Tallinn/Riga/Vilnius, Nasdaq Baltic Market, November 27, 2025 – Nasdaq (NDAQ) today announced that bonds issued by Hepsor, an Estonian real estate developer, have been listed on the Nasdaq Baltic Bond List by Nasdaq Tallinn.

Hepsor’s bond issue totals €8 million, with each bond carrying a nominal value of €1,000. The bonds offer a fixed annual coupon rate of 9.5%, paid quarterly, and will mature on November 26, 2028.

Investor interest in the bonds was strong. The public offering attracted €8.5 million in demand, oversubscribing the base amount of €6 million by 1.4 times. In total, 1,079 investors subscribed to the bonds.

“Four years after joining the Nasdaq Baltic Share List, Hepsor is now entering the bond market – demonstrating that Baltic capital markets provide companies with flexible financing options to support their growth,” said Kaarel Ots, Head of the Nasdaq Baltic Stock Exchanges and CEO of Nasdaq Tallinn. “The increasing activity in the Baltic bond market enhances funding opportunities for businesses and offers investors attractive options for diversification and stable returns,” Ots added.

“We would like to thank all 1,079 investors who subscribed to Hepsor’s bonds. For us, investor trust is just as important as the capital itself – it gives us confidence that we are moving in the right direction and that our strategic direction and development portfolio are attractive,” highlighted Martti Krass, CEO of Hepsor. “Our goal is to continue growing and bring energy-efficient, higher value-added projects to the market that create long-term value for both customers and investors. The bonds have given us an opportunity to further expand our investor base and increase our visibility both in the capital market and in the real estate development sector,” Krass noted.

About Hepsor
Hepsor (HPR1T) develops residential and commercial real estate in Estonia, Latvia, and Canada. Over 14 years, the company has delivered more than 2,000 homes and nearly 45,000 m² of commercial space. Its portfolio includes 25 development projects in Estonia and Latvia totaling 178,200 m², along with five projects in Canada focused on land planning and building rights.

About Nasdaq Baltic
Nasdaq Baltic combines the offerings of Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius stock exchanges, and Nasdaq CSD. Learn more at nasdaqbaltic.com.

About Nasdaq
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Media Contact:

Ott Raidla
Marketing and Communications Manager
Nasdaq Tallinn / Nasdaq Baltic Market
ott.raidla@nasdaq.com
+372 5552 4824