Liven Released Financial Results and Forecasts a New Growth Wave for the Market

Real estate developer Liven, which recently published its 2025 financial results, exceeded all of the company's previous record results in both sales figures and profit indicators last year. In 2026, the company aims for 20% sales revenue growth.

"From the beginning of the year, we expect growth in the new development market. Euribor normalized during 2025, and in 2026 we should already consider its impact on the market as neutral. The introduction of a unified tax-free minimum income, continued real wage growth, and the expected improvement in the economic environment create a more stable foundation for households to make purchasing decisions, and we forecast gradual growth in demand and further normalization of the real estate market. However, Liven's results in recent years confirm that there is demand for our homes even in a turbulent real estate market," said Andero Laur, CEO of Liven AS.

Real estate development is characterized by a long lead time in realizing results, and ultimately Liven's net profit earned in 2025 – 5.4 million euros and a 28.1% net return on equity – exceeded expectations in line with Liven's long-term 20% net profitability target. According to Liven's CEO Andero Laur, profit growth and exceeding the net profitability target are also expected in 2026. 

"In the completed 2025, we handed over 139 apartments out of a possible 194 and realized approximately 66% of the maximum possible sales revenue, or 49.3 million euros out of a possible 75 million euros. The result is in line with the forecast range corrected in the fall (45–50 million euros), but reflecting the timing of construction completion and handover of homes, it fell short compared to the more ambitious expectations set at the beginning of the year (55 million euros)," shared Liven's CEO Andero Laur.

At the beginning of 2026, Liven has 101 apartments and a pre-sales portfolio of 33.7 million euros in six different projects. In addition to market demand, the sales revenue achieved during the year depends, according to CEO Andero Laur, on the timely completion and handover of construction projects before the end of the year. 

"We are entering the new year with a significantly larger volume. In completed and under-construction buildings, we have hopes of handing over up to 268 apartments and commercial spaces with estimated sales revenue of 86 million euros. We forecast a similar dynamics to the previous year, on the order of 2/3 of the possible volume realization, which would mean approximately 20% sales revenue growth compared to 2025 results," shared Liven's CEO Andero Laur.

"We laid the foundation for a good 2025 result with sales and construction started last year, and we continue working on results for both 2027 and the following years. From the projects currently under construction, the Peakorter Phase I and Wohngarten in Germany, Berlin, will be completed in 2027. In the near future, we hope to complete the prolonged planning proceedings for the Kadaka tee 88 property and later in 2026 for the Erika 12 property as well," explained Andero Laur.

New property purchases made in the second half of 2025 will add both a new area and temporal continuity to Liven's development portfolio. According to Liven's CEO Andero Laur, the development portfolio has sufficient volume for at least the next 4-5 years, and to continue growing it, the company is actively seeking new properties and conducting negotiations with landowners.