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"value": "-26727000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-316": { "value": "3916000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-317": { "value": "740000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-318": { "value": "18405000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-319": { "value": "17665000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-320": { "value": "22321000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-321": { "value": "18405000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-1": { "value": "
NOTES TO THE FINANCIAL STATEMENTS
1.
GENERAL INFORMATION
APB Apranga, (hereinafter \u201cthe Company\u201d), was incorporated and commenced its operations in March 1993 in Lithuania. The Company\u2019s main office is situated in Ukmerges str. 362, Vilnius, Lithuania. The Company has legal form of public limited liability company under the Law on Companies of Republic of Lithuania. The principal activity of the Company and its subsidiaries (hereinafter \u201cthe Group\u201d) is retail trade of apparel in Baltic countries.
The share capital of APB Apranga is EUR 16,034,668.40 and it is divided into 55,291,960 ordinary registered shares with a nominal value of EUR 0.29 each, where each share grants to its owner 1 vote (in total 55,291,960 voting shares), all shares are paid in full and give the owners equal rights. All 55 291 960 ordinary shares of nominal value EUR 0.29 each (ISIN code LT0000102337) that comprise Company\u2018s share capital are listed on Baltic equity list of Nasdaq Vilnius Stock Exchange.
At 31 December 2025, the Company had 7 402 shareholders (as per shareholders list prepared in accordance with SRD II directive). At 31 December the Company\u2018s shareholders were:
Number of shares
% of total ownership
Number of shares
% of total ownership
Shareholder
2025
2024
UAB MG Investment
36 169 099
65.4
36 169 099
65.4
UAB Minvista
5 795 929
10.5
5 795 929
10.5
Other
13 326 932
24.1
13 326 932
24.1
Total
55 291 960
100.0
55 291 960
100.0
The main shareholder is UAB MG Investment. The ultimate parent company whose financial statements are available for public use is UAB MG Grup\u0117. The ultimate controlling individual of the Group is Mr. D. J. Mockus:
\"'Please
At 31 December the Group consisted of the Company and the following its wholly owned subsidiaries:
Name
Country
Ownership interest in %
31 12 2025
Ownership interest in %
31 12 2024
UAB Apranga LT
Lithuania
100%
100%
UAB Apranga BPB LT
Lithuania
100%
100%
UAB Apranga PLT
Lithuania
100%
100%
UAB Apranga SLT
Lithuania
100%
100%
UAB Apranga MLT
Lithuania
100%
100%
UAB Apranga HLT
Lithuania
100%
100%
UAB Apranga OLT
Lithuania
100%
100%
UAB Apranga Ecom LT
Lithuania
-
100%
SIA Apranga
Latvia
100%
100%
SIA Apranga LV
Latvia
100%
100%
SIA Apranga BPB LV
Latvia
100%
100%
SIA Apranga PLV
Latvia
100%
100%
SIA Apranga SLV
Latvia
100%
100%
SIA Apranga MLV
Latvia
100%
100%
SIA Apranga HLV
Latvia
100%
100%
SIA Apranga OLV
Latvia
100%
100%
SIA Apranga Ecom LV
Latvia
100%
100%
OU Apranga*
Estonia
100%
100%
OU Apranga Estonia
Estonia
100%
100%
OU Apranga BEE
Estonia
100%
100%
OU Apranga PB Trade
Estonia
100%
100%
OU Apranga ST Retail
Estonia
100%
100%
OU Apranga MDE
Estonia
100%
100%
OU Apranga HEST
Estonia
100%
100%
OU Apranga Ecom EE
Estonia
100%
100%
* At 31 December 2025 the Company directly owned 14.91% shares and indirectly through its subsidiary owned the rest 85.09% of shares (At 31 December 2024: 14.91% and 85.09%, respectively)
At 31 December the Group\u2018s number of stores was:
Total number of shops
Shops, where premises are owned by Group
Country
2025
2024
2025
2024
Lithuania
103
103
6
6
Latvia
44
44
-
-
Estonia
24
24
-
-
Total
171
171
6
6
At 31 December 2025 the Group and the Company employed 2 360 and 784 people respectively (2024: 2 295 and 785 people respectively).
These financial statements were approved by Management Board on 3 April 2026. The shareholders of the Company have a statutory right to approve or not these financial statements and to require preparation of a new set of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "APB Apranga", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Ukmerges str. 362, Vilnius", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "The principal activity of the Company and its subsidiaries (hereinafter \u201cthe Group\u201d) is retail trade of apparel in Baltic countries.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "UAB MG Investment", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "UAB MG Grup\u0117", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "
At 31 December 2025 the Group and the Company employed 2 360 and 784 people respectively (2024: 2 295 and 785 people respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "These financial statements were approved by Management Board on 3 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "
2.
MATERIAL ACCOUNTING POLICY INFORMATION
The material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements are presented in Euro and all values are rounded to the nearest thousand, except when otherwise indicated. The numbers in tables may not coincide due to rounding of particular amounts to EUR thousand. Such rounding differences are not material to these financial statements.
2.1.
BASIS OF PREPARATION
The financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union.
These financial statements have been prepared under the historical cost basis, except for financial asset at fair value through profit (loss) as described in Note 17.
These financial statements comprise the Group\u2019s consolidated financial statements and the Company\u2019s separate financial statements. The Group and Company have prepared the financial statements on the going concern basis.
2.2.
CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
International Financial Reporting Standards require that in preparing the financial statements, management of the Company and the Group make estimates and assumptions that affect the reported amounts of assets and liabilities and required disclosure at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, except for the following:
a)
Revenue recognition
Management judgment is needed to determine whether revenue for certain sales transactions should be recorded on a gross basis or on a net basis. Revenue is recognised on a gross basis where the role of the Group/Company is that of principal in a transaction. The gross (without VAT) basis represents sales price after discounts, with any related costs charged to expenses.
The Group/Company has concluded that it is the principal in its revenue arrangements including all online sales, because:
- The entity controls the goods or services before transferring them to the customer;
- The entity is primarily responsible for the supply of goods and services and bears risk of non-performance, all customers returns are accepted into stores/warehouse;
- The entity has latitude in establishing price either directly or indirectly.
b)
Estimates concerning useful lives of tangible and intangible assets
The useful lives of tangible and intangible assets are determined by management at the time the asset is acquired and reviewed on an annual basis for appropriateness. The lives are based on historical experiences with similar assets as well as anticipation of future events, which may impact their useful life.
c)
Impairment of property, plant and equipment and right-of-use assets
Each shop is considered to represent a separate cash generating unit for impairment test. Cash generating units, which had indications of impairment, i.e. suffered operational loss, are tested. The Group and the Company have tested its leasehold improvements, right-of-use assets and other property, plant and equipment, whether those posess impairment loss, in accordance with the accounting policies stated in Note 2.6. The Group and the Company have used \u201cvalue in use\u201d calculations to test for impairment as information on fair value less costs to sell was not available. These calculations require the use of estimates as described in Note 12 and Note 25.
The management reviewed the main assumptions used for the measurement of the recoverable value of tested cash generating units. Results of impairment assessment are disclosed in Note 12 and Note 25.
d)
Inventory write-down to net realizable value
In accordance with the accounting policies stated in Note 2.8 the Group and the Company recognise inventory at the lower of cost and net realizable value less cost to sell. The Group and the Company evaluate whether the value of inventory recognised at cost is not lower that its net realisibale value based on the historical data and actual subsequent results of inventory items sold below costs. Net realisable values are disclosed in Note 15.
Management has assessed the level of inventories and determined that the book value of inventories as of 31 December 2025 and 2024 does not exceed the net realisable value.
In 2025, the Group reviewed the methodology applied for calculating inventory write-downs to net realisable value for non-franchise entities. Based on historical actual sales data of inventory items of the respective ageing periods, it was determined that the actual net realisable value of inventory older than one season no longer supports the previously applied write-down assumptions; therefore, no write-down is applied to such inventory. Furthermore, based on actual sales data, the level of write-down applied to inventory older than two seasons was reduced. These changes reflect the most recent information available regarding the recoverability of inventories and their net realisable value. Accordingly, as at 31 December 2025, the inventory write-down to net realisable value decreased and amounted to EUR (4,105) thousand for the Group and EUR (1,116) thousand for the Company. Had the previous write-down assumptions been applied, the total write-down of inventories held for resale to net realisable value would have amounted to EUR (5,182) thousand for the Group and EUR (2,193) thousand for the Company. Results of inventories write-down to net realizable value are disclosed in Note 15.
e)
Determining the lease term of contracts with renewal and termination options \u2013 Company/Group as lessee
The Company/Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Company/Group has lease contracts that include extension and termination options. The Company/Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company/Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset).
f)
Leases - Estimating the incremental borrowing rate
The Company/Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company/Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company/Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease.
The Company/Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific or country-specific adjustments. IBR used in 2025 varies from 1.0 to 2.8 per cent (from 1.0 to 4.0 per cent in 2024).
g)
Options granted
The Company/Group has options granted for non-financial assets and lease rights, which are not recognized as they do not meet the criteria of a financial instrument. Based on historical information and numerous extentions of the cooperation agreements and intensions of cooperation, the management of the Group believes that the agreement parties will not use any above options. In the unlikely event of happening, the selling price would be approximate fair value of the items/goods. For more details, refer to Note 27.
h)
Climate-related risks
The Company/Group has assessed climate-related risks and concluded that they do not have a material impact on the business performance, continuity of operations, impairment of assets value or allowances.
2.3.
ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
(A)
The standards/amendments that are effective and have been endorsed by the European Union
The accounting policies adopted are consistent with those of the previous financial year except for the following IFRS and amendments to IFRS which have been adopted by the Group/Company as of 1 January 2025:
\uf0b7
IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted.
The newly adopted IFRS and amendments to IFRS did not have a material impact on the Group\u2019s/Company\u2019s accounting policies.
(B)
The standards/amendments issued but not yet effective and not early adopted
B.1) The standards/amendments that are not yet effective, but have been endorsed by the European Union
\uf0b7
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments (Amendments). In May 2024, the IASB issued amendments to the classification and measurement of financial instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity (Amendments). In December 2024, the IASB issued targeted amendments for a better reflection of Contracts Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 introduces new requirements on presentation within the statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted. Retrospective application is required in both annual and interim financial statements. In subsequent reporting periods, Management will analyze the requirements of this published new standard and assess its impact.
B.2) The standards/amendments that are not yet effective and have not yet been endorsed by the European Union
\uf0b7
IFRS 19 Subsidiaries without Public Accountability: Disclosures. In May 2024, the IASB issued the IFRS 19 - Subsidiaries without Public Accountability: Disclosures, and it becomes effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.
\uf0b7
IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (Amendments). In November 2025, the IASB issued amendments to Translation to a Hyperinflationary Presentation Currency which amend IAS 21 The Effects of Changes in Foreign Exchange Rates, and they become effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.
\uf0b7
Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. In December 2015, the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.
The Group plans to adopt the above mentioned standards and interpretations on their effectiveness date provided they are endorsed by the EU.
2.4.
CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). 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.
For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in euro, which is the functional currency of the Company and the Group, and the presentation currency for the consolidated financial statements.
2.5.
INTANGIBLE ASSETS
Intangible assets expected to provide economic benefit to the Company and the Group in future periods are measured at cost less subsequent accumulated amortisation and impairment losses.
Amortisation is calculated on a straight-line basis to write off the cost of each asset over the estimated useful life as follows:
Software
3-5 years
Licences and rights acquired
5-9 years
Amortisation is accounted for as selling expense.
The Group and the Company have no intangible assets with indefinite useful life.
2.6.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment (hereinafter \u201cPPE\u201d) is stated at historical cost, less accumulated depreciation and impairment losses.
Leasehold improvements, that meet definition of PPE, are capitalised in the statement of financial position and depratiated over the lease term.
Compensation received from shopping malls in connection with the setting up of shops is related to the compensation of PPE, not to rent fees, and consequently the cost of acquisition of property, plant and equipment is reduced. The Company and the Group did not receive compensations that meet the definition of lease incentive in 2025 and 2024.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.
Depreciation is charged so as to write-off the cost of PPE to their residual value over their estimated useful lives, using the straight-line method, on the following basis:
Buildings
15-50 years
Plant and equipment
5-20 years
Leasehold improvements
4-10 years
Commercial and other equipment
3-10 years
The \"Commercial and other equipment\" category includes stores trading equipment, cash registers, IT equipment, warehouse equipment, and other assets used in the Group\u2018s and the Company's operations.
All depreciation of property, plant and equipment is recognised in the statement of comprehensive income and accounted for as selling expenses.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of the reporting period.
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (Note 2.2). Impairment of PPE as well as reversals of impairment during the year are included into selling costs caption in the statement of comprehensive income.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in other income (expences) caption in the statement of comprehensive income.
2.7.
INVESTMENTS IN SUBSIDIARIES
In the Company\u2019s separate financial statements investments in subsidiaries are accounted for at cost less impairment. Cost also includes direct attributable costs of investment.
Dividends received are credited to the Company\u2019s statement of comprehensive income.
2.8.
INVENTORIES
Inventories are stated at the lower of cost and net realizable value. Cost is determined by the first-in, first-out method. Net realizable value represents the estimated selling price less all estimated costs to be incurred in selling. Unrealisable inventory has been fully written-off. Impairment losses are recognized as an expense immediately (under cost of sales caption).
2.9.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At the end of the reporting period, the Company and the Group review of its tangible and intangible non current assets and right-of-use assets to determine whether there is any indication (e.g. loss of cash-generating unit) that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company and Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognized as an expense immediately (under selling costs).
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately.
2.10.
FINANCIAL ASSETS AND LIABILITIES
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s/Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group/Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.
The Group\u2019s/Company\u2019s business model for managing financial assets refers to how the Group/Company manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
A regular way purchases or sales of financial assets are recognised on the trade date, i.e., the date that the Group/Company commits to purchase or sell the asset.
Fair value estimation
Fair value is 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 Group and the Company use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group and the Company determine whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. No transfers occurred in 2025 and 2024. Fair value measurements are disclosed in Note 17.
Subsequent measurement
After initial recognition, the Group/Company measures a financial asset at:
a) Amortised cost (debt instruments), see Note 17;
b) Fair value through profit or loss, see Note 17.
Financial assets at amortised cost (debt instruments)
The Group/Company measures financial assets at amortised cost if both of the following conditions are met:
i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and
ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the statement of comprehensive income when the asset is derecognised, modified or impaired.
The Group\u2019s/Company\u2019s financial assets at amortised cost includes cash and cash equivalents, trade, other current and non-current receivables and loans granted.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model.. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in other income caption in the statement of comprehensive income.
The Group/Company in order to make efficient use of the available free cash, in 2018 acquired collective investment scheme (fund units), which fair value (level 3) as at 31 December 2025 is EUR 2 120 thousand and as at 31 December 2024 is EUR 2 600 thousand (Note 17).
Impairment of financial assets
Following IFRS 9, the Group/Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.
In 2024 and 2025 there were no financial instruments which credit risk significantly increased.
For loans granted for which the credit risk has not significantly increased from initial recognition and for cash at banks with low credit risk expected credit loss is measured at an amount equal to 12-month ECLs.
For trade receivables, the Group/Company applies a simplified approach in calculating ECLs. Therefore, the Group/Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. For that purpose the Group/Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The Group/Company considers a financial asset in default when contractual payments are 90 days past due or when indications exist that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group/Company did not recognize allowance for trade receivables, intercompany trade receivables, loans and other receivables because based on historical as well as forward looking information the allowance is not material.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, cash held in bank accounts, deposits held at call with banks, cash in transit, which includes amounts receivable from cash collection companies and amounts receivable from banking institutions related to customer settlements made by bank cards, and other short-term highly liquid investments with original maturities of three months or less. Cash equivalents include credit card receivables arising from customer payments by card, as well as amounts receivable from cash collection companies. These amounts are classified as cash equivalents because the period between the transaction date and the receipt of cash is short (typically up to 10 days) and the risk that their value will change or that the counterparty will not settle is insignificant. In such cases, these amounts are considered cash in transit and are included in the cash and cash equivalents line item.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s/Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and finance lease liabilities.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below.
Loans, borrowings and other payables
After initial recognition, loans, borrowings and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of comprehensive income, when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of comprehensive income.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to realise the assets and settle the liabilities simultaneously.
Derecognition of financial instruments
Financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s/Company\u2019s statement of financial position) when:
i) The rights to receive cash flows from the asset have expired or
ii) The Group/Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group/Company has transferred substantially all the risks and rewards of the asset, or (b) the Group/Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.

