| Segments (EURm) | Q3/25 | Q3/24 | yoy | 9m/25 | 9m/24 | yoy |
| Supermarkets | 150.9 | 149.5 | 0.9% | 454.9 | 446.3 | 1.9% |
| Department stores | 22.4 | 21.5 | 3.8% | 70.8 | 71.0 | -0.2% |
| Cars | 52.7 | 50.7 | 4.1% | 135.2 | 149.6 | -9.6% |
| Security segment | 4.8 | 5.6 | -15.4% | 13.7 | 15.9 | -13.7% |
| Real Estate | 1.9 | 1.7 | 12.1% | 5.8 | 5.2 | 12.4% |
| Total sales | 232.7 | 229.1 | 1.5% | 680.4 | 687.9 | -1.1% |
| Supermarkets | 4.7 | 5.3 | -11.7% | 8.7 | 11.5 | -24.3% |
| Department stores | -1.0 | -1.1 | -7.0% | -2.7 | -2.1 | 28.9% |
| Cars | 2.5 | 3.2 | -23.0% | 4.8 | 8.9 | -45.8% |
| Security segment | 0.2 | 0.4 | -51.8% | -0.2 | 0.3 | -175.3% |
| Real Estate | 2.4 | 1.6 | 45.4% | 7.0 | 5.5 | 25.8% |
| IFRS 16 | -0.6 | -0.8 | -30.9% | -1.5 | -1.8 | -15.5% |
| Total profit before tax | 8.1 | 8.6 | -5.7% | 16.0 | 22.3 | -28.1% |
The Group's unaudited consolidated sales revenue for the third quarter of 2025 amounted to 232.7 million euros, exceeding the sales revenue of the same period of the previous year by 1.5%. The Group's sales revenue for the first nine months totalled 680.4 million euros, representing a decrease of 1.1% compared with the first nine months of 2024, when sales revenue was 687.9 million euros. The Group's unaudited consolidated pre-tax profit for the third quarter of 2025 was 8.1 million euros, which is 5.7% lower than in the same period of the previous year. The pre-tax profit for the first nine months amounted to 16.0 million euros, declining by 28.1% year-on-year.
After several consecutive quarters of decline, the Group's sales revenue turned to moderate growth in the third quarter, although the total sales revenue for the first nine months of the year remained slightly below the level of the previous year. Sales revenue increased across nearly all of the Group's business segments, with the only decrease recorded in the security segment, which depends more heavily on one-off projects. The Group's sales revenue in Estonia continued to be significantly affected by the vehicle tax introduced at the beginning of the year and the accompanying speculation in the market, which resulted in a 40.5% contraction in the Estonian new car market during the first nine months compared with the same period of the previous year. Nevertheless, the decline in sales revenue of the Group's Estonian car segment companies was limited to approximately one third. Overall, the sales revenue of the Group's car segment for the first nine months was 9.6% lower than in the previous year, as the negative impact in Estonia was offset by stronger results from the subsidiaries in Latvia and Lithuania. The increase in the VAT rate in July, rising food prices and continued consumer caution have exerted pressure to expand the share of discount campaigns in sales revenue, while simultaneously putting downward pressure on profit margins. Although in the third quarter the Group achieved a profit comparable to that of 2024, the weaker performance in the first half of the year resulted in the Group's nine-month net profit being the lowest in recent years. According to Statistics Estonia, a similar trend can be observed across the entire retail sector: while sales revenue has grown, all Estonian retail enterprises (excluding motor vehicle sales) operated at an aggregate loss during the first half of 2025. To improve the internal efficiency of trading processes and optimise labour costs, the Group continues to strengthen its supply chain in cooperation with the logistics centre. The Group's labour costs increased by 5.0% during the first nine months, while statistics on average wages in Estonia indicate a growth trend of around 6%. The decrease in the EURIBOR rate provided relief of 0.7 million euros in financial expenses on bank loans and lease liabilities compared with the previous year.
