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Merko Ehitus (MRK1T) investor relations material
Merko Ehitus Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 was EUR 149.9 million, down 10.7% year-over-year; Q2 revenue increased 12.2% to EUR 92.7 million compared to Q2 2025.
Net profit for H1 2026 was EUR 12.8 million, a 41% decrease year-over-year; Q2 net profit was EUR 8.5 million.
Secured order book reached a record EUR 835.7 million as of June 30, 2026, up 88% year-over-year.
Construction input prices rose sharply, with no signs of easing due to ongoing geopolitical tensions and inflation.
Activity increased in both construction services and real estate development segments in Q2 2026.
Financial highlights
H1 2026 revenue: EUR 149.9 million (H1 2025: EUR 167.9 million); Q2 2026 revenue: EUR 92.7 million (Q2 2025: EUR 82.6 million).
H1 2026 net profit: EUR 12.8 million (H1 2025: EUR 21.7 million); Q2 2026 net profit: EUR 8.5 million (Q2 2025: EUR 11.2 million).
Gross profit margin for H1 2026: 11.6% (H1 2025: 17.3%).
EBITDA for H1 2026: EUR 10.3 million (H1 2025: EUR 20.1 million).
Cash and cash equivalents at period end: EUR 39.6 million; equity: EUR 251.1 million (57.4% of total assets).
Outlook and guidance
Construction price indices are expected to remain high or increase further due to persistent inflation and geopolitical risks.
Public sector and defence-related projects are expected to drive future growth, while private sector demand remains cautious.
Demand for affordable housing is rising, with stable market volume for new developments anticipated in 2026.
- Revenue and profit fell, but a record order book signals strong future growth.MRK1T
Q1 2026 - Revenue fell 42%, but margins held and the order book reached a record high.MRK1T
Q4 2025 - Revenue fell but margins and order book improved; real estate development surged.MRK1T
Q3 2025 - Net profit rose 24.6% year-over-year in H1 2025 despite a 17.5% revenue decline.MRK1T
Q2 2025 - Net profit rose to €44.8 million on 11.4% higher revenue, with robust construction margins.MRK1T
Q3 2024 - Revenue down, but strong construction services and order book signal resilience.MRK1T
Q2 2024 - Net profit more than doubled in Q1 2025 on strong real estate development and margin gains.MRK1T
Q1 2025 - 2024 saw record profit and revenue growth, but a shrinking order book signals caution ahead.MRK1T
Q4 2024
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