Kaamos Group Grows Market Share in Challenging Market and Continues Investment in Real Estate and Renewable Energy

Kaamos Group increased its sales revenue to 69 million euros in 2025 and earned a net profit of 9.6 million euros. Despite a challenging economic environment, the group expanded its market share in residential development, continued investments in commercial real estate and renewable energy, and reduced net debt burden. The group's equity ratio grew to 58 percent by year-end.

According to Kaamos Group's CEO Gert Jostov, last year demonstrated that a long-term strategy and balanced financial management enable continued growth even in a changing market environment.

"2025 confirmed that in changing economic conditions, those companies win that have a strong capital base, a diverse business model, and the ability to invest even when the market is uncertain. For us, it was important not only to ensure stable financial results, but also to strengthen our position for future growth years," said Jostov.

The group's sales revenue reached 69 million euros and net profit was 9.6 million euros. Operating business profit (excluding revaluation of real estate investments) grew by approximately five percent, while loan obligations were reduced net by 9 million euros during the year.

Real estate business increased market share

For Kaamos, one of the most important keywords of the year was residential development. Although the entire real estate market was still recovering, the company sold a total of 183 apartments in Estonia and Latvia, which is nearly 1.8 times more than a year earlier and gave the company approximately a four percent market share in the new apartment market in Tallinn and Riga.

The commercial real estate portfolio also maintained a strong position. During the year, new lease agreements covering over 13,500 square meters were concluded and the Polaris office building in Avala Business Quarter was practically fully leased and Electra about 90 percent, while other office buildings also showed exemplary occupancy rates. Construction began on the third office building of Avala Quarter, which will be home to Enefit's headquarters from 2027 onwards. In parallel, investments continued in improving the energy efficiency and quality of existing buildings.

"In the current market, we can see that well-planned, energy-efficient and high-quality projects find both buyers and tenants even in a more difficult market. Kaamos' goal has not been to build as much volume as possible, but to focus on quality, bringing to the market real estate that provides long-term and decades of value," noted Jostov.

Investments in renewable energy continued

In addition to real estate, Kaamos continued investments in renewable energy. During the year, Pihlaka's second solar park was completed with a capacity of approximately 45 MWp and the total capacity of solar parks in the group's direct or indirect ownership grew to 136 MWp. The solar plants produced a total of 86.3 GWh of electricity during the year.

Kaamos also continued investments in improving real estate sustainability. New residential and commercial buildings implement more energy-efficient solutions and international LEED and BREEAM certification standards.

Jostov: 2026 shows signs of improving confidence

This year, Kaamos will continue developing new residential and commercial real estate projects in both Estonia and Latvia, including developments in Hõbemet­sa, Vikimõisa and Riga, as well as investments in renewable energy and improving the quality of existing commercial real estate.

"The interest rate environment has stabilized and customer confidence is gradually improving. We believe that 2026 will offer the company more investment opportunities than the past couple of years. Kaamos is now well prepared for market prospects," added Jostov.