Euros

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

CONSOLIDATED BALANCE SHEET

(According to IFRS)                                                                         In thousands Euros

* Without change of valuation of Mainor Ülemiste AS's and associate companies' investments properties.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In thousands of Euros

CONSOLIDATED CASH FLOW STATEMENT

In thousands Euros