2.11.
SHARE CAPITAL
(a) Ordinary shares
Ordinary shares are stated at their par value. Consideration received for the shares sold in excess over their par 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.
2.12.
RESERVE
(a)
Foreign currency translation reserve
The foreign currency translation reserve is used for translation differences arising on consolidation of financial statements of foreign subsidiaries. Exchange differences are classified as equity in the consolidated financial statements until disposal of the investment. Upon disposal of the corresponding assets, the cumulative revaluation of translation reserves is recognised as income or expenses in the same period when the gain or loss on disposal is recognised. The Group's recorded currency translation reserve relates to investments in the share capital of its Latvian and Estonian subsidiaries prior to the introduction of the euro in all Baltic countries.
(b)
Legal reserves
Legal reserve is compulsory under the Lithuanian regulatory legislation. Annual transfers of 5 per cent of net result are required until the reserve reaches 10 per cent of share capital. The legal reserve cannot be used for payment of dividends and it is established to cover future losses only.
2.13.
INCOME TAX
(a) Current income tax
The Group companies are taxed individually irrespective of the overall results of the Group. The Group companies in Lithuania may transfer the estimated tax losses (or part thereof) to another Group company in Lithuania, which has a right to reduce the taxable profit with the respective amount of the tax looses transferred for the same taxable period.
The charge for taxation included in these financial statements is based on the calculation made by the management in accordance with tax legislation of the respective country in which group entity operates.
The tax currently payable is based on taxable profit for the reporting period. For companies operating in Lithuania tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities and/or derivative financial instruments not designated for hedging. Starting from 1 January 2014 the transferable tax loss cannot cover more than 70% of the taxable profit of the current year. Such carrying forward is disrupted if the company changes its activities due to which these losses were incurred except when the company does not continue its activities due to reasons which do not depend on the company itself. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s and the Company\u2019s liability for current tax is calculated using tax rates that have been enacted at the end of the reporting period.
The income tax rate applied for the Company and subsidiaries operating in Lithuania was 15 per cent in 2024 and 16 per cent in 2025. In Latvia and Estonia income tax rate on reporting period and prior taxable profits is nil. In Latvia and Estonia, the taxation of profit of operating subsidiaries is deferred until the profit appropriation moment, i.e. payment of dividends. The dividends paid by the Group\u2019s companies in Latvia are taxed at the withholding tax rate of 20% of their gross amounts as at 31 December 2025 (20% as at 31 December 2024). The dividends paid by the Group\u2019s companies in Estonia are taxed at the withholding tax rate of 22% of their gross amounts as at 31 December 2025 (22% as at 31 December 2024)
In periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, the Group/Company does not expect material impact of the amendments on the the financial statements as effective income tax rate is above 15% in Lithuania and for Latvia and Estonia accruals of deffered tax liabilities are made with 20% and 22% effective income tax rate.
(b) Deferred income tax
Deferred income tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the statement of financial position liability method.
Deferred income tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group and the Company are able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group and the Company intend to settle its current tax assets and liabilities on a net basis.
Deferred income tax asset and liability related to the entities operating in Lithuania were calculated at 17 per cent rate as at December 2025 (as at December 2024: 16 per cent). Deferred income tax liability related to the entities operating in Latvia were calculated at 20 per cent rate as at 31 December 2025 and as at 31 December 2024 for the accrued undistributed profit of these subsidiaries. Deferred income tax liability related to the entities operating in Estonia were calculated at 22 per cent rate as at 31 December 2025 (at 31 December 2024: 22 per cent) for the accrued undistributed profit of these subsidiaries. These undistributed profits are planned to be paid out as dividends during the coming years (Note 2.17).
2.14.
LEASES
The Company or the Group as lessee
The Company/Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Company/Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company/Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
The Company/Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Premises
1 to 15 years
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Motor vehicles
1 to 5 years
If ownership of the leased asset transfers to the Company/Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2.9, Impairment of non-financial assets.
Lease liabilities
At the commencement date of the lease, the Company/Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company/Group and payments of penalties for terminating the lease, if the lease term reflects the Company/Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company/Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
The Company\u2019s/Group\u2019s lease liabilities are included in Non-current lease liabilities and Current lease liabilities (see Note 25).
Short-term leases and leases of low-value assets
The Company/Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value (below EUR 5 thousand). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.
2.15.
EMPLOYEE BENEFITS
(a) Social security contributions
The Company and the Group pay social security contributions to the state Social Security Fund (the Fund) on behalf of its employees based on the defined contribution plan in accordance with the local legal requirements. A defined contribution plan is a plan under which the Group and the Company pay fixed contributions into the Fund and will have no legal or constructive obligations to pay further contributions if the Fund does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior period. Social security contributions are recognised as expenses on an accrual basis and included in payroll expenses.
(b) Long-term employee benefits
According to the requirements of Lithuanian Labor Code, each employee leaving the Group at the age of retirement is entitled to a one-off payment in the amount of 2 months\u2019 salary.
The actuarial gains and losses are recognized in the statement of other comprehensive income.
The past service costs are recognised as an expense on a straight line basis over the average period until the benefits become vested. Any gains or losses appearing as a result of curtailment and/or settlement are recognised in the statement of comprehensive income as incurred. The past service costs are recognized in the statement of comprehensive income as incurred.
The above mentioned employee benefit obligation is calculated based on actuarial assumptions, using the projected unit credit method. Obligation is recognized in the statement of financial position and reflects the present value of these benefits on the date of the statement of financial position. Present value of the non-current obligation to employees is determined by discounting estimated future cash flows using the discount rate which reflects the interest rate of the Government bonds of the same currency and similar maturity as the employment benefits. Actuarial gains and losses are recognized in the statement of other comprehensive income as incurred. In 2025 and 2024 years there were no material amounts.
(c) Termination benefits
Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company and the Group recognise termination benefits when it is demonstrably committed to either terminate the employment of current employees according to a detailed formal plan without possibility of withdrawal or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
(d) Bonus plans
The Company and the Group recognise a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation.
2.16.
RECOGNITION OF REVENUE AND RELATED EXPENSES
Revenue recognition
Revenue from contracts with customers is recognised when control of the services or goods are transferred to the customer at an amount that reflects the consideration to which the Group/Company expects to be entitled in exchange for those services or goods. The Group/Company has concluded that it is the principal in its revenue arrangements, because:
- The entity controls the goods or services before transferring them to the customer;
- The entity is primarily responsible for the supply of goods and services and bears risk of non-performance;
- The entity has latitude in establishing price either directly or indirectly.
Sales of goods at physical stores are recognized when the Company or another Group entity sells and provides a product to the customer. Online sales of goods are recognized at a point in time when the Company or another Group entity sends a product to the customer. Retail sales are usually in cash or by credit card. The recorded revenue includes credit card fees payable for the transaction. Such fees are included in operating expenses.
Every sale of goods that the Group/Company makes is a separate performance obligation with separately identifiable fixed price. The Group/Company does not have any customer loyalty progammes.
The Company recognizes wholesale income upon shipment of goods to its subsidiaries. The Company is the main supplier of goods to non-franchised subsidiaries located in Latvia and Estonia.
The Company recognises revenue from management services provided to subsidaries over time, based on expenses incurred to measure provision of the services, because the customer simultaneously receives and consumes the benefits provided by the Company.
Other occasional revenue from the sale of property, plant or equipment is recognised at a point in time, when sold items are delivered to client and control is transfered.
Dividend income is recognised when the right to receive payment is established.
In addition the management considers the effect of other matters to the revenue recognition such as the existence of significant financing components, non-cash consideration, consideration payable to the customer and warranties. None of these are present in the Group\u2019s/Company\u2018s contracts with the customers.
Contract liabilities
Contract liabilities include advance payments received for goods not yet shipped and unused gift cards. These liabilities are recognized when the Group/Company receives payment from customers before delivering goods or services. Revenue from these liabilities is recognized when the goods are delivered or the gift cards are redeemed. For more information see Note 24.
Assets and liabilities arising from rights of return
Right of return assets
A right-of-return asset is recognised for the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any potential decreases in value. The Group/Company updates the measurement of the asset for any revisions to the expected level of returns and any additional decreases in the value of the returned products. For more information see Note 15 as part of inventories.
Refund liabilities
A refund liability is recognised for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group\u2019s/Company\u2019s refund liabilities arise from customers\u2019 right of return. The liability is measured at the amount the Group/Company ultimately expects it will have to return to the customer. The Group/Company updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. For more information see Note 24.
The Group/Company does not incur material costs to acquire or fulfill the contract.
2.17.
DIVIDEND DISTRIBUTION
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s and Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
2.18.
EARNINGS PER SHARE
Basic earnings per share are calculated by dividing net profit attributed to the shareholders of the Company and the Group by the weighted average number of ordinary registered shares in issue, excluding ordinary registered shares purchased by the Group and the Company and held as treasury shares, if any.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "
2.1.
BASIS OF PREPARATION
The financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union.
These financial statements have been prepared under the historical cost basis, except for financial asset at fair value through profit (loss) as described in Note 17.
These financial statements comprise the Group\u2019s consolidated financial statements and the Company\u2019s separate financial statements. The Group and Company have prepared the financial statements on the going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
The financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "
These financial statements comprise the Group\u2019s consolidated financial statements and the Company\u2019s separate financial statements. The Group and Company have prepared the financial statements on the going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
2.2.
CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
International Financial Reporting Standards require that in preparing the financial statements, management of the Company and the Group make estimates and assumptions that affect the reported amounts of assets and liabilities and required disclosure at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, except for the following:
a)
Revenue recognition
Management judgment is needed to determine whether revenue for certain sales transactions should be recorded on a gross basis or on a net basis. Revenue is recognised on a gross basis where the role of the Group/Company is that of principal in a transaction. The gross (without VAT) basis represents sales price after discounts, with any related costs charged to expenses.
The Group/Company has concluded that it is the principal in its revenue arrangements including all online sales, because:
- The entity controls the goods or services before transferring them to the customer;
- The entity is primarily responsible for the supply of goods and services and bears risk of non-performance, all customers returns are accepted into stores/warehouse;
- The entity has latitude in establishing price either directly or indirectly.
b)
Estimates concerning useful lives of tangible and intangible assets
The useful lives of tangible and intangible assets are determined by management at the time the asset is acquired and reviewed on an annual basis for appropriateness. The lives are based on historical experiences with similar assets as well as anticipation of future events, which may impact their useful life.
c)
Impairment of property, plant and equipment and right-of-use assets
Each shop is considered to represent a separate cash generating unit for impairment test. Cash generating units, which had indications of impairment, i.e. suffered operational loss, are tested. The Group and the Company have tested its leasehold improvements, right-of-use assets and other property, plant and equipment, whether those posess impairment loss, in accordance with the accounting policies stated in Note 2.6. The Group and the Company have used \u201cvalue in use\u201d calculations to test for impairment as information on fair value less costs to sell was not available. These calculations require the use of estimates as described in Note 12 and Note 25.
The management reviewed the main assumptions used for the measurement of the recoverable value of tested cash generating units. Results of impairment assessment are disclosed in Note 12 and Note 25.
d)
Inventory write-down to net realizable value
In accordance with the accounting policies stated in Note 2.8 the Group and the Company recognise inventory at the lower of cost and net realizable value less cost to sell. The Group and the Company evaluate whether the value of inventory recognised at cost is not lower that its net realisibale value based on the historical data and actual subsequent results of inventory items sold below costs. Net realisable values are disclosed in Note 15.
Management has assessed the level of inventories and determined that the book value of inventories as of 31 December 2025 and 2024 does not exceed the net realisable value.
In 2025, the Group reviewed the methodology applied for calculating inventory write-downs to net realisable value for non-franchise entities. Based on historical actual sales data of inventory items of the respective ageing periods, it was determined that the actual net realisable value of inventory older than one season no longer supports the previously applied write-down assumptions; therefore, no write-down is applied to such inventory. Furthermore, based on actual sales data, the level of write-down applied to inventory older than two seasons was reduced. These changes reflect the most recent information available regarding the recoverability of inventories and their net realisable value. Accordingly, as at 31 December 2025, the inventory write-down to net realisable value decreased and amounted to EUR (4,105) thousand for the Group and EUR (1,116) thousand for the Company. Had the previous write-down assumptions been applied, the total write-down of inventories held for resale to net realisable value would have amounted to EUR (5,182) thousand for the Group and EUR (2,193) thousand for the Company. Results of inventories write-down to net realizable value are disclosed in Note 15.
e)
Determining the lease term of contracts with renewal and termination options \u2013 Company/Group as lessee
The Company/Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Company/Group has lease contracts that include extension and termination options. The Company/Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company/Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset).
f)
Leases - Estimating the incremental borrowing rate
The Company/Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company/Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company/Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease.
The Company/Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific or country-specific adjustments. IBR used in 2025 varies from 1.0 to 2.8 per cent (from 1.0 to 4.0 per cent in 2024).
g)
Options granted
The Company/Group has options granted for non-financial assets and lease rights, which are not recognized as they do not meet the criteria of a financial instrument. Based on historical information and numerous extentions of the cooperation agreements and intensions of cooperation, the management of the Group believes that the agreement parties will not use any above options. In the unlikely event of happening, the selling price would be approximate fair value of the items/goods. For more details, refer to Note 27.
h)
Climate-related risks
The Company/Group has assessed climate-related risks and concluded that they do not have a material impact on the business performance, continuity of operations, impairment of assets value or allowances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
a)
Revenue recognition
Management judgment is needed to determine whether revenue for certain sales transactions should be recorded on a gross basis or on a net basis. Revenue is recognised on a gross basis where the role of the Group/Company is that of principal in a transaction. The gross (without VAT) basis represents sales price after discounts, with any related costs charged to expenses.
The Group/Company has concluded that it is the principal in its revenue arrangements including all online sales, because:
- The entity controls the goods or services before transferring them to the customer;
- The entity is primarily responsible for the supply of goods and services and bears risk of non-performance, all customers returns are accepted into stores/warehouse;
- The entity has latitude in establishing price either directly or indirectly.
2.16.
RECOGNITION OF REVENUE AND RELATED EXPENSES
Revenue recognition
Revenue from contracts with customers is recognised when control of the services or goods are transferred to the customer at an amount that reflects the consideration to which the Group/Company expects to be entitled in exchange for those services or goods. The Group/Company has concluded that it is the principal in its revenue arrangements, because:
- The entity controls the goods or services before transferring them to the customer;
- The entity is primarily responsible for the supply of goods and services and bears risk of non-performance;
- The entity has latitude in establishing price either directly or indirectly.
Sales of goods at physical stores are recognized when the Company or another Group entity sells and provides a product to the customer. Online sales of goods are recognized at a point in time when the Company or another Group entity sends a product to the customer. Retail sales are usually in cash or by credit card. The recorded revenue includes credit card fees payable for the transaction. Such fees are included in operating expenses.
Every sale of goods that the Group/Company makes is a separate performance obligation with separately identifiable fixed price. The Group/Company does not have any customer loyalty progammes.
The Company recognizes wholesale income upon shipment of goods to its subsidiaries. The Company is the main supplier of goods to non-franchised subsidiaries located in Latvia and Estonia.
The Company recognises revenue from management services provided to subsidaries over time, based on expenses incurred to measure provision of the services, because the customer simultaneously receives and consumes the benefits provided by the Company.
Other occasional revenue from the sale of property, plant or equipment is recognised at a point in time, when sold items are delivered to client and control is transfered.
Dividend income is recognised when the right to receive payment is established.
In addition the management considers the effect of other matters to the revenue recognition such as the existence of significant financing components, non-cash consideration, consideration payable to the customer and warranties. None of these are present in the Group\u2019s/Company\u2018s contracts with the customers.
Contract liabilities
Contract liabilities include advance payments received for goods not yet shipped and unused gift cards. These liabilities are recognized when the Group/Company receives payment from customers before delivering goods or services. Revenue from these liabilities is recognized when the goods are delivered or the gift cards are redeemed. For more information see Note 24.
Assets and liabilities arising from rights of return
Right of return assets
A right-of-return asset is recognised for the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods and any potential decreases in value. The Group/Company updates the measurement of the asset for any revisions to the expected level of returns and any additional decreases in the value of the returned products. For more information see Note 15 as part of inventories.
Refund liabilities
A refund liability is recognised for the obligation to refund some or all of the consideration received (or receivable) from a customer. The Group\u2019s/Company\u2019s refund liabilities arise from customers\u2019 right of return. The liability is measured at the amount the Group/Company ultimately expects it will have to return to the customer. The Group/Company updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. For more information see Note 24.
The Group/Company does not incur material costs to acquire or fulfill the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "
c)
Impairment of property, plant and equipment and right-of-use assets
Each shop is considered to represent a separate cash generating unit for impairment test. Cash generating units, which had indications of impairment, i.e. suffered operational loss, are tested. The Group and the Company have tested its leasehold improvements, right-of-use assets and other property, plant and equipment, whether those posess impairment loss, in accordance with the accounting policies stated in Note 2.6. The Group and the Company have used \u201cvalue in use\u201d calculations to test for impairment as information on fair value less costs to sell was not available. These calculations require the use of estimates as described in Note 12 and Note 25.
The management reviewed the main assumptions used for the measurement of the recoverable value of tested cash generating units. Results of impairment assessment are disclosed in Note 12 and Note 25.
d)
Inventory write-down to net realizable value
In accordance with the accounting policies stated in Note 2.8 the Group and the Company recognise inventory at the lower of cost and net realizable value less cost to sell. The Group and the Company evaluate whether the value of inventory recognised at cost is not lower that its net realisibale value based on the historical data and actual subsequent results of inventory items sold below costs. Net realisable values are disclosed in Note 15.
Management has assessed the level of inventories and determined that the book value of inventories as of 31 December 2025 and 2024 does not exceed the net realisable value.
In 2025, the Group reviewed the methodology applied for calculating inventory write-downs to net realisable value for non-franchise entities. Based on historical actual sales data of inventory items of the respective ageing periods, it was determined that the actual net realisable value of inventory older than one season no longer supports the previously applied write-down assumptions; therefore, no write-down is applied to such inventory. Furthermore, based on actual sales data, the level of write-down applied to inventory older than two seasons was reduced. These changes reflect the most recent information available regarding the recoverability of inventories and their net realisable value. Accordingly, as at 31 December 2025, the inventory write-down to net realisable value decreased and amounted to EUR (4,105) thousand for the Group and EUR (1,116) thousand for the Company. Had the previous write-down assumptions been applied, the total write-down of inventories held for resale to net realisable value would have amounted to EUR (5,182) thousand for the Group and EUR (2,193) thousand for the Company. Results of inventories write-down to net realizable value are disclosed in Note 15.
2.9.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At the end of the reporting period, the Company and the Group review of its tangible and intangible non current assets and right-of-use assets to determine whether there is any indication (e.g. loss of cash-generating unit) that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company and Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognized as an expense immediately (under selling costs).
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
e)
Determining the lease term of contracts with renewal and termination options \u2013 Company/Group as lessee
The Company/Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Company/Group has lease contracts that include extension and termination options. The Company/Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company/Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset).
f)
Leases - Estimating the incremental borrowing rate
The Company/Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company/Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company/Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease.
The Company/Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific or country-specific adjustments. IBR used in 2025 varies from 1.0 to 2.8 per cent (from 1.0 to 4.0 per cent in 2024).
2.14.
LEASES
The Company or the Group as lessee
The Company/Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Company/Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company/Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
The Company/Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Premises
1 to 15 years
\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Motor vehicles
1 to 5 years
If ownership of the leased asset transfers to the Company/Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2.9, Impairment of non-financial assets.
Lease liabilities
At the commencement date of the lease, the Company/Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company/Group and payments of penalties for terminating the lease, if the lease term reflects the Company/Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company/Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
The Company\u2019s/Group\u2019s lease liabilities are included in Non-current lease liabilities and Current lease liabilities (see Note 25).
Short-term leases and leases of low-value assets
The Company/Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value (below EUR 5 thousand). Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
2.3.
ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
(A)
The standards/amendments that are effective and have been endorsed by the European Union
The accounting policies adopted are consistent with those of the previous financial year except for the following IFRS and amendments to IFRS which have been adopted by the Group/Company as of 1 January 2025:
\uf0b7
IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted.
The newly adopted IFRS and amendments to IFRS did not have a material impact on the Group\u2019s/Company\u2019s accounting policies.
(B)
The standards/amendments issued but not yet effective and not early adopted
B.1) The standards/amendments that are not yet effective, but have been endorsed by the European Union
\uf0b7
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments (Amendments). In May 2024, the IASB issued amendments to the classification and measurement of financial instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity (Amendments). In December 2024, the IASB issued targeted amendments for a better reflection of Contracts Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 introduces new requirements on presentation within the statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted. Retrospective application is required in both annual and interim financial statements. In subsequent reporting periods, Management will analyze the requirements of this published new standard and assess its impact.
B.2) The standards/amendments that are not yet effective and have not yet been endorsed by the European Union
\uf0b7
IFRS 19 Subsidiaries without Public Accountability: Disclosures. In May 2024, the IASB issued the IFRS 19 - Subsidiaries without Public Accountability: Disclosures, and it becomes effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.
\uf0b7
IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (Amendments). In November 2025, the IASB issued amendments to Translation to a Hyperinflationary Presentation Currency which amend IAS 21 The Effects of Changes in Foreign Exchange Rates, and they become effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.
\uf0b7
Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. In December 2015, the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.
The Group plans to adopt the above mentioned standards and interpretations on their effectiveness date provided they are endorsed by the EU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "
2.3.
ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS
(A)
The standards/amendments that are effective and have been endorsed by the European Union
The accounting policies adopted are consistent with those of the previous financial year except for the following IFRS and amendments to IFRS which have been adopted by the Group/Company as of 1 January 2025:
\uf0b7
IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted.
The newly adopted IFRS and amendments to IFRS did not have a material impact on the Group\u2019s/Company\u2019s accounting policies.
(B)
The standards/amendments issued but not yet effective and not early adopted
B.1) The standards/amendments that are not yet effective, but have been endorsed by the European Union
\uf0b7
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial Instruments (Amendments). In May 2024, the IASB issued amendments to the classification and measurement of financial instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent Electricity (Amendments). In December 2024, the IASB issued targeted amendments for a better reflection of Contracts Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards \u2013 Volume 11. An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. Management assessed that the amendments do not have a significant impact on the Group's/Company's accounting policies.
\uf0b7
IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 introduces new requirements on presentation within the statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are complemented by the requirements to present subtotals and totals for \u2018operating profit or loss\u2019, \u2018profit or loss before financing and income taxes\u2019 and \u2018profit or loss\u2019. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted. Retrospective application is required in both annual and interim financial statements. In subsequent reporting periods, Management will analyze the requirements of this published new standard and assess its impact.
B.2) The standards/amendments that are not yet effective and have not yet been endorsed by the European Union
\uf0b7
IFRS 19 Subsidiaries without Public Accountability: Disclosures. In May 2024, the IASB issued the IFRS 19 - Subsidiaries without Public Accountability: Disclosures, and it becomes effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.
\uf0b7
IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (Amendments). In November 2025, the IASB issued amendments to Translation to a Hyperinflationary Presentation Currency which amend IAS 21 The Effects of Changes in Foreign Exchange Rates, and they become effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Company and the Group have not yet evaluated the impact of the implementation of these amendments.
\uf0b7
Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. In December 2015, the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.
The Group plans to adopt the above mentioned standards and interpretations on their effectiveness date provided they are endorsed by the EU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "
2.4.
CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). 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.
For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in euro, which is the functional currency of the Company and the Group, and the presentation currency for the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
2.4.
CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). 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.
For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in euro, which is the functional currency of the Company and the Group, and the presentation currency for the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in euro, which is the functional currency of the Company and the Group, and the presentation currency for the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
2.5.
INTANGIBLE ASSETS
Intangible assets expected to provide economic benefit to the Company and the Group in future periods are measured at cost less subsequent accumulated amortisation and impairment losses.
Amortisation is calculated on a straight-line basis to write off the cost of each asset over the estimated useful life as follows:
Software
3-5 years
Licences and rights acquired
5-9 years
Amortisation is accounted for as selling expense.
The Group and the Company have no intangible assets with indefinite useful life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "
2.5.
INTANGIBLE ASSETS
Intangible assets expected to provide economic benefit to the Company and the Group in future periods are measured at cost less subsequent accumulated amortisation and impairment losses.
Amortisation is calculated on a straight-line basis to write off the cost of each asset over the estimated useful life as follows:
Software
3-5 years
Licences and rights acquired
5-9 years
Amortisation is accounted for as selling expense.
The Group and the Company have no intangible assets with indefinite useful life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
2.6.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment (hereinafter \u201cPPE\u201d) is stated at historical cost, less accumulated depreciation and impairment losses.
Leasehold improvements, that meet definition of PPE, are capitalised in the statement of financial position and depratiated over the lease term.
Compensation received from shopping malls in connection with the setting up of shops is related to the compensation of PPE, not to rent fees, and consequently the cost of acquisition of property, plant and equipment is reduced. The Company and the Group did not receive compensations that meet the definition of lease incentive in 2025 and 2024.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.
Depreciation is charged so as to write-off the cost of PPE to their residual value over their estimated useful lives, using the straight-line method, on the following basis:
Buildings
15-50 years
Plant and equipment
5-20 years
Leasehold improvements
4-10 years
Commercial and other equipment
3-10 years
The \"Commercial and other equipment\" category includes stores trading equipment, cash registers, IT equipment, warehouse equipment, and other assets used in the Group\u2018s and the Company's operations.
All depreciation of property, plant and equipment is recognised in the statement of comprehensive income and accounted for as selling expenses.
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of the reporting period.
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (Note 2.2). Impairment of PPE as well as reversals of impairment during the year are included into selling costs caption in the statement of comprehensive income.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in other income (expences) caption in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
Leasehold improvements, that meet definition of PPE, are capitalised in the statement of financial position and depratiated over the lease term.
Compensation received from shopping malls in connection with the setting up of shops is related to the compensation of PPE, not to rent fees, and consequently the cost of acquisition of property, plant and equipment is reduced. The Company and the Group did not receive compensations that meet the definition of lease incentive in 2025 and 2024.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
Leasehold improvements, that meet definition of PPE, are capitalised in the statement of financial position and depratiated over the lease term.
Compensation received from shopping malls in connection with the setting up of shops is related to the compensation of PPE, not to rent fees, and consequently the cost of acquisition of property, plant and equipment is reduced. The Company and the Group did not receive compensations that meet the definition of lease incentive in 2025 and 2024.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
Depreciation is charged so as to write-off the cost of PPE to their residual value over their estimated useful lives, using the straight-line method, on the following basis:
Buildings
15-50 years
Plant and equipment
5-20 years
Leasehold improvements
4-10 years
Commercial and other equipment
3-10 years
The \"Commercial and other equipment\" category includes stores trading equipment, cash registers, IT equipment, warehouse equipment, and other assets used in the Group\u2018s and the Company's operations.
All depreciation of property, plant and equipment is recognised in the statement of comprehensive income and accounted for as selling expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
2.7.
INVESTMENTS IN SUBSIDIARIES
In the Company\u2019s separate financial statements investments in subsidiaries are accounted for at cost less impairment. Cost also includes direct attributable costs of investment.
Dividends received are credited to the Company\u2019s statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
2.8.
INVENTORIES
Inventories are stated at the lower of cost and net realizable value. Cost is determined by the first-in, first-out method. Net realizable value represents the estimated selling price less all estimated costs to be incurred in selling. Unrealisable inventory has been fully written-off. Impairment losses are recognized as an expense immediately (under cost of sales caption).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
2.9.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At the end of the reporting period, the Company and the Group review of its tangible and intangible non current assets and right-of-use assets to determine whether there is any indication (e.g. loss of cash-generating unit) that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company and Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognized as an expense immediately (under selling costs).
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
2.10.
FINANCIAL ASSETS AND LIABILITIES
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s/Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group/Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.
The Group\u2019s/Company\u2019s business model for managing financial assets refers to how the Group/Company manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
A regular way purchases or sales of financial assets are recognised on the trade date, i.e., the date that the Group/Company commits to purchase or sell the asset.
Fair value estimation
Fair value is 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 Group and the Company use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group and the Company determine whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. No transfers occurred in 2025 and 2024. Fair value measurements are disclosed in Note 17.
Subsequent measurement
After initial recognition, the Group/Company measures a financial asset at:
a) Amortised cost (debt instruments), see Note 17;
b) Fair value through profit or loss, see Note 17.
Financial assets at amortised cost (debt instruments)
The Group/Company measures financial assets at amortised cost if both of the following conditions are met:
i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and
ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the statement of comprehensive income when the asset is derecognised, modified or impaired.
The Group\u2019s/Company\u2019s financial assets at amortised cost includes cash and cash equivalents, trade, other current and non-current receivables and loans granted.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model.. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in other income caption in the statement of comprehensive income.
The Group/Company in order to make efficient use of the available free cash, in 2018 acquired collective investment scheme (fund units), which fair value (level 3) as at 31 December 2025 is EUR 2 120 thousand and as at 31 December 2024 is EUR 2 600 thousand (Note 17).
Impairment of financial assets
Following IFRS 9, the Group/Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.
In 2024 and 2025 there were no financial instruments which credit risk significantly increased.
For loans granted for which the credit risk has not significantly increased from initial recognition and for cash at banks with low credit risk expected credit loss is measured at an amount equal to 12-month ECLs.
For trade receivables, the Group/Company applies a simplified approach in calculating ECLs. Therefore, the Group/Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. For that purpose the Group/Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The Group/Company considers a financial asset in default when contractual payments are 90 days past due or when indications exist that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group/Company did not recognize allowance for trade receivables, intercompany trade receivables, loans and other receivables because based on historical as well as forward looking information the allowance is not material.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, cash held in bank accounts, deposits held at call with banks, cash in transit, which includes amounts receivable from cash collection companies and amounts receivable from banking institutions related to customer settlements made by bank cards, and other short-term highly liquid investments with original maturities of three months or less. Cash equivalents include credit card receivables arising from customer payments by card, as well as amounts receivable from cash collection companies. These amounts are classified as cash equivalents because the period between the transaction date and the receipt of cash is short (typically up to 10 days) and the risk that their value will change or that the counterparty will not settle is insignificant. In such cases, these amounts are considered cash in transit and are included in the cash and cash equivalents line item.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s/Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and finance lease liabilities.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below.
Loans, borrowings and other payables
After initial recognition, loans, borrowings and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of comprehensive income, when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of comprehensive income.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to realise the assets and settle the liabilities simultaneously.
Derecognition of financial instruments
Financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s/Company\u2019s statement of financial position) when:
i) The rights to receive cash flows from the asset have expired or
ii) The Group/Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group/Company has transferred substantially all the risks and rewards of the asset, or (b) the Group/Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.

