AS Grenardi Group has published its unaudited condensed consolidated financial statements for the period ended on 31 December 2024.

Business results

2024 has been a pivotal year for AS Grenardi Group, marked by significant achievements and transformative milestones. It successfully organized its first Public Bond Offering campaign, raising €17.0M across two separate offerings, with total bond demand exceeding 1.7 times the available offering. The proceeds from these bond issues were strategically allocated – over €6.4M was used to refinance existing financial obligations, while the remaining funds supported the expansion of the Group’s product assortment and acquisition activities. AS Grenardi Group also strengthened its capital structure by increasing subordinated unsecured notes by €2.0M and increased its share capital by €3.0M. Furthermore, on November 20, 2024, the Group acquired the GOLDLIGHT retail chain, further solidifying its presence in the Baltic region.

Retail turnover for Grenardi Group in Q4 2024 amounted to €9.6M (including VAT), marking the highest quarterly retail turnover in the Group’s history and a 22% increase compared to the same period in 2023. Retail turnover in 12 months of 2024 reached €28.6M and was 35% higher than in 2023. In 2024, the Group’s revenue reached €24.1M, reflecting a 34% increase compared to the previous year. In 2024, the Group’s gross profit margin reached 59%, marking a 2% increase from the previous year. The Group achieved an EBITDA of €4.3M for the year, with an EBITDA margin of 18%.

The results for 2024 reflect the Group's strategic investments and development plans, which include expanding the retail network in Lithuania and Estonia, as well as executing a public bond issuance campaign. These investments have driven growth and strengthened the Group's market position. At the same time, rising interest expenses and investment-related costs impacted the Group's financial results, leading to a net loss of €1.1M in 2024. The Group's management is confident that these strategic investments will provide a solid foundation for future growth and profitability improvements. To ensure sustainable development and greater operational efficiency, the Group plans to focus on optimizing the performance of its existing retail chain and enhancing overall profitability.

“In 2024, the Group successfully raised €17M through two tranches of a public bond offering, along with share capital increase by €3M from existing shareholders. This funding contributed to a significant increase in retail turnover and EBITDA, as well as enabled an effective expansion of inventory levels, strengthening the Group's competitiveness and market position. The financial results achieved in Latvia confirm the Group's stable growth. At the same time, business operations in Lithuania and Estonia are still in the development phase and have not yet reached the desired profitability, which is reflected in the Group's overall performance for 2024. However, the resources invested in these markets lay a solid foundation for future growth,” commented Ainārs Spriņģis, Chairman of the Board and CEO of Grenardi Group.

Looking ahead to 2025, the Group will focus on strengthening profitability and optimizing the performance of its existing retail chain. Additionally, it will pursue opportunities to expand its store network in strategic locations and leverage synergies from the acquisition of GOLDLIGHT to enhance overall profitability. On January 13, 2025, AS Grenardi Group established a new subsidiary in the Czech Republic, Grenardi Czechia s.r.o. The company plans to commence operational activities in the Czech Republic in Q2 2025.

Notice on early redemption of outstanding bonds

AS Grenardi Group announces the decision to execute a call option with respect to the bond issue with ISIN code LV0000860104 on 31 March 2025, with the record date on 28 March 2025. According to the Terms of the Issue, bondholders (ISIN LV0000860104) will receive 102% of the nominal value of their bonds together with accrued and unpaid interest.

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, 2024, AS Grenardi Group operates a total of 92 stores – of which 75 GIVEN chain stores, 7 GRENARDI chain stores and 10 GOLDLIGHT chain stores. Additionally, the Group has six online stores: www.given.lv, www.given.ee, www.given.lt, www.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 unaudited condensed consolidated financial statements for the period ended in 31 December 2024 is attached to the announcement and is also published on NASDAQ Riga and AS Grenardi Group corporate web page https://grenardi.group/en/news/