Business results

2025 has been the most successful year in the history of AS Grenardi Group, with the Group achieving record financial results and demonstrating strong growth across all key operating indicators. The Group's retail turnover (including VAT) reached a record level of EUR 33.91 million, representing a 19% increase compared to the previous year, while revenue grew by 27% to EUR 30.50 million. At the same time, the Group significantly improved its profitability – EBITDA increased by 58% to EUR 6.85 million, and consolidated net profit reached EUR 0.71 million, the highest net profit in the Group's history. EBITDA and net profit growth were driven by sales growth in existing stores across all countries, an increase in gross margin from retail activities due to optimized pricing, and improvements in operational efficiency. This performance confirms the positive impact of investments and development initiatives undertaken in previous years on the Group’s financial results. The Group's strong brand portfolio, supplier relationships, customer loyalty and retail network continue to underpin its growth trajectory.

“Results for 2025 confirm the effectiveness of our development strategy – we have achieved the highest financial performance in the Group’s history and are seeing a clear return on investments made in previous years. We will continue to consistently implement our growth strategy by strengthening our position in existing markets and developing the Group’s presence internationally,” comments Ainārs Spriņģis, Chairman of the Management Board of AS Grenardi Group

In 2025, the Group opened four new stores — one GIVEN store in Latvia, one in Lithuania, and two in the Czech Republic — and closed seven, resulting in a net reduction as the Group optimized its retail footprint. Four stores were also relocated and one renovated to enhance customer experience and operational efficiency. Both Czech stores are located on Prague's main shopping street: a shop-in-shop combining a boutique of the globally recognized Italian jewellery brand Damiani with the GRENARDI multi-brand assortment, and a mono-brand boutique of the exclusive Italian luxury brand Pasquale Bruni.

Following the acquisition of GOLDLIGHT in November 2024, the Group focused on its operational transformation throughout 2025 — expanding services, improving in-store presentation, investing in employee training, and digitalizing operations to strengthen data analytics and decision-making. These initiatives are starting to show results, reflected in growing same-store sales across the GOLDLIGHT network. Alongside this, in December 2025 the Group further strengthened its service capabilities through the acquisition of SIA Goldwork, a company specializing in professional jewellery repair services, which became part of AS Grenardi Group as of 5 January 2026.

In March 2025, the Group successfully exercised a call option on its secured bonds (ISIN: LV0000860195), redeeming EUR 1.68 million in bonds at 102% of nominal value, together with accrued interest. This step reflects the Group's strengthened financial position and confidence in its cash generation. During the year, shareholders' equity of the Parent Company further increased by EUR 1.34 million.

The Group enters 2026 with a strong foundation and clear ambitions — accelerating growth in the Lithuanian market, development of operations in the Czech Republic and continuing to improve operational and financial efficiency. In 2026, the Group plans to launch a new e-commerce platform, introduce a new customer loyalty program, and implement artificial intelligence (AI) solutions to enhance productivity and enable faster, more informed decision-making.

There are no material changes in the audited consolidated statements compared to the unaudited financial statements published on February 27, 2026

About Grenardi Group

AS Grenardi Group is the parent company of jewellery retail chains GIVEN, GRENARDI and GOLDLIGHT, as well as GOLDWORK, a provider of jewellery repair services. As of March 31, 2026, AS Grenardi Group operates a total of 90 stores – of which 74 are GIVEN chain stores, 7 GRENARDI salons and 9 GOLDLIGHT chain stores. Additionally, the Group has seven online stores: www.given.lv, www.given.ee, www.given.lt, www.grenardi.lv, www.grenardi.ee, www.grenardi.cz 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 25 years, and in 2025 entered the Czech market by opening two jewellery salons on Prague's main shopping street. GRENARDI offers an extensive assortment of world-renowned luxury jewellery brands and sophisticated private collections.

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

GOLDWORK has been providing jewellery repair services for over 20 years and has an extensive industry expertise. The services offered by GOLDWORK include jewellery repair, resizing and restoration, as well as jewellery maintenance.