2.11.
SHARE CAPITAL
(a) Ordinary shares
Ordinary shares are stated at their par value. Consideration received for the shares sold in excess over their par 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.
2.17.
DIVIDEND DISTRIBUTION
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s and Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s/Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group/Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.
The Group\u2019s/Company\u2019s business model for managing financial assets refers to how the Group/Company manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
A regular way purchases or sales of financial assets are recognised on the trade date, i.e., the date that the Group/Company commits to purchase or sell the asset.
Fair value estimation
Fair value is 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 Group and the Company use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group and the Company determine whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. No transfers occurred in 2025 and 2024. Fair value measurements are disclosed in Note 17.
Subsequent measurement
After initial recognition, the Group/Company measures a financial asset at:
a) Amortised cost (debt instruments), see Note 17;
b) Fair value through profit or loss, see Note 17.
Financial assets at amortised cost (debt instruments)
The Group/Company measures financial assets at amortised cost if both of the following conditions are met:
i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and
ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the statement of comprehensive income when the asset is derecognised, modified or impaired.
The Group\u2019s/Company\u2019s financial assets at amortised cost includes cash and cash equivalents, trade, other current and non-current receivables and loans granted.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model.. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in other income caption in the statement of comprehensive income.
The Group/Company in order to make efficient use of the available free cash, in 2018 acquired collective investment scheme (fund units), which fair value (level 3) as at 31 December 2025 is EUR 2 120 thousand and as at 31 December 2024 is EUR 2 600 thousand (Note 17).
Impairment of financial assets
Following IFRS 9, the Group/Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.
In 2024 and 2025 there were no financial instruments which credit risk significantly increased.
For loans granted for which the credit risk has not significantly increased from initial recognition and for cash at banks with low credit risk expected credit loss is measured at an amount equal to 12-month ECLs.
For trade receivables, the Group/Company applies a simplified approach in calculating ECLs. Therefore, the Group/Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. For that purpose the Group/Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The Group/Company considers a financial asset in default when contractual payments are 90 days past due or when indications exist that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group/Company did not recognize allowance for trade receivables, intercompany trade receivables, loans and other receivables because based on historical as well as forward looking information the allowance is not material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
Fair value estimation
Fair value is 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 Group and the Company use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group and the Company determine whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. No transfers occurred in 2025 and 2024. Fair value measurements are disclosed in Note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the statement of comprehensive income when the asset is derecognised, modified or impaired.
After initial recognition, loans, borrowings and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of comprehensive income, when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model.. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in other income caption in the statement of comprehensive income.
The Group/Company in order to make efficient use of the available free cash, in 2018 acquired collective investment scheme (fund units), which fair value (level 3) as at 31 December 2025 is EUR 2 120 thousand and as at 31 December 2024 is EUR 2 600 thousand (Note 17).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
Impairment of financial assets
Following IFRS 9, the Group/Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.
In 2024 and 2025 there were no financial instruments which credit risk significantly increased.
For loans granted for which the credit risk has not significantly increased from initial recognition and for cash at banks with low credit risk expected credit loss is measured at an amount equal to 12-month ECLs.
For trade receivables, the Group/Company applies a simplified approach in calculating ECLs. Therefore, the Group/Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. For that purpose the Group/Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The Group/Company considers a financial asset in default when contractual payments are 90 days past due or when indications exist that the debtors or a group of debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The Group/Company did not recognize allowance for trade receivables, intercompany trade receivables, loans and other receivables because based on historical as well as forward looking information the allowance is not material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, cash held in bank accounts, deposits held at call with banks, cash in transit, which includes amounts receivable from cash collection companies and amounts receivable from banking institutions related to customer settlements made by bank cards, and other short-term highly liquid investments with original maturities of three months or less. Cash equivalents include credit card receivables arising from customer payments by card, as well as amounts receivable from cash collection companies. These amounts are classified as cash equivalents because the period between the transaction date and the receipt of cash is short (typically up to 10 days) and the risk that their value will change or that the counterparty will not settle is insignificant. In such cases, these amounts are considered cash in transit and are included in the cash and cash equivalents line item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings and payables. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s/Company\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and finance lease liabilities.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below.
Loans, borrowings and other payables
After initial recognition, loans, borrowings and other payables are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the statement of comprehensive income, when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, i.e. to realise the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
Derecognition of financial instruments
Financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s/Company\u2019s statement of financial position) when:
i) The rights to receive cash flows from the asset have expired or
ii) The Group/Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group/Company has transferred substantially all the risks and rewards of the asset, or (b) the Group/Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
2.11.
SHARE CAPITAL
(a) Ordinary shares
Ordinary shares are stated at their par value. Consideration received for the shares sold in excess over their par 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
2.12.
RESERVE
(a)
Foreign currency translation reserve
The foreign currency translation reserve is used for translation differences arising on consolidation of financial statements of foreign subsidiaries. Exchange differences are classified as equity in the consolidated financial statements until disposal of the investment. Upon disposal of the corresponding assets, the cumulative revaluation of translation reserves is recognised as income or expenses in the same period when the gain or loss on disposal is recognised. The Group's recorded currency translation reserve relates to investments in the share capital of its Latvian and Estonian subsidiaries prior to the introduction of the euro in all Baltic countries.
(b)
Legal reserves
Legal reserve is compulsory under the Lithuanian regulatory legislation. Annual transfers of 5 per cent of net result are required until the reserve reaches 10 per cent of share capital. The legal reserve cannot be used for payment of dividends and it is established to cover future losses only.
22.
LEGAL RESERVE AND PROFIT DISTRIBUTION
Under Lithuanian Law on Companies the Company has to allocate 1/20 of its net profit to the legal reserve until it reaches 1/10 of the Company\u2019s authorised capital (up to EUR 1 604 thousand as at 31 December 2025 and 31 December 2024). Legal reserve is fully formed. The reserve can be used only to cover the accumulated losses.
On 30 April 2025 the Company\u2019s shareholders\u2019 meeting resolved to pay EUR 13 270 thousand in dividends (EUR 0.24 per one share) for 2024 year. On 30 April 2024 the Company\u2019s shareholders\u2019 meeting resolved to pay EUR 13 270 thousand in dividends (EUR 0.24 per one share) for 2023 year.
In respect of the current year, the Board of directors propose a dividend of EUR \u00a014 929 thousand to be paid to the shareholders. This dividend amount is subject to approval by shareholders at the Annual Shareholder\u2019s Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
2.12.
RESERVE
(a)
Foreign currency translation reserve
The foreign currency translation reserve is used for translation differences arising on consolidation of financial statements of foreign subsidiaries. Exchange differences are classified as equity in the consolidated financial statements until disposal of the investment. Upon disposal of the corresponding assets, the cumulative revaluation of translation reserves is recognised as income or expenses in the same period when the gain or loss on disposal is recognised. The Group's recorded currency translation reserve relates to investments in the share capital of its Latvian and Estonian subsidiaries prior to the introduction of the euro in all Baltic countries.
(b)
Legal reserves
Legal reserve is compulsory under the Lithuanian regulatory legislation. Annual transfers of 5 per cent of net result are required until the reserve reaches 10 per cent of share capital. The legal reserve cannot be used for payment of dividends and it is established to cover future losses only.
21.
SHARE CAPITAL
At 31 December 2025 issued share capital of the Company consisted of 55 291 960 (2024: 55 291 960) ordinary shares at par value of EUR 0.29 each. All issued shares are fully paid.
Subsidiaries did not hold any shares of the Company as of 31 December 2025 and 2024. The Company did not hold its own shares as of 31 December 2025 and 2024.
22.
LEGAL RESERVE AND PROFIT DISTRIBUTION
Under Lithuanian Law on Companies the Company has to allocate 1/20 of its net profit to the legal reserve until it reaches 1/10 of the Company\u2019s authorised capital (up to EUR 1 604 thousand as at 31 December 2025 and 31 December 2024). Legal reserve is fully formed. The reserve can be used only to cover the accumulated losses.
On 30 April 2025 the Company\u2019s shareholders\u2019 meeting resolved to pay EUR 13 270 thousand in dividends (EUR 0.24 per one share) for 2024 year. On 30 April 2024 the Company\u2019s shareholders\u2019 meeting resolved to pay EUR 13 270 thousand in dividends (EUR 0.24 per one share) for 2023 year.
In respect of the current year, the Board of directors propose a dividend of EUR \u00a014 929 thousand to be paid to the shareholders. This dividend amount is subject to approval by shareholders at the Annual Shareholder\u2019s Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "
(a)
Foreign currency translation reserve
The foreign currency translation reserve is used for translation differences arising on consolidation of financial statements of foreign subsidiaries. Exchange differences are classified as equity in the consolidated financial statements until disposal of the investment. Upon disposal of the corresponding assets, the cumulative revaluation of translation reserves is recognised as income or expenses in the same period when the gain or loss on disposal is recognised. The Group's recorded currency translation reserve relates to investments in the share capital of its Latvian and Estonian subsidiaries prior to the introduction of the euro in all Baltic countries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
2.13.
INCOME TAX
(a) Current income tax
The Group companies are taxed individually irrespective of the overall results of the Group. The Group companies in Lithuania may transfer the estimated tax losses (or part thereof) to another Group company in Lithuania, which has a right to reduce the taxable profit with the respective amount of the tax looses transferred for the same taxable period.
The charge for taxation included in these financial statements is based on the calculation made by the management in accordance with tax legislation of the respective country in which group entity operates.
The tax currently payable is based on taxable profit for the reporting period. For companies operating in Lithuania tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities and/or derivative financial instruments not designated for hedging. Starting from 1 January 2014 the transferable tax loss cannot cover more than 70% of the taxable profit of the current year. Such carrying forward is disrupted if the company changes its activities due to which these losses were incurred except when the company does not continue its activities due to reasons which do not depend on the company itself. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s and the Company\u2019s liability for current tax is calculated using tax rates that have been enacted at the end of the reporting period.
The income tax rate applied for the Company and subsidiaries operating in Lithuania was 15 per cent in 2024 and 16 per cent in 2025. In Latvia and Estonia income tax rate on reporting period and prior taxable profits is nil. In Latvia and Estonia, the taxation of profit of operating subsidiaries is deferred until the profit appropriation moment, i.e. payment of dividends. The dividends paid by the Group\u2019s companies in Latvia are taxed at the withholding tax rate of 20% of their gross amounts as at 31 December 2025 (20% as at 31 December 2024). The dividends paid by the Group\u2019s companies in Estonia are taxed at the withholding tax rate of 22% of their gross amounts as at 31 December 2025 (22% as at 31 December 2024)
In periods in which Pillar Two legislation is enacted or substantively enacted but not yet in effect, the Group/Company does not expect material impact of the amendments on the the financial statements as effective income tax rate is above 15% in Lithuania and for Latvia and Estonia accruals of deffered tax liabilities are made with 20% and 22% effective income tax rate.
(b) Deferred income tax
Deferred income tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the statement of financial position liability method.
Deferred income tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group and the Company are able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group and the Company intend to settle its current tax assets and liabilities on a net basis.
Deferred income tax asset and liability related to the entities operating in Lithuania were calculated at 17 per cent rate as at December 2025 (as at December 2024: 16 per cent). Deferred income tax liability related to the entities operating in Latvia were calculated at 20 per cent rate as at 31 December 2025 and as at 31 December 2024 for the accrued undistributed profit of these subsidiaries. Deferred income tax liability related to the entities operating in Estonia were calculated at 22 per cent rate as at 31 December 2025 (at 31 December 2024: 22 per cent) for the accrued undistributed profit of these subsidiaries. These undistributed profits are planned to be paid out as dividends during the coming years (Note 2.17).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
(b) Deferred income tax
Deferred income tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the statement of financial position liability method.
Deferred income tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group and the Company are able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group and the Company intend to settle its current tax assets and liabilities on a net basis.
Deferred income tax asset and liability related to the entities operating in Lithuania were calculated at 17 per cent rate as at December 2025 (as at December 2024: 16 per cent). Deferred income tax liability related to the entities operating in Latvia were calculated at 20 per cent rate as at 31 December 2025 and as at 31 December 2024 for the accrued undistributed profit of these subsidiaries. Deferred income tax liability related to the entities operating in Estonia were calculated at 22 per cent rate as at 31 December 2025 (at 31 December 2024: 22 per cent) for the accrued undistributed profit of these subsidiaries. These undistributed profits are planned to be paid out as dividends during the coming years (Note 2.17).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "
2.15.
EMPLOYEE BENEFITS
(a) Social security contributions
The Company and the Group pay social security contributions to the state Social Security Fund (the Fund) on behalf of its employees based on the defined contribution plan in accordance with the local legal requirements. A defined contribution plan is a plan under which the Group and the Company pay fixed contributions into the Fund and will have no legal or constructive obligations to pay further contributions if the Fund does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior period. Social security contributions are recognised as expenses on an accrual basis and included in payroll expenses.
(b) Long-term employee benefits
According to the requirements of Lithuanian Labor Code, each employee leaving the Group at the age of retirement is entitled to a one-off payment in the amount of 2 months\u2019 salary.
The actuarial gains and losses are recognized in the statement of other comprehensive income.
The past service costs are recognised as an expense on a straight line basis over the average period until the benefits become vested. Any gains or losses appearing as a result of curtailment and/or settlement are recognised in the statement of comprehensive income as incurred. The past service costs are recognized in the statement of comprehensive income as incurred.
The above mentioned employee benefit obligation is calculated based on actuarial assumptions, using the projected unit credit method. Obligation is recognized in the statement of financial position and reflects the present value of these benefits on the date of the statement of financial position. Present value of the non-current obligation to employees is determined by discounting estimated future cash flows using the discount rate which reflects the interest rate of the Government bonds of the same currency and similar maturity as the employment benefits. Actuarial gains and losses are recognized in the statement of other comprehensive income as incurred. In 2025 and 2024 years there were no material amounts.
(c) Termination benefits
Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Company and the Group recognise termination benefits when it is demonstrably committed to either terminate the employment of current employees according to a detailed formal plan without possibility of withdrawal or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
(d) Bonus plans
The Company and the Group recognise a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
2.17.
DIVIDEND DISTRIBUTION
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s and Group\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
2.18.
EARNINGS PER SHARE
Basic earnings per share are calculated by dividing net profit attributed to the shareholders of the Company and the Group by the weighted average number of ordinary registered shares in issue, excluding ordinary registered shares purchased by the Group and the Company and held as treasury shares, if any.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
3.
FINANCIAL RISK MANAGEMENT
(a) Financial risk factors
The risk management function within the Group and the Company are carried out in respect of financial risks (credit, market (which consist of currency, interest rate and price) and liquidity). The primary objectives of the financial risk management function are to establish risk limits, and then ensure that exposure to risks stays within these limits. The operational and legal risk management functions are intended to ensure proper functioning of internal policies and procedures to minimize operational and legal risks.
The financial risks relate to the following financial instruments: financial assets at fair value through profit or loss trade receivables, cash and cash equivalents, trade and other payables, borrowings and guarantees provided on behalf of the Company to goods suppliers and guarantees issued by the Company to lessors of premises. The accounting policy with respect to these financial instruments is described in previous section .
Credit risk
Credit risk is managed by Group management. Credit risk arises from cash and cash equivalents with banks and financial institutions as well as credit exposures to wholesale and retail customers, including outstanding receivables. For banks and financial institutions, only independently rated parties (or subsidiaries of such parties) with high credit ratings are accepted. Sales to wholesale customers are rare and immaterial, therefore risk control only assesses the credit quality of the customer, taking into account its financial position, past experience and future factors. Sales to retail customers are settled in cash or using major credit cards, therefore there is no credit risk.
Company\u2019s credit risk arising from trade receivables from subsidiaries, loans to subsidiaries and guarantees issued for the benefit of subsidaries is managed by controlling financial performance of subsidiaries on a monthly basis. All the subsidiaries having Company\u2019s loans have been profitable during the financial year, generated strong positive cash flows, historically none of them had liquidity issues. Management has also assessed the projected future information that will not have a material adverse effect on the Company\u2019s subsidiaries. Therefore, in the management\u2019s opinion, the credit risk is low.
The Company and the Group have no significant concentration of credit risk, except for cash which is held in two banks, which parent companies having high credit ratings, and loans granted to subsidiaries.
Liquidity risk
Liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group and the Company treasury maintain flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the Group\u2019s and the Company\u2019s liquidity reserve (comprises undrawn borrowing facility (Note 23) and cash and cash equivalents (Note 20) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group in accordance with practice set by the Group. In addition, the Group\u2019s and the Company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these; and maintaining debt financing plans.
The table below analyses the Group\u2019s and the Company\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

GROUP
Less than 1 month
Between 1 and 12 months
Between 1 and 3 years
More than 3 years
Total
As at 31 December 2025
Borrowings\u00a0
-
-
-
-
-
Lease liabilities
1 344
14 234
25 834
27 339
68 751
Trade and other payables
15 980
5 046
-
-
21 026
Total
17 324
19 280
25 834
27 339
89 777
As at 31 December 2024
Borrowings
-
-
-
-
-
Lease liabilities
1 265
13 313
24 902
29 720
69 200
Trade and other payables
13 356
4 658
-
-
18 014
Total
14 621
17 971
24 902
29 720
87 214
COMPANY
Less than 1 month
Between 1 and 12 months
Between 1 and 3 years
More than 3 years
Total
As at 31 December 2025
Borrowings\u00a0
-
6 100
-
-
6 100
Lease liabilities
525
5 627
9 931
9 983
26 066
Trade and other payables
3 219
1 948
-
-
5 167
Total
3 744
13 675
9 931
9 983
37 333
As at 31 December 2024
Borrowings
-
6 960
-
-
6 960
Lease liabilities
493
5 249
10 086
11 299
27 127
Trade and other payables
4 211
1 741
-
-
5 952
Total
4 704
13 950
10 086
11 299
40 039
Change in liabilities arising from financing activities:
GROUP
As at 31 December 2024
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2025
Borrowings
-
-
-
3 500
(3 500)
-
Dividends payable
194
13 270
(13 252)
-
-
212
Total
194
13 270
(13 252)
3 500
(3 500)
212
COMPANY
As at 31 December 2024
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2025
Borrowings
6 960
-
-
166 327
(167 187)
6 100
Dividends payable
194
13 270
(13 252)
-
-
212
Total
7 154
13 270
(13 252)
166 327
(167 187)
6 312
GROUP
As at 31 December 2023
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2024
Borrowings
-
-
-
-
-
-
Dividends payable
176
13 270
(13 252)
-
-
194
Total
176
13 270
(13 252)
-
-
194
COMPANY
As at 31 December 2023
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2024
Borrowings
6 360
-
-
139 020
(138 420)
6 960
Dividends payable
176
13 270
(13 252)
-
-
194
Total
6 536
13 270
(13 252)
139 020
(138 420)
7 154
Changes in lease liabilities are disclosed in Note 25.
Market risk
Cash flow and fair value interest rate risk
The Company has loans to subsidiaries with floating interest rates, but the cash flow risk is mitigated by applying the same variable element of interest rate on those loans as the banks are charging the Company.
Loans granted and received at variable rates expose the Group to cash flow interest rate risk, which however has no material impact on profit or equity of the Group. Loans granted and received at fixed rates expose the Company to fair value interest rate risk, which however has no material impact on profit or equity of the Company.
The Company\u2019s and Group\u2019s borrowings consist of loans with floating interest rate, which are related to EURIBOR and \u20acSTR. The Company and the Group did not use any derivative financial instruments in order to control the risk of interest rate changes.
Trade and other receivables and payables are interest-free and have settlement dates within one year.
The Group\u2019s and the Company\u2019s cash flow and fair value interest rate risk is periodically monitored by the Group\u2019s management. It analyses its interest rate exposure on a dynamic basis taking into consideration refinancing, renewal of existing positions, alternative financing. Based on these scenarios, the Group and the Company calculate the impact on profit and loss of a defined interest rate shift. The scenarios are run only for receivables and liabilities that represent the major interest-bearing positions.
Based on the performed simulations, the Company's management assessed that if the interest rate increases or decreases by 1 percent, the Group's profit for the period or equity for the period would change by EUR 98 thousand in 2025 (in 2024 \u2013 EUR 97 thousand), while the Company's would change by EUR 150 thousand (in 2024 \u2013 EUR 156 thousand). These simulations do not include lease liabilities, which are calculated using incremental borrowing as described in Note 2.14.
Foreign exchange risk
The Company and the Group have a policy to synchronize the cash flows from expected sales in the future with the expected purchases and other expenses in each foreign currency. Substantially all the Group\u2019s payables and receivables are short-term and in addition expenses in foreign currencies are insignificant (less than 10%) as compared to those in Euro.
The Group operates in Lithuania, Latvia and Estonia, and during the reporting period used Euro currency. Since Estonia, Latvia and Lithuania introduced the Euro (respectively, since 1st January 2011, 1st January 2014 and 1st January 2015), so there is no exchange rate fluctuations.
(b) Capital risk management
The Group\u2019s and the Company\u2019s objectives when managing capital, which includes ordinary shares, legal reserve, foreign currency translation reserve and retained earnings, are to safeguard the Group\u2019s and the Company\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group and the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group and the Company monitor capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including \u2018current and non-current borrowings\u2019 as shown in the consolidated statement of financial position) less cash and cash equivalents. Total capital is calculated as \u2018equity\u2019 as shown in the consolidated statement of financial position plus net debt.

