Nordecon AS started operations in 1989 and has grown into the largest construction company operating in the Estonian market, covering all areas of the construction market. For years, our business strategy has been underpinned by a consistent focus on general contracting and project management and a policy of maintaining a reasonable balance between building and infrastructure construction.

Nordecon AS was listed on the main list of the Nasdaq Tallinn Stock Exchange on 18 May 2006 under the trading symbol NCN1T. The shares of Nordecon AS are all ordinary shares of the same type with equal voting rights. Nordecon’s goal is to be a professional, innovative and efficient construction company focusing on a long-term growth of shareholder value, offering also capital gains in the form of dividends as financial results enable.

Nordecon offers to our customers a high-quality and integrated service in the construction of commercial, residential, industrial and public buildings, as well as in the field of infrastructure – construction of roads, utility networks and port facilities. In addition, the Nordecon Group is engaged in the construction of concrete structures, the rental of heavy construction equipment and the maintenance of roads. Apart from Estonia, the group’s companies currently operate in Finland, Ukraine and Sweden.

Andri Hõbemägi

Andri Hõbemägi

Head of Investor Relations

Börsi andmed

NCN1T0.511 €-0.78%

Next event

Annual general meeting

Financial reports and calendar

EventDue dateDue week
IV quarter and 12 months 2023 interim report08.02.20246 (2024)
Audited annual report 202319.04.202416 (2024)
I quarter and 3 months 2024 interim report09.05.202419 (2024)
2023 annual general meeting of shareholders22.05.202421 (2024)
II quarter and half year 2024 interim report08.08.202432 (2024)
III quarter and 9 months 2024 interim report07.11.202445 (2024)
IV quarter and 12 months 2024 interim report06.02.20256 (2025)


EmitterNordecon ASPar valueNo par value*
Stock marketNasdaq TallinnProfileConstruction & Engineering
ListBaltic Main ListEmitter residencyEstonia
Stock typeCommon stockTotal number of securities32,375,483
TickerNCN1TNumber of listed securities32,375,483
ISINEE3100039496Listing date18.05.2006

Nordecon AS shares are found in the following NASDAQ OMX indexes: OMX_Baltic_GI; OMX_Baltic_PI; OMX_Tallinn_GI; OMX_Baltic_Industrials_GI; OMX_Baltic_Industrials_PI; OMX_Baltic_Construction_&_Materials_GI; OMX_Baltic_Construction_&_Materials_PI.

Historical indexes information
Index composition in real-time

Additional information can be found from Nasdaq Tallinn website.

*  In connection with Estonia’s accession to the euro-zone on 1 January 2011 and in line with amendments to the Estonian Commercial Code that took effect on 1 July 2010 as well as a resolution adopted by the annual general meeting of Nordecon AS in May 2011, the company’s share capital was converted from 307,567,280 Estonian kroons to 19,657,131.9 euros. Concurrently with the conversion, the company adopted shares without par value. In July 2014, the extraordinary general meeting adopted the resolution to increase the company’s share capital to 20,691,704.91 euros. The share capital of Nordecon AS now consists of 32,375,483 ordinary registered shares with no par value.

Number of shares ('000)32,37532,37532,37532,37532,375
Closing price (EUR)0.691.
EPS (EUR)-0.12-
Book value of share (EUR)
DPS (EUR)00.1200.060.06
Dividends paid (tEUR)03,77801,8911,859
Dividend payout ratio0%65%0%55.9%133.9%

Dividend policy is determined by reference to:
– The dividend expectations of the ultimate controlling party AS Nordic Contractors;
– The overall rate of return on the Estonian securities market;
– The optimal ratio and volume of debt and equity capital that is required for the Group’s profitable growth and sustainable development.

Number of shares = shares issued as at the end of financial year
Closing price = closing share price as at the last trading day of the year
EPS = net profit attributable to equity holders of the parent company/weighted average number of shares issued during the year
P/E = closing price/EPS
Book value of share = equity attributable to shareholders of the parent/number of shares issued
P/B = closing price/book value of share
DPS = dividend declared and paid per share
Dividend payout ratio = dividends paid during financial year/net profit attributable to equity holders of the parent

Key financial figures

Figure/ratio3m 20243m 20233m 20222023
Revenue (€’000)46,24533,54944,539186,464
Revenue change37.8%-24.7%22.1%-15.4%
Net profit (loss) (€’000)-182-1,6741,166-6,418
Net profit (loss) attributable to owners of the parent (€’000)-593-1,874-919-942
Average number of shares31,528,58531,528,58531,528,58531,528,585
Earnings per share (€)-0.02-0.06-0.03-0.03
Administrative expenses to revenue3.4%4.7%2.8%3.5%
Admin. expenses to revenue (ttm)3.3%2.9%2.1%3.5%
EBITDA (€’000)1,094155912-412
EBITDA margin2.4%0.5%2.0%-0.2%
Gross margin4.6%2.9%-0.2%2.0%
Operating margin 0.8%-1.9%0.2%-1.8%
Operating margin excluding gain on asset sales0.8%-2.2%0.0%-2.0%
Net margin-0.4%-5.0%-2.6%-3.4%
Return on invested capital0.1%-2.4%-0.2%8.0%
Return on equity-0.8%-6.4%-1.1%8.3%
Equity ratio19.1%19.5%20.4%18.7%
Return on assets-0.2%-1.3%-0.2%-1.6%
Current ratio0.850.850.910.95
Order book (€’000)198,737148,302204,495216,732


Shareholders of Nordecon AS as of 31 March 2024

ShareholderNumber of sharesOwnership interest
AS Nordic Contractors16,563,14551.16
Luksusjaht AS4,322,34213.38
Toomas Luman770,5002.38
Olegs Radcenko574,2001.77
Nõmme Erahariduse SA370,3701.14
Lembit Talpsepp370,1001.14
SEB Pank AS clients300,0000.93
OÜ Alar Invest255,0000.79
Genadi Bulatov250,6000.77
Endel Palla200,6000.62
Shareholder structureNumber of shareholdersOwnership interest
Shareholders with interest exceeding 5%264.54
Shareholders with interest between 1% and 5%46.44
Shareholders with interest below 1%6,57426.40
Holder of own (treasury)12.62
Number of sharesOwnership interest
Toomas Luman (AS Nordic Contractors, OÜ Luman ja Pojad)*Chairman of the Council17,493,64554.03
Andri HõbemägiMember of the Council50,0000.15
Andre LumanMember of the Council25,0000.08
Vello KahroMember of the Council10,0000.03
Sandor LiiveMember of the Council00.00

* Companies controlled by the individual

Council of Nordecon AS and companies controlled by them have not been granted any share options under which they could acquire shares in Nordecon AS in subsequent periods.

Number of sharesOwnership interest
Maret TambekChairman of the Board00.00
Priit LumanMember of the Board7,0000.02
Tarmo PohlakMember of the board3,9420.01

Board members of Nordecon AS have been granted share options under the share option plan approved by the annual general meeting of shareholders held on 23 May 2018.
Information about the current shareholder structure can be obtained from Estonian Central Register of Securities (HERE).



Strategic agenda and goals for 2023–2027

  • The group will grow, mostly organically, with a focus on efficient use of resources.
  • In Estonia, we will operate in the building and infrastructure construction as well as housing development segments.
  • In foreign markets (Ukraine, Sweden), we will compete as a general contractor and a provider of concrete works.
  • We will provide our people with a modern and inspiring work environment and a motivation system that fosters collaboration and initiative.
  • We will improve our profitability by planning and managing our design and construction operations more precisely.
  • We will streamline our work and decision-making processes by implementing modern digital solutions.
  • We will maintain the order books of our different operating segments in balance.
  • We will set our sustainable development goals and adopt an action plan to achieve them.
  • Revenue will grow by at least 5% per year.
  • Operating margin for the year will be consistently above 3%.
  • Operating profit per employee will increase to at least €10 thousand per year.
  • We will deliver a strong dividend yield for Nordecon’s shareholders.

Corporate Governance

The Articles of Association of Nordecon AS*

*Approved by the annual general meeting of shareholders on 27 May 2014


2023 (extraordinary)




2020 (extraordinary)




2017 (extraordinary)












Toomas Luman

Chairman of the Council, Nordic Contractors AS

Andri Hõbemägi

Member of the Council, Nordic Contractors AS

Andre Luman

Member of the Council, Nordic Contractors AS

Vello Kahro

Member of the Council, independent

Sandor Liive

Member of the Council, independent

The council has five members – three represent the controlling shareholder Nordic Contractors AS and two are independent. All members of the council have been elected by the general meeting for a term of five years.

Information of the shares owned by members of the council are disclosed on page “Shareholders”.

Maret Tambek

Chairman of the Management Board

Tarmo Pohlak

Member of the Management Board, Construction

Priit Luman

Member of the Management Board, Real estate development and foreign markets

According to the articles of association, the company’s board may have up to five members. Members of the board are elected and appointed by the council. The term of office of a member of the board is three years.

Information of the shares owned by members of the Management Board is disclosed on page “Shareholders”.

Audit commitee is formed by the council. The committee’s objective is to give advice to the council regarding the accounting, auditing, risk management, internal audit, supervision and budgeting processes in the group (incl. parent company) and lawfulness of its activities. The committee reports to the council.
In meeting those objectives the audit committee cooperates with the council, management board, group auditor and other internal parties if needed.

The current members of the committee are:
Sandor Liive (chairman) – member of the council with long-term experience in management
Andri Hõbemägi – member of the council with long-term experience in financial management
Vello Kahro – member of the council with long-term experience in financial controlling
Andre Luman – has long-term experience in construction quality management

Investor relations


KPMG Baltics OÜ
Narva mnt 5, Tallinn 10117

Phone: +372 626 8700

Investor relations

Investor relations

Andri Hõbemägi

Andri Hõbemägi

Head of Investor Relations