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"decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-444": { "value": "-16087000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-445": { "value": "10147000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-446": { "value": "18872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-447": { "value": "8725000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-448": { "value": "2785000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-449": { "value": "18872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-4": { "value": "
General information
The following companies are part of the VILVI Group (hereinafter the \u201cGroup\u201d):
\uf0b7
VILKY\u0160KI\u0172 PIENIN\u0116 AB, a parent company (hereinafter the \u201cParent\u201d or the \u201cCompany\u201d);
\uf0b7
Modest AB, a subsidiary (hereinafter the \u201csubsidiary Modest AB\u201d or \u201cModest AB\u201d);
\uf0b7
Kelm\u0117s Pienin\u0117 AB, a subsidiary (hereinafter the \u201csubsidiary Kelm\u0117s Pienin\u0117 AB\u201d or \u201cKelm\u0117s Pienin\u0117 AB\u201d).
\uf0b7
Kelm\u0117s Pienas UAB, a subsidiary of Kelm\u0117s Pienin\u0117 AB (hereinafter the \u201cKelm\u0117s Pienas UAB\u201d).
\uf0b7
Pieno Logistika AB, a subsidiary of Kelm\u0117s Pienas UAB (hereinafter \u201cPieno Logistika AB\u201d).
\uf0b7
Baltic Dairy Board SIA, a subsidiary (hereinafter the \u201csubsidiary Baltic Dairy Board SIA\u201c or \u201cBaltic Dairy Board SIA\u201c).
VILKY\u0160KI\u0172 PIENIN\u0116 AB was established in 1993. The Parent has no branches or representative offices.
VILKY\u0160KI\u0172 PIENIN\u0116 AB is a Lithuanian company listed on the Nasdaq OMX Vilnius AB stock exchange.
As at 31 December 2025, the Company\u2019s shareholder structure was as follows:
Shareholder
Number of shares held
Nominal value,
EUR
Total value,
EUR
Swisspartners Versicherung AG Zweigniederlassung \u00d6sterreich
7,213,680
0.29
2,091,968
Multi Asset Selection Fund
2,035,729
0.29
590,361
Other minority shareholders
2,693,591
0.29
781,141
Total capital
11,943,000
0.29
3,463,470
As at 31 December 2024, the Company\u2019s shareholder structure was as follows:
Shareholder
Number of shares held
Nominal value,
EUR
Total value,
EUR
Swisspartners Versicherung AG Zweigniederlassung \u00d6sterreich
7,213,680
0.29
2,091,967
Multi Asset Selection Fund
2,035,729
0.29
590,361
Other minority shareholders
2,693,591
0.29
781,141
Total capital
11,943,000
0.29
3,463,470
The Company\u2019s ultimate controlling party is Mr. Gintaras Berta\u0161ius and persons related to him.
According to the data as of 31 December 2024 and 31 December 2025, Gintaras Berta\u0161ius did not hold shares in Vilky\u0161ki\u0173 pienin\u0117 AB, but owned 60.4% of the votes at the general meeting of shareholders (since 2018, a joint life insurance policy was established with Swisspartners Versicherung AG Zweigniederlassung \u00d6sterreich, which, according to the data as of 31 December 2024, acquired ownership rights to 7,213,680 shares of Vilky\u0161ki\u0173 pienin\u0117 AB).
The Parent\u2019s core line of business is production and sale of fermented cheese, industrial cream, whey products. Business activities are carried out at the main production facilities located in Vilky\u0161kiai, Pag\u0117giai region municipality.
The Parent controls the subsidiary Modest AB, which is engaged in production of blue-veined cheese, processed cheese, smoked cheese, Mozzarella cheese, and industrial cream. At 2025 The Company owns 99.7% of shares with voting rights in the subsidiary Modest, AB (at 2024: 99.7%).
The Parent also controls the subsidiary Kelm\u0117s Pienin\u0117 AB, which is engaged in production of dry milk products \u2013 WPC80, MPC, permeate, and whey powder. At 2025 The Company owns 100% of shares with voting rights in the subsidiary Kelm\u0117s Pienin\u0117 AB (at 2024: 100%).
As from 28 February 2021, Kelm\u0117s Pienin\u0117 AB controls the subsidiary Kelm\u0117s Pienas UAB, which is engaged in production of fresh milk products \u2013 kefir, sour cream, yoghurts, curd, glazed curd cheese, butter. At 2025 Kelm\u0117s Pienin\u0117 AB owns 100% of shares in Kelm\u0117s Pienas UAB (at 2024: 100%).
Kelm\u0117s Pienas UAB controls the subsidiary Pieno Logistika AB with the main business activity of collection and transportation of raw milk, lease of buildings. At 2025 Kelm\u0117s Pienas UAB owns 59.0% of shares with voting rights in Pieno Logistika AB (at 2024: 59.0%).
The Parent also controls the subsidiary Baltic Dairy Board SIA, which is engaged in production of cheese products, industrial cream and milk/whey separation. At 2025 The Company owns 100% of shares with voting rights in the subsidiary Baltic Dairy Board SIA (at 2024: 100%).
As at 31 December 2025, the Group had 1,012 (31 December 2024: 938) employees.
As at 31 December 2025, the Company had 409 (31 December 2024: 400) employees.
Functional and presentation currency
All amounts in these financial statements are presented in the euros (EUR) and they have been rounded to the nearest thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "VILKY\u0160KI\u0172 PIENIN\u0116 AB", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "AB", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "
As at 31 December 2025, the Company\u2019s shareholder structure was as follows:
Shareholder
Number of shares held
Nominal value,
EUR
Total value,
EUR
Swisspartners Versicherung AG Zweigniederlassung \u00d6sterreich
7,213,680
0.29
2,091,968
Multi Asset Selection Fund
2,035,729
0.29
590,361
Other minority shareholders
2,693,591
0.29
781,141
Total capital
11,943,000
0.29
3,463,470
As at 31 December 2024, the Company\u2019s shareholder structure was as follows:
Shareholder
Number of shares held
Nominal value,
EUR
Total value,
EUR
Swisspartners Versicherung AG Zweigniederlassung \u00d6sterreich
7,213,680
0.29
2,091,967
Multi Asset Selection Fund
2,035,729
0.29
590,361
Other minority shareholders
2,693,591
0.29
781,141
Total capital
11,943,000
0.29
3,463,470
The Company\u2019s ultimate controlling party is Mr. Gintaras Berta\u0161ius and persons related to him.
According to the data as of 31 December 2024 and 31 December 2025, Gintaras Berta\u0161ius did not hold shares in Vilky\u0161ki\u0173 pienin\u0117 AB, but owned 60.4% of the votes at the general meeting of shareholders (since 2018, a joint life insurance policy was established with Swisspartners Versicherung AG Zweigniederlassung \u00d6sterreich, which, according to the data as of 31 December 2024, acquired ownership rights to 7,213,680 shares of Vilky\u0161ki\u0173 pienin\u0117 AB).
The Parent\u2019s core line of business is production and sale of fermented cheese, industrial cream, whey products. Business activities are carried out at the main production facilities located in Vilky\u0161kiai, Pag\u0117giai region municipality.
The Parent controls the subsidiary Modest AB, which is engaged in production of blue-veined cheese, processed cheese, smoked cheese, Mozzarella cheese, and industrial cream. At 2025 The Company owns 99.7% of shares with voting rights in the subsidiary Modest, AB (at 2024: 99.7%).
The Parent also controls the subsidiary Kelm\u0117s Pienin\u0117 AB, which is engaged in production of dry milk products \u2013 WPC80, MPC, permeate, and whey powder. At 2025 The Company owns 100% of shares with voting rights in the subsidiary Kelm\u0117s Pienin\u0117 AB (at 2024: 100%).
As from 28 February 2021, Kelm\u0117s Pienin\u0117 AB controls the subsidiary Kelm\u0117s Pienas UAB, which is engaged in production of fresh milk products \u2013 kefir, sour cream, yoghurts, curd, glazed curd cheese, butter. At 2025 Kelm\u0117s Pienin\u0117 AB owns 100% of shares in Kelm\u0117s Pienas UAB (at 2024: 100%).
Kelm\u0117s Pienas UAB controls the subsidiary Pieno Logistika AB with the main business activity of collection and transportation of raw milk, lease of buildings. At 2025 Kelm\u0117s Pienas UAB owns 59.0% of shares with voting rights in Pieno Logistika AB (at 2024: 59.0%).
The Parent also controls the subsidiary Baltic Dairy Board SIA, which is engaged in production of cheese products, industrial cream and milk/whey separation. At 2025 The Company owns 100% of shares with voting rights in the subsidiary Baltic Dairy Board SIA (at 2024: 100%).
28.
Transactions with related parties and management personnel
The parties of the Group/Company are related when one party has a power to exercise control over the other party or make significant influence on its financial and operation decisions.
The main related parties of the Group/Company are as follows:
Kelm\u0117s Pienin\u0117 AB,
Modest AB,
Kelm\u0117s Pienas UAB,
Pieno Logistika AB,
Baltic Dairy Board SIA,
Management personnel,
Other related parties.
(i) Transactions with related parties:
Purchases of raw materials, products, non-current assets and services, interest expenses (thousand EUR)
GROUP
COMPANY
2025
2024
2025
2024
-
-
Kelm\u0117s Pienin\u0117 AB
45,517
37,830
-
-
Kelm\u0117s Pienas UAB
3,839
4,501
-
-
Modest AB
55,607
50,181
-
-
Pieno Logistika AB
241
148
-
-
Baltic Dairy Board SIA
3,732
1231
1
2
Management personnel
1
2
1,909
1,170
Other related parties
1,886
1,170
1,910
1,172
110,823
95,063
(ii) Transactions with related parties:
Sale of raw materials, products, non-current assets and services, interest income (thousand EUR)
GROUP
COMPANY
2025
2024
2025
2024
-
-
Kelm\u0117s Pienin\u0117 AB
16,671
7,350
-
-
Kelm\u0117s Pienas UAB
6,234
6,982
-
-
Modest AB
52,261
41,492
-
-
Pieno Logistika AB
40
70
-
-
Baltic Dairy Board SIA
16,065
7,937
5,893
23
Other related parties
5,783
23
5,893
23
97,054
63,854
During 2025, dividends received by the Company amounting to EUR 18,428 thousand were offset against amounts payable to related parties (see Note 3).
(iii) Year-end balances of transactions with related parties:
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
-
-
Trade and other amounts payable
16,728
14,896
-
-
(Kelm\u0117s Pienin\u0117 AB)
16,368
11,424
-
-
(Kelm\u0117s Pienas UAB)
360
-
-
-
(Modest AB)
-
3,466
-
-
(Pieno Logistika AB)
-
6
-
-
Trade and other receivables
5,418
5,597
-
-
(Kelm\u0117s Pienas UAB)
-
440
-
-
(Pieno Logistika AB)
73
-
-
-
(Modest AB)
451
-
-
-
(Baltic Dairy Board SIA)
4,894
5,157
-
-
Loan receivable (Baltic Dairy Board SIA, including interest)
1,229
1,170
237
124
Trade and other payables (to other related parties)
237
124
6,710
-
Trade receivables (from other related parties)
6,001
-
912
-
Loan receivable (including interest and administration fee from other related parties)
912
-
16,427
-
Claim rights against other related parties (including interest and administration fees)
16,427
-
As at 31 December 2025 and 31 December 2024, the Group and the Company had no receivables subject to expected credit losses.
Assets pledged, guarantees/sureties issued by the Group/Company to secure the fulfilment of financial liabilities of related parties, and assets pledged, guarantees/sureties issued by related parties to secure the fulfilment of financial liabilities of the Company are disclosed in Note 27.
The main terms and conditions for the Group\u2019s/Company\u2019s amounts payable and receivable under the loan agreements are as follows:
\uf02d
The Company granted a loan of EUR 980 thousand to the subsidiary Baltic Dairy Board SIA. The loan has to be repaid by 31 January 2028. The outstanding balance of the loan was EUR 980 thousand as at 31 December 2025. Interest receivable in 2025 was EUR 249 thousand.
\uf02d
Loans receivable by the Group and the Company from other related parties amounted to EUR 912 thousand as at 31 December 2025 (31 December 2024: none).
In 2025, personnel expenses included payments of EUR 1,107 thousand and EUR 1,043 thousand to the Group\u2018s and the Company\u2018s management personnel, including social security contributions (2024: EUR 1,080 thousand and EUR 783 thousand, respectively).
In 2025, the Group\u2019s and the Company\u2019s payments for employees to Pillar III investment funds under the defined plan for contributions amounted to EUR 259 thousand and EUR 241 thousand (2024 Group/Company: EUR 419 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Mr. Gintaras Berta\u0161ius and persons related to him", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Swisspartners Versicherung AG Zweigniederlassung \u00d6sterreich", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "The Parent\u2019s core line of business is production and sale of fermented cheese, industrial cream, whey products", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "Business activities are carried out at the main production facilities located in Vilky\u0161kiai, Pag\u0117giai region municipality", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "
As at 31 December 2025, the Group had 1,012 (31 December 2024: 938) employees.
As at 31 December 2025, the Company had 409 (31 December 2024: 400) employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "
Basis of preparation
Statement of compliance
The Group\u2019s consolidated and the Company\u2019s separate financial statements (hereinafter the \u201cfinancial statements\u201d or the \u201cconsolidated and separate financial statements\u201d) have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (hereinafter \u201cthe EU\u201d).
Pursuant to the Law on Companies of the Republic of Lithuania, the annual financial statements prepared by management shall be approved by the General Meeting of Shareholders. The shareholders of the Company have a statutory right to approve these financial statements or not to approve them, and to request preparation of a new set of the annual financial statements.
These financial statements include the consolidated financial statements of the Group and the separate financial statements of the Company.
Measurement basis
The financial statements have been prepared on a historical cost basis except for:
\uf0b7
buildings that are a part of property, plant and equipment measured at fair value, less any subsequent accumulated depreciation and impairment loss;
\uf0b7
buildings that a part of investment property measured at fair value.
Functional and presentation currency
All amounts in these financial statements are presented in the euros (EUR) and they have been rounded to the nearest thousand.
Foreign currency transactions
Foreign currency transactions are translated into the euros using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency are translated in the euros using the exchange rate prevailing at the date of the preparation of the statement of financial position. All foreign currency transactions have been translated in accordance with the provisions of the Law on Accounting using the exchange rate of the euro against the foreign currency prevailing at the date of the transaction.
Foreign exchange differences arising from the settlement of such transactions are recognised in the statement of profit or loss. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated into the euros using the official exchange rate prevailing at the date of the transaction.
Consolidation basis
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the Group\u2019s consolidated financial statements from the date on which the Group obtains control, and continue to be included until the date that such control ceases.
All intra-group transactions and balances are eliminated for the purpose of the consolidated financial statements.
The acquisition method is used to account for business combinations. The consideration transferred in return for the acquisition of the subsidiary is the fair value of the assets transferred, the liabilities assumed and the Group\u2018s equity interest. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed when incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Under the acquisition method, the Group recognises the non-controlling interest in the acquiree either at the fair value or at the non-controlling interest\u2019s proportionate share of net assets in the acquiree.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the
identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the Group\u2019s share of net assets in the acquiree, the difference is recognised directly in the statement of profit and loss as negative goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "
The Group\u2019s consolidated and the Company\u2019s separate financial statements (hereinafter the \u201cfinancial statements\u201d or the \u201cconsolidated and separate financial statements\u201d) have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (hereinafter \u201cthe EU\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
Pursuant to the Law on Companies of the Republic of Lithuania, the annual financial statements prepared by management shall be approved by the General Meeting of Shareholders. The shareholders of the Company have a statutory right to approve these financial statements or not to approve them, and to request preparation of a new set of the annual financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "
Functional and presentation currency
All amounts in these financial statements are presented in the euros (EUR) and they have been rounded to the nearest thousand.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
Foreign currency transactions
Foreign currency transactions are translated into the euros using the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency are translated in the euros using the exchange rate prevailing at the date of the preparation of the statement of financial position. All foreign currency transactions have been translated in accordance with the provisions of the Law on Accounting using the exchange rate of the euro against the foreign currency prevailing at the date of the transaction.
Foreign exchange differences arising from the settlement of such transactions are recognised in the statement of profit or loss. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated into the euros using the official exchange rate prevailing at the date of the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
Consolidation basis
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the Group\u2019s consolidated financial statements from the date on which the Group obtains control, and continue to be included until the date that such control ceases.
All intra-group transactions and balances are eliminated for the purpose of the consolidated financial statements.
The acquisition method is used to account for business combinations. The consideration transferred in return for the acquisition of the subsidiary is the fair value of the assets transferred, the liabilities assumed and the Group\u2018s equity interest. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed when incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Under the acquisition method, the Group recognises the non-controlling interest in the acquiree either at the fair value or at the non-controlling interest\u2019s proportionate share of net assets in the acquiree.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the
identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the Group\u2019s share of net assets in the acquiree, the difference is recognised directly in the statement of profit and loss as negative goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "
The acquisition method is used to account for business combinations. The consideration transferred in return for the acquisition of the subsidiary is the fair value of the assets transferred, the liabilities assumed and the Group\u2018s equity interest. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed when incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Under the acquisition method, the Group recognises the non-controlling interest in the acquiree either at the fair value or at the non-controlling interest\u2019s proportionate share of net assets in the acquiree.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the
identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the Group\u2019s share of net assets in the acquiree, the difference is recognised directly in the statement of profit and loss as negative goodwill.
Goodwill
Goodwill is an asset representing the future economic benefits arising from assets that cannot be separated from other assets and recognised on a business combination.
Goodwill arising on acquisition of subsidiaries is recognised as intangible assets.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses (tested on an annual basis). For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the
synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Cash-generating units are operations of Modest AB relating to production and sale of cheese and cheese products, and operations of Kelm\u0117s Pienas UAB relating to production and sale of fresh milk products.
Where goodwill is a portion of a cash-generating unit, and a portion of an operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the carrying amounts of the operation disposed of and the portion of the cash-generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
The acquisition method is used to account for business combinations. The consideration transferred in return for the acquisition of the subsidiary is the fair value of the assets transferred, the liabilities assumed and the Group\u2018s equity interest. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed when incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Under the acquisition method, the Group recognises the non-controlling interest in the acquiree either at the fair value or at the non-controlling interest\u2019s proportionate share of net assets in the acquiree.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group\u2019s share of the
identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the Group\u2019s share of net assets in the acquiree, the difference is recognised directly in the statement of profit and loss as negative goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
Summary of material accounting policies
The accounting policies set out below have been consistently applied by the Group/Company to all the periods presented in these financial statements, except for those which have changed due to the IFRS amendments and newly issued IFRS, as presented in the section below Impact of adoption of new standards, amendments and interpretations on the financial statements.
Property, plant and equipment
Property, plant and equipment, excluding buildings, is stated at acquisition cost, less subsequent accumulated depreciation and impairment losses. Costs related to the acquisition of the assets are included in the acquisition cost. The cost of assets produced internally by the Parent and the subsidiaries comprises the cost of materials, direct labour costs and indirect labour costs allocated on a proportionate basis. When parts of the items of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.
Buildings are recorded at revalued amounts, being their fair value at the date of the revaluation less any subsequent accumulated depreciation and impairment. Revaluations are carried out at regular intervals, i.e. at least every five years, to ensure that the carrying amount of buildings does not materially differ from their fair value at the date of the preparation of the statement of financial position. The fair value of buildings is determined by certified independent property valuers. Depreciation is calculated on a straight-line basis over the estimated useful lives of assets. The revaluation reserve for buildings is transferred to retained earnings in proportion to the depreciation of revalued buildings.
In case of revaluation, when the estimated fair value of an asset is lower than its net book value, the net book value of the asset is immediately reduced to the fair value and such impairment is recognised as expenses. However, such impairment is deducted from the previous revaluation increase of the asset accounted for in the revaluation reserve, to the extent it does not exceed the amount of such increase.
In case of revaluation, when the estimated fair value of an asset is higher than its net book value, the net book value of the asset is increased to the fair value and such increase is recorded in the revaluation reserve of property, plant and equipment under the shareholder\u2019s equity in the statement of other comprehensive income. Depreciation is recognised on a straight-line basis to write down the cost of the asset over its useful life, less its residual amount.
The estimated useful lives are as follows:
Buildings
8-40 years
Plant and machinery
4-20 years
Other PP&E
3-15 years
The useful lives, residual values and depreciation methods are reviewed regularly to ensure that the deprecation period and other estimates are consistent with the expected pattern of economic benefits from property, plant and equipment.
Investment property
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment property. Investment property also includes property that is being constructed or developed for future use as investment property.
Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs.
After initial recognition, investment property is carried at fair value. Investment property that is being redeveloped for continuing use as investment property, or for which the market has become less active, continues to be measured at fair value. Investment property under construction is measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the Company expects the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed - whichever is earlier).
It may sometimes be difficult to determine reliably the fair value of the investment property under construction. In order to evaluate whether the fair value of an investment property under construction can be determined reliably, management considers the following factors, among others:
\uf0b7
the provisions of the construction contract;
\uf0b7
the stage of completion;
\uf0b7
whether the project/property is standard (typical for the market) or non-standard;
\uf0b7
the level of reliability of cash inflows after completion;
\uf0b7
the development risk specific to the property;
Fair value is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Company uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow projections. Valuations are performed as at the financial position date by professional valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the Company\u2019s financial statements.
The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.
Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the cost of the replacement is included in the carrying amount of the property, and the fair value is remeasured.
Changes in fair values are recognised in the statement of profit and loss. Investment properties are derecognised when they have been disposed of.
Where the Company disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within net gain from fair value adjustment on investment property.
If an investment property becomes owner occupied, it is reclassified as property, plant and equipment. Its fair value as at the date of reclassification becomes its cost for subsequent accounting purposes.
If an item of owner-occupied property becomes an investment property because its use has changed, any difference resulting between the carrying amount and the fair value of this item as at the date of transfer is treated in the same way as a revaluation under IAS 16.
Any resulting increase in the carrying amount of the property is recognised in the income statement to the extent that it reverses a previous impairment loss, with any remaining increase recognised in other comprehensive income and increased directly to equity in revaluation surplus within equity. Any resulting decrease in the carrying amount of the property is initially charged in other comprehensive income against any previously recognised revaluation surplus, with any remaining decrease charged to the income statement.
Where an investment property undergoes a change in use, such as commencement of development with a view to sell, the property is transferred to inventories. A property\u2019s deemed cost for subsequent accounting as inventories is its fair value at the date of change in use.
Intangible assets
Intangible assets with definite useful lives acquired by the Parent and the subsidiaries are stated at cost, less accumulated amortisation and impairment loss. Amortisation is calculated on a straight-line basis over the period of 3 years and reported in the statement of profit or loss.
Goodwill
Goodwill is an asset representing the future economic benefits arising from assets that cannot be separated from other assets and recognised on a business combination.
Goodwill arising on acquisition of subsidiaries is recognised as intangible assets.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses (tested on an annual basis). For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the
synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Cash-generating units are operations of Modest AB relating to production and sale of cheese and cheese products, and operations of Kelm\u0117s Pienas UAB relating to production and sale of fresh milk products.
Where goodwill is a portion of a cash-generating unit, and a portion of an operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the carrying amounts of the operation disposed of and the portion of the cash-generating unit retained.
Non-controlling interest
Non-controlling interest is the equity in a subsidiary not attributable directly or indirectly to the Parent. Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. Adjustments to non-controlling interest not resulting in a loss of control are based on a proportionate amount of the controlled net assets of the subsidiary.
Investments in subsidiaries
Investments in subsidiaries in the separate financial statements are stated at acquisition cost, less impairment loss.
Inventories
Inventories comprise finished products, work in progress, and goods and materials.
Inventories are initially measured at acquisition or production cost. The production cost includes direct labour costs, costs of materials and conversion costs incurred during the production period. Production costs also include a systematic allocation of fixed and variable production overheads.
At the end of the reporting period inventories are measured at the lower of cost or net realisable value, less any write-downs. Net realisable value is the estimated selling price, less the estimated costs of completion and selling expenses. Write-downs of inventories to net realisable value are included in the cost of sales.
The utilisation of inventories is determined using the first-in, first-out (FIFO) method.
Financial assets and liabilities
The Group/Company classifies the financial assets into the following categories:
\uf0b7
financial assets subsequently measured at fair value (either at fair value through other comprehensive income or at fair value through profit or loss), and the Group/Company has no such assets;
\uf0b7
financial assets measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt instruments when and only when its business model for managing those assets changes.
All regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
On initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Financial assets measured at amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days, and therefore, are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group/Company holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
The carrying amounts of the trade receivables include receivables which are subject to a factoring arrangement. Under this arrangement, the Group/Company has transferred the relevant receivables to the factor in exchange for cash and the Group/Company is prevented from selling or pledging the receivables. Under the factoring with recourse agreements, the Group/Company retains the risk of late payment and credit risk. The Group/Company, therefore, continues recognising the transferred assets in their entirety in the statement of financial position. The amount repayable under the factoring agreement is presented as secured borrowing. The Group/Company considers the \u2018hold to collect\u2019 business model to remain appropriate for these receivables and hence continues measuring them at amortised cost. Under the factoring without recourse agreements, the Group/Company does not retain any risks, and therefore, these assets are derecognised from the statement of financial position and there is no balances outstanding at year-end.
Impairment
The Group/Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments measured at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables and contract assets.
To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the profiles of receivables from sale of goods over the period of 48 months before 31 December 2025 or 31 December 2024, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to the amounts due.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, failure of a debtor to engage in a repayment plan with the Group, and contractual payments past due more than 180 days.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. For impairment of loans granted and other receivables, see Note 29.
Trade and other payables
These amounts represent outstanding liabilities for goods and services provided to the Group prior to the end of the financial year. The amounts payable are unsecured and are usually paid within 30 days after their recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest rate method.
Borrowings costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest rate method. Costs incurred in relation to collateralisation of borrowing facilities are recognised as transaction costs of the borrowings to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the related costs are capitalised as a prepayment for liquidity services and amortised over the period of the loan facility to which it relates.
Interest-bearing amounts
Interest-bearing amounts are recognised initially at fair value, plus transaction costs. Subsequently, interest-bearing amounts are recognised at amortised cost using the effective interest method.
Reversal of impairment
An impairment loss on amounts receivable carried at amortised cost is reversed, if, in a subsequent period, the increase in the recoverable amount can be related to an event occurring after the impairment loss was recognised.
The impairment loss is reversed to the extent that the carrying value of the asset does not exceed its value that would have been determined had no impairment loss been recognised.
Fair value measurement
The fair value of investments traded in an active market is based on quoted market prices at the reporting date. If the market for a financial asset is not active (and for unlisted securities), the Group/Parent establishes the fair value by using the valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis or other valuation models.
In determining the fair value of assets or liabilities the Group/Company uses, if possible, inputs that are observable in the market. A fair value hierarchy categorises into three levels inputs used in the valuation techniques to measure the fair value:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices);
Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The inputs used to measure the fair value of an asset or a liability might be categorised within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group/Company recognises the amounts transferred within the fair value hierarchy levels at the end of the reporting period in which the change occurred.
Fair values measured for the purposes of assessment and (or) disclosure are calculated using the below presented methods. When applicable, further information on assumptions used in determining fair values is disclosed in the note related to specific assets or liabilities.
Derecognition of financial assets and financial liabilities
Financial assets
A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\uf02d
the rights to receive cash flows from the asset have expired; or
\uf02d
the Group/Company has retained the right to receive cash inflows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through\u201d arrangement; or
\uf02d
the Group/Company has transferred their rights to receive cash flows from the asset and/or (a) has transferred all the risks and rewards of the asset, or (b) has neither transferred nor retained all the risks and rewards of the asset, but has transferred control of the asset.
Where the Group/Company has transferred their rights to receive cash flows from the asset and has neither transferred nor retained all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Parent\u2019s/subsidiary\u2019s continuing involvement in the asset.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
For the purpose of the cash flow statement, cash and cash equivalents comprise cash on hand, demand deposits in bank accounts and other short-term liquid investments. Bank overdrafts are recognised in the statement of financial position as current borrowings and are not attributed to cash equivalents in the statement of cash flows as usually their balance is negative. Interest and dividends received are attributed to cash flows of investing activities, interest
paid are attributed to cash flows from operating activities, whereas dividends paid \u2013 to cash flows from financing activities.
Impairment
Non-financial assets
Non-financial assets, except for inventories and deferred tax assets, are reviewed for impairment whenever events or changes in circumstance indicate that the asset may be impaired. If such an indication exists, the asset's recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value, less costs to sell. The asset\u2019s value in use is calculated by discounting future cash flows to their present value using a pre-tax discount rate reflecting current market assumptions regarding time value of money and risk specific to the asset concerned.
For the purpose of impairment testing, assets that cannot be tested individually are grouped into the smallest group of assets that generates cash inflows through the asset\u2019s continuous use and is independent from cash flows generated by other assets or the groups of assets (\u201cthe cash generating unit\u201d or \u201cCGU\u201d).
Whenever the net book value of an asset exceeds its recoverable amount, an impairment loss is recognised in the statement of profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the asset no longer exist or have decreased. Reversal is accounted for in the statement of profit or loss under the same caption as impairment loss. An impairment loss allocated to goodwill is not reversed.
Provisions
Provisions for liabilities are recognised in the statement of financial position when there are commitments as a result of past events and it is probable that additional funds will be required to settle these obligations. If the impact is material, provisions are estimated by discounting future cash flows to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability.
Leases
Where the Group/Company is a lessee
The Group/Company leases out buildings, motor vehicles, plant and machinery, and other assets. The Group\u2018s term of lease ranges up to 8 years, but they contain an extension option.
As the management determines the lease term, it considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The extension option is included in the lease term only when it is reasonably certain that the lease will be extended (or will not be terminated).
The lease terms and conditions are negotiated individually, however, there are no non-standard terms and conditions. The lease contracts do not stipulate any financial performance covenants that the Group/Company would be required to comply with.
The lease liabilities arising from a lease are measured by a lessee at the commencement date on a present value basis, including the following payments:
\uf0b7
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\uf0b7
variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
\uf0b7
amounts expected to be payable by the group under residual value guarantees;
\uf0b7
payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used.
The interest rate implicit in the lease is the interest rate as a result of which the present value of the lease payments and unguaranteed residual value is equal to the sum of fair value of leased assets and any other initial direct costs of the lessor.