GROUP
COMPANY
Year ended
31 December
Year ended
31 December
2025
2024
2025
2024
Net debt
40 328
44 247
14 908
17 984
Total capital
109 622
110 595
68 749
69 962
Gearing ratio
37%
40%
22%
26%
Pursuant to the Lithuanian Law on Companies the authorised share capital of a public limited liability company must be not less than EUR 40 thousand and of a private limited liability company must be not less than EUR 2.5 thousand. In addition, for all entities the shareholders\u2019 equity should not be lower than 50 per cent of the company\u2019s registered share capital. As at 31 December 2025 and as at 31 December 2024 the Company and all of the Company\u2019s Lithuanian subsidiaries complied with these requirements. As at 31 December 2024 UAB Apranga Ecom LT did not comply with the requirements. Business activities of UAB Apranga Ecom LT are terminated since 2019 November month. UAB Apranga Ecom LT was liquidated and deregistered on 17 December 2025.
Pursuant to the Latvian Commercial Law, the minimum authorised share capital of a private limited liability company is EUR 2.8 thousand, subject to specific exemptions applicable to certain low-capital companies. As at 31 December 2025 and 31 December 2024 , all of the Company\u2019s Latvian subsidiaries complied with these requirements.
Pursuant to the Estonian Commercial Code the authorised share capital of a private limited liability company must be not less than EUR 2.5 thousand. In addition, the shareholders\u2019 equity should not be lower than 50 per cent of the company\u2019s share capital. As at 31 December 2025 and as at 31 December 2024 all of the Company\u2019s Estonian subsidiaries complied with these requirements.
In addition, the Group has to comply with the total equity over total assets covenant imposed in the agreement with Luminor Bank AS. For more information see note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
3.
FINANCIAL RISK MANAGEMENT
(a) Financial risk factors
The risk management function within the Group and the Company are carried out in respect of financial risks (credit, market (which consist of currency, interest rate and price) and liquidity). The primary objectives of the financial risk management function are to establish risk limits, and then ensure that exposure to risks stays within these limits. The operational and legal risk management functions are intended to ensure proper functioning of internal policies and procedures to minimize operational and legal risks.
The financial risks relate to the following financial instruments: financial assets at fair value through profit or loss trade receivables, cash and cash equivalents, trade and other payables, borrowings and guarantees provided on behalf of the Company to goods suppliers and guarantees issued by the Company to lessors of premises. The accounting policy with respect to these financial instruments is described in previous section .
Credit risk
Credit risk is managed by Group management. Credit risk arises from cash and cash equivalents with banks and financial institutions as well as credit exposures to wholesale and retail customers, including outstanding receivables. For banks and financial institutions, only independently rated parties (or subsidiaries of such parties) with high credit ratings are accepted. Sales to wholesale customers are rare and immaterial, therefore risk control only assesses the credit quality of the customer, taking into account its financial position, past experience and future factors. Sales to retail customers are settled in cash or using major credit cards, therefore there is no credit risk.
Company\u2019s credit risk arising from trade receivables from subsidiaries, loans to subsidiaries and guarantees issued for the benefit of subsidaries is managed by controlling financial performance of subsidiaries on a monthly basis. All the subsidiaries having Company\u2019s loans have been profitable during the financial year, generated strong positive cash flows, historically none of them had liquidity issues. Management has also assessed the projected future information that will not have a material adverse effect on the Company\u2019s subsidiaries. Therefore, in the management\u2019s opinion, the credit risk is low.
The Company and the Group have no significant concentration of credit risk, except for cash which is held in two banks, which parent companies having high credit ratings, and loans granted to subsidiaries.
Liquidity risk
Liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group and the Company treasury maintain flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the Group\u2019s and the Company\u2019s liquidity reserve (comprises undrawn borrowing facility (Note 23) and cash and cash equivalents (Note 20) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group in accordance with practice set by the Group. In addition, the Group\u2019s and the Company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these; and maintaining debt financing plans.
The table below analyses the Group\u2019s and the Company\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

GROUP
Less than 1 month
Between 1 and 12 months
Between 1 and 3 years
More than 3 years
Total
As at 31 December 2025
Borrowings\u00a0
-
-
-
-
-
Lease liabilities
1 344
14 234
25 834
27 339
68 751
Trade and other payables
15 980
5 046
-
-
21 026
Total
17 324
19 280
25 834
27 339
89 777
As at 31 December 2024
Borrowings
-
-
-
-
-
Lease liabilities
1 265
13 313
24 902
29 720
69 200
Trade and other payables
13 356
4 658
-
-
18 014
Total
14 621
17 971
24 902
29 720
87 214
COMPANY
Less than 1 month
Between 1 and 12 months
Between 1 and 3 years
More than 3 years
Total
As at 31 December 2025
Borrowings\u00a0
-
6 100
-
-
6 100
Lease liabilities
525
5 627
9 931
9 983
26 066
Trade and other payables
3 219
1 948
-
-
5 167
Total
3 744
13 675
9 931
9 983
37 333
As at 31 December 2024
Borrowings
-
6 960
-
-
6 960
Lease liabilities
493
5 249
10 086
11 299
27 127
Trade and other payables
4 211
1 741
-
-
5 952
Total
4 704
13 950
10 086
11 299
40 039
Change in liabilities arising from financing activities:
GROUP
As at 31 December 2024
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2025
Borrowings
-
-
-
3 500
(3 500)
-
Dividends payable
194
13 270
(13 252)
-
-
212
Total
194
13 270
(13 252)
3 500
(3 500)
212
COMPANY
As at 31 December 2024
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2025
Borrowings
6 960
-
-
166 327
(167 187)
6 100
Dividends payable
194
13 270
(13 252)
-
-
212
Total
7 154
13 270
(13 252)
166 327
(167 187)
6 312
GROUP
As at 31 December 2023
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2024
Borrowings
-
-
-
-
-
-
Dividends payable
176
13 270
(13 252)
-
-
194
Total
176
13 270
(13 252)
-
-
194
COMPANY
As at 31 December 2023
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2024
Borrowings
6 360
-
-
139 020
(138 420)
6 960
Dividends payable
176
13 270
(13 252)
-
-
194
Total
6 536
13 270
(13 252)
139 020
(138 420)
7 154
Changes in lease liabilities are disclosed in Note 25.
Market risk
Cash flow and fair value interest rate risk
The Company has loans to subsidiaries with floating interest rates, but the cash flow risk is mitigated by applying the same variable element of interest rate on those loans as the banks are charging the Company.
Loans granted and received at variable rates expose the Group to cash flow interest rate risk, which however has no material impact on profit or equity of the Group. Loans granted and received at fixed rates expose the Company to fair value interest rate risk, which however has no material impact on profit or equity of the Company.
The Company\u2019s and Group\u2019s borrowings consist of loans with floating interest rate, which are related to EURIBOR and \u20acSTR. The Company and the Group did not use any derivative financial instruments in order to control the risk of interest rate changes.
Trade and other receivables and payables are interest-free and have settlement dates within one year.
The Group\u2019s and the Company\u2019s cash flow and fair value interest rate risk is periodically monitored by the Group\u2019s management. It analyses its interest rate exposure on a dynamic basis taking into consideration refinancing, renewal of existing positions, alternative financing. Based on these scenarios, the Group and the Company calculate the impact on profit and loss of a defined interest rate shift. The scenarios are run only for receivables and liabilities that represent the major interest-bearing positions.
Based on the performed simulations, the Company's management assessed that if the interest rate increases or decreases by 1 percent, the Group's profit for the period or equity for the period would change by EUR 98 thousand in 2025 (in 2024 \u2013 EUR 97 thousand), while the Company's would change by EUR 150 thousand (in 2024 \u2013 EUR 156 thousand). These simulations do not include lease liabilities, which are calculated using incremental borrowing as described in Note 2.14.
Foreign exchange risk
The Company and the Group have a policy to synchronize the cash flows from expected sales in the future with the expected purchases and other expenses in each foreign currency. Substantially all the Group\u2019s payables and receivables are short-term and in addition expenses in foreign currencies are insignificant (less than 10%) as compared to those in Euro.
The Group operates in Lithuania, Latvia and Estonia, and during the reporting period used Euro currency. Since Estonia, Latvia and Lithuania introduced the Euro (respectively, since 1st January 2011, 1st January 2014 and 1st January 2015), so there is no exchange rate fluctuations.
(b) Capital risk management
The Group\u2019s and the Company\u2019s objectives when managing capital, which includes ordinary shares, legal reserve, foreign currency translation reserve and retained earnings, are to safeguard the Group\u2019s and the Company\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group and the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group and the Company monitor capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including \u2018current and non-current borrowings\u2019 as shown in the consolidated statement of financial position) less cash and cash equivalents. Total capital is calculated as \u2018equity\u2019 as shown in the consolidated statement of financial position plus net debt.

GROUP
COMPANY
Year ended
31 December
Year ended
31 December
2025
2024
2025
2024
Net debt
40 328
44 247
14 908
17 984
Total capital
109 622
110 595
68 749
69 962
Gearing ratio
37%
40%
22%
26%
Pursuant to the Lithuanian Law on Companies the authorised share capital of a public limited liability company must be not less than EUR 40 thousand and of a private limited liability company must be not less than EUR 2.5 thousand. In addition, for all entities the shareholders\u2019 equity should not be lower than 50 per cent of the company\u2019s registered share capital. As at 31 December 2025 and as at 31 December 2024 the Company and all of the Company\u2019s Lithuanian subsidiaries complied with these requirements. As at 31 December 2024 UAB Apranga Ecom LT did not comply with the requirements. Business activities of UAB Apranga Ecom LT are terminated since 2019 November month. UAB Apranga Ecom LT was liquidated and deregistered on 17 December 2025.
Pursuant to the Latvian Commercial Law, the minimum authorised share capital of a private limited liability company is EUR 2.8 thousand, subject to specific exemptions applicable to certain low-capital companies. As at 31 December 2025 and 31 December 2024 , all of the Company\u2019s Latvian subsidiaries complied with these requirements.
Pursuant to the Estonian Commercial Code the authorised share capital of a private limited liability company must be not less than EUR 2.5 thousand. In addition, the shareholders\u2019 equity should not be lower than 50 per cent of the company\u2019s share capital. As at 31 December 2025 and as at 31 December 2024 all of the Company\u2019s Estonian subsidiaries complied with these requirements.
In addition, the Group has to comply with the total equity over total assets covenant imposed in the agreement with Luminor Bank AS. For more information see note 23.
16.
PREPAYMENTS
At 31 December prepayments consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Prepayments
1 938
1 554
1 705
1 547
Less non-current portion of prepayments
( 210)
( 102)
( 144)
( 102)
Current portion of prepayments
1 728
1 452
1 561
1 445
The major share of prepayments are prepayments to suppliers for goods, which are subsequently used to settle amounts due.
17.
FINANCIAL INSTRUMENTS BY CATEGORY
The accounting policies for financial instruments have been applied to the line items at 31 December below:
GROUP
COMPANY
Category - Financial assets at amortised cost
Category - Financial assets at amortised cost
Assets as per statement of financial position:
2025
2024
2025
2024
Trade and other receivables
3 305
3 267
8 669
10 086
Cash and cash equivalents
22 321
18 405
9 152
6 845
Total
25 626
21 672
17 821
16 931
Category - at fair value
Category - at fair value
Shares of Verslo Trikampis UAB (level 3)
2 120
2 600
2 120
2 600
Total
2 120
2 600
2 120
2 600
Total financial assets
27 746
24 272
19 941
19 531
In June 2018, the Company acquired shares of the investment company UAB Verslo trikampis (formerly UAB LIM Verslo Trikampio NT Fondas), which are recognized as financial assets at fair value through profit or loss. Refer to the accounting policies in Note 2.10, Financial assets and liabilities.
In 2025, due to a change in the market value of the shares of UAB Verslo trikampis, management recognized an decrease in fair value of EUR 480 thousand. In 2024, the management concluded that fair value of the investment in shares of UAB Verslo Trikampis corresponded to the book value, therefore the Group and the Company did not recognize any gain or loss from change in value in 2024.
GROUP
COMPANY
Category - Financial liabilities measured at amortised cost\u00a0
Category - Financial liabilities measured at amortised cost
2025
2024
2025
2024
Liabilities as per statement of financial position:
Borrowings
-
-
6 100
6 960
Lease liabilities
62 649
62 652
24 060
24 829
Trade and other payables
21 026
18 014
5 167
5 952
Total
83 675
80 666
35 327
37 741
The following methods and assumptions are used to estimate the fair value of each class of financial instruments:
a.
The carrying amount of current trade and other accounts receivable, current trade and other accounts payable and current borrowings approximates their fair value due to short term maturities (Level 3);
b.
The value of investment in Verslo trikampis UAB fund is calculated as the number of fund units held multiplied by the value of the fund unit as at reporting date (Level 3). The valuation of main fund assets is performed using DCF model.
There is no allowance for intercompany receivables as expected credit losses are immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
Credit risk
Credit risk is managed by Group management. Credit risk arises from cash and cash equivalents with banks and financial institutions as well as credit exposures to wholesale and retail customers, including outstanding receivables. For banks and financial institutions, only independently rated parties (or subsidiaries of such parties) with high credit ratings are accepted. Sales to wholesale customers are rare and immaterial, therefore risk control only assesses the credit quality of the customer, taking into account its financial position, past experience and future factors. Sales to retail customers are settled in cash or using major credit cards, therefore there is no credit risk.
Company\u2019s credit risk arising from trade receivables from subsidiaries, loans to subsidiaries and guarantees issued for the benefit of subsidaries is managed by controlling financial performance of subsidiaries on a monthly basis. All the subsidiaries having Company\u2019s loans have been profitable during the financial year, generated strong positive cash flows, historically none of them had liquidity issues. Management has also assessed the projected future information that will not have a material adverse effect on the Company\u2019s subsidiaries. Therefore, in the management\u2019s opinion, the credit risk is low.
The Company and the Group have no significant concentration of credit risk, except for cash which is held in two banks, which parent companies having high credit ratings, and loans granted to subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
Liquidity risk
Liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Group and the Company treasury maintain flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the Group\u2019s and the Company\u2019s liquidity reserve (comprises undrawn borrowing facility (Note 23) and cash and cash equivalents (Note 20) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group in accordance with practice set by the Group. In addition, the Group\u2019s and the Company\u2019s liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these; and maintaining debt financing plans.
The table below analyses the Group\u2019s and the Company\u2019s financial liabilities into relevant maturity groupings based on the remaining period at the end of the reporting period to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

GROUP
Less than 1 month
Between 1 and 12 months
Between 1 and 3 years
More than 3 years
Total
As at 31 December 2025
Borrowings\u00a0
-
-
-
-
-
Lease liabilities
1 344
14 234
25 834
27 339
68 751
Trade and other payables
15 980
5 046
-
-
21 026
Total
17 324
19 280
25 834
27 339
89 777
As at 31 December 2024
Borrowings
-
-
-
-
-
Lease liabilities
1 265
13 313
24 902
29 720
69 200
Trade and other payables
13 356
4 658
-
-
18 014
Total
14 621
17 971
24 902
29 720
87 214
COMPANY
Less than 1 month
Between 1 and 12 months
Between 1 and 3 years
More than 3 years
Total
As at 31 December 2025
Borrowings\u00a0
-
6 100
-
-
6 100
Lease liabilities
525
5 627
9 931
9 983
26 066
Trade and other payables
3 219
1 948
-
-
5 167
Total
3 744
13 675
9 931
9 983
37 333
As at 31 December 2024
Borrowings
-
6 960
-
-
6 960
Lease liabilities
493
5 249
10 086
11 299
27 127
Trade and other payables
4 211
1 741
-
-
5 952
Total
4 704
13 950
10 086
11 299
40 039
Change in liabilities arising from financing activities:
GROUP
As at 31 December 2024
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2025
Borrowings
-
-
-
3 500
(3 500)
-
Dividends payable
194
13 270
(13 252)
-
-
212
Total
194
13 270
(13 252)
3 500
(3 500)
212
COMPANY
As at 31 December 2024
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2025
Borrowings
6 960
-
-
166 327
(167 187)
6 100
Dividends payable
194
13 270
(13 252)
-
-
212
Total
7 154
13 270
(13 252)
166 327
(167 187)
6 312
GROUP
As at 31 December 2023
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2024
Borrowings
-
-
-
-
-
-
Dividends payable
176
13 270
(13 252)
-
-
194
Total
176
13 270
(13 252)
-
-
194
COMPANY
As at 31 December 2023
Dividends declared
Dividends paid
Proceeds from borrowings
Repayments of borrowings
As at 31 December 2024
Borrowings
6 360
-
-
139 020
(138 420)
6 960
Dividends payable
176
13 270
(13 252)
-
-
194
Total
6 536
13 270
(13 252)
139 020
(138 420)
7 154
Changes in lease liabilities are disclosed in Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
Market risk
Cash flow and fair value interest rate risk
The Company has loans to subsidiaries with floating interest rates, but the cash flow risk is mitigated by applying the same variable element of interest rate on those loans as the banks are charging the Company.
Loans granted and received at variable rates expose the Group to cash flow interest rate risk, which however has no material impact on profit or equity of the Group. Loans granted and received at fixed rates expose the Company to fair value interest rate risk, which however has no material impact on profit or equity of the Company.
The Company\u2019s and Group\u2019s borrowings consist of loans with floating interest rate, which are related to EURIBOR and \u20acSTR. The Company and the Group did not use any derivative financial instruments in order to control the risk of interest rate changes.
Trade and other receivables and payables are interest-free and have settlement dates within one year.
The Group\u2019s and the Company\u2019s cash flow and fair value interest rate risk is periodically monitored by the Group\u2019s management. It analyses its interest rate exposure on a dynamic basis taking into consideration refinancing, renewal of existing positions, alternative financing. Based on these scenarios, the Group and the Company calculate the impact on profit and loss of a defined interest rate shift. The scenarios are run only for receivables and liabilities that represent the major interest-bearing positions.
Based on the performed simulations, the Company's management assessed that if the interest rate increases or decreases by 1 percent, the Group's profit for the period or equity for the period would change by EUR 98 thousand in 2025 (in 2024 \u2013 EUR 97 thousand), while the Company's would change by EUR 150 thousand (in 2024 \u2013 EUR 156 thousand). These simulations do not include lease liabilities, which are calculated using incremental borrowing as described in Note 2.14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "
Foreign exchange risk
The Company and the Group have a policy to synchronize the cash flows from expected sales in the future with the expected purchases and other expenses in each foreign currency. Substantially all the Group\u2019s payables and receivables are short-term and in addition expenses in foreign currencies are insignificant (less than 10%) as compared to those in Euro.
The Group operates in Lithuania, Latvia and Estonia, and during the reporting period used Euro currency. Since Estonia, Latvia and Lithuania introduced the Euro (respectively, since 1st January 2011, 1st January 2014 and 1st January 2015), so there is no exchange rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
(b) Capital risk management
The Group\u2019s and the Company\u2019s objectives when managing capital, which includes ordinary shares, legal reserve, foreign currency translation reserve and retained earnings, are to safeguard the Group\u2019s and the Company\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group and the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group and the Company monitor capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including \u2018current and non-current borrowings\u2019 as shown in the consolidated statement of financial position) less cash and cash equivalents. Total capital is calculated as \u2018equity\u2019 as shown in the consolidated statement of financial position plus net debt.

GROUP
COMPANY
Year ended
31 December
Year ended
31 December
2025
2024
2025
2024
Net debt
40 328
44 247
14 908
17 984
Total capital
109 622
110 595
68 749
69 962
Gearing ratio
37%
40%
22%
26%
Pursuant to the Lithuanian Law on Companies the authorised share capital of a public limited liability company must be not less than EUR 40 thousand and of a private limited liability company must be not less than EUR 2.5 thousand. In addition, for all entities the shareholders\u2019 equity should not be lower than 50 per cent of the company\u2019s registered share capital. As at 31 December 2025 and as at 31 December 2024 the Company and all of the Company\u2019s Lithuanian subsidiaries complied with these requirements. As at 31 December 2024 UAB Apranga Ecom LT did not comply with the requirements. Business activities of UAB Apranga Ecom LT are terminated since 2019 November month. UAB Apranga Ecom LT was liquidated and deregistered on 17 December 2025.
Pursuant to the Latvian Commercial Law, the minimum authorised share capital of a private limited liability company is EUR 2.8 thousand, subject to specific exemptions applicable to certain low-capital companies. As at 31 December 2025 and 31 December 2024 , all of the Company\u2019s Latvian subsidiaries complied with these requirements.
Pursuant to the Estonian Commercial Code the authorised share capital of a private limited liability company must be not less than EUR 2.5 thousand. In addition, the shareholders\u2019 equity should not be lower than 50 per cent of the company\u2019s share capital. As at 31 December 2025 and as at 31 December 2024 all of the Company\u2019s Estonian subsidiaries complied with these requirements.
In addition, the Group has to comply with the total equity over total assets covenant imposed in the agreement with Luminor Bank AS. For more information see note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
4.
SEGMENT INFORMATION
Management has determined the operating segments based on the reports reviewed by the General Director and other 6 Directors (responsible for managing, sales and marketing, human resources, purchases, development and finance) that are used to make strategic decisions.
The Directors consider the business from both a geographic and product perspective to certain extent. From product perspective Directors review only sales volume and gross margin, as presented in the statment of the comprehensive income by brand name. Gross margins of different brands are not significantly different, therefore can be aggregated into one reportable segment. Geographically, Directors separately consider operations in Lithuania, Latvia and Estonia depending on where the stores are located. Different legislation, consumer habits and economic situation substantially affect the average sales and expenses in each country, therefore Directors believe that each country represents a separate reportable segment.
All financial information, including the measure of profit and total assets, is analysed on a country basis. Liabilities are measured on a Group basis only and are not individually measured on a country basis.
The segment information provided to the Chief Operating Decision Makers for the reportable segments for the year ended 31 December is as follows:
31 December 2025
Lithuania
Latvia
Estonia
Total
Inter-company eliminations
Total in consolidated financial statements
Total segment revenue
205 450
79 204
41 969
326 623
-
Inter-segment revenue*
(18 734)
( 350)
( 354)
(19 438)
-
Stores income from external customers (note 6)
186 716
78 854
41 615
307 185
-
307 185
Gross profit margin
44.9%
45.2%
46.2%
45.1%
45.1%
Other income (expenses):
Rent (Note 25)
(5 800)
(2 764)
( 801)
(9 365)
( 3)
(9 368)
Utilities
(1 259)
( 580)
( 293)
(2 132)
(2 132)
Renumeration and social security contributions
(30 721)
(9 479)
(5 769)
(45 969)
(45 969)
Depreciation and amortisation
(13 266)
(4 917)
(3 106)
(21 289)
(21 289)
Impairment (charges)
( 85)
77
48
40
40
Other income
6 345
-
-
6 345
(6 772)
( 427)
Other (expenses)
(25 829)
(11 875)
(6 682)
(44 386)
6 775
(37 611)
Finance income
384
105
57
546
( 330)
216
Finance (costs)
(1 601)
( 476)
( 267)
(2 344)
330
(2 014)
Income tax (expense)
(2 060)
(1 200)
( 657)
(3 917)
(3 917)
Profit (loss) for the year
9 940
4 520
1 756
16 216
-
16 216
Total assets
128 596
38 733
17 715
185 044
(13 516)
171 528
Additions to non-current assets (except for leases)
6 120
3 378
295
9 793
-
9 793

