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Merko Ehitus
Merko Ehitus (MRK1T) investor relations material
Merko Ehitus Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Revenue for 2025 was €310.9 million, down 42.3% year-over-year; net profit was €39.9 million, down from €64.7 million in 2024.
Pre-tax profit for 2025 was €44.8 million, with a margin of 14.4%.
Dividend proposal of €1.25 per share, a 55% payout ratio for 2025.
Secured order book at year-end was €466.9 million, up 37.1% from the prior year.
Major projects completed included Arter Quarter (Tallinn) and Pabradė defence campus (Lithuania).
Financial highlights
Revenue: €310.9 million (2025), €539.0 million (2024); net profit: €39.9 million (2025), €64.7 million (2024).
Gross profit margin: 18.0% (2025), 17.8% (2024).
Operating profit: €34.3 million (2025), €72.5 million (2024); margin: 11.0% (2025), 13.4% (2024).
EBITDA: €37.5 million (2025), €75.7 million (2024); EBITDA margin: 12.0% (2025), 14.0% (2024).
Cash and cash equivalents at year-end: €41.4 million; equity: €260.6 million (62.8% of assets).
Outlook and guidance
Construction prices are expected to remain stable or rise slightly; no decline in Baltic construction volumes anticipated.
Housing market in Estonia recovered in 2025; moderate price growth expected in 2026.
Public sector projects, especially defence, are driving order book growth; private sector remains cautious.
Explain the significant rise in labor cost ratio?
What are the implications of the Latvian court ruling?
How will real estate development profitability evolve?
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Latest events from Merko Ehitus
- Revenue fell but margins and order book improved; real estate development surged.MRK1T
Q3 20256 Nov 2025 - Net profit rose 24.6% year-over-year in H1 2025 despite a 17.5% revenue decline.MRK1TQ2 20257 Aug 2025
- Net profit rose to €44.8 million on 11.4% higher revenue, with robust construction margins.MRK1TQ3 202413 Jun 2025
- Revenue down, but strong construction services and order book signal resilience.MRK1TQ2 202413 Jun 2025
- Net profit more than doubled in Q1 2025 on strong real estate development and margin gains.MRK1TQ1 20256 Jun 2025
- 2024 saw record profit and revenue growth, but a shrinking order book signals caution ahead.MRK1TQ4 20245 Jun 2025
Next Merko Ehitus earnings date
Q1 20267 May, 2026
Merko Ehitus
Next Merko Ehitus earnings date
Q1 20267 May, 2026
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