In the department stores segment, the project to update the I.L.U. online store platform reached its final stage, with the launch of the new e-store, featuring expanded marketing capabilities, scheduled for the fourth quarter. Earlier in the reporting year, during the first quarter, renovation works were carried out on two floors of the Children's Department in the Kaubamaja Tallinn store. The renewed Children's Department was opened in March. The Group's Lithuanian real estate subsidiary continues the construction of a new KIA and Škoda showroom and service centre in Vilnius, aimed at supporting the expansion of the Group's car segment in the Lithuanian market. In Estonia, work is ongoing to establish a new body repair workshop adjacent to the Peetri car dealership. This year, several renovation projects have also been launched for store buildings, with the objective of aligning the premises with current business needs and improving their energy efficiency. In the fourth quarter of this year, the renovation of the Jõgeva Selver store is planned. In addition, preparatory work has begun for the development of the new Pärnu Papiniidu Selver, scheduled to open in 2026, as well as for the expansion of the Laulasmaa Selver store.
At the end of the reporting period, the number of loyal customers exceeded 750 thousand, representing a 1.4% increase year-on-year. The share of loyal customers in the Group's turnover was 85.9% (85.6% in the first nine months of 2024). The convenient and increasingly popular Partner Card mobile app has become a key digital channel, with more than 323 thousand customers using it by the end of the quarter.
Selver supermarkets
The consolidated sales revenue of the supermarket segment for the third quarter of 2025 amounted to 150.9 million euros, representing an increase of 0.9% compared to the same period of the previous year. The consolidated sales revenue for the first nine months totalled 454.9 million euros, showing growth of 1.9% compared to the corresponding period of the previous year. In the third quarter of 2025, as well as for the nine months as a whole, the average monthly sales revenue of goods per square metre of selling space was 0.40 thousand euros for both the segment in total and for comparable stores, remaining at the level of the previous year across all subcategories. During the first nine months of 2025, 33.5 million purchases were made in the stores, which is 1.3% more than in the same period of the previous year. In the third quarter of 2025, both the pre-tax profit and net profit of the segment amounted to 4.7 million euros, decreasing by 0.6 million euros compared to the base period. The consolidated pre-tax profit of the supermarket segment for the first nine months of 2025 was 8.7 million euros, which is 2.8 million euros lower than in the comparable period of the previous year. The net profit for the first nine months was 8.1 million euros, representing a decrease of 1.7 million euros compared to the previous year. The difference between net profit and profit before income tax results from the income tax paid on dividends, this year, dividend income tax was 1.0 million euros lower than in the previous year.
When assessing the financial results, it should be taken into account that the comparative data for the period do not fully include the figures for the Raadi and Rocca al Mare Selver stores, which were opened in the third quarter of 2024. At the same time, the comparative data include the results of the Maardu Selver store, which was closed in February of the current year.
The sales performance of the supermarkets segment in the third quarter continued to be influenced by the overall situation in the Estonian economic environment and retail sector, as well as by the weak purchasing power of consumers. The increase in the personal income tax rate to 22% from the beginning of 2025 has had a negative impact on consumer confidence, while the rise in the VAT rate to 24%, effective from 1 July 2025, has led to notable changes in consumer behaviour. Retail sales volumes of food and everyday goods have remained on a declining trend. According to Statistics Estonia, retail sales in non-specialised stores, predominantly selling food, tobacco and alcoholic beverages, increased by 2.4% at current prices during the first eight months of 2025. Selver's sales growth has remained broadly in line with the market segment as a whole.
The financial results of the third quarter of 2025 were affected by a decline in sales volumes and by a decrease in the gross margin, resulting from the high proportion of promotional products in the shopping basket. The cost base for the current year has increased due to one-off expenses related to the opening of new stores and the closure of the Maardu store. At the same time, the Group has successfully managed the pressure arising from rising input prices of various services and materials, as well as optimised expenditure levels, thereby maintaining operating cost efficiency indicators at the level of the previous year. The pressure on wage costs and slower sales revenue growth compared to wage increases have led to a slight decline in labour productivity. During 2025, the logistics centre established in Maardu in 2024 will be brought into full operation, improving the efficiency of trading processes in the supermarket segment.
