MAIN EVENTS IN Q4 2025
November 29, 2025
Mainor Ülemiste Has Signed a Contract with AS Merko Ehitus Eesti for the Construction of a New Office Building
The construction tender for the Viktor Masing office building was won by AS Merko Ehitus Eesti, which will build a 13-storey office building with an A-energy class of 27,300 m²of gross area at Lõõtsa 1 B/C. The total investment cost is approximately 48 million euros excluding VAT, and the construction is financed by Swedbank.
Construction of the building will begin in March 2026 and is scheduled for completion in November 2027. The new building will be built to the highest environmental standards: it will have an A-energy class, district heating and cooling, and a 150 kW solar panel system.
Ülemiste City, developed by Mainor Ülemiste, is an innovation and collaboration-oriented community that offers tenants opportunities to grow faster, find good cooperation partners, and be conveniently connected to foreign partners. The new Viktor Masing building is planned to support the growth of tenants’ businesses, with flexible office space, natural and responsible design, and smart solutions.
December 1, 2025
Mainor Ülemiste Subsidiary Signs 30-Million-Euro Loan Agreement for Construction of Masing Office Building
Mainor Ülemiste AS subsidiary TÜC Majad OÜ and Swedbank have signed a 30-million-euro loan agreement to finance the construction of a 13-storey office building with an A-energy class and gross area of 27,300 m² in the Ülemiste City at Lõõtsa 1 B/C.
The total investment cost is approximately 48 million euros excluding VAT, and the construction tender for the office building was won by AS Merko Ehitus Eesti. Construction work on the building will begin in March 2026 and the planned completion date is November 2027. The new building will be built to the highest environmental standards: it will have A-energy class, district heating and cooling, and a 150-kW solar panel system.
Swedbank is Mainor Ülemiste's long-term and largest financial partner, that has helped develop the Ülemiste City campus for 20 years. Swedbank's predecessor, Hansapank, was one of the first banks to start financing the Ülemiste City developments, and Swedbank has financed the construction of nearly ten buildings.
Ülemiste City, developed by Mainor Ülemiste, is a community focused on innovation and collaboration, offering tenants opportunities to grow faster, find good partners and be conveniently connected with foreign partners. The new Viktor Masing building is planned to support growth, with flexible office space, natural and responsible design and smart building solutions.
October 2, 2025
Solution Being Tested by Ülemiste City and Bolt Makes Parking a Rental Car More Convenient
Ülemiste City, in collaboration with Bolt, is testing a solution that brings ride-sharing areas to the roofs of parking garages. Starting December 5, Bolt Drive users in Ülemiste City will be able to start and end their journeys on the roof of parking garage H (Lõõtsa 11), in addition to the existing areas.
The solution was created in collaboration with Spinnistart, Europark, Bolt and Mainor Ülemiste. This is a novel approach both in Estonia and internationally and can be used first in Ülemiste City.
Bolt relies on a 2D GPS system that does not differentiate whether the car is on the ground floor or on the roof of the building. The new system displays instructions to the rental car driver that direct him to the roof of the parking garage with his rental car. According to the companies, the solution is scalable and creates the opportunity to park short-term rental cars in other parking garages in Ülemiste City and in other cities. Wider adoption of the system would benefit all parties, as it would allow parking lots to be used more efficiently and for people to use short-time rental cars more conveniently.
MAINOR ÜLEMISTE AS CONSOLIDATED KEY FIGURES
As of 31.12.2025
Leasable space 199,200 m²
Incl. leasable office space 169,100 m²
Occupancy rate 92%
Incl. office's occupancy rate 91%
Financial performance
Q4 2025 - net profit of EUR 4,431 thousand
Net sales and net profit
- Net sales amounted to EUR 10,974 thousand in Q4 2025, increase of 3.6% compared to Q4 2024 (in comparable figures, excluding extraordinary turnover).
- Operating profit amounted to EUR 6,688 thousand in Q4 2025 (including profit from the revaluation of investment property EUR 351 thousands), increase of 27.0% compared to Q4 2024 (in comparable figures, excluding extraordinary income/expenses).
- Net profit amounted to EUR 4,431 thousand.
Expenses
- Operating expenses amounted to EUR 4,689 thousand in Q4 2025, compared to EUR 5,595 thousand in Q4 2024 (in comparable figures, excluding extraordinary expenses).
- Interest expenses on loans and issued bonds decreased to EUR 2,322 thousand in Q4 2025, compared to EUR 2,860 thousand in Q4 2024.
