and an Independent Auditor's Report
Riga, April 30, 2026
Grenardi group AS
Annual report for reporting period from 01.01.2025. to 31.12.2025
Reg. No. 40203279291
Dēļu Street 2, Riga, LV-1004
Page
Information on the Company
3
Management Report 4
Statament of Management Responsibility 6
Income Statement 7
Balance Sheet 8
Cash Flow Statement 10
Statement of Changes in Equity 11
Notes to the Financial Statements
12
Independent Auditor's Report 19
CONTENT
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
2
Ainārs Spriņģis – Chairman of the Board
Līga Emma Gulbe – Board member (to 28.04.2026)
Marta Andersone – Board member
Alise Vilka – Board member (from 28.04.2026)
Members of the Council Alīna Spriņģe – Chairman of the Council
Alberts Pole – Council member
Māris Keišs – Council member
Annual report prepared by Lilija Adejeva
–
Chief Accountant
from 01.01.2025. to 31.12.2025.
Previous reporting year from 01.01.2024. to 31.12.2024.
Auditors
Grenardi Czechia s.r.o.,Reg.No. 22463739, Czech Republic, Namesti Curievych
43 5, Praha 1, Stare Mesto, 11000 PRAHA 1
Certified Auditor
64.20
Grenardi Estonia OÜ, Reg.No. 11518421, Estonia, Harju maakond, Tallinn,
Lasnamäe linnaosa, Peterburi tee 46, 11415 (100% owned by SIA Grenardi
Latvia)
Information on group’s
subsidiary companies second-tier
subsidiary
Grant Thornton Baltic Audit SIA
NACE classification code
Activities of holding companiesType of company’s activity
License No. 183
Blaumana street 22 Raivis Irbītis
Riga, LV - 1011 Certificate No. 205
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Name of the Company Grenardi group AS
Joint stock company
Dēļu street 2, Rīga, LV-1004
40203279291, Riga, 11.12.2020Registration No., place and date
GIVEN LITHUANIA UAB, Reg.No. 305936789, Lithuania, Krokuvos g.53-3,
Vilnius, 09305
SIA Grenardi Latvia, Reg.No. 50003474971, Dēļu Street 2, Riga, LV-1004
Given Estonia OÜ, Reg.No. 14505229, Estonia, Peterburi tee 46, Tallinn 11415
Reporting period
Information on group’s
subsidiary companies
SIA GIVEN Latvia, Reg.No. 40203166474, Dēļu Street 2, Riga, LV-1004
SIA GOLDLIGHT, Reg.No. 40003480834, Dēļu Street 2, Riga, LV-1004
COMPANY INFORMATION
Legal status of the Company
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
Registered office
3
Type of activity
Performance and Financial Situation of the Company
Future Development Plans
Financial risk management
The Company’s activities expose it to a variety of financial risks: interest rate risk, liquidity risk, and credit risk.
Interest rate risk
Interest rate risk arises from changes in interest rates that affect the Company's net profit and future cash flows.
The average interest rate payable on the Company’s borrowings is disclosed in Note 7 and 9.
The Company plans to continue providing and attracting financing for the Group to support the continuation of its
growth plans. The Group enters 2026 with a solid foundation and clear ambitions — to accelerate growth in the
Lithuanian market, develop its operations in the Czech Republic, and continue improving operational performance
and financial efficiency. The Group plans to implement a new e-commerce platform, a customer loyalty program,
and introduce artificial intelligence (AI) solutions to enhance productivity and enable faster, more informed
decision-
making.
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
MANAGEMENT REPORT
AS Grenardi Group (hereinafter - the Company) is a holding Company, established on December 11, 2020. The
main activity of the Company's subsidiaries is retail sale of watches and jewellery in specialized stores.
The Company, as the Parent Company, manages the Group’s companies and provides financing for their
development. The year 2025 was the most successful in the Group’s development to date, with the company
achieving historically highest financial results and demonstrating strong growth across all key performance
indicators.