31 December 2024
Lithuania
Latvia
Estonia
Total
Inter-company eliminations
Total in consolidated financial statements
Total segment revenue
193 406
75 285
43 037
311 728
-
Inter-segment revenue*
(18 151)
( 289)
( 351)
(18 791)
-
Stores income from external customers (note 6)
175 255
74 996
42 686
292 937
-
292 937
Gross profit margin
44.7%
45.3%
46.6%
45.1%
45.1%
Other income (expenses):
Rent (Note 25)
(5 471)
(2 490)
( 891)
(8 852)
( 34)
(8 886)
Utilities
(1 392)
( 602)
( 336)
(2 330)
(2 330)
Renumeration and social security contributions
(28 989)
(8 890)
(5 813)
(43 692)
(43 692)
Depreciation and amortisation
(12 248)
(5 170)
(3 085)
(20 503)
(20 503)
Impairment (charges)
( 63)
( 51)
( 72)
( 186)
( 186)
Other income
7 072
4
-
7 076
(6 977)
99
Other (expenses)
(24 061)
(11 601)
(7 024)
(42 686)
7 011
(35 675)
Finance income
689
129
53
871
( 534)
337
Finance (costs)
(1 633)
( 475)
( 283)
(2 391)
534
(1 857)
Income tax (expense)
(2 054)
( 954)
( 466)
(3 474)
(3 474)
Profit (loss) for the year
10 110
3 888
1 962
15 960
-
15 960
Total assets
127 829
35 852
17 657
181 338
(16 370)
164 968
Additions to non-current assets (except for leases)
10 141
1 121
776
12 038
-
12 038
*inter-segment revenue consists of sales of the Company's goods to subsidiaries Apranga SIA and Apranga OU and subsidiaries sale of remnants of goods to the Company.
In 2025, the Group\u2019s profitability before taxes remained at the same level 6.6% (2024: 6.6%): in Lithuania decreased to 6.4% (2024: 6.9%), in Latvia increased to 7.3% (2024: 6.5%), in Estonia increased to 5.8% (2024: 5.7%). The profitability before taxes is calculated as follows: profit (loss) for the year before income tax divided by store income from external customers.
The total carrying value of non-current assets located in Lithuania is EUR 64 154 thousand (2024: EUR 64 889 thousand), and the total of these non-current assets located in other countries is EUR 29 405 thousand (2024: EUR 27 486 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
4.
SEGMENT INFORMATION
Management has determined the operating segments based on the reports reviewed by the General Director and other 6 Directors (responsible for managing, sales and marketing, human resources, purchases, development and finance) that are used to make strategic decisions.
The Directors consider the business from both a geographic and product perspective to certain extent. From product perspective Directors review only sales volume and gross margin, as presented in the statment of the comprehensive income by brand name. Gross margins of different brands are not significantly different, therefore can be aggregated into one reportable segment. Geographically, Directors separately consider operations in Lithuania, Latvia and Estonia depending on where the stores are located. Different legislation, consumer habits and economic situation substantially affect the average sales and expenses in each country, therefore Directors believe that each country represents a separate reportable segment.
All financial information, including the measure of profit and total assets, is analysed on a country basis. Liabilities are measured on a Group basis only and are not individually measured on a country basis.
The segment information provided to the Chief Operating Decision Makers for the reportable segments for the year ended 31 December is as follows:
31 December 2025
Lithuania
Latvia
Estonia
Total
Inter-company eliminations
Total in consolidated financial statements
Total segment revenue
205 450
79 204
41 969
326 623
-
Inter-segment revenue*
(18 734)
( 350)
( 354)
(19 438)
-
Stores income from external customers (note 6)
186 716
78 854
41 615
307 185
-
307 185
Gross profit margin
44.9%
45.2%
46.2%
45.1%
45.1%
Other income (expenses):
Rent (Note 25)
(5 800)
(2 764)
( 801)
(9 365)
( 3)
(9 368)
Utilities
(1 259)
( 580)
( 293)
(2 132)
(2 132)
Renumeration and social security contributions
(30 721)
(9 479)
(5 769)
(45 969)
(45 969)
Depreciation and amortisation
(13 266)
(4 917)
(3 106)
(21 289)
(21 289)
Impairment (charges)
( 85)
77
48
40
40
Other income
6 345
-
-
6 345
(6 772)
( 427)
Other (expenses)
(25 829)
(11 875)
(6 682)
(44 386)
6 775
(37 611)
Finance income
384
105
57
546
( 330)
216
Finance (costs)
(1 601)
( 476)
( 267)
(2 344)
330
(2 014)
Income tax (expense)
(2 060)
(1 200)
( 657)
(3 917)
(3 917)
Profit (loss) for the year
9 940
4 520
1 756
16 216
-
16 216
Total assets
128 596
38 733
17 715
185 044
(13 516)
171 528
Additions to non-current assets (except for leases)
6 120
3 378
295
9 793
-
9 793

31 December 2024
Lithuania
Latvia
Estonia
Total
Inter-company eliminations
Total in consolidated financial statements
Total segment revenue
193 406
75 285
43 037
311 728
-
Inter-segment revenue*
(18 151)
( 289)
( 351)
(18 791)
-
Stores income from external customers (note 6)
175 255
74 996
42 686
292 937
-
292 937
Gross profit margin
44.7%
45.3%
46.6%
45.1%
45.1%
Other income (expenses):
Rent (Note 25)
(5 471)
(2 490)
( 891)
(8 852)
( 34)
(8 886)
Utilities
(1 392)
( 602)
( 336)
(2 330)
(2 330)
Renumeration and social security contributions
(28 989)
(8 890)
(5 813)
(43 692)
(43 692)
Depreciation and amortisation
(12 248)
(5 170)
(3 085)
(20 503)
(20 503)
Impairment (charges)
( 63)
( 51)
( 72)
( 186)
( 186)
Other income
7 072
4
-
7 076
(6 977)
99
Other (expenses)
(24 061)
(11 601)
(7 024)
(42 686)
7 011
(35 675)
Finance income
689
129
53
871
( 534)
337
Finance (costs)
(1 633)
( 475)
( 283)
(2 391)
534
(1 857)
Income tax (expense)
(2 054)
( 954)
( 466)
(3 474)
(3 474)
Profit (loss) for the year
10 110
3 888
1 962
15 960
-
15 960
Total assets
127 829
35 852
17 657
181 338
(16 370)
164 968
Additions to non-current assets (except for leases)
10 141
1 121
776
12 038
-
12 038
*inter-segment revenue consists of sales of the Company's goods to subsidiaries Apranga SIA and Apranga OU and subsidiaries sale of remnants of goods to the Company.
In 2025, the Group\u2019s profitability before taxes remained at the same level 6.6% (2024: 6.6%): in Lithuania decreased to 6.4% (2024: 6.9%), in Latvia increased to 7.3% (2024: 6.5%), in Estonia increased to 5.8% (2024: 5.7%). The profitability before taxes is calculated as follows: profit (loss) for the year before income tax divided by store income from external customers.
The total carrying value of non-current assets located in Lithuania is EUR 64 154 thousand (2024: EUR 64 889 thousand), and the total of these non-current assets located in other countries is EUR 29 405 thousand (2024: EUR 27 486 thousand).
For the year ended 31 December selling costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent
9 368
8 886
2 407
2 343
Utilities
2 132
2 331
837
913
Remuneration of stores personnel
32 449
30 565
11 947
11 288
Social security contributions of stores personnel
3 318
3 195
222
208
Depreciation and amortization
21 289
20 503
8 604
8 170
Impairment charge (reversal)
( 40)
186
85
63
Advertising and marketing
3 195
3 031
2 167
2 094
Franchise expenses
13 260
12 531
92
109
Bank commissions
1 910
1 699
485
396
Labelling, packing and repairing
709
1 014
467
533
Logistics and distribution
4 260
2 847
381
302
Business trips
568
615
365
386
Total selling costs
92 418
87 403
28 059
26 805
12.
PROPERTY, PLANT AND EQUIPMENT
At 31 December property, plant and equipment consisted of the following:
GROUP
Buildings
Plant and equipment
Leasehold improve-ments
Commercial and other equipment
Construction in progress
Total
Cost
At 31 December 2023
9 067
2 154
12 439
43 406
10
67 076
Additions
2 511
1
804
2 982
5 414
11 712
Disposals and write-offs
-
( 38)
(1 394)
(3 046)
-
(4 478)
Transfers between captions
-
-
2 703
2 347
(5 050)
-
At 31 December 2024
11 578
2 117
14 552
45 689
374
74 310
Additions
28
20
3 448
( 763)
6 730
9 463
Disposals and write-offs
-
( 2)
(1 971)
(2 233)
-
(4 206)
Transfers between captions
-
-
-
6 865
(6 865)
-
At 31 December 2025
11 606
2 135
16 029
49 558
239
79 567
Accumulated depreciation
At 31 December 2023
4 270
891
6 961
30 456
-
42 578
Charge for the year
264
141
1 496
3 983
-
5 884
Disposals and write-offs
-
( 39)
( 575)
(2 851)
-
(3 465)
At 31 December 2024
4 534
993
7 882
31 588
-
44 997
Charge for the year
306
138
1 704
4 339
-
6 487
Disposals and write-offs
-
( 3)
( 573)
(2 158)
-
(2 734)
At 31 December 2025
4 840
1 128
9 013
33 769
-
48 750
Impairment charge
At 31 December 2023
-
-
251
195
-
446
Charge for the year (reversal)
42
106
148
At 31 December 2024
-
-
293
301
-
594
Charge for the year (reversal)
( 9)
( 13)
( 22)
At 31 December 2025
-
-
284
288
-
572
Carrying amount
At 31 December 2023
4 797
1 263
5 227
12 755
10
24 052
At 31 December 2024
7 044
1 124
6 377
13 800
374
28 719
At 31 December 2025
6 766
1 007
6 732
15 501
239
30 245