The focus across the supermarket segment continues to be on the optimisation of product assortment and processes. To better respond to changing customer demand, Selver added the Scandinavian white-label brand First Price to its product range during the reporting year. The First Price brand, available exclusively in Selver and Delice stores, combines affordable pricing with reliable Scandinavian quality, thereby broadening the company's selection of competitively priced everyday goods. In product development under the central kitchen's Selveri Köök brand, Kulinaaria continues to invest in innovation, introducing new product lines ranging from restaurant-quality sauces and an expanded sandwich selection to Selver's 30th anniversary cake featuring cream cheese and caramel cream. Product development efforts remain focused on maintaining high product quality while reducing salt, sugar, and fat content. In packaging, continuous attention is directed towards improving the efficiency of packaging materials and usage. Further emphasis is placed on increasing operational volumes on the Bolt Market and Wolt platforms, as well as on the development of Selver's e-store. At the beginning of the year, Selver's e-store was voted Estonia's favourite online shop in the food and consumer goods category in a public poll organised by the Estonian E-Commerce Association.
The supermarket segment continues to operate responsibly and with a strong commitment to sustainability, with the aim of continuously improving its activities to reduce environmental impact. To promote the circular economy and increase the recycling rate of waste, the Group's waste management system has been modernised. The collection and transport of various materials now take place through the logistics centre, enabling more efficient sorting and recycling, while also reducing the carbon footprint. From this year, customers have been offered new reusable shopping bags made from recycled mono-material. Thanks to their polypropylene composition, these bags are easily recyclable. The segment has also contributed to community development by providing employment opportunities for many young people during the summer period, thereby supporting youth employment and helping to build good working habits. In April, Selver joined the "Vägivallavabaks" (Violence-Free Environment) initiative launched by the President Kaljulaid Foundation, which brings together employers to take action against domestic violence.
In October, renovation work will commence at the Jõgeva Selver store, which will include an expansion of the sales area and the introduction of more environmentally friendly solutions. In 2026, renovation of the Laulasmaa Selver store in Harju County is planned, which will also result in an increased sales area. A new Papiniidu Selver store in Pärnu is scheduled to open at the end of 2026 or the beginning of 2027. Preparatory activities for both projects have already started.
As of the end of September, the supermarket segment included 72 Selver stores, 2 Delice stores, a Mobile Store, and a café, with a total sales area of 123.8 thousand square metres. In addition, there is e-Selver, which is the largest online store in Estonia by service area, and the central kitchen, Kulinaaria OÜ.
Department stores
The sales revenue of the department stores segment for the third quarter of 2025 totalled 22.4 million euros, exceeding the previous year's result by 3.8%. The nine-month sales revenue amounted to 70.8 million euros, remaining 0.2% below the level of the corresponding period of the previous year. The pre-tax loss of the department stores segment in the third quarter of 2025 was 1.0 million euros, which is 0.1 million euros smaller than a year earlier. The pre-tax loss for the first nine months was 2.7 million euros, which is 0.6 million euros weaker than the result of the same period of the previous year.
The average sales revenue per square metre of selling space in the Kaubamaja department stores for the first nine months of 2025 was 0.30 thousand euros per month, remaining on par with the previous year. Sales revenue in the third quarter was positively affected by a successful summer discount campaign, reflecting the overall strong performance of campaigns this year. The autumn "Ilu Aeg" (Beauty Time) campaign also proved to be the most successful in the company's history. Despite the cooler summer months, which did not support the sale of summer clothing, the stock position of Kaubamaja was stronger than a year earlier and therefore there was no need for extensive markdowns during the summer sales period. In the grocery segment, a product assortment that clearly differentiates itself from competitors continues to attract new loyal customers to the Food Worlds (Toidumaailmad), with sales results exceeding expectations. During the first months of the year, renovation works were carried out on two floors of the Children's Department in the Kaubamaja Tallinn store, and the fully redesigned department was opened in March. The new concept introduced additional brands and lifestyle-based displays, generating considerable customer interest. Kaubamaja has also gained positive attention from exclusive special collections sold only at Kaubamaja. During the spring season, a jubilee collection was created in collaboration with designer Lilli Jahilo, while the autumn campaign featured a jewellery collection by Sigrid Kuusk and a new PAI bed linen collection by Kätlin Kaljuvee. Customer interest in the e-store has increased notably, showing double-digit growth compared with the previous period.
