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Nordecon
Nordecon (NCN1T) investor relations material
Nordecon 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 €208.3 million, down 7% year-over-year, with net profit at €2.5 million, significantly impacted by a €750k foreign exchange loss from the Ukrainian hryvnia.
The Buildings segment saw a 10% revenue decline to €168.3 million, while Infrastructure grew by 10% to €39.9 million.
Gross margin decreased to 6.5% from 7.5% in 2024; operating margin fell to 2.7% from 3.6%.
Order book increased by 30% to €273.1 million, with 69% scheduled for 2026 and a shift toward Infrastructure projects.
Commercial buildings revenue rose 71% year-over-year, while public buildings revenue fell 32%.
Financial highlights
EBITDA was €8.25 million (margin 4.0%), down from €11.0 million (4.9%) in 2024.
Administrative expenses declined by 14% to €6.8 million, with a lower ratio to revenue at 3.3%.
Net margin dropped to 1.2% from 2.3% year-over-year.
Return on equity was 9.2%, down from 21.0% in 2024.
Cash and cash equivalents at year-end were €5.3 million, down from €8.2 million in 2024.
Outlook and guidance
Strategic agenda targets at least 5% annual revenue growth and operating margin consistently above 3%.
Management expects business volumes to increase in 2026, supported by a strong order book and improved market conditions.
Focus on organic growth, efficiency, digitalization, and balanced order books across segments.
Continued strong dividend yield commitment, though no dividends were paid in 2025.
How will the order book shift impact 2026 margins?
What actions address the sub-1.0 current ratio?
How will Nordecon consistently achieve >3% operating margin?
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Next Nordecon earnings date
Q1 20267 May, 2026
Nordecon
Next Nordecon earnings date
Q1 20267 May, 2026
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Frequently asked questions
Nordecon AS is an Estonian construction company engaged in a broad range of activities within the construction sector. The company specializes in the construction of both residential and non-residential buildings, including commercial and public infrastructure. Additionally, Nordecon is involved in various civil engineering projects such as road construction, utility, and water projects. The company also participates in housing development and offers general contracting and project management services. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.
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