Adven Eesti AS

Active Registry code 10066299 AS Tallinn Registered 25 Sep 1996

Adven Eesti AS is a AS based in Tallinn, registry code 10066299, status: active. Main activity: Steam and air conditioning supply. According to EMTA, turnover for Q3 2026 was €3 296 618 with 87 employees.

Turnover

3 296 618 €

↓ 60.9% vs Q2 2026

State taxes

587 411 €

↓ 62.4% vs Q2 2026

Labour taxes

503 010 €

↓ 27.4% vs Q2 2026

Employees

−1 vs Q2 2026

Q3 2026 · data from the Tax and Customs Board (EMTA)

Position in the industry Electricity, gas, steam and air conditioning supply · EMTAK 35

Turnover · Q3 2026 3.3 mn €

above 98% of companies

industry median 3 039 € · companies in the industry: 735
Labour taxes per employee 5 782 €

above 81% of companies

industry median 2 710 € · companies in the industry: 179
Revenue · 2025 24.7 mn €

above 98% of companies

industry median 3 747 € · companies in the industry: 1 008
Net profit margin · 2025 0.5 %

above 43% of companies

industry median 3.6 % · companies in the industry: 693

Taxes and turnover

Q4 2023 – Q3 2026

Turnover, € thousand Q3 2026: 3 296 618 € · −60.9% vs Q2 2026 · industry median 3 039 € · above 98% of the industry

Company
Industry median

Industry: Electricity, gas, steam and air conditioning supply (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Labour taxes per employee, € Q3 2026: 5 782 € · −26.6% vs Q2 2026 · industry median 2 710 € · above 81% of the industry

Company
Industry median

Industry: Electricity, gas, steam and air conditioning supply (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Employees Q3 2026: 87 · −1.1% vs Q2 2026

State taxes, € thousand Q3 2026: 587 411 € · −62.4% vs Q2 2026

Figures by quarter
Quarter	Turnover, €	State taxes, €	Labour taxes, €	Employees
Q3 2026	3 296 618	587 411	503 010	87
Q2 2026	8 434 339	1 562 100	693 084	88
Q1 2026	16 235 918	2 480 616	474 165	88
Q4 2025	7 335 138	1 297 076	494 673	86
Q3 2025	4 338 771	903 631	512 609	92
Q2 2025	8 251 353	1 509 211	567 036	90
Q1 2025	13 594 362	1 940 763	492 713	88
Q4 2024	7 059 718	895 846	464 903	92
Q3 2024	3 432 911	610 576	484 653	93
Q2 2024	8 052 666	1 389 395	530 963	97
Q1 2024	15 391 695	1 713 013	449 548	95
Q4 2023	7 385 481	1 043 452	416 733	96
Q3 2023	2 673 308	498 436	413 889	94
Q2 2023	8 101 814	991 384	463 444	90
Q1 2023	14 105 119	1 185 487	384 670	92
Q4 2022	10 795 710	216 619	367 968	90
Q3 2022	3 901 494	—	378 615	90
Q2 2022	11 662 126	976 769	430 566	90
Q1 2022	17 758 182	1 072 535	329 530	89

Labour taxes per employee per month

1 927 €

Turnover per employee in the quarter

37 892 €

Q3 2026 · calculated from EMTA data

Financials by year

2016 – 2025

Revenue, € thousand 2025: 24 730 718 € · −41.4% vs 2024 · industry median 3 747 € · above 98% of the industry

Company
Industry median

Industry: Electricity, gas, steam and air conditioning supply (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit, € thousand 2025: 113 000 € · −88.4% vs 2024 · industry median 0 € · above 92% of the industry

Company
Industry median

Industry: Electricity, gas, steam and air conditioning supply (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit margin, % 2025: 0.5 % · −1.9 pp vs the year before · industry median 3.6 % · above 43% of the industry

Company
Industry median

Industry: Electricity, gas, steam and air conditioning supply (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Assets, € thousand 2025: 66 877 000 € · −1.4% vs 2024

Equity, € thousand 2025: 29 520 000 € · +0.4% vs 2024

Employees 2025: 88 · −3.3% vs 2024 · industry median 2 · above 98% of the industry