The lease liability is measured at amortised cost using the effective interest rate, which represents the discount rate used in discounting of lease payments. Interest expenses relating to the lease liability are allocated over the lease period and recognised through profit or loss.
Right-of-use assets are initially measured at cost comprising the following:
\uf0b7
the amount of the initial measurement of lease liability;
\uf0b7
any lease payments made at or before the commencement date, less any lease incentives received;
\uf0b7
any initial direct costs incurred by a lessee; and
\uf0b7
restoration costs.
Subsequently the right-of-use assets are recognised by the lessee at cost less accumulated depreciation and impairment losses. When the title of ownership is transferred to the lessee at the end of the lease period or when the price of the right-of-use assets shows that the lessee will exercise the buy option, then the lessee estimates depreciation of right-of-use assets from the commencement date to the end of the useful life of the leased assets. Otherwise, the lessee estimated depreciation for right-of-use assets from the commencement date to the end of the useful life of the right-of-use assets or the end of the lease period, depending on which occurs earlier. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases that, at the commencement date, have a lease term of 12 months or less, and that do not contain a purchase option. Low-value assets mostly represent milk products.
Operating lease -\u2013 where the Group/Company is a lessee
Operating lease payments are recognised as expenses in profit or loss using the straight-line method over the lease term.
Dividends
Dividends are recognised as a liability or a receivable in the period in which they are declared.
Dividends received are classified as cash flows from operating activities, taking into account their nature and the Company\u2019s business model. The Company considers that the receipt of dividends is related to its ordinary activities and forms part of its operating cash flow generation.
Government grants
Grants received as a compensation for the costs incurred are recognised in profit or loss over the period in which the costs are incurred.
Government and the EU grants and third-party compensations received in the form of non-current assets or intended for the purchase of non-current assets are considered as asset-related grants. Grants are initially recorded at the fair value of the asset received and subsequently amortised. Amortisation costs of grants are included in the cost of production or administrative expenses as well as in the depreciation charge of property, plant and equipment for which the grant was received.
Revenue
The Group/Company manufactures and sells a range of cheese and milk products in the wholesale market. Sales are recognised when control of the products has been transferred, being when the products are delivered to the buyer, the buyer has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the buyer\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group/Company has objective evidence that all criteria for acceptance have been satisfied.
Income from transport services is recognised in the period in which the services are rendered.
The goods are sometimes sold with retrospective volume discounts based on aggregate sales over a month or a 12-months period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated historical experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. It is considered that there is no significant financing component, since customers are offered a credit period of 30 days to settle their obligations, which is in line with the market practice.
Receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
The Group/Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.
Contract liabilities are recognised and presented as advance amounts received.
Cost of sales
Cost of sales consists of direct and indirect costs, including depreciation and remuneration expenses incurred in order to achieve the turnover set for a respective year. Expenses are recognised on an accrual basis and matching principle.
Distribution and administrative expenses
Distribution and administrative expenses comprise expenses related to transportation, administrative staff, coordination activities, office supplies, etc. and also comprise depreciation and amortisation expenses. Operating expenses are recognised on an accrual basis.
Other operating income and expenses
Other operating income and expenses comprise gain or loss from the disposal of non-current assets as well as other income and expenses not directly related to the operating activities of the Group/Company.
Finance income and costs
Income and expenses of financing activities include interest receivable and payable, realised and unrealised foreign exchange gain and loss related to borrowings and financial liabilities denominated in foreign currencies.
Interest income is recognised in profit or loss using the effective interest method. Interest expenses on leases is recognised in profit or loss using the effective interest rate method.
Capitalization of Interest
Interest directly attributable to the acquisition, construction, or production of assets meeting capitalization criteria is capitalized as part of the self-cost of the asset. The capitalization period begins when costs related to the asset are incurred, borrowing costs start to accrue, and actions are taken to prepare the asset for its intended use. Capitalization ends when the asset is ready for use or sale.
Employee benefits
Short-term employee benefits are recognised as current expenses of the period in which the services have been rendered. Such employee benefits include wages and salaries, social security contributions, extra pays, paid vacation, contributions to pension funds, and other benefits. There are no long-term employee benefits.
The Company also pays contributions to Pillar III investment fund on behalf of its employees based on the defined contribution plan. The contributions are recognised as expenses on an accrual basis and included in general and administrative expenses.
Income tax
Income tax comprises current and deferred tax. Income tax is recognised in the statement of profit or loss, except to the extent that it relates to items recognised directly in equity or in other comprehensive income, in which case it is recognised in equity or other comprehensive income.
Current income tax is calculated in accordance with the tax legislation of the countries in which the Group and the Company operate, using tax rates enacted or substantively enacted at the reporting date. A standard income tax rate of 16% is applied to companies registered in the Republic of Lithuania. Tax losses, except for those arising from the disposal of securities and/or derivative financial instruments, may be carried forward indefinitely, provided that the activities generating those losses are not significantly changed. The amount of losses carried forward that can be used in a reporting period may not exceed 70% of taxable income for the period, after deducting non-taxable income and allowable deductions.
The procedure for carrying forward losses arising from the disposal of securities and/or derivative financial instruments has not changed; such losses may be carried forward for a period of 5 years and may only be used to offset taxable income from transactions of a similar nature.
Group entities operating in the Republic of Latvia are subject to income tax upon distribution of profits.
A 20% income tax is applied to distributed profits (including dividends, dividend-equivalent income and deemed distributions), as well as to deemed distributed profits (such as non-business expenses and similar items).
The 20% income tax rate is applied to the gross taxable base. The gross taxable base for the tax period is calculated by dividing the net taxable base (distributed profits and deemed distributed profits) by a coefficient of 0.8.
Deferred tax is calculated on temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases. Deferred tax is not recognised for temporary differences arising on the initial recognition of assets and liabilities in a transaction that affects neither accounting profit nor taxable profit nor income tax expense.
Deferred income tax is measured using the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the reporting date.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences or tax losses can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Earnings per share
The Group/ Company discloses information on basic and diluted earnings per share. Basic earnings per share are calculated by dividing profit or loss attributable to the shareholders of the Parent by the weighted average number of ordinary shares during the period. Diluted earnings per share are calculated by adjusting profit or loss attributable to the shareholders, and the weighted average number of ordinary shares during the year, for the effects of all potential ordinary shares. During the reporting periods, the Group/Company did not issue potential ordinary shares.
Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board making the strategic decisions, and the General Manager.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses relating to transactions with other segments. The Group has three reportable segments based on different product groups: cheese, cheese products and other products, dry milk products, and fresh milk products.
Impact of adoption of new standards, amendments and interpretations on the financial statements
The accounting policies applied in the preparation of these financial statements are consistent with those applied in the previous periods, except for the following:
a)
Standards and amendments to the existing standards that became effective on 1 January 2025
There are no standards, amendments to standards or interpretations that are effective for annual periods commencing on 1 January 2025 and that would have a material impact on the Group\u2019s financial statements.
Amendments to IAS 21 \u201cThe Effects of Changes in Foreign Exchange Rates\u201d \u2013 \u201cLack of Exchangeability\u201d (issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). The amendments clarify the concept of lack of exchangeability and establish principles for determining the applicable exchange rate when exchangeability is not available, as well as expand disclosure requirements.
b)
Standards and Amendments to Existing Standards Effective After 1 January 2026
Several new standards, amendments to standards, and interpretations will become effective for annual periods beginning after 1 January 2026 and were not applied in preparing these financial statements. None of these are expected to have a significant impact on the group's and company's financial statements.
Amendments to IFRS 9 \u201cFinancial Instruments\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026). The amendments: (a) clarify the date of recognition and derecognition of financial assets and financial liabilities, including an exception for certain transactions settled through electronic payment systems; (b) Provides additional guidance for assessing whether a financial asset meets the criterion of solely payments of principal and interest (SPPI); (c) introduce additional disclosure requirements for financial instruments with contractual cash flow characteristics that may vary (e.g. instruments linked to ESG targets); and (d) update disclosures relating to equity instruments measured at fair value through other comprehensive income.
IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, issued by the IASB on 9 April 2024 and effective for annual reporting periods beginning on or after 1 January 2027, replaces IAS 1 \u201cPresentation of Financial Statements\u201d. The standard introduces new requirements for the presentation and disclosure of information in financial statements, particularly in the statement of profit or loss, including defined categories (operating, investing and financing), new subtotals and disclosure requirements for management-defined performance measures (MPMs). The Group and the Company are assessing the impact of this standard on their financial statements.
Annual Improvements to IFRS Standards (issued in July 2024 and effective for annual periods beginning on or after 1 January 2026). The improvements clarify and align certain requirements of IFRS Standards. Amendments to IFRS 7 clarify disclosure requirements related to the derecognition of financial assets, aligning the wording with IFRS 13, and clarify that application examples do not represent all possible scenarios. IFRS 16 is amended to clarify that gains or losses arising from the derecognition of a lease liability are recognised in accordance with IFRS 9. In addition, requirements in IFRS 9 and IFRS 15 relating to the initial recognition of trade receivables are aligned, the definition of a \u201cde facto agent\u201d in IFRS 10 is clarified, and outdated references to the cost method in IAS 7 are removed. These amendments are primarily of a clarifying and editorial nature and are not expected to have a significant impact on the financial statements.
The following standards have been issued, but not yet endorsed by the EU
There are no other IFRS or IAS amendments or IFRIC interpretations that are not yet effective and that would be expected to have a significant impact on the Company/Group.
Events after the reporting period
Events after the reporting period that provide additional information about the Group\u2019s and the Company\u2019s position at the reporting date (adjusting events) are reflected in the financial statements. Events after the reporting period that are not adjusting events are disclosed in the notes to the financial statements when material.
Offsetting financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.
Accounting estimates and assumptions
The preparation of financial statements in conformity with IFRS as adopted by the European Union requires the use of accounting estimates and assumption by management that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The accounting estimates and the related assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the net book amounts of assets and liabilities that are not readily apparent from other sources. The actual results may ultimately differ from those estimates.
The accounting estimates and underlying assumptions are regularly reviewed and are based on historical experience, other factors reflecting a current situation and reasonably possible future events.
The Group/Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on the amounts of assets and liabilities and can cause a significant adjustment to these amounts within the next financial year are addressed below.
Impairment losses on property, plant and equipment and intangible assets
As at 31 December 2025 and 2024, the Company/Group assessed whether there were any indicators of impairment of property, plant and equipment. The assessment was performed taking into account the use of the assets, operating performance and market conditions. No indicators of impairment were identified and, therefore, no impairment test was performed.
Assumptions and results of impairment test performed by the Group in respect of goodwill as at 31 December 2025 and 2024 are disclosed in Note 15.
Revaluation of buildings
In assessing property, consideration was also given to the fair values determined by independent valuers , including building price increases and the assumptions applied in their determination. This assessment requires significant management judgement and is considered a significant accounting estimate.
The Group and the Company measure buildings at revalued amounts, less subsequent accumulated depreciation and impairment losses.
Measurement of inventories
The Group/Company reviews the movement on the inventory account, assesses the carrying amount on a quarterly basis. The carrying amount of inventories should not exceed future economic benefits expected to be received from the disposal or use of inventories.
Loss on inventory write-down to net realisable value is recognised in the statement of profit or loss during the period in which the inventory measurement and write-down were performed. Inventory write-down is assessed considering the historical data and actual sales of inventories below cost. For more information refer to Note 18 \u2018Inventories\u2019.
Useful life of property, plant and equipment
Useful lives of the assets are reviewed annually and revised when there are grounds for believing that the remaining useful lives do not reflect technical conditions, economic utilisation or physical conditions of the assets.
Financial risk management
The use of the financial instruments exposes the Group/Company to the following risks:
\uf0b7
credit risk;
\uf0b7
liquidity risk;
\uf0b7
market risk.
Information on each type of the above-mentioned risks to which the Group/Company is exposed, objectives, policies and processes for managing the risk and the methods used to measure the risk is set out in this section.
Note 29 \u2018Financial instruments and risk management\u2019 discloses quantitative information on each type of the above-mentioned risks and on the Group\u2019s/Company\u2019s capital management.
Risk management framework
The Board is responsible for the development and monitoring of the Group\u2019s/Company\u2019s overall risk management programme. The Group\u2019s/Company\u2019s risk management policy defines and analyses risks to which the companies are exposed, establishes appropriate risk limits, controls risks and adherence to risk limits. The risk management policy and systems are reviewed on a regular basis to reflect market conditions and the Group\u2019s/Company\u2019s operational changes. The Group/Company, through its training and management standards and procedures, seeks to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.
Credit risk
In conducting trading activities, the Group/Company applies deferred payment in respect of sale of products and services, and therefore, a risk may arise that clients will not pay for products and services provided by the Group/Company. The Group/Company seeks to minimise credit risk through credit limit approach, based on which the amounts of credits granted to clients and the types of credit enhancements are established as follows:
\uf0b7
limit,
\uf0b7
guarantees,
\uf0b7
insurance.
The Group/Company has insurance for their sales to foreign clients under the credit insurance agreement concluded with the company Euler Hermes for the term of two years. On November 2023, the insurance was extended for additional two years.
For each client, the credit risk is assessed individually. Trade receivables are regularly monitored by the Finance Department. In the event of overdue amounts receivable, the sale is suspended and debt recovery procedures are initiated.
Liquidity risk
Liquidity risk is a risk that the Group/Company will not be able to meet their financial liabilities in due time. The Group/Company manages the liquidity risk with the aim to achieve the best possible liquidity of the Group/Company,
thereby allowing to settle obligations both in the ordinary course of business and under complicated operating conditions, and preventing from incurring unacceptable losses and damaging the Group\u2019s/Company\u2019s reputation.
The Group\u2019s/Company\u2019s policy is to maintain a sufficient level of cash and cash equivalents and to secure financing through appropriate credit facilities in order to ensure that the Group and the Company are able to meet their obligations on time and in line with their strategic plans. Liquidity risk is managed by continuously monitoring cash flows and preparing short-term and long-term cash flow forecasts.
The Group\u2019s/Company\u2019s seek to maintain a balance between continuity of funding and flexibility by diversifying funding sources and regularly assessing changes in financing conditions. Given that operations generate sufficient cash flows, management continuously monitors the liquidity ratios of the Group and the Company, establishes risk tolerance limits and, where necessary, applies preventive measures to mitigate liquidity risk.
Market risk
Market risk is a risk that changes in market prices, e.g. foreign exchange rates and interest rates, will affect the Group\u2019s/Company\u2019s results of operations or the value of financial instruments held. The purpose of the market risk management is to manage open risk positions in order to optimise rate of return.
The Group/Company manage foreign exchange risk by minimising the open position in a foreign currency. Further information on hedging against foreign exchange risk is disclosed in Note 29 \u2018Financial instruments and risk management\u2019.
The Group\u2019s/Company\u2019s income and operating cash flows are substantially independent of market interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "
Property, plant and equipment
Property, plant and equipment, excluding buildings, is stated at acquisition cost, less subsequent accumulated depreciation and impairment losses. Costs related to the acquisition of the assets are included in the acquisition cost. The cost of assets produced internally by the Parent and the subsidiaries comprises the cost of materials, direct labour costs and indirect labour costs allocated on a proportionate basis. When parts of the items of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.
Buildings are recorded at revalued amounts, being their fair value at the date of the revaluation less any subsequent accumulated depreciation and impairment. Revaluations are carried out at regular intervals, i.e. at least every five years, to ensure that the carrying amount of buildings does not materially differ from their fair value at the date of the preparation of the statement of financial position. The fair value of buildings is determined by certified independent property valuers. Depreciation is calculated on a straight-line basis over the estimated useful lives of assets. The revaluation reserve for buildings is transferred to retained earnings in proportion to the depreciation of revalued buildings.
In case of revaluation, when the estimated fair value of an asset is lower than its net book value, the net book value of the asset is immediately reduced to the fair value and such impairment is recognised as expenses. However, such impairment is deducted from the previous revaluation increase of the asset accounted for in the revaluation reserve, to the extent it does not exceed the amount of such increase.
In case of revaluation, when the estimated fair value of an asset is higher than its net book value, the net book value of the asset is increased to the fair value and such increase is recorded in the revaluation reserve of property, plant and equipment under the shareholder\u2019s equity in the statement of other comprehensive income. Depreciation is recognised on a straight-line basis to write down the cost of the asset over its useful life, less its residual amount.
The estimated useful lives are as follows:
Buildings
8-40 years
Plant and machinery
4-20 years
Other PP&E
3-15 years
The useful lives, residual values and depreciation methods are reviewed regularly to ensure that the deprecation period and other estimates are consistent with the expected pattern of economic benefits from property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "Depreciation is recognised on a straight-line basis to write down the cost of the asset over its useful life, less its residual amount.
The estimated useful lives are as follows:
Buildings
8-40 years
Plant and machinery
4-20 years
Other PP&E
3-15 years
The useful lives, residual values and depreciation methods are reviewed regularly to ensure that the deprecation period and other estimates are consistent with the expected pattern of economic benefits from property, plant and equipment.
Intangible assets with definite useful lives acquired by the Parent and the subsidiaries are stated at cost, less accumulated amortisation and impairment loss. Amortisation is calculated on a straight-line basis over the period of 3 years and reported in the statement of profit or loss.
Subsequently the right-of-use assets are recognised by the lessee at cost less accumulated depreciation and impairment losses. When the title of ownership is transferred to the lessee at the end of the lease period or when the price of the right-of-use assets shows that the lessee will exercise the buy option, then the lessee estimates depreciation of right-of-use assets from the commencement date to the end of the useful life of the leased assets. Otherwise, the lessee estimated depreciation for right-of-use assets from the commencement date to the end of the useful life of the right-of-use assets or the end of the lease period, depending on which occurs earlier. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases that, at the commencement date, have a lease term of 12 months or less, and that do not contain a purchase option. Low-value assets mostly represent milk products.
Government and the EU grants and third-party compensations received in the form of non-current assets or intended for the purchase of non-current assets are considered as asset-related grants. Grants are initially recorded at the fair value of the asset received and subsequently amortised. Amortisation costs of grants are included in the cost of production or administrative expenses as well as in the depreciation charge of property, plant and equipment for which the grant was received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
Intangible assets
Intangible assets with definite useful lives acquired by the Parent and the subsidiaries are stated at cost, less accumulated amortisation and impairment loss. Amortisation is calculated on a straight-line basis over the period of 3 years and reported in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
Intangible assets
Intangible assets with definite useful lives acquired by the Parent and the subsidiaries are stated at cost, less accumulated amortisation and impairment loss. Amortisation is calculated on a straight-line basis over the period of 3 years and reported in the statement of profit or loss.
Goodwill
Goodwill is an asset representing the future economic benefits arising from assets that cannot be separated from other assets and recognised on a business combination.
Goodwill arising on acquisition of subsidiaries is recognised as intangible assets.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses (tested on an annual basis). For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the
synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Cash-generating units are operations of Modest AB relating to production and sale of cheese and cheese products, and operations of Kelm\u0117s Pienas UAB relating to production and sale of fresh milk products.
Where goodwill is a portion of a cash-generating unit, and a portion of an operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the carrying amounts of the operation disposed of and the portion of the cash-generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
Goodwill
Goodwill is an asset representing the future economic benefits arising from assets that cannot be separated from other assets and recognised on a business combination.
Goodwill arising on acquisition of subsidiaries is recognised as intangible assets.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses (tested on an annual basis). For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units that are expected to benefit from the
synergies of the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Cash-generating units are operations of Modest AB relating to production and sale of cheese and cheese products, and operations of Kelm\u0117s Pienas UAB relating to production and sale of fresh milk products.
Where goodwill is a portion of a cash-generating unit, and a portion of an operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the carrying amounts of the operation disposed of and the portion of the cash-generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "
Non-controlling interest
Non-controlling interest is the equity in a subsidiary not attributable directly or indirectly to the Parent. Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. Adjustments to non-controlling interest not resulting in a loss of control are based on a proportionate amount of the controlled net assets of the subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
Inventories
Inventories comprise finished products, work in progress, and goods and materials.
Inventories are initially measured at acquisition or production cost. The production cost includes direct labour costs, costs of materials and conversion costs incurred during the production period. Production costs also include a systematic allocation of fixed and variable production overheads.
At the end of the reporting period inventories are measured at the lower of cost or net realisable value, less any write-downs. Net realisable value is the estimated selling price, less the estimated costs of completion and selling expenses. Write-downs of inventories to net realisable value are included in the cost of sales.
The utilisation of inventories is determined using the first-in, first-out (FIFO) method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
Financial assets and liabilities
The Group/Company classifies the financial assets into the following categories:
\uf0b7
financial assets subsequently measured at fair value (either at fair value through other comprehensive income or at fair value through profit or loss), and the Group/Company has no such assets;
\uf0b7
financial assets measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt instruments when and only when its business model for managing those assets changes.
All regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
On initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Financial assets measured at amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days, and therefore, are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group/Company holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
The carrying amounts of the trade receivables include receivables which are subject to a factoring arrangement. Under this arrangement, the Group/Company has transferred the relevant receivables to the factor in exchange for cash and the Group/Company is prevented from selling or pledging the receivables. Under the factoring with recourse agreements, the Group/Company retains the risk of late payment and credit risk. The Group/Company, therefore, continues recognising the transferred assets in their entirety in the statement of financial position. The amount repayable under the factoring agreement is presented as secured borrowing. The Group/Company considers the \u2018hold to collect\u2019 business model to remain appropriate for these receivables and hence continues measuring them at amortised cost. Under the factoring without recourse agreements, the Group/Company does not retain any risks, and therefore, these assets are derecognised from the statement of financial position and there is no balances outstanding at year-end.
Impairment
The Group/Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments measured at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables and contract assets.
To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the profiles of receivables from sale of goods over the period of 48 months before 31 December 2025 or 31 December 2024, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to the amounts due.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, failure of a debtor to engage in a repayment plan with the Group, and contractual payments past due more than 180 days.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. For impairment of loans granted and other receivables, see Note 29.
Trade and other payables
These amounts represent outstanding liabilities for goods and services provided to the Group prior to the end of the financial year. The amounts payable are unsecured and are usually paid within 30 days after their recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest rate method.
Borrowings costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest rate method. Costs incurred in relation to collateralisation of borrowing facilities are recognised as transaction costs of the borrowings to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the related costs are capitalised as a prepayment for liquidity services and amortised over the period of the loan facility to which it relates.
Interest-bearing amounts
Interest-bearing amounts are recognised initially at fair value, plus transaction costs. Subsequently, interest-bearing amounts are recognised at amortised cost using the effective interest method.
Reversal of impairment
An impairment loss on amounts receivable carried at amortised cost is reversed, if, in a subsequent period, the increase in the recoverable amount can be related to an event occurring after the impairment loss was recognised.
The impairment loss is reversed to the extent that the carrying value of the asset does not exceed its value that would have been determined had no impairment loss been recognised.
Fair value measurement
The fair value of investments traded in an active market is based on quoted market prices at the reporting date. If the market for a financial asset is not active (and for unlisted securities), the Group/Parent establishes the fair value by using the valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis or other valuation models.
In determining the fair value of assets or liabilities the Group/Company uses, if possible, inputs that are observable in the market. A fair value hierarchy categorises into three levels inputs used in the valuation techniques to measure the fair value:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices);
Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The inputs used to measure the fair value of an asset or a liability might be categorised within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group/Company recognises the amounts transferred within the fair value hierarchy levels at the end of the reporting period in which the change occurred.
Fair values measured for the purposes of assessment and (or) disclosure are calculated using the below presented methods. When applicable, further information on assumptions used in determining fair values is disclosed in the note related to specific assets or liabilities.
Derecognition of financial assets and financial liabilities
Financial assets
A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\uf02d
the rights to receive cash flows from the asset have expired; or
\uf02d
the Group/Company has retained the right to receive cash inflows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through\u201d arrangement; or
\uf02d
the Group/Company has transferred their rights to receive cash flows from the asset and/or (a) has transferred all the risks and rewards of the asset, or (b) has neither transferred nor retained all the risks and rewards of the asset, but has transferred control of the asset.
Where the Group/Company has transferred their rights to receive cash flows from the asset and has neither transferred nor retained all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Parent\u2019s/subsidiary\u2019s continuing involvement in the asset.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
For the purpose of the cash flow statement, cash and cash equivalents comprise cash on hand, demand deposits in bank accounts and other short-term liquid investments. Bank overdrafts are recognised in the statement of financial position as current borrowings and are not attributed to cash equivalents in the statement of cash flows as usually their balance is negative. Interest and dividends received are attributed to cash flows of investing activities, interest
paid are attributed to cash flows from operating activities, whereas dividends paid \u2013 to cash flows from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
Financial assets and liabilities
The Group/Company classifies the financial assets into the following categories:
\uf0b7
financial assets subsequently measured at fair value (either at fair value through other comprehensive income or at fair value through profit or loss), and the Group/Company has no such assets;
\uf0b7
financial assets measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt instruments when and only when its business model for managing those assets changes.
All regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.
On initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Financial assets measured at amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days, and therefore, are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group/Company holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
The carrying amounts of the trade receivables include receivables which are subject to a factoring arrangement. Under this arrangement, the Group/Company has transferred the relevant receivables to the factor in exchange for cash and the Group/Company is prevented from selling or pledging the receivables. Under the factoring with recourse agreements, the Group/Company retains the risk of late payment and credit risk. The Group/Company, therefore, continues recognising the transferred assets in their entirety in the statement of financial position. The amount repayable under the factoring agreement is presented as secured borrowing. The Group/Company considers the \u2018hold to collect\u2019 business model to remain appropriate for these receivables and hence continues measuring them at amortised cost. Under the factoring without recourse agreements, the Group/Company does not retain any risks, and therefore, these assets are derecognised from the statement of financial position and there is no balances outstanding at year-end.
Impairment
The Group/Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments measured at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables and contract assets.
To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the profiles of receivables from sale of goods over the period of 48 months before 31 December 2025 or 31 December 2024, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to the amounts due.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, failure of a debtor to engage in a repayment plan with the Group, and contractual payments past due more than 180 days.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. For impairment of loans granted and other receivables, see Note 29.
Financial assets
A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\uf02d
the rights to receive cash flows from the asset have expired; or
\uf02d
the Group/Company has retained the right to receive cash inflows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through\u201d arrangement; or
\uf02d
the Group/Company has transferred their rights to receive cash flows from the asset and/or (a) has transferred all the risks and rewards of the asset, or (b) has neither transferred nor retained all the risks and rewards of the asset, but has transferred control of the asset.
Where the Group/Company has transferred their rights to receive cash flows from the asset and has neither transferred nor retained all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Parent\u2019s/subsidiary\u2019s continuing involvement in the asset.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
For the purpose of the cash flow statement, cash and cash equivalents comprise cash on hand, demand deposits in bank accounts and other short-term liquid investments. Bank overdrafts are recognised in the statement of financial position as current borrowings and are not attributed to cash equivalents in the statement of cash flows as usually their balance is negative. Interest and dividends received are attributed to cash flows of investing activities, interest
paid are attributed to cash flows from operating activities, whereas dividends paid \u2013 to cash flows from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days, and therefore, are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional. The Group/Company holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
The carrying amounts of the trade receivables include receivables which are subject to a factoring arrangement. Under this arrangement, the Group/Company has transferred the relevant receivables to the factor in exchange for cash and the Group/Company is prevented from selling or pledging the receivables. Under the factoring with recourse agreements, the Group/Company retains the risk of late payment and credit risk. The Group/Company, therefore, continues recognising the transferred assets in their entirety in the statement of financial position. The amount repayable under the factoring agreement is presented as secured borrowing. The Group/Company considers the \u2018hold to collect\u2019 business model to remain appropriate for these receivables and hence continues measuring them at amortised cost. Under the factoring without recourse agreements, the Group/Company does not retain any risks, and therefore, these assets are derecognised from the statement of financial position and there is no balances outstanding at year-end.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
Impairment
The Group/Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments measured at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables and contract assets.
To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the profiles of receivables from sale of goods over the period of 48 months before 31 December 2025 or 31 December 2024, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to the amounts due.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, failure of a debtor to engage in a repayment plan with the Group, and contractual payments past due more than 180 days.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. For impairment of loans granted and other receivables, see Note 29.
Reversal of impairment
An impairment loss on amounts receivable carried at amortised cost is reversed, if, in a subsequent period, the increase in the recoverable amount can be related to an event occurring after the impairment loss was recognised.
The impairment loss is reversed to the extent that the carrying value of the asset does not exceed its value that would have been determined had no impairment loss been recognised.
Impairment
Non-financial assets
Non-financial assets, except for inventories and deferred tax assets, are reviewed for impairment whenever events or changes in circumstance indicate that the asset may be impaired. If such an indication exists, the asset's recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value, less costs to sell. The asset\u2019s value in use is calculated by discounting future cash flows to their present value using a pre-tax discount rate reflecting current market assumptions regarding time value of money and risk specific to the asset concerned.
For the purpose of impairment testing, assets that cannot be tested individually are grouped into the smallest group of assets that generates cash inflows through the asset\u2019s continuous use and is independent from cash flows generated by other assets or the groups of assets (\u201cthe cash generating unit\u201d or \u201cCGU\u201d).
Whenever the net book value of an asset exceeds its recoverable amount, an impairment loss is recognised in the statement of profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the asset no longer exist or have decreased. Reversal is accounted for in the statement of profit or loss under the same caption as impairment loss. An impairment loss allocated to goodwill is not reversed.
Impairment losses on property, plant and equipment and intangible assets
As at 31 December 2025 and 2024, the Company/Group assessed whether there were any indicators of impairment of property, plant and equipment. The assessment was performed taking into account the use of the assets, operating performance and market conditions. No indicators of impairment were identified and, therefore, no impairment test was performed.
Assumptions and results of impairment test performed by the Group in respect of goodwill as at 31 December 2025 and 2024 are disclosed in Note 15.
Revaluation of buildings
In assessing property, consideration was also given to the fair values determined by independent valuers , including building price increases and the assumptions applied in their determination. This assessment requires significant management judgement and is considered a significant accounting estimate.
The Group and the Company measure buildings at revalued amounts, less subsequent accumulated depreciation and impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
Impairment
The Group/Company assesses on a forward-looking basis the expected credit losses associated with its debt instruments measured at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the trade receivables and contract assets.
