Aktsiaselts TREF Nord

Active Registry code 10217746 AS Rae vald Registered 30 May 1997

Aktsiaselts TREF Nord is a AS based in Rae vald, registry code 10217746, status: active. Main activity: Construction of roads and motorways. According to EMTA, turnover for Q3 2026 was €24 369 294 with 134 employees.

Turnover

24 369 294 €

↑ 164.3% vs Q2 2026

State taxes

1 517 356 €

↑ 194.6% vs Q2 2026

Labour taxes

747 516 €

↑ 20.3% vs Q2 2026

Employees

134

±0 vs Q2 2026

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

Position in the industry Civil engineering · EMTAK 42

Turnover · Q3 2026 24.4 mn €

above 98% of companies

industry median 52 240 € · companies in the industry: 1 125
Labour taxes per employee 5 578 €

above 95% of companies

industry median 1 750 € · companies in the industry: 933
Revenue · 2025 38.9 mn €

above 98% of companies

industry median 88 960 € · companies in the industry: 1 426
Net profit margin · 2025 -2.1 %

above 23% of companies

industry median 5.0 % · companies in the industry: 1 185

Taxes and turnover

Q4 2023 – Q3 2026

Turnover, € thousand Q3 2026: 24 369 294 € · +164.3% vs Q2 2026 · industry median 52 240 € · above 98% of the industry

Company
Industry median

Industry: Civil engineering (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Labour taxes per employee, € Q3 2026: 5 578 € · +20.3% vs Q2 2026 · industry median 1 750 € · above 95% of the industry

Company
Industry median

Industry: Civil engineering (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Employees Q3 2026: 134 · +0.0% vs Q2 2026

State taxes, € thousand Q3 2026: 1 517 356 € · +194.6% vs Q2 2026

Figures by quarter
Quarter	Turnover, €	State taxes, €	Labour taxes, €	Employees
Q3 2026	24 369 294	1 517 356	747 516	134
Q2 2026	9 219 432	515 012	621 130	134
Q1 2026	5 465 452	1 109 605	654 797	116
Q4 2025	14 076 647	1 966 617	708 069	123
Q3 2025	13 589 582	1 132 286	713 728	126
Q2 2025	6 054 578	533 201	734 958	127
Q1 2025	8 365 133	1 778 313	795 214	117
Q4 2024	20 076 904	1 880 533	652 415	121
Q3 2024	17 781 886	783 156	634 377	123
Q2 2024	6 479 372	426 880	497 519	123
Q1 2024	8 136 218	1 024 615	486 627	109
Q4 2023	12 032 366	1 044 043	583 831	111
Q3 2023	11 076 137	936 620	548 015	124
Q2 2023	3 214 145	476 573	442 761	126
Q1 2023	3 358 080	772 344	495 219	120
Q4 2022	16 425 427	1 858 897	578 908	123
Q3 2022	14 118 985	807 230	548 825	128
Q2 2022	5 775 039	352 393	448 958	127
Q1 2022	5 834 594	1 040 533	592 213	119

Labour taxes per employee per month

1 859 €

Turnover per employee in the quarter

181 860 €

Q3 2026 · calculated from EMTA data

Financials by year

2016 – 2025

Revenue, € thousand 2025: 38 915 439 € · −23.6% vs 2024 · industry median 88 960 € · above 98% of the industry

Company
Industry median

Industry: Civil engineering (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit, € thousand 2025: -813 192 € · −148.6% vs 2024 · industry median 2 500 € · above 2% of the industry

Company
Industry median

Industry: Civil engineering (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Net profit margin, % 2025: -2.1 % · −5.4 pp vs the year before · industry median 5.0 % · above 23% of the industry

Company
Industry median

Industry: Civil engineering (the EMTAK division of the main activity). Median: half of the industry is above, half below.

Assets, € thousand 2025: 12 371 129 € · −15.6% vs 2024

Equity, € thousand 2025: 5 070 664 € · −20.6% vs 2024

Employees 2025: 125 · +3.3% vs 2024 · industry median 2 · above 98% of the industry