COMPANY
Buildings
Plant and equipment
Leasehold improve-ments
Commercial and other equipment
Construction in progress
Total
Cost
At 31 December 2023
9 067
2 153
6 252
12 143
10
29 625
Additions
2 511
2
256
1 972
2 364
7 105
Disposals and write-offs
-
( 38)
( 383)
(1 298)
-
(1 719)
Transfers between captions
-
-
1 749
276
(2 025)
-
At 31 December 2024
11 578
2 117
7 874
13 093
349
35 011
Additions
28
21
1 085
243
788
2 165
Disposals and write-offs
-
( 2)
( 253)
( 441)
-
( 696)
Transfers between captions
-
-
-
1 122
(1 122)
-
At 31 December 2025
11 606
2 136
8 706
14 017
15
36 480
Accumulated depreciation
At 31 December 2023
4 270
891
3 586
8 843
-
17 590
Charge for the year
264
141
807
995
-
2 207
Disposals and write-offs
-
( 39)
( 235)
(1 126)
-
(1 400)
At 31 December 2024
4 534
993
4 158
8 712
-
18 397
Charge for the year
306
138
931
1 150
-
2 525
Disposals and write-offs
-
( 3)
( 251)
( 401)
-
( 655)
At 31 December 2025
4 840
1 128
4 838
9 461
-
20 267
Impairment charge
At 31 December 2023
-
-
10
6
-
16
Charge for the year (reversal)
27
35
62
At 31 December 2024
-
-
37
41
-
78
Charge for the year (reversal)
10
12
22
At 31 December 2025
-
-
47
53
-
100
Carrying amount
At 31 December 2023
4 797
1 262
2 656
3 294
10
12 019
At 31 December 2024
7 044
1 124
3 679
4 340
349
16 536
At 31 December 2025
6 766
1 008
3 821
4 503
15
16 113
At 31 December 2025 the Group\u2019s and the Company\u2019s buildings with the carrying amount of EUR 3 928 thousand (2024: EUR 4 103 thousand) have been pledged as security for outstanding loans from financial institutions (Note 23).
As of December 31 2025 and as of December 31 2024, the Company has leased one premises to third parties.
At 31 December the acquisition cost of the fully depreciated property, plant and equipment still in use was as follows:
GROUP
COMPANY
2025
2024
2025
2024
Plant and equipment
1 013
968
994
953
Leasehold improvements
19
-
-
-
Commercial and other equipment
11 393
10 659
4 492
4 205
Total
12 425
11 627
5 486
5 158
The main cash generating unit of the Group and the Company is a store. The Group and the Company have tested PPE used in stores operations for impairment in accordance with the accounting policies stated in Note 2.6.
\u2003
Estimation of the value in use was based on the discounted post-tax cash flows (DCF) of the latest available business plan. DCF was estimated over remaining useful life of leasehold improvements and commercial and other equipment (vast majority of premises are leased). For the calculation of future cash flows in 2026 and in later years, each cash generating unit was assessed individually. Net sales
and personnel costs growth rates were established on brand or country level. The weighted average cost of capital (further \u2013 WACC) of 13-14 per cent post-tax (WACC of 13 -14 per cent post-tax \u2013 in 2024) was used for value in use estimation.
Based on the calculations performed the management concluded that impairment in the amount of EUR 572 thousand for the Group (2024: EUR 594 thousand) and EUR 100 thousand for the Company (2024: EUR 78 thousand) should be recorded against PPE in the statement of financial position. The total recoverable amount of the CGUs relating to stores that were tested for potential impairment was EUR 372 thousand (2024: EUR 577 thousand). The Group recognized a reversal of impairment losses of EUR 22 thousand in 2025, while the Company recognized impairment losses of EUR 22 thousand (2024: impairment losses of EUR 148 thousand and EUR 62 thousand for the Group and the Company, respectively). The reversal of impairment losses on PPE in 2025 were mainly due to the closure of stores for which asset impairment losses had previously been recognized, as well as by the decrease in the carrying amount of PPE of particular stores due to depreciation. Impairment of PPE is recognized in the statement of comprehensive income under selling costs.
After performing sensitivity to the change of the main inputs, no material impact on impairment.
The Management does not expect material changes in estimations made in the near future, except those disclosed in Note 2.2 (a).
25.
LEASES
The Group and the Company leases premises for retail trade, administration and logistics purposes and vehicles used by personnel for business activities.
Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2025
58 191
665
58 856
23 149
515
23 664
Additions
13 806
43
13 849
4 639
44
4 683
Impairment (charge) reversal
18
-
18
( 63)
-
( 63)
Depreciation (expense)
(14 138)
( 219)
(14 357)
(5 474)
( 180)
(5 654)
As at 31 December 2025
57 877
489
58 366
22 251
379
22 630
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2024
58 452
333
58 785
24 144
311
24 455
Additions
13 813
532
14 345
4 435
373
4 808
Impairment (charge) reversal
( 38)
-
( 38)
( 1)
-
( 1)
Depreciation (expense)
(14 036)
( 200)
(14 236)
(5 429)
( 169)
(5 598)
As at 31 December 2024
58 191
665
58 856
23 149
515
23 664
The Group and the Company have tested right-of-use assets for impairment in accordance with the accounting policies stated in Note 2. 6. Estimation of the value in use was calculated using the same method and using the same indicators as in Note 12.
Based on the calculations performed the management concluded that impairment in the amount of EUR 592 thousand for the Group (as at 31 December 2024: EUR 610 thousand) and EUR 117 thousand for the Company (as at 31 December 2024: EUR 54 thousand) should be recorded against right-of-use assets in the statement of financial position as at 31 December 2025. The total recoverable amount of the CGUs relating to stores that were tested for potential impairment was EUR 372 thousand (2024: EUR 577 thousand). The Group in 2025 have recognised the reversal of impairment loss of right-of-use assets of EUR 18 thousand (impairment loss of EUR 38 thousand was recognized in 2024), the Company has recognised the impairment loss of right-of-use assets of EUR 63 thousand (impairment loss of EUR 1 thousand was recognized in 2024). At the Group level, the reversal of impairment losses on right-of-use assets in 2025 were mainly due to the closure of stores for which asset impairment losses had previously been recognized, as well as by the decrease in the carrying
amount of non-current assets of operating stores due to depreciation. Impairment of right-of-use assets is recognized in the statement of comprehensive income under selling costs.
After performing sensitivity to the change of the main inputs, no material impact on impairment.
Set out below are the carrying amounts of lease liabilities (presented under \u201cCurrent lease liabilities\u201d and \u201cNon-current lease liabilities\u201d) and the movements during the period:
GROUP
COMPANY
As at 1 January 2025
62 652
24 829
Additions
13 849
4 683
Accretion of interest
1 994
749
Payments
(15 705)
(6 201)
Rent discounts
( 141)
-
As at 31 December 2025
62 649
24 060
Current
15 579
6 152
Non-current
47 070
17 908
GROUP
COMPANY
As at 1 January 2024
61 935
25 381
Additions
14 345
4 808
Accretion of interest
1 836
695
Payments
(15 311)
(6 055)
Rent discounts
( 153)
-
As at 31 December 2024
62 652
24 829
Current
14 578
5 742
Non-current
48 074
19 087
As at 31 December 2025 present value of payments for leases which are not yet commenced but to which the Group and the Company are committed amounted to EUR 2 609 thousand and EUR 0 thousand (as at 31 December 2024 amounted to EUR 2 420 thousand and EUR 896 thousand respectively).
The following are the amounts recognized in profit or loss:
GROUP
COMPANY
2025
Depreciation expense of right-of-use assets (included in selling costs)
14 357
5 654
Interest expense on lease liabilities (included in finance costs)
1 994
749
Expenses relating\u00a0 to short-term leases (included in selling costs)
138
69
Impairment charge (reversal), (included in selling costs)
( 18)
63
Variable lease payments (included in selling costs)
9 371
2 338
Rent discounts (included in selling costs)
( 141)
-
Total amount recognized in profit or loss
25 701
8 873
GROUP
COMPANY
2024
Depreciation expense of right-of-use assets (included in selling costs)
14 236
5 598
Interest expense on lease liabilities (included in finance costs)
1 836
695
Expenses relating\u00a0 to short-term leases (included in selling costs)
243
65
Impairment charge (reversal) (included in selling costs)
38
1
Variable lease payments (included in selling costs)
8 796
2 278
Rent discounts (included in selling costs)
( 153)
-
Total amount recognized in profit or loss
24 996
8 637
The Company/Group has lease contracts for Premises that contain variable payments based on the turnover of stores located in those Premises. Management\u2019s objective is to align the lease expense with the revenue earned. The Company/Group accounted short-term leases and rent discounts as variable lease payments. The following provides information on the Company\u2019s/Group\u2019s variable lease payments in 2025 and 2024, including the magnitude in relation to fixed payments:
GROUP
COMPANY
Fixed payments
Variable payments
In total
Fixed payments
Variable payments
In total
Year ended 31 December 2025
Fixed payments
2 293
-
2 293
1 896
-
1 896
Variable rent with minimum payment
13 507
6 788
20 295
4 308
2 204
6 512
Variable rent only
-
2 580
2 580
-
203
203
Total
15 800
9 368
25 168
6 204
2 407
8 611
Year ended 31 December 2024
Fixed payments
2 245
-
2 245
1 829
-
1 829
Variable rent with minimum payment
13 219
5 509
18 728
4 226
1 737
5 963
Variable rent only
-
3 377
3 377
-
606
606
Total
15 464
8 886
24 350
6 055
2 343
8 398
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
5.
EXPENSES BY NATURE
For the year ended 31 December cost of sales consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Cost of goods sold
169 304
160 231
65 835
62 639
Write-down (reversal) of inventories to net realisable value
( 806)
579
( 937)
255
Total cost of sales
168 498
160 810
64 898
62 894
For the year ended 31 December selling costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent
9 368
8 886
2 407
2 343
Utilities
2 132
2 331
837
913
Remuneration of stores personnel
32 449
30 565
11 947
11 288
Social security contributions of stores personnel
3 318
3 195
222
208
Depreciation and amortization
21 289
20 503
8 604
8 170
Impairment charge (reversal)
( 40)
186
85
63
Advertising and marketing
3 195
3 031
2 167
2 094
Franchise expenses
13 260
12 531
92
109
Bank commissions
1 910
1 699
485
396
Labelling, packing and repairing
709
1 014
467
533
Logistics and distribution
4 260
2 847
381
302
Business trips
568
615
365
386
Total selling costs
92 418
87 403
28 059
26 805
For the year ended 31 December general and administrative expenses consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Remuneration of administration personnel
9 750
9 494
7 490
7 445
Social security contributions of administration personnel
452
438
134
133
Other personnel related expenses
1 807
2 009
847
910
IT and communications
2 061
1 818
1 288
1 151
Repair and maintenance
3 953
3 836
1 831
1 754
Taxes (excluding income tax)
541
461
205
204
Consulting expense
220
212
214
203
Audit fee
293
259
81
75
Other expenses
4 834
5 342
1 825
1 746
Total general and administrative expenses
23 911
23 869
13 915
13 621
The \"Other expenses\" category includes trading platform fees, inventory losses, translation services, insurance costs, charitable donations and support, as well as other miscellaneous expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "
5.
EXPENSES BY NATURE
For the year ended 31 December cost of sales consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Cost of goods sold
169 304
160 231
65 835
62 639
Write-down (reversal) of inventories to net realisable value
( 806)
579
( 937)
255
Total cost of sales
168 498
160 810
64 898
62 894
For the year ended 31 December selling costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent
9 368
8 886
2 407
2 343
Utilities
2 132
2 331
837
913
Remuneration of stores personnel
32 449
30 565
11 947
11 288
Social security contributions of stores personnel
3 318
3 195
222
208
Depreciation and amortization
21 289
20 503
8 604
8 170
Impairment charge (reversal)
( 40)
186
85
63
Advertising and marketing
3 195
3 031
2 167
2 094
Franchise expenses
13 260
12 531
92
109
Bank commissions
1 910
1 699
485
396
Labelling, packing and repairing
709
1 014
467
533
Logistics and distribution
4 260
2 847
381
302
Business trips
568
615
365
386
Total selling costs
92 418
87 403
28 059
26 805
For the year ended 31 December general and administrative expenses consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Remuneration of administration personnel
9 750
9 494
7 490
7 445
Social security contributions of administration personnel
452
438
134
133
Other personnel related expenses
1 807
2 009
847
910
IT and communications
2 061
1 818
1 288
1 151
Repair and maintenance
3 953
3 836
1 831
1 754
Taxes (excluding income tax)
541
461
205
204
Consulting expense
220
212
214
203
Audit fee
293
259
81
75
Other expenses
4 834
5 342
1 825
1 746
Total general and administrative expenses
23 911
23 869
13 915
13 621
The \"Other expenses\" category includes trading platform fees, inventory losses, translation services, insurance costs, charitable donations and support, as well as other miscellaneous expenses.
The Group and the Company leases premises for retail trade, administration and logistics purposes and vehicles used by personnel for business activities.
Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2025
58 191
665
58 856
23 149
515
23 664
Additions
13 806
43
13 849
4 639
44
4 683
Impairment (charge) reversal
18
-
18
( 63)
-
( 63)
Depreciation (expense)
(14 138)
( 219)
(14 357)
(5 474)
( 180)
(5 654)
As at 31 December 2025
57 877
489
58 366
22 251
379
22 630
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2024
58 452
333
58 785
24 144
311
24 455
Additions
13 813
532
14 345
4 435
373
4 808
Impairment (charge) reversal
( 38)
-
( 38)
( 1)
-
( 1)
Depreciation (expense)
(14 036)
( 200)
(14 236)
(5 429)
( 169)
(5 598)
As at 31 December 2024
58 191
665
58 856
23 149
515
23 664
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
For the year ended 31 December cost of sales consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Cost of goods sold
169 304
160 231
65 835
62 639
Write-down (reversal) of inventories to net realisable value
( 806)
579
( 937)
255
Total cost of sales
168 498
160 810
64 898
62 894
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
For the year ended 31 December selling costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent
9 368
8 886
2 407
2 343
Utilities
2 132
2 331
837
913
Remuneration of stores personnel
32 449
30 565
11 947
11 288
Social security contributions of stores personnel
3 318
3 195
222
208
Depreciation and amortization
21 289
20 503
8 604
8 170
Impairment charge (reversal)
( 40)
186
85
63
Advertising and marketing
3 195
3 031
2 167
2 094
Franchise expenses
13 260
12 531
92
109
Bank commissions
1 910
1 699
485
396
Labelling, packing and repairing
709
1 014
467
533
Logistics and distribution
4 260
2 847
381
302
Business trips
568
615
365
386
Total selling costs
92 418
87 403
28 059
26 805
For the year ended 31 December general and administrative expenses consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Remuneration of administration personnel
9 750
9 494
7 490
7 445
Social security contributions of administration personnel
452
438
134
133
Other personnel related expenses
1 807
2 009
847
910
IT and communications
2 061
1 818
1 288
1 151
Repair and maintenance
3 953
3 836
1 831
1 754
Taxes (excluding income tax)
541
461
205
204
Consulting expense
220
212
214
203
Audit fee
293
259
81
75
Other expenses
4 834
5 342
1 825
1 746
Total general and administrative expenses
23 911
23 869
13 915
13 621
The \"Other expenses\" category includes trading platform fees, inventory losses, translation services, insurance costs, charitable donations and support, as well as other miscellaneous expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
For the year ended 31 December selling costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent
9 368
8 886
2 407
2 343
Utilities
2 132
2 331
837
913
Remuneration of stores personnel
32 449
30 565
11 947
11 288
Social security contributions of stores personnel
3 318
3 195
222
208
Depreciation and amortization
21 289
20 503
8 604
8 170
Impairment charge (reversal)
( 40)
186
85
63
Advertising and marketing
3 195
3 031
2 167
2 094
Franchise expenses
13 260
12 531
92
109
Bank commissions
1 910
1 699
485
396
Labelling, packing and repairing
709
1 014
467
533
Logistics and distribution
4 260
2 847
381
302
Business trips
568
615
365
386
Total selling costs
92 418
87 403
28 059
26 805
The Group and the Company leases premises for retail trade, administration and logistics purposes and vehicles used by personnel for business activities.
Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2025
58 191
665
58 856
23 149
515
23 664
Additions
13 806
43
13 849
4 639
44
4 683
Impairment (charge) reversal
18
-
18
( 63)
-
( 63)
Depreciation (expense)
(14 138)
( 219)
(14 357)
(5 474)
( 180)
(5 654)
As at 31 December 2025
57 877
489
58 366
22 251
379
22 630
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2024
58 452
333
58 785
24 144
311
24 455
Additions
13 813
532
14 345
4 435
373
4 808
Impairment (charge) reversal
( 38)
-
( 38)
( 1)
-
( 1)
Depreciation (expense)
(14 036)
( 200)
(14 236)
(5 429)
( 169)
(5 598)
As at 31 December 2024
58 191
665
58 856
23 149
515
23 664
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
For the year ended 31 December selling costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent
9 368
8 886
2 407
2 343
Utilities
2 132
2 331
837
913
Remuneration of stores personnel
32 449
30 565
11 947
11 288
Social security contributions of stores personnel
3 318
3 195
222
208
Depreciation and amortization
21 289
20 503
8 604
8 170
Impairment charge (reversal)
( 40)
186
85
63
Advertising and marketing
3 195
3 031
2 167
2 094
Franchise expenses
13 260
12 531
92
109
Bank commissions
1 910
1 699
485
396
Labelling, packing and repairing
709
1 014
467
533
Logistics and distribution
4 260
2 847
381
302
Business trips
568
615
365
386
Total selling costs
92 418
87 403
28 059
26 805
For the year ended 31 December general and administrative expenses consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Remuneration of administration personnel
9 750
9 494
7 490
7 445
Social security contributions of administration personnel
452
438
134
133
Other personnel related expenses
1 807
2 009
847
910
IT and communications
2 061
1 818
1 288
1 151
Repair and maintenance
3 953
3 836
1 831
1 754
Taxes (excluding income tax)
541
461
205
204
Consulting expense
220
212
214
203
Audit fee
293
259
81
75
Other expenses
4 834
5 342
1 825
1 746
Total general and administrative expenses
23 911
23 869
13 915
13 621
The \"Other expenses\" category includes trading platform fees, inventory losses, translation services, insurance costs, charitable donations and support, as well as other miscellaneous expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
For the year ended 31 December general and administrative expenses consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Remuneration of administration personnel
9 750
9 494
7 490
7 445
Social security contributions of administration personnel
452
438
134
133
Other personnel related expenses
1 807
2 009
847
910
IT and communications
2 061
1 818
1 288
1 151
Repair and maintenance
3 953
3 836
1 831
1 754
Taxes (excluding income tax)
541
461
205
204
Consulting expense
220
212
214
203
Audit fee
293
259
81
75
Other expenses
4 834
5 342
1 825
1 746
Total general and administrative expenses
23 911
23 869
13 915
13 621
The \"Other expenses\" category includes trading platform fees, inventory losses, translation services, insurance costs, charitable donations and support, as well as other miscellaneous expenses.
6.
REVENUE FROM CONTRACTS WITH CUSTOMERS
For the year ended 31 December revenue from contracts with customers consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Retail income
307 087
292 842
86 708
82 842
Wholesale income
50
36
18 200
17 639
Management fees
-
-
6 763
6 971
Other income from contracts with custumers
48
59
166
93
Total revenue from contracts with customers
307 185
292 937
111 837
107 545
For the year ended 31 December retail income consisted of the following:
GROUP
COMPANY
Chain
2025
2024
2025
2024
Economy
25 800
27 078
16 763
17 395
Youth
76 382
69 614
20 233
18 670
Footwear
3 004
3 272
1 892
2 046
Business
59 693
55 799
18 535
17 469
Luxury
29 052
28 792
17 129
15 845
Zara
99 532
95 240
-
-
Outlets
13 624
13 047
12 156
11 417
Total
307 087
292 842
86 708
82 842
For the year ended 31 December other income (expences) consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent income
25
25
27
27
Gain from disposal of PPE, net
2
9
3
6
Changes in fair value of financial assets, net
( 480)
-
( 480)
-
Dividends
26
65
12 186
13 065
Total other income
( 427)
99
11 736
13 098
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
For the year ended 31 December general and administrative expenses consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Remuneration of administration personnel
9 750
9 494
7 490
7 445
Social security contributions of administration personnel
452
438
134
133
Other personnel related expenses
1 807
2 009
847
910
IT and communications
2 061
1 818
1 288
1 151
Repair and maintenance
3 953
3 836
1 831
1 754
Taxes (excluding income tax)
541
461
205
204
Consulting expense
220
212
214
203
Audit fee
293
259
81
75
Other expenses
4 834
5 342
1 825
1 746
Total general and administrative expenses
23 911
23 869
13 915
13 621
The \"Other expenses\" category includes trading platform fees, inventory losses, translation services, insurance costs, charitable donations and support, as well as other miscellaneous expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "
6.
REVENUE FROM CONTRACTS WITH CUSTOMERS
For the year ended 31 December revenue from contracts with customers consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Retail income
307 087
292 842
86 708
82 842
Wholesale income
50
36
18 200
17 639
Management fees
-
-
6 763
6 971
Other income from contracts with custumers
48
59
166
93
Total revenue from contracts with customers
307 185
292 937
111 837
107 545
For the year ended 31 December retail income consisted of the following:
GROUP
COMPANY
Chain
2025
2024
2025
2024
Economy
25 800
27 078
16 763
17 395
Youth
76 382
69 614
20 233
18 670
Footwear
3 004
3 272
1 892
2 046
Business
59 693
55 799
18 535
17 469
Luxury
29 052
28 792
17 129
15 845
Zara
99 532
95 240
-
-
Outlets
13 624
13 047
12 156
11 417
Total
307 087
292 842
86 708
82 842
For the year ended 31 December other income (expences) consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent income
25
25
27
27
Gain from disposal of PPE, net
2
9
3
6
Changes in fair value of financial assets, net
( 480)
-
( 480)
-
Dividends
26
65
12 186
13 065
Total other income
( 427)
99
11 736
13 098
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "
6.
REVENUE FROM CONTRACTS WITH CUSTOMERS
For the year ended 31 December revenue from contracts with customers consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Retail income
307 087
292 842
86 708
82 842
Wholesale income
50
36
18 200
17 639
Management fees
-
-
6 763
6 971
Other income from contracts with custumers
48
59
166
93
Total revenue from contracts with customers
307 185
292 937
111 837
107 545
For the year ended 31 December retail income consisted of the following:
GROUP
COMPANY
Chain
2025
2024
2025
2024
Economy
25 800
27 078
16 763
17 395
Youth
76 382
69 614
20 233
18 670
Footwear
3 004
3 272
1 892
2 046
Business
59 693
55 799
18 535
17 469
Luxury
29 052
28 792
17 129
15 845
Zara
99 532
95 240
-
-
Outlets
13 624
13 047
12 156
11 417
Total
307 087
292 842
86 708
82 842
For the year ended 31 December other income (expences) consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent income
25
25
27
27
Gain from disposal of PPE, net
2
9
3
6
Changes in fair value of financial assets, net
( 480)
-
( 480)
-
Dividends
26
65
12 186
13 065
Total other income
( 427)
99
11 736
13 098
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "
6.
REVENUE FROM CONTRACTS WITH CUSTOMERS
For the year ended 31 December revenue from contracts with customers consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Retail income
307 087
292 842
86 708
82 842
Wholesale income
50
36
18 200
17 639
Management fees
-
-
6 763
6 971
Other income from contracts with custumers
48
59
166
93
Total revenue from contracts with customers
307 185
292 937
111 837
107 545
For the year ended 31 December retail income consisted of the following:
GROUP
COMPANY
Chain
2025
2024
2025
2024
Economy
25 800
27 078
16 763
17 395
Youth
76 382
69 614
20 233
18 670
Footwear
3 004
3 272
1 892
2 046
Business
59 693
55 799
18 535
17 469
Luxury
29 052
28 792
17 129
15 845
Zara
99 532
95 240
-
-
Outlets
13 624
13 047
12 156
11 417
Total
307 087
292 842
86 708
82 842
For the year ended 31 December other income (expences) consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Rent income
25
25
27
27
Gain from disposal of PPE, net
2
9
3
6
Changes in fair value of financial assets, net
( 480)
-
( 480)
-
Dividends
26
65
12 186
13 065
Total other income
( 427)
99
11 736
13 098
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
7.
FINANCE INCOME AND COSTS
For the year ended 31 December finance income consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest income on loans granted
216
337
236
414
Total finance income
216
337
236
414
For the year ended 31 December finance costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest on bank borrowings
20
21
20
20
Interest expense on lease liabilities
1 994
1 836
749
695
Interest on borrowings from subsidiaries
-
-
310
457
Total finance costs
2 014
1 857
1 079
1 172
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "
7.
FINANCE INCOME AND COSTS
For the year ended 31 December finance income consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest income on loans granted
216
337
236
414
Total finance income
216
337
236
414
For the year ended 31 December finance costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest on bank borrowings
20
21
20
20
Interest expense on lease liabilities
1 994
1 836
749
695
Interest on borrowings from subsidiaries
-
-
310
457
Total finance costs
2 014
1 857
1 079
1 172
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
7.
FINANCE INCOME AND COSTS
For the year ended 31 December finance income consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest income on loans granted
216
337
236
414
Total finance income
216
337
236
414
For the year ended 31 December finance costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest on bank borrowings
20
21
20
20
Interest expense on lease liabilities
1 994
1 836
749
695
Interest on borrowings from subsidiaries
-
-
310
457
Total finance costs
2 014
1 857
1 079
1 172
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
For the year ended 31 December finance income consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest income on loans granted
216
337
236
414
Total finance income
216
337
236
414
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
For the year ended 31 December finance income consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest income on loans granted
216
337
236
414
Total finance income
216
337
236
414
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
For the year ended 31 December finance costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest on bank borrowings
20
21
20
20
Interest expense on lease liabilities
1 994
1 836
749
695
Interest on borrowings from subsidiaries
-
-
310
457
Total finance costs
2 014
1 857
1 079
1 172
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
For the year ended 31 December finance costs consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Interest on bank borrowings
20
21
20
20
Interest expense on lease liabilities
1 994
1 836
749
695
Interest on borrowings from subsidiaries
-
-
310
457
Total finance costs
2 014
1 857
1 079
1 172
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
8.
INCOME TAX EXPENSE
Domestic income tax is calculated at 16 per cent of the estimated profit for the year.
The total income tax charge can be reconciled to the accounting profit before tax as follows:
GROUP
COMPANY
2025
2024
2025
2024
Profit before tax
20 133
19 434
15 858
16 565
Tax at the domestic income tax rate
3 221
2 915
2 537
2 485
Tax effect of income not subject to tax
( 4)
( 37)
(1 950)
(1 971)
Tax effect of expenses that are not deductible in determining taxable profit
266
199
217
163
Prior period income tax adjustment
( 122)
-
( 121)
-
Change in deferred tax rate due to changes in tax laws in Lithuania
178
-
42
-
Effect of different tax rates of foreign subsidiaries
378
397
-
-
Tax expense
3 917
3 474
725
677
Effective income tax rate
19.5%
17.9%
4.6%
4.1%
For the year ended 31 December income tax expense consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Current income tax expense
3 485
3 306
627
542
Income tax of prior periods
( 122)
-
( 121)
-
Deferred income tax
554
168
219
135
Total income tax expense
3 917
3 474
725
677
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
9.
DEFERRED INCOME TAX
The movement in deferred income tax liabilities account was as follows:
GROUP
COMPANY
2025
2024
2025
2024
At beginning of year
(2 469)
(2 301)
( 501)
( 366)
Comprehensive income statement (charge) credit
( 554)
( 168)
( 219)
( 135)
At end of year
(3 023)
(2 469)
( 720)
( 501)
Deferred tax assets and liabilities recognised as follows:
GROUP
COMPANY
2025
2024
2025
2024
Deferred tax assets:
Lease liabilities IFRS 16
6 862
6 560
4 037
3 900
Inventory write down
442
551
190
328
Accruals
160
142
57
64
Impairment of property, plant and equipment
17
12
17
12
Total deferred tax assets
7 481
7 265
4 301
4 304
Deferred tax liability:
Right-of-use assets IFRS 16
(6 650)
(6 436)
(3 907)
(3 818)
Undistributed profits of subsidiaries
(2 578)
(2 162)
-
-
Depreciation of property, plant and equipment
(1 276)
(1 136)
(1 114)
( 987)
Total deferred tax liabilities
(10 504)
(9 734)
(5 021)
(4 805)
Total deferred tax (liabilities), net
(3 023)
(2 469)
( 720)
( 501)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
10.
DIVIDENDS PER SHARE
2025
2024
Approved dividends
13 270
13 270
Weighted average number of ordinary shares in thousand (Note 21)
55 292
55 292
Approved dividends per share, EUR
0.24
0.24
In 2025, the Annual Shareholder\u2019s Meeting approved to pay dividends 0.24 cent per share to the shareholders for 2024 year. In respect of the current 2025 year, the Board of Directors propose to pay \u00a00.27 EUR dividend per share to the shareholders (Note 22). This dividend is subject to approval by the shareholders at the Annual Shareholder\u2019s Meeting and has not been included as a liability in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "0.24", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-323": { "value": "0.24", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-84": { "value": "0.27", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-85": { "value": "
11.
EARNINGS PER SHARE
GROUP
COMPANY
2025
2024
2025
2024
Profit for the year
16 216
15 960
15 133
15 888
Weighted average number of ordinary shares in thousand (Note 21)
55 292
55 292
55 292
55 292
Basic and diluted earnings per share, EUR
0.29
0.29
0.27
0.29
The Company has no dilutive potential ordinary shares, therefore, the diluted earnings per share are the same as basic earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
12.
PROPERTY, PLANT AND EQUIPMENT
At 31 December property, plant and equipment consisted of the following:
GROUP
Buildings
Plant and equipment
Leasehold improve-ments
Commercial and other equipment
Construction in progress
Total
Cost
At 31 December 2023
9 067
2 154
12 439
43 406
10
67 076
Additions
2 511
1
804
2 982
5 414
11 712
Disposals and write-offs
-
( 38)
(1 394)
(3 046)
-
(4 478)
Transfers between captions
-
-
2 703
2 347
(5 050)
-
At 31 December 2024
11 578
2 117
14 552
45 689
374
74 310
Additions
28
20
3 448
( 763)
6 730
9 463
Disposals and write-offs
-
( 2)
(1 971)
(2 233)
-
(4 206)
Transfers between captions
-
-
-
6 865
(6 865)
-
At 31 December 2025
11 606
2 135
16 029
49 558
239
79 567
Accumulated depreciation
At 31 December 2023
4 270
891
6 961
30 456
-
42 578
Charge for the year
264
141
1 496
3 983
-
5 884
Disposals and write-offs
-
( 39)
( 575)
(2 851)
-
(3 465)
At 31 December 2024
4 534
993
7 882
31 588
-
44 997
Charge for the year
306
138
1 704
4 339
-
6 487
Disposals and write-offs
-
( 3)
( 573)
(2 158)
-
(2 734)
At 31 December 2025
4 840
1 128
9 013
33 769
-
48 750
Impairment charge
At 31 December 2023
-
-
251
195
-
446
Charge for the year (reversal)
42
106
148
At 31 December 2024
-
-
293
301
-
594
Charge for the year (reversal)
( 9)
( 13)
( 22)
At 31 December 2025
-
-
284
288
-
572
Carrying amount
At 31 December 2023
4 797
1 263
5 227
12 755
10
24 052
At 31 December 2024
7 044
1 124
6 377
13 800
374
28 719
At 31 December 2025
6 766
1 007
6 732
15 501
239
30 245

