Merko Ehitus As · OMXTSE:MRK1T
Merko Ehitus As — AS Merko Ehitus — Investor Presentation (April 2026)
49 slides from Merko Ehitus As's investor presentation, Apr 6, 2026
Slide 1: 2025 Executive Summary
2025 Executive Summary AS Merko Ehitus 6 April 2026
Slide 2: Main facts
Main facts ESTONIA Construction services Real estate development AS Merko Ehitus Eesti OÜ Merko Kodud OÜ Merko Kaevandused The Merko Ehitus group has two business areas: the sale of construction Road construction Tallinna Teede AS services and real estate development. We operate in Estonia, Latvia a
Slide 3: Value offering and competitive advantages
Value offering Merko is the preferred choice for construction service customers and home buyers who value quality. Construction services • We offer our customers complete construction service, managing the entire process and taking responsibility for the whole result. • Complete construction service
Slide 4: Purpose, business principles and values
PURPOSE BUSINESS PRINCIPLES We create a better living We construct buildings and We operate as one Merko. environment. We build the future. infrastructure and develop We see opportunities, act upon them real estate. We operate in Estonia, and have a long-term view. Latvia and Lithuania. Our focus is
Slide 5: Business model: Construction services to customers
Business model: Construction services to customers Merko offers strategic advisory services and high-quality full-scale solutions throughout the entire process as part of its full construction service, according to the customer’s needs: preparation, design, construction, fittings and warranty-period
Slide 6: Business model: Property developments
Business model: Property developments Merko is one of the leading apartment developer brands in the Baltics. To ensure the best quality, we manage all phases of the development project: acquisition of the property, planning, design development, construction, sales, and service during the warranty pe
Slide 7: 2025 results
2025 results
Slide 8: Key indicators
Key indicators Income statement summary 2025 2024 Revenue (million EUR) 310.9 539.0 Gross profit (million EUR) 55.9 95.9 Gross margin (%) 18.0 17.8 EBITDA (million EUR) 37.5 75.7 EBITDA margin (%) 12.0 14.0 Operating profit (million EUR) 34.3 72.5 Operating profit margin (%) 11.0 13.4 Net profit (mi
Slide 9: Construction services
Construction services SECURED ORDER BOOK in million euros 318 288 297 257 2021 2022 Secured order book 501 477 338 341 2023 2024 2025 —— New contracts signed 363 LARGEST CONSTRUCTION CONTRACTS SIGNED IN 2025 Cost BRIEF DESCRIPTION OF CONTRACT one million EUR Construction contract for the Rail Baltic
Slide 10: Real Estate Development
APARTMENTS SOLD / APARTMENT REVENUE pes/in million euros 923 496 2021 2022 2023 2024 2025 Apartments sold —*— Apartment revenue GROUP APARTMENTS INVENTORY POS 4834 1169 128 1041 =- © 31.12.2021 31.12.2022 31.12.2023 31.12.2024 31.12.2025, Total under construction =m Total finshed | —*— Signed pre-sa
Slide 11: Strategy and long-term financial objectives
Strategy Long-term financial objectives AS Merko Ehitus subsidiaries provide construction services in the field of building and infrastructure construction and develop residential real Average return on equity at least estate in their home markets of Estonia, Latvia and Lithuania. We want to 10% be
Slide 12: Share price and transaction volume 2021–2025
Share price and transaction volume 2021–2025
Slide 13: Significant projects completed in 2025
Significant projects completed in 2025
Slide 14: Urban space
Urban space We are builders of buildings, but also of the spaces between. Merko has contributed to the development of urban spaces over the years by building central squares, parks, green areas and streets in various larger and smaller cities. In addition, we have installed more than 20 pieces of ar
Slide 15: Energy infrastructure
Energy infrastructure Merko has built more than one hundred different energy facilities in Estonia, Latvia and Lithuania, including 19 complex wind farm infrastructure projects in Lithuania over the past decade. We have completed the installation of more than 220 wind-turbine foundations in Lithuani
Slide 16: National defence
National defence Merko continued contributing to national defence in 2025 through the construction of various buildings and infrastructure. In November 2025, Lithuania opened its largest and the most modern training centre in the Baltic states in Pabradė, accommodating up to 3,000 allied troops. Mer
Slide 17: Infrastructure
Infrastructure Over the past 35 years, Merko has built extensive water and sewage systems, roads and streets, intersections, viaducts and traffic junctions. We have built the Muuga coal terminal and movement area of the Ämari Air Base and overseen the closing of industrial waste and graft wood landf