To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the profiles of receivables from sale of goods over the period of 48 months before 31 December 2025 or 31 December 2024, respectively, and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to the amounts due.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, failure of a debtor to engage in a repayment plan with the Group, and contractual payments past due more than 180 days.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. For impairment of loans granted and other receivables, see Note 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
Trade and other payables
These amounts represent outstanding liabilities for goods and services provided to the Group prior to the end of the financial year. The amounts payable are unsecured and are usually paid within 30 days after their recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest rate method.
Borrowings costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest rate method. Costs incurred in relation to collateralisation of borrowing facilities are recognised as transaction costs of the borrowings to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the related costs are capitalised as a prepayment for liquidity services and amortised over the period of the loan facility to which it relates.
Interest-bearing amounts
Interest-bearing amounts are recognised initially at fair value, plus transaction costs. Subsequently, interest-bearing amounts are recognised at amortised cost using the effective interest method.
Reversal of impairment
An impairment loss on amounts receivable carried at amortised cost is reversed, if, in a subsequent period, the increase in the recoverable amount can be related to an event occurring after the impairment loss was recognised.
The impairment loss is reversed to the extent that the carrying value of the asset does not exceed its value that would have been determined had no impairment loss been recognised.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
Trade and other payables
These amounts represent outstanding liabilities for goods and services provided to the Group prior to the end of the financial year. The amounts payable are unsecured and are usually paid within 30 days after their recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
Borrowings costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest rate method. Costs incurred in relation to collateralisation of borrowing facilities are recognised as transaction costs of the borrowings to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the related costs are capitalised as a prepayment for liquidity services and amortised over the period of the loan facility to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest rate method. Costs incurred in relation to collateralisation of borrowing facilities are recognised as transaction costs of the borrowings to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the related costs are capitalised as a prepayment for liquidity services and amortised over the period of the loan facility to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
Fair value measurement
The fair value of investments traded in an active market is based on quoted market prices at the reporting date. If the market for a financial asset is not active (and for unlisted securities), the Group/Parent establishes the fair value by using the valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis or other valuation models.
In determining the fair value of assets or liabilities the Group/Company uses, if possible, inputs that are observable in the market. A fair value hierarchy categorises into three levels inputs used in the valuation techniques to measure the fair value:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices);
Level 3: inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The inputs used to measure the fair value of an asset or a liability might be categorised within different levels of the fair value hierarchy. In those cases, the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group/Company recognises the amounts transferred within the fair value hierarchy levels at the end of the reporting period in which the change occurred.
Fair values measured for the purposes of assessment and (or) disclosure are calculated using the below presented methods. When applicable, further information on assumptions used in determining fair values is disclosed in the note related to specific assets or liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
Derecognition of financial assets and financial liabilities
Financial assets
A financial asset (or a part of a financial asset or part of a group of similar financial assets) is derecognised when:
\uf02d
the rights to receive cash flows from the asset have expired; or
\uf02d
the Group/Company has retained the right to receive cash inflows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass through\u201d arrangement; or
\uf02d
the Group/Company has transferred their rights to receive cash flows from the asset and/or (a) has transferred all the risks and rewards of the asset, or (b) has neither transferred nor retained all the risks and rewards of the asset, but has transferred control of the asset.
Where the Group/Company has transferred their rights to receive cash flows from the asset and has neither transferred nor retained all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Parent\u2019s/subsidiary\u2019s continuing involvement in the asset.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and cash at bank. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
For the purpose of the cash flow statement, cash and cash equivalents comprise cash on hand, demand deposits in bank accounts and other short-term liquid investments. Bank overdrafts are recognised in the statement of financial position as current borrowings and are not attributed to cash equivalents in the statement of cash flows as usually their balance is negative. Interest and dividends received are attributed to cash flows of investing activities, interest
paid are attributed to cash flows from operating activities, whereas dividends paid \u2013 to cash flows from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
For the purpose of the cash flow statement, cash and cash equivalents comprise cash on hand, demand deposits in bank accounts and other short-term liquid investments. Bank overdrafts are recognised in the statement of financial position as current borrowings and are not attributed to cash equivalents in the statement of cash flows as usually their balance is negative. Interest and dividends received are attributed to cash flows of investing activities, interest
paid are attributed to cash flows from operating activities, whereas dividends paid \u2013 to cash flows from financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
Impairment
Non-financial assets
Non-financial assets, except for inventories and deferred tax assets, are reviewed for impairment whenever events or changes in circumstance indicate that the asset may be impaired. If such an indication exists, the asset's recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the higher of its value in use and its fair value, less costs to sell. The asset\u2019s value in use is calculated by discounting future cash flows to their present value using a pre-tax discount rate reflecting current market assumptions regarding time value of money and risk specific to the asset concerned.
For the purpose of impairment testing, assets that cannot be tested individually are grouped into the smallest group of assets that generates cash inflows through the asset\u2019s continuous use and is independent from cash flows generated by other assets or the groups of assets (\u201cthe cash generating unit\u201d or \u201cCGU\u201d).
Whenever the net book value of an asset exceeds its recoverable amount, an impairment loss is recognised in the statement of profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of goodwill allocated to the unit and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the asset no longer exist or have decreased. Reversal is accounted for in the statement of profit or loss under the same caption as impairment loss. An impairment loss allocated to goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
Provisions
Provisions for liabilities are recognised in the statement of financial position when there are commitments as a result of past events and it is probable that additional funds will be required to settle these obligations. If the impact is material, provisions are estimated by discounting future cash flows to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
Leases
Where the Group/Company is a lessee
The Group/Company leases out buildings, motor vehicles, plant and machinery, and other assets. The Group\u2018s term of lease ranges up to 8 years, but they contain an extension option.
As the management determines the lease term, it considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The extension option is included in the lease term only when it is reasonably certain that the lease will be extended (or will not be terminated).
The lease terms and conditions are negotiated individually, however, there are no non-standard terms and conditions. The lease contracts do not stipulate any financial performance covenants that the Group/Company would be required to comply with.
The lease liabilities arising from a lease are measured by a lessee at the commencement date on a present value basis, including the following payments:
\uf0b7
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\uf0b7
variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
\uf0b7
amounts expected to be payable by the group under residual value guarantees;
\uf0b7
payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used.
The interest rate implicit in the lease is the interest rate as a result of which the present value of the lease payments and unguaranteed residual value is equal to the sum of fair value of leased assets and any other initial direct costs of the lessor.
The lease liability is measured at amortised cost using the effective interest rate, which represents the discount rate used in discounting of lease payments. Interest expenses relating to the lease liability are allocated over the lease period and recognised through profit or loss.
Right-of-use assets are initially measured at cost comprising the following:
\uf0b7
the amount of the initial measurement of lease liability;
\uf0b7
any lease payments made at or before the commencement date, less any lease incentives received;
\uf0b7
any initial direct costs incurred by a lessee; and
\uf0b7
restoration costs.
Subsequently the right-of-use assets are recognised by the lessee at cost less accumulated depreciation and impairment losses. When the title of ownership is transferred to the lessee at the end of the lease period or when the price of the right-of-use assets shows that the lessee will exercise the buy option, then the lessee estimates depreciation of right-of-use assets from the commencement date to the end of the useful life of the leased assets. Otherwise, the lessee estimated depreciation for right-of-use assets from the commencement date to the end of the useful life of the right-of-use assets or the end of the lease period, depending on which occurs earlier. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases that, at the commencement date, have a lease term of 12 months or less, and that do not contain a purchase option. Low-value assets mostly represent milk products.
Operating lease -\u2013 where the Group/Company is a lessee
Operating lease payments are recognised as expenses in profit or loss using the straight-line method over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
Dividends
Dividends are recognised as a liability or a receivable in the period in which they are declared.
Dividends received are classified as cash flows from operating activities, taking into account their nature and the Company\u2019s business model. The Company considers that the receipt of dividends is related to its ordinary activities and forms part of its operating cash flow generation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
Government grants
Grants received as a compensation for the costs incurred are recognised in profit or loss over the period in which the costs are incurred.
Government and the EU grants and third-party compensations received in the form of non-current assets or intended for the purchase of non-current assets are considered as asset-related grants. Grants are initially recorded at the fair value of the asset received and subsequently amortised. Amortisation costs of grants are included in the cost of production or administrative expenses as well as in the depreciation charge of property, plant and equipment for which the grant was received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "
Revenue
The Group/Company manufactures and sells a range of cheese and milk products in the wholesale market. Sales are recognised when control of the products has been transferred, being when the products are delivered to the buyer, the buyer has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the buyer\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group/Company has objective evidence that all criteria for acceptance have been satisfied.
Income from transport services is recognised in the period in which the services are rendered.
The goods are sometimes sold with retrospective volume discounts based on aggregate sales over a month or a 12-months period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated historical experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. It is considered that there is no significant financing component, since customers are offered a credit period of 30 days to settle their obligations, which is in line with the market practice.
Receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
The Group/Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.
Contract liabilities are recognised and presented as advance amounts received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
The goods are sometimes sold with retrospective volume discounts based on aggregate sales over a month or a 12-months period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated historical experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. It is considered that there is no significant financing component, since customers are offered a credit period of 30 days to settle their obligations, which is in line with the market practice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
Cost of sales
Cost of sales consists of direct and indirect costs, including depreciation and remuneration expenses incurred in order to achieve the turnover set for a respective year. Expenses are recognised on an accrual basis and matching principle.
Distribution and administrative expenses
Distribution and administrative expenses comprise expenses related to transportation, administrative staff, coordination activities, office supplies, etc. and also comprise depreciation and amortisation expenses. Operating expenses are recognised on an accrual basis.
Other operating income and expenses
Other operating income and expenses comprise gain or loss from the disposal of non-current assets as well as other income and expenses not directly related to the operating activities of the Group/Company.
Finance income and costs
Income and expenses of financing activities include interest receivable and payable, realised and unrealised foreign exchange gain and loss related to borrowings and financial liabilities denominated in foreign currencies.
Interest income is recognised in profit or loss using the effective interest method. Interest expenses on leases is recognised in profit or loss using the effective interest rate method.
Capitalization of Interest
Interest directly attributable to the acquisition, construction, or production of assets meeting capitalization criteria is capitalized as part of the self-cost of the asset. The capitalization period begins when costs related to the asset are incurred, borrowing costs start to accrue, and actions are taken to prepare the asset for its intended use. Capitalization ends when the asset is ready for use or sale.
Employee benefits
Short-term employee benefits are recognised as current expenses of the period in which the services have been rendered. Such employee benefits include wages and salaries, social security contributions, extra pays, paid vacation, contributions to pension funds, and other benefits. There are no long-term employee benefits.
The Company also pays contributions to Pillar III investment fund on behalf of its employees based on the defined contribution plan. The contributions are recognised as expenses on an accrual basis and included in general and administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "
Finance income and costs
Income and expenses of financing activities include interest receivable and payable, realised and unrealised foreign exchange gain and loss related to borrowings and financial liabilities denominated in foreign currencies.
Interest income is recognised in profit or loss using the effective interest method. Interest expenses on leases is recognised in profit or loss using the effective interest rate method.
Capitalization of Interest
Interest directly attributable to the acquisition, construction, or production of assets meeting capitalization criteria is capitalized as part of the self-cost of the asset. The capitalization period begins when costs related to the asset are incurred, borrowing costs start to accrue, and actions are taken to prepare the asset for its intended use. Capitalization ends when the asset is ready for use or sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
Finance income and costs
Income and expenses of financing activities include interest receivable and payable, realised and unrealised foreign exchange gain and loss related to borrowings and financial liabilities denominated in foreign currencies.
Interest income is recognised in profit or loss using the effective interest method. Interest expenses on leases is recognised in profit or loss using the effective interest rate method.
Capitalization of Interest
Interest directly attributable to the acquisition, construction, or production of assets meeting capitalization criteria is capitalized as part of the self-cost of the asset. The capitalization period begins when costs related to the asset are incurred, borrowing costs start to accrue, and actions are taken to prepare the asset for its intended use. Capitalization ends when the asset is ready for use or sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
Finance income and costs
Income and expenses of financing activities include interest receivable and payable, realised and unrealised foreign exchange gain and loss related to borrowings and financial liabilities denominated in foreign currencies.
Interest income is recognised in profit or loss using the effective interest method. Interest expenses on leases is recognised in profit or loss using the effective interest rate method.
Capitalization of Interest
Interest directly attributable to the acquisition, construction, or production of assets meeting capitalization criteria is capitalized as part of the self-cost of the asset. The capitalization period begins when costs related to the asset are incurred, borrowing costs start to accrue, and actions are taken to prepare the asset for its intended use. Capitalization ends when the asset is ready for use or sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
Employee benefits
Short-term employee benefits are recognised as current expenses of the period in which the services have been rendered. Such employee benefits include wages and salaries, social security contributions, extra pays, paid vacation, contributions to pension funds, and other benefits. There are no long-term employee benefits.
The Company also pays contributions to Pillar III investment fund on behalf of its employees based on the defined contribution plan. The contributions are recognised as expenses on an accrual basis and included in general and administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
Income tax
Income tax comprises current and deferred tax. Income tax is recognised in the statement of profit or loss, except to the extent that it relates to items recognised directly in equity or in other comprehensive income, in which case it is recognised in equity or other comprehensive income.
Current income tax is calculated in accordance with the tax legislation of the countries in which the Group and the Company operate, using tax rates enacted or substantively enacted at the reporting date. A standard income tax rate of 16% is applied to companies registered in the Republic of Lithuania. Tax losses, except for those arising from the disposal of securities and/or derivative financial instruments, may be carried forward indefinitely, provided that the activities generating those losses are not significantly changed. The amount of losses carried forward that can be used in a reporting period may not exceed 70% of taxable income for the period, after deducting non-taxable income and allowable deductions.
The procedure for carrying forward losses arising from the disposal of securities and/or derivative financial instruments has not changed; such losses may be carried forward for a period of 5 years and may only be used to offset taxable income from transactions of a similar nature.
Group entities operating in the Republic of Latvia are subject to income tax upon distribution of profits.
A 20% income tax is applied to distributed profits (including dividends, dividend-equivalent income and deemed distributions), as well as to deemed distributed profits (such as non-business expenses and similar items).
The 20% income tax rate is applied to the gross taxable base. The gross taxable base for the tax period is calculated by dividing the net taxable base (distributed profits and deemed distributed profits) by a coefficient of 0.8.
Deferred tax is calculated on temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases. Deferred tax is not recognised for temporary differences arising on the initial recognition of assets and liabilities in a transaction that affects neither accounting profit nor taxable profit nor income tax expense.
Deferred income tax is measured using the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the reporting date.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences or tax losses can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
Deferred tax is calculated on temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases. Deferred tax is not recognised for temporary differences arising on the initial recognition of assets and liabilities in a transaction that affects neither accounting profit nor taxable profit nor income tax expense.
Deferred income tax is measured using the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the reporting date.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences or tax losses can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
Earnings per share
The Group/ Company discloses information on basic and diluted earnings per share. Basic earnings per share are calculated by dividing profit or loss attributable to the shareholders of the Parent by the weighted average number of ordinary shares during the period. Diluted earnings per share are calculated by adjusting profit or loss attributable to the shareholders, and the weighted average number of ordinary shares during the year, for the effects of all potential ordinary shares. During the reporting periods, the Group/Company did not issue potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board making the strategic decisions, and the General Manager.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses relating to transactions with other segments. The Group has three reportable segments based on different product groups: cheese, cheese products and other products, dry milk products, and fresh milk products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "
Events after the reporting period
Events after the reporting period that provide additional information about the Group\u2019s and the Company\u2019s position at the reporting date (adjusting events) are reflected in the financial statements. Events after the reporting period that are not adjusting events are disclosed in the notes to the financial statements when material.
30.
Business merger that took place after the reporting period
Vilky\u0161ki\u0173 pienin\u0117 AB completed the transaction for acquisition of 100% of the shares in Private Limited Liability Company MARIJAMPOL\u0116S PIENO KONSERVAI (MPK) on 16 January 2026. MPK is a dairy processing company operating two factories:
\uf02d
In Marijampol\u0117, where condensed milk and butter are produced; and
\uf02d
In Kalvarija, where various types of milk powder are produced.
As Vilky\u0161ki\u0173 pienin\u0117 AB obtained control of MPK only after the close of the 2025 reporting period, the financial results of MPK have not been consolidated into the financial statements as of 31 December 2025. The operating results, assets and liabilities of the acquired company will be consolidated from 16 January 2026.
Below, the information about business merger is provided. The initial accounting for business merger at the time of transaction\u2019s completion date has not yet been finalised:
The acquisition of MPK represents a strategic step towards expansion of production capacity and product portfolio of Vilvi Group. Following the acquisition of MPK, the Group has become one of the largest dairy processing groups in the Baltic states. MPK specialises in production of canned milk, butter and milk powder; accordingly, this transaction will enable the Group to broaden its product range and access new markets. Control was obtained by entering into a share sale and purchase agreement with the seller and transferring all MPK shares to the Company for the agreed consideration on the day when the transaction was completed. Completion of the transaction required approval from the Competition Council, which was received in November 2025, as well as fulfilment of other conditions set out in the preliminary share sale and purchase agreement, all of which were fulfilled in full on 16 January 2026, when the transaction was completed by entering into the share sale and purchase agreement for Private Limited Liability Company MARIJAMPOL\u0116S PIENO KONSERVAI.
Real value of consideration transferred on the acquisition day
Thousand, EUR
Cash consideration
7,500
Set-off of pre-existing dealings (a)
16,170
Total real value of consideration transferred on the acquisition day:
23,670
c)
At the time of acquisition, the Group held an outstanding loan granted to MPK. Prior to acquiring MPK, Vilky\u0161ki\u0173 pienin\u0117 AB had pre-existing dealings with MPK: in February 2025, the Company entered into an agreement with the principal creditor of MPK (\u0160iauli\u0173 bankas) and took over the rights of claim in respect of MPK financial obligations to the bank for an amount of EUR 16,170 thousand. Its remaining balance on the day of acquisition was EUR 16,170 thousand. Therefore, Vilky\u0161ki\u0173 pienin\u0117 AB became the principal creditor of MPK by purchasing the debts of MPK and its subsidiary from the bank.
This assignment of rights of claim is treated as a separate transaction, as it was entered into prior to the share acquisition. The MPK debts taken over by the Group at the time of acquisition are not included in the list of assumed liabilities presented herein. This intercompany obligation will be eliminated upon consolidation, since, once MPK becomes a subsidiary, the intercompany debt and corresponding claim will cease to exist at group level.
As the Group already held a right of claim against MPK at the time of acquisition, this loan was treated as factually settled in the consolidated financial statements upon obtaining control. Since the loan had been granted on market terms, its real value did not differ significantly from its book value. Accordingly, this loan has been included into the transferred consideration and removed from the acquired net assets.
According to the concluded share sale and purchase agreement, the total consideration for MPK shares is fixed and amounts to EUR 7,500 thousand. The agreement does not provide for any conditional (contingent) components of consideration that would depend on future performance conditions or results, nor were any other tangible or intangible assets transferred, including any business or subsidiaries of the acquiring business entity. The agreement provides for the possibility to adjust the purchase price after the transaction\u2019s completion in the event that certain deviations from pre-agreed financial indexes are identified; at present, the Company has no basis to consider that such adjustments will apply. Accordingly, no conditional consideration or received obligation has been recognised. Should it be determined in the future that the purchase price has to be adjusted, the relevant changes will be reflected in the financial statements in accordance with applicable accounting standards.

The initial list of the acquired assets and liabilities of MPK and their assessment have not been finalised yet. Therefore, only preliminary values of main groups are presented below:
For each main group of acquired assets or assumed liabilities, the amounts recognized at the acquisition date
Thousand, EUR
Cash and cash equivalents
16
2,750
Non-current tangible assets
23,118
Intangible assets: xxxxx
-
Reserves
11,858
Receivable amounts
7,063
Payable amounts
-10,618
Employee remuneration and liabilities of other related benefits
-2,098
Loans
-2,832
Deferred profit tax asset (liability)
3
Acquired net assets:
29,260
Add: good standing (negative good standing)
-5,590
Value of acquired net assets:
23,670
Note: The values stated above are preliminary. Real values will be determined after completion of independent valuations and a detailed review of MPK assets and liabilities.
Based on a preliminary assessment, the real value of the net identified assets taken over at the time of acquisition may exceed the transferred consideration; accordingly, it is probable that a profit will result form purchase below the market price. Based on preliminary estimates, the profit amounts to approximately EUR 5,590 thousand, which would be recognized in the statement of profit (loss) under other income.
The main reasons for the gain arising from the transaction are as follows: MPK was a financially distressed company whose main creditor (AB Artea Bank) agreed to sell its position. Vilky\u0161ki\u0173 pienin\u0117 AB first took over MPK\u2019s debts from the bank, thereby becoming the main creditor and gaining negotiating power. The transaction was essentially of a rescue nature \u2013 the former shareholders of MPK were motivated to sell MPK shares due to debt obligations and limited prospects for business continuity.
During the purchase price allocation, no significant separately identifiable intangible assets (such as trademarks, customer lists, or similar) were identified. Final information regarding the recognized gain will be disclosed upon completion of the PPA assessment.
The financial asset position (EUR 2,750 thousand) includes receivables that were collected after the balance sheet date \u2013 in January 2026.
Property, plant and equipment (EUR 23,118 thousand) mainly consists of buildings and structures, machinery and equipment, and vehicles. An independent valuation of buildings has been initiated, and preliminary values have been determined based on actual transaction prices of completed deals or the mass valuation of buildings performed by the State Enterprise Centre of Registers as of 1 January 2026. The values of buildings and structures will be adjusted upon receipt of the independent valuation. The fair value analysis of machinery and equipment is still ongoing. For vehicles, the value of milk trucks has been updated based on market experience of similar asset sales.
The fair value of inventories (EUR 11,858 thousand) has been determined on a preliminary basis. The finished goods position was analysed based on actual sales prices and selling costs in January 2026; however, a more detailed analysis will be performed, as the inventory held at the valuation date is expected to be realized over a period longer than one month.
Based on preliminary data, there are significant receivable amounts on the acquisition day in MPK balance sheet. The real value of receivable amounts at the acquisition date is EUR 7,063 thousand, with a total gross nominal value of EUR 7,063 thousand; the best estimate of the cash flows not expected to be collected is EUR 0 thousand. At present, the possibilities to collect receivable amounts are being assessed.
No contingent liabilities assumed as part of MPK acquisition have been identified at this stage that would require separate recognition. Should a more detailed assessment reveal any such liabilities (e.g., legal disputes, warranties or environmental obligations) existent on the acquisition day as a result of prior activities of MPK, the Company will disclose the required information. If any significant contingent liability of MPK cannot be assessed reliably at the acquisition date, the Company will state the nature of such liability and the reasons why its real value could not be determined reliably.
The acquisition-related costs as of 31 December 2025 amount to EUR 213 thousand These costs were recognised in the profit/ loss statement of the Group for 2025 in the line item of administrative expenses. No additional costs related to issue of equity instruments were incurred.
Vilky\u0161ki\u0173 pienin\u0117 AB acquired 100% of the shares in MPK; accordingly, no minority interest arises at the acquisition date. This acquisition was not carried out in stages, and prior to completion of the transaction, Vilky\u0161ki\u0173 pienin\u0117 AB held no ownership interest in MPK.
Some portions of the aforementioned information cannot be disclosed at this stage, as the initial accounting for business merger has not yet been finalised. This includes the final amount of transferred consideration, a detailed list of acquired assets and liabilities at real value, and a precise estimate of the cash flows from receivable amounts. Independent asset valuations are currently in progress, information is being coordinated with the seller, and audited financial data for MPK for 2025 are pending. All relevant information will be presented in subsequent financial statements upon finalisation of the accounting for business merger.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
Offsetting financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
Accounting estimates and assumptions
The preparation of financial statements in conformity with IFRS as adopted by the European Union requires the use of accounting estimates and assumption by management that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The accounting estimates and the related assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the net book amounts of assets and liabilities that are not readily apparent from other sources. The actual results may ultimately differ from those estimates.
The accounting estimates and underlying assumptions are regularly reviewed and are based on historical experience, other factors reflecting a current situation and reasonably possible future events.
The Group/Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on the amounts of assets and liabilities and can cause a significant adjustment to these amounts within the next financial year are addressed below.
Impairment losses on property, plant and equipment and intangible assets
As at 31 December 2025 and 2024, the Company/Group assessed whether there were any indicators of impairment of property, plant and equipment. The assessment was performed taking into account the use of the assets, operating performance and market conditions. No indicators of impairment were identified and, therefore, no impairment test was performed.
Assumptions and results of impairment test performed by the Group in respect of goodwill as at 31 December 2025 and 2024 are disclosed in Note 15.
Revaluation of buildings
In assessing property, consideration was also given to the fair values determined by independent valuers , including building price increases and the assumptions applied in their determination. This assessment requires significant management judgement and is considered a significant accounting estimate.
The Group and the Company measure buildings at revalued amounts, less subsequent accumulated depreciation and impairment losses.
Measurement of inventories
The Group/Company reviews the movement on the inventory account, assesses the carrying amount on a quarterly basis. The carrying amount of inventories should not exceed future economic benefits expected to be received from the disposal or use of inventories.
Loss on inventory write-down to net realisable value is recognised in the statement of profit or loss during the period in which the inventory measurement and write-down were performed. Inventory write-down is assessed considering the historical data and actual sales of inventories below cost. For more information refer to Note 18 \u2018Inventories\u2019.
Useful life of property, plant and equipment
Useful lives of the assets are reviewed annually and revised when there are grounds for believing that the remaining useful lives do not reflect technical conditions, economic utilisation or physical conditions of the assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
Accounting estimates and assumptions
The preparation of financial statements in conformity with IFRS as adopted by the European Union requires the use of accounting estimates and assumption by management that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. The accounting estimates and the related assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the net book amounts of assets and liabilities that are not readily apparent from other sources. The actual results may ultimately differ from those estimates.
The accounting estimates and underlying assumptions are regularly reviewed and are based on historical experience, other factors reflecting a current situation and reasonably possible future events.
The Group/Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on the amounts of assets and liabilities and can cause a significant adjustment to these amounts within the next financial year are addressed below.
Impairment losses on property, plant and equipment and intangible assets
As at 31 December 2025 and 2024, the Company/Group assessed whether there were any indicators of impairment of property, plant and equipment. The assessment was performed taking into account the use of the assets, operating performance and market conditions. No indicators of impairment were identified and, therefore, no impairment test was performed.
Assumptions and results of impairment test performed by the Group in respect of goodwill as at 31 December 2025 and 2024 are disclosed in Note 15.
Revaluation of buildings
In assessing property, consideration was also given to the fair values determined by independent valuers , including building price increases and the assumptions applied in their determination. This assessment requires significant management judgement and is considered a significant accounting estimate.
The Group and the Company measure buildings at revalued amounts, less subsequent accumulated depreciation and impairment losses.
Measurement of inventories
The Group/Company reviews the movement on the inventory account, assesses the carrying amount on a quarterly basis. The carrying amount of inventories should not exceed future economic benefits expected to be received from the disposal or use of inventories.
Loss on inventory write-down to net realisable value is recognised in the statement of profit or loss during the period in which the inventory measurement and write-down were performed. Inventory write-down is assessed considering the historical data and actual sales of inventories below cost. For more information refer to Note 18 \u2018Inventories\u2019.
Useful life of property, plant and equipment
Useful lives of the assets are reviewed annually and revised when there are grounds for believing that the remaining useful lives do not reflect technical conditions, economic utilisation or physical conditions of the assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "The Group/Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant effect on the amounts of assets and liabilities and can cause a significant adjustment to these amounts within the next financial year are addressed below.Impairment losses on property, plant and equipment and intangible assetsAs at 31 December 2025 and 2024, the Company/Group assessed whether there were any indicators of impairment of property, plant and equipment. The assessment was performed taking into account the use of the assets, operating performance and market conditions. No indicators of impairment were identified and, therefore, no impairment test was performed.Assumptions and results of impairment test performed by the Group in respect of goodwill as at 31 December 2025 and 2024 are disclosed in Note 15. Revaluation of buildingsIn assessing property, consideration was also given to the fair values determined by independent valuers , including building price increases and the assumptions applied in their determination. This assessment requires significant management judgement and is considered a significant accounting estimate.The Group and the Company measure buildings at revalued amounts, less subsequent accumulated depreciation and impairment losses.Measurement of inventoriesThe Group/Company reviews the movement on the inventory account, assesses the carrying amount on a quarterly basis. The carrying amount of inventories should not exceed future economic benefits expected to be received from the disposal or use of inventories. Loss on inventory write-down to net realisable value is recognised in the statement of profit or loss during the period in which the inventory measurement and write-down were performed. Inventory write-down is assessed considering the historical data and actual sales of inventories below cost. For more information refer to Note 18 \u2018Inventories\u2019. Useful life of property, plant and equipmentUseful lives of the assets are reviewed annually and revised when there are grounds for believing that the remaining useful lives do not reflect technical conditions, economic utilisation or physical conditions of the assets.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "
Financial risk management
The use of the financial instruments exposes the Group/Company to the following risks:
\uf0b7
credit risk;
\uf0b7
liquidity risk;
\uf0b7
market risk.
Information on each type of the above-mentioned risks to which the Group/Company is exposed, objectives, policies and processes for managing the risk and the methods used to measure the risk is set out in this section.
Note 29 \u2018Financial instruments and risk management\u2019 discloses quantitative information on each type of the above-mentioned risks and on the Group\u2019s/Company\u2019s capital management.
Risk management framework
The Board is responsible for the development and monitoring of the Group\u2019s/Company\u2019s overall risk management programme. The Group\u2019s/Company\u2019s risk management policy defines and analyses risks to which the companies are exposed, establishes appropriate risk limits, controls risks and adherence to risk limits. The risk management policy and systems are reviewed on a regular basis to reflect market conditions and the Group\u2019s/Company\u2019s operational changes. The Group/Company, through its training and management standards and procedures, seeks to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.
Credit risk
In conducting trading activities, the Group/Company applies deferred payment in respect of sale of products and services, and therefore, a risk may arise that clients will not pay for products and services provided by the Group/Company. The Group/Company seeks to minimise credit risk through credit limit approach, based on which the amounts of credits granted to clients and the types of credit enhancements are established as follows:
\uf0b7
limit,
\uf0b7
guarantees,
\uf0b7
insurance.