Company
Industry median

Industry: Electricity, gas, steam and air conditioning supply (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Financials by year
Year	Revenue, €	Net profit, €	Labour costs, €	Assets, €	Equity, €	Employees
2025	24 730 718	113 000	4 907 000	66 877 000	29 520 000	88
2024	42 206 840	975 000	4 460 000	67 855 000	29 407 000	91
2023	29 957 000	-1 359 000	4 133 000	68 757 000	28 432 000	96
2022	38 222 407	-217 000	3 419 000	70 075 000	29 791 000	90
2021	26 741 973	886 000	3 567 000	61 028 000	30 008 000	87
2020	20 225 472	-440 000	4 360 000	51 650 000	29 122 000	83
2019	27 442 126	1 867 000	3 120 000	52 239 000	29 562 000	80
2018	—	—	—	—	—	78
2017	—	—	—	—	—	75
2016	—	—	—	—	—	72
2015	—	—	—	—	—	72
2014	—	—	—	—	—	71
2013	—	—	—	—	—	77
2012	—	—	—	—	—	79
2011	—	—	—	—	—	100
2010	—	—	—	—	—	163
2009	—	—	—	—	—	158
2008	—	—	—	—	—	172
2007	—	—	—	—	—	148
2006	—	—	—	—	—	142
2005	—	—	—	—	—	245
2004	—	—	—	—	—	303
2003	—	—	—	—	—	304
2002	—	—	—	—	—	318
2001	—	—	—	—	—	180
2000	—	—	—	—	—	241
1998	—	—	—	—	—	247
1997	—	—	—	—	—	34

Figures from the company’s own (non-consolidated) balance sheet and income statement. A loss is shown with a minus sign.

Financial ratios for 2025

Net profit margin

0.5 %

Net profit / revenue

Return on equity (ROE)

0.4 %

Net profit / equity

Return on assets (ROA)

0.2 %

Net profit / assets

Equity ratio

44.1 %

Equity / assets

Debt ratio

55.9 %

Liabilities / assets

Current ratio

1.74

Current assets / current liabilities

Revenue per employee

282 080 €

Revenue / average full-time employees

Labour cost per employee per month

4 647 €

Labour costs / employees / 12 months (incl. employer taxes)

Annual reports

PDFs from e-Äriregister

Annual reports
Year	Period	Filed	Report	Documents
2025	1 Jan 2025 – 31 Dec 2025	12 May 2026	Company’s own · audited	e-Äriregister
2024	1 Jan 2024 – 31 Dec 2024	5 May 2025	Company’s own · audited	e-Äriregister
2023	1 Jan 2023 – 31 Dec 2023	3 Jun 2024	Company’s own · audited	e-Äriregister
2022	1 Jan 2022 – 31 Dec 2022	10 Jul 2023	Company’s own · audited	e-Äriregister
2021	1 Jan 2021 – 31 Dec 2021	26 May 2022	Company’s own · audited	e-Äriregister
2020	1 Jan 2020 – 31 Dec 2020	30 Jun 2021	Company’s own · audited	e-Äriregister
2019	1 Jan 2019 – 31 Dec 2019	4 May 2020	Company’s own · audited	e-Äriregister

Board

Nasdaq CSD SE
Keeper of the share ledger · since 28 Sep 2017
Raivo Melsas
Board member · since 18 Apr 2017
Ville-Veikko Adolf Heikkinen
Board member · since 7 Oct 2024
Vladislav Mašatin
Board member · since 7 Oct 2024
Ivi Aluoja
Procurator · since 26 Dec 2021
Priit Tiit
Procurator · since 26 Dec 2021
Janne Allandi
Procurator · since 7 Jun 2022
Juha Elo
Procurator · since 21 Jan 2025

Right of representation

Any member of the management board may represent the public limited company in all transactions.

Any procurator may represent the public limited company in all legal acts related to its business. A procurator may transfer or encumber immovable property only if that right is entered on the registry card.

Owners

No owner information.

Beneficial owners

Kevin McCullough
Right to appoint or remove most of the management · GBR · since 2 Mar 2026
Clarence O´Neill Brown
Right to appoint or remove most of the management · USA · since 7 Feb 2024
Henry Walter Fayne
Right to appoint or remove most of the management · USA · since 24 Nov 2020

Founders and other persons

Jüri Koltsov
Audit firm · 15 Jul 2022
Aktsiaselts PricewaterhouseCoopers
Audit firm · 15 Jul 2022
Jonas Sjölander
Chairman of the supervisory board · 7 May 2026
Miika Oksanen
Supervisory board member · 29 Jan 2024
Toni Tapani Tamminen
Supervisory board member · 4 Nov 2024
Omanikukonto: ADVEN GROUP OY
Shareholder · 8 084 362 € · 16 Aug 2023

shared board members, owners or beneficial owners

Activities (EMTAK)

35301Steam and air conditioning supply Main
35111Production of electricity from non-renewable sources
35211Manufacture of gas (except biogas)

Rulings 71

All rulings (PDF)