As of December 31, 2025, the Group operated a total of 89 stores, of which 71 GIVEN chain stores, 8 GRENARDI
chain stores and 10 GOLDLIGHT chain stores, complemented by seven online stores. In 2025, the Group opened
four new stores — one GIVEN store in Latvia, one in Lithuania, and two in the Czech Republic — and closed seven,
resulting in a net reduction as the Group optimised its retail footprint. Four stores were also relocated and one
renovated to enhance customer experience and operational efficiency. Both Czech stores are located on Prague's
main shopping street: a shop-in-shop combining a boutique of the globally recognised Italian jewellery brand
Damiani with the GRENARDI multi-brand assortment, and a mono-brand boutique of the exclusive Italian luxury
brand Pasquale Bruni.
In 2025 the Group significantly improved its profitability – EBITDA increased by 58% to EUR 6.85 million, and
consolidated net profit reached EUR 0.71 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.
To open stores in the Czech Republic, in 2025 the Company established Grenardi Czechia s.r.o. Alongside this, in
December 2025 the Group further strengthened its service capabilities through the acquisition of SIA Goldwork, a
company specialising in professional jewellery repair services.
On March 31, 2025 Grenardi Group executed call option for secured bonds (ISIN:LV0000860195) totaling EUR
1.68 million. According to the Terms of the Issue, bondholders received 102% of the nominal value of their bonds
together with accrued and unpaid interest. During the year, shareholders’ equity of the Company increased by EUR
1.34 million.
In the reporting period the Company's interest income was EUR 1.52 million, but the Company closed the reporting
year with a net profit of EUR 1.27 million.
4
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
Ainārs Spriņģis April 30, 2026
(Chairman of the Board)
(Board member) signature
Marta Andersone
Liquidity risk
Liquidity risk is related to the Company's ability to meet short-term and long-term liabilities in a timely manner.
The Company manages its liquidity risk by arranging an adequate amount of committed credit facilities with banks,
planning the repayment terms of trade receivables, and developing and analysing future cash flows.
Credit risk
The Company controls its credit risk by setting credit terms for each borrower separately, as well as by monitoring
their liquidity and assessing the current economic situation in the country and in the world.
signature
5
Ainārs Spriņģis April 30, 2026
(Chairman of the Board)
signature
Marta Andersone
(Board member)
signature
Members of the Board are responsible for the preparation of the financial statements in accordance with applicable
law and regulations. Under that law, Members of the Board are responsible for preparing the financial statements in
accordance with Law on Annual Statements and Consolidated Annual Statements. In preparing the financial
statements, Members of the Board should:
• Select suitable accounting policies and apply them consistently.
• Make judgements and estimates that are reasonable.
• Prepare the financial statements on a going concern basis, unless it is inappropriate to presume that AS Grenardi
Group will continue in business as a going concern.
Members of the Board are responsible for ensuring that proper accounting records are kept that disclose, with
reasonable accuracy, at any time, the financial position of AS Grenardi Group and enable Members of the Board to
ensure that the financial statements comply with the regulation adopted by the Republic of Latvia. This responsibility
includes designing, implementing, and maintaining such internal control as Members of the Board determine is
necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error. Members of the Board are also responsible for safeguarding the assets of AS Grenardi
Group, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On the basis of information at the disposal of the Members of the Board of AS Grenardi Group the financial
accounts have been prepared in accordance with the requirements of the applicable laws and regulations and give a
true and fair view of the assets, liabilities, financial position, and profit or loss of the Parent Company and the Group
and that true information is included in the management report for the year 2025.
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
STATEMENT OF MANAGEMENT RESPONSIBILITY
6
2025 2024
EUR EUR
- (787)
3 (278 620) (278 103)
4 886 -
5 2 036 244 -
a) in the capital of related undertakings 2 036 244 -
6 1 519 239 1 169 273
a) from related parties 1 519 239 1 169 273
7 (2 011 506) (1 750 621)
b) for other persons (2 011 506) (1 750 621)
1 266 243 (860 238)
- -
1 266 243 (860 238)
Profit or losses for the reporting year 1 266 243 (860 238)
April 30, 2026
Lilija Adejeva
(Chief Accountant)
Interest payments and similar costs:
(Chairman of the Board)
Enterprise income tax for the reporting year
signature
Ainārs Spriņģis
Profit or loss before corporate income tax
Notes on pages 12 to 18 form an integral part of these financial statements.
