Pro Kapital: Revenue Up 21% and Net Income at €2.8M in Q1 for Preatoni Subsidiary

Growth Driven by Real Estate Deliveries Focused on Three Projects

Pro Kapital's revenue reached €15.1 million in the first quarter of 2026, up 21.0% from the same quarter in 2025 (€12.5 million). This growth stems directly from the delivery of apartments on three construction sites: Kalaranna and Uus-Kindrali in Tallinn, and City Villas in Vilnius.

The gross margin has increased in proportion to revenue, at 38% in Q1 2026 compared to 34% in Q1 2025. The net income amounts to €2.8 million compared to €1.9 million a year earlier, marking a 47.4% increase.

Cash Flows Reflect a Cyclical Peak in Real Estate Closures

The cash flow from operating activities reached €10.0 million as of March 31, 2026, up from €1.3 million on the same date in 2025. This 7.7-fold increase stems from the real estate calendar: sales revenues are recognized at the time of property title transfer at the notary, which concentrates the cash inflows during the transaction closure periods.

This cash flow dynamic reflects less of a structural improvement in profitability and more of an acceleration of notarial closures over the quarter.

A Portfolio of Projects Spread Over Three Years with Launch of New Phases

Preatoni continues to develop its real estate portfolio in the Baltic countries. In Tallinn, the Black building project (90 units) is nearing its delivery phase (October-November 2026), while Musketäri Majad (144 housing units across two buildings) started its reservations this quarter. The group is also preparing an additional 35,000 m² of gross built-up area at Kristiine City.

In Riga, Blue Marine is progressing as scheduled. In Vilnius, City Villas are in the final phase of completion, and the Borgo project (50 luxury apartments from a school conversion) will begin its construction in the second half of 2026. This accumulation of staggered construction phases suggests a revenue visibility extending beyond 2026.