Interest-bearing liabilities
- Interest-bearing liabilities amounted to EUR 222,182 thousand. The largest creditors at the end of period were SEB Pank AS, Swedbank AS, Luminor Bank AS, OP Corporate Bank Plc and COOP Pank AS.
- At the end of the reporting period, Mainor Ülemiste AS had EUR 57,850 thousand in consolidated untapped credit facilities.
Statement of the management board
The financial and other additional information published in the Interim Report October-December 2025 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 October-December 2025 are not audited.
Sten Pärnits
CEO
Tallinn, 30.01.2026
CONSOLIDATED INCOME STATEMENT
(According to IFRS) In thousands of euros
| Q4 2024 | Q1 2024 | Q2 2025 | Q3 2025 | Q4 2025 | |
| SALES | 27,059 | 10,812 | 11,508 | 10,567 | 10,974 |
| COST OF SALES | -15,203 | -3,915 | -4,160 | -3,236 | -3,376 |
| ADMINISTRATIVE EXPENSES | -1,479 | -1,075 | -1,200 | -1,058 | -1,313 |
| DEPRECIATION | -29 | -19 | -18 | -13 | -31 |
| OTHER OPERATING INCOME | 7,640 | 9 | 1 | 2 | 455 |
| OTHER OPERATING EXPENSES | -8 | -10 | -19 | -3 | -21 |
| OPERATING PROFIT | 17,980 | 5,802 | 6,112 | 6,259 | 6,688 |
| INTEREST INCOME AND OTHER FINANCE INCOME | 37 | 120 | 98 | 55 | 65 |
| INTEREST PAID AND FEES | -2,860 | -2,788 | -2,694 | -2,557 | -2,322 |
| INCOME TAX | -491 | 0 | -477 | 0 | 0 |
| NET PROFIT | 14,666 | 3,134 | 3,039 | 3,757 | 4,431 |
CONSOLIDATED BALANCE SHEET
(According to IFRS) In thousands of euros
| 31.12.2024 | 31.03.2025 | 30.06.2025 | 30.09.2025 | 31.12.2025 | ||||||
| TANGIBLE AND INTANGIBLE ASSETS | 158 | 183 | 146 | 178 | 601 | |||||
| PROPERTY | 447,835 | 449,626 | 451,199 | 454,428 | 456,950 | |||||
| RECEIVABLES | 3,164 | 2,754 | 2,051 | 2,308 | 2,813 | |||||
| SHORT-TERM FINANCING INESTMENTS | 2,000 | 7,000 | 7,000 | 2,000 | 2,004 | |||||
| CASH | 19,109 | 11,135 | 12,071 | 12,351 | 14,567 | |||||
| TOTAL ASSETS | 472,266 | 470,698 | 472,467 | 471,265 | 476,935 | |||||
| OWNERS' EQUITY | ||||||||||
| SHARE CAPITAL | 25,156 | 25,126 | 25,386 | 25,386 | 25,386 | |||||
| OWN SHARES | -1,326 | 0 | 0 | 0 | 0 | |||||
| AGIO | 22,377 | 22,377 | 22,377 | 22,377 | 22,377 | |||||
| MANDATORY RESERVES | 1,920 | 1,920 | 2,513 | 2,513 | 2,513 | |||||
| RETAINED EARNINGS | 185,043 | 186,881 | 188,910 | 192,667 | 197,098 | |||||
| TOTAL EQUITY | 233,170 | 236,304 | 239,186 | 242,943 | 247,374 | |||||
| LIABILITIES | ||||||||||
| DEBT | 228,007 | 226,661 | 225,410 | 220,738 | 222,182 | |||||
| OTHER LIABILITIES | 3,284 | 3,354 | 3,384 | 3,469 | 3,450 | |||||
| ACCOUNTS PAYABLE | 7,805 | 4,379 | 4,487 | 4,115 | 3,929 | |||||
| TOTAL LIABILITIES | 239,096 | 234,394 | 233,281 | 228,322 | 229,561 | |||||
| TOTAL LIABILITIES & OWNERS' EQUITY | 472,266 | 470,698 | 472,467 | 471,265 | 476,935 | |||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
In thousands of euros
| Share capital | Agio | Legal reserve | Retained earnings | Total equity | |
| BALANCE AT 31.12.2024 | 25,156 | 22,377 | 1,920 | 185,043 | 233,170 |