The Group/Company has insurance for their sales to foreign clients under the credit insurance agreement concluded with the company Euler Hermes for the term of two years. On November 2023, the insurance was extended for additional two years.
For each client, the credit risk is assessed individually. Trade receivables are regularly monitored by the Finance Department. In the event of overdue amounts receivable, the sale is suspended and debt recovery procedures are initiated.
Liquidity risk
Liquidity risk is a risk that the Group/Company will not be able to meet their financial liabilities in due time. The Group/Company manages the liquidity risk with the aim to achieve the best possible liquidity of the Group/Company,
thereby allowing to settle obligations both in the ordinary course of business and under complicated operating conditions, and preventing from incurring unacceptable losses and damaging the Group\u2019s/Company\u2019s reputation.
The Group\u2019s/Company\u2019s policy is to maintain a sufficient level of cash and cash equivalents and to secure financing through appropriate credit facilities in order to ensure that the Group and the Company are able to meet their obligations on time and in line with their strategic plans. Liquidity risk is managed by continuously monitoring cash flows and preparing short-term and long-term cash flow forecasts.
The Group\u2019s/Company\u2019s seek to maintain a balance between continuity of funding and flexibility by diversifying funding sources and regularly assessing changes in financing conditions. Given that operations generate sufficient cash flows, management continuously monitors the liquidity ratios of the Group and the Company, establishes risk tolerance limits and, where necessary, applies preventive measures to mitigate liquidity risk.
Market risk
Market risk is a risk that changes in market prices, e.g. foreign exchange rates and interest rates, will affect the Group\u2019s/Company\u2019s results of operations or the value of financial instruments held. The purpose of the market risk management is to manage open risk positions in order to optimise rate of return.
The Group/Company manage foreign exchange risk by minimising the open position in a foreign currency. Further information on hedging against foreign exchange risk is disclosed in Note 29 \u2018Financial instruments and risk management\u2019.
The Group\u2019s/Company\u2019s income and operating cash flows are substantially independent of market interest rates.
29.
Financial instruments and risk management
Credit risk
The maximum exposure to credit risk is the net book amount of financial assets designated at 31 December 2025 as financial assets measured at amortised cost. The maximum exposure to credit risk at the reporting date was as follows:
GROUP
Net book amount
EUR \u2018000
Note
31/12/2025
31/12/2024
Non-current amounts receivable
17
912
-
Trade amount receivable
19
21,917
17,460
MPK claim right
19
16,427
-
Other amount receivable
19
26
4,951
Cash and cash equivalents
21
2,785
18,872
42,067
41,283
COMPANY
Net book amount
EUR \u2018000
Note
31/12/2025
31/12/2024
Non-current amounts receivable
17
2,141
1,170
Trade amount receivable
19
22,711
19,352
MPK claim right
19
16,427
-
Other amount receivable
19
2,000
3,031
Cash and cash equivalents
21
2,688
13,286
45,967
36,839
Other receivables of the Group and the Company as at 31 December 2025 amounting to EUR 16,170 thousand relate to an assignment of claim agreement signed on 14 February 2025 with \u0160iauli\u0173 bankas AB (see Note 30), under which the Company acquired the bank\u2019s claim against Marijampol\u0117s pieno konservai UAB (hereinafter \u2013 MPK). The claim was acquired at its nominal value. MPK\u2019s assets pledged to the bank are transferred to the Company under the Mortgage and Pledge Rights Assignment Agreement dated 27 February 2025.
The transaction was carried out with the strategic objective of becoming the main creditor of MPK as a preparatory step towards the planned acquisition of control over MPK. The acquired claim is classified as a financial asset measured at amortised cost because:
\uf02d
the Company\u2019s business model is to hold the asset in order to collect contractual cash flows
\uf02d
contractual cash flows meet the criterion of payments of principal and interest, i.e., they consist solely of payments of principal and interest.
On initial recognition, the asset was measured at fair value, which was equal to the transaction price of EUR 16,170 thousand (nominal value). In the opinion of management, the transaction price represents fair value, as the transaction was entered into with an independent third party under market conditions.
On initial recognition, there were no objective indications of credit impairment: MPK was operating, bankruptcy had not been declared, and the transfer price (nominal value) did not include any discount that would reflect incurred credit losses.
On initial recognition, no significant increase in credit risk was identified at initial recognition; therefore, the asset was classified in Stage 1 for expected credit losses. Expected credit losses are measured as 12-month expected credit losses.
In the opinion of management, the fair value of the claim as at 31 December 2025 is equal to its carrying amount, taking into account the short period since acquisition, the ongoing operations of MPK and the planned acquisition of control.
In 2026, the Group/Company plans to refinance the acquired claim against Marijampol\u0117s pieno konservai UAB through a bank.
Impairment losses
The Group/Company establishes provisions for impairment losses representing the estimate of incurred losses in respect of trade and other receivables. Such provisions includes only specific losses associated with individual significant items of trade and other receivables. The ageing analysis of trade and other receivables and non-current amounts receivable at the reporting date is as follows:
GROUP
EUR \u2018000
Total amount
Impairment
Total amount
Impairment
31/12/2025
31/12/2025
31/12/2024
31/12/2024
Related parties:
Not past due
23,340
-
-
-
23,340
-
-
-
Other parties:
Not past due
13,055
-
15,509
-
Past due 0-30 days
2,282
-
2,002
-341
Past due 31-60 days
456
-
165
-
More than 60 days
181
-58
413
-288
15,974
-58
18,089
-629
39,314
-58
18,089
-629
The Group and the Company recognise impairment allowances for trade and other receivables in accordance with the expected credit loss (ECL) model under IFRS 9. The simplified approach is applied to trade receivables, under which lifetime expected credit losses are recognised irrespective of changes in credit risk, independently of changes in credit risk.
Impairment is calculated using a provision matrix, whereby receivables are grouped based on ageing categories (current, 1\u201330 days past due, 31\u201360 days past due, 61\u201390 days past due and more than 90 days past due). Different expected credit loss rates are applied to each group based on: historical customer default experience, customer payment behaviour, assessment of the financial condition of debtors, the ageing structure of receivables, and economic conditions that may affect recoverability.
The model incorporates the following key parameters:
\uf0b7
probability of default, determined based on historical customer default rates;
\uf0b7
loss given default, representing the proportion of receivables expected to be unrecoverable;
\uf0b7
exposure at default, corresponding to the carrying amount of the receivable.
Expected credit losses also incorporate forward-looking information, including anticipated economic conditions and sector-specific risks that may affect customers\u2019 ability to settle their obligations. Where receivables are individually significant or where there has been a significant increase in credit risk, impairment is assessed on an individual basis.
Expected credit losses on loans granted are assessed using the general model, taking into account changes in credit risk since initial recognition.
When assessing loans granted to MPK, it is taken into account that they are secured by pledged assets whose value exceeds the loan-related claim. For this reason, expected credit losses are insignificant; therefore, no impairment allowances for these loans were recognized during the reporting period.
Movements on the account of provisions for impairment of trade and other receivables during the year were as follows:
GROUP
EUR \u2018000
COMPANY
2025
2024
Net book amount
2025
2024
-629
-307
Balance at 1 January
-629
-307
-
-461
Impairment losses recognised
-
-461
-
12
Write-off of bad debts
-
12
571
127
Impairment losses reversed
571
127
-58
-629
Balance at 31 December
-58
-629
Based on historical payment statistics and detailed analysis of customer solvency, the Company\u2019s management considers that the amounts which are past due more than 30 days and not impaired are still recoverable. As of 31 December 2025, the balance of bad debts amounted to EUR 58 thousand (as of 31 December 2024 - EUR 629 thousand).
Liquidity risk
The table below analyses financial liabilities, including interest charged thereon, based on their contractual maturities:
At 31 December 2025
GROUP
EUR \u2018000
Net book amount
Contractual cash flows
Less than 6 months
6-12 months
1-2 years
2-5 years
Financial liabilities
Bank borrowings
62,962
-70,454
-3,974
-20,575
-6,602
-39,304
Other borrowings
-
-
-
-
-
-
Lease liabilities
2,554
-2,720
-526
-436
-806
-951
Factoring
-
-
-
-
-
-
Trade payables
18,321
-18,321
-18,321
-
-
-
83,837
-91,495
-22,821
-21,011
-7,408
-40,255
At 31 December 2024
GROUP
EUR \u2018000
Net book amount
Contractual cash flows
Less than 6 months
6-12 months
1-2 years
2-5 years
Financial liabilities
Bank borrowings
36,929
-41,025
-2,592
-2,473
-13,760
-22,200
Other borrowings
-
-
-
-
-
-
Lease liabilities
2,293
-2,471
-481
-345
-693
-952
Factoring
-
-
-
-
-
-
Trade payables
15,050
-15,050
-15,050
-
-
-
54,272
-58,546
-18,123
-2,818
-14,453
-23,152
As at 31 December 2025, the Group\u2019s and the Company\u2019s current assets exceeded the current liabilities by EUR 12,978 thousand and EUR 14,887 thousand, respectively. As at 31 December 2025, the Group\u2019s and the Company\u2019s borrowings and lease liabilities totalled EUR 65,516 thousand and EUR 7,254 thousand, respectively. According to the current loan and other agreements with banks, in 2026, the Group should repay EUR 8,667 thousand, of which EUR 2,106 thousand will be extended, and the Company \u2013 EUR 1,556 thousand (see Note 23).
Foreign exchange risk
Exposure to foreign exchange risk at the exchange rates effective at 31 December 2025:
GROUP (COMPANY)
EUR \u2018000
USD
PLN
2025
2024
2025
2024
Trade and other receivables, net of tax
640
1,819
39
-
Cash and cash equivalents
-
-
-
-
Trade payables
-
-
-
-
Net exposure
640
1,819
39
-
During the year the exchange rates against the euro were as follows:
Average
2025
2024
USD
1.1294
1.0823
PLN
4.2394
4.3059
The exchange rates against the euro applied as at 31 December:
Average
2025
2024
USD
1.1757
1.0444
PLN
4.2263
4.2655
Analysis of sensitivity to changes in the exchange rates
The Company\u2019s foreign exchange risk arises from purchases and sales denominated in currencies other than the euro. In 2025, the Company\u2019s transactions were mostly conducted in the euros, and therefore, the Company was not exposed to significant foreign exchange risk.
Interest rate risk
The Group\u2019s and the Company\u2019s borrowings bear variable interest rates linked to EURIBOR + margin.
Interest rates applied to the Group\u2019s and the Company\u2019s financial instruments as at 31 December 2025 were as follows:
GROUP
COMPANY
Net book amount
EUR \u2018000
Net book amount
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Financial instruments with fixed interest rates
-
-
Loan granted to Baltic Dairy Board SIA
980
980
16,427
-
Right of claim
16,427
-
912
-
Loan to related parties
912
-
17,339
-
18,319
980
GROUP
COMPANY
Net book amount
EUR \u2018000
Net book amount
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Financial instruments with variable interest rates
-62,962
-36,929
Bank borrowings
-5,778
-7,549
-2,554
-2,293
Lease liabilities
-1,476
-1,804
-65,516
-39,222
-7,254
-9,353
-48,177
-39,222
11,065
-8,373
In 2025, the Group paid interest of EUR 1,140 thousand on borrowings.
Analysis of sensitivity of cash flows to instruments bearing variable interest rates
A shift in interest rates by +/- 100 basis points (bps) would increase/decrease equity and profit/(loss) by the amounts set out in the table below. This analysis assumes that all other variables, in particular exchange rates, are held constant. The analysis for 2024 was performed using the same basis.
GROUP
COMPANY
Profit (loss)
Impact (EUR \u2019000)
Profit (loss)
100 bp
100 bp
100 bp
100 bp
increase
decrease
increase
decrease
At 31 December 2025
-482
482
Financial instruments bearing variable interest rates
111
-111
At 31 December 2024
-392
392
Financial instruments bearing variable interest rates
-84
84
Fair value of financial instruments / Fair value hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the main (or most advantageous) market between market participants at the measurement date, regardless of whether the price is directly observed or determined using a valuation methodology.
The table below analyses financial instruments carried at fair value, by valuation method.
The following methods and assumptions are used by the Group/Company to determine the fair value of these financial instruments:
Financial instruments that are not measured at fair value
The main financial instruments of the Group/Company that are not measured at fair value are trade and other amounts receivable, term deposits, trade and other amounts payable, non-current and current borrowings. The Group\u2019s/Company\u2019s management is of the opinion that the carrying amounts of these financial instruments approximate their fair values because borrowing costs are linked to an interbank lending rate EURIBOR, and other financial assets and liabilities are of short-term nature; therefore, their fair value variation is not significant. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement hierarchy has three levels:
Level 1 includes fair value of assets based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 includes fair value of assets based on directly or indirectly observable inputs;
Level 3 includes fair value of assets based on unobservable inputs.
Financial instruments measured at fair value
The Group/Company has no financial instruments measured at fair value.
At 31 December 2025
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Non-current amounts receivable
-
-
912
912
Trade and other receivables
-
-
38,344
38,344
Cash and cash equivalents
2,785
-
-
2,785
Borrowings and lease liabilities
-
-
-65,516
-65,516
Trade and other payables
-
-
-18,321
-18,321
2,785
-
-44,581
-41,796
At 31 December 2024
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Trade and other receivables
-
-
17,460
17,460
Cash and cash equivalents
18,872
-
-
18,872
Borrowings and lease liabilities
-
-
-39,223
-39,223
Trade and other payables
-
-
-15,050
-15,050
18,872
-
-36,813
-17,941
Capital management
The policy of the management bodies is to ensure a significant share of equity compared to borrowings in order to maintain trust of investors, creditors and the market, to facilitate development of operations in the future, and to ensure compliance with the externally imposed capital requirements. Capital is defined as equity attributable to equity holders.
The management bodies also aim to maintain balance between a higher rate of return, which could be achieved through more borrowings, and security, which is ensured by a larger amount of equity.
The Group/Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of their activities. To maintain or adjust the capital structure, the Group/Company may adjust the amount of dividend payments to shareholders, return capital to the shareholders or issue new shares. There were no changes in the capital management objectives, policies or processes during the financial years ended 31 December 2025 and 31 December2024.
The Group and the Company comply with the requirements of the Law on Companies of the Republic of Lithuania regarding the level of equity (equity must not be less than 1/2 of the share capital specified in the Articles of Association). In 2025, the equity of both the Group and the Company significantly exceeded share capital \u2013 by 25 times and 20 times, respectively.
The Group is also subject to externally imposed capital requirements set by banks. These require that the ratio of (equity less revaluation reserve) to total assets is not less than 30%. Management continuously monitors and ensures compliance with these requirements within the Group. In 2025, this ratio amounted to 47%. Further information is provided in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
Credit risk
In conducting trading activities, the Group/Company applies deferred payment in respect of sale of products and services, and therefore, a risk may arise that clients will not pay for products and services provided by the Group/Company. The Group/Company seeks to minimise credit risk through credit limit approach, based on which the amounts of credits granted to clients and the types of credit enhancements are established as follows:
\uf0b7
limit,
\uf0b7
guarantees,
\uf0b7
insurance.
The Group/Company has insurance for their sales to foreign clients under the credit insurance agreement concluded with the company Euler Hermes for the term of two years. On November 2023, the insurance was extended for additional two years.
For each client, the credit risk is assessed individually. Trade receivables are regularly monitored by the Finance Department. In the event of overdue amounts receivable, the sale is suspended and debt recovery procedures are initiated.
29.
Financial instruments and risk management
Credit risk
The maximum exposure to credit risk is the net book amount of financial assets designated at 31 December 2025 as financial assets measured at amortised cost. The maximum exposure to credit risk at the reporting date was as follows:
GROUP
Net book amount
EUR \u2018000
Note
31/12/2025
31/12/2024
Non-current amounts receivable
17
912
-
Trade amount receivable
19
21,917
17,460
MPK claim right
19
16,427
-
Other amount receivable
19
26
4,951
Cash and cash equivalents
21
2,785
18,872
42,067
41,283
COMPANY
Net book amount
EUR \u2018000
Note
31/12/2025
31/12/2024
Non-current amounts receivable
17
2,141
1,170
Trade amount receivable
19
22,711
19,352
MPK claim right
19
16,427
-
Other amount receivable
19
2,000
3,031
Cash and cash equivalents
21
2,688
13,286
45,967
36,839
Other receivables of the Group and the Company as at 31 December 2025 amounting to EUR 16,170 thousand relate to an assignment of claim agreement signed on 14 February 2025 with \u0160iauli\u0173 bankas AB (see Note 30), under which the Company acquired the bank\u2019s claim against Marijampol\u0117s pieno konservai UAB (hereinafter \u2013 MPK). The claim was acquired at its nominal value. MPK\u2019s assets pledged to the bank are transferred to the Company under the Mortgage and Pledge Rights Assignment Agreement dated 27 February 2025.
The transaction was carried out with the strategic objective of becoming the main creditor of MPK as a preparatory step towards the planned acquisition of control over MPK. The acquired claim is classified as a financial asset measured at amortised cost because:
\uf02d
the Company\u2019s business model is to hold the asset in order to collect contractual cash flows
\uf02d
contractual cash flows meet the criterion of payments of principal and interest, i.e., they consist solely of payments of principal and interest.
On initial recognition, the asset was measured at fair value, which was equal to the transaction price of EUR 16,170 thousand (nominal value). In the opinion of management, the transaction price represents fair value, as the transaction was entered into with an independent third party under market conditions.
On initial recognition, there were no objective indications of credit impairment: MPK was operating, bankruptcy had not been declared, and the transfer price (nominal value) did not include any discount that would reflect incurred credit losses.
On initial recognition, no significant increase in credit risk was identified at initial recognition; therefore, the asset was classified in Stage 1 for expected credit losses. Expected credit losses are measured as 12-month expected credit losses.
In the opinion of management, the fair value of the claim as at 31 December 2025 is equal to its carrying amount, taking into account the short period since acquisition, the ongoing operations of MPK and the planned acquisition of control.
In 2026, the Group/Company plans to refinance the acquired claim against Marijampol\u0117s pieno konservai UAB through a bank.
Impairment losses
The Group/Company establishes provisions for impairment losses representing the estimate of incurred losses in respect of trade and other receivables. Such provisions includes only specific losses associated with individual significant items of trade and other receivables. The ageing analysis of trade and other receivables and non-current amounts receivable at the reporting date is as follows:
GROUP
EUR \u2018000
Total amount
Impairment
Total amount
Impairment
31/12/2025
31/12/2025
31/12/2024
31/12/2024
Related parties:
Not past due
23,340
-
-
-
23,340
-
-
-
Other parties:
Not past due
13,055
-
15,509
-
Past due 0-30 days
2,282
-
2,002
-341
Past due 31-60 days
456
-
165
-
More than 60 days
181
-58
413
-288
15,974
-58
18,089
-629
39,314
-58
18,089
-629
The Group and the Company recognise impairment allowances for trade and other receivables in accordance with the expected credit loss (ECL) model under IFRS 9. The simplified approach is applied to trade receivables, under which lifetime expected credit losses are recognised irrespective of changes in credit risk, independently of changes in credit risk.
Impairment is calculated using a provision matrix, whereby receivables are grouped based on ageing categories (current, 1\u201330 days past due, 31\u201360 days past due, 61\u201390 days past due and more than 90 days past due). Different expected credit loss rates are applied to each group based on: historical customer default experience, customer payment behaviour, assessment of the financial condition of debtors, the ageing structure of receivables, and economic conditions that may affect recoverability.
The model incorporates the following key parameters:
\uf0b7
probability of default, determined based on historical customer default rates;
\uf0b7
loss given default, representing the proportion of receivables expected to be unrecoverable;
\uf0b7
exposure at default, corresponding to the carrying amount of the receivable.
Expected credit losses also incorporate forward-looking information, including anticipated economic conditions and sector-specific risks that may affect customers\u2019 ability to settle their obligations. Where receivables are individually significant or where there has been a significant increase in credit risk, impairment is assessed on an individual basis.
Expected credit losses on loans granted are assessed using the general model, taking into account changes in credit risk since initial recognition.
When assessing loans granted to MPK, it is taken into account that they are secured by pledged assets whose value exceeds the loan-related claim. For this reason, expected credit losses are insignificant; therefore, no impairment allowances for these loans were recognized during the reporting period.
Movements on the account of provisions for impairment of trade and other receivables during the year were as follows:
GROUP
EUR \u2018000
COMPANY
2025
2024
Net book amount
2025
2024
-629
-307
Balance at 1 January
-629
-307
-
-461
Impairment losses recognised
-
-461
-
12
Write-off of bad debts
-
12
571
127
Impairment losses reversed
571
127
-58
-629
Balance at 31 December
-58
-629
Based on historical payment statistics and detailed analysis of customer solvency, the Company\u2019s management considers that the amounts which are past due more than 30 days and not impaired are still recoverable. As of 31 December 2025, the balance of bad debts amounted to EUR 58 thousand (as of 31 December 2024 - EUR 629 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
Liquidity risk
Liquidity risk is a risk that the Group/Company will not be able to meet their financial liabilities in due time. The Group/Company manages the liquidity risk with the aim to achieve the best possible liquidity of the Group/Company,
thereby allowing to settle obligations both in the ordinary course of business and under complicated operating conditions, and preventing from incurring unacceptable losses and damaging the Group\u2019s/Company\u2019s reputation.
The Group\u2019s/Company\u2019s policy is to maintain a sufficient level of cash and cash equivalents and to secure financing through appropriate credit facilities in order to ensure that the Group and the Company are able to meet their obligations on time and in line with their strategic plans. Liquidity risk is managed by continuously monitoring cash flows and preparing short-term and long-term cash flow forecasts.
The Group\u2019s/Company\u2019s seek to maintain a balance between continuity of funding and flexibility by diversifying funding sources and regularly assessing changes in financing conditions. Given that operations generate sufficient cash flows, management continuously monitors the liquidity ratios of the Group and the Company, establishes risk tolerance limits and, where necessary, applies preventive measures to mitigate liquidity risk.
Liquidity risk
The table below analyses financial liabilities, including interest charged thereon, based on their contractual maturities:
At 31 December 2025
GROUP
EUR \u2018000
Net book amount
Contractual cash flows
Less than 6 months
6-12 months
1-2 years
2-5 years
Financial liabilities
Bank borrowings
62,962
-70,454
-3,974
-20,575
-6,602
-39,304
Other borrowings
-
-
-
-
-
-
Lease liabilities
2,554
-2,720
-526
-436
-806
-951
Factoring
-
-
-
-
-
-
Trade payables
18,321
-18,321
-18,321
-
-
-
83,837
-91,495
-22,821
-21,011
-7,408
-40,255
At 31 December 2024
GROUP
EUR \u2018000
Net book amount
Contractual cash flows
Less than 6 months
6-12 months
1-2 years
2-5 years
Financial liabilities
Bank borrowings
36,929
-41,025
-2,592
-2,473
-13,760
-22,200
Other borrowings
-
-
-
-
-
-
Lease liabilities
2,293
-2,471
-481
-345
-693
-952
Factoring
-
-
-
-
-
-
Trade payables
15,050
-15,050
-15,050
-
-
-
54,272
-58,546
-18,123
-2,818
-14,453
-23,152
As at 31 December 2025, the Group\u2019s and the Company\u2019s current assets exceeded the current liabilities by EUR 12,978 thousand and EUR 14,887 thousand, respectively. As at 31 December 2025, the Group\u2019s and the Company\u2019s borrowings and lease liabilities totalled EUR 65,516 thousand and EUR 7,254 thousand, respectively. According to the current loan and other agreements with banks, in 2026, the Group should repay EUR 8,667 thousand, of which EUR 2,106 thousand will be extended, and the Company \u2013 EUR 1,556 thousand (see Note 23).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
Market risk
Market risk is a risk that changes in market prices, e.g. foreign exchange rates and interest rates, will affect the Group\u2019s/Company\u2019s results of operations or the value of financial instruments held. The purpose of the market risk management is to manage open risk positions in order to optimise rate of return.
The Group/Company manage foreign exchange risk by minimising the open position in a foreign currency. Further information on hedging against foreign exchange risk is disclosed in Note 29 \u2018Financial instruments and risk management\u2019.
The Group\u2019s/Company\u2019s income and operating cash flows are substantially independent of market interest rates.
Foreign exchange risk
Exposure to foreign exchange risk at the exchange rates effective at 31 December 2025:
GROUP (COMPANY)
EUR \u2018000
USD
PLN
2025
2024
2025
2024
Trade and other receivables, net of tax
640
1,819
39
-
Cash and cash equivalents
-
-
-
-
Trade payables
-
-
-
-
Net exposure
640
1,819
39
-
During the year the exchange rates against the euro were as follows:
Average
2025
2024
USD
1.1294
1.0823
PLN
4.2394
4.3059
The exchange rates against the euro applied as at 31 December:
Average
2025
2024
USD
1.1757
1.0444
PLN
4.2263
4.2655
Analysis of sensitivity to changes in the exchange rates
The Company\u2019s foreign exchange risk arises from purchases and sales denominated in currencies other than the euro. In 2025, the Company\u2019s transactions were mostly conducted in the euros, and therefore, the Company was not exposed to significant foreign exchange risk.
Interest rate risk
The Group\u2019s and the Company\u2019s borrowings bear variable interest rates linked to EURIBOR + margin.
Interest rates applied to the Group\u2019s and the Company\u2019s financial instruments as at 31 December 2025 were as follows:
GROUP
COMPANY
Net book amount
EUR \u2018000
Net book amount
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Financial instruments with fixed interest rates
-
-
Loan granted to Baltic Dairy Board SIA
980
980
16,427
-
Right of claim
16,427
-
912
-
Loan to related parties
912
-
17,339
-
18,319
980
GROUP
COMPANY
Net book amount
EUR \u2018000
Net book amount
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Financial instruments with variable interest rates
-62,962
-36,929
Bank borrowings
-5,778
-7,549
-2,554
-2,293
Lease liabilities
-1,476
-1,804
-65,516
-39,222
-7,254
-9,353
-48,177
-39,222
11,065
-8,373
In 2025, the Group paid interest of EUR 1,140 thousand on borrowings.
Analysis of sensitivity of cash flows to instruments bearing variable interest rates
A shift in interest rates by +/- 100 basis points (bps) would increase/decrease equity and profit/(loss) by the amounts set out in the table below. This analysis assumes that all other variables, in particular exchange rates, are held constant. The analysis for 2024 was performed using the same basis.
GROUP
COMPANY
Profit (loss)
Impact (EUR \u2019000)
Profit (loss)
100 bp
100 bp
100 bp
100 bp
increase
decrease
increase
decrease
At 31 December 2025
-482
482
Financial instruments bearing variable interest rates
111
-111
At 31 December 2024
-392
392
Financial instruments bearing variable interest rates
-84
84
Fair value of financial instruments / Fair value hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the main (or most advantageous) market between market participants at the measurement date, regardless of whether the price is directly observed or determined using a valuation methodology.
The table below analyses financial instruments carried at fair value, by valuation method.
The following methods and assumptions are used by the Group/Company to determine the fair value of these financial instruments:
Financial instruments that are not measured at fair value
The main financial instruments of the Group/Company that are not measured at fair value are trade and other amounts receivable, term deposits, trade and other amounts payable, non-current and current borrowings. The Group\u2019s/Company\u2019s management is of the opinion that the carrying amounts of these financial instruments approximate their fair values because borrowing costs are linked to an interbank lending rate EURIBOR, and other financial assets and liabilities are of short-term nature; therefore, their fair value variation is not significant. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement hierarchy has three levels:
Level 1 includes fair value of assets based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 includes fair value of assets based on directly or indirectly observable inputs;
Level 3 includes fair value of assets based on unobservable inputs.
Financial instruments measured at fair value
The Group/Company has no financial instruments measured at fair value.
At 31 December 2025
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Non-current amounts receivable
-
-
912
912
Trade and other receivables
-
-
38,344
38,344
Cash and cash equivalents
2,785
-
-
2,785
Borrowings and lease liabilities
-
-
-65,516
-65,516
Trade and other payables
-
-
-18,321
-18,321
2,785
-
-44,581
-41,796
At 31 December 2024
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Trade and other receivables
-
-
17,460
17,460
Cash and cash equivalents
18,872
-
-
18,872
Borrowings and lease liabilities
-
-
-39,223
-39,223
Trade and other payables
-
-
-15,050
-15,050
18,872
-
-36,813
-17,941
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
1.
Segment information
GROUP
The Group cmprises 6 legal entities: Vilky\u0161ki\u0173 Pienin\u0117 AB, Kelm\u0117s Pienin\u0117 AB, Kelm\u0117s Pienas UAB, Modest AB, Baltic Dairy Board SIA, and Pieno Logistika AB. The main business activity of each entity (operating segment) is the production of milk products, except for Pieno Logistika AB that is collection and transportation of raw milk, lease of buildings.
The Group has several operating segments as described below. The operating segments represent different product groups that are managed separately, because they require different technologies and marketing strategies.
The Board and the General Manager review the internal management reports prepared for each operating segment on a monthly basis.
The following summary describes the products in each operating segment of the Group:
\uf0b7
Cheese, cheese products and other. The operating segment comprises cheese, cheese products, industrial cream and liquid whey that remains during the process of cheese production and other;
\uf0b7
Dry milk products. The operating segment comprises WPC, MPC, skimmed-milk, permeate, whey powder produced by the subsidiaries;
\uf0b7
Fresh milk products. The operating segment comprises fresh milk products produced by the subsidiary (kephir, yoghurt, sour cream, butter, curd products and other);
Information on the results of operations of each operating segment is presented below. Performance is assessed based on the gross profit of the operating segments, which is presented in the internal management reports reviewed by the Board and the General Manager. The operating segment\u2019s gross profit is used to assess performance, as the management believes it is the most appropriate indicator for that purpose. Compared to the 2024 financial statements, the Group merged the cheese and cheese products segment with the industrial cream segment, as both product groups belong to the same cash-generating unit.
