Merko Ehitus' sales revenue last year was €311 million, down 42 percent from 2024's total.

Net profit was €39.9 million, compared to €64.7 million the year before.

Merko explained to the stock exchange that while the results for 2024 were good, last year saw a return to normal volumes. At the same time, however, Merko also completed its largest project to date: the Arter Quarter in Tallinn.

"Unfortunately, the construction industry is a project-based business, and you can only build what is ordered. The company's turnover depends on how many orders there are on the market at any given time. When there are more orders on the market, turnover is higher, and competition in the construction market is tough. This means that you have to fight hard for every project. Sometimes you get the project, sometimes you don't. But I think Merko's results last year were very satisfactory," said Jaan Mäe, head of Merko Estonia.

The Nordecon Group's sales revenue was €208 million last year, which was down by approximately 7 percent from 2024. Net profit was €2.5 million, compared to €5.1 million in 2024.

"There has been a lot of talk of the economy not doing very well and that construction has declined or is declining. All market participants may experience a slight decline at this point. I'm speculating now, but nothing crazy happened, there have been no big jumps or drops. All in all, it has been a calm and stable year," said Maret Tambek, chair of Nordecon's management board.

According to both companies' estimates, orders indicate that this year will be stronger than 2025.

"The volume of uncompleted work was €467 million. That is a very large amount, and new orders have already been added this year, which we have also announced. In fact, this is perhaps the largest balance at the turn of the year in Merko's history," said Mäe.

"As our group's portfolio of uncompleted work has grown by 30 percent compared to a year ago, we are confident that we will see growth in sales revenue this year. And in fact, the market is picking up," said Tambek.

According to the Estonian Association of Construction Entrepreneurs, companies are generally satisfied with last year.

"Construction companies did well. Some had a slightly weaker year than the previous year, others had a slightly better one. This is quite normal in construction. But overall, yes, there is still a sense of optimism," said Kalmer Gross, executive director of the Estonian Association of Construction Entrepreneurs.

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