Rulings
Number, date	Title	Deadline	State	Document
Ä 10004076 / 59 11 May 2026	Amendment entry		In force 11 May 2026	PDF
Ä 10004076 / 58 21 Jan 2025	Amendment entry		In force 21 Jan 2025	PDF
Ä 10004076 / 57 7 Oct 2024	Amendment entry		In force 7 Oct 2024	PDF
Ä 10004076 / 56 4 Jul 2023	Second (constitutive) merger entry		In force 4 Jul 2023	PDF
Ä 10004076 / 55 7 Jun 2022	Amendment entry		In force 7 Jun 2022	PDF
Ä 10004076 / M28 2 Jun 2022	Procedural ruling		In force 2 Jun 2022	PDF
Ä 10004076 / 54 2 Feb 2022	Amendment entry		In force 2 Feb 2022	PDF
Ä 10004076 / 53 26 Dec 2021	Amendment entry		In force 26 Dec 2021	PDF
Ä 10004076 / 52 3 Feb 2021	Amendment entry		In force 3 Feb 2021	PDF
Ä 10004076 / M27 1 Feb 2021	Ruling to eliminate deficiencies	3 Mar 2021	Deficiencies eliminated 3 Feb 2021	PDF
Ä 10004076 / 51 30 Dec 2020	Amendment entry		In force 30 Dec 2020	PDF
Ä 10004076 / M26 29 Dec 2020	Ruling to eliminate deficiencies	28 Jan 2021	In force 29 Dec 2020	PDF
Ä 10004076 / M25 28 Dec 2020	Procedural ruling	7 Jan 2021	Deficiencies eliminated 28 Dec 2020	PDF
Ä 10004076 / 50 27 Jan 2020	Amendment under Commercial Code § 525 (2)		In force 27 Jan 2020	PDF
Ä 10004076 / 49 15 Aug 2019	Amendment entry		In force 15 Aug 2019	PDF
Ä 10004076 / M24 19 Jul 2019	Procedural ruling		In force 19 Jul 2019	PDF
Ä 10004076 / 48 16 Apr 2019	Amendment entry		In force 16 Apr 2019	PDF
Ä 10004076 / M23 16 Nov 2018	Ruling to eliminate deficiencies	16 Dec 2018	Deficiencies eliminated 16 Nov 2018	PDF
Ä 10004076 / 47 16 Nov 2018	Amendment entry		In force 16 Nov 2018	PDF
Ä 10004076 / 46 2 May 2018	Amendment entry		In force 2 May 2018	PDF
Ä 10004076 / M22 25 Apr 2018	Ruling to eliminate deficiencies	10 May 2018	Deficiencies eliminated 3 May 2018	PDF
Ä 10004076 / 45 16 Jan 2018	Amendment entry		In force 16 Jan 2018	PDF
Ä 10004076 / 44 7 Nov 2017	Amendment entry		In force 7 Nov 2017	PDF
Ä 10004076 / 43 28 Sep 2017	Amendment entry		In force 28 Sep 2017	PDF
Ä 10004076 / M21 12 Sep 2017	Ruling to correct data outside an entry	12 Oct 2017	Deficiencies eliminated 20 Sep 2017	PDF
Ä 10004076 / 42 18 Apr 2017	Amendment entry		In force 18 Apr 2017	PDF
Ä 10004076 / M20 31 Mar 2017	Ruling to eliminate deficiencies	25 Apr 2017	Deficiencies eliminated 18 Apr 2017	PDF
Ä 10004076 / M19 22 Mar 2017	Ruling to eliminate deficiencies	11 Apr 2017	Deficiencies eliminated 18 Apr 2017	PDF
Ä 10004076 / 41 27 Jan 2017	Amendment entry		In force 27 Jan 2017	PDF
Ä 10004076 / M18 24 Jan 2017	Ruling to eliminate deficiencies	8 Feb 2017	Deficiencies eliminated 27 Jan 2017	PDF
Ä 10004076 / M17 18 Jan 2017	Procedural ruling		In force 18 Jan 2017	PDF
Ä 10004076 / 40 14 Sep 2016	Amendment entry		In force 14 Sep 2016	PDF
Ä 10004076 / 39 14 May 2015	Amendment entry		In force 14 May 2015	PDF
Ä 10004076 / M16 6 May 2015	Ruling to eliminate deficiencies	26 May 2015	Deficiencies eliminated 14 May 2015	PDF
K 10004076 / M15 14 Nov 2014	Ruling to eliminate deficiencies	24 Nov 2014	Deficiencies eliminated 14 Nov 2014	PDF
K 10004076 / 38 14 Nov 2014	Commercial pledge deleted		In force 14 Nov 2014	PDF
Ä 10004076 / 37 26 Aug 2014	Amendment entry		In force 26 Aug 2014	PDF