Results of operations of the operating segments at 31 December 2025:
EUR \u2018000
Cheese, cheese products and other
Dry milk products
Fresh milk products
Total
Revenue
202,164
54,980
29,787
286,931
Cost of sales
-194,979
-41,437
-26,677
-263,093
Gross profit
7,185
13,543
3,110
23,838
Other operating income
386
Distribution, administrative and other operating expenses
-13,176
Other gain (loss) \u2013 net
83
Operating result
11,131
Finance income
1,168
Finance costs
-1,499
Finance costs, net
-331
Profit (loss) before income tax
10,800

Results of operations of the operating segments at 31 December 2024:
EUR \u2018000
Cheese, cheese products and other
Dry milk products
Fresh milk products
Total
Revenue
175,417
39,859
30,153
245,429
Cost of sales
-151,097
-26,882
-25,669
-203,648
Gross profit
24,320
12,977
4,484
41,781
Other operating income
348
Distribution, administrative and other operating expenses
-13,192
Other gain (loss) \u2013 net
106
Operating result
29,043
Finance income
118
Finance costs
-1,481
Finance costs, net
-1,363
Profit (loss) before income tax
27,680
Information on the operating segments\u2019 assets, liabilities, interest income, interest expenses, depreciation, results of operations before tax, income tax and other non-cash items is not reported to the Board and the General Manager. In the management\u2019s opinion, the allocation of such items to the operating segments is not reasonable. Revenue, cost of sales and gross profit reported to the management are the same as reported in the financial statements. In 2025 and 2024, all revenue was recognised at a point in time.
For the purpose of disclosure by geographical location, revenue is recognised with reference to the place of registration of a client. Assets are allocated with reference to their geographical location.
Breakdown by geographical location for 2025:
GROUP
COMPANY
EUR \u2018000
Revenue
Assets
Revenue
Assets
Lithuania
41,798
103,043
82,563
77,552
European Union (excluding Lithuania)
168,961
79,829
163,570
29,699
Other countries
76,172
6,105
75,904
6,105
286,931
188,977
322,037
113,356
Breakdown by geographical location for 2024:
GROUP
COMPANY
EUR \u2018000
Revenue
Assets
Revenue
Assets
Lithuania
32,246
94,768
53,732
64,878
European Union (excluding Lithuania)
141,037
52,070
136,226
30,759
Other countries
72,146
5,488
72,121
5,487
245,429
152,326
262,079
101,124
Information on major clients. In 2025, the Group had one client with sales revenue representing 12.5% of its total revenue (In 2024, the Group had one client with sales revenue representing 12.0% of total revenue).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
Results of operations of the operating segments at 31 December 2025:
EUR \u2018000
Cheese, cheese products and other
Dry milk products
Fresh milk products
Total
Revenue
202,164
54,980
29,787
286,931
Cost of sales
-194,979
-41,437
-26,677
-263,093
Gross profit
7,185
13,543
3,110
23,838
Other operating income
386
Distribution, administrative and other operating expenses
-13,176
Other gain (loss) \u2013 net
83
Operating result
11,131
Finance income
1,168
Finance costs
-1,499
Finance costs, net
-331
Profit (loss) before income tax
10,800

Results of operations of the operating segments at 31 December 2024:
EUR \u2018000
Cheese, cheese products and other
Dry milk products
Fresh milk products
Total
Revenue
175,417
39,859
30,153
245,429
Cost of sales
-151,097
-26,882
-25,669
-203,648
Gross profit
24,320
12,977
4,484
41,781
Other operating income
348
Distribution, administrative and other operating expenses
-13,192
Other gain (loss) \u2013 net
106
Operating result
29,043
Finance income
118
Finance costs
-1,481
Finance costs, net
-1,363
Profit (loss) before income tax
27,680
Information on the operating segments\u2019 assets, liabilities, interest income, interest expenses, depreciation, results of operations before tax, income tax and other non-cash items is not reported to the Board and the General Manager. In the management\u2019s opinion, the allocation of such items to the operating segments is not reasonable. Revenue, cost of sales and gross profit reported to the management are the same as reported in the financial statements. In 2025 and 2024, all revenue was recognised at a point in time.
For the purpose of disclosure by geographical location, revenue is recognised with reference to the place of registration of a client. Assets are allocated with reference to their geographical location.
Breakdown by geographical location for 2025:
GROUP
COMPANY
EUR \u2018000
Revenue
Assets
Revenue
Assets
Lithuania
41,798
103,043
82,563
77,552
European Union (excluding Lithuania)
168,961
79,829
163,570
29,699
Other countries
76,172
6,105
75,904
6,105
286,931
188,977
322,037
113,356
Breakdown by geographical location for 2024:
GROUP
COMPANY
EUR \u2018000
Revenue
Assets
Revenue
Assets
Lithuania
32,246
94,768
53,732
64,878
European Union (excluding Lithuania)
141,037
52,070
136,226
30,759
Other countries
72,146
5,488
72,121
5,487
245,429
152,326
262,079
101,124
Information on major clients. In 2025, the Group had one client with sales revenue representing 12.5% of its total revenue (In 2024, the Group had one client with sales revenue representing 12.0% of total revenue).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
Results of operations of the operating segments at 31 December 2025:
EUR \u2018000
Cheese, cheese products and other
Dry milk products
Fresh milk products
Total
Revenue
202,164
54,980
29,787
286,931
Cost of sales
-194,979
-41,437
-26,677
-263,093
Gross profit
7,185
13,543
3,110
23,838
Other operating income
386
Distribution, administrative and other operating expenses
-13,176
Other gain (loss) \u2013 net
83
Operating result
11,131
Finance income
1,168
Finance costs
-1,499
Finance costs, net
-331
Profit (loss) before income tax
10,800

Results of operations of the operating segments at 31 December 2024:
EUR \u2018000
Cheese, cheese products and other
Dry milk products
Fresh milk products
Total
Revenue
175,417
39,859
30,153
245,429
Cost of sales
-151,097
-26,882
-25,669
-203,648
Gross profit
24,320
12,977
4,484
41,781
Other operating income
348
Distribution, administrative and other operating expenses
-13,192
Other gain (loss) \u2013 net
106
Operating result
29,043
Finance income
118
Finance costs
-1,481
Finance costs, net
-1,363
Profit (loss) before income tax
27,680
Information on the operating segments\u2019 assets, liabilities, interest income, interest expenses, depreciation, results of operations before tax, income tax and other non-cash items is not reported to the Board and the General Manager. In the management\u2019s opinion, the allocation of such items to the operating segments is not reasonable. Revenue, cost of sales and gross profit reported to the management are the same as reported in the financial statements. In 2025 and 2024, all revenue was recognised at a point in time.
For the purpose of disclosure by geographical location, revenue is recognised with reference to the place of registration of a client. Assets are allocated with reference to their geographical location.
Breakdown by geographical location for 2025:
GROUP
COMPANY
EUR \u2018000
Revenue
Assets
Revenue
Assets
Lithuania
41,798
103,043
82,563
77,552
European Union (excluding Lithuania)
168,961
79,829
163,570
29,699
Other countries
76,172
6,105
75,904
6,105
286,931
188,977
322,037
113,356
Breakdown by geographical location for 2024:
GROUP
COMPANY
EUR \u2018000
Revenue
Assets
Revenue
Assets
Lithuania
32,246
94,768
53,732
64,878
European Union (excluding Lithuania)
141,037
52,070
136,226
30,759
Other countries
72,146
5,488
72,121
5,487
245,429
152,326
262,079
101,124
Information on major clients. In 2025, the Group had one client with sales revenue representing 12.5% of its total revenue (In 2024, the Group had one client with sales revenue representing 12.0% of total revenue).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "
2.
Cost of sales
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-217,410
-166,667
Raw materials
-189,864
-160,141
-
-
Resale cost of goods produced by the subsidiaries
-104,496
-67,796
-14,768
-11,543
Employee expenses, including social security contributions
-5,096
-4,668
-3,591
-3,270
Depreciation and grants\u2019 amortisation
-1,473
-1,047
-10,679
-7,371
Milk collection and transportation costs
-9,459
-6,179
-8,096
-7,125
Gas, electricity, water
-2,281
-2,099
-1,965
-2,025
Transport costs
-1,965
-2,025
-6,584
-5,647
Other
-2,711
-1,782
-263,093
-203,648
-317,345
-245,737
2025, the Group\u2019s inventory write-down to net realizable change in value amounted to EUR 1,692 thousand, the Company\u2019s - amounted to EUR 1,151 thousand (in 2024, the Group\u2019s change was EUR -1,196 thousand and the Company\u2019s EUR -884 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "
2.
Cost of sales
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-217,410
-166,667
Raw materials
-189,864
-160,141
-
-
Resale cost of goods produced by the subsidiaries
-104,496
-67,796
-14,768
-11,543
Employee expenses, including social security contributions
-5,096
-4,668
-3,591
-3,270
Depreciation and grants\u2019 amortisation
-1,473
-1,047
-10,679
-7,371
Milk collection and transportation costs
-9,459
-6,179
-8,096
-7,125
Gas, electricity, water
-2,281
-2,099
-1,965
-2,025
Transport costs
-1,965
-2,025
-6,584
-5,647
Other
-2,711
-1,782
-263,093
-203,648
-317,345
-245,737
2025, the Group\u2019s inventory write-down to net realizable change in value amounted to EUR 1,692 thousand, the Company\u2019s - amounted to EUR 1,151 thousand (in 2024, the Group\u2019s change was EUR -1,196 thousand and the Company\u2019s EUR -884 thousand).
4.
Other operating costs
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-330
-240
Cost of services rendered
-2,948
-2,688
-96
-17
Other expenses
-81
-7
-426
-257
-3,029
-2,695
5.
Other gain (loss) \u2013 net
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
83
106
Gain (loss) from disposal of raw materials, non-current assets
84
96
-
-
Gain (loss) from fair value change of investment property
496
449
83
106
580
545
6.
Distribution expenses
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-2,681
-2,106
Logistics and transport services
-1,328
-820
-484
-455
Marketing and advertising services
-380
-381
-1,400
-1,367
Personnel expenses, including social security contributions
-1,400
-1,367
-100
-43
Depreciation expenses
-73
-23
-1,519
-1063
Other selling expenses
-1,277
-956
-6,184
-5,034
-4,458
-3,547
Other selling expenses consist of commission fees, exhibition expenses, insurance, business travel, and other costs.
7.
Administrative expenses
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-2,739
-3,653
Personnel expenses, including social security
contributions and change in vacation reserve
-2,217
-3,047
-196
-138
Depreciation and amortisation, including amortisation
of subsidies
-143
-84
-644
-512
Services received
-270
-195
-433
-323
Taxes, other than income tax
-230
-241
-169
-129
Veterinary services
-116
-78
-655
-296
Consultation services
-584
-236
4
11
Inventory write-down, reversal
4
11
-206
-182
Security
-76
-68
-1
-28
Fines and interest paid on late payments
-
-20
568
-335
Movement in the impairment of receivables and write-off of bad debts
568
-335
-390
-285
Computer expenses
-368
-271
-54
-58
Fuel
-47
-51
-44
-72
Repair expenses
-44
-63
-83
-51
Fee for membership in association
-83
-51
-45
-37
Stock exchange expenses
-42
-34
-139
-119
Insurance
-64
-53
-54
-48
Bank charges
-40
-39
-1,286
-1,646
Other*
-835
-1,168
-6,566
-7,901
-4,587
-6,023
In 2025, the Group\u2019s and the Company\u2019s social security contributions payable by an employer amounted to EUR 137 thousand and EUR 68 thousand, respectively (2024: EUR 129 thousand and EUR 72 thousand, respectively). Social security amount includes social security contributions on vacation and pension reserves.
Other* administrative expenses comprise various minor and individually insignificant costs related to the administrative activities of the Group and the Company (including premises maintenance, consulting services, training, subscriptions, employee welfare, etc.).

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "
2.
Cost of sales
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-217,410
-166,667
Raw materials
-189,864
-160,141
-
-
Resale cost of goods produced by the subsidiaries
-104,496
-67,796
-14,768
-11,543
Employee expenses, including social security contributions
-5,096
-4,668
-3,591
-3,270
Depreciation and grants\u2019 amortisation
-1,473
-1,047
-10,679
-7,371
Milk collection and transportation costs
-9,459
-6,179
-8,096
-7,125
Gas, electricity, water
-2,281
-2,099
-1,965
-2,025
Transport costs
-1,965
-2,025
-6,584
-5,647
Other
-2,711
-1,782
-263,093
-203,648
-317,345
-245,737
2025, the Group\u2019s inventory write-down to net realizable change in value amounted to EUR 1,692 thousand, the Company\u2019s - amounted to EUR 1,151 thousand (in 2024, the Group\u2019s change was EUR -1,196 thousand and the Company\u2019s EUR -884 thousand).
6.
Distribution expenses
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-2,681
-2,106
Logistics and transport services
-1,328
-820
-484
-455
Marketing and advertising services
-380
-381
-1,400
-1,367
Personnel expenses, including social security contributions
-1,400
-1,367
-100
-43
Depreciation expenses
-73
-23
-1,519
-1063
Other selling expenses
-1,277
-956
-6,184
-5,034
-4,458
-3,547
Other selling expenses consist of commission fees, exhibition expenses, insurance, business travel, and other costs.
7.
Administrative expenses
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-2,739
-3,653
Personnel expenses, including social security
contributions and change in vacation reserve
-2,217
-3,047
-196
-138
Depreciation and amortisation, including amortisation
of subsidies
-143
-84
-644
-512
Services received
-270
-195
-433
-323
Taxes, other than income tax
-230
-241
-169
-129
Veterinary services
-116
-78
-655
-296
Consultation services
-584
-236
4
11
Inventory write-down, reversal
4
11
-206
-182
Security
-76
-68
-1
-28
Fines and interest paid on late payments
-
-20
568
-335
Movement in the impairment of receivables and write-off of bad debts
568
-335
-390
-285
Computer expenses
-368
-271
-54
-58
Fuel
-47
-51
-44
-72
Repair expenses
-44
-63
-83
-51
Fee for membership in association
-83
-51
-45
-37
Stock exchange expenses
-42
-34
-139
-119
Insurance
-64
-53
-54
-48
Bank charges
-40
-39
-1,286
-1,646
Other*
-835
-1,168
-6,566
-7,901
-4,587
-6,023
In 2025, the Group\u2019s and the Company\u2019s social security contributions payable by an employer amounted to EUR 137 thousand and EUR 68 thousand, respectively (2024: EUR 129 thousand and EUR 72 thousand, respectively). Social security amount includes social security contributions on vacation and pension reserves.
Other* administrative expenses comprise various minor and individually insignificant costs related to the administrative activities of the Group and the Company (including premises maintenance, consulting services, training, subscriptions, employee welfare, etc.).

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
2.
Cost of sales
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-217,410
-166,667
Raw materials
-189,864
-160,141
-
-
Resale cost of goods produced by the subsidiaries
-104,496
-67,796
-14,768
-11,543
Employee expenses, including social security contributions
-5,096
-4,668
-3,591
-3,270
Depreciation and grants\u2019 amortisation
-1,473
-1,047
-10,679
-7,371
Milk collection and transportation costs
-9,459
-6,179
-8,096
-7,125
Gas, electricity, water
-2,281
-2,099
-1,965
-2,025
Transport costs
-1,965
-2,025
-6,584
-5,647
Other
-2,711
-1,782
-263,093
-203,648
-317,345
-245,737
2025, the Group\u2019s inventory write-down to net realizable change in value amounted to EUR 1,692 thousand, the Company\u2019s - amounted to EUR 1,151 thousand (in 2024, the Group\u2019s change was EUR -1,196 thousand and the Company\u2019s EUR -884 thousand).
4.
Other operating costs
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-330
-240
Cost of services rendered
-2,948
-2,688
-96
-17
Other expenses
-81
-7
-426
-257
-3,029
-2,695
6.
Distribution expenses
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-2,681
-2,106
Logistics and transport services
-1,328
-820
-484
-455
Marketing and advertising services
-380
-381
-1,400
-1,367
Personnel expenses, including social security contributions
-1,400
-1,367
-100
-43
Depreciation expenses
-73
-23
-1,519
-1063
Other selling expenses
-1,277
-956
-6,184
-5,034
-4,458
-3,547
Other selling expenses consist of commission fees, exhibition expenses, insurance, business travel, and other costs.
7.
Administrative expenses
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-2,739
-3,653
Personnel expenses, including social security
contributions and change in vacation reserve
-2,217
-3,047
-196
-138
Depreciation and amortisation, including amortisation
of subsidies
-143
-84
-644
-512
Services received
-270
-195
-433
-323
Taxes, other than income tax
-230
-241
-169
-129
Veterinary services
-116
-78
-655
-296
Consultation services
-584
-236
4
11
Inventory write-down, reversal
4
11
-206
-182
Security
-76
-68
-1
-28
Fines and interest paid on late payments
-
-20
568
-335
Movement in the impairment of receivables and write-off of bad debts
568
-335
-390
-285
Computer expenses
-368
-271
-54
-58
Fuel
-47
-51
-44
-72
Repair expenses
-44
-63
-83
-51
Fee for membership in association
-83
-51
-45
-37
Stock exchange expenses
-42
-34
-139
-119
Insurance
-64
-53
-54
-48
Bank charges
-40
-39
-1,286
-1,646
Other*
-835
-1,168
-6,566
-7,901
-4,587
-6,023
In 2025, the Group\u2019s and the Company\u2019s social security contributions payable by an employer amounted to EUR 137 thousand and EUR 68 thousand, respectively (2024: EUR 129 thousand and EUR 72 thousand, respectively). Social security amount includes social security contributions on vacation and pension reserves.
Other* administrative expenses comprise various minor and individually insignificant costs related to the administrative activities of the Group and the Company (including premises maintenance, consulting services, training, subscriptions, employee welfare, etc.).

", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "
3.
Other operating income
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
296
242
Income from rendering of services
4,572
3,448
-
-
Dividends
18,428
8,993
16
16
Income from accounting services
388
388
74
90
Other income
46
61
386
348
23,434
12,890
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
3.
Other operating income
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
296
242
Income from rendering of services
4,572
3,448
-
-
Dividends
18,428
8,993
16
16
Income from accounting services
388
388
74
90
Other income
46
61
386
348
23,434
12,890
4.
Other operating costs
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-330
-240
Cost of services rendered
-2,948
-2,688
-96
-17
Other expenses
-81
-7
-426
-257
-3,029
-2,695
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
4.
Other operating costs
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-330
-240
Cost of services rendered
-2,948
-2,688
-96
-17
Other expenses
-81
-7
-426
-257
-3,029
-2,695
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
7.
Administrative expenses
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
-2,739
-3,653
Personnel expenses, including social security
contributions and change in vacation reserve
-2,217
-3,047
-196
-138
Depreciation and amortisation, including amortisation
of subsidies
-143
-84
-644
-512
Services received
-270
-195
-433
-323
Taxes, other than income tax
-230
-241
-169
-129
Veterinary services
-116
-78
-655
-296
Consultation services
-584
-236
4
11
Inventory write-down, reversal
4
11
-206
-182
Security
-76
-68
-1
-28
Fines and interest paid on late payments
-
-20
568
-335
Movement in the impairment of receivables and write-off of bad debts
568
-335
-390
-285
Computer expenses
-368
-271
-54
-58
Fuel
-47
-51
-44
-72
Repair expenses
-44
-63
-83
-51
Fee for membership in association
-83
-51
-45
-37
Stock exchange expenses
-42
-34
-139
-119
Insurance
-64
-53
-54
-48
Bank charges
-40
-39
-1,286
-1,646
Other*
-835
-1,168
-6,566
-7,901
-4,587
-6,023
In 2025, the Group\u2019s and the Company\u2019s social security contributions payable by an employer amounted to EUR 137 thousand and EUR 68 thousand, respectively (2024: EUR 129 thousand and EUR 72 thousand, respectively). Social security amount includes social security contributions on vacation and pension reserves.
Other* administrative expenses comprise various minor and individually insignificant costs related to the administrative activities of the Group and the Company (including premises maintenance, consulting services, training, subscriptions, employee welfare, etc.).

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
8.
Services provided by the audit firm to the Company and the Group
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
105
97
UAB PricewaterhouseCoopers financial statement audit services under the agreements
75
69
25
23
Audit services of financial statements of other independent auditors under the agreements
-
-
57
42
Other services
57
42
187
162
Total
132
111
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
9.
Finance costs, net
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
Finance income
976
110
Interest
1,027
117
192
8
Other
162
7
1,168
118
Total finance income
1,189
124
Finance costs
-1,140
-1,301
Interest
-438
-436
-120
-110
Interest on lease
-77
-88
-21
-31
Factoring charges
-15
-31
-216
-39
Foreign exchange loss
-202
-24
-2
-
Other
-
-
-1,499
-1,481
Total finance costs
-732
-579
-331
-1,363
457
-455
The Group\u2019s and the Company\u2019s financial income in 2025 amounted to EUR 1,168 thousand and EUR 1,189 thousand, respectively (2024: EUR 118 thousand and EUR 124 thousand, respectively). Financial income increased significantly due to the assignment of claim rights agreement signed on 14 February 2025 with \u0160iauli\u0173 Bankas AB (see Note 30), under which the Company acquired the Bank\u2019s claim rights to the debt of Marijampol\u0117s pieno konservai UAB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
9.
Finance costs, net
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
Finance income
976
110
Interest
1,027
117
192
8
Other
162
7
1,168
118
Total finance income
1,189
124
Finance costs
-1,140
-1,301
Interest
-438
-436
-120
-110
Interest on lease
-77
-88
-21
-31
Factoring charges
-15
-31
-216
-39
Foreign exchange loss
-202
-24
-2
-
Other
-
-
-1,499
-1,481
Total finance costs
-732
-579
-331
-1,363
457
-455
The Group\u2019s and the Company\u2019s financial income in 2025 amounted to EUR 1,168 thousand and EUR 1,189 thousand, respectively (2024: EUR 118 thousand and EUR 124 thousand, respectively). Financial income increased significantly due to the assignment of claim rights agreement signed on 14 February 2025 with \u0160iauli\u0173 Bankas AB (see Note 30), under which the Company acquired the Bank\u2019s claim rights to the debt of Marijampol\u0117s pieno konservai UAB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
9.
Finance costs, net
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
Finance income
976
110
Interest
1,027
117
192
8
Other
162
7
1,168
118
Total finance income
1,189
124
Finance costs
-1,140
-1,301
Interest
-438
-436
-120
-110
Interest on lease
-77
-88
-21
-31
Factoring charges
-15
-31
-216
-39
Foreign exchange loss
-202
-24
-2
-
Other
-
-
-1,499
-1,481
Total finance costs
-732
-579
-331
-1,363
457
-455
The Group\u2019s and the Company\u2019s financial income in 2025 amounted to EUR 1,168 thousand and EUR 1,189 thousand, respectively (2024: EUR 118 thousand and EUR 124 thousand, respectively). Financial income increased significantly due to the assignment of claim rights agreement signed on 14 February 2025 with \u0160iauli\u0173 Bankas AB (see Note 30), under which the Company acquired the Bank\u2019s claim rights to the debt of Marijampol\u0117s pieno konservai UAB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
9.
Finance costs, net
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
Finance income
976
110
Interest
1,027
117
192
8
Other
162
7
1,168
118
Total finance income
1,189
124
Finance costs
-1,140
-1,301
Interest
-438
-436
-120
-110
Interest on lease
-77
-88
-21
-31
Factoring charges
-15
-31
-216
-39
Foreign exchange loss
-202
-24
-2
-
Other
-
-
-1,499
-1,481
Total finance costs
-732
-579
-331
-1,363
457
-455
The Group\u2019s and the Company\u2019s financial income in 2025 amounted to EUR 1,168 thousand and EUR 1,189 thousand, respectively (2024: EUR 118 thousand and EUR 124 thousand, respectively). Financial income increased significantly due to the assignment of claim rights agreement signed on 14 February 2025 with \u0160iauli\u0173 Bankas AB (see Note 30), under which the Company acquired the Bank\u2019s claim rights to the debt of Marijampol\u0117s pieno konservai UAB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
9.
Finance costs, net
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
Finance income
976
110
Interest
1,027
117
192
8
Other
162
7
1,168
118
Total finance income
1,189
124
Finance costs
-1,140
-1,301
Interest
-438
-436
-120
-110
Interest on lease
-77
-88
-21
-31
Factoring charges
-15
-31
-216
-39
Foreign exchange loss
-202
-24
-2
-
Other
-
-
-1,499
-1,481
Total finance costs
-732
-579
-331
-1,363
457
-455
The Group\u2019s and the Company\u2019s financial income in 2025 amounted to EUR 1,168 thousand and EUR 1,189 thousand, respectively (2024: EUR 118 thousand and EUR 124 thousand, respectively). Financial income increased significantly due to the assignment of claim rights agreement signed on 14 February 2025 with \u0160iauli\u0173 Bankas AB (see Note 30), under which the Company acquired the Bank\u2019s claim rights to the debt of Marijampol\u0117s pieno konservai UAB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
9.
Finance costs, net
Thousand EUR
GROUP
COMPANY
2025
2024
2025
2024
Finance income
976
110
Interest
1,027
117
192
8
Other
162
7
1,168
118
Total finance income
1,189
124
Finance costs
-1,140
-1,301
Interest
-438
-436
-120
-110
Interest on lease
-77
-88
-21
-31
Factoring charges
-15
-31
-216
-39
Foreign exchange loss
-202
-24
-2
-
Other
-
-
-1,499
-1,481
Total finance costs
-732
-579
-331
-1,363
457
-455
The Group\u2019s and the Company\u2019s financial income in 2025 amounted to EUR 1,168 thousand and EUR 1,189 thousand, respectively (2024: EUR 118 thousand and EUR 124 thousand, respectively). Financial income increased significantly due to the assignment of claim rights agreement signed on 14 February 2025 with \u0160iauli\u0173 Bankas AB (see Note 30), under which the Company acquired the Bank\u2019s claim rights to the debt of Marijampol\u0117s pieno konservai UAB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
10.
Income tax expenses
Recognised in profit or loss (thousand EUR)
GROUP
COMPANY
2025
2024
2025
2024
Current year income tax expenses
-3
-1,185
Reporting period
-
-
Deferred income tax expenses
144
-826
Change in deferred income tax
144
-698
141
-2,011
144
-698
Reconciliation of effective income tax rate (thousand EUR)
GROUP
COMPANY
2025
2024
2025
2024
10,800
27,680
Profit for the year
17,089
17,057
1,728
4,152
Income tax calculated at a rate of 16%
2,734
2,558
-
-
Dividend income
-2,948
-1,349
-246
-258
Other non-taxable income
-27
-223
-
-7
Charity expenses deductible twice for tax purposes
-
-6
-
-688
Investment project relief
-
-605
454
217
Unused tax loss utilisation
-
259
88
56
The impact of the future change in the tax rate
67
40
69
183
Other expenses not deductible for tax purposes
30
24
-2189
-1,553
Applied corporate income tax relief in accordance with Article 58, paragraph 16, subparagraph 3.
-
-
-45
-91
Other expenses deductible for tax purposes
-
-
-141
2,011
Income tax expenses (benefit)
-144
698
Pursuant to the effective laws, the State Tax Inspectorate may at any time inspect the books and accounting records of the Group/Company for 3 years preceding the reporting tax period and may assess additional taxes or fines (a 5-year period is applied to some types of transactions). The Company\u2019s management is not aware of any circumstances that might result in a potential material tax liability in this respect for the Group/Company.
Latvia applies corporate income tax only upon profit distribution, at an effective rate of 25%. At the end of the reporting period, Baltic Dairy Board SIA had retained earnings of EUR 730 thousand. If all retained earnings were distributed, an additional corporate income tax liability of EUR 183 thousand would arise. Management has not made a decision regarding dividend payments by Baltic Dairy Board SIA in the near future; therefore, no deferred tax liability has been recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
10.
Income tax expenses
Recognised in profit or loss (thousand EUR)
GROUP
COMPANY
2025
2024
2025
2024
Current year income tax expenses
-3
-1,185
Reporting period
-
-
Deferred income tax expenses
144
-826
Change in deferred income tax
144
-698
141
-2,011
144
-698
Reconciliation of effective income tax rate (thousand EUR)
GROUP
COMPANY
2025
2024
2025
2024
10,800
27,680
Profit for the year
17,089
17,057
1,728
4,152
Income tax calculated at a rate of 16%
2,734
2,558
-
-
Dividend income
-2,948
-1,349
-246
-258
Other non-taxable income
-27
-223
-
-7
Charity expenses deductible twice for tax purposes
-
-6
-
-688
Investment project relief
-
-605
454
217
Unused tax loss utilisation
-
259
88
56
The impact of the future change in the tax rate
67
40
69
183
Other expenses not deductible for tax purposes
30
24
-2189
-1,553
Applied corporate income tax relief in accordance with Article 58, paragraph 16, subparagraph 3.
-
-
-45
-91
Other expenses deductible for tax purposes
-
-
-141
2,011
Income tax expenses (benefit)
-144
698
Pursuant to the effective laws, the State Tax Inspectorate may at any time inspect the books and accounting records of the Group/Company for 3 years preceding the reporting tax period and may assess additional taxes or fines (a 5-year period is applied to some types of transactions). The Company\u2019s management is not aware of any circumstances that might result in a potential material tax liability in this respect for the Group/Company.
Latvia applies corporate income tax only upon profit distribution, at an effective rate of 25%. At the end of the reporting period, Baltic Dairy Board SIA had retained earnings of EUR 730 thousand. If all retained earnings were distributed, an additional corporate income tax liability of EUR 183 thousand would arise. Management has not made a decision regarding dividend payments by Baltic Dairy Board SIA in the near future; therefore, no deferred tax liability has been recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
11.
Earnings per share
GROUP
COMPANY
2025
2024
2025
2024
10,936
25,654
Net profit attributable to holders of ordinary shares
of the Parent, EUR \u2018000
17,233
16,359
11,943
11,943
Number of issued shares calculated based on the
weighted average unit cost method, \u2018000 units
11,943
11,943
0.92
2.15
Basic earnings (loss) per share (EUR
1.44
1.37
The diluted earnings per share are the same as basic earnings per share.

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
12.
