News

In this overview, we highlight the key developments of the second quarter of 2025 in United Partners’ main investment areas – residential and commercial real estate, as well as private equity investment segments.

Residential real estate

We are currently preparing three new projects, with active work ongoing on zoning and planning. The total number of residential units across these developments will be 36.

Commercial real estate

Trade and logistics

In the second quarter of 2025, a 2 MW capacity solar energy park was commissioned in Olaine. The solar park is a valuable addition to the existing Olaines Logistics Center, which features temperature-controlled space and has its highest energy demand during the warmest months of the year. The solar park now covers one-third of the logistics center’s electricity needs.

We are also working to increase portfolio value by expanding existing properties (Taevavärava).

Additionally, the design and planning process continues for an office building in Tallinn (12 floors and a gross floor area of 5,400 m²).

Social infrastructure

Our existing portfolio of three elderly care homes continued to generate stable rental income. We are actively seeking new investment opportunities and raising capital to further grow the portfolio.

Private equity investments

Equity United

The private equity fund Equity United PE1 was fully invested as of 31 December 2023, and active work with eight portfolio companies continued throughout the second quarter of 2025.

In the renewable energy segment, portfolio companies PE Holding and 9 Sparnai operated six solar parks in Estonia and two wind parks in Lithuania. As of the end of Q2, the hybrid park in Estonia (26.1 MW of solar energy and 16 MW of wind energy) and an energy storage solution with a storage capacity of 4.1 MWh remain in the active development phase.

Smartecon, a provider of solar energy solutions, continued working on projects across the Baltics. The company also announced a strategic collaboration with Nokia to introduce its latest software innovation Enscryb to the Baltic market. Built by Nokia Bell Labs and developed under Nokia’s venture incubator, Enscryb offers cutting-edge capabilities for energy revenue forecasting, especially for battery energy storage systems (BESS) and hybrid renewable assets. The software analyzes both market signals and local infrastructure data, helping Smartecon generate investment-grade forecasts for developers, industrial clients, and energy investors across Estonia, Latvia, and Lithuania.

Tactical Solution, specializing in freeze-dried food production, is on track for record sales volumes after the first half of the year. Additionally, the company received the NRW.Global Business Award 2025 – one of the most respected business recognitions in Germany. The award is given by the state of North Rhine-Westphalia to companies that show outstanding commitment, bold investment and real growth in the region. Another portfolio company in the food industry, Saaremaa Delifood, was also able to increase revenues in the second quarter by focusing on expanding its export portfolio and developing its value proposition.

Ceranos Invest OÜ, engaged in the production of boats and kayaks, reported strong growth in its half-year sales results. Sales volumes for the six months have already exceeded the total result of the previous full year, and boat models under the SeaStorm brand have gained notable international recognition. The company is actively working on improving production efficiency and expanding its sales and distribution channels.

Stay Larsen, which offers fully furnished accommodation solutions, continued to operate four properties in the second quarter while simultaneously working on three additional development projects. The second quarter results were stronger in nearly every aspect compared to the same period last year.

Billo.app, the platform producing short-form video advertisements, focused on cost efficiency and integrating AI into its value proposition during the second quarter. New automated data analytics solutions are being implemented to support revenue growth and improve the effectiveness of advertisements.

Nordic Vehicles Group

Against the slow economic backdrop of the Baltic countries in second quarter of 2025, Nordic Vehicles Group reached a revenue of €39.2 million (Q2 2024: €32.3m, +21%) and operating profit of €1.19 million (Q2 2024: €520k). As a result, revenue in 6 months of 2025 grew 6.6% to €69.6 million, and operating profit increased 36% to €1.71 million. Despite weakness in certain product categories, all our core activities (machine sales, after-service, rental & leasing) are outperforming last year.

The focus for next quarters is on developing passenger vehicle rental service in Latvia and heavy machinery rental in all three Baltic countries. Work also continues on renewing our branch network, first fruits of labour are expected to ripen in the second half of this year.