The sales revenue of OÜ TKM Beauty Eesti, which operates the I.L.U. cosmetics stores, amounted to 1.9 million euros in the third quarter of 2025, a decrease of 4.6% compared with the same period in 2024. The loss for the third quarter was 0.02 million euros, which is 0.1 million euros weaker than the result for the comparable period of 2024. The sales revenue for the first nine months of 2025 was 5.6 million euros, representing a decrease of 4.7% year-on-year. The loss for the first nine months of 2025 totalled 0.2 million euros, which is 0.3 million euros weaker than the result of the comparable period in 2024. Consumer confidence to spend remains low, while expectations for promotional prices are high. Marketing campaigns targeted at loyal customers continued to play a key role in third-quarter results. The project for upgrading the I.L.U. e-store platform reached its final stage, with the launch of the new e-store, offering enhanced marketing capabilities, scheduled for the fourth quarter.
Car trade
The sales revenue of the car trade segment for the third quarter of 2025 amounted to 52.7 million euros, exceeding the third quarter result of 2024 by 4.1%. The sales revenue for the first nine months totalled 135.2 million euros, representing a decrease of 9.6% compared to the same period of the previous year. In the first nine months, a total of 4,025 new vehicles were sold, which is 15,1% fewer than a year earlier. In the third quarter, 1,592 new vehicles were sold, which was 1,4% more than in the same period a year earlier. The pre-tax profit of the segment for the third quarter of 2025 was 2.5 million euros, which is 0.7 million euros lower than in the same period of the previous year. The pre-tax profit for the first nine months was 4.8 million euros, falling short of the previous year's result by 4.1 million euros.
In the third quarter of 2025, the results of the Group's car segment continued to be affected by the motor vehicle tax introduced in Estonia at the beginning of the year and by the general decline in consumer confidence, which led to a 40% contraction in the new car market in Estonia. Nevertheless, the Group's pan-Baltic business model allowed it to balance the decline in sales revenue in Estonia through more stable performance in the Latvian and Lithuanian retail markets, supported by the continued import of KIA vehicles across the Baltics. To maintain KIA's market share and sustain unit sales, active sales programmes targeting major corporate clients (fleet sales) were launched, with the initial results proving encouraging. Sales of after-sales services and spare parts are increasing in line with the expansion of the vehicle fleets of the brands represented by the Group. Favourable developments continued in the Lithuanian market, where sales volumes were successfully maintained. At the same time, the ongoing construction of the new KIA-Škoda dealership in Vilnius temporarily increased the cost base. The new sales and service centre is scheduled for completion in November 2025. In Estonia, the construction of the Viking Motors body repair workshop is progressing according to plan, with completion expected to strengthen after-sales service capacity.
During the summer months, the long-awaited new-generation KIA Sportage SUV was launched on the Baltic market. Its successful debut placed the model among the best-selling passenger cars in Estonia in August. Sales also began for the new electric model KIA EV4, which further diversifies the Group's electric vehicle offering. Towards the end of the year, the launch of the KIA K4, the successor to the KIA Ceed, is expected, with considerable market interest already evident ahead of its arrival.
Security segment
The external sales revenue of the security segment for the third quarter of 2025 amounted to 4.8 million euros, decreasing by 15.4% compared with the same period of the previous year. The segment's pre-tax profit for the third quarter was 0.2 million euros, which is 0.2 million euros weaker than in the same period of the previous year. The external sales revenue of the security segment for the first nine months of 2025 was 13.7 million euros, down by 13.7% year-on-year. The pre-tax loss for the first nine months amounted to 0.2 million euros, representing a decline of 0.5 million euros compared with the corresponding period of the previous year.
The results of the third quarter were weaker than those of the previous year, although compared with the second quarter, positive trends have emerged, even if profit margins and service volumes remain under pressure. Growth was recorded in guarding services, inventory services and the maintenance portfolio of security technology. The largest decline occurred in technical project construction. The company's focus remains on expanding sales activities, improving operational efficiency, and implementing new development projects.
Real estate
The external sales revenue of the real estate segment for the third quarter of 2025 totalled 1.9 million euros, representing a 12.1% increase compared with the same period of the previous year. The external sales revenue for the first nine months amounted to 5.8 million euros, growing by 12.4% year-on-year. The pre-tax profit of the real estate segment for the third quarter of 2025 was 2.4 million euros, up by 45.4% compared with the reference period. The pre-tax profit for the first nine months amounted to 7.0 million euros, showing an increase of 25.8%.
The sales revenue growth for the current year has been primarily supported by the addition of rental income from the logistics centre leased to an external tenant, which commenced operations at the end of the previous year. New tenants have contributed to the increase in rental income across the centres. The Latvian real estate company has not recorded external sales revenue in recent quarters, as the commercial buildings leased to external tenants were sold at the beginning of the year. The increase in profit for the reporting period mainly reflects higher rental income and the impact of lower financing costs, with interest expenses in the segment having decreased by nearly one quarter. The comparative period results included the loss from the sale of the Punane Selver building in April 2024.
In Vilnius, the construction of the new KIA and Škoda showroom and service centre is nearing completion, with the building scheduled to be finalised and taken into use before the end of the year. In Estonia, construction is ongoing in Peetri, where a body repair workshop is being built adjacent to the KIA sales and service centre. Expansion and reconstruction works are also underway at the Laulasmaa Selver store. The logistics centre building completed in autumn 2024 received a BREEAM Excellent certificate in June, confirming its compliance with EU Taxonomy A-class energy efficiency standards. In cooperation with Enefit, the installation of electric vehicle charging stations in store car parks is continuing.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In thousands of euros
| 30.09.2025 | 31.12.2024 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 11,630 | 45,454 |
| Trade and other receivables | 21,197 | 30,310 |
| Inventories | 102,683 | 97,091 |
| Total current assets | 135,510 | 172,855 |
| Non-current assets | ||
| Long-term receivables and prepayments | 231 | 235 |
| Investments in associates | 1,695 | 1,733 |
| Investment property | 75,660 | 81,284 |
| Property, plant and equipment | 424,636 | 424,794 |
| Intangible assets | 26,276 | 25,785 |
| Total non-current assets | 528,498 | 533,831 |
| TOTAL ASSETS | 664,008 | 706,686 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Borrowings | 14,113 | 44,436 |
| Trade and other payables | 96,160 | 110,997 |
| Total current liabilities | 110,273 | 155,433 |
| Non-current liabilities | ||
| Borrowings | 300,711 | 279,958 |
| Trade and other payables | 1,323 | 1,285 |
| Deferred tax liabilities | 7,939 | 7,939 |
| Provisions for other liabilities and charges | 524 | 543 |
| Total non-current liabilities | 310,497 | 289,725 |
| TOTAL LIABILITIES | 420,770 | 445,158 |
| Equity | ||
| Share capital | 16,292 | 16,292 |
| Statutory reserve capital | 2,603 | 2,603 |
| Revaluation reserve | 110,135 | 112,167 |
| Retained earnings | 114,208 | 130,466 |
| TOTAL EQUITY | 243,238 | 261,528 |
| TOTAL LIABILITIES AND EQUITY | 664,008 | 706,686 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In thousands of euros
| III quarter 2025 | III quarter 2024 | 9 months 2025 | 9 months 2024 | |
| Revenue | 232,651 | 229,107 | 680,431 | 687,933 |
| Other operating income | 637 | 702 | 1,258 | 1,252 |
| Cost of merchandise | -169,866 | -166,081 | -494,915 | -499,682 |
| Service expenses | -14,331 | -14,733 | -45,184 | -44,951 |
| Staff costs | -27,452 | -26,199 | -84,973 | -80,891 |
| Depreciation, amortisation and impairment losses | -10,609 | -10,609 | -31,982 | -31,686 |
| Other expenses | -183 | -241 | -759 | -1,031 |
| Operating profit | 10,847 | 11,946 | 23,876 | 30,944 |
| Finance income | 54 | 98 | 408 | 427 |
| Finance costs | -2,819 | -3,488 | -8,405 | -9,278 |
| Finance income on shares of associates accounted for using the equity method | 14 | 33 | 132 | 166 |
| Profit before tax | 8,096 | 8,589 | 16,011 | 22,259 |
| Income tax expense | 0 | 0 | -7,827 | -5,313 |
| NET PROFIT FOR THE FINANCIAL YEAR | 8,096 | 8,589 | 8,184 | 16,946 |
| Other comprehensive income: | ||||
| Items that will not be subsequently reclassified to profit or loss | ||||
| Other comprehensive income for the financial year | 0 | 0 | 0 | 0 |
| TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR | 8,096 | 8,589 | 8,184 | 16,946 |
| Basic and diluted earnings per share (euros) | 0.20 | 0.21 | 0.20 | 0.42 |
Raul Puusepp
Chairman of the Board
Phone +372 731 5000
