News

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

Residential real estate

Activity within our residential real estate portfolio remains strong, with four active projects comprising 54 total units currently in the planning and approval phases. Key developments include a flagship 12-story project in Tallinn, where design and permitting work is advancing on a 5,400 m² gross floor area structure.

Additionally, following the late-2025 land acquisition in Tabasalu, Harku Municipality, we are actively advancing design work and building permit applications for an 18-apartment residential development.

Commercial real estate

Trade and logistics

UPP & CO Kauno 53 OÜ completed a partial redemption of its subordinated bond, with the remaining €1.0M nominal value extended for an additional two years through May 28, 2028. As part of this prolongation, the bond was delisted from the Nasdaq First North multilateral trading facility.

Operationally, leasing efforts are active for the vacant space at Olaines Logistics Center. Development planning continues across the portfolio: design work is advancing for a planned 6,700 m² warehouse expansion at Taevavärava tee 2, as well as a 5,400 m² office building at Karamelli 2a in Tallinn.

Looking ahead, work is progressing on prospective investments in central Tallinn and Riga. The market presents promising acquisition opportunities, and we are actively evaluating several potential deals across Estonia, Latvia, and Lithuania to drive portfolio growth.

Private equity investments

Equity United

Equity United PE1 private equity fund was fully invested as of 31 December 2023, and active work with 7 portfolio companies continued throughout Q2 2026.

During the second quarter, Equity United completed its first exit with the sale of solar energy solutions provider Smartecon to Verston Group. Over the holding period, Smartecon built a robust project pipeline across the Baltics, advancing several large-scale developments to final negotiation stages and capturing strong market demand for energy storage solutions—a key value-creation focus throughout the investment lifecycle. The transaction marks a significant milestone as the fund’s first fully realized investment.

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. The wind assets performed in line with seasonal expectations, while the solar parks delivered strong output, further boosted by favorable electricity prices.

Tactical Solution, specializing in premium freeze-dried meals, maintained strong commercial momentum during the quarter. The company advanced discussions with several European defense forces, driven by increasing defense expenditures across the DACH region. Market expansion efforts and production planning remained on track. Additionally, Tactical Foodpack was honored to receive the official “Supporter of National Defense” award from the Estonian Ministry of Defense.

Saaremaa Delifood, representing the portfolio’s dairy segment, delivered a marked improvement in performance this period. Considerable sales volume growth, combined with declining input costs, boosted profitability with particularly strong contributions from cup products and the HoReCa segment. Core operations reached their strongest level in four years, supported by expanding export demand and a sixth consecutive month of profitability growth.

Ceranos Invest, a manufacturer of boats and kayaks, sustained strong sales growth during the period. Its SeaStorm 17 model achieved major international recognition in Japan, securing “Boat of the Year” honors in the Best Small Boat and Best Value categories, alongside a Special Award. The company broadened its global footprint by exhibiting at premier industry events, including the Sydney Boat Show, while maintaining active dealer initiatives across key export markets. Product portfolio expansion also advanced with the development of new 16-foot and 18-foot models built on the proven SeaStorm hull design.

Stay Larsen, one of Estonia’s largest hospitality companies, continued construction on its sixth property alongside the development of a new strategic concept. During Q2, operational focus turned toward preparing for the summer high season. Additionally, pre-sales launched for the sixth location, The Diplomat, drawing exceptionally strong market interest ahead of its planned Q3 opening.

Billo.app was selected as one of nine exclusive partners to exhibit at Meta’s Performance Marketing Summit in San Jose. Commercial momentum accelerated as newly launched Q1 creator services rapidly scaled to become a primary driver of overall Creator Services order value by May. Record creator sign-ups also eliminated previous supply constraints. On the product side, recent releases focused on brand consistency and discovery, featuring a new Brand Kit, performance-based creator filters, a streamlined edit-request flow, and a rebuilt wallet and checkout experience

Nordic Vehicles Group

Nordic Vehicles Group’s revenue in second quarter of 2026 was 34.4M EUR (Q2 2025: 39.2M EUR) resulting in an operating profit of 605k EUR (Q2 2025: 1.19M EUR). During the quarter, 730 units were delivered to customers (Q2 2025: 727). Despite stability in unit sales, overall revenue decreased on account of slowdown in heavier machinery. However, demand moderation is in accordance with estimates made at the end of last year and have not been the result of any extraordinary circumstances such as recent developments in Middle East.

Meanwhile, passenger vehicle sales continue to have favorable dynamics in our end markets. Rental & leasing portfolio has increased to 20.7M EUR (Q2 2025: 16.9M EUR) on account of both passenger and heavy machinery segments. Our focus remains on development of the latter.