Mainor Ulemiste AS

09/17/2026 | Press release | Distributed by Public on 09/17/2026 00:59

Mainor Ülemiste AS Consolidated Interim Report for the 6 month period ended 30.06.2025 (unaudited)

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Mainor Ülemiste AS Consolidated Interim Report for the 6 month period ended 30.06.2025 (unaudited)

In 2026, the principal activity of Mainor Ülemiste AS continued to be the development of Ülemiste City campus, including the development and construction of new and modernization of already existing buildings, renting premises and providing tenants with necessary services, and developing new real estate projects.

The consolidated turnover of Mainor Ülemiste AS in 1H 2026 amounted to 22,572 thousand euros (1H 2025: 22,320 thousand euros) and net profit 7,106 thousand euros (1H 2025: 6,173 thousand euros). As at 30.06.2026, the company's equity amounted to 250,980 thousand euros (31.12.2025 247,374 thousand euros, 30.06.2025 239,186 thousand euros).

A total of 9,321 thousand euros was invested in the construction and improvement of buildings in 1H 2026 (1H 2025 3,364 thousand euros).

As at 30.06.2026, the fair value of Mainor Ülemiste AS's consolidated investment property amounted to 466,271 thousand euros (31.12.2025 456,950 thousand euros, 30.06.2025 451,199 thousand euros).

Management confirmation and signatures

The financial and other additional information published in the 1H 2026 Interim Report is true and complete. Consolidated financial statements give a true and fair view of the actual financial position, results of operations and cash flows of the group.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.

1H 2026 Consolidated financial statements in the report are not audited.

Consolidated statement of financial position

(In thousands of euros) Notes 30.06.2026 31.12.2025 30.06.2025
ASSETS
Investment property 2 466 271* 456 950 451 199*
Tangible assets 3 1 010 577 62
Intangible assets 41 24 84
Prepayments 715 311 365
Trade and other receivables 4 2 076 2 502 1 686
Financial investments 8 0 2 004 7 000
Cash and cash equivalents 8 17 589 14 567 12 071
TOTAL ASSETS 487 702 476 935 472 467
EQUITY
Share capital at nominal value 9 25 386 25 386 25 386
Share premium 22 377 22 377 22 377
Legal reserve 2 539 2 513 2 513
Treasury shares 9 -3 500 0 0
Retained earnings 197 072 182 737 182 737
Profit for the financial period 7 106 14 361 6 173
TOTAL EQUITY 250 980 247 374 239 186
LIABILITIES
Provisions 114 114 189
Borrowings 10 228 401 222 182 225 410
Trade and other payables 11 4 807 3 645 4 113
Prepayments received 12 3 400 3 620 3 569
TOTAL LIABILITIES 236 722 229 561 233 281
TOTAL LIABILITIES AND EQUITY 487 702 476 935 472 467

* Without change of valuation of investment properties.

Consolidated income statement and consolidated statement of comprehensive Income

(In thousands of euros) Notes 01.01-30.06.2026 01.01-30.06.2025
Revenue 13 22 572 22 320
Cost of sales 14 -8 402 -8 075
Gross profit 14 170 14 245
Marketing expenses -467 -433
Administrative expenses 15 -1 838 -1 879
Other operating income 63 10
Other operating expenses -41 -29
Operating profit 11 887 11 914
Interest income 17 139 218
Interest expenses 17 -4 628 -5 431
Other financial income and expenses -292 -51
Total financial income and expenses -4 781 -5 264
Profit before tax 7 106* 6 650*
Income tax 0 -477
Net profit for the financial period 7 106* 6 173*
Other comprehensive income for the financial period 0 0
Comprehensive income for the financial period 7 106* 6 173*

* Without change of valuation of investment properties.

Consolidated statement of cash flows

(In thousands of euros) Notes 01.01- 30.06.2026 01.01.- 30.06.2025
Cash flows from operating activities
Profit before tax 7 106 6 650
Adjustments:
Depreciation, amortization and impairment 3 56 37
Profit (loss) from the sale of tangible assets 0 -5
Other adjustments 18 0
Other financial income and other financial expenses 292 51
Interest income/-expenses 17 4 489 5 213
Change in receivables and prepayments related to operating activities 5 1 185
Change in liabilities and prepayments related to operating activities 35 -2 801
Net cash generated from operating activities 12 001 10 330
Cash flows from investing activities
Acquisition of tangible and intangible assets -472 -47
Sale of tangible property 0 48
Acquisition and improvement of investment property -8 185 -3 670
Repayment of loans granted 0 2
Interest received 139 142
Acquisition of other financial investments 8 0 -5 000
Received from other financial investments 2 004 0
Net cash generated from investing activities -6 514 -8 525
Cash flows from financing activities
Loans received 14 000 2 588
Repayment of loans received -2 870 -2 935
Payment of finance lease liabilities -35 -86
Change in overdraft 2 617 0
Bond issue 10 6 467 0
Redemption of bonds 10 -13 959 0
Repurchase of treasury shares 9 -3 500 0
Interest paid -4 892 -5 632
Other cash outflows from financing activities -293 -310
Dividends paid 9 0 -2 468
Net cash generated from financing activities -2 465 -8 843
Total cash flows 3 022 -7 038
Cash and cash equivalents at the beginning of the financial year 8 14 567 19 109
Change in cash and cash equivalents 3 022 -7 038
Cash and cash equivalents at the end of the financial year 8 17 589 12 071

Consolidated statement of changes in equity

(In thousands of euros) Share capital Share premium Treasury shares Legal reserve Retained earnings Total
Balance as at 31.12.2024 25 156 22 377 -1 326 1 920 185 043 233 170
Cancellation of treasury shares -30 0 1 326 0 -1 296 0
Dividends declared 0 0 0 0 -2 468 -2 468
Increase of legal reserve 0 0 0 593 -593 0
Other changes in equity 260 0 0 0 2 051 2 311
Profit for period 01.01-30.06.2025 0 0 0 0 6 173 6 173
Other comprehensive income for the 01.01-30.06.2025 0 0 0 0 0 0
Balance as at 30.06.2025 25 386 22 377 0 2 513 188 910 239 186
Profit for period 01.07-31.12.2025 0 0 0 0 8 188 8 188
Other comprehensive income for the 01.07-31.12.2025 0 0 0 0 0 0
Balance as at 31.12.2025 25 386 22 377 0 2 513 197 098 247 374
Repurchase of treasury shares 0 0 -3 500 0 0 -3 500
Increase of legal reserve 0 0 0 26 -26 0
Profit for period 01.01-30.06.2026 0 0 0 0 7 106 7 106
Other comprehensive income for the 01.01-30.06.2026 0 0 0 0 0 0
Balance as at 30.06.2026 25 386 22 377 -3 500 2 539 204 178 250 980

Consolidated Interim Report for the 6 month period ended 30.06.2026 (unaudited) is available on the Nasdaq Baltic web page.

Sten Pärnits

Chairman of the Management Board

Phone: +372 5344 8397

Mainor Ülemiste AS
Sepise 7
11415 Tallinn, Estonia
Phone: +372 5304 6992
www.mainorulemiste.ee
Attachments:
1H 2026 Mainor Ulemiste AS Consolidated Interim Report.pdf https://attachment.news.eu.nasdaq.com/a48bec2a1edb4a841fb431d599f7b48d9
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