| CANCELLATION OF OWN SHARES | -30 | -1,296 | |||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,134 | 3,134 | |||
| BALANCE AT 31.03.2025 | 25,126 | 22,377 | 1,920 | 186,881 | 236,304 |
| INCREASE OF SHARE CAPITAL | 260 | 260 | |||
| INCREASE OF LEGAL RESERVE | 593 | -593 | 0 | ||
| DIVIDENDS DECLARED | -2,468 | -2,468 | |||
| RETAINED EARNINGS | 2,051 | 2,051 | |||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,039 | 3,039 | |||
| BALANCE AT 30.06.2025 | 25,386 | 22,377 | 2,513 | 188,910 | 239,186 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,757 | 3,757 | |||
| BALANCE AT 30.09.2025 | 25,386 | 22,377 | 2,513 | 192,667 | 242,943 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 4,431 | 4,431 | |||
| BALANCE AT 31.12.2025 | 25,386 | 22,377 | 2,513 | 197,098 | 247,374 |
CONSOLIDATED CASH FLOW STATEMENT
(In thousands of euros)
| OPERATING ACTIVITIES | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| NET RESULT FOR THE PERIOD | 14,666 | 3,134 | 3,039 | 3,757 | 4,431 | |
| ADJUSTMENTS: | ||||||
| DEPRECIATION | 29 | 19 | 18 | 13 | 31 | |
| PROFIT FROM INVESTMENT PROPERTY SALES/REVALUATION | -7,615 | 0 | 0 | 0 | -351 | |
| PROFIT/LOSS FROM ASSETS SALES | -2 | -8 | 3 | 0 | 0 | |
| FINANCIAL INCOME AND EXPENSES | 2,824 | 2,668 | 2,596 | 2,502 | 2,257 | |
| CHANGE IN INVENTORY | 8,700 | 0 | 0 | 0 | 0 | |
| CHANGE IN OPERATING ASSETS | 585 | 482 | 703 | -333 | -503 | |
| CHANGE IN OPERATING LIABILITIES | -353 | -2,514 | -287 | -330 | 191 | |
| INTEREST RECEIVED | 38 | 45 | 97 | 133 | 62 | |
| INTEREST PAID AND FEES | -3,268 | -3,408 | -2,534 | -2,799 | -2,180 | |
| INCOME TAX | 491 | 0 | 477 | 0 | 0 | |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 16,095 | 418 | 4,112 | 2,943 | 3,938 | |
| INVESTING ACTIVITIES | Q4 2024 | Q4 2024 | Q2 2025 | Q3 2025 | Q4 2025 |
| INVESTMENTS IN TANGIBLE AND INTANGIBLE ASSETS | -47 | -29 | -18 | -52 | -439 |
| TANGIBLE AND INTANGIBLE ASSETS / REAL ESTATE SALES | 0 | 15 | 33 | 0 | 0 |
| INVESTMENTS IN INVESTMENT PROPERTIES | -3,406 | -2,031 | -1,639 | -2,461 | -2,724 |
| REPAYMENT OF LOANS GRANTED | 2 | 1 | 1 | 0 | 0 |
| CASH FLOWS FROM INVESTING ACTIVITIES | -3,451 | -2,044 | -1,623 | -2,513 | -3,163 |
| FINANCING ACTIVITIES | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 |
| PURCHASE/SALE OF OTHER FINANCIAL INVESTMENTS | -2,000 | -5,000 | 0 | 5,000 | -4 |
| OWN SHARES PURSHASE/SALE | -1,327 | 0 | 0 | 0 | 0 |
| INCREASE IN LONG-TERM LOANS | 5,266 | 148 | 2,440 | 1,715 | 2,796 |
| DECREASE IN LONG-TERM LOANS | -2,207 | -1,496 | -1,525 | -6,388 | -1,351 |
| DIVIDENDS PAID | -2,244 | 0 | -2,468 | 0 | 0 |
| INCOME TAX | -491 | 0 | 0 | -477 | 0 |
| CASH FLOWS FROM FINANCING ACTIVITIES | -3,003 | -6,348 | -1,553 | -150 | 1,441 |
| TOTAL CASH FLOW | -9,641 | -7,974 | 936 | 280 | 2,216 |
| CASH AND CASH EQUIVALENTS AT PERIOD-START | 9,468 | 19,109 | 11,135 | 12,071 | 12,351 |
| CHANGE IN CASH AND CASH EQUIVALENTS | 9,641 | -7,974 | 936 | 280 | 2,216 |
| CASH AND CASH EQUIVALENTS AT PERIOD-END | 19,109 | 11,135 | 12,071 | 12,351 | 14,567 |