In 1992, the state enterprise TREV-2 was reorganised into the leased enterprise Teede REV-2.

In 1993, the leased enterprise was privatised by its employees and public limited company Teede REV-2 with its registered office in Tallinn was established. The public limited company was registered on 22 April 1993. The principal activities of the public limited company as set out in the register were:

• Construction of roads and railways
• Preparation of road construction design documentation without the right of architectural design
• General construction work and repairs
• Construction supervision

As a result of the reorganisation, the asphalt company Titania was separated from AS Teede REV-2 at the end of 1990. Gunnar Laev became the CEO of Titania.

The first major change for the newly established company AS Teede REV-2 was entering the railway construction market on which the company operates successfully to the present day. AS Teede REV-2 has participated in the construction of the railway networks of the biggest ports in Estonia to a significant extent.

The construction of the engineering block at Pärnu mnt 463 that began in the 1980s was finished in the second half of the 1990s. The engineering block, initially meant for TREV-2, now also houses the Estonian Road Administration.

At the beginning of 1991, the project for reducing the residue stock and lowering the water level of the Huntaugu quarry was completed. At the same time, TREV-2 received the Seli quarry project situated next to the Jüri-Aruvälja road section.