Profit or loss after calculation of enterprise income tax
Administrative costs
Other revenue from interest and similar revenue:
Revenue from participation:
Other revenue from economic activities
Selling costs
(Board member)
Marta Andersone
signature
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
INCOME STATEMENT
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
(classified per function of expenditure)
Note
number
signature
Annual report prepared by:
7
ASSETS
31.12.2025. 31.12.2024.
EUR EUR
8 20 923 040 19 130 252
9 10 874 045 13 897 045
57 865 193 643
31 854 950 33 220 940
31 854 950 33 220 940
1 739 312 123 885
10 378 064 37 604
138 500 179 648
2 255 876 341 137
594 240 14 299
2 850 116 355 436
34 705 066 33 576 376
Total long-term financial investments
Total long-term investments
Participation in the capital of related parties
Total current assets
TOTAL ASSETS
Cash
Receivables from related parties
Other debtors
Total debtors
Deffered expenses
Other loans and other long-term debtors
Loans to related parties
Long-term financial investments
Debtors
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Note number
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
BALANCE SHEET
8
LIABILITIES
31.12.2025. 31.12.2024.
EUR EUR
9 748 061 8 434 286
2 487 254 2 460 125
(1 040 532) (180 294)
1 266 243 (860 238)
12 461 026 9 853 879
11 21 995 000 22 000 000
21 995 000 22 000 000
11 - 1 682 000
9 839 3 346
5 854 4 746
1 008 536
12 232 339 31 869
249 040 1 722 497
22 244 040 23 722 497
34 705 066 33 576 376
April 30, 2026
Lilija Adejeva
(Chief Accountant)
Other creditors
signature
Marta Andersone
Notes on pages 12 to 18 form an integral part of these financial statements.
(Chairman of the Board) signature
Ainārs Spriņģis
Total creditors
TOTAL EQUITY AND LIABILITIES
Total liabilities
Accrued liabilities
Taxes and State mandatory social insurance payments
Total long-term creditors
Trade payables
Short-term creditors
Retained profit or non-covered losses brought forward from previous years
Total equity
Long-term creditors
Profit or losses for the reporting year
Loans against Bonds
Bonds
Stock or share capital (fixed capital)
Stock (share) issue premium
Note
number
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
BALANCE SHEET
Equity
Annual report prepared by:
signature
(Board member)
Liabilities
9
01.01.2025 -
31.12.2025
01.01.2024 -
31.12.2024
EUR EUR
1 266 243 (860 238)
886 -
(1 519 239) (1 169 273)
135 778 (154 367)
2 011 506 1 750 621
1 895 174 (433 257)
Increase or decrease in balances of receivables (1 914 739) (147 346)
208 543 (3 588 716)
Gross cash flow of principal activity 188 978 (4 169 319)
Expenses for interest payments (2 011 506) (1 750 621)
Expenses for enterprise income tax payments - -
Net cash flow of principal activity (1 822 528) (5 919 940)
-
Cash flow from investing activities
Investments in subsidiaries
(1 792 788) (4 686 252)
Loans issued or repaid 3 023 000 (5 774 000)
Interest received 1 519 239 1 169 273
Net cash flow from investing activities
2 749 451 (9 290 979)
Cash flow from financing activities
Proceeds from issue of shares and bonds, or from capital contributions 1 340 904 3 000 003
Loans received or repaid
(1 687 000) 12 138 000
Net cash flow from financing activities (346 096) 15 138 003
Result of fluctuations of foreign currency exchange rates
(886) -
Net cash flow of the reporting year
579 941 (72 916)
-
14 299 87 215
594 240 14 299
Notes on pages 12 to 18 form an integral part of these financial statements.