Property, plant and equipment
Thousand EUR
GROUP
Right-of-use assets*
Land and buildings
Plant and machinery
Other assets
Construction in progress
Total
Cost/revalued amount
Balance at 1 January 2024
2,082
20,086
63,243
3,869
13,196
102,476
Additions
1,496
-
2,547
183
34,581
38,807
Increase in value
-
48
-
-
-
48
Revaluation
-
1,787
-
-
-
1,787
Disposals
-221
-379
-953
-300
- 1,109
-2,962
Reclassifications
-389
1,462
7,636
95
-8,804
-
Balance at 31 December 2024
2,968
23,004
72,473
3,847
37,864
140,156
Balance at 1 January 2025
2,968
23,004
72,473
3,847
37,864
140,156
Additions
1,480
7
5,039
584
27,885
34,995
Increase in value
6
25
-
3
-
34
Revaluation
-
-
-
-
-
-
Disposals
-
-
-574
-68
-
-642
Reclassifications
-267
15,406
43,697
-40
-58,796
-
Balance at 31 December 2025
4,187
38,442
120,635
4,326
6,953
174,543
Depreciation and impairment losses
Balance at 1 January 2024
540
5,209
36,212
2,795
-
44,756
Depreciation charge for the year
335
665
3,717
243
-
4,960
Disposals
-144
-167
-593
-291
-
-1,195
Reclassifications
-129
-
129
-
-
-
Balance at 31 December 2024
602
5,707
39,465
2,747
-
48,521
Balance at 1 January 2025
602
5,707
39,465
2,747
-
48,521
Depreciation charge for the year
503
741
4,223
273
-
5,740
Disposals
-
-
-261
-61
-
-322
Reclassifications
-220
-
237
-17
-
-
Balance at 31 December 2025
885
6,448
43,664
2,942
-
53,939
Net book amount
At 1 January 2024
1,542
14,877
27,031
1,074
13,196
57,720
At 31 December 2024
2,366
17,297
33,008
1,100
37,864
91,635
At 31 December 2025
3,302
31,994
76,971
1,384
6,953
120,604
* for more details on right-of-use assets, see Note 13.
Reclassifications from construction in progress relate to the completion of the construction and installation of a new cheese production facility in Bauska (Latvia), on the premises of the Group\u2019s subsidiary Baltic Dairy Board SIA.
** In 2025, capitalised borrowing costs amounted to EUR 1,634 (applicable interest rate - 6-month EURIBOR + margin, which averaged 3.82% during the reporting period) (2024: EUR 363 thousand). Future capital expenditures amount to EUR 2,000 thousand (2024: EUR 15,749 thousand). See also Note 27 for additional details.
(a) Amount of EUR 131 thousand is related to reclassification of assets to investment property.
Prepayments made for non-current assets are classified under additions.
Pledged assets
To secure the repayment of its bank borrowings, the Group has pledged the following PP&E:
\uf02d
Land and buildings with the carrying amount of EUR 30,679 thousand as at 31 December 2025 (31 December 2024: EUR 12,922 thousand);
\uf02d
Machinery and equipment with a carrying value as of 31 December 2025 amounting to EUR 77,825 thousand (as of 31 December 2024, EUR 30,412 thousand) (see Note 23).

To secure the repayment of its bank borrowings, the Company has pledged the following PP&E:
\uf02d
Land and buildings with the carrying amount of EUR 6,266 thousand as at 31 December 2025 (31 December 2024: EUR 5,249 thousand);
\uf02d
Machinery and equipment with a carrying value as of 31 December 2025 amounting to EUR 9,208 thousand (as of 31 December 2024, EUR 10,469 thousand) (see Note 23).
Group\u2019s land and buildings, machinery and equipment, and other assets, which are fully depreciated but still in use, had an acquisition cost as of 31 December 2025 amounting to EUR 16,932 thousand (as of 31 December 2024, EUR 14,217 thousand).
Company\u2019s land and buildings, machinery and equipment, and other assets, which are fully depreciated but still in use, had an acquisition cost as of 31 December 2025 amounting to EUR 13,038 thousand (as of 31 December 2024, EUR 12,006 thousand).
Depreciation
Depreciation was included in the following line items (thousand EUR):
GROUP
COMPANY
2025
2024
2025
2024
5,455
4,741
Cost of finished products
2,076
1,628
285
225
Distribution and administrative expenses
210
154
-
-
Other operating expenses
103
97
5,740
4,966
2,389
1,879
Revaluation of Buildings
The Group and the Company measure buildings at revalued amounts, less subsequent accumulated depreciation and impairment losses.
In the opinion of management, there have been no significant changes either in the real estate market in the country or in the operations of the Company, and therefore the fair value of investment property has not changed significantly. In 2025, valuations of certain Group buildings were performed:
\uf0b7
A valuation performed by an independent valuer, UAB Korporacija \u201eMatininkai\u201c, covered the determination of the fair value of buildings and structures owned by the Company, located at Gaur\u0117s g. 23 and Gaur\u0117s g. 31O, Taurag\u0117, as at 1 October 2025. Using the market (comparative) approach, the total market/fair value of the Company\u2019s buildings and structures at the valuation date amounted to EUR 2,663 thousand.
\uf0b7
A valuation performed by an independent valuer, UAB Korporacija \u201eMatininkai\u201c, covered the determination of the market value of the whey processing production asset complex (property, plant and equipment, including both immovable and movable assets) owned by the Group and the Company, located at Gaur\u0117s g. 23, Taurag\u0117, as at 1 October 2025. Using the income approach (discounted cash flow method) and the cost approach, the total market/fair value of the Group\u2019s and the Company\u2019s whey processing production asset complex at the valuation date amounted to EUR 39,800 thousand.
Based on the valuations of the Group\u2019s buildings and structures, a revaluation of the Group\u2019s and the Company\u2019s assets was performed as at 31 December 2024. No revaluation of the Group\u2019s and the Company\u2019s assets was performed in 2025, as, in the opinion of management, there were no significant changes either in the real estate market in the country or in the operations of the Group and the Company, and the fair value of buildings did not change significantly. Accordingly, movements in the revaluation reserve arose only from depreciation and disposals of revalued assets, as presented below:
GROUP
COMPANY
2025
2024
2025
2024
3,445
1,808
Balance at the beginning of the reporting period
1,090
1,061
-
1,787
Profit (loss) from the revaluation of long-term assets
-
268
-149
-150
Depreciation or write-off of revalued assets.
-52
-239
3,296
3,445
Balance as of the end of the reporting period
1,038
1,090
The classification of the Group\u2019s and the Company\u2019s revalued assets within the fair value hierarchy is presented below:
GROUP
COMPANY
2025
2024
2025
2024
25,811
10,733
Hierarchy level 2 (a)
6,266
5,750
6,183
6,564
Hierarchy level 3 (b)
-
-
31,994
17,297
6,266
5,750
(a) The revalued assets of the Group and the Company, intended for the production and storage of fermented, mold-ripened, melted, smoked, mozzarella cheese, fresh dairy products, and cream, are valued using the comparative value method and are classified under Level 2 of the fair value hierarchy.
(b) The revalued assets of the Company, intended for the production of whey processing products (whey protein concentrate WPC80 and permeate), are valued using the income method and are classified under Level 3 of the fair value hierarchy.
f the Group\u2019s buildings were measured under the cost model, their carrying amount as at 31 December 2025 would have been EUR 28,698 thousand (revalued amount: EUR 31,994 thousand) (31 December 2024: EUR 13,852 thousand; revalued amount: EUR 17,297 thousand).
If the Company\u2019s buildings were measured under the cost model, their carrying amount as at 31 December 2025 would have been EUR 5,228 thousand (revalued amount: EUR 6,266 thousand) (31 December 2024: EUR 4,660 thousand; revalued amount: EUR 5,750 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
12.
Property, plant and equipment
Thousand EUR
GROUP
Right-of-use assets*
Land and buildings
Plant and machinery
Other assets
Construction in progress
Total
Cost/revalued amount
Balance at 1 January 2024
2,082
20,086
63,243
3,869
13,196
102,476
Additions
1,496
-
2,547
183
34,581
38,807
Increase in value
-
48
-
-
-
48
Revaluation
-
1,787
-
-
-
1,787
Disposals
-221
-379
-953
-300
- 1,109
-2,962
Reclassifications
-389
1,462
7,636
95
-8,804
-
Balance at 31 December 2024
2,968
23,004
72,473
3,847
37,864
140,156
Balance at 1 January 2025
2,968
23,004
72,473
3,847
37,864
140,156
Additions
1,480
7
5,039
584
27,885
34,995
Increase in value
6
25
-
3
-
34
Revaluation
-
-
-
-
-
-
Disposals
-
-
-574
-68
-
-642
Reclassifications
-267
15,406
43,697
-40
-58,796
-
Balance at 31 December 2025
4,187
38,442
120,635
4,326
6,953
174,543
Depreciation and impairment losses
Balance at 1 January 2024
540
5,209
36,212
2,795
-
44,756
Depreciation charge for the year
335
665
3,717
243
-
4,960
Disposals
-144
-167
-593
-291
-
-1,195
Reclassifications
-129
-
129
-
-
-
Balance at 31 December 2024
602
5,707
39,465
2,747
-
48,521
Balance at 1 January 2025
602
5,707
39,465
2,747
-
48,521
Depreciation charge for the year
503
741
4,223
273
-
5,740
Disposals
-
-
-261
-61
-
-322
Reclassifications
-220
-
237
-17
-
-
Balance at 31 December 2025
885
6,448
43,664
2,942
-
53,939
Net book amount
At 1 January 2024
1,542
14,877
27,031
1,074
13,196
57,720
At 31 December 2024
2,366
17,297
33,008
1,100
37,864
91,635
At 31 December 2025
3,302
31,994
76,971
1,384
6,953
120,604
* for more details on right-of-use assets, see Note 13.
Reclassifications from construction in progress relate to the completion of the construction and installation of a new cheese production facility in Bauska (Latvia), on the premises of the Group\u2019s subsidiary Baltic Dairy Board SIA.
** In 2025, capitalised borrowing costs amounted to EUR 1,634 (applicable interest rate - 6-month EURIBOR + margin, which averaged 3.82% during the reporting period) (2024: EUR 363 thousand). Future capital expenditures amount to EUR 2,000 thousand (2024: EUR 15,749 thousand). See also Note 27 for additional details.
(a) Amount of EUR 131 thousand is related to reclassification of assets to investment property.
Prepayments made for non-current assets are classified under additions.
Pledged assets
To secure the repayment of its bank borrowings, the Group has pledged the following PP&E:
\uf02d
Land and buildings with the carrying amount of EUR 30,679 thousand as at 31 December 2025 (31 December 2024: EUR 12,922 thousand);
\uf02d
Machinery and equipment with a carrying value as of 31 December 2025 amounting to EUR 77,825 thousand (as of 31 December 2024, EUR 30,412 thousand) (see Note 23).

To secure the repayment of its bank borrowings, the Company has pledged the following PP&E:
\uf02d
Land and buildings with the carrying amount of EUR 6,266 thousand as at 31 December 2025 (31 December 2024: EUR 5,249 thousand);
\uf02d
Machinery and equipment with a carrying value as of 31 December 2025 amounting to EUR 9,208 thousand (as of 31 December 2024, EUR 10,469 thousand) (see Note 23).
Group\u2019s land and buildings, machinery and equipment, and other assets, which are fully depreciated but still in use, had an acquisition cost as of 31 December 2025 amounting to EUR 16,932 thousand (as of 31 December 2024, EUR 14,217 thousand).
Company\u2019s land and buildings, machinery and equipment, and other assets, which are fully depreciated but still in use, had an acquisition cost as of 31 December 2025 amounting to EUR 13,038 thousand (as of 31 December 2024, EUR 12,006 thousand).
Depreciation
Depreciation was included in the following line items (thousand EUR):
GROUP
COMPANY
2025
2024
2025
2024
5,455
4,741
Cost of finished products
2,076
1,628
285
225
Distribution and administrative expenses
210
154
-
-
Other operating expenses
103
97
5,740
4,966
2,389
1,879
Revaluation of Buildings
The Group and the Company measure buildings at revalued amounts, less subsequent accumulated depreciation and impairment losses.
In the opinion of management, there have been no significant changes either in the real estate market in the country or in the operations of the Company, and therefore the fair value of investment property has not changed significantly. In 2025, valuations of certain Group buildings were performed:
\uf0b7
A valuation performed by an independent valuer, UAB Korporacija \u201eMatininkai\u201c, covered the determination of the fair value of buildings and structures owned by the Company, located at Gaur\u0117s g. 23 and Gaur\u0117s g. 31O, Taurag\u0117, as at 1 October 2025. Using the market (comparative) approach, the total market/fair value of the Company\u2019s buildings and structures at the valuation date amounted to EUR 2,663 thousand.
\uf0b7
A valuation performed by an independent valuer, UAB Korporacija \u201eMatininkai\u201c, covered the determination of the market value of the whey processing production asset complex (property, plant and equipment, including both immovable and movable assets) owned by the Group and the Company, located at Gaur\u0117s g. 23, Taurag\u0117, as at 1 October 2025. Using the income approach (discounted cash flow method) and the cost approach, the total market/fair value of the Group\u2019s and the Company\u2019s whey processing production asset complex at the valuation date amounted to EUR 39,800 thousand.
Based on the valuations of the Group\u2019s buildings and structures, a revaluation of the Group\u2019s and the Company\u2019s assets was performed as at 31 December 2024. No revaluation of the Group\u2019s and the Company\u2019s assets was performed in 2025, as, in the opinion of management, there were no significant changes either in the real estate market in the country or in the operations of the Group and the Company, and the fair value of buildings did not change significantly. Accordingly, movements in the revaluation reserve arose only from depreciation and disposals of revalued assets, as presented below:
GROUP
COMPANY
2025
2024
2025
2024
3,445
1,808
Balance at the beginning of the reporting period
1,090
1,061
-
1,787
Profit (loss) from the revaluation of long-term assets
-
268
-149
-150
Depreciation or write-off of revalued assets.
-52
-239
3,296
3,445
Balance as of the end of the reporting period
1,038
1,090
The classification of the Group\u2019s and the Company\u2019s revalued assets within the fair value hierarchy is presented below:
GROUP
COMPANY
2025
2024
2025
2024
25,811
10,733
Hierarchy level 2 (a)
6,266
5,750
6,183
6,564
Hierarchy level 3 (b)
-
-
31,994
17,297
6,266
5,750
(a) The revalued assets of the Group and the Company, intended for the production and storage of fermented, mold-ripened, melted, smoked, mozzarella cheese, fresh dairy products, and cream, are valued using the comparative value method and are classified under Level 2 of the fair value hierarchy.
(b) The revalued assets of the Company, intended for the production of whey processing products (whey protein concentrate WPC80 and permeate), are valued using the income method and are classified under Level 3 of the fair value hierarchy.
f the Group\u2019s buildings were measured under the cost model, their carrying amount as at 31 December 2025 would have been EUR 28,698 thousand (revalued amount: EUR 31,994 thousand) (31 December 2024: EUR 13,852 thousand; revalued amount: EUR 17,297 thousand).
If the Company\u2019s buildings were measured under the cost model, their carrying amount as at 31 December 2025 would have been EUR 5,228 thousand (revalued amount: EUR 6,266 thousand) (31 December 2024: EUR 4,660 thousand; revalued amount: EUR 5,750 thousand).
Amounts recognised in profit or loss were as follows (thousand EUR):
GROUP
COMPANY
2025
2024
2025
2024
503
335
Depreciation of right-of-use assets
340
318
120
110
Interest expenses (included in finance costs)
77
88
29
35
Expenses related to short-term leases (included in cost of sales
and general and administrative expenses)
25
24
58
64
Expenses related to leases of low-value assets not included in the above
short-term leases (included in cost of sales, general and
administrative expenses, other operating expenses)
4
7
32
13
Expenses related to variable lease payments not included in
lease liabilities (included in cost of sales, general and
administrative expenses, other operating expenses)
32
13
742
557
478
450
15.
Intangible assets
Thousand EUR
GROUP
Goodwill
Computer software
Other intangible assets
Total
Cost
Balance at 1 January 2024
6,915
546
17
7,478
Additions
-
35
-
35
Balance at 31 December 2024
6,915
581
17
7,513
Balance at 1 January 2025
6,915
581
17
7,513
Disposals
-
-4
-
-4
Balance at 31 December 2025
6,915
577
17
7,509
Amortisation and impairment
Balance at 1 January 2024
2,749
546
15
3,310
Amortisation charge for the year
-
2
1
3
Balance at 31 December 2024
2,749
548
16
3,313
Balance at 1 January 2025
2,749
548
16
3,313
Amortisation charge for the year
-
11
-
11
Disposals
-
-4
-
-4
Balance at 31 December 2025
2,749
555
16
3,320
Net book amounts
At 1 January 2024
4,166
-
2
4,168
At 31 December 2024
4,166
33
1
4,200
At 31 December 2025
4,166
22
1
4,189
Amortisation charge for the year was included in administrative expenses.
The Group\u2019s software and other intangible assets that are fully amortised but still in use had an acquisition cost of EUR 679 thousand as at 31 December 2025 (31 December 2024: EUR 683 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "
GROUP
Right-of-use assets*
Land and buildings
Plant and machinery
Other assets
Construction in progress
Total
Cost/revalued amount
Balance at 1 January 2024
2,082
20,086
63,243
3,869
13,196
102,476
Additions
1,496
-
2,547
183
34,581
38,807
Increase in value
-
48
-
-
-
48
Revaluation
-
1,787
-
-
-
1,787
Disposals
-221
-379
-953
-300
- 1,109
-2,962
Reclassifications
-389
1,462
7,636
95
-8,804
-
Balance at 31 December 2024
2,968
23,004
72,473
3,847
37,864
140,156
Balance at 1 January 2025
2,968
23,004
72,473
3,847
37,864
140,156
Additions
1,480
7
5,039
584
27,885
34,995
Increase in value
6
25
-
3
-
34
Revaluation
-
-
-
-
-
-
Disposals
-
-
-574
-68
-
-642
Reclassifications
-267
15,406
43,697
-40
-58,796
-
Balance at 31 December 2025
4,187
38,442
120,635
4,326
6,953
174,543
Depreciation and impairment losses
Balance at 1 January 2024
540
5,209
36,212
2,795
-
44,756
Depreciation charge for the year
335
665
3,717
243
-
4,960
Disposals
-144
-167
-593
-291
-
-1,195
Reclassifications
-129
-
129
-
-
-
Balance at 31 December 2024
602
5,707
39,465
2,747
-
48,521
Balance at 1 January 2025
602
5,707
39,465
2,747
-
48,521
Depreciation charge for the year
503
741
4,223
273
-
5,740
Disposals
-
-
-261
-61
-
-322
Reclassifications
-220
-
237
-17
-
-
Balance at 31 December 2025
885
6,448
43,664
2,942
-
53,939
Net book amount
At 1 January 2024
1,542
14,877
27,031
1,074
13,196
57,720
At 31 December 2024
2,366
17,297
33,008
1,100
37,864
91,635
At 31 December 2025
3,302
31,994
76,971
1,384
6,953
120,604
GROUP
COMPANY
2025
2024
2025
2024
503
335
Depreciation of right-of-use assets
340
318
120
110
Interest expenses (included in finance costs)
77
88
29
35
Expenses related to short-term leases (included in cost of sales
and general and administrative expenses)
25
24
58
64
Expenses related to leases of low-value assets not included in the above
short-term leases (included in cost of sales, general and
administrative expenses, other operating expenses)
4
7
32
13
Expenses related to variable lease payments not included in
lease liabilities (included in cost of sales, general and
administrative expenses, other operating expenses)
32
13
742
557
478
450
Recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB
The recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB fresh milk products was determined on 31 December 2025. The recoverable amount was calculated by discounting future cash flows to their present value based on a five-year financial forecast approved by the management.
Key assumptions used in the calculation of the recoverable amount were as follows:
\uf0b7
The future cash flows were calculated based on historical experience and a 5-year business plan. Cash flows in a long-term perspective were estimated by extrapolating the fifth-year cash flows at a projected long-term growth rate of 2% (2024: growth rate of 1%).
\uf0b7
The recoverable amount was calculated using a pre-tax discount rate that reflects current market conditions, the existing time value of money and the risks specific to the asset, which was not taken into consideration. Pre-tax rate of weighted average cost of capital was 13.19% (2024: 14.38%).
\uf0b7
The annual revenue growth rate is projected to be 0.4% in 2026 and 5% during 2027-2030. Growth of revenue in 2027-2030 is projected due to the expected increase in production volumes, introduction of new products to the market, and expansion into the new markets. An increase in gross profit is expected in 2026 due to a decrease in raw milk prices.
\uf0b7
The basic components of the working capital: inventory requirement, trade receivables and trade payables are taken as the factual amounts at the end of 2025. Subsequently (starting from 2026), the working capital requirement is calculated in view of the production growth and inventory, trade receivables and trade payables requirement, as a proportionate share of the cost of sales and revenue.
The sensitivity analysis shows the impact of changes in discount rate and long-term growth rate on the results of valuation. These variable inputs were chosen for the sensitivity analysis because, as a result of valuation, they were noted as having the most impact on the entity\u2019s business value:
\uf0b7
Had the budgeted gross margin used in the value-in-use calculation for Kelm\u0117s Pienas UAB been 3% lower as at 31 December 2025 compared to the management\u2019s forecast, no impairment would have been recognised for the Group\u2019s goodwill.
\uf0b7
Had the pre-tax discount rate used in the cash flow forecast for Kelm\u0117s Pienas UAB been 1% higher compared to the management\u2019s estimates (14.19% instead of 13.19%), no impairment would have been recognised for the Group\u2019s goodwill.
Based on the above assumptions, the calculated recoverable amount of the cash-generating unit was higher than the carrying amount, and therefore, no impairment was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
13.
Leases
Amounts recognised in profit or loss were as follows (thousand EUR):
GROUP
COMPANY
2025
2024
2025
2024
503
335
Depreciation of right-of-use assets
340
318
120
110
Interest expenses (included in finance costs)
77
88
29
35
Expenses related to short-term leases (included in cost of sales
and general and administrative expenses)
25
24
58
64
Expenses related to leases of low-value assets not included in the above
short-term leases (included in cost of sales, general and
administrative expenses, other operating expenses)
4
7
32
13
Expenses related to variable lease payments not included in
lease liabilities (included in cost of sales, general and
administrative expenses, other operating expenses)
32
13
742
557
478
450
Movements in right-of-use assets during 2025 and 2024 are disclosed in Note 12.
Lease liabilities, including the breakdown of lease liabilities by maturity are disclosed in Note 23.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "
15.
Intangible assets
Thousand EUR
GROUP
Goodwill
Computer software
Other intangible assets
Total
Cost
Balance at 1 January 2024
6,915
546
17
7,478
Additions
-
35
-
35
Balance at 31 December 2024
6,915
581
17
7,513
Balance at 1 January 2025
6,915
581
17
7,513
Disposals
-
-4
-
-4
Balance at 31 December 2025
6,915
577
17
7,509
Amortisation and impairment
Balance at 1 January 2024
2,749
546
15
3,310
Amortisation charge for the year
-
2
1
3
Balance at 31 December 2024
2,749
548
16
3,313
Balance at 1 January 2025
2,749
548
16
3,313
Amortisation charge for the year
-
11
-
11
Disposals
-
-4
-
-4
Balance at 31 December 2025
2,749
555
16
3,320
Net book amounts
At 1 January 2024
4,166
-
2
4,168
At 31 December 2024
4,166
33
1
4,200
At 31 December 2025
4,166
22
1
4,189
Amortisation charge for the year was included in administrative expenses.
The Group\u2019s software and other intangible assets that are fully amortised but still in use had an acquisition cost of EUR 679 thousand as at 31 December 2025 (31 December 2024: EUR 683 thousand).
Recoverable amount of cash-generating units to which goodwill is attributed
Goodwill is attributed to the following cash-generating units of the Group (Modest AB business activities relating to production and sale of cheese and cheese products; Kelm\u0117s Pienas UAB business activities relating to production and sale of fresh milk products), as specified below:
31/12/2025
31/12/2024
Kelm\u0117s Pienas UAB (fresh milk products)*
3,867
3,867
Modest AB (cheese, cheese products)
299
299
4,166
4,166
* Before 1 March 2021, the business activities of fresh milk products were conducted by the subsidiary Kelm\u0117s Pienin\u0117 AB. As from 1 March 2021, the business activities of fresh milk products have been transferred to Kelm\u0117s Pienas UAB.
Goodwill arising on business combination is attributable mostly to synergy, which has resulted from the integration of the Companies into the existing operations of the Group relating to production of milk products.
These cash-generating units were tested for impairment when calculating the recoverable amount.
Recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB
The recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB fresh milk products was determined on 31 December 2025. The recoverable amount was calculated by discounting future cash flows to their present value based on a five-year financial forecast approved by the management.
Key assumptions used in the calculation of the recoverable amount were as follows:
\uf0b7
The future cash flows were calculated based on historical experience and a 5-year business plan. Cash flows in a long-term perspective were estimated by extrapolating the fifth-year cash flows at a projected long-term growth rate of 2% (2024: growth rate of 1%).
\uf0b7
The recoverable amount was calculated using a pre-tax discount rate that reflects current market conditions, the existing time value of money and the risks specific to the asset, which was not taken into consideration. Pre-tax rate of weighted average cost of capital was 13.19% (2024: 14.38%).
\uf0b7
The annual revenue growth rate is projected to be 0.4% in 2026 and 5% during 2027-2030. Growth of revenue in 2027-2030 is projected due to the expected increase in production volumes, introduction of new products to the market, and expansion into the new markets. An increase in gross profit is expected in 2026 due to a decrease in raw milk prices.
\uf0b7
The basic components of the working capital: inventory requirement, trade receivables and trade payables are taken as the factual amounts at the end of 2025. Subsequently (starting from 2026), the working capital requirement is calculated in view of the production growth and inventory, trade receivables and trade payables requirement, as a proportionate share of the cost of sales and revenue.
The sensitivity analysis shows the impact of changes in discount rate and long-term growth rate on the results of valuation. These variable inputs were chosen for the sensitivity analysis because, as a result of valuation, they were noted as having the most impact on the entity\u2019s business value:
\uf0b7
Had the budgeted gross margin used in the value-in-use calculation for Kelm\u0117s Pienas UAB been 3% lower as at 31 December 2025 compared to the management\u2019s forecast, no impairment would have been recognised for the Group\u2019s goodwill.
\uf0b7
Had the pre-tax discount rate used in the cash flow forecast for Kelm\u0117s Pienas UAB been 1% higher compared to the management\u2019s estimates (14.19% instead of 13.19%), no impairment would have been recognised for the Group\u2019s goodwill.
Based on the above assumptions, the calculated recoverable amount of the cash-generating unit was higher than the carrying amount, and therefore, no impairment was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "
15.
Intangible assets
Thousand EUR
GROUP
Goodwill
Computer software
Other intangible assets
Total
Cost
Balance at 1 January 2024
6,915
546
17
7,478
Additions
-
35
-
35
Balance at 31 December 2024
6,915
581
17
7,513
Balance at 1 January 2025
6,915
581
17
7,513
Disposals
-
-4
-
-4
Balance at 31 December 2025
6,915
577
17
7,509
Amortisation and impairment
Balance at 1 January 2024
2,749
546
15
3,310
Amortisation charge for the year
-
2
1
3
Balance at 31 December 2024
2,749
548
16
3,313
Balance at 1 January 2025
2,749
548
16
3,313
Amortisation charge for the year
-
11
-
11
Disposals
-
-4
-
-4
Balance at 31 December 2025
2,749
555
16
3,320
Net book amounts
At 1 January 2024
4,166
-
2
4,168
At 31 December 2024
4,166
33
1
4,200
At 31 December 2025
4,166
22
1
4,189
Amortisation charge for the year was included in administrative expenses.
The Group\u2019s software and other intangible assets that are fully amortised but still in use had an acquisition cost of EUR 679 thousand as at 31 December 2025 (31 December 2024: EUR 683 thousand).
Recoverable amount of cash-generating units to which goodwill is attributed
Goodwill is attributed to the following cash-generating units of the Group (Modest AB business activities relating to production and sale of cheese and cheese products; Kelm\u0117s Pienas UAB business activities relating to production and sale of fresh milk products), as specified below:
31/12/2025
31/12/2024
Kelm\u0117s Pienas UAB (fresh milk products)*
3,867
3,867
Modest AB (cheese, cheese products)
299
299
4,166
4,166
* Before 1 March 2021, the business activities of fresh milk products were conducted by the subsidiary Kelm\u0117s Pienin\u0117 AB. As from 1 March 2021, the business activities of fresh milk products have been transferred to Kelm\u0117s Pienas UAB.
Goodwill arising on business combination is attributable mostly to synergy, which has resulted from the integration of the Companies into the existing operations of the Group relating to production of milk products.
These cash-generating units were tested for impairment when calculating the recoverable amount.
Recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB
The recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB fresh milk products was determined on 31 December 2025. The recoverable amount was calculated by discounting future cash flows to their present value based on a five-year financial forecast approved by the management.
Key assumptions used in the calculation of the recoverable amount were as follows:
\uf0b7
The future cash flows were calculated based on historical experience and a 5-year business plan. Cash flows in a long-term perspective were estimated by extrapolating the fifth-year cash flows at a projected long-term growth rate of 2% (2024: growth rate of 1%).
\uf0b7
The recoverable amount was calculated using a pre-tax discount rate that reflects current market conditions, the existing time value of money and the risks specific to the asset, which was not taken into consideration. Pre-tax rate of weighted average cost of capital was 13.19% (2024: 14.38%).
\uf0b7
The annual revenue growth rate is projected to be 0.4% in 2026 and 5% during 2027-2030. Growth of revenue in 2027-2030 is projected due to the expected increase in production volumes, introduction of new products to the market, and expansion into the new markets. An increase in gross profit is expected in 2026 due to a decrease in raw milk prices.
\uf0b7
The basic components of the working capital: inventory requirement, trade receivables and trade payables are taken as the factual amounts at the end of 2025. Subsequently (starting from 2026), the working capital requirement is calculated in view of the production growth and inventory, trade receivables and trade payables requirement, as a proportionate share of the cost of sales and revenue.
The sensitivity analysis shows the impact of changes in discount rate and long-term growth rate on the results of valuation. These variable inputs were chosen for the sensitivity analysis because, as a result of valuation, they were noted as having the most impact on the entity\u2019s business value:
\uf0b7
Had the budgeted gross margin used in the value-in-use calculation for Kelm\u0117s Pienas UAB been 3% lower as at 31 December 2025 compared to the management\u2019s forecast, no impairment would have been recognised for the Group\u2019s goodwill.
\uf0b7
Had the pre-tax discount rate used in the cash flow forecast for Kelm\u0117s Pienas UAB been 1% higher compared to the management\u2019s estimates (14.19% instead of 13.19%), no impairment would have been recognised for the Group\u2019s goodwill.
