AS Grenardi Group has published its unaudited condensed consolidated financial statements for the period ended on 30 September 2024.

Business results

In 9M 2024 the Group’s revenue reached € 16.1M, which is by 43% more than in 9M 2023. In 9M the Group’s gross profit was € 9.4M and gross margin 58%. The Group’s EBITDA and EBITDA margin for 9M 2024 was € 2.3M and 15% respectively.

In 2024 the Group has successfully raised EUR 17 million in two tranches of public bond offering, and has been strengthening its market position, promoting its brand awareness, developing its online shops and launching new ESG initiatives.

In Q3 2024 Grenardi Group opened 1 new GIVEN store in Estonia, Kaubamajakas shopping mall in Pärnu, and closed 1 GIVEN store in Estonia in the Kvartal shopping mall in Tartu.

About Grenardi Group

AS Grenardi Group is the parent company of GIVEN and GRENARDI in the Baltics. As of September 30, 2024, AS Grenardi Group operates a total of 81 stores – of which 74 GIVEN chain stores and 7 GRENARDI chain stores. Additionally, the Group has five online stores: www.given.lv, www.given.ee, www.given.lt, www.grenardi.lv and www.grenardi.ee.

GIVEN is a jewellery brand that stands for joy, beauty, love, creativity, and sustainability by expressing this in its jewellery – through design, unique collections of brands, and carefully considered details, making the valuable accessible.

GRENARDI has been the leading luxury jewellery retail chain in Latvia and Estonia for more than 20 years. GRENARDI offers an extensive assortment of world-renowned luxury jewellery brands and sophisticated private collections.

AS Grenardi Group unaudited condensed consolidated financial statements for the period ended in 30 September 2024 is attached to the announcement and is also published on NASDAQ Riga and AS Grenardi Group corporate web page https://grenardi.group/en/news/

         Dāvis Cēderštrēms
         Deputy CFO
         info@grenardi.group
         Tel: +371 67 796 000