Ainārs Spriņģis
April 30, 2026
Marta Andersone
Lilija Adejeva
(Chief Accountant)
CASH FLOW STATEMENT
Cash flow of principal activity
Profit or loss before corporate income tax
Corrections:
Profit or loss from fluctuations of foreign currency rates
Note number
Other revenue from interest and similar revenue
Corrections of reduction in value of long-term and short-term financial
investments
Interest payments and similar costs
Profit or loss before corrections of influence of changes in balances of
current assets and short-term creditors
Increase or decrease in balances of trade payables, and other creditors
Balance of cash and its equivalents at the beginning of the reporting year
Balance of cash and its equivalents at the end of the reporting year
Corrections:
(indirect method)
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
(Chairman of the Board)
(Board member)
Annual report prepared by:
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
signature
signature
signature
10
Stock or share
capital (fixed
capital)
Stock (share)
premium
account
Retained
earnings or
uncovered loss
Total equity
EUR EUR EUR EUR
As at 7 200 001 694 407 (180 294) 7 714 114
1 234 285 1 765 718 -
3 000 003
- - (860 238)
(860 238)
As at 8 434 286 2 460 125 (1 040 532) 9 853 879
1 313 775 27 129 -
1 340 904
- - 1 266 243
1 266 243
As at 9 748 061 2 487 254 225 711 12 461 026
Ainārs Spriņģis
April 30, 2026
Marta Andersone
Lilija Adejeva
(Chief Accountant)
31.12.2024.
Increase in stock or share capital
(fixed capital)
Increase/decrease in retained
profit
31.12.2025.
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
STATEMENT OF CHANGES IN EQUITY
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
31.12.2023.
Notes on pages 12 to 18 form an integral part of these financial statements.
Increase/decrease in stock or share
capital (fixed capital)
Decrease in retained profit
Annual report prepared by:
(Board member)
(Chairman of the Board) signature
signature
signature
11
(1) Corporate information
(2) Significant accounting principles
Principles of preparation of financial statements
The statement of cash flows has been prepared under the indirect method.
The reporting period is 12 months 01.01.2025 to
The previous reporting period is 12 months from 01.01.2024 to
Accounting principles
Transactions in foreign currencies
31.12.2025 31.12.2024
CZK 24,237 25,185
Related parties
Grenardi Group AS (hereinafter – the Company) was registered with the Republic of Latvia Enterprise Register on
December 11, 2020. The registered office of the Company is at Dēļu Street 2, Riga, LV-1004. The core business
activity of the Company is activities of a holding company
Transactions in foreign currencies are translated into the euro at the euro foreign exchange reference rate published by
the European Central Bank at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies are translated into the euro applying the euro foreign exchange reference rate published by the European
Central Bank at the last day of the reporting year.
31.12.2025.
31.12.2024.
NOTES TO THE FINANCIAL STATEMENTS
The annual report has been prepared in accordance with laws of the Republic of Latvia – the Law on "Accounting and
the Law" on "Annual Reports and Consolidated Annual Reports".
Reporting period
The statement of profit or loss has been prepared according to the function of expense method.
Foreign exchange gains and losses are recognised in the statement of profit or loss for the respective reporting period.
A related party is a person or an entity that is related to the reporting Company.
A person or a close member of that person's family is related to the reporting Company if that person has control, joint
control or significant influence over the reporting Company or is a member of the key management personnel of the
reporting Company or of a parent of the reporting Company.
An entity is related to the reporting Company if both are members of the same group. Besides, an entity is related to the
reporting Company if the entity is controlled, jointly controlled or significantly influenced by a related party of the
reporting Company or this related party of the reporting Company is a member of the key management personnel of that
entity or of a parent of that entity.
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
The presentation currency of the Company is the euro (EUR), the monetary unit of the European Union.
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
These financial statements are prepared on the going concern basis, the accounting and measurement methods applied
are consistent with those of the previous financial year, and prudent estimates have been made in preparing these
financial statements
12
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
Loans and borrowings
All borrowings are recognized initially at cost, being the fair value of the consideration received net of issue costs
associated with the borrowing. In subsequent periods, borrowings are recognized at amortized cost.
Debtors are recognized according to the amount of initial invoices, less allowances for doubtful debts. An allowance for
impairment of trade receivables is established when there is objective evidence that the Company will not be able to
collect all amounts. Receivables are written off if their recovery is considered as impossible.