Based on the above assumptions, the calculated recoverable amount of the cash-generating unit was higher than the carrying amount, and therefore, no impairment was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "
15.
Intangible assets
Thousand EUR
GROUP
Goodwill
Computer software
Other intangible assets
Total
Cost
Balance at 1 January 2024
6,915
546
17
7,478
Additions
-
35
-
35
Balance at 31 December 2024
6,915
581
17
7,513
Balance at 1 January 2025
6,915
581
17
7,513
Disposals
-
-4
-
-4
Balance at 31 December 2025
6,915
577
17
7,509
Amortisation and impairment
Balance at 1 January 2024
2,749
546
15
3,310
Amortisation charge for the year
-
2
1
3
Balance at 31 December 2024
2,749
548
16
3,313
Balance at 1 January 2025
2,749
548
16
3,313
Amortisation charge for the year
-
11
-
11
Disposals
-
-4
-
-4
Balance at 31 December 2025
2,749
555
16
3,320
Net book amounts
At 1 January 2024
4,166
-
2
4,168
At 31 December 2024
4,166
33
1
4,200
At 31 December 2025
4,166
22
1
4,189
Amortisation charge for the year was included in administrative expenses.
The Group\u2019s software and other intangible assets that are fully amortised but still in use had an acquisition cost of EUR 679 thousand as at 31 December 2025 (31 December 2024: EUR 683 thousand).
Recoverable amount of cash-generating units to which goodwill is attributed
Goodwill is attributed to the following cash-generating units of the Group (Modest AB business activities relating to production and sale of cheese and cheese products; Kelm\u0117s Pienas UAB business activities relating to production and sale of fresh milk products), as specified below:
31/12/2025
31/12/2024
Kelm\u0117s Pienas UAB (fresh milk products)*
3,867
3,867
Modest AB (cheese, cheese products)
299
299
4,166
4,166
* Before 1 March 2021, the business activities of fresh milk products were conducted by the subsidiary Kelm\u0117s Pienin\u0117 AB. As from 1 March 2021, the business activities of fresh milk products have been transferred to Kelm\u0117s Pienas UAB.
Goodwill arising on business combination is attributable mostly to synergy, which has resulted from the integration of the Companies into the existing operations of the Group relating to production of milk products.
These cash-generating units were tested for impairment when calculating the recoverable amount.
Recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB
The recoverable value of the cash-generating unit of Kelm\u0117s pienas UAB fresh milk products was determined on 31 December 2025. The recoverable amount was calculated by discounting future cash flows to their present value based on a five-year financial forecast approved by the management.
Key assumptions used in the calculation of the recoverable amount were as follows:
\uf0b7
The future cash flows were calculated based on historical experience and a 5-year business plan. Cash flows in a long-term perspective were estimated by extrapolating the fifth-year cash flows at a projected long-term growth rate of 2% (2024: growth rate of 1%).
\uf0b7
The recoverable amount was calculated using a pre-tax discount rate that reflects current market conditions, the existing time value of money and the risks specific to the asset, which was not taken into consideration. Pre-tax rate of weighted average cost of capital was 13.19% (2024: 14.38%).
\uf0b7
The annual revenue growth rate is projected to be 0.4% in 2026 and 5% during 2027-2030. Growth of revenue in 2027-2030 is projected due to the expected increase in production volumes, introduction of new products to the market, and expansion into the new markets. An increase in gross profit is expected in 2026 due to a decrease in raw milk prices.
\uf0b7
The basic components of the working capital: inventory requirement, trade receivables and trade payables are taken as the factual amounts at the end of 2025. Subsequently (starting from 2026), the working capital requirement is calculated in view of the production growth and inventory, trade receivables and trade payables requirement, as a proportionate share of the cost of sales and revenue.
The sensitivity analysis shows the impact of changes in discount rate and long-term growth rate on the results of valuation. These variable inputs were chosen for the sensitivity analysis because, as a result of valuation, they were noted as having the most impact on the entity\u2019s business value:
\uf0b7
Had the budgeted gross margin used in the value-in-use calculation for Kelm\u0117s Pienas UAB been 3% lower as at 31 December 2025 compared to the management\u2019s forecast, no impairment would have been recognised for the Group\u2019s goodwill.
\uf0b7
Had the pre-tax discount rate used in the cash flow forecast for Kelm\u0117s Pienas UAB been 1% higher compared to the management\u2019s estimates (14.19% instead of 13.19%), no impairment would have been recognised for the Group\u2019s goodwill.
Based on the above assumptions, the calculated recoverable amount of the cash-generating unit was higher than the carrying amount, and therefore, no impairment was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
17.
Non-current amounts receivable
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
Note
31/12/2025
31/12/2024
Financial instruments
-
-
28
Loans granted to related parties (a)
1,229
1,170
912
-
Loans granted to related parties (b)
912
-
912
-
2,141
1,170
Non-financial assets
194
241
Non-current amounts receivable from farmers (c)
178
234
2
2
Other non-current amounts receivable
-
-
196
243
178
234
1,108
243
2,319
1,404
The Group and the Company measure loans granted to related parties using the expected credit loss (ECL) model, taking into account the borrowers\u2019 financial position, repayment history, and other relevant factors indicative of credit risk.
As at 31 December 2025 and 2024, the assessment performed indicated that there had been no significant increase in credit risk for loans to related parties, therefore, no impairment losses were recognised.
(a) In December 2021, a loan was granted to the subsidiary Baltic Dairy Board SIA. As at 31 December 2025, the outstanding balance of the loan was EUR 980 thousand (31 December 2024: EUR 980 thousand) and interest was EUR 249 thousand (31 December 2024: EUR 190 thousand). The loan is to be repaid by 31 January 2028.
(b) Loans receivable by the Group and the Company from other related parties amounted to EUR 912 thousand as at 31 December 2025 (31 December 2024 - none). The loan was granted for working capital financing purposes and bears interest at market rates. The loan is repayable by 31 December 2027.
(c) Non-current amounts receivable from farmers and agricultural companies comprise prepayments made to milk suppliers for milk. An administration fee is charged on these prepayments.
The Group\u2019s/Company\u2019s exposure to credit and foreign exchange risks, impairment losses related to trade and other amounts receivable are disclosed in Note 29.

19.
Trade and other receivables
Thousand EUR
GROUP
Note
31/12/2025
31/12/ 2024
Trade receivables
15,974
18,089
Impairment losses
-58
-629
Trade receivables from other related parties
6,001
-
MPK claim rights
30
16,427
-
Financial assets
38,344
17,460
Taxes receivable (other than income tax)
1,885
4,912
Other receivables
26
39
Total trade and other receivables
40,255
22,411
Trade and other receivables are non-interest bearing and their settlement term is 30 days.
Taxes receivable consist of VAT receivable.
Other receivables of the Group and the Company as at 31 December 2025 amounting to EUR 16,170 thousand relate to an assignment of receivables agreement concluded with AB \u0160iauli\u0173 bankas on 14 February 2025 (see Note 30).
As at 31 December 2025, the Company\u2019s trade receivables were pledged (31 December 2024: the Group\u2019s/Company\u2019s receivables were not pledged) (see Note 27).
The Group\u2019s/Company\u2019s exposure to credit and foreign exchange risks, impairment losses related to trade and other receivables are disclosed in Note 29.
The ageing analysis of trade receivables is disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
18.
Inventories
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
10,111
8,272
Finished products
4,622
4,702
1,442
890
Products in transit
1,442
890
11,553
9,162
6,064
5,592
590
427
Raw materials
147
170
5,110
4,388
Consumables
1,394
1,342
382
277
Work in progress
-
-
17,635
14,254
7,605
7,104
Raw materials include raw milk and other materials used in the production.
As at 31 December 2025, the Group\u2019s materials (packaging, auxiliary materials, etc.) written down to net realisable value amounted to EUR 11 thousand (31 December 2024: EUR 15 thousand).
As at 31 December 2025, the Company\u2019s materials (tare, packaging, auxiliary materials, etc.) written down to net realisable value amounted to EUR 11 thousand (31 December 2024: EUR 15 thousand).
The write-down of inventories (finished products) to net realisable value and its reversal were included in the cost of sales.
As at 31 December 2025, the Group's and the Company's inventories (finished products) written down to net realisable value amounted to EUR 722 thousand and EUR 350 thousand, respectively (31 December 2024: EUR 2,414 thousand and EUR 1,501 thousand, respectively). Inventory write-down due to expected changes in sales prices in export markets. Accordingly, for the same reasons, the impairment was partially reversed in 2025.
As at 31 December 2025, the Company\u2019s inventories (cheese and cheese products) with a carrying amount of EUR 7,605 thousand were pledged to banks (31 December 2024: EUR 7,104 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
20.
Prepayments
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
Note
31/12/2025
31/12/2024
1,380
560
(a)
Prepayments
495
412
1,021
151
Advance income tax
43
71
-
-
28
Prepayments to related parties
1,409
-
2,401
711
1947
483
(a) Prepayments consist of prepayments made to the companies for goods and services and to the farmers for milk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "
21.
Cash and cash equivalents
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
2,546
18,751
Cash at bank
2,449
13,165
239
121
Cash on hand
239
121
2,785
18,872
2,688
13,286
As at 31 December 2025, cash held in the bank accounts of the Group and the Company amounting to EUR 2,732 thousand and EUR 2,688 thousand, respectively, was pledged as collateral for bank loans (31 December 2024: EUR 13,364 thousand and EUR 13,286 thousand, respectively).
The Group\u2019s and the Company\u2019s exposure to interest rate risk arising from cash and cash equivalents is disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "
22.
Capital and reserves
As at 31 December 2025 and 2024, the Company\u2019s authorised share capital was divided into 11,943,000 ordinary shares with the nominal value of EUR 0.29 each. All the shares are fully paid.
Ordinary shares are stated at their nominal value. Consideration received for the shares sold in excess over their nominal value is shown as share premium. Incremental external costs directly attributable to the issue of new shares are accounted for as a deduction from share premium.
Pursuant to the Law on Companies, the holders of ordinary shares have one vote per share at the Company's shareholders' meeting, the right to receive dividends, and the right to receive payments in the event of liquidation of a company.
Legal reserve
Pursuant to the Law on Companies of the Republic of Lithuania, annual transfers of 5% from distributable profit are required until the legal reserve reaches 10% of the authorised share capital. Pursuant to the Law the legal reserve may be used to cover accumulated losses only. As at 31 December 2025, the Company\u2019s/ Group\u2019s legal reserve amounted to EUR 346 thousand (31 December 2024: EUR 346 thousand).
Share premium
Share premium is the difference between the nominal value and issue price of the shares.
Revaluation reserve
Revaluation reserve is related to the revaluation of the buildings and is stated net of deferred income tax liability. The reserve is reduced in proportion to the depreciation and disposal of the revalued assets. Transfers from the revaluation reserve to retained earnings are performed when the revalued buildings are being depreciated. The amount transferred is determined as a difference between depreciation calculated from the revalued amount and depreciation calculated from the initial cost of the buildings. Revaluation reserve can be used to increase the share capital.
Other reserves
Other reserves are formed by the decision of the annual meeting of shareholders on profit appropriation, and they are established in the Company\u2019s Articles of Association. These reserves can be used only for the purposes approved by the general meeting of shareholders.
The Group/Company has no other reserves.
Dividends
In 2025, dividends of EUR \u00a00.54 per share were paid out to the shareholders (2024: dividends of EUR\u00a00.310 per share were paid out to the shareholders).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "
22.
Capital and reserves
As at 31 December 2025 and 2024, the Company\u2019s authorised share capital was divided into 11,943,000 ordinary shares with the nominal value of EUR 0.29 each. All the shares are fully paid.
Ordinary shares are stated at their nominal value. Consideration received for the shares sold in excess over their nominal value is shown as share premium. Incremental external costs directly attributable to the issue of new shares are accounted for as a deduction from share premium.
Pursuant to the Law on Companies, the holders of ordinary shares have one vote per share at the Company's shareholders' meeting, the right to receive dividends, and the right to receive payments in the event of liquidation of a company.
Legal reserve
Pursuant to the Law on Companies of the Republic of Lithuania, annual transfers of 5% from distributable profit are required until the legal reserve reaches 10% of the authorised share capital. Pursuant to the Law the legal reserve may be used to cover accumulated losses only. As at 31 December 2025, the Company\u2019s/ Group\u2019s legal reserve amounted to EUR 346 thousand (31 December 2024: EUR 346 thousand).
Share premium
Share premium is the difference between the nominal value and issue price of the shares.
Revaluation reserve
Revaluation reserve is related to the revaluation of the buildings and is stated net of deferred income tax liability. The reserve is reduced in proportion to the depreciation and disposal of the revalued assets. Transfers from the revaluation reserve to retained earnings are performed when the revalued buildings are being depreciated. The amount transferred is determined as a difference between depreciation calculated from the revalued amount and depreciation calculated from the initial cost of the buildings. Revaluation reserve can be used to increase the share capital.
Other reserves
Other reserves are formed by the decision of the annual meeting of shareholders on profit appropriation, and they are established in the Company\u2019s Articles of Association. These reserves can be used only for the purposes approved by the general meeting of shareholders.
The Group/Company has no other reserves.
Dividends
In 2025, dividends of EUR \u00a00.54 per share were paid out to the shareholders (2024: dividends of EUR\u00a00.310 per share were paid out to the shareholders).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "
As at 31 December 2025 and 2024, the Company\u2019s authorised share capital was divided into 11,943,000 ordinary shares with the nominal value of EUR 0.29 each. All the shares are fully paid.
Ordinary shares are stated at their nominal value. Consideration received for the shares sold in excess over their nominal value is shown as share premium. Incremental external costs directly attributable to the issue of new shares are accounted for as a deduction from share premium.
Pursuant to the Law on Companies, the holders of ordinary shares have one vote per share at the Company's shareholders' meeting, the right to receive dividends, and the right to receive payments in the event of liquidation of a company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-103": { "value": "
Ordinary shares are stated at their nominal value. Consideration received for the shares sold in excess over their nominal value is shown as share premium. Incremental external costs directly attributable to the issue of new shares are accounted for as a deduction from share premium.
Pursuant to the Law on Companies, the holders of ordinary shares have one vote per share at the Company's shareholders' meeting, the right to receive dividends, and the right to receive payments in the event of liquidation of a company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "
Dividends
In 2025, dividends of EUR \u00a00.54 per share were paid out to the shareholders (2024: dividends of EUR\u00a00.310 per share were paid out to the shareholders).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "0.54", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-106": { "value": "0.31", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-107": { "value": "
23.
Borrowings and lease liabilities
GROUP
COMPANY
31/12/2025
31/12/2024
Note
31/12/2025
31/12/2024
40,973
27,077
Non-current borrowings
27,28
-
5,778
-
6,203
Loan issued at a discount
-
-
1,678
1,551
Lease liabilities
13
912
1,190
42,651
34,831
Non-current
912
6,968
12,575
3,649
Current bank borrowings and other borrowings
27,28
5,778
1,771
9,414
-
Loan issued at a discount
-
-
876
742
Lease liabilities
13
564
614
22,865
4,391
Current
6,342
2,385
65,516
39,222
Total borrowings and lease liabilities
7,254
9,353
As of 31 December 2025, the Company and Group had unused short-term credit limits totaling EUR 8 million (as of 31 December 2024, the Company and Group had unused short-term credit limits totaling EUR 3 million). As of 31 December 2025, the Company and Group did not have long-term credit limits, but the Group still had an unused portion of a long-term loan from \u201cCitadele Banka\u201d AS amounting to EUR 2,464 thousand (for the construction and equipment of the Baltic Dairy Board SIA new cheese factory). On December 30, 2025, a credit agreement was signed with Citadele Bank for obtaining a EUR 10 million loan to acquire milk processing equipment. The loan is expected to be received in Q3 2026. The interest rates for the Company and Group\u2019s loans, according to agreements with the banks, are based on the 6-month EURIBOR + margin and the 3-month EURIBOR + margin.
Under agreements with banks and the Latvian State Development finance institution AS \u201cAtt\u012bst\u012bbas finan\u0161u instit\u016bcija Altum\u201d, the Company and the Group are required to comply with financial covenants, including the ratios of financial debt and net financial debt to EBITDA (ranging from \u22643.5 to \u22644.5), equity (from \u226530% to \u226535%) and DSCR (\u22651.2). These ratios are calculated based on the consolidated financial statements. In 2025, the Group and the Company complied with the above-mentioned covenants, except for the net financial debt to EBITDA ratio in respect of OP Corporate Bank plc (in 2024, the Company and the Group complied with all of the above-mentioned covenants).
In addition to financial covenants, the Group is also committed to complying with other contractual obligations, such as not borrowing from third parties/other financial institutions without the consent of the respective banks, not providing guarantees for other entities (except for Group entities), not exceeding the agreed annual investment limits, etc. Certain of the above-mentioned contractual conditions were not complied with in 2025. At year-end, waivers for these breaches were obtained from OP Corporate Bank plc and Citadele Bank, while AS \u201cAtt\u012bst\u012bbas finan\u0161u instit\u016bcija Altum\u201d (loan issued at a discount) granted its waiver at the beginning of 2026. As a result, the Group\u2019s subordinated loan was classified as a current liability. In November 2025, the Company informed Swedbank AB about actions for which the bank\u2019s approval had not been obtained. As the Company did not receive the approvals by 31 December 2025, the long-term portion of the loan was reclassified as short-term. On 21 January 2026, the Bank announced that it does not intend to impose sanctions regarding the credit agreement.
Borrowings by maturity (thousand EUR):
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
21,989
3,649
Within 1 year
5,778
1,771
40,973
33,280
Between 1 and 5 years
0
5,778
62,962
36,929
5,778
7,549
In 2025, the Group\u2019s borrowings were subject to annual effective interest rate of 4.42% (2024: 3.60%).
In 2025, the Company\u2019s borrowings were subject to annual effective interest rate of 7.10% (2024: 5.60%).
Lease liabilities (thousand EUR):
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
876
742
Within 1 year
564
614
1,678
1,551
Between 1 and 5 years
912
1,190
2,554
2,293
1,476
1,804
The right-of-use assets recognised in relation to lease liabilities is disclosed in Notes 12 and 13.
GROUP
Current portion of lease liabilities
Non-current portion of lease liabilities
Current portion of non-current borrowings, current borrowings
Credit lines and over-drafts
Non-current portion of non-current borrowings
Total
At 1 January 2025
742
1,551
3,649
-
33,280
39,222
Cash inflows - proceeds from borrowings
-
-
252
-
30,414
30,666
Cash outflows - repayments of borrowings
-
-
-3,900
-
-173
-4,073
Additions - lease
776
1,004
-
-
-
1,780
Repayments \u2013 lease
-1,519
-
-
-
-
-1,519
Other non-cash changes (reclassification of
current/non-current portion, impairment, write-offs)
877
-877
21,988
-
-22,548
-560
At 31 December 2025
876
1,678
21,989
-
40,973
65,516
GROUP
Current portion of lease liabilities
Non-current portion of lease liabilities
Current portion of non-current borrowings, current borrowings
Credit lines and over-drafts
Non-current portion of non-current borrowings
Total
At 1 January 2024
469
775
3,235
-
15,706
20,185
Cash inflows - proceeds from borrowings
-
-
33
2,153
21,223
23,409
Cash outflows - repayments of borrowings
-
-
-3,268
-2,153
-
-5,421
Additions - lease
673
1,671
-
-
-
2,344
Repayments \u2013 lease
-1,295
-
-
-
-
-1,295
Other non-cash changes (reclassification of current/non-current portion, impairment, write-offs)
895
-895
3,649
-
-3,649
-
At 31 December 2024
742
1,551
3,649
-
33,280
39,222
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "value": "
24.
Government grants
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
4,043
3,598
Opening net book amount
1,387
671
1,768
901
Grants received
8
893
-463
-445
Amortisation recognised in profit or loss and
write-off of grants
-204
-177
-9
-11
Write-off of grants upon disposal of assets
-
-
5,339
4,043
Closing net book amount
1,191
1,387
The Group/Company received support from the EU funds under the Lithuanian Rural Development Programmes from the National Paying Agency under the Ministry of Agriculture. The support was received for the acquisition of non-current assets. The amounts of support are amortised in proportion to the depreciation of the related assets.
In December 2022, Vilky\u0161ki\u0173 Pienin\u0117 AB entered into a grant agreement with the National Paying Agency under the Lithuanian Ministry of Agriculture for the acquisition of equipment. The Company was awarded funding of EUR 1 million for the implementation of this project:
\uf02d
Amount of EUR 191 thousand was received in 2023.
\uf02d
Amount of EUR 809 thousand was received in 2024.
In 2022, Vilky\u0161ki\u0173 Pienin\u0117 AB and the Environmental Project Management Agency under the Lithuanian Ministry of Environment signed an agreement on the financial support of EUR 150 thousand for the implementation of the project Installation of wastewater treatment facilities for Vilky\u0161ki\u0173 Pienin\u0117 AB.
\uf02d
Amount of EUR 90 thousand was received in 2023.
\uf02d
Amount of EUR 60 thousand was received in 2024.
In 2024, VILVI Group submitted applications for compensation for newly acquired electric vehicles under the 'Promotion of the Use of Alternative Fuels in the Transport Sector' activity of the 2022-2030 development program managed by the Ministry of Transport of the Republic of Lithuania, Measure No. 10-001-06-01-01 'Encouraging the Acquisition of Electric Vehicles by Legal Entities\". In 2024, the company received EUR 24 thousand.
In 2023, Modest AB and Vilky\u0161ki\u0173 pienin\u0117 AB signed agreements with the Public Institution - Innovation Agency \"RES Production Capacity Installation,\" applying for support from the EU Structural Funds under the activity \"Encouraging the Deployment of Renewable Energy Sources in Industrial Enterprises (Central and Western Lithuania)\" of the Measure No 05-001-01-04-02 \"Promoting Companies' Transition to a Climate-Neutral Economy,\" of the Economic Transformation and Competitiveness Development Program of the Manager of the 2022\u20132030 Development Program - the Ministry of Economy and Innovation of the Republic of Lithuania. A total of EUR 309 thousand in support was allocated to VILVI Group companies for this project.
The Latvian Government, through the Latvian state development finance institution AS \u201cAtt\u012bst\u012bbas finan\u0161u instit\u016bcija Altum\u201d, has contributed to the cheese production project of Baltic Dairy Board SIA, a subsidiary of Vilky\u0161ki\u0173 pienin\u0117 AB, by granting EUR 10 million in non-repayable loan financing. Upon completion of the project, the financing will be recognised as a grant if the conditions set out in the agreement are met and the specified targets are achieved:
\uf0b7
Number of new employees \u2013 57, with such number maintained annually; minimum monthly salary \u2013 not less than EUR 1,760.52;
\uf0b7
Annual export revenue \u2013 EUR 16,000 thousand;
\uf0b7
Annual research and development (R&D) expenditure \u2013 EUR 260 thousand.
If Baltic Dairy Board SIA meets the conditions of the grant and achieves the required performance indicators for three consecutive years, the funding will be recognised (i.e. the loan is derecognised upon fulfilment of the conditions) and accounted for as a grant in equal annual instalments. Until the grant conditions are fulfilled, the received funding is recognised as a liability.
The cheese plant project was completed in December 2025, and the first assessment of compliance with the performance indicators will be carried out after 12 calendar months (at the beginning of 2027). As at the end of 2025, Baltic Dairy Board SIA had already achieved part of the required indicators (creation of new jobs and incurrence of part of the R&D expenses). Therefore, based on management\u2019s assessment, the Company is expected to meet all conditions in the first year of assessment, allowing one-third of the grant to be recognised.
During 2025, the Group additionally received grants of EUR 1,760 thousand for the Baltic Dairy Board SIA cheese production project: EUR 560 thousand from the Latvian state development finance institution AS \u201cAtt\u012bst\u012bbas finan\u0161u instit\u016bcija Altum\u201d and EUR 1,200 thousand from EU funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "
25.
Deferred income tax assets (liabilities)
Deferred income tax assets and liabilities calculated at a 17% tax rate in 2025 (2024: 16%) relate to the following line items (thousand EUR):
Deferred tax assets and liabilities of the Group and the Company as at 31 December 2025 were calculated using a tax rate of 17% applicable from 2026 under the laws of the Republic of Lithuania (31 December 2024: 16%) and a tax rate of 25% applicable under the laws of the Republic of Latvia. The 25% rate applies to deferred tax assets and liabilities related to Baltic Dairy Board SIA. An increase in the income tax rate by 1 percentage point resulted in the remeasurement of deferred tax assets and liabilities. The impact of this change in the tax rate on the carrying amount of deferred tax for the Group and the Company amounted to EUR 100 thousand and EUR 77 thousand, respectively.
The Group\u2019s deferred tax assets and liabilities relate to the following line items (thousand EUR):
GROUP
Assets
Liabilities
Net value
31/12/2025
31/12/2024
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Property, plant and equipment
-
-
3,069
2,609
3,069
2,609
Vacation reserve
-364
-370
-
-
-364
-370
Allowance for doubtful receivables
-10
-101
-
-
-10
-101
Inventories
-68
-243
-
-
-68
-243
Government grants
-69
-60
-
-
-69
-60
Tax loss carry forward
-868
-
-
-
-868
-
Right-of-use asset
-14
-23
13
22
-1
-1
Fair value adjustment to assets and liabilities of Baltic Dairy Board SIA
-
-
259
225
259
225
Deferred income tax (assets)/liabilities
-1,393
-797
3,341
2,856
1,948
2,059
GROUP
01/01/2025
Recognised in profit or loss
Recognised in equity
31/12/2025
Property, plant and equipment
2,609
427
33
3,069
Vacation reserve
-370
6
-
-364
Allowance for doubtful receivables
-101
91
-
-10
Inventories
-243
175
-
-68
Government grants
-60
-9
-
-69
Tax loss carry forward
-
-868
-
-868
Right-of-use asset
-1
-
-
-1
Adjustment to assets and liabilities of Baltic Dairy Board SIA
225
34
-
259
Deferred income tax (assets)/liabilities
2,059
-144
33
1,948
GROUP
01/01/2024
Recognised in profit or loss
Recognised in equity
31/12/2024
Property, plant and equipment
1,960
346
303
2,609
Vacation reserve
-316
-54
-
-370
Allowance for doubtful receivables
-
-101
-
-101
Inventories
-92
-151
-
-243
Government grants
-62
2
-
-60
Tax loss carry forward
-751
751
-
-
Right-of-use asset
-
-1
-
-1
Adjustment to assets and liabilities of Baltic Dairy Board SIA
191
34
-
225
Deferred income tax (assets)/liabilities
930
826
303
2,059
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Deferred income tax assets/(liability)
0/1,282
0/704
Deferred income tax assets (liability), which
will be realised within 12 months
0/438
0/319
1,393/-4,623
796/-3,559
Deferred income tax assets (liability), which
will be realised after 12 months
1,298/-2,921
727/-2,364
-1,948
-2059
Net deferred income tax assets (liability)
-1,185
-1318
In accordance with Article 46\u00b9(1)(1) of the Law on Corporate Income Tax of the Republic of Lithuania, the investment project tax incentive may be applied by reducing taxable profit over four tax periods following the tax period in which the incentive arose. The Group and the Company do not recognise deferred tax assets in respect of the investment project incentive.
GROUP
COMPANY
2025
2024
2025
2024
753
724
Opening balance of the investment project tax incentive
753
627
1,190
4,427
Investment project tax incentive generated during the year
1162
4,087
-
-4,398
Investment project tax incentive utilised during the year
-
-3,961
1,943
753
Closing balance of the investment project tax incentive
1,915
753
The amount of unused tax incentives as at 31 December 2025 amounted to EUR 1,943 thousand for the Group and EUR 1,915 thousand for the Company (31 December 2024: EUR 753 thousand for both the Group and the Company).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
26.
Trade and other payables
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
Note
31/12/2025
31/12/2024
Financial instruments
18,321
15,050
Trade payables
12,467
11,126
-
-
Trade payables to related parties
28
16,729
14,896
18,321
15,050
29,196
26,022
Non-financial instruments
5,606
5,116
Employment-related liabilities
2,971
2,850
1,927
492
Advance amounts received
1,037
491
75
74
Dividends payable
1
1
1,000
610
Taxes payable, other than income tax
132
102
302
359
Accrued expenses and provisions
115
103
-
-
Other amounts payable
4
1
8,910
6,651
4,260
3,548
27,231
21,701
33,456
29,570
The Group\u2019s/Company\u2019s exposure to foreign exchange and liquidity risks arising from trade and other payables is disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "
26.
Trade and other payables
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
Note
31/12/2025
31/12/2024
Financial instruments
18,321
15,050
Trade payables
12,467
11,126
-
-
Trade payables to related parties
28
16,729
14,896
18,321
15,050
29,196
26,022
Non-financial instruments
5,606
5,116
Employment-related liabilities
2,971
2,850
1,927
492
Advance amounts received
1,037
491
75
74
Dividends payable
1
1
1,000
610
Taxes payable, other than income tax
132
102
302
359
Accrued expenses and provisions
115
103
-
-
Other amounts payable
4
1
8,910
6,651
4,260
3,548
27,231
21,701
33,456
29,570
The Group\u2019s/Company\u2019s exposure to foreign exchange and liquidity risks arising from trade and other payables is disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "
26.
Trade and other payables
Thousand EUR
GROUP
COMPANY
31/12/2025
31/12/2024
Note
31/12/2025
31/12/2024
Financial instruments
18,321
15,050
Trade payables
12,467
11,126
-
-
Trade payables to related parties
28
16,729
14,896
18,321
15,050
29,196
26,022
Non-financial instruments
5,606
5,116
Employment-related liabilities
2,971
2,850
1,927
492
Advance amounts received
1,037
491
75
74
Dividends payable
1
1
1,000
610
Taxes payable, other than income tax
132
102
302
359
Accrued expenses and provisions
115
103
-
-
Other amounts payable
4
1
8,910
6,651
4,260
3,548
27,231
21,701
33,456
29,570
The Group\u2019s/Company\u2019s exposure to foreign exchange and liquidity risks arising from trade and other payables is disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-113": { "value": "
27.
