Change in Arco Vara’s profit forecast

From the beginning of 2023, Arco Vara is disclosing turnover and profit forecast for the following quarters in its quarterly reports. In the Q3 2023, the turnover for 2023 was projected to achieve 18.2 million euros and the profit to be 2.7 million euros.

With this announcement, the group updates its profit prediction for 2023, with the forecasted profit being 3.6 million euros. There are no significant changes in turnover - the increase of profit is due to lower expenses than budgeted. Most of the gain was due to the final construction price of the Rannakalda development being favorable than planned, and savings were also found in the company's operating expenses.

This information is unaudited. The audited 2023 report will be published on April 4, 2024.

Tiina Malm
CFO
Arco Vara AS
+372 614 4630
tiina.malm@arcovara.com