AS Grenardi Group has published its unaudited condensed consolidated financial statements for the period ended on 31 March 2026.

Business results

Grenardi Group delivered a solid start to 2026, with retail turnover reaching EUR 7.4 million (including VAT) in the first quarter – a 12% increase over the same period in 2025. Latvia remained our cornerstone market at 69% of retail turnover, followed by Estonia at 17%, Lithuania at 13% and the Czech Republic at 1%, with physical stores generating 93% of sales and e-commerce the remaining 7%.

While the Group recorded a net loss of EUR 0.45 million for the quarter, EBITDA grew 3% year-on-year to EUR 1.2 million, supported by stronger retail gross margins, retail sales growth across all markets and continued gains in operational efficiency – achieved despite lower wholesale income than in Q1 2025.

As planned, throughout 2026 the Group continues to work on improving its operational and financial efficiency and strengthening Grenardi Group's capital structure. On 31 March 2026, the merger of SIA Grenardi Latvia and SIA GOLDLIGHT into SIA GIVEN Latvia was completed. On 20 March 2026, the Group's share capital was increased through the issue of new shares for a total payment of EUR 200,000.00, comprising EUR 184,083.70 in share capital and EUR 15,916.30 in share premium.

Subsequent to the reporting period, in April 2026 the Group received a binding offer from Signet Bank AS to refinance its outstanding bonds (ISIN: LV0000860179), and in May 2026 the Group launched a new subordinated bond offering that was met with strong investor demand, exceeding the offering by 30% a clear vote of confidence in the Group's strategy.

During Q1'2026 Grenardi Group closed two stores – one GRENARDI store in Latvia and one Goldlight store and opened three GIVEN stores in Lithuania.

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, 2026, AS Grenardi Group operates a total of 90 stores – of which 74 GIVEN chain stores, 7 GRENARDI chain stores 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 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.

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

AS Grenardi Group unaudited condensed consolidated financial statements for the period ended in 31 March 2026 is attached to the announcement and is also published on NASDAQ Riga and AS Grenardi Group corporate web page https://grenardi.group/en/news/