Verston Estonia Earned €1.6 Million in Profit Last Year and Prepares for Expansion
Estonia’s leading infrastructure construction and maintenance company, Verston Eesti, recorded a net profit of €1.6 million in 2024 on a turnover of €75 million. Compared to the previous year, the company’s revenue decreased by 15%, primarily due to insufficient public investment in infrastructure and slower-than-expected progress in Rail Baltica projects.
“Although the infrastructure construction market has fluctuated in recent years, we managed to maintain profitability in 2024 thanks to a diversified portfolio and our ability to adapt quickly. We continued strategic investments in our equipment fleet, digital solutions, and employee development to be prepared for future challenges and expand in both domestic and international markets,” said Verston’s CFO and Board Member Jarmo Liiver.
Despite the slower-than-usual pace of the road construction market, Verston managed to sign a record volume of contracts with Rail Baltic Estonia in 2024. The company’s portfolio includes four mainline construction contracts and three site-specific contracts, one of which has already been completed. Construction work has begun on all four mainline sections.
In 2024, Verston successfully completed two major infrastructure projects: the Pärnu-Uulu 2+2 road section, built under the largest Transport Administration tender in recent years, and the Sopi-Tootsi wind farm infrastructure, completed in collaboration with partners for Enefit.
Verston is responsible for maintaining 6,514 kilometers of national roads, covering 39% of Estonia’s state-owned highways. Under five-year contracts, Verston maintains roads in Lääne-Harju, Võru County, Pärnu County, Tartu County, and Lääne-Viru County, as well as roads in Saare County as a subcontractor.
Verston continued investing in new maintenance machinery and equipment in 2024, with a total investment of €2.5 million.
In the autumn of 2024, Verston updated its brand, emphasizing people-centered, sustainable, and environmentally responsible road construction and maintenance, carried out with new technological and digital solutions.
Adapting to Market Conditions & Industry Development
The sharp reduction in government investments in the infrastructure sector, which began in 2023, required continued adaptation in 2024. “Due to market conditions, Rail Baltica construction projects play a key role in our portfolio today, ensuring a strong workload for the coming years. We are also keeping a strong focus on wind farm projects, where we have already gained extensive experience in developing sustainable and durable engineering solutions through several successful collaborations,” explained Liiver.
He added that while Verston has successfully adapted to the situation, a lack of long-term government planning and insufficient investments in infrastructure development and maintenance is a growing concern for the entire sector.
“On the one hand, this uncertainty makes long-term investments extremely risky for companies, which in turn hinders the development of the entire infrastructure sector and affects the competitiveness of both businesses and the country. On the other hand, we see the rapid deterioration of road conditions and an increase in serious traffic accidents. The government, in collaboration with businesses, should ensure that the well-being of people, companies, and the environment continues to improve over time, rather than decline.”
Digitalization & Future Plans
Verston is actively developing and implementing digital tools and artificial intelligence solutions in both strategic management and daily operations.
“While the global focus today is primarily on geopolitical and social issues, the latest Global Risks Report* published by the World Economic Forum highlights that environmental risks will be among the most significant threats over the next decade. At Verston, we believe in green technologies, artificial intelligence, and autonomous solutions. These will be the key foundations for advancing our core business areas and introducing new innovative products to the market,” said the CFO.
In the coming years, Verston will focus on enhancing competitiveness through efficiency improvements and core business investments, while also reducing its environmental impact by adopting more sustainable materials and technologies. The company is committed to continuously improving management quality by optimizing processes and strengthening leadership effectiveness, as well as advancing digital tools, including AI-driven systems and automation in infrastructure projects.
As part of its preparations for international expansion, Verston restructured its organization last year and established Verston Group, which now includes Verston Eesti.