Hepsor As · OMXTSE:HPR1T
Hepsor As — Debt Investor Presentation (November 2025)
37 slides from Hepsor As's debt investor presentation, November 2025
Slide 1: Bond issue
Bond issue INVESTOR PRESENTATION November 2025 In cooperation with
Slide 2: Important Information
IMPORTANT INFORMATION INVESTOR PRESENTATION By attending this meeting where this presentation is made, or by reading the presentation slides or by accepting delivery of this document, you agree to be bound by the following limitations. This document has been prepared by Hepsor AS and its affiliated
Slide 3: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 3 3. Development Portfolio 4. Financial Information 5. Hepsor Bond Issue MANUFAKTUURI VABRIK
Slide 4: About Hepsor
ABOUT HEPSOR VALUE CREATION INVESTOR PRESENTATION • A stock exchange listed international real estate developer with nearly 15 years of experience shaping the Baltic skyline – creating spaces where people and businesses thrive. LAND ACQUSITION • Built on three core values: thoughtful design, sustain
Slide 5: Shareholders & Group Structure
SHAREHOLDERS & GROUP STRUCTURE (as of 30.09.2025) INVESTOR PRESENTATION SHAREHOLDER POSITION NUMBER OF SHARES % OF SHARE CAPITAL Andres Pärloja Member of the Supervisory Board 997 500* 25.5% 24,9% Kristjan Mitt Member of the Supervisory Board 997 500* 25.5% Henri Laks Chairman of the Supervisory Boa
Slide 6: Hepsor Family of Professionals
HEPSOR FAMILY OF 31 PROFESSIONALS INVESTOR PRESENTATION SUPERVISORY BOARD SUPERVISORY BOARD – 3 members Chairman of Member of Member of Supervisory Supervisory Supervisory Board Board Board MANAGEMENT – 4 members HENRI ANDRES KRISTJAN LAKS PÄRLOJA MITT ADMINISTRATION – 7 members Founder of Hepsor. O
Slide 7: Why Bonds?
WHY BONDS? INVESTOR PRESENTATION ADDITIONAL LAYER TO OUR FINANCING STRUCTURE: Bonds offer better freedom compared to traditional bank loans, providing greater flexibility and a larger investor base. GROWTH AND INVESTMENT AGILITY: Bonds give us wider access to capital, enabling quick action on attrac
Slide 8: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS INVESTOR PRESENTATION EXPERIENCED REAL ESTATE DEVELOPER DIVERSIFIED PORTFOLIO STRONG FINANCIAL POSITION STOCK-MARKET COMPANY MULTIPLE PROJECTS WELL- CAPITALIZED Listed on the Nasdaq Baltic Main List since 2021 In total 30 active projects: 15 in Estonia, 10 in Latvia With to
Slide 9: Future Outlook
FUTURE OUTLOOK (as of 30.09.2025) INVESTOR PRESENTATION 2024 9M 2025 POTENTIAL PIPELINE REVENUE 385 MEUR* 38,4 MEUR 30,9 MEUR CONSOLIDATED CONSOLIDATED COMPLETED UNDER PLANNED COMPLETION REST OF THE PIPELINE CONSTRUCTION (next 3 year periood) REVENUE REVENUE 43,2 MEUR 91,7 MEUR 100,7 MEUR 149,4 MEUR
Slide 10: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 10 3. Development Portfolio 4. Financial Information 5. Hepsor Bond Issue P113 HEALTH CENTRE
Slide 11: Macroeconomic Indicators in Estonia and Latvia
MACROECONOMIC INDICATORS IN ESTONIA AND LATVIA INVESTOR PRESENTATION Estonian Central Banking economy forecast Latvian Central Banking economy forecast Estonia 2023 2024 2025* 2026* 2027* Latvia 2023 2024 2025* 2026* 2027* GDP at current prices, billion euros 38,4 39,8 41,7 44,3 47,0 GDP at current
Slide 12: Macroeconomic Indicators in Estonia and Latvia
MACROECONOMIC INDICATORS IN ESTONIA AND LATVIA INVESTOR PRESENTATION Annual wage growth and inflation (%) 25 • Wage growth remains strong – average salaries 20 in Estonia and Latvia have grown 5–12% annually 15 over the recent years, reflecting continued 10 tightness in labor markets. 5 0 • Real inc
