News

In this overview, we highlight the key developments of the first quarter of 2026 in United Partners’ main investment areas – residential and commercial real estate, as well as private equity investment segments.

Residential real estate

Four development projects are currently in the preparation stage, with active zoning proceedings underway for all of them. The combined scope of these projects amounts to 54 residential units.

In Tallinn, the design and planning process for a commercial building is ongoing — a 12-story structure with a gross leasable area of 5,400 m².

A plot acquired in Tabasalu (Harku Parish) at the end of last year is being developed into a residential building comprising 18 apartments. Design work and building permit application are currently in progress.

Commercial real estate

Trade and logistics

The Taevavärava tee 2 property design of an additional 6,000 m² of warehouse space at the same location is ongoing. We are planning to develop it as build to suit project. There are ongoing discussions with the potential tenants.

In addition, the design and planning process for the office building at Karamelli 2a in Tallinn is ongoing. The building comprises 12 floors with a gross floor area of 5,400 m². Work is also progressing on a new investment opportunity in central Tallinn.

We see interesting and promising investment opportunities in the market. We view this positively and are actively seeking new projects to grow the portfolio. There is ongoing analysis of several projects from Estonia, Latvia and Lithuania.

Social infrastructure

At the beginning of the year, we finalised the Frontida exit from the portfolio. Based on the results, we can consider the investment successful.

Private equity investments

Equity United

Equity United PE1 private equity fund was fully invested as of 31 December 2023, and active work with 8 portfolio companies continued throughout Q1 2026.

In the renewable energy segment, portfolio companies PE Holding and 9 Sparnai operate a combined 6 solar parks in Estonia and 2 wind parks in Lithuania. Solar parks have performed in line with seasonal expectations, while the wind profile in Lithuania has been strong. We are actively mapping new development projects and evaluating opportunities across Estonia and the broader Baltics. With the aim of expanding the wind portfolio, we are evaluating the potential acquisition of an additional wind turbine in Lithuania. In parallel, negotiations are underway with banks to optimise the existing capital structure.

Smartecon, a provider of solar energy solutions, continued its work on projects across the Baltics. Several large projects are in active negotiation stages as the company looks to expand its portfolio. Interest in storage projects remains strong and we continue to see high potential in this area.

Tactical Solution, focused on the production of freeze-dried foods, continued active operations on multiple fronts. Negotiations are ongoing with several European defence forces, and the growing defence expenditure driven by the shifting geopolitical landscape has created a favourable environment for the company. Preparations for entering new markets are underway, and expanding production capacity remains a key strategic priority.

Saaremaa Delifood, representing the food industry segment in the portfolio, has seen a significant improvement in performance. The company has grown its sales volumes considerably and declining input costs have had a positive impact on profitability. The core business has grown to its strongest level in four years, driven by increasing demand in export markets.

Ceranos Invest, a manufacturer of boats and kayaks, continues to see strong growth in sales. At the start of the year, SeaStorm 13s joined the lineup as the first SPORT LINE model. Products are now sold in 40 countries, and the company is actively working on optimising production processes as well as expanding its sales and marketing channels.

Stay Larsen, one of Estonia’s largest hospitality companies, had an active development period in Q1. Construction of the sixth property continued alongside the development of a strategic concept. The company met all of its budgeted targets from the previous year and has set even more ambitious goals for 2026. The first half of the year will focus on improving operational efficiency in preparation for the summer high season and the opening of the sixth property.

Billo.app, a platform for short-form video advertising, carried out a rebranding at the start of the year with the goal of moving beyond the UGC marketplace concept towards a full-stack creator marketing platform. The company also launched CreativeOps, a performance analytics and workflow platform built on data from over 326,000 creator videos. The platform adds an intelligence layer to the existing creator marketplace, helping brands systematically plan, test and scale creator-driven ad content.

Nordic Vehicles Group

In the first quarter of 2026, Nordic Vehicles Group posted revenue of 32.4M EUR (2025 Q1: 30.3M EUR) and an operating profit of 662k EUR (509k EUR). NVG sold 579 (491) units of passenger vehicles and 147 (141) units of heavy machinery.

In the first quarter of 2026, our Intrac business unit became an official representative of Jarcrac machinery in all three Baltic countries. Jarcrac is a Finnish producer of small forestry machines that are effective, economical and reliable. Alongside our other products, Nordic Vehicles Group remains dedicated to providing the best machinery and after-service to our forestry clients in the region.