Cash is non-cash in payment accounts and deposit accounts.
Debtors
Cash
A borrowing is classified as long-term if the payment or write-off occurs later than one year after the end of the
respective reporting year. Amounts payable or written off during the year are presented under short-term borrowings.
The deffered expenses reflect the payments made during the accounting year, but the use of expenditure is referring to
the following reporting periods. The balance value of the balance sheet asset is assessed to the extent that the expected
economic benefit is expected in the following reporting periods.
Deffered expenses
A related undertaking is a company which is directly or indirectly controlled by another company (the parent company
– more than 50% of the shareholders’ voting rights in this company). The parent company controls the subsidiary
company’s financial and business policy. The company recognizes income from investments only in case if it receives
distribution of profit from the related company after the purchase date. The received distribution which exceeds this
profit shall be considered as investment recovery costs and is recognized as a decrease of purchase costs in the related
company’s investment.
Long-term financial investments
Associated undertakings
Associated undertaking is a company over which the group has direct or indirect significant influence (at least 20% but
not more than 50% of the shareholders’ voting rights in this company) but has no control over financial and operating
policy. The company recognizes income from investments only in case if it receives distribution of profit from the
related company after the purchase date. The received distribution which exceeds this profit shall be considered as
investment recovery costs and is recognized as a decrease of purchase costs in the related company’s investment.
Related undertakings
A financial asset created by the Company by lending money or providing service directly to the debtor; not created with
the purpose to sell it immediately or in the near future. Initially loans are recognised in their initial value set by adding
the expenses related to issue of the loan to the fair value of the loan amount. After initial recognition the loans are
recognised in their amortised value, applying the effective interest rate method. The amortised value is calculated with
the account of the loan issue expenses as well as any loan-related discounts and bonuses. The profit or loss due to
amortisation is displayed in the profit and loss statement as interest income and expenses. If active decrease in the value
has occurred respective reserves are made.
Long-term loans and claims
Financial instruments
13
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
Post-year-end events that provide additional information about the Company’s position at the balance sheet date
(adjusting events) are reflected in the financial statements. Post-year-end events that are not adjusting events are
disclosed in the notes when material.
Subsequent events
Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured, less value added tax and sales-related discounts. Revenue is recognized by reference
to the economic nature and substance of the transaction rather than its legal form.
Corporate income tax is calculated for distributed profit (dividends) and conditionally distributed profit by applying the
rate of 20%. Corporate income tax is recognised at the moment when the participants of the Company make a decision
on distribution of profit, or when the costs not promoting further development of the Company (conditionally
distributed profit) is recorded.
The corporate income tax for the reporting period consists of the calculated tax for such period. The corporate income
tax is recognised in the profit or loss statement. The tax for the reporting period is calculated according to the
provisions of the law “Enterprise Income Tax Law”.
Enterprise income tax
Accrued liabilities
Accrued liabilities are clearly known trade liability sums for the goods or services received within the reporting year
when a relevant payment document (an invoice) has failed to be received on the date of drawing up the balance sheet.
The liability sums are calculated, based on the price, which is defined in the relevant agreement, and on the documents
that approve actual receipt of the goods or services.
14
(3) Administrative costs
2025 2024
EUR EUR
Bank charges 197 934 175 381
Professional services expenses 66 407 83 874
Personnel costs 11 554 15 205
State social insurance contributions 2 725 3 585
Other administration costs - 58
Total 278 620 278 103
(4) Other revenue from economic activities
2025 2024
EUR EUR
Revenue from foreign currency fluctuations 886 -
Total 886 -
(5) Revenue from participation:
2025 2024
EUR EUR
GOLDLIGHT, SIA 1 738 029 -
Grenardi Latvia, SIA 298 215 -
Total 2 036 244 -
(6) Other revenue from interest and similar revenue:
2025 2024
EUR EUR
Interest income 1 519 239 1 169 273
Total 1 519 239 1 169 273
(7) Interest payments and similar costs:
2025 2024
EUR EUR
Interest costs 2 011 506 1 750 621
Total 2 011 506 1 750 621
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
15
(8) Participation in the capital of related parties
31.12.2025. 31.12.2024.