COMPANY
Buildings
Plant and equipment
Leasehold improve-ments
Commercial and other equipment
Construction in progress
Total
Cost
At 31 December 2023
9 067
2 153
6 252
12 143
10
29 625
Additions
2 511
2
256
1 972
2 364
7 105
Disposals and write-offs
-
( 38)
( 383)
(1 298)
-
(1 719)
Transfers between captions
-
-
1 749
276
(2 025)
-
At 31 December 2024
11 578
2 117
7 874
13 093
349
35 011
Additions
28
21
1 085
243
788
2 165
Disposals and write-offs
-
( 2)
( 253)
( 441)
-
( 696)
Transfers between captions
-
-
-
1 122
(1 122)
-
At 31 December 2025
11 606
2 136
8 706
14 017
15
36 480
Accumulated depreciation
At 31 December 2023
4 270
891
3 586
8 843
-
17 590
Charge for the year
264
141
807
995
-
2 207
Disposals and write-offs
-
( 39)
( 235)
(1 126)
-
(1 400)
At 31 December 2024
4 534
993
4 158
8 712
-
18 397
Charge for the year
306
138
931
1 150
-
2 525
Disposals and write-offs
-
( 3)
( 251)
( 401)
-
( 655)
At 31 December 2025
4 840
1 128
4 838
9 461
-
20 267
Impairment charge
At 31 December 2023
-
-
10
6
-
16
Charge for the year (reversal)
27
35
62
At 31 December 2024
-
-
37
41
-
78
Charge for the year (reversal)
10
12
22
At 31 December 2025
-
-
47
53
-
100
Carrying amount
At 31 December 2023
4 797
1 262
2 656
3 294
10
12 019
At 31 December 2024
7 044
1 124
3 679
4 340
349
16 536
At 31 December 2025
6 766
1 008
3 821
4 503
15
16 113
At 31 December 2025 the Group\u2019s and the Company\u2019s buildings with the carrying amount of EUR 3 928 thousand (2024: EUR 4 103 thousand) have been pledged as security for outstanding loans from financial institutions (Note 23).
As of December 31 2025 and as of December 31 2024, the Company has leased one premises to third parties.
At 31 December the acquisition cost of the fully depreciated property, plant and equipment still in use was as follows:
GROUP
COMPANY
2025
2024
2025
2024
Plant and equipment
1 013
968
994
953
Leasehold improvements
19
-
-
-
Commercial and other equipment
11 393
10 659
4 492
4 205
Total
12 425
11 627
5 486
5 158
The main cash generating unit of the Group and the Company is a store. The Group and the Company have tested PPE used in stores operations for impairment in accordance with the accounting policies stated in Note 2.6.
\u2003
Estimation of the value in use was based on the discounted post-tax cash flows (DCF) of the latest available business plan. DCF was estimated over remaining useful life of leasehold improvements and commercial and other equipment (vast majority of premises are leased). For the calculation of future cash flows in 2026 and in later years, each cash generating unit was assessed individually. Net sales
and personnel costs growth rates were established on brand or country level. The weighted average cost of capital (further \u2013 WACC) of 13-14 per cent post-tax (WACC of 13 -14 per cent post-tax \u2013 in 2024) was used for value in use estimation.
Based on the calculations performed the management concluded that impairment in the amount of EUR 572 thousand for the Group (2024: EUR 594 thousand) and EUR 100 thousand for the Company (2024: EUR 78 thousand) should be recorded against PPE in the statement of financial position. The total recoverable amount of the CGUs relating to stores that were tested for potential impairment was EUR 372 thousand (2024: EUR 577 thousand). The Group recognized a reversal of impairment losses of EUR 22 thousand in 2025, while the Company recognized impairment losses of EUR 22 thousand (2024: impairment losses of EUR 148 thousand and EUR 62 thousand for the Group and the Company, respectively). The reversal of impairment losses on PPE in 2025 were mainly due to the closure of stores for which asset impairment losses had previously been recognized, as well as by the decrease in the carrying amount of PPE of particular stores due to depreciation. Impairment of PPE is recognized in the statement of comprehensive income under selling costs.
After performing sensitivity to the change of the main inputs, no material impact on impairment.
The Management does not expect material changes in estimations made in the near future, except those disclosed in Note 2.2 (a).
17.
FINANCIAL INSTRUMENTS BY CATEGORY
The accounting policies for financial instruments have been applied to the line items at 31 December below:
GROUP
COMPANY
Category - Financial assets at amortised cost
Category - Financial assets at amortised cost
Assets as per statement of financial position:
2025
2024
2025
2024
Trade and other receivables
3 305
3 267
8 669
10 086
Cash and cash equivalents
22 321
18 405
9 152
6 845
Total
25 626
21 672
17 821
16 931
Category - at fair value
Category - at fair value
Shares of Verslo Trikampis UAB (level 3)
2 120
2 600
2 120
2 600
Total
2 120
2 600
2 120
2 600
Total financial assets
27 746
24 272
19 941
19 531
In June 2018, the Company acquired shares of the investment company UAB Verslo trikampis (formerly UAB LIM Verslo Trikampio NT Fondas), which are recognized as financial assets at fair value through profit or loss. Refer to the accounting policies in Note 2.10, Financial assets and liabilities.
In 2025, due to a change in the market value of the shares of UAB Verslo trikampis, management recognized an decrease in fair value of EUR 480 thousand. In 2024, the management concluded that fair value of the investment in shares of UAB Verslo Trikampis corresponded to the book value, therefore the Group and the Company did not recognize any gain or loss from change in value in 2024.
GROUP
COMPANY
Category - Financial liabilities measured at amortised cost\u00a0
Category - Financial liabilities measured at amortised cost
2025
2024
2025
2024
Liabilities as per statement of financial position:
Borrowings
-
-
6 100
6 960
Lease liabilities
62 649
62 652
24 060
24 829
Trade and other payables
21 026
18 014
5 167
5 952
Total
83 675
80 666
35 327
37 741
The following methods and assumptions are used to estimate the fair value of each class of financial instruments:
a.
The carrying amount of current trade and other accounts receivable, current trade and other accounts payable and current borrowings approximates their fair value due to short term maturities (Level 3);
b.
The value of investment in Verslo trikampis UAB fund is calculated as the number of fund units held multiplied by the value of the fund unit as at reporting date (Level 3). The valuation of main fund assets is performed using DCF model.
25.
LEASES
The Group and the Company leases premises for retail trade, administration and logistics purposes and vehicles used by personnel for business activities.
Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2025
58 191
665
58 856
23 149
515
23 664
Additions
13 806
43
13 849
4 639
44
4 683
Impairment (charge) reversal
18
-
18
( 63)
-
( 63)
Depreciation (expense)
(14 138)
( 219)
(14 357)
(5 474)
( 180)
(5 654)
As at 31 December 2025
57 877
489
58 366
22 251
379
22 630
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2024
58 452
333
58 785
24 144
311
24 455
Additions
13 813
532
14 345
4 435
373
4 808
Impairment (charge) reversal
( 38)
-
( 38)
( 1)
-
( 1)
Depreciation (expense)
(14 036)
( 200)
(14 236)
(5 429)
( 169)
(5 598)
As at 31 December 2024
58 191
665
58 856
23 149
515
23 664
The Group and the Company have tested right-of-use assets for impairment in accordance with the accounting policies stated in Note 2. 6. Estimation of the value in use was calculated using the same method and using the same indicators as in Note 12.
Based on the calculations performed the management concluded that impairment in the amount of EUR 592 thousand for the Group (as at 31 December 2024: EUR 610 thousand) and EUR 117 thousand for the Company (as at 31 December 2024: EUR 54 thousand) should be recorded against right-of-use assets in the statement of financial position as at 31 December 2025. The total recoverable amount of the CGUs relating to stores that were tested for potential impairment was EUR 372 thousand (2024: EUR 577 thousand). The Group in 2025 have recognised the reversal of impairment loss of right-of-use assets of EUR 18 thousand (impairment loss of EUR 38 thousand was recognized in 2024), the Company has recognised the impairment loss of right-of-use assets of EUR 63 thousand (impairment loss of EUR 1 thousand was recognized in 2024). At the Group level, the reversal of impairment losses on right-of-use assets in 2025 were mainly due to the closure of stores for which asset impairment losses had previously been recognized, as well as by the decrease in the carrying
amount of non-current assets of operating stores due to depreciation. Impairment of right-of-use assets is recognized in the statement of comprehensive income under selling costs.
After performing sensitivity to the change of the main inputs, no material impact on impairment.
Set out below are the carrying amounts of lease liabilities (presented under \u201cCurrent lease liabilities\u201d and \u201cNon-current lease liabilities\u201d) and the movements during the period:
GROUP
COMPANY
As at 1 January 2025
62 652
24 829
Additions
13 849
4 683
Accretion of interest
1 994
749
Payments
(15 705)
(6 201)
Rent discounts
( 141)
-
As at 31 December 2025
62 649
24 060
Current
15 579
6 152
Non-current
47 070
17 908
GROUP
COMPANY
As at 1 January 2024
61 935
25 381
Additions
14 345
4 808
Accretion of interest
1 836
695
Payments
(15 311)
(6 055)
Rent discounts
( 153)
-
As at 31 December 2024
62 652
24 829
Current
14 578
5 742
Non-current
48 074
19 087
As at 31 December 2025 present value of payments for leases which are not yet commenced but to which the Group and the Company are committed amounted to EUR 2 609 thousand and EUR 0 thousand (as at 31 December 2024 amounted to EUR 2 420 thousand and EUR 896 thousand respectively).
The following are the amounts recognized in profit or loss:
GROUP
COMPANY
2025
Depreciation expense of right-of-use assets (included in selling costs)
14 357
5 654
Interest expense on lease liabilities (included in finance costs)
1 994
749
Expenses relating\u00a0 to short-term leases (included in selling costs)
138
69
Impairment charge (reversal), (included in selling costs)
( 18)
63
Variable lease payments (included in selling costs)
9 371
2 338
Rent discounts (included in selling costs)
( 141)
-
Total amount recognized in profit or loss
25 701
8 873
GROUP
COMPANY
2024
Depreciation expense of right-of-use assets (included in selling costs)
14 236
5 598
Interest expense on lease liabilities (included in finance costs)
1 836
695
Expenses relating\u00a0 to short-term leases (included in selling costs)
243
65
Impairment charge (reversal) (included in selling costs)
38
1
Variable lease payments (included in selling costs)
8 796
2 278
Rent discounts (included in selling costs)
( 153)
-
Total amount recognized in profit or loss
24 996
8 637
The Company/Group has lease contracts for Premises that contain variable payments based on the turnover of stores located in those Premises. Management\u2019s objective is to align the lease expense with the revenue earned. The Company/Group accounted short-term leases and rent discounts as variable lease payments. The following provides information on the Company\u2019s/Group\u2019s variable lease payments in 2025 and 2024, including the magnitude in relation to fixed payments:
GROUP
COMPANY
Fixed payments
Variable payments
In total
Fixed payments
Variable payments
In total
Year ended 31 December 2025
Fixed payments
2 293
-
2 293
1 896
-
1 896
Variable rent with minimum payment
13 507
6 788
20 295
4 308
2 204
6 512
Variable rent only
-
2 580
2 580
-
203
203
Total
15 800
9 368
25 168
6 204
2 407
8 611
Year ended 31 December 2024
Fixed payments
2 245
-
2 245
1 829
-
1 829
Variable rent with minimum payment
13 219
5 509
18 728
4 226
1 737
5 963
Variable rent only
-
3 377
3 377
-
606
606
Total
15 464
8 886
24 350
6 055
2 343
8 398
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
12.
PROPERTY, PLANT AND EQUIPMENT
At 31 December property, plant and equipment consisted of the following:
GROUP
Buildings
Plant and equipment
Leasehold improve-ments
Commercial and other equipment
Construction in progress
Total
Cost
At 31 December 2023
9 067
2 154
12 439
43 406
10
67 076
Additions
2 511
1
804
2 982
5 414
11 712
Disposals and write-offs
-
( 38)
(1 394)
(3 046)
-
(4 478)
Transfers between captions
-
-
2 703
2 347
(5 050)
-
At 31 December 2024
11 578
2 117
14 552
45 689
374
74 310
Additions
28
20
3 448
( 763)
6 730
9 463
Disposals and write-offs
-
( 2)
(1 971)
(2 233)
-
(4 206)
Transfers between captions
-
-
-
6 865
(6 865)
-
At 31 December 2025
11 606
2 135
16 029
49 558
239
79 567
Accumulated depreciation
At 31 December 2023
4 270
891
6 961
30 456
-
42 578
Charge for the year
264
141
1 496
3 983
-
5 884
Disposals and write-offs
-
( 39)
( 575)
(2 851)
-
(3 465)
At 31 December 2024
4 534
993
7 882
31 588
-
44 997
Charge for the year
306
138
1 704
4 339
-
6 487
Disposals and write-offs
-
( 3)
( 573)
(2 158)
-
(2 734)
At 31 December 2025
4 840
1 128
9 013
33 769
-
48 750
Impairment charge
At 31 December 2023
-
-
251
195
-
446
Charge for the year (reversal)
42
106
148
At 31 December 2024
-
-
293
301
-
594
Charge for the year (reversal)
( 9)
( 13)
( 22)
At 31 December 2025
-
-
284
288
-
572
Carrying amount
At 31 December 2023
4 797
1 263
5 227
12 755
10
24 052
At 31 December 2024
7 044
1 124
6 377
13 800
374
28 719
At 31 December 2025
6 766
1 007
6 732
15 501
239
30 245

COMPANY
Buildings
Plant and equipment
Leasehold improve-ments
Commercial and other equipment
Construction in progress
Total
Cost
At 31 December 2023
9 067
2 153
6 252
12 143
10
29 625
Additions
2 511
2
256
1 972
2 364
7 105
Disposals and write-offs
-
( 38)
( 383)
(1 298)
-
(1 719)
Transfers between captions
-
-
1 749
276
(2 025)
-
At 31 December 2024
11 578
2 117
7 874
13 093
349
35 011
Additions
28
21
1 085
243
788
2 165
Disposals and write-offs
-
( 2)
( 253)
( 441)
-
( 696)
Transfers between captions
-
-
-
1 122
(1 122)
-
At 31 December 2025
11 606
2 136
8 706
14 017
15
36 480
Accumulated depreciation
At 31 December 2023
4 270
891
3 586
8 843
-
17 590
Charge for the year
264
141
807
995
-
2 207
Disposals and write-offs
-
( 39)
( 235)
(1 126)
-
(1 400)
At 31 December 2024
4 534
993
4 158
8 712
-
18 397
Charge for the year
306
138
931
1 150
-
2 525
Disposals and write-offs
-
( 3)
( 251)
( 401)
-
( 655)
At 31 December 2025
4 840
1 128
4 838
9 461
-
20 267
Impairment charge
At 31 December 2023
-
-
10
6
-
16
Charge for the year (reversal)
27
35
62
At 31 December 2024
-
-
37
41
-
78
Charge for the year (reversal)
10
12
22
At 31 December 2025
-
-
47
53
-
100
Carrying amount
At 31 December 2023
4 797
1 262
2 656
3 294
10
12 019
At 31 December 2024
7 044
1 124
3 679
4 340
349
16 536
At 31 December 2025
6 766
1 008
3 821
4 503
15
16 113
At 31 December 2025 the Group\u2019s and the Company\u2019s buildings with the carrying amount of EUR 3 928 thousand (2024: EUR 4 103 thousand) have been pledged as security for outstanding loans from financial institutions (Note 23).
As of December 31 2025 and as of December 31 2024, the Company has leased one premises to third parties.
At 31 December the acquisition cost of the fully depreciated property, plant and equipment still in use was as follows:
GROUP
COMPANY
2025
2024
2025
2024
Plant and equipment
1 013
968
994
953
Leasehold improvements
19
-
-
-
Commercial and other equipment
11 393
10 659
4 492
4 205
Total
12 425
11 627
5 486
5 158
The main cash generating unit of the Group and the Company is a store. The Group and the Company have tested PPE used in stores operations for impairment in accordance with the accounting policies stated in Note 2.6.
\u2003
Estimation of the value in use was based on the discounted post-tax cash flows (DCF) of the latest available business plan. DCF was estimated over remaining useful life of leasehold improvements and commercial and other equipment (vast majority of premises are leased). For the calculation of future cash flows in 2026 and in later years, each cash generating unit was assessed individually. Net sales
and personnel costs growth rates were established on brand or country level. The weighted average cost of capital (further \u2013 WACC) of 13-14 per cent post-tax (WACC of 13 -14 per cent post-tax \u2013 in 2024) was used for value in use estimation.
Based on the calculations performed the management concluded that impairment in the amount of EUR 572 thousand for the Group (2024: EUR 594 thousand) and EUR 100 thousand for the Company (2024: EUR 78 thousand) should be recorded against PPE in the statement of financial position. The total recoverable amount of the CGUs relating to stores that were tested for potential impairment was EUR 372 thousand (2024: EUR 577 thousand). The Group recognized a reversal of impairment losses of EUR 22 thousand in 2025, while the Company recognized impairment losses of EUR 22 thousand (2024: impairment losses of EUR 148 thousand and EUR 62 thousand for the Group and the Company, respectively). The reversal of impairment losses on PPE in 2025 were mainly due to the closure of stores for which asset impairment losses had previously been recognized, as well as by the decrease in the carrying amount of PPE of particular stores due to depreciation. Impairment of PPE is recognized in the statement of comprehensive income under selling costs.
After performing sensitivity to the change of the main inputs, no material impact on impairment.
The Management does not expect material changes in estimations made in the near future, except those disclosed in Note 2.2 (a).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
13.
INTANGIBLE ASSETS
At 31 December intangible assets consisted of the following:
GROUP
COMPANY
Licenses and rights acquired
Software
Total
Licenses and rights acquired
Software
Total
Cost
At 31 December 2023
714
2 347
3 061
590
2 302
2 892
Additions
184
142
326
157
143
300
Write-offs
-
( 9)
( 9)
-
-
-
At 31 December 2024
898
2 480
3 378
747
2 445
3 192
Additions
74
256
330
73
257
330
Write-offs
( 6)
-
( 6)
-
-
-
At 31 December 2025
966
2 736
3 702
820
2 702
3 522
Accumulated amortisation
At 31 December 2023
444
1 134
1 578
338
1 113
1 451
Charge for the year
92
291
383
83
282
365
Write-offs
-
( 9)
( 9)
-
-
-
At 31 December 2024
536
1 416
1 952
421
1 395
1 816
Charge for the year
120
325
445
109
316
425
Write-offs
( 6)
-
( 6)
-
-
-
At 31 December 2025
650
1 741
2 391
530
1 711
2 241
Carrying amount
At 31 December 2023
270
1 213
1 483
252
1 189
1 441
At 31 December 2024
362
1 064
1 426
326
1 050
1 376
At 31 December 2025
316
995
1 311
290
991
1 281

At 31 December the acquisition cost of fully amortized intangible assets still in use was as follows:
GROUP
COMPANY
2025
2024
2025
2024
Licenses
216
185
119
90
Software
864
813
859
809
Total
1 080
998
978
899
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
14.
INVESTMENTS IN SUBSIDIARIES
The Company\u2019s investments in subsidiaries at 31 December are as follows:
Name
Country of incorporation
Cost
2025
Ownership, %
2024
Ownership, %
UAB Apranga LT
Lithuania
724
100
724
100
UAB Apranga BPB LT
Lithuania
145
100
145
100
UAB Apranga PLT
Lithuania
87
100
87
100
UAB Apranga SLT
Lithuania
87
100
87
100
UAB Apranga MLT
Lithuania
87
100
87
100
UAB Apranga HLT
Lithuania
75
100
75
100
UAB Apranga OLT
Lithuania
50
100
50
100
UAB Apranga Ecom LT
Lithuania
-
-
10
100
SIA Apranga
Latvia
2 175
100
2 175
100
SIA Apranga LV
Latvia
153
100
153
100
SIA Apranga BPB LV
Latvia
86
100
86
100
SIA Apranga PLV
Latvia
86
100
86
100
SIA Apranga SLV
Latvia
85
100
85
100
SIA Apranga MLV
Latvia
86
100
86
100
SIA Apranga HLV
Latvia
50
100
50
100
SIA Apranga OLV
Latvia
50
100
50
100
SIA Apranga Ecom LV
Latvia
3
100
3
100
OU Apranga*
Estonia
447
100
447
100
OU Apranga Estonia
Estonia
128
100
128
100
OU Apranga BEE
Estonia
96
100
96
100
OU Apranga PB Trade
Estonia
221
100
221
100
OU Apranga ST Retail
Estonia
96
100
96
100
OU Apranga MDE
Estonia
2
100
2
100
OU Apranga HEST
Estonia
50
100
50
100
OU Apranga Ecom EE
Estonia
17
100
17
100
Total investments
5 085
5 095
* At 31 December 2025 the Company directly owned 14.91% shares and indirectly through its subsidiary owned the rest 85.09% of shares (At 31 December 2024: 14.91% and 85.09%, respectively).
The changes in investments are as follows:
2025
2024
Beginning of the year
5 095
5 095
Liquidation of UAB Apranga ECOM LT
( 10)
-
At end of the year
5 085
5 095
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
14.
INVESTMENTS IN SUBSIDIARIES
The Company\u2019s investments in subsidiaries at 31 December are as follows:
Name
Country of incorporation
Cost
2025
Ownership, %
2024
Ownership, %
UAB Apranga LT
Lithuania
724
100
724
100
UAB Apranga BPB LT
Lithuania
145
100
145
100
UAB Apranga PLT
Lithuania
87
100
87
100
UAB Apranga SLT
Lithuania
87
100
87
100
UAB Apranga MLT
Lithuania
87
100
87
100
UAB Apranga HLT
Lithuania
75
100
75
100
UAB Apranga OLT
Lithuania
50
100
50
100
UAB Apranga Ecom LT
Lithuania
-
-
10
100
SIA Apranga
Latvia
2 175
100
2 175
100
SIA Apranga LV
Latvia
153
100
153
100
SIA Apranga BPB LV
Latvia
86
100
86
100
SIA Apranga PLV
Latvia
86
100
86
100
SIA Apranga SLV
Latvia
85
100
85
100
SIA Apranga MLV
Latvia
86
100
86
100
SIA Apranga HLV
Latvia
50
100
50
100
SIA Apranga OLV
Latvia
50
100
50
100
SIA Apranga Ecom LV
Latvia
3
100
3
100
OU Apranga*
Estonia
447
100
447
100
OU Apranga Estonia
Estonia
128
100
128
100
OU Apranga BEE
Estonia
96
100
96
100
OU Apranga PB Trade
Estonia
221
100
221
100
OU Apranga ST Retail
Estonia
96
100
96
100
OU Apranga MDE
Estonia
2
100
2
100
OU Apranga HEST
Estonia
50
100
50
100
OU Apranga Ecom EE
Estonia
17
100
17
100
Total investments
5 085
5 095
* At 31 December 2025 the Company directly owned 14.91% shares and indirectly through its subsidiary owned the rest 85.09% of shares (At 31 December 2024: 14.91% and 85.09%, respectively).
The changes in investments are as follows:
2025
2024
Beginning of the year
5 095
5 095
Liquidation of UAB Apranga ECOM LT
( 10)
-
At end of the year
5 085
5 095
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "
15.
INVENTORIES
GROUP
COMPANY
2025
2024
2025
2024
Goods for resale
54 023
52 982
28 567
29 442
Write-down of goods for resale to net realisable value*
(4 105)
(4 911)
(1 116)
(2 053)
Return assets
1 057
1 111
213
196
Goods in transit
223
294
223
294
Packaging and other materials
724
665
494
473
Total
51 922
50 141
28 381
28 352
*Acquisition cost of write-down of goods for resale to net realisable value
14 642
23 035
3 554
11 971
At 31 December 2025 inventories of the Group and the Company have been pledged as security for outstanding loans from financial institutions (Note 23). The total carrying amount of Group\u2019s pledged inventories as at 31 December 2025 was EUR 11 296 thousand, Company\u2019s - EUR 7 896 thousand (EUR 11 296 thousand and EUR 7 896 thousand as at 31 December 2024, respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
16.
PREPAYMENTS
At 31 December prepayments consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Prepayments
1 938
1 554
1 705
1 547
Less non-current portion of prepayments
( 210)
( 102)
( 144)
( 102)
Current portion of prepayments
1 728
1 452
1 561
1 445
The major share of prepayments are prepayments to suppliers for goods, which are subsequently used to settle amounts due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "
16.
PREPAYMENTS
At 31 December prepayments consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Prepayments
1 938
1 554
1 705
1 547
Less non-current portion of prepayments
( 210)
( 102)
( 144)
( 102)
Current portion of prepayments
1 728
1 452
1 561
1 445
The major share of prepayments are prepayments to suppliers for goods, which are subsequently used to settle amounts due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "
The accounting policies for financial instruments have been applied to the line items at 31 December below:
GROUP
COMPANY
Category - Financial assets at amortised cost
Category - Financial assets at amortised cost
Assets as per statement of financial position:
2025
2024
2025
2024
Trade and other receivables
3 305
3 267
8 669
10 086
Cash and cash equivalents
22 321
18 405
9 152
6 845
Total
25 626
21 672
17 821
16 931
Category - at fair value
Category - at fair value
Shares of Verslo Trikampis UAB (level 3)
2 120
2 600
2 120
2 600
Total
2 120
2 600
2 120
2 600
Total financial assets
27 746
24 272
19 941
19 531
In June 2018, the Company acquired shares of the investment company UAB Verslo trikampis (formerly UAB LIM Verslo Trikampio NT Fondas), which are recognized as financial assets at fair value through profit or loss. Refer to the accounting policies in Note 2.10, Financial assets and liabilities.
In 2025, due to a change in the market value of the shares of UAB Verslo trikampis, management recognized an decrease in fair value of EUR 480 thousand. In 2024, the management concluded that fair value of the investment in shares of UAB Verslo Trikampis corresponded to the book value, therefore the Group and the Company did not recognize any gain or loss from change in value in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "
The accounting policies for financial instruments have been applied to the line items at 31 December below:
GROUP
COMPANY
Category - Financial assets at amortised cost
Category - Financial assets at amortised cost
Assets as per statement of financial position:
2025
2024
2025
2024
Trade and other receivables
3 305
3 267
8 669
10 086
Cash and cash equivalents
22 321
18 405
9 152
6 845
Total
25 626
21 672
17 821
16 931
Category - at fair value
Category - at fair value
Shares of Verslo Trikampis UAB (level 3)
2 120
2 600
2 120
2 600
Total
2 120
2 600
2 120
2 600
Total financial assets
27 746
24 272
19 941
19 531
In June 2018, the Company acquired shares of the investment company UAB Verslo trikampis (formerly UAB LIM Verslo Trikampio NT Fondas), which are recognized as financial assets at fair value through profit or loss. Refer to the accounting policies in Note 2.10, Financial assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
In 2025, due to a change in the market value of the shares of UAB Verslo trikampis, management recognized an decrease in fair value of EUR 480 thousand. In 2024, the management concluded that fair value of the investment in shares of UAB Verslo Trikampis corresponded to the book value, therefore the Group and the Company did not recognize any gain or loss from change in value in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
18.
CREDIT QUALITY OF FINANCIAL ASSETS
Total credit risk exposure of the Group and the Company is provided below . Since there are no material overdue or with increased credit risk items, provision matrix is not provided in these financial statements.
GROUP
COMPANY
2025
2024
2025
2024
Financial assets at fair value
2 120
2 600
2 120
2 600
Trade and other receivables with no history of counterparty defaults
3 278
3 250
1 279
1 542
Receivables from related parties (Note 26)
27
17
7 390
8 544
Cash at bank or their parent companies that have high credit ratings (cash on hand excluded)
21 733
17 719
8 935
6 549
Total
27 158
23 586
19 724
19 235
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
19.
TRADE AND OTHER RECEIVABLES
At 31 December trade and other receivables consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Trade receivables from subsidiaries (Note 26)
-
-
7 363
8 526
Loans to subsidiaries (Note 26)
-
-
-
1
Loans and other receivables from related parties (note 26)
27
17
27
17
Trade receivables from unrelated parties
348
363
263
208
Other receivables
2 930
2 887
1 016
1 334
Total
3 305
3 267
8 669
10 086
Less non-current portion of other receivables
(1 307)
( 672)
( 83)
( 83)
Current portion
1 998
2 595
8 586
10 003
The major share of other receivable are deposits, related to internet sales, and receivables from suppliers for returned goods.
There were no expected significant credit lossess identified and, consequently, no allowance was accounted for as at 31 December 2025 and 2024. There were no receivables past due in 2025 and 2024.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group and the Company do not hold any collateral as security.
All the Company\u2019s loans granted to subsidiaries are denominated in EUR currency. The interest rate at 31 December 2025 is 2.0 per cent (2024: 2.5 per cent), maturity date \u2013 31 December 2026 (2024: 31 December 2025).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "
19.
TRADE AND OTHER RECEIVABLES
At 31 December trade and other receivables consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Trade receivables from subsidiaries (Note 26)
-
-
7 363
8 526
Loans to subsidiaries (Note 26)
-
-
-
1
Loans and other receivables from related parties (note 26)
27
17
27
17
Trade receivables from unrelated parties
348
363
263
208
Other receivables
2 930
2 887
1 016
1 334
Total
3 305
3 267
8 669
10 086
Less non-current portion of other receivables
(1 307)
( 672)
( 83)
( 83)
Current portion
1 998
2 595
8 586
10 003
The major share of other receivable are deposits, related to internet sales, and receivables from suppliers for returned goods.
There were no expected significant credit lossess identified and, consequently, no allowance was accounted for as at 31 December 2025 and 2024. There were no receivables past due in 2025 and 2024.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group and the Company do not hold any collateral as security.
All the Company\u2019s loans granted to subsidiaries are denominated in EUR currency. The interest rate at 31 December 2025 is 2.0 per cent (2024: 2.5 per cent), maturity date \u2013 31 December 2026 (2024: 31 December 2025).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "
20.
CASH AND CASH EQUIVALENTS
At 31 December cash and cash equivalents consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Cash at bank
16 724
13 586
8 466
6 338
Cash on hand
588
686
217
296
Cash in transit
5 009
4 133
469
211
Total
22 321
18 405
9 152
6 845
Cash in certain bank accounts and future cash inflows into these accounts were pledged to banks as security for credit facilities granted. At 31 December 2025, the cash balances of the Group and the Company in the pledged accounts amounted to EUR 8 466 thousand (2024: EUR 6 338 thousand) (Note 23).
Cash and cash equivalents include the following for the purposes of the cash flow statement:
GROUP
COMPANY
2025
2024
2025
2024
Cash and cash equivalents
22 321
18 405
9 152
6 845
Total
22 321
18 405
9 152
6 845
Presented below is the analysis of the credit quality of balances of cash and cash equivalents, except cash on hand, based on ratings established by the rating agency S&P (parent banks of the banks in whose accounts the Group's revenues are collected):
GROUP
COMPANY
2025
2024
2025
2024
A+
21 733
17 719
8 935
6 549
Total
21 733
17 719
8 935
6 549
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "
21.
SHARE CAPITAL
At 31 December 2025 issued share capital of the Company consisted of 55 291 960 (2024: 55 291 960) ordinary shares at par value of EUR 0.29 each. All issued shares are fully paid.
Subsidiaries did not hold any shares of the Company as of 31 December 2025 and 2024. The Company did not hold its own shares as of 31 December 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "14929.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-103": { "value": "
23.
BORROWINGS
At 31 December the carrying amounts of the borrowings consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Long term borrowings
Total
-
-
-
-
Short term borrowings
Borrowings from subsidiaries
-
-
6 100
6 960
Total
-
-
6 100
6 960
Total borrowings
-
-
6 100
6 960
The bank credit lines are secured by cash in certain of bank accounts (Note 20), some of buildings (Note 12) and part of inventories (Note 15).
At 31 December all amounts of the borrowings are denominated in EUR currency.
The weighted average interest rates at the end of the reporting period were as follows:
GROUP
COMPANY
2025
2024
2025
2024
Bank credit lines and loans
3-5%
4-6%
3-5%
4-6%
Bank overdraft
3-5%
4-6%
3-5%
4-6%
Borrowings from subsidiaries
-
-
2-3%
3-4%
Exposure of the Group\u2019s and the Company\u2019s borrowings to interest rate changes and the contractual repricing dates fall into period of 6 month or less.
The Group\u2019s and the Company\u2019s borrowing facilities contracted but undrawn as at the end of the reporting period were EUR 10 739 thousand (2024: EUR 2 854 thousand), and can be utilised until 30 June 2027. The Group and the Company use borrowing facilities to issue guarantees. For more information see note 27.
The Group has to comply with financial covenants imposed in the agreements with Luminor Bank AS and SEB bankas AB, such as equity to assets, financial debt to EBITDA as well as net financial debt to EBITDA. As at 31 December 2025 and as at 31 December 2024, the Group complied with all mentioned financial covenants. Definition of EBITDA is provided in the section No. 11 \u201cAlternative Performance Indicators\u201d of management report and on the Group\u2019s website.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "

24.
TRADE AND OTHER PAYABLES
At 31 December trade and other payables consisted of the following:
GROUP
COMPANY
2025
2024
2025
2024
Payables to subsidiaries
-
-
-
767
Payables to other related parties
121
109
121
109
Trade payables
14 877
11 674
3 041
3 053
Employee benefits and related payables
6 192
6 567
2 814
3 378
Contract liabilities
1 534
1 186
282
256
Refund liabilities
1 665
1 749
360
337
Taxes, except income taxes, payable
5 666
5 440
1 473
1 628
Accrued expenses and other payables
6 028
6 231
2 005
2 023
Total
36 083
32 956
10 096
11 551
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "
25.
LEASES
The Group and the Company leases premises for retail trade, administration and logistics purposes and vehicles used by personnel for business activities.
Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2025
58 191
665
58 856
23 149
515
23 664
Additions
13 806
43
13 849
4 639
44
4 683
Impairment (charge) reversal
18
-
18
( 63)
-
( 63)
Depreciation (expense)
(14 138)
( 219)
(14 357)
(5 474)
( 180)
(5 654)
As at 31 December 2025
57 877
489
58 366
22 251
379
22 630
GROUP
COMPANY
Premises
Vehicles
In total
Premises
Vehicles
In total
As at 1 January 2024
58 452
333
58 785
24 144
311
24 455
Additions
13 813
532
14 345
4 435
373
4 808
Impairment (charge) reversal
( 38)
-
( 38)
( 1)
-
( 1)
Depreciation (expense)
(14 036)
( 200)
(14 236)
(5 429)
( 169)
(5 598)
As at 31 December 2024
58 191
665
58 856
23 149
515
23 664
The Group and the Company have tested right-of-use assets for impairment in accordance with the accounting policies stated in Note 2. 6. Estimation of the value in use was calculated using the same method and using the same indicators as in Note 12.
Based on the calculations performed the management concluded that impairment in the amount of EUR 592 thousand for the Group (as at 31 December 2024: EUR 610 thousand) and EUR 117 thousand for the Company (as at 31 December 2024: EUR 54 thousand) should be recorded against right-of-use assets in the statement of financial position as at 31 December 2025. The total recoverable amount of the CGUs relating to stores that were tested for potential impairment was EUR 372 thousand (2024: EUR 577 thousand). The Group in 2025 have recognised the reversal of impairment loss of right-of-use assets of EUR 18 thousand (impairment loss of EUR 38 thousand was recognized in 2024), the Company has recognised the impairment loss of right-of-use assets of EUR 63 thousand (impairment loss of EUR 1 thousand was recognized in 2024). At the Group level, the reversal of impairment losses on right-of-use assets in 2025 were mainly due to the closure of stores for which asset impairment losses had previously been recognized, as well as by the decrease in the carrying
amount of non-current assets of operating stores due to depreciation. Impairment of right-of-use assets is recognized in the statement of comprehensive income under selling costs.
After performing sensitivity to the change of the main inputs, no material impact on impairment.
Set out below are the carrying amounts of lease liabilities (presented under \u201cCurrent lease liabilities\u201d and \u201cNon-current lease liabilities\u201d) and the movements during the period:
GROUP
COMPANY
As at 1 January 2025
62 652
24 829
Additions
13 849
4 683
Accretion of interest
1 994
749
Payments
(15 705)
(6 201)
Rent discounts
( 141)
-
As at 31 December 2025
62 649
24 060
Current
15 579
6 152
Non-current
47 070
17 908
GROUP
COMPANY
As at 1 January 2024
61 935
25 381
Additions
14 345
4 808
Accretion of interest
1 836
695
Payments
(15 311)
(6 055)
Rent discounts
( 153)
-
As at 31 December 2024
62 652
24 829
Current
14 578
5 742
Non-current
48 074
19 087
As at 31 December 2025 present value of payments for leases which are not yet commenced but to which the Group and the Company are committed amounted to EUR 2 609 thousand and EUR 0 thousand (as at 31 December 2024 amounted to EUR 2 420 thousand and EUR 896 thousand respectively).
The following are the amounts recognized in profit or loss:
GROUP
COMPANY
2025
Depreciation expense of right-of-use assets (included in selling costs)
14 357
5 654
Interest expense on lease liabilities (included in finance costs)
1 994
749
Expenses relating\u00a0 to short-term leases (included in selling costs)
138
69
Impairment charge (reversal), (included in selling costs)
( 18)
63
Variable lease payments (included in selling costs)
9 371
2 338
Rent discounts (included in selling costs)
( 141)
-
Total amount recognized in profit or loss
25 701
8 873
GROUP
COMPANY
2024
Depreciation expense of right-of-use assets (included in selling costs)
14 236
5 598
Interest expense on lease liabilities (included in finance costs)
1 836
695
Expenses relating\u00a0 to short-term leases (included in selling costs)
243
65
Impairment charge (reversal) (included in selling costs)
38
1
Variable lease payments (included in selling costs)
8 796
2 278
Rent discounts (included in selling costs)
( 153)
-
Total amount recognized in profit or loss
24 996
8 637
The Company/Group has lease contracts for Premises that contain variable payments based on the turnover of stores located in those Premises. Management\u2019s objective is to align the lease expense with the revenue earned. The Company/Group accounted short-term leases and rent discounts as variable lease payments. The following provides information on the Company\u2019s/Group\u2019s variable lease payments in 2025 and 2024, including the magnitude in relation to fixed payments:
GROUP
COMPANY
Fixed payments
Variable payments
In total
Fixed payments
Variable payments
In total
Year ended 31 December 2025
Fixed payments
2 293
-
2 293
1 896
-
1 896
Variable rent with minimum payment
13 507
6 788
20 295
4 308
2 204
6 512
Variable rent only
-
2 580
2 580
-
203
203
Total
15 800
9 368
25 168
6 204
2 407
8 611
Year ended 31 December 2024
Fixed payments
2 245
-
2 245
1 829
-
1 829
Variable rent with minimum payment
13 219
5 509
18 728
4 226
1 737
5 963
Variable rent only
-
3 377
3 377
-
606
606
Total
15 464
8 886
24 350
6 055
2 343
8 398
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-106": { "value": "
As at 31 December 2025 present value of payments for leases which are not yet commenced but to which the Group and the Company are committed amounted to EUR 2 609 thousand and EUR 0 thousand (as at 31 December 2024 amounted to EUR 2 420 thousand and EUR 896 thousand respectively).
27.
COMMITMENTS AND CONTINGENCIES
Legal proceedings
As of 31 December 2025 and 2024 the Company and the Group were not involved in any legal process, which in the opinion of management, could have a material impact on the financial statements.
Guarantees
As of 31 December 2025, guarantees issued by the credit institutions on behalf of the Company to secure the obligations of its subsidiaries to their goods suppliers totaled EUR 22 997 thousand (31 December 2024: EUR 22 523 thousand). The letters of credit and guarantees provided to goods suppliers by the credit institutions on behalf of the Group as of 31 December 2025 amounted to EUR 24 674 thousand (31 December 2024: EUR 24 146 thousand).
As of 31 December 2025, the Company\u2019s guarantees issued to secure the obligations of its subsidiaries to their landlords totaled EUR 466 thousand (31 December 2024: EUR 466 thousand).
As of 31 December 2025 and 2024 the Company had no guarantees to the credit institutions issued to secure the borrowings of subsidiaries.
The management of the Group believes that the subsidiaries on behalf of which guarantees were issued will meet their liabilities to the creditors, therefore, no provisions in respect of these guarantees were accounted for in the financial statements as at 31 December 2025 and 31 December 2024.
Options granted
Options for assets
The Group issued irrevocable call options to INDITEX Group granting the right to purchase assets (leasehold improvements and PPE located in the premises of shops and inventory) of subsidiaries UAB Apranga LT, UAB Apranga BPB LT, UAB Apranga PLT, UAB Apranga SLT, UAB Apranga MLT, UAB Apranga HLT, UAB Apranga OLT, SIA Apranga LV, SIA Apranga BPB LV, SIA Apranga PLV, SIA Apranga SLV, SIA Apranga MLV, SIA Apranga OLV, SIA Apranga HLV, OU Apranga Estonia, OU Apranga BEE, OU Apranga PB Trade, OU Apranga ST Retail, OU Apranga MDE and OU Apranga HEST operating brands of INDITEX Group (ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO). The options are exercisable in 2027 and are firmly and irrevocably granted thus the Group cannot waive them.
The Group also issued irrevocable call options to ALDO Group granting the right to purchase assets (PPE located in the premises of shops and inventory) of Company and subsidiaries SIA Apranga and OU Apranga operating the brand of ALDO. The options are exercisable in 2027 and are firmly and irrevocably granted thus the Group cannot waive them.

Options for lease rights
Subsidiaries UAB Apranga LT, UAB Apranga BPB LT, UAB Apranga PLT, UAB Apranga SLT, UAB Apranga MLT, UAB Apranga HLT, UAB Apranga OLT, SIA Apranga LV, SIA Apranga BPB LV, SIA Apranga PLV, SIA Apranga SLV, SIA Apranga MLV, SIA Apranga OLV, SIA Apranga HLV, OU Apranga Estonia, OU Apranga BEE, OU Apranga PB Trade, OU Apranga ST Retail, OU Apranga MDE and OU Apranga HEST operating brands of INDITEX Group (ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO) granted irrevocable options exercisable in 2027 by virtue of which INDITEX Group might acquire the lease rights and might become lessee in all or part of the lease agreements for the premises where ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO stores are located.
Company and its subsidiaries SIA Apranga and OU Apranga operating brand ALDO granted irrevocable options exercisable in 2027 by virtue of which ALDO Group might acquire the lease rights and might become lessee in the lease agreements for the premises where ALDO stores are located.
Considering economic and operational aspects, as well as more than 20-year business relationship with INDITEX Group, and taking into account numerous extensions of cooperation agreements and their terms, the Group's management believes that the agreements parties will not exercise any of the aforementioned options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-107": { "value": "
As at 31 December 2025 present value of payments for leases which are not yet commenced but to which the Group and the Company are committed amounted to EUR 2 609 thousand and EUR 0 thousand (as at 31 December 2024 amounted to EUR 2 420 thousand and EUR 896 thousand respectively).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "value": "
26.
RELATED PARTY TRANSACTIONS
The parties are considered related when one party has the possibility to control the other or have significant influence over the other party in making financial and operating decisions. There is no allowance for intercompany receivables as expected credit losses are immaterial.
The Company\u2019s and the Group\u2019s transactions with related parties and balances arising from these transactions as of 31 December were as follows:
Related parties
Accounts payable
Accounts receivable and loans granted
Revenue
Purchases
2025
2024
2025
2024
2025
2024
2025
2024
UAB MG Grup\u0117
(the ultimate parent company)
12
14
-
-
-
-
131
127
As per ultimate parent company associated companies:
UAB Mineraliniai vandenys
8
-
-
-
-
-
42
44
UAB Mediafon Technology
4
1
27
-
-
-
16
22
UAB Minvista
-
-
-
17
174
260
2
-
LNK Group
-
-
-
-
-
1
-
-
UAB Eminta
97
94
-
-
-
-
965
942
UAB Teniso pasaulis
-
-
-
-
-
-
7
-
Total
121
109
27
17
174
261
1 163
1 135
Prevailing types of related party contracts are granting/receipt of loans, rent, management service fee, advertising, centralised services (telecommunications, utilities and etc.). In 2025, the Group and the Company granted and received back EUR 125 000 thousand as loans to related parties (in 2024 - EUR 124 000 thousand). In 2025, the Group and the Company received and returned back EUR 3 500 thousand as loans from related parties (in 2024 - EUR 0 thousand).

The Company\u2019s transactions with subsidiaries and balances arising from these transactions as of 31 December were as follows:
Subsidiaries
Borrowings and accounts payable
Loans and accounts receivable
Revenue
Purchases
2025
2024
2025
2024
2025
2024
2025
2024
UAB Apranga LT
3 000
4 000
46
204
4 559
4 288
240
292
UAB Apranga BPB LT
800
350
-
35
1 238
1 079
31
44
UAB Apranga PLT
200
50
-
25
607
554
19
25
UAB Apranga SLT
700
350
1
28
906
802
28
30
UAB Apranga MLT
600
1 330
12
64
1 678
2 886
50
78
UAB Apranga HLT
500
750
20
31
681
661
15
23
UAB Apranga OLT
300
130
4
14
199
418
10
10
UAB Apranga Ecom LT
-
-
-
-
-
-
-
-
SIA Apranga
-
375
5 826
5 401
13 188
13 609
62
21
SIA Apranga LV
-
-
56
134
2 641
2 430
108
111
SIA Apranga BPB LV
-
-
3
11
438
317
16
17
SIA Apranga PLV
-
-
2
11
291
257
10
11
SIA Apranga SLV
-
-
3
11
368
305
15
17
SIA Apranga MLV
-
-
10
36
1 397
1 089
33
49
SIA Apranga HLV
-
-
15
14
359
332
8
11
SIA Apranga OLV
-
-
4
10
358
274
9
11
SIA Apranga Ecom LV
-
-
-
1
-
-
-
-
OU Apranga
-
392
1 321
2 380
6 549
6 096
26
8
OU Apranga Estonia
-
-
26
73
1 059
1 606
44
64
OU Apranga BEE
-
-
2
7
238
171
11
15
OU Apranga PB Trade
-
-
1
6
74
85
5
5
OU Apranga ST Retail
-
-
1
5
160
183
9
11
OU Apranga MDE
-
-
5
17
378
493
11
17
OU Apranga HEST
-
-
5
9
190
256
5
7
OU Apranga Ecom EE
-
-
-
-
-
-
-
-
Total
6 100
7 727
7 363
8 527
37 556
38 191
765
877
Prevailing types of intra-group transactions are centralised supplies of goods for resale, management service fees, centralised purchasing of services (telecommunications, IT, utilities and etc.), financing, distribution of earnings. Dividend income received from the subsidiaries is presented in \u2018Income\u2019 together with other income. In 2025, the Company received EUR 12 160 thousand dividend income from subsidiaries (in 2024 - EUR 13 000 thousand). Under \u2018Income\u2019 also accounted for sales of goods to subsidiaries SIA Apranga and OU Apranga, which in 2025 amounted to EUR 11 796 thousand and EUR 6 355 thousand respectively (in 2024: EUR 11 896 thousand and EUR 5 706 thousand, respectively).
The debts of Group companies are offset each month, and the remaining portion of the debt is paid no later than in 30 days. The Company\u2019s/Group\u2019s and related parties debts are paid within 30 days.
The Company has concluded short-term loan agreements with its subsidiaries, which, in case of need, are borrowed for 1 month Euribor plus margin interests.
Guarantees provided on behalf of related parties
Guarantees provided on behalf of related parties are disclosed in Note 27.

Compensation of key management personnel
The General Director and other Directors of the Company are considered to be the key management of the Group. There were 7 members of the key management as at 31 December 2025 (7 members of the key management as at 31 December 2024). 2 of them also belong to the Management Board, which consists of 6 members.
GROUP
COMPANY
2025
2024
2025
2024
Remuneration
2 895
3 001
2 805
2 912
Social security
51
53
49
51
Average number of key managers
7
7
7
7
On 30 April 2025 and on 30 April 2024 the Company\u2019s shareholders\u2019 meetings decided not to pay out annual bonuses to the key management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "There is no allowance for intercompany receivables as expected credit losses are immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
Compensation of key management personnel
The General Director and other Directors of the Company are considered to be the key management of the Group. There were 7 members of the key management as at 31 December 2025 (7 members of the key management as at 31 December 2024). 2 of them also belong to the Management Board, which consists of 6 members.
GROUP
COMPANY
2025
2024
2025
2024
Remuneration
2 895
3 001
2 805
2 912
Social security
51
53
49
51
Average number of key managers
7
7
7
7
On 30 April 2025 and on 30 April 2024 the Company\u2019s shareholders\u2019 meetings decided not to pay out annual bonuses to the key management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "
27.
COMMITMENTS AND CONTINGENCIES
Legal proceedings
As of 31 December 2025 and 2024 the Company and the Group were not involved in any legal process, which in the opinion of management, could have a material impact on the financial statements.
Guarantees
As of 31 December 2025, guarantees issued by the credit institutions on behalf of the Company to secure the obligations of its subsidiaries to their goods suppliers totaled EUR 22 997 thousand (31 December 2024: EUR 22 523 thousand). The letters of credit and guarantees provided to goods suppliers by the credit institutions on behalf of the Group as of 31 December 2025 amounted to EUR 24 674 thousand (31 December 2024: EUR 24 146 thousand).
As of 31 December 2025, the Company\u2019s guarantees issued to secure the obligations of its subsidiaries to their landlords totaled EUR 466 thousand (31 December 2024: EUR 466 thousand).
As of 31 December 2025 and 2024 the Company had no guarantees to the credit institutions issued to secure the borrowings of subsidiaries.
The management of the Group believes that the subsidiaries on behalf of which guarantees were issued will meet their liabilities to the creditors, therefore, no provisions in respect of these guarantees were accounted for in the financial statements as at 31 December 2025 and 31 December 2024.
Options granted
Options for assets
The Group issued irrevocable call options to INDITEX Group granting the right to purchase assets (leasehold improvements and PPE located in the premises of shops and inventory) of subsidiaries UAB Apranga LT, UAB Apranga BPB LT, UAB Apranga PLT, UAB Apranga SLT, UAB Apranga MLT, UAB Apranga HLT, UAB Apranga OLT, SIA Apranga LV, SIA Apranga BPB LV, SIA Apranga PLV, SIA Apranga SLV, SIA Apranga MLV, SIA Apranga OLV, SIA Apranga HLV, OU Apranga Estonia, OU Apranga BEE, OU Apranga PB Trade, OU Apranga ST Retail, OU Apranga MDE and OU Apranga HEST operating brands of INDITEX Group (ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO). The options are exercisable in 2027 and are firmly and irrevocably granted thus the Group cannot waive them.
The Group also issued irrevocable call options to ALDO Group granting the right to purchase assets (PPE located in the premises of shops and inventory) of Company and subsidiaries SIA Apranga and OU Apranga operating the brand of ALDO. The options are exercisable in 2027 and are firmly and irrevocably granted thus the Group cannot waive them.

Options for lease rights
Subsidiaries UAB Apranga LT, UAB Apranga BPB LT, UAB Apranga PLT, UAB Apranga SLT, UAB Apranga MLT, UAB Apranga HLT, UAB Apranga OLT, SIA Apranga LV, SIA Apranga BPB LV, SIA Apranga PLV, SIA Apranga SLV, SIA Apranga MLV, SIA Apranga OLV, SIA Apranga HLV, OU Apranga Estonia, OU Apranga BEE, OU Apranga PB Trade, OU Apranga ST Retail, OU Apranga MDE and OU Apranga HEST operating brands of INDITEX Group (ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO) granted irrevocable options exercisable in 2027 by virtue of which INDITEX Group might acquire the lease rights and might become lessee in all or part of the lease agreements for the premises where ZARA, ZARA HOME, BERSHKA, PULL AND BEAR, STRADIVARIUS, MASSIMO DUTTI and OYSHO stores are located.
Company and its subsidiaries SIA Apranga and OU Apranga operating brand ALDO granted irrevocable options exercisable in 2027 by virtue of which ALDO Group might acquire the lease rights and might become lessee in the lease agreements for the premises where ALDO stores are located.
Considering economic and operational aspects, as well as more than 20-year business relationship with INDITEX Group, and taking into account numerous extensions of cooperation agreements and their terms, the Group's management believes that the agreements parties will not exercise any of the aforementioned options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "
28.
EVENTS AFTER THE REPORTING PERIOD
Management continuously monitors developments in the conflict between the United States and Iran, performs assessments of the potential impact, and has not identified any circumstances that would have a material adverse effect on the Group\u2019s or the Company\u2019s operations or financial results at present. No other significant subsequent events were identified in the Group and the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900XX7EU9F4GJTY86", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }