Real estate developer AS PN Project has published its unaudited interim financial report for the first half of 2026.

During the reporting period, the Group continued construction of the first stage of the Preses Nama Kvartāls development in Riga under its general contractor, with completion targeted for end of 2026. Investment property value grew to EUR 87.0 million, reflecting capitalized construction progress.

The Group continued to use its EUR 75 million public bond programme in Latvia, issuing two further tranches during the period and bringing total nominal issuance to EUR 62.7 million.

Commenting on the results, CFO of PN Project Povilas Akstinas said: "We continued to make tangible progress on the Preses Nama Kvartāls Class A business center during the first half of the year, and the growth in the value of our investment property reflects that. As a development-stage project, our results continue to depend on the pace of construction and on our ability to keep placing bond tranches to fund it - both of which we're actively managing towards completion later this year."

The unaudited interim condensed consolidated financial statements for the six months ended 30 June 2026 are available in the attachment.

About Preses Nama Kvartāls

The development of Preses Nama Kvartāls is carried out in several construction phases. The first phase includes A-class office building. The concept of further development of landplot includes a medical or educational center, hotel or residential building, an office building and other facilities. Renovation works of the existing Preses nams building are also planned. The project developer is Lords LB Asset Management, whose total assets under management reached 1,423 billion euros by the end of December 2025.