EUR EUR
Acquisition value at the beginning of the reporting year 19 130 252 14 444 000
Investments in the beginning of period 19 130 252 14 444 000
Acquisition (+) - 2 860 252
Investments (+) 1 792 788 1 826 000
Acquisition value at the end of the reporting period 20 923 040 19 130 252
Investments in the beginning of period 20 923 040 19 130 252
Change of investments:
Owned
shares
Investment
in
subsidiaries,
31.12.2025
Investment
in
subsidiaries,
31.12.2024
%
EUR
EUR
100 1 700 000 1 700 000
100 2 860 252 2 860 252
100 3 475 000 2 475 000
100 2 476 000 2 076 000
100 10 019 000 10 019 000
100 392 788 -
Total 20 923 040 19 130 252
(9) Loans to related parties
Amount, EUR
Changes
within the
reporting
period
31.12.2025. 31.12.2024.
Long-term loans
EUR EUR EUR EUR
SIA GIVEN Latvia 12% 31.12.2027. 4 767 045 (2 263 000) 4 767 045 7 030 045
UAB GIVEN Lithuania
12% 31.12.2027. 2 528 000 (735 000) 2 528 000 3 263 000
Grenardi Czechia s.r.o.
10% 31.12.2028. 555 000 555 000 555 000 -
OÜ Given Estonia 12% 31.12.2027. 1 624 000 (250 000) 1 624 000 1 874 000
GRENARDI ESTONIA OU 12% 31.12.2027 1 400 000 (330 000) 1 400 000 1 730 000
Total long term loans 10 874 045 (3 023 000) 10 874 045 13 897 045
GIVEN LITHUANIA UAB
SIA GOLDLIGHT
SIA Grenardi Latvia
In 2025, the Company has made additional investments in the share capital of subsidiary companies. The share capital of OÜ
Given Estonia was increased by EUR 400 000, the share capital of UAB GIVEN Lithuania was increased by EUR 1 000
000 while the share capital of Grenardi Czechia s.r.o. was incresed by 392 788 EUR
The loans have been issued without security for the purpose of borrower's business financing.
Company`s name
SIA GIVEN Latvia
% rate Due date
OÜ Given Estonia
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
Grenardi Czechia s.r.o.
16
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
(10) Other debtors
31.12.2025.
31.12.2024
EUR EUR
Overpayments to suppliers
- 37 604
Advance payments for the purchase of a participation 250 000 -
Guarantee payments 122 854 -
Payments to employees 5 022 -
Tax overpayment 188 -
Total 378 064 37 604
(11) Bonds
31.12.2025. 31.12.2024
EUR EUR
Subordinated bonds¹ 6% 31.05.2028. 4 995 000 5 000 000
Covered bonds
2
10% 16.04.2027. 12 000 000
12 000 000
Covered bonds³ 10% 30.08.2027. 5 000 000
5 000 000
Covered bonds
4
3M EURIBOR+6% 31.07.2025. - 1 682 000
Total 21 995 000 23 682 000
% rate Due date
3
On August 30, 2024 the Company issued secured bonds in the amount of five million euros. The annual interest rate of the
issues is 10% and their maturity is 3 years. All the property belonging to SIA GIVEN Latvia, SIA Grenardi Latvia, GIVEN
Lithuania UAB, GIVEN Estonia OU and Grenardi Estonia OU as a joint property at the time of the pledge, as well as the
subsequent components of the joint property, establishing a first-order commercial pledge on it, have been pledged in 2024
in favor of ZAB VILGERTS SIA, Registration No. 40203309933 as a collateral for bonds issued by AS Grenardi Group
(ISIN: LV0000860195). As at December 31, 2025 the Company has raised a total of EUR 5 000 000.
