2025 has been the most successful year to date in the development of AS Grenardi Group, with the Group achieving historically highest 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 26% to EUR 30.35 million. At the same time, the Group significantly improved its profitability – EBITDA increased by 56% to EUR 6.77 million, and consolidated net profit reached EUR 0.68 million, the highest profit level in the Group’s history. This performance confirms the positive impact of investments and development initiatives undertaken in previous years on the Company’s financial results. EBITDA and net profit growth were driven by sales growth in existing stores across all countries, an increase in gross margin from retail activities, and improvements in operational efficiency.
In the fourth quarter of 2025, the Group entered the Czech market by opening two jewelry stores on Prague’s main shopping street. One was established in a shop-in-shop format, combining a boutique of the globally recognized Italian jewelry brand Damiani with the well-known GRENARDI brand and its wide multi-brand assortment familiar to Baltic customers. The second store is a mono-brand boutique of the exclusive and rapidly growing Italian luxury brand Pasquale Bruni. In December 2025, the Group further strengthened its service capabilities through the acquisition of SIA Goldwork, a company specializing in professional jewellery repair services. SIA Goldwork became part of AS Grenardi Group as of 1 January 2026. During the year, shareholders’ equity increased by EUR 1.34 million.
In 2025, the Group opened four new stores: one GIVEN store in Latvia, one GIVEN store in Lithuania, and two stores in the Czech Republic – one GRENARDI store and one Pasquale Bruni mono-brand boutique. At the same time, seven stores were closed: one GIVEN store in Latvia, four GIVEN stores in Lithuania, one GIVEN store in Estonia, and one GRENARDI store in Estonia. During the reporting year, four Group stores were also relocated and one store was renovated to enhance customer experience and operational efficiency.
The annual results reflect the Group’s strategic development plans and investments, including expansion of the retail network in the Baltic States and the Czech Republic, as well as operational improvements within the GOLDLIGHT network. The range of GOLDLIGHT services was expanded, in-store product presentation was improved, and significant investments were made in employee training to enhance professional competencies and customer service quality. In 2025, GOLDLIGHT operations were also digitalized, and new systems were implemented, improving data analytics and the quality of management decision-making.
“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. Record turnover, a significant increase in EBITDA, and a profitable result provide a solid foundation for the Group’s continued growth. In 2025, we also successfully expanded beyond the Baltic market by launching operations in the Czech Republic, which is an important step in the Group’s international development. We will continue to consistently implement our growth strategy by strengthening our position in existing markets and developing the Company’s presence internationally,” comments Ainārs Spriņģis, Chairman of the Management Board of AS Grenardi Group.
Looking ahead to 2026, the Group plans to advance several strategic initiatives, including the launch of a new e-commerce platform, the introduction of a customer loyalty program, and the implementation of artificial intelligence (AI) solutions to enhance productivity and support faster, more informed decision-making. In addition, during the first quarter of 2026, the Group expects to complete the reorganisation process, whereby SIA GOLDLIGHT and SIA Grenardi Latvia will be fully merged into the acquiring entity, SIA GIVEN Latvia.
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 December 31, 2025, AS Grenardi Group operates a total of 89 stores – of which 71 GIVEN chain stores, 8 GRENARDI chain stores and 10 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, offering an extensive selection of world-renowned luxury jewellery brands alongside sophisticated collections designed by GRENARDI.
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 unaudited condensed consolidated financial statements for the period ended in 31 December 2025 is attached to the announcement and is also published on NASDAQ Riga and AS Grenardi Group corporate web page https://grenardi.group/en/news/