Dear shareholders and members of the KALVE community!
We wanted to call 2024 a year of transformation, but 2025 became the moment when this transformation took on a real shape and international scale. In 2024, we laid the foundations, with our shares admitted to trading on the Nasdaq Baltic First North exchange, in 2025 we increased production capacity and strengthened management. Today we can confidently say that KALVE is no longer just a brand in Latvia. We have declared ourselves on the big European stage.
Courage and a look into the future are the driving forces of KALVE's growth. 2025 was a period of rapid development and adaptation for us. We successfully entered the Tallinn and Vilnius markets, bringing to life our core value – quality and accessibility. However, our biggest strategic move in 2025 was the opening of two coffee shops in Paris, a city currently experiencing a renaissance and which has become the European hub for Specialty Coffee. Our locations in the 15th district Rue Desaix and the 9th district Rue de Caumartin are not just coffee shops, they are bastions of the KALVE brand in a market where consumers value quality, craftsmanship and products with a story above all else.
The potential of the industry and the strategic choice to expand into Western Europe are based on data, together with management's long-running insights from daily exposure and connections to the industry. The European specialty coffee market is experiencing a rapid rise - it is predicted that by 2030 the value of the specialty coffee market will reach approximately 40 billion US dollars (approximately 23 billion US dollars in 2024 - https://www.grandviewresearch.com/horizon/outlook/specialty-coffee-market/europe ), showing steady growth. France is the leader in this context with the fastest predicted growth rate. We are therefore where the future is seen to be.
We have consciously chosen to invest in scalable infrastructure and digital presence, which brought us 142% growth in the e-commerce segment in 2025 compared to 2024. Yes, targeted entry into new markets requires resources and challenges our profit indicators in the short term, but these are investment decisions to create maximum added value for the KALVE brand and focus on long-term returns for our shareholders.
We are currently actively conducting research and preparatory work for the next steps of development, as well as the establishment of a representative office in Portugal. We continue to grow as a B-Corp certified company, proving that sustainability and profit are not mutually exclusive concepts, but a common engine.
Our strategic direction is clear - long-term growth, bold but thoughtful decision-making and an unwavering commitment to following the values that define who we are.
Thank you for being with us on this journey. With optimism, a motivated team and a clear vision, we continue to build KALVE into a global quality brand.
With gratitude,
Gatis Zēmanis
Chairman of the Board
AS Kalve Coffee is a brand created by coffee professionals, aiming to develop and strengthen the culture of specialty coffee roasting, brewing, and appreciation in the Baltic region. Kalve Coffee began operations in early 2019. The core values of KALVE are outstanding coffee and service quality, honesty, excellent product design, and responsible practices in all processes. As we continue to grow as a B-Corp company, sustainability is key – both through products and services with a positive long-term impact and by caring for environmental quality at every stage of the coffee production chain.
Contact information:
Gatis Zēmanis
Chairman of the Management Board
+371 27303355
ir@kalvecoffee.com
Certified Advisor:
ZAB Eversheds Sutherland Bitāns SIA
Kārlis Jēkabs Īvāns
M: +371 20 380 986
E-pasts: k-j.ivans@eversheds-sutherland.lv