Company
Industry median

Industry: Civil engineering (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	38 915 439	-813 192	6 771 497	12 371 129	5 070 664	125
2024	50 925 126	1 674 096	5 876 712	14 665 824	6 383 856	121
2023	31 620 817	189 581	4 939 375	12 970 587	5 159 760	123
2022	36 063 955	-222 896	4 987 024	11 443 035	5 320 179	125
2021	33 285 829	485 699	4 814 133	11 790 484	6 043 075	121
2020	24 361 961	802 275	4 186 647	10 559 488	6 057 376	114
2019	24 690 525	586 750	3 784 780	10 808 815	5 655 101	108
2018	—	—	—	—	—	105
2017	—	—	—	—	—	93
2016	—	—	—	—	—	73
2015	—	—	—	—	—	78
2014	—	—	—	—	—	75
2013	—	—	—	—	—	72
2012	—	—	—	—	—	67
2011	—	—	—	—	—	66
2010	—	—	—	—	—	65
2009	—	—	—	—	—	81
2008	—	—	—	—	—	122
2007	—	—	—	—	—	126
2006	—	—	—	—	—	120
2005	—	—	—	—	—	113
2004	—	—	—	—	—	107
2003	—	—	—	—	—	120
2002	—	—	—	—	—	60
2001	—	—	—	—	—	62
2000	—	—	—	—	—	8
1999	—	—	—	—	—	7
1997	—	—	—	—	—	5

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

-2.0 %

Net profit / revenue

Return on equity (ROE)

-16.0 %

Net profit / equity

Return on assets (ROA)

-6.6 %

Net profit / assets

Equity ratio

41.0 %

Equity / assets

Debt ratio

59.0 %

Liabilities / assets

Current ratio

1.33

Current assets / current liabilities

Revenue per employee

320 846 €

Revenue / average full-time employees

Labour cost per employee per month

4 514 €

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	30 Jun 2026	Company’s own · audited	e-Äriregister
2024	1 Jan 2024 – 31 Dec 2024	30 Jun 2025	Company’s own · audited	e-Äriregister
2023	1 Jan 2023 – 31 Dec 2023	29 Jun 2024	Company’s own · audited	e-Äriregister
2022	1 Jan 2022 – 31 Dec 2022	30 Jun 2023	Company’s own · audited	e-Äriregister
2021	1 Jan 2021 – 31 Dec 2021	30 Jun 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	30 Oct 2020	Company’s own · audited	e-Äriregister

Commercial pledges

No.	Amount	Pledgee	Period
5	1 000 000 €	AS SEB Pank	29 Dec 2021 – in force
4	1 000 000 €	AS SEB Pank	11 Jul 2017 – in force
3	270 000 €	AS SEB Pank	1 Jun 2015 – in force
2	6 000 000 EEK	Aktsiaselts SEB Eesti Ühispank	3 Jul 2000 – in force
1	7 000 000 EEK	Aktsiaselts SEB Eesti Ühispank	31 Jan 2000 – in force

Board

Nasdaq CSD SE
Keeper of the share ledger · since 28 Sep 2017
Jaanus Taro
Board member · since 30 Nov 2017

Right of representation

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

Owners

No owner information.

Beneficial owners

Andres Gailit
Member of a senior management body (management or supervisory board) · since 28 Oct 2018

Founders and other persons

aktsiaselts ESMAR EHITUS
Founder · 120 000 € · 30 May 1997
COLAS DANMARK A/S
Founder · 2 100 000 € · 30 May 1997
INTERBETONI OY
Founder · 2 100 000 € · 30 May 1997
INVESTMENT FUND FOR CENTRAL AND EASTERN EUROPE
Founder · 1 680 000 € · 30 May 1997
OÜ E-Audit
Audit firm · 7 Oct 2026
Andres Bachmann
Supervisory board member · 17 Nov 2017
Guido Kruusmaa
Supervisory board member · 17 Nov 2017
Mikk Pääru
Supervisory board member · 1 Dec 2017
Andres Gailit
Supervisory board member · 20 May 2019
Omanikukonto: LISAVÄÄRTUSE OÜ
Shareholder · 20 580 € · 16 Aug 2023
Omanikukonto: AS TREF
Shareholder · 82 318 € · 23 Oct 2026

shared board members, owners or beneficial owners

Activities (EMTAK)

42111Construction of roads and motorways Main
08121Operation of gravel and sand pits and mining of clay and kaolin
23911Manufacture of abrasive products
42131Construction of bridges and tunnels

Rulings 43

All rulings (PDF)

