Business results

2024 was a year marked by steady growth and focused development for Grenardi Group. During this period, AS Grenardi Group focused on increasing gross profit and margin, as well as expanding its retail network. Over the course of the year, the company successfully launched its first public bond program. Continuing to strengthen its position in the Baltic region, on November 20, 2024, Grenardi Group acquired the jewelry retail network GOLDLIGHT.

Retail turnover for 12 months of 2024 amounted to EUR 28.6 million (including VAT) and was by 35% higher than in 2023 (data for the GRENARDI chain has been included since December 1, 2023, while the GOLDLIGHT chain data is incorporated from December 1, 2024). In 2024, retail turnover in Latvia accounted for 70%, in Estonia for 18%, but in Lithuania for 12% of the total. In 2024, the Group's gross profit margin reached 59%, marking a 2% increase from the previous year.

The Group concluded the 12 months of 2024 with a net loss of EUR 1.2 million. While operations in Latvia delivered strong net profits, expansion efforts in Lithuania and Estonia have yet to reach profitability. The Group achieved an EBITDA of EUR 4.3 million for the year, with an EBITDA margin of 18%.

As of the end of Q4 2024, the Group’s inventory levels increased by 61% compared to Q4 2023. This substantial inventory growth was supported by the successful issuance of bonds (ISIN LV0000860179) in April 2024 and (ISIN LV0000860195) in August 2024, as well as by the acquisition of GOLDLIGHT.

In 2024, the Group opened a total of five new stores – one in Latvia, two in Lithuania, and two in Estonia. Additionally, the Group closed one store in both Latvia and Lithuania, as well as three stores in Estonia. All store openings and closures were carried out exclusively within the GIVEN chain.

About Grenardi Group

AS Grenardi Group is the parent company of GIVEN and GRENARDI in the Baltics, as well as GOLDLIGHT in Latvia. As of March 31, 2025, AS Grenardi Group operates a total of 88 stores – of which 72 GIVEN chain stores, 6 GRENARDI chain stores and 10 GOLDLIGHT chain stores. Additionally, the Group has six online stores: www.given.lv, www.given.ee, www.given.lt, ww.grenardi.lv, www.grenardi.ee and www.goldlight.lv.

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.

GOLDLIGHT is a well-known jewellery retailer in Riga, Latvia offering its customers a wide assortment of gold, silver and diamond jewellery, as well as brands such as Nomination, Ti Sento, Mirco Visconti and others.

AS Grenardi Group consolidated and standalone audited financial reports for 2024 is attached to the announcement and is also published on NASDAQ Riga and web page https://grenardi.group/en/news/