Slide 18: Rail Baltica
Rail Baltica In 2025, Merko was involved in five Rail Baltica–related projects. The group company Tallinna Teede AS built road viaducts that cross the Rail Baltica railway corridor on the Saku-Tõdva and Tõdva-Hageri roads in Harju County. In addition, in 2025 Merko was working under an alliance mode
Slide 19: Projects with international sustainability certificates
Projects with international sustainability certificates In 2025, construction works were fully completed on the Arter Quarter in the centre of Tallinn. The office towers in this quarter are the first in Estonia to receive the international BREEAM New Construction sustainability certificate at the Ex
Slide 20: Living environments
Living environments
Slide 21: Development of residential real estate
One of the group's strategic business areas is the development of residential real estate, and in this field, we have reached the vanguard of the best brands in the Baltics. We focus on large and contemporary living environments. To ensure the best possible quality, we manage the entirety of the dev
Slide 22: Uus-Veerenni, Tallinn
Uus-Veerenni, Tallinn Uus-Veerenni Uus-Veerenni residential area spans on 12 hectares and offers the convenience of a central location. In total, Merko plans to develop up to 56 residential buildings in the quarter, creating nearly 1,300 new homes. Since 2019, we have completed 38 buildings, deliver
Slide 23: Lahekalda, Tallinn
Lahekalda, Tallinn Lahekalda Lahekalda, situated on the scenic Maarjamäe limestone bluff between Kadriorg and Pirita, has rapidly grown into one of East Tallinn’s most family-friendly residential districts. Designed with an emphasis on greenery, recreation and community, the development will ultimat
Slide 24: Õielehe, Jüri
Jüri, Rae municipality Õielehe Õielehe residential development is located in Jüri, in Rae municipality – Tallinn’s fastest-growing suburb and a preferred home for young families thanks to its affordable housing and proximity to the capital. At the completion of the whole project, more than 140 famil
Slide 25: Noblessner, Tallinn
Noblessner, Tallinn Noblessner Merko and BLRT have cooperated since 2014 to create a high-quality urban environment and modern living space in the historic Noblessner area. Recognised as the Baltics’ best urban space development, Noblessner has transformed into a vibrant, human-centred seaside estat
Slide 26: Erminurme, Tartu
Erminurme, Tartu Erminurme Erminurme is located on the former military airfield in Raadi, Tartu – an area that has been completely transformed in recent years. At the end of the former runway now stands the Estonian National Museum, widely regarded as one of the finest museums in Europe. The Erminur
Slide 27: Leedri, Tartu
Leedri, Tartu Leedri In 2025, Merko launched the development of the Leedri residential quarter in Raadi, in Tartu municipality. The project comprises six apartment buildings with a total of 144 homes. The first stage includes two A-class three-storey buildings with 48 apartments, scheduled for compl
Slide 28: Krulli quarter, Tallinn
Krulli quarter, Tallinn Krulli Merko and Krulli are collaborating on select developments within the historic Krulli quarter in North Tallinn as part of a broader transformation of the area into a vibrant residential, business, and cultural hub. More than 125 years ago, German- born Estonian industri
Slide 29: Uus-Karlowa, Tartu
Uus-Karlowa, Tartu Uus-Karlowa A distinctive new district on the banks of the River Emajõgi in the heart of Tartu is set to become a modern residential quarter and prestigious urban space through a partnership between Giga Investeeringud and Merko. The former site of Tartu’s boiler house is planned
Slide 30: Lucavsala, Riga
Lucavsala, Riga Lucavsala Lucavsala island lies within the braided channels of the Daugava River as it flows through Riga. Positioned between the main riverbed and the smaller Bieķengrāvis branch, the island forms a natural green buffer that opens panoramic views of the historic city centre, the riv
Slide 31: Mežpilsēta, Riga
Mežpilsēta, Riga Mežpilsēta Located in Riga’s green and well-connected Mežciems district, this residential development offers a peaceful, family- and pet-friendly living environment surrounded by forest and the Dreiliņupīte stream, while remaining only minutes from the city centre via major transpor
Slide 32: Arena Garden Towers
Arena Garden Towers Arena Garden Towers is located in the Skanste neighbourhood, one of Riga’s fastest-growing areas and recognised as the city’s modern centre. The project will consist of four residential buildings with around 400 apartments. In 2025, Merko had two buildings under construction: a 1
Slide 33: Pētersala
Pētersala Merko continues to shape and revitalise Riga’s Quiet Centre with the new Pētersala residential quarter. Comprising four elegant buildings, two newly built with contemporary architecture and two carefully restored Art Nouveau gems, the ensemble blends modern living with historical charm. Th
Slide 34: Vilnelės Skverai
Vilnelės Skverai The Vilnelės Skverai residential quarter, situated on a 4.7-hectare plot near Vilnius Old Town and the Vilnelė river between Užupis district and the Pavilniai regional park, will become home to about 1,100 families across 26 contemporary A+ energy class buildings arranged around fou
Slide 35: Šnipiškių Urban, Vilnius
Šnipiškių Urban, Vilnius Šnipiškių Urban The Šnipiškių Urban project comprises six A++ energy class buildings with 214 apartments, each featuring a balcony or terrace, built above a two-storey underground parking facility with 241 spaces, EV charging stations and dedicated bicycle storage. In 2025,
Slide 36: Social responsibility
Social responsibility
Slide 37: Art in urban space
Art in urban space In addition to construction projects that shape the appearance of urban space and create new modern living environments, we also enrich public areas with various works of art. Over the years, we have installed 20 different artpieces created by Estonian artists across Tallinn. The
Slide 38: Culture in the Courtyard
Culture in the Courtyard In the Uus-Veerenni residential quarter built by Merko in central Tallinn, a neighbourhood that will eventually become home to around 1,300 families, lies one of the liveliest new park landscapes in the city. The contemporary living environment is enriched with art, includin
Slide 39: Estonian Health Trails
Estonian Health Trails In the field of sport and recreation, Merko focuses on creating exercise and sporting opportunities for everyone in Estonia, helping to increase the number of years lived in good health. Our largest sponsorship project continues to be the Estonian Health Trails project. Launch
Slide 40: Sport and recreation
Sport and recreation In the field of sports, Merko continued its support for the Latvian cross-country skier Patrīcija Eiduka, reflecting the company’s commitment to supporting high-performance athletes and the development of Latvian sports. Merko is particularly proud that Patrīcija Eiduka is a mem
Slide 41: Culture and Art Heritage
Culture and Art Heritage Merko has been actively contributing to the preservation and development of Estonia’s cultural heritage for many years. This includes construction projects such as the installation of an elevator in the St Nicholas’ church-museum, affording visitors an unparalleled visit to
Slide 42: Education and aftergrowth
Education and aftergrowth We introduce students to real-life work in the construction sector and offer internship opportunities and jobs across our companies. We award scholarships and accept future engineers as interns, giving them the chance to experience the challenges and opportunities of the co
Slide 43: TalTech scholarship
TalTech sholarship Since 2007, we have recognised engineering students and young scientists and lecturers at Tallinn University of Technology with scholarships to help ensure the next generation of construction professionals and to support lecturers in providing high-quality education for future eng
Slide 44: Youth-focused events
Youth-focused events In 2025, we continued our long-standing tradition of organising Children’s Day for employees’ families. The aim of the event is to introduce the company’s field of activity to employees’ families and to offer children a hands-on and memorable experience. This year, participants
Slide 45: Recognitions
. ° e Recognitions
Slide 46: Company recognitions
Company recognitions • Based on the results of Kantar Emor’s 2025 survey on the awareness and reputation of Estonian real estate brands, Merko was named the most well-known and trustworthy real estate developer in Estonia. Merko has earned this recognition for six previous years. • Merko received th
Slide 47: Employee recognitions
Employee recognitions • Saulius Putrimas, Head of Merko in Lithuania, received the “CEO of the Year 2025” title in a competition organised by the Lithuanian business daily Verslo Žinios. The annual competition recognises leaders who have created the most value for employees, shareholders and society
Slide 48: Recognitions of objects
Recognitions of objects • The metal and light art installation “Nest”, installed in Noblessner district in Tallinn, received a special prize “Linnamuna 2025” (“City Egg 2025”) in the environmental design category at the the Estonian Golden Egg competition, Baltic region's largest and most prestigiou
Slide 49: Merko
merko