¹On November 30, 2021, AS Grenardi Group issued subordinated bonds, which enables to attract financing in the amount of
seven million euros. The annual interest rate of the issues is 6% and their maturity is 7.5 years. On 31 July 2024 the
Company registered amendments for subordinated bonds in additional amount of EUR 2 million (total nominal value of
subordinated bonds EUR 7 million). As at December 31, 2025 the Company has raised a total of EUR 4 995 000
2
On April 16, 2024 the Company issued secured bonds in the amount of twelve million euros. The annual interest rate of the
issues is 10% and their maturity is 3 years. All the property belonging to SIA GIVEN Latvia, SIA Grenardi Latvia, GIVEN
Lithuania UAB, GIVEN Estonia OU and Grenardi Estonia OU as a joint property at the time of the pledge, as well as the
subsequent components of the joint property, establishing a first-order commercial pledge on it, have been pledged in 2024
in favor of ZAB VILGERTS SIA, Registration No. 40203309933 as a collateral for bonds issued by AS Grenardi Group
(ISIN: LV0000860179). As at December 31, 2025 the Company has raised a total of EUR 12 000 000.
4
On July 8, 2022 the Parent Company issued secured bonds in the amount of four million euros. The annual interest rate of
the issues is 3M EURIBOR+ 6% and their maturity is 3 years. All the property belonging to SIA GIVEN Latvia as a joint
property at the time of the pledge, as well as the subsequent components of the joint property, establishing a first-order
commercial pledge on it, have been pledged in 2022 in favor of ZAB VILGERTS SIA, Registration No. 40203309933 as a
collateral for bonds issued by Grenardi Group AS (ISIN: LV0000860104). On August 30, 2024, during the exchange offer,
bonds in an amount of EUR 2'318'000 were exchanged to equal nominal amount of secured bonds (ISIN: LV0000860195).
On March 31, 2025 Grenardi Group executed call option with the record date on 28 March 2025. According to the Terms of
the Issue, bondholders received 102% of the nominal value of their bonds together with accrued and unpaid interest.
17
Annual Report 01.01.2025. to 31.12.2025 of Grenardi group AS
Reg. No. 40203279291, Dēļu Street 2, Riga, LV-1004
(12) Accrued liabilities
31.12.2025. 31.12.2024.
EUR EUR
Accrued interest expense 225 850 25 819
Accrued liabilities to suppliers 6 489 6 050
Total 232 339 31 869
(13) Average number of employees
2025 2024
Members of the Board 3 3
Other employees 1 1
Average number of employees
2 2
(14) Information on the payments for members of the council and the board
(15)
Important events after the end of the report year
(16) Going concern
Ainārs Spriņģis
(Chairman of the Board)
Marta Andersone
(Board member)
Annual report prepared by:
Lilija Adejeva
(Chief Accountant)
The Supervisory Board does not receive remuneration for fulfilling its duties. Members of the Management Board receive
remuneration based on a mandate agreement. In 2025, the total remuneration paid to Management Board members for
fulfilling their duties amounted to EUR 10 950, with mandatory state social insurance contributions (VSAOI) totaling EUR
2 583. In 2024, the remuneration for fulfilling duties was EUR 14 600, and VSAOI contributions amounted to EUR 3 444.
After the end of the reporting year, on March 20, 2026 the State Enterprise Register (Uzņēmumu Reģistrs) approved the
increase of the Company’s share capital in accordance with the decision adopted in the Company’s shareholders’ meeting on
January 23, 2026. The share capital was increased by EUR 184 083.70, with an additional share premium of EUR 15
916.30, resulting in a total payment for newly issued shares of EUR 200 000.00. The share capital was increased by issuing
1 840 837 new shares, each with a nominal value of EUR 0.10.
On 31 March 2026 the Register of Enterprises of the Republic of Latvia has registered the merger of its wholly owned
subsidiaries SIA Grenardi Latvia and SIA GOLDLIGHT into SIA GIVEN Latvia. As a result, SIA Grenardi Latvia and SIA
GOLDLIGHT have been deleted from the Commercial Register, and SIA GIVEN Latvia has assumed all their rights,
obligations, and assets. Upon completion of the reorganisation, the paid-up share capital of SIA GIVEN Latvia was
increased from EUR 1 700 000 to EUR 2 198 000
signature
The financial statements are prepared on the assumption that the Company will continue as a going concern.
signature
signature
April 30, 2026
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