Rulings
Number, date	Title	Deadline	State	Document
Ä 10013551 / 37 17 Jun 2025	Amendment entry		In force 17 Jun 2025	PDF
K 10013551 / 36 29 Dec 2021	Commercial pledge entered		In force 29 Dec 2021	PDF
K 10013551 / M10 27 Dec 2021	Ruling to eliminate deficiencies	6 Jan 2022	Deficiencies eliminated 27 Dec 2021	PDF
Ä 10013551 / 35 9 May 2018	Amendment entry		In force 9 May 2018	PDF
Ä 10013551 / 34 27 Mar 2018	Amendment entry		In force 27 Mar 2018	PDF
Ä 10013551 / 33 16 Jan 2018	Amendment entry		In force 16 Jan 2018	PDF
Ä 10013551 / M9 8 Dec 2017	Ruling to eliminate deficiencies	23 Dec 2017	Deficiencies eliminated 8 Dec 2017	PDF
Ä 10013551 / 32 8 Dec 2017	Amendment entry		In force 8 Dec 2017	PDF
Ä 10013551 / M8 30 Nov 2017	Ruling to eliminate deficiencies	14 Dec 2017	Deficiencies eliminated 30 Nov 2017	PDF
Ä 10013551 / 31 30 Nov 2017	Amendment entry		In force 30 Nov 2017	PDF
Ä 10013551 / 30 20 Nov 2017	Amendment entry		In force 20 Nov 2017	PDF
Ä 10013551 / 29 28 Sep 2017	Amendment entry		In force 28 Sep 2017	PDF
K 10013551 / 28 11 Jul 2017	Commercial pledge entered		In force 11 Jul 2017	PDF
K 10013551 / 27 1 Jun 2015	Commercial pledge entered		In force 1 Jun 2015	PDF
Ä 10013551 / 26 18 May 2015	Amendment entry		In force 18 May 2015	PDF
Ä 10013551 / 25 28 Nov 2014	Division entry (second, constitutive)		In force 28 Nov 2014	PDF
Ä 10013551 / M7 5 Dec 2013	Ruling to correct data outside an entry	4 Jan 2014	Deficiencies eliminated 5 Dec 2013	PDF
Ä 10013551 / 24 20 Apr 2012	Amendment under Commercial Code § 525 (2)		In force 20 Apr 2012	PDF
Ä 10013551 / 23 7 Feb 2012	Amendment entry		In force 7 Feb 2012	PDF
K 10047097 / 7 7 Feb 2012	Compliance with Commercial Code § 33 (7.1)		In force 7 Feb 2012	PDF
K 10047097 / 6 7 Feb 2012	Compliance with Commercial Code § 33 (7.1)		In force 7 Feb 2012	PDF
Ä 10013551 / 22 23 Jan 2012	Second (constitutive) merger entry		In force 23 Jan 2012	PDF
Ä 10013551 / 21 21 Oct 2011	Amendment entry		In force 21 Oct 2011	PDF
Ä 10013551 / M6 6 Oct 2011	Ruling to eliminate deficiencies		In force 6 Oct 2011	PDF
Ä 10013551 / M5 8 Sep 2011	Ruling to eliminate deficiencies		In force 8 Sep 2011	PDF
Ä 10013551 / M4 23 Aug 2011	Ruling to eliminate deficiencies		In force 23 Aug 2011	PDF
Ä 10013551 / 20 11 May 2011	Amendment entry		In force 11 May 2011	PDF
Ä 10013551 / 19 5 May 2011	Amendment entry		In force 5 May 2011	PDF
Ä 10013551 / 18 8 Apr 2011	Amendment entry		In force 8 Apr 2011	PDF
Ä 10013551 / 17 3 Jun 2010	Amendment entry		In force 3 Jun 2010	PDF
Ä 13551 / 16 3 Dec 2008	Deletion of activities from the registry card		In force 5 Dec 2008	PDF
Ä 13551 / 15 26 Aug 2008	Amendment entry		In force 26 Aug 2008	PDF
Ä 13551 / 14 25 Aug 2008	Amendment entry		In force 25 Aug 2008	PDF
Ä 13551 / 13 9 Apr 2008	Amendment entry		In force 9 Apr 2008	PDF
K 47097 / 5 29 May 2006	Commercial pledge amended		In force 29 May 2006	PDF
K 47097 / 4 29 May 2006	Commercial pledge amended		In force 29 May 2006	PDF
Ä 13551 / 12 10 Mar 2006	Amendment entry		In force 10 Mar 2006	PDF
Ä 13551 / 11 24 Nov 2004	Amendment entry		In force	PDF
Ä 13551 / 10 25 Nov 2003	Amendment entry		In force	PDF
Ä 13551 / 9 29 Apr 2003	Second (constitutive) merger entry		In force	PDF
Ä 13551 / 8 18 Mar 2003	Amendment entry		In force	PDF
Ä 13551 / M3 21 Feb 2003	Ruling to eliminate deficiencies (to be served)	21 Apr 2003	In force	PDF
Ä 13551 / 7 5 Nov 2002	Entry decision on the register’s own initiative		In force	PDF

Sources: e-Äriregister and EMTA. Data updated 1 Nov 2026. Open at the source ↗ · Report an error in the data

Aktsiaselts TREF Nord

Position in the industry Civil engineering · EMTAK 42

Taxes and turnover

Financials by year

Financial ratios for 2025

Annual reports

Commercial pledges

Board

Right of representation

Owners

Beneficial owners

Founders and other persons

Related companies

Activities (EMTAK)

Rulings 43