Adven Eesti AS

Legal form:: Public limited company
Registry code:: 10066299
VAT no.:: EE100099584
Fiscal-year period:: 01.01 - 31.12
Established:: 25.09.1996 (30 y)
Former business names:: Fortum Termest AS, aktsiaselts TERMEST, osaühing Termest
Capital:: 8 084 361,60 EUR
Address:: Kassi tn 13, Mustamäe linnaosa, Tallinn, Harju maakond, 12618
Status:: Registered
E-invoice reception:: Arvekeskus

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Contacts

Phone:: +372 6678600
Email:: adven.eesti@adven.com
Website:: https://adven.com/

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Industries

Industry TOPNo. 2 of 52 companies

1.Gren Tartu AS67.6M €
2.Adven Eesti AS35.3M €
3.SW ENERGIA OÜ30.1M €
4.Gren Viru AS18.1M €
5.Silpower Aktsiaselts15.1M €
6.Gren Viljandi AS9.2M €
7.N.R. Energy Osaühing7.1M €
8.Aktsiaselts Kuressaare Soojus6.5M €
9.Danpower Eesti AS6.5M €
10.Aktsiaselts Rakvere Soojus3.4M €

Main activity 35301 · turnover over the last 4 quarters

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VAT liability

VAT no.	Start	End
EE100099584	01.01.1994	-

Annual reports

Aggregate data

Year	Period	Submitted	Status
2025	01.01.2025 – 31.12.2025	12.05.2026	Valid	PDF
2024	01.01.2024 – 31.12.2024	05.05.2025	Valid	PDF
2023	01.01.2023 – 31.12.2023	03.06.2024	Valid	PDF
2022	01.01.2022 – 31.12.2022	10.07.2023	Valid	PDF
2021	01.01.2021 – 31.12.2021	26.05.2022	Valid	PDF
2020	01.01.2020 – 31.12.2020	30.06.2021	Valid	PDF
2019	01.01.2019 – 31.12.2019	04.05.2020	Valid	PDF
2018	01.01.2018 – 31.12.2018	12.06.2019	Valid	PDF
2017	01.01.2017 – 31.12.2017	15.05.2018	Valid	PDF
2016	01.01.2016 – 31.12.2016	19.05.2017	Valid	PDF
2015	01.01.2015 – 31.12.2015	03.06.2016	Valid	PDF
2014	01.01.2014 – 31.12.2014	01.06.2015	Valid	PDF
2013	01.01.2013 – 31.12.2013	20.06.2014	Valid	PDF
2012	01.01.2012 – 31.12.2012	25.06.2013	Valid	PDF
2011	01.01.2011 – 31.12.2011	02.07.2012	Valid	PDF
2010	01.01.2010 – 31.12.2010	31.05.2011	Valid	PDF
2009	01.01.2009 – 31.12.2009	10.06.2010	Valid	PDF
2008	01.01.2008 – 31.12.2008	30.06.2009	Valid	PDF
2007	01.01.2007 – 31.12.2007	01.07.2008	Valid	PDF
2006	01.01.2006 – 31.12.2006	26.06.2007	Valid	PDF
2005	01.01.2005 – 31.12.2005	27.06.2006	Valid	PDF
2004	01.01.2004 – 31.12.2004	27.06.2005	Valid	PDF
2003	01.01.2003 – 31.12.2003	10.06.2004	Valid	PDF
2002	01.01.2002 – 31.12.2002	12.05.2003	Valid	PDF
2001	01.01.2001 – 31.12.2001	03.04.2002	Valid	PDF
2000	01.10.1999 – 31.12.2000	13.09.2001	Valid	PDF

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Tax debt Reports Declarations Court decisions25 Official announcements177 TTJA decisions1 Real estate32 .ee domains3 Licenses13 Regulations71 Public transactions8140 Grants46 State aid322 Public procurement131 Holdings in companies1 Enforcement proceedings Payment orders