Slide 13: Residential Real Estate Market Overview in Tallinn and Riga
INVESTOR PRESENTATION RESIDENTIAL REAL ESTATE MARKET OVERVIEW IN TALLINN AND RIGA Tallinn: Average net salary after garnishment, apartment transaction price, and salary purchasing power Riga: Average net salary after garnishment, apartment transaction price, and salary purchasing power 3 200 1,00 Sa
Slide 14: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 14 3. Development Portfolio 4. Financial Information 5. Hepsor Bond issue ZALA ZUGLA
Slide 15: Hepsor Operates in Countries
HEPSOR OPERATES IN 3 COUNTRIES INVESTOR PRESENTATION 30 ONGOING PROJECTS MANUFAKTUURI VABRIK DZELZAVAS GLENAVY 15 ESTONIA 🇪🇪 LATVIA 🇱🇻 CANADA 🇨🇦 15 PROJECTS 80 000 sqm 10 PROJECTS 98 000 sqm 5 LAND DEVELOPMENT PROJECTS ~245 000 sqm READY DEVELOPMENTS 9 900 sqm READY DEVELOPMENTS 9 600 sqm •…
Slide 16: Residential Development Projects
INVESTOR PRESENTATION RESIDENTIAL DEVELOPMENT PROJECTS (as of 30.09.2025) Distribution of units for sale Projected sales Construction completion in 3 PROJECT ADDRESS PROJECT NAME PROJECT STATUS revenue (MEUR) years (revenue) Homes (units) Commercial (m2) Nõmme tee 57 Lilleküla Homes Ready 1 0 0.2 0.
Slide 17: Commercial Buildings Generating Cashflows
COMMERCIAL BUILDINGS GENERATING CASHFLOWS (as of 30.09.2025) INVESTOR PRESENTATION 1% Project: P113 Health Centre TENANTS: Company: Hepsor P113 OÜ Fertilitas AS Function: Office Occupied Medicum Tervishoiuteenused AS Available Taastumistreener OÜ Address: Pärnu mnt 113, Tallinn Nessa Teraapiakeskus
Slide 18: Commercial Development Projects
INVESTOR PRESENTATION COMMERCIAL DEVELOPMENT PROJECTS (as of 30.09.2025) Projected PROJECT ADDRESS PROJECT NAME PROJECT STATUS Commercial (m2) construction completion ESTONIA Meistri 14 Grüne Office Completed, earning cashflow 3,474 II Q 2023 Pärnu mnt 113 P113 Health centre Completed, earning cashf
Slide 19: Development Projects: Estonia
DEVELOPMENT PROJECTS (as of 30.09.2025) INVESTOR PRESENTATION ESTONIA 🇪🇪 PLANNING PROCEEDINGS: 1 Narva mnt 150, 150a 2 Narva mnt 150b UNDER CONSTRUCTION AND/OR AVAILABLE 3 Alvari 1, 1a FOR SALE 4 Kadaka tee 197 9 Manufaktuuri Vabrik I etapp 19 10 Manufaktuuri 7 BUILDING PERMIT PROCEEDINGS: 11…
Slide 20: Estonia
INVESTOR PRESENTATION ESTONIA 🇪🇪 PAEVÄLJA QUARTER 20 MANUFAKTUURI QUARTER VÕISTLUSE 7 OJAKALDA P113 HEALTH CENTRE
Slide 21: Development Projects: Latvia
DEVELOPMENT PROJECTS (as of 30.09.2025) INVESTOR PRESENTATION LATVIA 🇱🇻 PLANNING PROCEEDINGS: 1 RP4 Drelini (Smaidu park) BUILDING PERMIT PROCEEDINGS: 21 2 Saules aleja 2a 3 Ganibu Dambis 17a UNDER CONSTRUCTION 4 Eizenija 18 AND/OR AVAILABLE FOR SALE 5 Starta 17 6 Dzelzavas 74c 7 Braila 23 8…
Slide 22: Latvia
INVESTOR PRESENTATION LATVIA 🇱🇻 VEIDAMA 22 DZELZAVAS EIZENIJAS NAMEJA REZIDENCE STARTA ANNENHOF
Slide 23: Development Projects: Canada
DEVELOPMENT PROJECTS (as of 30.09.2025) INVESTOR PRESENTATION CANADA 🇨🇦 PLANNING PROCEEDINGS: 1 Weston road 2 Isabella street 3 Glenavy avenue 4 High Park 5 Brownville avenue 23 3 000 RESIDENTIAL UNITS
Slide 24: Canada
INVESTOR PRESENTATION CANADA 🇨🇦 24 ISABELLA HIGH PARK BROWNVILLE
Slide 25: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 25 3. Development Portfolio 4. Financial Information 5. Hepsor Bond issue MANUFAKTUURI QUARTER
Slide 26: Consolidated Balance Sheet Structure
CONSOLIDATED BALANCE SHEET STRUCTURE INVESTOR PRESENTATION ASSETS AS OF 30.09.2025 (‘000, EUR) EQUITY AND LIABILITIES AS OF 30.09.2025 (‘000, EUR) 120% 120% 6% 4% 5% 11% 100% 100% 0% 2% 12% 13% 14% 18% 16% 80% 80% 19% 60% 60% 62% 63% 62% 56% 89% 85% 72% 40% 40% 67% 20% 20% 25% 27% 26 0% 5% 8% 7% 2%
Slide 27: Financial Structure
FINANCIAL STRUCTURE INVESTOR PRESENTATION Repayment will be made from the SPV’s sales HEPSOR AS funds invested to projects SPV INVESTOR revenue in following order: BONDS MORTGAGE EQUITY (replacing LHV LOAN group loan) CONSTRUCTION LOAN (BANK LOAN) ≥ 50% ≤ 50% 27 SPV financing MEZZANINE LOAN CUSTOMER
Slide 28: Group Loans Breakdown
GROUP LOANS BREAKDOWN (as of 30.09.2025) INVESTOR PRESENTATION • 6.8 MEUR (15%) bank loans has been extended to the parent company for project Total consolidate loans of Hepsor AS financing, of which 6.0 MEUR LHV group loan and 0.8 MEUR is mortgage loan. 2.8 MEUR 6.0 MEUR • 38.1 MEUR (85%) allocated
Slide 29: Group Equity
GROUP EQUITY INVESTOR PRESENTATION Historical equity ratio • The Group’s IFRS equity ratio has historically remained above 20% and is targeted to 30% stay above this level. 20% equity ratio has been set as the quarterly tested 25% maintenance covenant threshold to safeguard bondholders’ interests. 2
Slide 30: Group Cashflow
GROUP CASHFLOW INVESTOR PRESENTATION Group Cashflow 2023-Q3 2025 15 000 • The real estate development business is cyclical, with positive operating cash flows typically realized upon the completion and handover of projects to buyers. 10 000 5 000 • Revenue recognition and the reduction of inventorie
Slide 31: Key Financials and Ratios
KEY FINANCIALS AND RATIOS INVESTOR PRESENTATION Financials (‘000, EUR) 2023 2024 9M 2025 Sold under real right contracts (units) 274 194 119 • The Group’s 9M 2025 revenue amounted to Sold properties (m2) 44,959 1,282 12,759 30,9 MEUR, supported by 119 completed real Cash flow from operating activiti
Slide 32: Table of Contents
INVESTOR PRESENTATION TABLE OF CONTENTS 1. Investment Overview 2. Market Overview 32 3. Development Portfolio 4. Financial Information 5. Hepsor Bond issue PAEVÄLJA QUARTER
Slide 33: Term Sheet for an Envisaged Bond Issuance
TERM SHEET FOR AN ENVISAGED BOND ISSUANCE INVESTOR PRESENTATION Information Issuer Hepsor AS Reg number 12099216 Type of security Unsecured bonds Type of placement Public offering in Estonia, Latvia, Lithuania Nominal Amount EUR 1 000 Programme size Up to EUR 20 000 000 unsecured bond issuance Progr
Slide 34: Baltic Bond Market Comparable Bonds
INVESTOR PRESENTATION BALTIC BOND MARKET COMPARABLE BONDS (as of 11.11.2025) 14% PN Project, June 2027 12% Hepsor AS 3-year Bond at 9.5% POS 11, Apr 2027 Liven, May 2028 Volta Skai, Oct 2027 Everaus, June 2028 Invego, May 2029 10% Everaus, Oct 2028 Vanagas, Oct 2027 Liven, Mar 2029 Urban hub inv., S
Slide 35: Proposed Timeline
INVESTOR PRESENTATION PROPOSED TIMELINE Overview of the key dates November November November November November November 35 12 13 21 24 26 27 Start of subscription Investor event End of Allocation and Issue Expected period subscription subscription Date admission to period results trading
Slide 36: How to Subscribe?
INVESTOR PRESENTATION HOW TO SUBSCRIBE? A securities account is required for investment purposes. If one is not 1. already available, it can be opened at any financial institution in the Baltic region that offers investment services 36 You can subscribe to the Bonds by submitting orders through any
Slide 37: Thank You!
INVESTOR PRESENTATION THANK YOU! Let’s shape sustainable spaces 37 and lasting value – together. MANUFAKTUURI 12
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