Ä 10004076 / M14 18 Aug 2014	Procedural ruling	25 Aug 2014	Deficiencies eliminated 26 Aug 2014	PDF
Ä 10004076 / 36 28 Mar 2014	Amendment entry		In force 28 Mar 2014	PDF
Ä 10004076 / M13 29 Jan 2014	Refund of the state fee		In force 29 Jan 2014	PDF
Ä 10004076 / 35 12 Nov 2013	Amendment entry		In force 12 Nov 2013	PDF
Ä 10004076 / 34 4 Apr 2012	Amendment entry		In force 4 Apr 2012	PDF
K 10043465 / 9 4 Apr 2012	Compliance with Commercial Code § 33 (7.1)		In force 4 Apr 2012	PDF
Ä 10004076 / M12 21 Mar 2012	Ruling to eliminate deficiencies	21 Apr 2012	In force 21 Mar 2012	PDF
Ä 10004076 / 33 27 Feb 2012	Amendment entry		In force 27 Feb 2012	PDF
K 10043465 / 8 21 Feb 2012	Commercial pledge entered		In force 21 Feb 2012	PDF
Ä 10004076 / 32 6 Feb 2012	Amendment entry		In force 6 Feb 2012	PDF
Ä 10004076 / M11 10 Jan 2012	Ruling to eliminate deficiencies	15 Mar 2012	In force 10 Jan 2012	PDF
Ä 10004076 / 31 31 May 2011	Division entry (second, constitutive)		In force 31 May 2011	PDF
Ä 10004076 / 30 15 Nov 2010	Amendment entry		In force 15 Nov 2010	PDF
Ä 10004076 / M10 11 Nov 2010	Ruling to eliminate deficiencies	17 Dec 2010	In force 11 Nov 2010	PDF
Ä 4076 / 29 3 Dec 2008	Deletion of activities from the registry card		In force 17 Dec 2008	PDF
Ä 4076 / 28 21 May 2008	Amendment entry		In force 21 May 2008	PDF
Ä 4076 / 27 3 Jan 2008	Amendment entry		In force 3 Jan 2008	PDF
Ä 4076 / 26 26 Sep 2007	Second (constitutive) merger entry		In force 26 Sep 2007	PDF
K 43465 / 7 2 May 2007	Commercial pledge deleted		In force 2 May 2007	PDF
K 43465 / 6 2 May 2007	Commercial pledge deleted		In force 2 May 2007	PDF
K 43465 / 5 2 May 2007	Commercial pledge deleted		In force 2 May 2007	PDF
Ä 4076 / 25 7 Dec 2006	Amendment entry		In force 7 Dec 2006	PDF
Ä 4076 / M9 31 Oct 2006	Ruling to eliminate deficiencies (to be served)	22 Dec 2006	In force 7 Nov 2006	PDF
Ä 4076 / M8 27 Oct 2006	Ruling to be served		Deficiencies eliminated 1 Nov 2006	PDF
Ä 4076 / 24 15 Nov 2005	Amendment entry		In force	PDF
Ä 4076 / 23 9 Jun 2004	Amendment entry		In force	PDF
Ä 4076 / 22 8 May 2003	Entry decision on the register’s own initiative		In force	PDF
K 43465 / 4 21 Jan 2003	Compliance with Commercial Code § 33 (7.1)		In force	PDF
Ä 4076 / 21 8 Nov 2002	Unpublished amendment entry		In force	PDF
Ä 4076 / M7 30 Oct 2002	Ruling to eliminate deficiencies (to be served)	30 Nov 2002	In force	PDF
Ä 4076 / 20 8 Oct 2002	Entry decision on the register’s own initiative		In force	PDF
Ä 4076 / 19 30 Sep 2002	Unpublished amendment entry		In force	PDF
Ä 4076 / 18 6 Sep 2002	Second (constitutive) merger entry		In force	PDF
K 43465 / 3 21 Feb 2002	Compliance with Commercial Code § 33 (7.1)		In force	PDF

Sources: e-Äriregister and EMTA. Data updated 31 Oct 2026. Open at the source ↗ · Report an error in the data

Adven Eesti AS

Position in the industry Electricity, gas, steam and air conditioning supply · EMTAK 35

Taxes and turnover

Financials by year

Financial ratios for 2025

Annual reports

Board

Right of representation

Owners

Beneficial owners

Founders and other persons

Related companies

Activities (EMTAK)

Rulings 71