Tax data

Period	State taxes	Labour taxes	Taxable turnover	Employees
2026 Q3	587 411 €	503 010 €	3,30 M €−60,9%	87
2026 Q2	1,56 M €	693 084 €	8,43 M €−48,1%	88
2026 Q1	2,48 M €	474 165 €	16,2 M €+121%	88
Total 2026:	4,63 M €	1,67 M €	28,0 M €
2025 Q4	1,30 M €	494 673 €	7,34 M €+69,1%	86
2025 Q3	903 631 €	512 609 €	4,34 M €−47,4%	92
2025 Q2	1,51 M €	567 036 €	8,25 M €−39,3%	90
2025 Q1	1,94 M €	492 713 €	13,6 M €+92,6%	88
Total 2025:	5,65 M €	2,07 M €	33,5 M €
2024 Q4	895 846 €	464 903 €	7,06 M €+106%	92
2024 Q3	610 576 €	484 653 €	3,43 M €−57,4%	93
2024 Q2	1,39 M €	530 963 €	8,05 M €−47,7%	97
2024 Q1	1,71 M €	449 548 €	15,4 M €+108%	95
Total 2024:	4,61 M €	1,93 M €	33,9 M €
2023 Q4	1,04 M €	416 733 €	7,39 M €+176%	96
2023 Q3	498 436 €	413 889 €	2,67 M €−67,0%	94
2023 Q2	991 384 €	463 444 €	8,10 M €−42,6%	90
2023 Q1	1,19 M €	384 670 €	14,1 M €+30,7%	92
Total 2023:	3,72 M €	1,68 M €	32,3 M €
2022 Q4	216 619 €	367 968 €	10,8 M €+177%	90
2022 Q3	0 €	378 615 €	3,90 M €−66,5%	90
2022 Q2	976 769 €	430 566 €	11,7 M €−34,3%	90
2022 Q1	1,07 M €	329 530 €	17,8 M €+110%	89
Total 2022:	2,27 M €	1,51 M €	44,1 M €
2021 Q4	449 714,90 €	459 482,33 €	8,46 M €+210%	89
2021 Q3	220 864,49 €	344 482,46 €	2,73 M €−59,8%	93
2021 Q2	892 431,81 €	403 374,46 €	6,79 M €−35,9%	93
2021 Q1	1,48 M €	347 800,98 €	10,6 M €+113%	92
Total 2021:	3,05 M €	1,56 M €	28,6 M €
2020 Q4	1,24 M €	835 679,66 €	4,97 M €+144%	93
2020 Q3	401 022,17 €	316 315,24 €	2,04 M €−66,9%	93
2020 Q2	1,38 M €	399 956,41 €	6,17 M €−36,3%	91
2020 Q1	1,95 M €	322 383 €	9,67 M €+40,6%	88
Total 2020:	4,98 M €	1,87 M €	22,9 M €
2019 Q4	1,19 M €	352 707 €	6,88 M €+138%	88
2019 Q3	0 €	308 037 €	2,89 M €−64,4%	94
2019 Q2	1,23 M €	372 642 €	8,11 M €−26,4%	87
2019 Q1	1,94 M €	288 165 €	11,0 M €+66,3%	87
Total 2019:	4,36 M €	1,32 M €	28,9 M €
2018 Q4	619 022 €	306 838 €	6,62 M €+144%	87
2018 Q3	168 844 €	250 459 €	2,71 M €−57,0%	82
2018 Q2	1,07 M €	313 773 €	6,31 M €−32,0%	78
2018 Q1	1,71 M €	243 013 €	9,29 M €+44,9%	77
Total 2018:	3,57 M €	1,11 M €	24,9 M €
2017 Q4	1,19 M €	261 534 €	6,41 M €+172%	77
2017 Q3	441 142 €	237 438 €	2,36 M €−64,4%	77
2017 Q2	1,18 M €	245 137 €	6,63 M €−26,3%	75
2017 Q1	1,42 M €	226 137 €	9,00 M €+64,9%	74
Total 2017:	4,24 M €	970 246 €	24,4 M €
2016 Q4	1,04 M €	250 330 €	5,46 M €+17,0%	72
2016 Q3	440 450 €	214 007 €	4,66 M €−19,9%	72
2016 Q2	1,12 M €	267 088 €	5,82 M €+36,2%	72
2016 Q1	1,55 M €	196 097 €	4,27 M €−31,7%	72
Total 2016:	4,15 M €	927 522 €	20,2 M €
2015 Q4	818 553 €	233 458 €	6,26 M €+18,6%	72
2015 Q3	370 326 €	196 860 €	5,28 M €−15,3%	72
2015 Q2	1,04 M €	232 514 €	6,23 M €+25,9%	72
2015 Q1	1,33 M €	184 623 €	4,95 M €	72
Total 2015:	3,55 M €	847 455 €	22,7 M €

Revenue by industry

	2023	2024	2025
Steam and air-conditioning supply	25 470 264 €	22 529 460 €	20 748 126 €
Production of gas (except biogas)		3 316 506 €	3 399 816 €
Electricity production from non-renewable energy sources		344 333 €	582 776 €
Installation of industrial machinery and equipment	2 044 077 €	16 016 540 €
Gas production	1 856 254 €
Generation of electricity from non-renewable source	586 404 €

Tax debts

No tax debt found

No tax debt as of 19.10.2026

Representatives

	Personal ID code
Juha Elo	-	05.01.1979 (47)	Procurator	21.01.2025	-
Ville-Veikko Adolf Heikkinen	-	26.03.1981 (45)	Board member	07.10.2024	-
Vladislav Mašatin	38601XXXXXX	07.01.1986 (40)	Board member	07.10.2024	-
Janne Allandi	48012XXXXXX	15.12.1980 (45)	Procurator	07.06.2022	-
Ivi Aluoja	47610XXXXXX	22.10.1976 (49)	Procurator	26.12.2021	-

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Shareholders

	Personal ID code
ADVEN GROUP OY	-	-	Shareholder	8 084 361,60 EUR	100,00%	Sole ownership	16.08.2023	-

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Other persons

	Personal ID code
Jonas Sjölander	-	20.02.1980 (46)	Chairman of the supervisory board	07.05.2026	-
Toni Tapani Tamminen	-	23.08.1978 (48)	Supervisory-board member	04.11.2024	-
Miika Oksanen	-	07.04.1972 (54)	Supervisory-board member	29.01.2024	-
Jüri Koltsov	38605XXXXXX	23.05.1986 (40)	Audit firm	15.07.2022	-
Aktsiaselts PricewaterhouseCoopers	10142876	30.04.1997 (29)	Audit firm	15.07.2022	-

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Ultimate beneficial owners

	Personal ID code
Kevin McCullough	-	20.09.1965 (61)	Right to appoint or remove most executive or governing-body members	02.03.2026	-
Clarence O´Neill Brown	-	01.11.1952 (73)	Right to appoint or remove most executive or governing-body members	07.02.2024	-
Henry Walter Fayne	-	23.04.1946 (80)	Right to appoint or remove most executive or governing-body members	24.11.2020	-

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Holdings in companies


Aktsiaselts Rakvere Soojus	07.01.1997	Shareholder	377 600 EUR	48,99%	Sole ownership	16.08.2023	-

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2026 Q3

Turnover

Amount: 3 296 618 €
Monthly average: 1 098 873 €
Per employee: 12 631 €
Equity ratio: 13,59%

Labour taxes

Turnover ratio: 15,26%
Tax ratio: 85,63%
Monthly average: 167 670 €
Per employee: 1 916 €

State taxes

Monthly average: 195 804 €
Turnover ratio: 17,82%

Estimated salary

Gross salary: 3 461 €
Net salary: 2 756 €

Aggregate data

Last 5 yrsAll

	2025	2024	2023	2022	2021	2020	2019
Current assets	11 773 000 €+15,1%	10 226 000 €−60,3%	25 735 000 €+0,6%	25 587 000 €+137%	10 793 000 €+79,9%	6 000 000 €−4,6%	6 292 000 €
Non-current assets	55 104 000 €−4,4%	57 629 000 €+34,0%	43 022 000 €−3,3%	44 488 000 €−11,4%	50 235 000 €+10,0%	45 650 000 €−0,6%	45 947 000 €
Total assets	66 877 000 €−1,4%	67 855 000 €−1,3%	68 757 000 €−1,9%	70 075 000 €+14,8%	61 028 000 €+18,2%	51 650 000 €−1,1%	52 239 000 €
Short-term liabilities	6 782 000 €+11,3%	6 092 000 €−3,8%	6 335 000 €−9,2%	6 979 000 €−14,8%	8 191 000 €+79,3%	4 569 000 €+2,6%	4 455 000 €
Long-term liabilities	30 575 000 €−5,5%	32 356 000 €−4,8%	33 990 000 €+2,1%	33 305 000 €+45,9%	22 829 000 €+27,1%	17 959 000 €−1,4%	18 222 000 €
Total liabilities	37 357 000 €−2,8%	38 448 000 €−4,7%	40 325 000 €+0,1%	40 284 000 €+29,9%	31 020 000 €+37,7%	22 528 000 €−0,7%	22 677 000 €
Share or stock capital	8 084 000 €	8 084 000 €	8 084 000 €	8 084 000 €	8 084 000 €	8 084 000 €	8 084 000 €
Retained earnings	9 231 000 €+11,8%	8 256 000 €−14,1%	9 615 000 €−2,2%	9 832 000 €+9,9%	8 946 000 €−4,7%	9 386 000 €+24,8%	7 519 000 €
Net profit	113 000 €−88,4%	975 000 €+172%	-1 359 000 €−526%	-217 000 €−124%	886 000 €+301%	-440 000 €−124%	1 867 000 €
Equity	29 520 000 €+0,4%	29 407 000 €+3,4%	28 432 000 €−4,6%	29 791 000 €−0,7%	30 008 000 €+3,0%	29 122 000 €−1,5%	29 562 000 €
Turnover	24 823 000 €−41,6%	42 491 000 €+41,8%	29 957 000 €−22,0%	38 395 000 €+43,6%	26 742 000 €+31,9%	20 279 000 €−26,6%	27 644 000 €
Profit margin	0,5%	2,3%	-4,5%	-0,6%	3,3%	-2,2%	6,8%

Financial ratios

	2022	2021
Profit and cash flow
EBITDA	2 638 000 €	3 466 000 €
Liquidity
Current ratio	3,7	1,3
Quick ratio	1,3	1,3
Cash ratio	0,2	0,2
Efficiency
Days sales outstanding (dso)	79,8	121,5
Asset turnover	0,6	0,5
Structure
Debt ratio	0,6	0,5
Profitability
Operating margin	0,2%	3,3%
Net profit margin	-0,6%	3,3%
Return on assets (roa)	-0,3%	1,6%
Return on equity (roe)	-0,7%	3,0%

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Licences & notices


Notice of economic activity	FKH000658	Inspection and maintenance	Valid	10.06.2026	-
Notice of economic activity	MGS000062	Maagaasi müük	Valid	14.07.2017	-
Notice of economic activity	TEL002795	Electrical works	Valid	17.06.2016	-
Notice of economic activity	EEP003646	Design / engineering	Valid	13.06.2016	-
Notice of economic activity	EEH009346	Construction	Valid	07.06.2016	-

Regulations


Ä 10004076 / 59	11.05.2026	Entry – Amendment entry	-	Entered into force11.05.2026
Ä 10004076 / 58	21.01.2025	Entry – Amendment entry	-	Entered into force21.01.2025
Ä 10004076 / 57	07.10.2024	Entry – Amendment entry	-	Entered into force07.10.2024
Ä 10004076 / 56	04.07.2023	Entry – Second, constitutive merger entry (on acquiring entity’s registry card)	-	Entered into force04.07.2023
Ä 10004076 / 55	07.06.2022	Entry – Amendment entry	-	Entered into force07.06.2022

Real estate

		Purpose
Jaama tn 12a, Kunda linn, Viru-Nigula vald, Lääne-Viru maakond	3149 m²	Industrial land 100%
Jaama tn 12b, Kunda linn, Viru-Nigula vald, Lääne-Viru maakond	1488 m²	Industrial land 100%
Jaama tn 2, Kunda linn, Viru-Nigula vald, Lääne-Viru maakond	495 053 m²	Industrial land 100%
Kalevi tn 10a, Püssi linn, Lüganuse vald, Ida-Viru maakond	5981 m²	Industrial land 100%
Kannikese tee 7, Viimsi alevik, Viimsi vald, Harju maakond	2656 m²	Industrial land 100%

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Consumer Disputes Committee decisions


19-1/24-17053-001	Taavi Hein	Against the consumer	26.02.2025	PDF

Court decisions


2-25-12587/12	Kohtu I astme menetlus	Court rulingCompromise ruling	Law of obligations	Dina Tali	ECLI:EE:HMK:2025:2.25.12587.14828	29.08.2025	Open
2-23-15907/31	Kohtu I astme menetlus	Court judgment	Property law	Anna Liiv	ECLI:EE:HMK:2024:2.23.15907.11358	21.06.2024	Open
2-23-9314/3	Kohtu I astme menetlus	Court judgmentDefault judgment	Law of obligations	Andrea Lega	ECLI:EE:HMK:2023:2.23.9314.20436	28.09.2023	Open
2-20-16307/17	Kohtu I astme menetlus	Court judgment	Law of obligations	Karin Sonntak	ECLI:EE:HMK:2021:2.20.16307.13966	25.06.2021	Open
2-19-20892/15	Kohtu I astme menetlus	Court rulingCompromise ruling	Law of obligations	Anu Uritam	ECLI:EE:HMK:2020:2.19.20892.19715	27.10.2020	Open

Official announcements


Notice of granting or refusal of an environmental permit	03.09.2026	PDF
Notice of disclosure of the draft environmental permit	06.08.2026	PDF
Notice of initiation of proceedings for an environmental permit	29.06.2026	PDF
Notice of auction of immovable property in enforcement proceedings	26.05.2026	PDF
Notice of granting or refusal of an environmental permit	05.01.2026	PDF

Public transactions


14.09.2026	Tallinna Lauliku Lasteaed	242,85 €Received	OPERATING EXPENSESPre-primary education
31.08.2026	Riigi Kinnisvara Aktsiaselts	841,58 €Received	OPERATING EXPENSESOther general services
27.08.2026	Osaühing Viimsi Haldus	223,82 €Received	OPERATING EXPENSESOther economy, incl. economic administration
24.08.2026	Viljandi Vallavalitsus	35,33 €Received	OPERATING EXPENSESLibraries
24.08.2026	Viljandi Vallavalitsus	299,16 €Received	OPERATING EXPENSESPre-primary education

