Mainor Ülemiste AS Audited Consolidated Annual Report 2025

The audited consolidated annual report of 2025 were approved on  1 June 2026 by the Annual General Meeting Of Shareholders Of Mainor Ülemiste AS.

In 2025, the entity continued to develop Ülemiste City office campus, including the construction of new and modernization of already existing buildings, renting premises, providing tenants with necessary services and developing these services, preparing new real estate projects.

On 14 February 2025, Mainor Ülemiste AS signed a merger agreement with Smart City Group AS. Smart City Group AS was the majority shareholder of Mainor Ülemiste AS, holding approximately 60% of the shares in Mainor Ülemiste AS. The purpose of the merger was to finalize the process of involving an investor by merging Mainor Ülemiste AS and Smart City Group AS in such a way that the assets of Smart City Group AS were combined with those of Mainor Ülemiste AS.

The consolidated turnover of Mainor Ülemiste AS in 2025 amounted to 43,861 thousand euros (2024: 52,453 thousand euros), other operating income was 467 thousand euros (2024: 10,141 thousand euros) and net profit 14,361 thousand euros (2024: 51,884 thousand euros), including revaluation of investment property in the amount of 351 thousand euros (2024: 7,615 thousand euros). As of the end of the financial year the total equity of the company was 247,374 thousand euros.

A total of 8,764 thousand euros was invested in the construction of buildings and improvement of equipment in 2025.

As at 31 December 2025, the fair value of Mainor Ülemiste AS’s investment property amounted to 456,950 thousand euros.

The audited consolidated annual report for 2025 of Mainor Ülemiste AS is available on the Nasdaq Tallinn web page.