AS Grenardi Group has published its unaudited condensed consolidated financial statements for the period ended on 30 June 2026.
Business results
In the first six months of 2026, the Group's revenue reached EUR 13.51 million, unchanged from the same period of 2025, while gross profit increased by 5% year-on-year to EUR 8.03 million, supported by an improvement in gross margin. EBITDA amounted to EUR 2.40 million, 3% below the same period of 2025, primarily reflecting the Group's ongoing investment in growth – operations in the Czech Republic and Lithuania remain in the ramp-up phase – as well as lower wholesale revenue and profit, and one-off costs related to refinancing. The Group recorded a net loss of EUR 1.35 million, mainly attributable to the factors above
During the first half of 2026, the Group continued to strengthen its capital structure and improve its operational and financial efficiency. On 21 May 2026, AS Grenardi Group entered into two financing agreements with Signet Bank AS, comprising a term loan of EUR 11 million and a revolving credit line with a limit of EUR 4 million. In the same month, the Group issued EUR 7 million of subordinated bons (ISIN LV0000111631), of which EUR 5.5 million was outstanding with investors as at 30 June 2026, primarily for the refinancing of existing liabilities. Using these proceeds, on 1 June 2026 the Group completed the early redemption in full of its secured bonds (ISIN LV0000860179). The refinancing was complemented by an equity injection: on 30 June 2026, the Group increased its share capital by issuing new shares for a total consideration of EUR 1.5 million.
In April 2026 the Group launched a new e-commerce platform and a customer loyalty programme for the GIVEN chain, strengthening its omnichannel offering and customer engagement.
In the second quarter of 2026, the Group opened four new GIVEN stores — three in Lithuania and one in Estonia — and closed one store in Latvia as part of the ongoing optimisation of its store network.
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 June 30, 2026, AS Grenardi Group operates a total of 93 stores – of which 77 are 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 30 June 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/