Funded projects


Adven Eesti AS digitaliseerimise teekaart2021-2027.1.02.24-0236	(EK nr 1.2) Digitaliseerimisest kasu toomineERDF · Ettevõtluse ja Innovatsiooni Sihtasutus	20.11.2024 – 20.02.20252021-2027	12 000 €support 50,0%	12 000 €	Completed
Adavere soojustorustiku rekonstrueerimine 2024-2025 aastal2021-2027.2.01.23-1612	(EK nr 2.1) Energiatõhususe edendamine ja kasvuhoonegaaside vähendamineERDF · Sihtasutus Keskkonnainvesteeringute Keskus	01.09.2024 – 31.12.20252021-2027	459 314,75 €support 30,0%	230 443,70 €	Completed
Põltsamaa soojustorustiku rekonstrueerimine 2024-2025 aastal2021-2027.2.01.23-1630	(EK nr 2.1) Energiatõhususe edendamine ja kasvuhoonegaaside vähendamineERDF · Sihtasutus Keskkonnainvesteeringute Keskus	01.08.2024 – 31.12.20262021-2027	100 931,50 €support 29,5%	-	Funded
Rakvere suitsugaaside pesur2021-2027.2.01.23-1636	(EK nr 2.1) Energiatõhususe edendamine ja kasvuhoonegaaside vähendamineERDF · Sihtasutus Keskkonnainvesteeringute Keskus	01.08.2024 – 31.07.20262021-2027	889 000 €support 43,9%	879 650 €	Completed
Aseri soojustorustiku rekonstrueerimine '24-'252021-2027.2.01.23-1586	(EK nr 2.1) Energiatõhususe edendamine ja kasvuhoonegaaside vähendamineERDF · Sihtasutus Keskkonnainvesteeringute Keskus	02.01.2024 – 01.01.20262021-2027	227 186,52 €support 30,0%	179 123,68 €	Completed

State aid


15.10.2025	Põllumajanduse Registrite ja Informatsiooni AmetAid measure 16522	Maapiirkonnas majandustegevuse arendamine (VTA) › MuuGrant	236,29 €	16522/2600384
21.02.2025	Eesti TöötukassaAid measure 231580	Palgatoetus VTA › Palgatoetus VTAGrant	9 925 €	231580/2601385
05.12.2024	Ettevõtluse ja Innovatsiooni SihtasutusAid measure 241674	Muu › MuuGrant	6 000 €	241674/2400117
08.03.2024	SA Keskkonnainvesteeringute KeskusAid measure 231604	EK grupierandi määrus 651/2014 Keskkonnakaitseks antav abi (artiklid 36 - 49) › Energiatõhusa kaugkütte ja/või -jahutuse jaoks antav investeeringuteks ettenähtud abi (artikkel 46 alates 01.07.23)Grant	340 000,01 €	231604/2400062
08.03.2024	SA Keskkonnainvesteeringute KeskusAid measure 231604	EK grupierandi määrus 651/2014 Keskkonnakaitseks antav abi (artiklid 36 - 49) › Energiatõhusa kaugkütte ja/või -jahutuse jaoks antav investeeringuteks ettenähtud abi (artikkel 46 alates 01.07.23)Grant	385 898,21 €	231604/2400063

Public procurement contracts


04.06.2026End 30.09.2026	Reference number 307876 · Ehituse töövotuleping eritingimused_Põltsamaa_2026-7-11	OÜ TARTAL GRUPPContractor	58 215 €	Concluded
25.05.2026End 30.06.2026	Reference number 307454 · Lepingu-Põltsamaa_materjal 2026-12-2	TLR Services OÜContractor	21 954,56 €	Completed
12.05.2025End 30.01.2026	Reference number 292854 · 2025-7-12	Aktsiaselts NapalContractor	879 650 €	Completed
02.05.2025End 09.07.2025	Reference number 290051 · 2025-12-6	Izoterms SIAContractor	17 630,30 €	Completed
29.04.2025End 20.11.2025	Reference number 290050 · 2025-7-9	Aktsiaselts ANTAARESContractor	46 180 €	Completed

.ee domains


termest.ee	Active	30.12.2010	31.12.2026
fortumtermest.ee	Active	04.07.2010	04.01.2027
gaasienergia.ee	Active	04.07.2010	27.08.2032

Enforcement proceedings

No enforcement proceedings found

Company has no active debts with bailiffs

Payment orders

No payment orders found

Company has no court-ordered payment orders

Data comes from public registers.