Contingent liabilities
Significant contractual commitments (thousand EUR):
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
2,000
49,952
Acquisition of PP&E
2,000
813
5,294
6,405
Purchase of raw materials
4,722
5,561
7,294
56,357
6,722
6,374
The amounts related to the acquisition of property, plant and equipment are associated with construction and production equipment works carried out by Baltic Dairy Board SIA.
As at 31 December 2025, the Group/Company were pledged as collateral for bank loans (see Note 23), together with the following additional security measures:
GROUP:
\uf0b7
immovable property with the carrying amount of EUR 30,679 thousand;
\uf0b7
movable property with the carrying amount of EUR 77,825 thousand;
\uf0b7
inventories in turnover with the carrying amount of EUR 7,605 thousand;
\uf0b7
lease rights to state-owned land.
COMPANY:
\uf0b7
the Company\u2019s immovable property located at address: P. Luko\u0161ai\u010dio g. 14, Vilky\u0161kiai, P. Luko\u0161ai\u010dio g. 3, Vilky\u0161kiai and Sod\u0173 g, 13, Er\u017evilkas, Jurbarko r. sav., with the carrying amount of EUR 4,643 thousand \u2013 to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
\uf0b7
the Company\u2019s investment property located at address: Gaur\u0117s g. 23, Taurag\u0117, with the carrying amount of EUR 7,871 thousand, to secure fulfilment of obligations of Kelm\u0117s Pienin\u0117 AB to OP Corporate Bank plc;
\uf0b7
the Company\u2019s lease rights to state-owned land;
\uf0b7
the Company\u2019s movable property located at address: P. Luko\u0161ai\u010dio g. 14, Vilky\u0161kiai, with the carrying amount of EUR 9,208 thousand to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
\uf0b7
all the Company\u2019s inventories in turnover to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
Other collaterals:
\uf0b7
the sureties issued by Kelm\u0117s pienin\u0117 AB, Modest AB, Kelm\u0117s pienas UAB and Baltic Dairy Board SIA to secure proper fulfilment of the Company\u2019s obligations under the loan agreement with Swedbank AB. The outstanding balance of the loan was EUR 5,778 thousand as at 31 December 2025 (the surety agreements were signed in 2021, 2022, 2023 and 2025).
Sureties and guarantees issued:
\uf0b7
surety issued to AS Citadele Banka to secure fulfilment of financial liabilities of SIA Baltic Dairy Board in amount of EUR 33,420 thousand as at 31 December 2025.
\uf0b7
surety issued to Op Corporate bank to secure fulfilment of financial liabilities of Kelm\u0117s Pienin\u0117 AB in amount of EUR 14,349 thousand as at 31 December 2025.
The Group\u2019s/Company\u2019s management is aware that pursuant to the effective laws, the State Tax Inspectorate may at any time inspect the books and accounting records of the Group/Company for 3 years preceding the reporting tax period and may assess additional taxes or fines. The Group\u2019s/Company\u2019s management is not aware of any circumstances that might result in a potential material tax liability in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "
27.
Contingent liabilities
Significant contractual commitments (thousand EUR):
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
2,000
49,952
Acquisition of PP&E
2,000
813
5,294
6,405
Purchase of raw materials
4,722
5,561
7,294
56,357
6,722
6,374
The amounts related to the acquisition of property, plant and equipment are associated with construction and production equipment works carried out by Baltic Dairy Board SIA.
As at 31 December 2025, the Group/Company were pledged as collateral for bank loans (see Note 23), together with the following additional security measures:
GROUP:
\uf0b7
immovable property with the carrying amount of EUR 30,679 thousand;
\uf0b7
movable property with the carrying amount of EUR 77,825 thousand;
\uf0b7
inventories in turnover with the carrying amount of EUR 7,605 thousand;
\uf0b7
lease rights to state-owned land.
COMPANY:
\uf0b7
the Company\u2019s immovable property located at address: P. Luko\u0161ai\u010dio g. 14, Vilky\u0161kiai, P. Luko\u0161ai\u010dio g. 3, Vilky\u0161kiai and Sod\u0173 g, 13, Er\u017evilkas, Jurbarko r. sav., with the carrying amount of EUR 4,643 thousand \u2013 to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
\uf0b7
the Company\u2019s investment property located at address: Gaur\u0117s g. 23, Taurag\u0117, with the carrying amount of EUR 7,871 thousand, to secure fulfilment of obligations of Kelm\u0117s Pienin\u0117 AB to OP Corporate Bank plc;
\uf0b7
the Company\u2019s lease rights to state-owned land;
\uf0b7
the Company\u2019s movable property located at address: P. Luko\u0161ai\u010dio g. 14, Vilky\u0161kiai, with the carrying amount of EUR 9,208 thousand to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
\uf0b7
all the Company\u2019s inventories in turnover to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
Other collaterals:
\uf0b7
the sureties issued by Kelm\u0117s pienin\u0117 AB, Modest AB, Kelm\u0117s pienas UAB and Baltic Dairy Board SIA to secure proper fulfilment of the Company\u2019s obligations under the loan agreement with Swedbank AB. The outstanding balance of the loan was EUR 5,778 thousand as at 31 December 2025 (the surety agreements were signed in 2021, 2022, 2023 and 2025).
Sureties and guarantees issued:
\uf0b7
surety issued to AS Citadele Banka to secure fulfilment of financial liabilities of SIA Baltic Dairy Board in amount of EUR 33,420 thousand as at 31 December 2025.
\uf0b7
surety issued to Op Corporate bank to secure fulfilment of financial liabilities of Kelm\u0117s Pienin\u0117 AB in amount of EUR 14,349 thousand as at 31 December 2025.
The Group\u2019s/Company\u2019s management is aware that pursuant to the effective laws, the State Tax Inspectorate may at any time inspect the books and accounting records of the Group/Company for 3 years preceding the reporting tax period and may assess additional taxes or fines. The Group\u2019s/Company\u2019s management is not aware of any circumstances that might result in a potential material tax liability in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-115": { "value": "
27.
Contingent liabilities
Significant contractual commitments (thousand EUR):
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
2,000
49,952
Acquisition of PP&E
2,000
813
5,294
6,405
Purchase of raw materials
4,722
5,561
7,294
56,357
6,722
6,374
The amounts related to the acquisition of property, plant and equipment are associated with construction and production equipment works carried out by Baltic Dairy Board SIA.
As at 31 December 2025, the Group/Company were pledged as collateral for bank loans (see Note 23), together with the following additional security measures:
GROUP:
\uf0b7
immovable property with the carrying amount of EUR 30,679 thousand;
\uf0b7
movable property with the carrying amount of EUR 77,825 thousand;
\uf0b7
inventories in turnover with the carrying amount of EUR 7,605 thousand;
\uf0b7
lease rights to state-owned land.
COMPANY:
\uf0b7
the Company\u2019s immovable property located at address: P. Luko\u0161ai\u010dio g. 14, Vilky\u0161kiai, P. Luko\u0161ai\u010dio g. 3, Vilky\u0161kiai and Sod\u0173 g, 13, Er\u017evilkas, Jurbarko r. sav., with the carrying amount of EUR 4,643 thousand \u2013 to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
\uf0b7
the Company\u2019s investment property located at address: Gaur\u0117s g. 23, Taurag\u0117, with the carrying amount of EUR 7,871 thousand, to secure fulfilment of obligations of Kelm\u0117s Pienin\u0117 AB to OP Corporate Bank plc;
\uf0b7
the Company\u2019s lease rights to state-owned land;
\uf0b7
the Company\u2019s movable property located at address: P. Luko\u0161ai\u010dio g. 14, Vilky\u0161kiai, with the carrying amount of EUR 9,208 thousand to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
\uf0b7
all the Company\u2019s inventories in turnover to secure fulfilment of the Company\u2019s obligations to Swedbank AB;
Other collaterals:
\uf0b7
the sureties issued by Kelm\u0117s pienin\u0117 AB, Modest AB, Kelm\u0117s pienas UAB and Baltic Dairy Board SIA to secure proper fulfilment of the Company\u2019s obligations under the loan agreement with Swedbank AB. The outstanding balance of the loan was EUR 5,778 thousand as at 31 December 2025 (the surety agreements were signed in 2021, 2022, 2023 and 2025).
Sureties and guarantees issued:
\uf0b7
surety issued to AS Citadele Banka to secure fulfilment of financial liabilities of SIA Baltic Dairy Board in amount of EUR 33,420 thousand as at 31 December 2025.
\uf0b7
surety issued to Op Corporate bank to secure fulfilment of financial liabilities of Kelm\u0117s Pienin\u0117 AB in amount of EUR 14,349 thousand as at 31 December 2025.
The Group\u2019s/Company\u2019s management is aware that pursuant to the effective laws, the State Tax Inspectorate may at any time inspect the books and accounting records of the Group/Company for 3 years preceding the reporting tax period and may assess additional taxes or fines. The Group\u2019s/Company\u2019s management is not aware of any circumstances that might result in a potential material tax liability in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-116": { "value": "
Significant contractual commitments (thousand EUR):
GROUP
COMPANY
31/12/2025
31/12/2024
31/12/2025
31/12/2024
2,000
49,952
Acquisition of PP&E
2,000
813
5,294
6,405
Purchase of raw materials
4,722
5,561
7,294
56,357
6,722
6,374
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-117": { "value": "
In 2025, personnel expenses included payments of EUR 1,107 thousand and EUR 1,043 thousand to the Group\u2018s and the Company\u2018s management personnel, including social security contributions (2024: EUR 1,080 thousand and EUR 783 thousand, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-118": { "value": "
29.
Financial instruments and risk management
Credit risk
The maximum exposure to credit risk is the net book amount of financial assets designated at 31 December 2025 as financial assets measured at amortised cost. The maximum exposure to credit risk at the reporting date was as follows:
GROUP
Net book amount
EUR \u2018000
Note
31/12/2025
31/12/2024
Non-current amounts receivable
17
912
-
Trade amount receivable
19
21,917
17,460
MPK claim right
19
16,427
-
Other amount receivable
19
26
4,951
Cash and cash equivalents
21
2,785
18,872
42,067
41,283
COMPANY
Net book amount
EUR \u2018000
Note
31/12/2025
31/12/2024
Non-current amounts receivable
17
2,141
1,170
Trade amount receivable
19
22,711
19,352
MPK claim right
19
16,427
-
Other amount receivable
19
2,000
3,031
Cash and cash equivalents
21
2,688
13,286
45,967
36,839
Other receivables of the Group and the Company as at 31 December 2025 amounting to EUR 16,170 thousand relate to an assignment of claim agreement signed on 14 February 2025 with \u0160iauli\u0173 bankas AB (see Note 30), under which the Company acquired the bank\u2019s claim against Marijampol\u0117s pieno konservai UAB (hereinafter \u2013 MPK). The claim was acquired at its nominal value. MPK\u2019s assets pledged to the bank are transferred to the Company under the Mortgage and Pledge Rights Assignment Agreement dated 27 February 2025.
The transaction was carried out with the strategic objective of becoming the main creditor of MPK as a preparatory step towards the planned acquisition of control over MPK. The acquired claim is classified as a financial asset measured at amortised cost because:
\uf02d
the Company\u2019s business model is to hold the asset in order to collect contractual cash flows
\uf02d
contractual cash flows meet the criterion of payments of principal and interest, i.e., they consist solely of payments of principal and interest.
On initial recognition, the asset was measured at fair value, which was equal to the transaction price of EUR 16,170 thousand (nominal value). In the opinion of management, the transaction price represents fair value, as the transaction was entered into with an independent third party under market conditions.
On initial recognition, there were no objective indications of credit impairment: MPK was operating, bankruptcy had not been declared, and the transfer price (nominal value) did not include any discount that would reflect incurred credit losses.
On initial recognition, no significant increase in credit risk was identified at initial recognition; therefore, the asset was classified in Stage 1 for expected credit losses. Expected credit losses are measured as 12-month expected credit losses.
In the opinion of management, the fair value of the claim as at 31 December 2025 is equal to its carrying amount, taking into account the short period since acquisition, the ongoing operations of MPK and the planned acquisition of control.
In 2026, the Group/Company plans to refinance the acquired claim against Marijampol\u0117s pieno konservai UAB through a bank.
Impairment losses
The Group/Company establishes provisions for impairment losses representing the estimate of incurred losses in respect of trade and other receivables. Such provisions includes only specific losses associated with individual significant items of trade and other receivables. The ageing analysis of trade and other receivables and non-current amounts receivable at the reporting date is as follows:
GROUP
EUR \u2018000
Total amount
Impairment
Total amount
Impairment
31/12/2025
31/12/2025
31/12/2024
31/12/2024
Related parties:
Not past due
23,340
-
-
-
23,340
-
-
-
Other parties:
Not past due
13,055
-
15,509
-
Past due 0-30 days
2,282
-
2,002
-341
Past due 31-60 days
456
-
165
-
More than 60 days
181
-58
413
-288
15,974
-58
18,089
-629
39,314
-58
18,089
-629
The Group and the Company recognise impairment allowances for trade and other receivables in accordance with the expected credit loss (ECL) model under IFRS 9. The simplified approach is applied to trade receivables, under which lifetime expected credit losses are recognised irrespective of changes in credit risk, independently of changes in credit risk.
Impairment is calculated using a provision matrix, whereby receivables are grouped based on ageing categories (current, 1\u201330 days past due, 31\u201360 days past due, 61\u201390 days past due and more than 90 days past due). Different expected credit loss rates are applied to each group based on: historical customer default experience, customer payment behaviour, assessment of the financial condition of debtors, the ageing structure of receivables, and economic conditions that may affect recoverability.
The model incorporates the following key parameters:
\uf0b7
probability of default, determined based on historical customer default rates;
\uf0b7
loss given default, representing the proportion of receivables expected to be unrecoverable;
\uf0b7
exposure at default, corresponding to the carrying amount of the receivable.
Expected credit losses also incorporate forward-looking information, including anticipated economic conditions and sector-specific risks that may affect customers\u2019 ability to settle their obligations. Where receivables are individually significant or where there has been a significant increase in credit risk, impairment is assessed on an individual basis.
Expected credit losses on loans granted are assessed using the general model, taking into account changes in credit risk since initial recognition.
When assessing loans granted to MPK, it is taken into account that they are secured by pledged assets whose value exceeds the loan-related claim. For this reason, expected credit losses are insignificant; therefore, no impairment allowances for these loans were recognized during the reporting period.
Movements on the account of provisions for impairment of trade and other receivables during the year were as follows:
GROUP
EUR \u2018000
COMPANY
2025
2024
Net book amount
2025
2024
-629
-307
Balance at 1 January
-629
-307
-
-461
Impairment losses recognised
-
-461
-
12
Write-off of bad debts
-
12
571
127
Impairment losses reversed
571
127
-58
-629
Balance at 31 December
-58
-629
Based on historical payment statistics and detailed analysis of customer solvency, the Company\u2019s management considers that the amounts which are past due more than 30 days and not impaired are still recoverable. As of 31 December 2025, the balance of bad debts amounted to EUR 58 thousand (as of 31 December 2024 - EUR 629 thousand).
Liquidity risk
The table below analyses financial liabilities, including interest charged thereon, based on their contractual maturities:
At 31 December 2025
GROUP
EUR \u2018000
Net book amount
Contractual cash flows
Less than 6 months
6-12 months
1-2 years
2-5 years
Financial liabilities
Bank borrowings
62,962
-70,454
-3,974
-20,575
-6,602
-39,304
Other borrowings
-
-
-
-
-
-
Lease liabilities
2,554
-2,720
-526
-436
-806
-951
Factoring
-
-
-
-
-
-
Trade payables
18,321
-18,321
-18,321
-
-
-
83,837
-91,495
-22,821
-21,011
-7,408
-40,255
At 31 December 2024
GROUP
EUR \u2018000
Net book amount
Contractual cash flows
Less than 6 months
6-12 months
1-2 years
2-5 years
Financial liabilities
Bank borrowings
36,929
-41,025
-2,592
-2,473
-13,760
-22,200
Other borrowings
-
-
-
-
-
-
Lease liabilities
2,293
-2,471
-481
-345
-693
-952
Factoring
-
-
-
-
-
-
Trade payables
15,050
-15,050
-15,050
-
-
-
54,272
-58,546
-18,123
-2,818
-14,453
-23,152
As at 31 December 2025, the Group\u2019s and the Company\u2019s current assets exceeded the current liabilities by EUR 12,978 thousand and EUR 14,887 thousand, respectively. As at 31 December 2025, the Group\u2019s and the Company\u2019s borrowings and lease liabilities totalled EUR 65,516 thousand and EUR 7,254 thousand, respectively. According to the current loan and other agreements with banks, in 2026, the Group should repay EUR 8,667 thousand, of which EUR 2,106 thousand will be extended, and the Company \u2013 EUR 1,556 thousand (see Note 23).
Foreign exchange risk
Exposure to foreign exchange risk at the exchange rates effective at 31 December 2025:
GROUP (COMPANY)
EUR \u2018000
USD
PLN
2025
2024
2025
2024
Trade and other receivables, net of tax
640
1,819
39
-
Cash and cash equivalents
-
-
-
-
Trade payables
-
-
-
-
Net exposure
640
1,819
39
-
During the year the exchange rates against the euro were as follows:
Average
2025
2024
USD
1.1294
1.0823
PLN
4.2394
4.3059
The exchange rates against the euro applied as at 31 December:
Average
2025
2024
USD
1.1757
1.0444
PLN
4.2263
4.2655
Analysis of sensitivity to changes in the exchange rates
The Company\u2019s foreign exchange risk arises from purchases and sales denominated in currencies other than the euro. In 2025, the Company\u2019s transactions were mostly conducted in the euros, and therefore, the Company was not exposed to significant foreign exchange risk.
Interest rate risk
The Group\u2019s and the Company\u2019s borrowings bear variable interest rates linked to EURIBOR + margin.
Interest rates applied to the Group\u2019s and the Company\u2019s financial instruments as at 31 December 2025 were as follows:
GROUP
COMPANY
Net book amount
EUR \u2018000
Net book amount
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Financial instruments with fixed interest rates
-
-
Loan granted to Baltic Dairy Board SIA
980
980
16,427
-
Right of claim
16,427
-
912
-
Loan to related parties
912
-
17,339
-
18,319
980
GROUP
COMPANY
Net book amount
EUR \u2018000
Net book amount
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Financial instruments with variable interest rates
-62,962
-36,929
Bank borrowings
-5,778
-7,549
-2,554
-2,293
Lease liabilities
-1,476
-1,804
-65,516
-39,222
-7,254
-9,353
-48,177
-39,222
11,065
-8,373
In 2025, the Group paid interest of EUR 1,140 thousand on borrowings.
Analysis of sensitivity of cash flows to instruments bearing variable interest rates
A shift in interest rates by +/- 100 basis points (bps) would increase/decrease equity and profit/(loss) by the amounts set out in the table below. This analysis assumes that all other variables, in particular exchange rates, are held constant. The analysis for 2024 was performed using the same basis.
GROUP
COMPANY
Profit (loss)
Impact (EUR \u2019000)
Profit (loss)
100 bp
100 bp
100 bp
100 bp
increase
decrease
increase
decrease
At 31 December 2025
-482
482
Financial instruments bearing variable interest rates
111
-111
At 31 December 2024
-392
392
Financial instruments bearing variable interest rates
-84
84
Fair value of financial instruments / Fair value hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the main (or most advantageous) market between market participants at the measurement date, regardless of whether the price is directly observed or determined using a valuation methodology.
The table below analyses financial instruments carried at fair value, by valuation method.
The following methods and assumptions are used by the Group/Company to determine the fair value of these financial instruments:
Financial instruments that are not measured at fair value
The main financial instruments of the Group/Company that are not measured at fair value are trade and other amounts receivable, term deposits, trade and other amounts payable, non-current and current borrowings. The Group\u2019s/Company\u2019s management is of the opinion that the carrying amounts of these financial instruments approximate their fair values because borrowing costs are linked to an interbank lending rate EURIBOR, and other financial assets and liabilities are of short-term nature; therefore, their fair value variation is not significant. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement hierarchy has three levels:
Level 1 includes fair value of assets based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 includes fair value of assets based on directly or indirectly observable inputs;
Level 3 includes fair value of assets based on unobservable inputs.
Financial instruments measured at fair value
The Group/Company has no financial instruments measured at fair value.
At 31 December 2025
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Non-current amounts receivable
-
-
912
912
Trade and other receivables
-
-
38,344
38,344
Cash and cash equivalents
2,785
-
-
2,785
Borrowings and lease liabilities
-
-
-65,516
-65,516
Trade and other payables
-
-
-18,321
-18,321
2,785
-
-44,581
-41,796
At 31 December 2024
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Trade and other receivables
-
-
17,460
17,460
Cash and cash equivalents
18,872
-
-
18,872
Borrowings and lease liabilities
-
-
-39,223
-39,223
Trade and other payables
-
-
-15,050
-15,050
18,872
-
-36,813
-17,941
Capital management
The policy of the management bodies is to ensure a significant share of equity compared to borrowings in order to maintain trust of investors, creditors and the market, to facilitate development of operations in the future, and to ensure compliance with the externally imposed capital requirements. Capital is defined as equity attributable to equity holders.
The management bodies also aim to maintain balance between a higher rate of return, which could be achieved through more borrowings, and security, which is ensured by a larger amount of equity.
The Group/Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of their activities. To maintain or adjust the capital structure, the Group/Company may adjust the amount of dividend payments to shareholders, return capital to the shareholders or issue new shares. There were no changes in the capital management objectives, policies or processes during the financial years ended 31 December 2025 and 31 December2024.
The Group and the Company comply with the requirements of the Law on Companies of the Republic of Lithuania regarding the level of equity (equity must not be less than 1/2 of the share capital specified in the Articles of Association). In 2025, the equity of both the Group and the Company significantly exceeded share capital \u2013 by 25 times and 20 times, respectively.
The Group is also subject to externally imposed capital requirements set by banks. These require that the ratio of (equity less revaluation reserve) to total assets is not less than 30%. Management continuously monitors and ensures compliance with these requirements within the Group. In 2025, this ratio amounted to 47%. Further information is provided in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-119": { "value": "
Impairment losses
The Group/Company establishes provisions for impairment losses representing the estimate of incurred losses in respect of trade and other receivables. Such provisions includes only specific losses associated with individual significant items of trade and other receivables. The ageing analysis of trade and other receivables and non-current amounts receivable at the reporting date is as follows:
GROUP
EUR \u2018000
Total amount
Impairment
Total amount
Impairment
31/12/2025
31/12/2025
31/12/2024
31/12/2024
Related parties:
Not past due
23,340
-
-
-
23,340
-
-
-
Other parties:
Not past due
13,055
-
15,509
-
Past due 0-30 days
2,282
-
2,002
-341
Past due 31-60 days
456
-
165
-
More than 60 days
181
-58
413
-288
15,974
-58
18,089
-629
39,314
-58
18,089
-629
The Group and the Company recognise impairment allowances for trade and other receivables in accordance with the expected credit loss (ECL) model under IFRS 9. The simplified approach is applied to trade receivables, under which lifetime expected credit losses are recognised irrespective of changes in credit risk, independently of changes in credit risk.
Impairment is calculated using a provision matrix, whereby receivables are grouped based on ageing categories (current, 1\u201330 days past due, 31\u201360 days past due, 61\u201390 days past due and more than 90 days past due). Different expected credit loss rates are applied to each group based on: historical customer default experience, customer payment behaviour, assessment of the financial condition of debtors, the ageing structure of receivables, and economic conditions that may affect recoverability.
The model incorporates the following key parameters:
\uf0b7
probability of default, determined based on historical customer default rates;
\uf0b7
loss given default, representing the proportion of receivables expected to be unrecoverable;
\uf0b7
exposure at default, corresponding to the carrying amount of the receivable.
Expected credit losses also incorporate forward-looking information, including anticipated economic conditions and sector-specific risks that may affect customers\u2019 ability to settle their obligations. Where receivables are individually significant or where there has been a significant increase in credit risk, impairment is assessed on an individual basis.
Expected credit losses on loans granted are assessed using the general model, taking into account changes in credit risk since initial recognition.
When assessing loans granted to MPK, it is taken into account that they are secured by pledged assets whose value exceeds the loan-related claim. For this reason, expected credit losses are insignificant; therefore, no impairment allowances for these loans were recognized during the reporting period.
Movements on the account of provisions for impairment of trade and other receivables during the year were as follows:
GROUP
EUR \u2018000
COMPANY
2025
2024
Net book amount
2025
2024
-629
-307
Balance at 1 January
-629
-307
-
-461
Impairment losses recognised
-
-461
-
12
Write-off of bad debts
-
12
571
127
Impairment losses reversed
571
127
-58
-629
Balance at 31 December
-58
-629
Based on historical payment statistics and detailed analysis of customer solvency, the Company\u2019s management considers that the amounts which are past due more than 30 days and not impaired are still recoverable. As of 31 December 2025, the balance of bad debts amounted to EUR 58 thousand (as of 31 December 2024 - EUR 629 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-120": { "value": "
Foreign exchange risk
Exposure to foreign exchange risk at the exchange rates effective at 31 December 2025:
GROUP (COMPANY)
EUR \u2018000
USD
PLN
2025
2024
2025
2024
Trade and other receivables, net of tax
640
1,819
39
-
Cash and cash equivalents
-
-
-
-
Trade payables
-
-
-
-
Net exposure
640
1,819
39
-
During the year the exchange rates against the euro were as follows:
Average
2025
2024
USD
1.1294
1.0823
PLN
4.2394
4.3059
The exchange rates against the euro applied as at 31 December:
Average
2025
2024
USD
1.1757
1.0444
PLN
4.2263
4.2655
Analysis of sensitivity to changes in the exchange rates
The Company\u2019s foreign exchange risk arises from purchases and sales denominated in currencies other than the euro. In 2025, the Company\u2019s transactions were mostly conducted in the euros, and therefore, the Company was not exposed to significant foreign exchange risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-121": { "value": "
Fair value of financial instruments / Fair value hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the main (or most advantageous) market between market participants at the measurement date, regardless of whether the price is directly observed or determined using a valuation methodology.
The table below analyses financial instruments carried at fair value, by valuation method.
The following methods and assumptions are used by the Group/Company to determine the fair value of these financial instruments:
Financial instruments that are not measured at fair value
The main financial instruments of the Group/Company that are not measured at fair value are trade and other amounts receivable, term deposits, trade and other amounts payable, non-current and current borrowings. The Group\u2019s/Company\u2019s management is of the opinion that the carrying amounts of these financial instruments approximate their fair values because borrowing costs are linked to an interbank lending rate EURIBOR, and other financial assets and liabilities are of short-term nature; therefore, their fair value variation is not significant. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement hierarchy has three levels:
Level 1 includes fair value of assets based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 includes fair value of assets based on directly or indirectly observable inputs;
Level 3 includes fair value of assets based on unobservable inputs.
Financial instruments measured at fair value
The Group/Company has no financial instruments measured at fair value.
At 31 December 2025
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Non-current amounts receivable
-
-
912
912
Trade and other receivables
-
-
38,344
38,344
Cash and cash equivalents
2,785
-
-
2,785
Borrowings and lease liabilities
-
-
-65,516
-65,516
Trade and other payables
-
-
-18,321
-18,321
2,785
-
-44,581
-41,796
At 31 December 2024
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Trade and other receivables
-
-
17,460
17,460
Cash and cash equivalents
18,872
-
-
18,872
Borrowings and lease liabilities
-
-
-39,223
-39,223
Trade and other payables
-
-
-15,050
-15,050
18,872
-
-36,813
-17,941
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-122": { "value": "
Fair value of financial instruments / Fair value hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the main (or most advantageous) market between market participants at the measurement date, regardless of whether the price is directly observed or determined using a valuation methodology.
The table below analyses financial instruments carried at fair value, by valuation method.
The following methods and assumptions are used by the Group/Company to determine the fair value of these financial instruments:
Financial instruments that are not measured at fair value
The main financial instruments of the Group/Company that are not measured at fair value are trade and other amounts receivable, term deposits, trade and other amounts payable, non-current and current borrowings. The Group\u2019s/Company\u2019s management is of the opinion that the carrying amounts of these financial instruments approximate their fair values because borrowing costs are linked to an interbank lending rate EURIBOR, and other financial assets and liabilities are of short-term nature; therefore, their fair value variation is not significant. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement hierarchy has three levels:
Level 1 includes fair value of assets based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 includes fair value of assets based on directly or indirectly observable inputs;
Level 3 includes fair value of assets based on unobservable inputs.
Financial instruments measured at fair value
The Group/Company has no financial instruments measured at fair value.
At 31 December 2025
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Non-current amounts receivable
-
-
912
912
Trade and other receivables
-
-
38,344
38,344
Cash and cash equivalents
2,785
-
-
2,785
Borrowings and lease liabilities
-
-
-65,516
-65,516
Trade and other payables
-
-
-18,321
-18,321
2,785
-
-44,581
-41,796
At 31 December 2024
GROUP
EUR \u2019000
Level 1
Level 2
Level 3
Total
Trade and other receivables
-
-
17,460
17,460
Cash and cash equivalents
18,872
-
-
18,872
Borrowings and lease liabilities
-
-
-39,223
-39,223
Trade and other payables
-
-
-15,050
-15,050
18,872
-
-36,813
-17,941
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-123": { "value": "
Capital management
The policy of the management bodies is to ensure a significant share of equity compared to borrowings in order to maintain trust of investors, creditors and the market, to facilitate development of operations in the future, and to ensure compliance with the externally imposed capital requirements. Capital is defined as equity attributable to equity holders.
The management bodies also aim to maintain balance between a higher rate of return, which could be achieved through more borrowings, and security, which is ensured by a larger amount of equity.
The Group/Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of their activities. To maintain or adjust the capital structure, the Group/Company may adjust the amount of dividend payments to shareholders, return capital to the shareholders or issue new shares. There were no changes in the capital management objectives, policies or processes during the financial years ended 31 December 2025 and 31 December2024.
The Group and the Company comply with the requirements of the Law on Companies of the Republic of Lithuania regarding the level of equity (equity must not be less than 1/2 of the share capital specified in the Articles of Association). In 2025, the equity of both the Group and the Company significantly exceeded share capital \u2013 by 25 times and 20 times, respectively.
The Group is also subject to externally imposed capital requirements set by banks. These require that the ratio of (equity less revaluation reserve) to total assets is not less than 30%. Management continuously monitors and ensures compliance with these requirements within the Group. In 2025, this ratio amounted to 47%. Further information is provided in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5299005NNDRP09PFOY81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }