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General information Special closed-end real estate investment company AB Tewox (hereinafter referred to as the \"Company\") was registered in the Republic of Lithuania on 6 April 2021, registration number 305733600. The address of the Company is Jogailos st. 4, Vilnius. Data is stored and compiled with the Centre of Registers. On 26 April 2021 the Supervision Service of the Bank of Lithuania approved the Articles of Association of the Company and allowed to choose the depositary. The code assigned to the Company is F095. The Company's purpose is to earn a return to shareholders from investments in income-generating real estate objects in the Baltic Sea Region countries \u2013 Lithuania, Latvia, Estonia, Finland, Sweden, Denmark, Poland and Germany. The period of operation of the Company is 50 years from the moment when the Supervision Service of the Bank of Lithuania approves the Articles of Association of the Company, i.e. until 26 April 2071. When the Company will redeem the shares from the Company\u2019s shareholders. During the period of the Company's operation, the redemption of shares is restricted. The paid-up share capital of the Company as at 31 December 2025 was equal to EUR 41,863,344 (31 December 2024 \u2013 EUR 41,863,344). Share capital is divided into 41,863,344 (2024 \u2013 41,863,344) ordinary shares with a nominal value of EUR 1 per share. Share premium amounts to EUR 636 (31 December 2024 \u2013 EUR 636). The Company does not have its own shares . As at 31 December 2025 the Company controlled the following subsidiaries:
Subsidiary
Country
Acquisition
Ownership
Number of
Nominal value,
date
interest
shares
EUR
UAB Janonio 27
LT
18/06/2021
100%
4,741,585
1.00
UAB Investicija 21
LT
26/08/2021
100%
1,356,000
1.00
SIA Gronvest
LV
25/10/2021
100%
2,800
1.00
UAB SMI Alytus
LT
27/10/2021
100%
18,500
2.90
UAB BFIII Kaunas
LT
23/11/2021
100%
3,955
144.81
UAB Kur\u0161\u0117n\u0173 turtas
LT
31/01/2022
100%
1,108,000
1.00
Peppercorn 8 Sp. z o.o.
PL
01/02/2022
100%
100
11.85
Reninvest Holdings O\u00dc
EE
31/08/2022
100%
1
10,000.00
UAB Esulda
LT
20/10/2022
100%
1,872,850
1.00
KA Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
PR Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
SW Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
PU Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
GL Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
UAB MD Europa
LT
13/12/2022
100%
100,000
0.29
UAB Lairina
LT
18/05/2023
100%
778,600
1.00
Valcutel Investments Sp. z o.o.
PL
22/08/2023
100%
100
11.85
KO Park Sp. z o.o.
PL
22/08/2023
100%
100
11.85
Baixeredost Investments Sp. z o.o.
PL
26/09/2023
100%
100
11.85
UAB JUPA turtas
LT
22/10/2024
100%
766,500
1.00
UAB Tewox Operations
LT
29/04/2025
100%
1,000
1.00
NY Park Sp. z o.o.
PL
30/09/2025
100%
100
11.85
As at 31 December 2024 the Company controlled the following subsidiaries:
Subsidiary
Country
Acquisition
Ownership
Number of
Nominal value,
date
interest
shares
EUR
UAB Janonio 27
LT
18/06/2021
100%
1,226,500
1.00
UAB Investicija 21
LT
26/08/2021
100%
1,356,000
1.00
SIA Gronvest
LV
25/10/2021
100%
2,800
1.00
UAB SMI Alytus
LT
27/10/2021
100%
18,500
2.90
UAB BFIII Kaunas
LT
23/11/2021
100%
3,955
144.81
UAB Kur\u0161\u0117n\u0173 turtas
LT
31/01/2022
100%
1,108,000
1.00
Peppercorn 8 Sp. z o.o.
PL
01/02/2022
100%
100
11.72
Reninvest Holdings O\u00dc
EE
31/08/2022
100%
1
10,000.00
UAB Esulda
LT
20/10/2022
100%
2,500
1.00
Subsidiary
Country
Acquisition
Ownership
Number of
Nominal value,
date
interest
shares
EUR
KA Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
PR Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
SW Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
PU Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
GL Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
UAB MD Europa
LT
13/12/2022
100%
100,000
0.29
UAB Lairina
LT
18/05/2023
100%
2,500
1.00
Valcutel Investments Sp. z o.o.
PL
22/08/2023
100%
100
11.72
KO Park Sp. z o.o.
PL
22/08/2023
100%
100
11.72
Baixeredost Investments Sp. z o.o.
PL
26/09/2023
100%
100
11.72
UAB JUPA turtas
LT
22/10/2024
100%
1,000
1.00
The main activity of the subsidiaries is the development and management of real estate. Subsidiaries generate income from real estate objects located in Lithuania and Poland, except for the dormant subsidiaries SIA Gronvest and Reninvest Holdings O\u00dc operating in Latvia and Estonia . The management of the Company has assessed whether the Company meets the definition and characteristics of an investment entity under IFRS 10. Based on the management\u2019s assessment, the Company does not meet the definition and characteristics of an investment entity, as firstly, the Company not only provides investment management services, but the Company\u2019s manager is actively involved in day-to-day operations of the Company. The Company\u2019s manager is responsible for negotiating with tenants and signing contracts. Moreover, the management company has more employees who are responsible for maintenance work, such as area cleaning, pipe repairing, etc. Secondly, the Company does not have an exit strategy, and it is designed to operate as a cash- generating unit. Therefore, based on the above, the Company has assessed the control of subsidiaries and has prepared the consolidated financial statements to present the assets, liabilities, equity, expenses and cash flows of the Company and its subsidiaries as those of a single economic entity (thereinafter - the Group). As at 31 December 2025 the Group had 13 employees (10 employees as at 31 December 2024). The management of the Company has been transferred to the management company UAB Lords LB Asset Management (hereinafter referred to as the Management Company), which was established and registered on 8 September 2008, the company code 301849625, registered office address at Jogailos st. 4, Vilnius, Republic of Lithuania. The Management Company data is compiled and stored with the Register of Legal Entities of the Republic of Lithuania. Based on the decision of the Lithuanian Securities Commission, dated 23 December 2008, UAB Lords LB Asset Management was granted Licence (no. V\u012eK \u2013 016) to engage in the activities of a management company in accordance with the Lithuanian Law on Collective Investment Undertakings. Based on Decision no. 03-201 of the Board of the Bank of Lithuania, dated 5 December 2013, the asset management company\u2019s Licence no. V\u012eK \u2013 016 was expanded with the right to manage collective investment undertakings established under the Lithuanian Law on Collective Investment Undertakings Intended for informed Investors. On 23 June 2015 the Management Company was granted Licence (no. 1) to engage in the activities of a management company in accordance the Lithuanian Law on Law on Managers of Alternative Collective Investment Undertakings. The depositary of the Company is AB Swedbank, company code 112029651, registered office address at Konstitucijos pr. 20A, 03502, Vilnius, Lithuania. The Company's audit is carried out by U\u017edaroji akcin\u0117 bendrov\u0117 PricewaterhouseCoopers, company code 111473315, registered office address at Lvivo st. 21-101, LT-09309 Vilnius, operating under Certificate no. 001273 issued by the Lithuanian Chamber of Auditors. The financial year of the Group coincides with the calendar year. According to the laws of the Republic of Lithuania, the Group has prepared annual consolidated financial statements that must be approved at the General Meeting of Shareholders. The shareholders have the right to approve or refuse to approve them, and to require the preparation of new consolidated financial statements All amounts in these consolidated financial statements are presented in euros (EUR). Transactions denominated in foreign currency are accounted for at the official exchange rate of the Bank of Lithuania effective at the date of the transaction. Gains and losses on such transactions and on the revaluation of foreign currency assets and liabilities at the date of the statement of financial position are recorded in the statement of profit and loss and other comprehensive income. Such balances are translated using the exchange rate effective at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Special closed-end real estate investment company AB Tewox", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "AB", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "Republic of Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "Republic of Lithuania", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Jogailos st. 4, Vilnius.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "The Company's purpose is to earn a return to shareholders from investments in income-generating real estate objects in the Baltic Sea Region countries \u2013 Lithuania, Latvia, Estonia, Finland, Sweden, Denmark, Poland and Germany.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "The period of operation of the Company is 50 years from the moment when the Supervision Service of the Bank of Lithuania approves the Articles of Association of the Company, i.e. until 26 April 2071. ", "dimensions": { "concept": "ifrs-full:LengthOfLifeOfLimitedLifeEntity", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "The paid-up share capital of the Company as at 31 December 2025 was equal to EUR 41,863,344 (31 December 2024 \u2013 EUR 41,863,344). Share capital is divided into 41,863,344 (2024 \u2013 41,863,344) ordinary shares with a nominal value of EUR 1 per share. Share premium amounts to EUR 636 (31 December 2024 \u2013 EUR 636). The Company does not have its own shares 3.10. Equity
31 December 2025
31 December 2024
Paid-up share capital
41,863,344
41,863,344
Share premium
636
636
Total
41,863,980
41,863,980
As at 31 December 2025, the paid-up share capital of the Company amounted to EUR 41,863,344 (as at 31 December 2024 \u2013 EUR 41,863,344) and was divided into 41,863,344 ordinary shares with a nominal value of EUR 1 each. During 2024, the share capital was increased through the issue of 3,826,980 ordinary shares with the nominal value of EUR 1 each. As at 31 December 2025, share premium amounted to EUR 636 (as at 31 December 2024 \u2013 EUR 636). The table below shows the values of the shares issued by the Company as at 31 December 2025 and 31 December 2024:
31 December 2025
31 December 2024
Balance at January 1
41,863,980
38,037,000
Shares issued
-
3,826,980
Balance at 31 December
41,863,980
41,863,980
Legal reserve The laws of the Republic of Lithuania require the formation of a legal reserve. The Company is required to transfer annually 5% of the distributable profit calculated in accordance with the requirements of the legal acts regulating accounting in the Republic of Lithuania until the legal reserve reaches 10% of the amount of the authorized share capital. As at 31 December 2025, The Company's legal reserve amounted to EUR 167,220 (as at 31 December 2024 \u2013 EUR 0) Net assets value (NAV)
31 December 2025
31 December 2024
Equity
51,837,002
50,953,880
Decrease in net assets
(6,157,545)
(7,505,600)
Net assets value (NAV)
45,679,457
43,448,280
Paid-up share capital
41,863,344
41,863,344
Share value, EUR
1.0912
1.0379
IFRS require the preparation of consolidated financial statements of the Company containing consolidated equity of the Company and the Group companies. Meanwhile, according to the Procedure for Calculation of NAV, approved by the Management Company, the Company's NAV is calculated based on the fair value of the Company's unconsolidated net assets. Therefore, as at 31 December 2025 and 31 December 2024, there was a difference between the Company's equity and NAV. The difference between Company's equity and NAV arises mainly from differences in valuation and accounting treatments applied under the NAV calculation methodology and IFRS. For NAV purposes, investments in equity instruments are measured at fair value based on the latest independent valuation, whereas in the consolidated financial statements subsidiaries are included based on their IFRS net assets. In addition, different impairment methodologies are applied to loans and bonds under the NAV calculation rules and IFRS. Furthermore, investments acquired as asset deals are recognized differently for NAV and based on IFRS consolidation principles, when assets and liabilities of subsidiary are recognized at fair value without recognizing deferred tax assets or liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "
As at 31 December 2025 the Company controlled the following subsidiaries:
Subsidiary
Country
Acquisition
Ownership
Number of
Nominal value,
date
interest
shares
EUR
UAB Janonio 27
LT
18/06/2021
100%
4,741,585
1.00
UAB Investicija 21
LT
26/08/2021
100%
1,356,000
1.00
SIA Gronvest
LV
25/10/2021
100%
2,800
1.00
UAB SMI Alytus
LT
27/10/2021
100%
18,500
2.90
UAB BFIII Kaunas
LT
23/11/2021
100%
3,955
144.81
UAB Kur\u0161\u0117n\u0173 turtas
LT
31/01/2022
100%
1,108,000
1.00
Peppercorn 8 Sp. z o.o.
PL
01/02/2022
100%
100
11.85
Reninvest Holdings O\u00dc
EE
31/08/2022
100%
1
10,000.00
UAB Esulda
LT
20/10/2022
100%
1,872,850
1.00
KA Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
PR Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
SW Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
PU Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
GL Park Sp. z o.o.
PL
24/11/2022
100%
100
11.85
UAB MD Europa
LT
13/12/2022
100%
100,000
0.29
UAB Lairina
LT
18/05/2023
100%
778,600
1.00
Valcutel Investments Sp. z o.o.
PL
22/08/2023
100%
100
11.85
KO Park Sp. z o.o.
PL
22/08/2023
100%
100
11.85
Baixeredost Investments Sp. z o.o.
PL
26/09/2023
100%
100
11.85
UAB JUPA turtas
LT
22/10/2024
100%
766,500
1.00
UAB Tewox Operations
LT
29/04/2025
100%
1,000
1.00
NY Park Sp. z o.o.
PL
30/09/2025
100%
100
11.85
As at 31 December 2024 the Company controlled the following subsidiaries:
Subsidiary
Country
Acquisition
Ownership
Number of
Nominal value,
date
interest
shares
EUR
UAB Janonio 27
LT
18/06/2021
100%
1,226,500
1.00
UAB Investicija 21
LT
26/08/2021
100%
1,356,000
1.00
SIA Gronvest
LV
25/10/2021
100%
2,800
1.00
UAB SMI Alytus
LT
27/10/2021
100%
18,500
2.90
UAB BFIII Kaunas
LT
23/11/2021
100%
3,955
144.81
UAB Kur\u0161\u0117n\u0173 turtas
LT
31/01/2022
100%
1,108,000
1.00
Peppercorn 8 Sp. z o.o.
PL
01/02/2022
100%
100
11.72
Reninvest Holdings O\u00dc
EE
31/08/2022
100%
1
10,000.00
UAB Esulda
LT
20/10/2022
100%
2,500
1.00
Subsidiary
Country
Acquisition
Ownership
Number of
Nominal value,
date
interest
shares
EUR
KA Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
PR Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
SW Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
PU Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
GL Park Sp. z o.o.
PL
24/11/2022
100%
100
11.72
UAB MD Europa
LT
13/12/2022
100%
100,000
0.29
UAB Lairina
LT
18/05/2023
100%
2,500
1.00
Valcutel Investments Sp. z o.o.
PL
22/08/2023
100%
100
11.72
KO Park Sp. z o.o.
PL
22/08/2023
100%
100
11.72
Baixeredost Investments Sp. z o.o.
PL
26/09/2023
100%
100
11.72
UAB JUPA turtas
LT
22/10/2024
100%
1,000
1.00
The main activity of the subsidiaries is the development and management of real estate. Subsidiaries generate income from real estate objects located in Lithuania and Poland, except for the dormant subsidiaries SIA Gronvest and Reninvest Holdings O\u00dc operating in Latvia and Estonia ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "As at 31 December 2025 the Group had 13 employees (10 employees as at 31 December 2024)", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "According to the laws of the Republic of Lithuania, the Group has prepared annual consolidated financial statements that must be approved at the General Meeting of Shareholders. The shareholders have the right to approve or refuse to approve them, and to require the preparation of new consolidated financial statements ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "2. Accounting policy The following are the material accounting policies used by the Group in preparing these consolidated financial statements. 2.1. Basis for preparation For financial accounting and reporting purposes of the Company, the Management Company follows the Republic of Lithuania Law on Financial Accounting, the Republic of Lithuania Law on Collective Investment Undertakings, generally accepted accounting policies as defined in IFRS Accounting Standards, adopted for use in the European Union (EU), as well as other legal acts. The Company's accounting records are kept separately from the Management Company in accordance with the approved chart of accounts. The Company is managed in accordance with the Republic of Lithuania Law on Collective Investment Undertakings. The consolidated financial statements have been prepared on a going concern basis and based on the assumption that the Group will be able to continue its activities in the foreseeable future. These consolidated financial statements have been prepared on the basis of the historical cost convention, adjusted for the revaluation of investment property and derivative financial instruments at fair value through profit or loss. All amounts in these consolidated financial statements are presented in euros (EUR). Transactions denominated in foreign currency are accounted for at the official exchange rate of the Bank of Lithuania effective at the date of the transaction. Gains and losses on such transactions and on the revaluation of foreign currency assets and liabilities at the date of the statement of financial position are recorded in the statement of profit and loss and other comprehensive income. Such balances are translated using the exchange rate effective at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "2. Accounting policy The following are the material accounting policies used by the Group in preparing these consolidated financial statements. 2.1. Basis for preparation For financial accounting and reporting purposes of the Company, the Management Company follows the Republic of Lithuania Law on Financial Accounting, the Republic of Lithuania Law on Collective Investment Undertakings, generally accepted accounting policies as defined in IFRS Accounting Standards, adopted for use in the European Union (EU), as well as other legal acts. The Company's accounting records are kept separately from the Management Company in accordance with the approved chart of accounts. The Company is managed in accordance with the Republic of Lithuania Law on Collective Investment Undertakings. The consolidated financial statements have been prepared on a going concern basis and based on the assumption that the Group will be able to continue its activities in the foreseeable future. These consolidated financial statements have been prepared on the basis of the historical cost convention, adjusted for the revaluation of investment property and derivative financial instruments at fair value through profit or loss. All amounts in these consolidated financial statements are presented in euros (EUR). Transactions denominated in foreign currency are accounted for at the official exchange rate of the Bank of Lithuania effective at the date of the transaction. Gains and losses on such transactions and on the revaluation of foreign currency assets and liabilities at the date of the statement of financial position are recorded in the statement of profit and loss and other comprehensive income. Such balances are translated using the exchange rate effective at the end of the reporting period. 2.2. Calculation of net asset value (NAV) The Company\u2019s net asset value is calculated as the difference between the value of the Company\u2019s assets and liabilities. The Company's NAV calculation principles are set out in the Company's prospectus and Articles of Association. The Company's NAV is determined on the last calendar day of each quarter in the calendar year. During the periods of non-public offering of shares distribution, the Company's NAV may be additionally determined on the last calendar day of the calendar month preceding the calendar month in which the decision to increase the share capital has been made. In the case of redemption of shares, NAV may be additionally determined on the last calendar day of the calendar month in which redemption takes place. For NAV calculation purposes, the Company is not consolidated with its subsidiaries. When calculating NAV, the equity securities held by the Company are valued at fair value based on the valuation of an independent appraiser, and therefore, may differ from the amount of equity attributable to the Company\u2019s shareholders as reported in these consolidated financial statements. The value of the Company's shares is determined as the NAV divided by the total number of paid-up shares in circulation. The value of the Company's shares is determined at four decimal places accuracy. The Company's net assets value (NAV) and the value of shares are calculated in euros. 2.3. Principles of consolidation The consolidated financial statements include the financial statements of the Company and its controlled entities (subsidiaries) as of 31 December of each year. The Company is considered to have control when it has the following: \u2022 power over an investee; \u2022 rights to a variable return from its involvement with the investee; and \u2022 ability to use its power to affect the returns on investment. Consolidation of a subsidiary begins when the Company obtains control of the subsidiary and ceases when the Company loses control of the subsidiary. The results of acquisitions or disposals of subsidiaries during the year are included in profit or loss from the date on which the Company obtains control until the date that the Company ceases to control the subsidiary. The primary activities of the Polish subsidiaries are carried out in Poland, where the local currency is the Polish zloty (PLN). The subsidiaries operate within the Polish economic environment and are primarily exposed to PLN-denominated economic factors, including local inflation, labour market conditions, and the regulatory framework. While certain customer contracts are denominated in EUR, settlements are typically received in PLN, indicating that cash flows are effectively realized in the local currency. The subsidiaries\u2019 cost base, including salaries, administrative expenses, and regulatory costs, is predominantly denominated and settled in PLN. Based on the assessment of these factors, management has concluded that the Polish zloty (PLN) is the functional currency of the subsidiaries. All the Group's assets and liabilities, equity, income, expenses and cash flows related to intra-group transactions are eliminated on consolidation. 2.4. Asset acquisitions Where assets are acquired through acquisitions of subsidiaries or otherwise, management considers the substance of the assets and activities of the acquiree in determining whether the acquisition represents the acquisition of a business or assets. Where such acquisitions are determined to be not an acquisition of a business, they are not treated as business combinations. Rather, the costs of acquisition of subsidiaries or the cost of assets and liabilities acquired is allocated between the assets and liabilities of the acquiree based on fair values at the acquisition date. 2.5. Financial risk management The Group is exposed to market, credit, liquidity, foreign exchange, and capital management risks. These risks are managed in accordance with the best practice principles. Management continuously monitors these risks to ensure the adequacy of financing and hedging strategies. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign exchange risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings and derivative financial instruments. The Group is not exposed to price risk. The following sections provide the description of each type of the market risk and the impact on the Group\u2019s results. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s non-current liabilities with floating interest rates. Interest rate risk may arise from a variable EURIBOR interest rate, the changes in which would increase or decrease the Group's receivables and/or payables. The Group's borrowings have a variable interest rate linked to EURIBOR and give rise to interest rate risk. The Group has financial liabilities with a variable interest rate as follows:
31 December 2025
31 December 2024
Financial assets
-
-
Financial liabilities
(51,123,577)
(72,837,090)
(51,123,577)
(72,837,090)
The changes in the Group's profit before tax due to changes in EURIBOR interest rate is presented in the table below:
Increase by 2,5%
Decrease by 2,5%
Increase by 1%
Decrease by 1%
31 December 2024
(1,820,927)
1,820,927
(728,371)
728,371
31 December 2025
(1,278,089)
1,278,089
(511,236)
511,236
As at 31 December 2025 and 31 December 2024 the Group hedged its bank borrowings against the variable interest rate risk (note 3.5.). The nominal value of interest rate swap instrument is provided below:
31 December 2025
31 December 2024
Interest rate swap nominal value
23,459,687
37,274,141
23,459,687
37,274,141
If the EURIBOR interest rate changed by one percentage point, the Group's profit before tax, reflecting changes in the value of its interest rate swap, would change as follows:
Increase by 1 p.p.
Decrease by 1 p.p.
31 December 2024
5,780
(5,780)
31 December 2025
(1,744)
1,744
The fair value of the interest rate swap is presented in Note 3.5. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s payments with related to the Group\u2019s activities in Poland are mostly made in local currency zloty. Accordingly, there is a risk that the Group's receivables and payables will increase or decrease due to changes in the exchange rate. Meanwhile, the Group\u2019s payments related to the Group\u2019s activities in Lithuania and the Baltic Region are made in euro, except for isolated cases that may occur, so there is no material foreign exchange risk. The Group had not entered into any financial instrument transactions intended to manage foreign exchange rate fluctuations risk. The Group\u2019s assets and liabilities giving rise to foreign exchange rate risk are presented in the table below:
31 December 2025
31 December 2024
Assets
102,935,812
98,573,517
Liabilities
(4,043,307)
(19,796,133)
Net assets
98,892,505
78,777,384
If the exchange rate of euro to Polish zloty changed by one percentage point, the Group's equity would change as indicated below:
Increase by 1 p.p.
Decrease by 1 p.p.
31 December 2024
779,974
(795,731)
31 December 2025
979,134 (998,914) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risks arising from both its leasing activities and financing activities, including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s credit risk relates mainly to receivables for which expected credit losses are calculated using an individual assessment. Receivables consist of the following: Trade receivables under contracts with customers Tenants are assessed according to the Group\u2019s criteria prior to entering into lease agreements. Credit risk is managed by requiring tenants to make prepayments for rent and services provided to tenants. Outstanding receivables from tenants are regularly monitored by the Group\u2019s management. An impairment test is performed at each reporting date on an individual basis for all receivables from tenants. Generally, the receivables are written-off if they are past due for more than 181 days. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. The Group considers the concentration of risk with respect to trade receivables and contract assets as high, as its customers are located in a limited number of jurisdictions and single industry and operate in largely interconnected markets. Financial instruments and cash deposits Credit risk arising from cash balances with the banks and other financial institution is limited as the Group performs operations with banks with high long-term credit ratings issued by foreign rating agencies. Bank ratings are presented in Note 3.9. Given the high credit ratings of banks, the Group's management assesses the probability of bank default to be negligible. Liquidity risk Liquidity risk is the risk that the Group may not be able to generate sufficient cash resources to fully meet its obligations under the intended terms or may only do so under materially disadvantageous conditions. The purpose of the Group is to maintain sufficient liquidity resources to carry out its activities, cover its financial obligations and provide funds for capital expenditure and investment opportunities. The Group aims to achieve its goals in the following ways: \u2022 Prepare regular forecast cash flows to project the use of funds; and \u2022 Identify future financing, including new debt opportunities. The table below summarizes the maturity of the Group's financial liabilities on the basis of undiscounted contractual payments: 31 December 2025
Cash flows
Total
Up to 1 year
Between 1 -
Between 2 -
After 5 years
2 years
5 years
Interest-bearing borrowings and liabilities
149,614,293
45,112,868
4,077,911
100,423,514
-
Lease liabilities
15,058,808
503,710
503,710
1,511,131
12,540,257
Trade payables
2,827,151
2,827,151
-
-
-
Contract liabilities
357,883
121,280
236,603
-
-
167,858,135
48,565,009
4,818,225
101,934,645
12,540,257
31 December 2024
Cash flows
Total
Up to 1 year
Between 1 -
Between 2 -
After 5 years
2 years
5 years
Interest-bearing borrowings and liabilities
124,724,103
17,504,247
6,773,676
100,446,181
-
Lease liabilities
14,705,297
196,200
196,200
588,600
13,724,297
Trade payables
5,499,175
222,208
116,686
5,154,597
5,629
Contract liabilities
372,168
95,569
276,599
-
-
145,300,743
18,018,224
7,363,160
106,189,377
13,729,926
The information on the Group\u2019s cash at bank is presented in Note 3.9. and trade receivable from contracts with customers in Note 3.8. The Group does not have any undrawn credit lines. The information on the Group\u2019s going concern is presented in Note 3.26. Capital management The Group's objectives in the management of capital are to safeguard the Group's ability to continue its activities as a going concern in order to provide returns to investors and benefits other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. For the purpose of the Group\u2019s capital management, capital includes issued share capital, and all other equity reserves attributable to the equity holders of the Group. The primary objective of the Group\u2019s capital management is to maximize the shareholder value. The Group performs the following in order to maintain capital structure and ensure effective capital management: \u2022 Regularly monitors the performance of the Group and adjust distributions the Group pays to shareholders; \u2022 Issues new shares in accordance with the constitutional documents of the Group to existing or new shareholders; \u2022 Restricts redemption of shares in accordance with the constitutional documents. 2.6. Principles for recognizing revenue from contracts with customers Rental income Rental income from operating leases is recognized on a straight-line basis over the lease term. Discounts or other incentives to enter into a lease are recognized on a straight-line basis over the term of the lease, regardless of cash flows. The lease term is the minimum period for which the lessee must lease the leased object. The lease term includes an additional period for which the lessee is given the option to extend the lease if the Company's management reasonably believes that the lessee will exercise this option. Termination income or compensation for damage caused by a lessee is recognized when it is probable that the economic benefits associated with the termination of the transaction, or the damage will flow to the Group. Utility revenue The Group provides utilities to customers who rent premises from the Group. The Group does not provide utilities itself but arranges for the services to be provided to the customer, so the Group acts as an intermediary. Only net income, which remains for the Group as commissions, is recognized as revenue. Revenue is recognized when the service is rendered. 2.7. Segment information The Group has determined its operating segments based on geographic location, as its real estate portfolio comprises multiple properties located in two different countries, Lithuania and Poland. Management monitors performance, allocates resources, and assesses results primarily on a country-by-country basis, as the assets are subject to different economic environments, regulatory frameworks, and market conditions. Accordingly, geographic disaggregation best reflects how the Group\u2019s operations are managed and reviewed. Transfer prices between group companies are on an arm\u2019s-length basis in a manner similar to transactions with third parties. The breakdown of the Group\u2019s investment property by operating segment are presented in the table below:
Investment property
181,278,978
Lithuania
83,248,308
Poland
98,030,670
The breakdown of the Group\u2019s income, expenses and total assets by operating segment as at 31 December 2025 are presented in the table below:
All amounts in EUR
Poland
Lithuania
Unallocated
Total
Revenue
9,666,801
5,071,048
-
14,737,849
Operating profit
8,543,091
4,717,808
(1,149,795)
12,111,104
Finance costs
(4,654,202)
(1,634,775)
(3,176,597)
(9,465,574)
Finance income
913,535
-
-
913,535
Income tax
(647,139)
(849,694)
(293)
(1,497,126)
Total assets
105,148,238
85,482,261
2,103,746
192,734,245
The breakdown of the Group\u2019s income, expenses and total assets by operating segment as at 31 December 2024 are presented in the table below:
All amounts in EUR
Poland
Lithuania
Unallocated
Total
Revenue
8,442,789
4,286,279
-
12,729,068
Operating profit
6,584,304
6,204,252
(1,162,389)
11,626,167
Finance costs
(3,372,898)
(1,943,545)
(3,229,835)
(8,546,278)
Finance income
1,467,004
3,529
-
1,470,533
Income tax
(421,845)
(758,311)
(273)
(1,180,429)
Total assets
101,105,424
65,204,679
1,049,567
167,359,670
2.8. Expense recognition The Company may incur only such expenses that are related to the management of the Company and are set forth in the Company's prospectus or Articles of Association. All other costs not specified in the prospectus or Articles of Association or exceeding the agreed upon limits are covered by the Management Company. The following expenses incurred by the Company are covered from the Company\u2019s assets: management fee, depositary fee, remuneration of auditors and asset appraisers, accounting, exchange rate hedge, litigation, accounts with financial institutions, accounts for securities and other account handling fees, collateral documentation, registration and deregistration of collateral, enforced debt recovery, state and municipal taxes and levies, the Company\u2019s reporting to participants, the Company\u2019s establishment, consultation, fees paid to financial intermediaries of the Company. The total amount of these expenses shall not exceed a limit of 15% of the Company's average annual NAV. For individual types of costs, maximum cost amounts are set from the Company's average annual NAV:
Type of expense
Maximum amount
Depositary fee
0.20 %
The management fee is the consideration paid to the Management Company for the management of the Company's assets, which is calculated as follows: \u2022 from the start of the Company's operation to the first day of the investment \u2013 EUR 50,000; \u2022 from the first day of the investment until the end of the month in which the Company's NAV reaches EUR 150,000,000 \u2013 1.50% annually of the Company's NAV for the respective month; \u2022 from the beginning of the month following the month in which the Company's NAV reaches EUR 150,000,000 to the end of the month in which the Company's NAV reaches EUR 250,000,000 \u2013 1.00% annually of the Company's NAV for the respective month; \u2022 from the beginning of the month following the month in which the Company's NAV reaches EUR 250,000,000 \u2013 0.75% annually of the Company's NAV for the respective month. The Articles of Association of the Company provide for a success fee for the Management Company, which depends on the Company's net return on investment throughout its life cycle. When the 9% hurdle rate is exceeded, the success fee is accounted for on accrual basis. As of 31 December 2025 and 31 December 2024, no success fee is recognized. All other fees payable to the Management Company and the depositary, as well as other expenses, are recognized on an accrual basis. 2.9. Leases Lease \u2013 Group as a lessor The Group, as lessor, enters into leases for certain of its investment property. Under IFRS 16, a lease where the Group is the lessor, is classified as a finance or operating lease. When the terms of a lease transfer substantially all the risks and rewards incidental to ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Rental income from operating leases is recognized on a straight-line basis over the term of the lease. Initial direct costs incurred in negotiating the lease of a non-current asset and adding the underlying asset are added to the carrying amount of the underlying asset and recognized on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognized as receivables. Lease \u2013 Group as a lessee For leases where the Group acts as a lessee, the right-of-use assets and the corresponding lease liability are recognized from the moment the underlying asset becomes available for use by the Group. A right of use asset is measured at acquisition cost, which includes an initial measurement of the lease liability, lease payments made at or before the commencement date of the lease of the asset (less the lease incentives received), initial direct costs incurred by the Group. Lease liabilities are valued at net present value of lease payments. Lease payments are discounted at the interest rate implicit in the lease agreement. If interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate may be used. This is the interest rate that the lessee would have to pay to borrow over a similar term, and with 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 Group incurs a potential future increase in variable lease payments dependent on an index specified in a lease agreement that is not included in the measurement of the lease liability until it becomes effective. When the lease payments are revised due to a change in the index, the lease liability is remeasured and adjusted, and the amount of remeasurement is recognized as an adjustment to the right-of-use assets. Lease payments are allocated between the cost of covering the lease liability and the interest expense. Interest expense in each period of the lease term is recognized in profit/loss at a constant interest rate for the remaining amount of the lease liability. Right-of-use assets are depreciated over the lease term of the asset. 2.10. Income tax The calculation of income tax is based on the annual profit, taking into account the deferred income tax. Income tax is calculated in accordance with the requirements of the tax laws of the Republic of Lithuania, Republic of Latvia, Republic of Poland and Republic of Estonia. Lithuania The Group's 2025 profit is taxed at a 16% corporate income tax rate in accordance with the Law on Corporate Income Tax of the Republic of Lithuania. The Group's 2026 profit will be taxed at a 17% corporate income tax rate in accordance with the amended Law on Corporate Income Tax of the Republic of Lithuania. In accordance with the Law on Corporate Income Tax of the Republic of Lithuania, the income of companies with legal status of an investment company operating under the Law on Collective Investment Undertakings is non-taxable. Accordingly, based on the Law on Corporate Income Tax, costs incurred in earning non-taxable income are treated as non-allowable deductions. Thus, all income of the Company is non-taxable, and all expenses are non-allowable deductions. Tax losses may be carried forward for an indefinite period of time, except for losses arising from the transfer of securities and / or derivatives. Such a transfer is terminated if the Company ceases to carry on the activities that caused the loss, unless the Company ceases to carry on the activities for reasons beyond its control. Losses from the transfer of securities and / or derivatives can be carried forward for 5 years and covered only from the profit of the same type of transactions. The amount of deductible tax losses carried forward may not exceed 70% of the amount of taxable profit for the reporting year. Deferred tax is provided using the balance sheet liability method. Deferred tax reflects the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets are recognized in the statement of financial position to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. If it is probable that part of the deferred tax will not be realized, this part of the deferred tax is not recognized in the consolidated financial statements. Latvia The corporate income tax rate applicable to companies of the Republic of Latvia is 20%. In accordance with the Law of the Republic of Latvia on Corporate Income Tax, taxation period is one month and current tax for the reporting period is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Corporate income tax is calculated on: distributed profit (dividends calculated, disbursements equivalent to dividends, conditional dividends); and conditionally distributed profit (expenditure not related to economic activities, doubtful debts, excessive interest payments, loans to related parties, decrease in income or excessive expenses incurred by entering into transactions at other than market prices that should be calculated using the methodology determined by the Cabinet of Ministers of Republic of Latvia, other expenses as specified in the Law on Corporate Income Tax of Republic of Latvia). Deferred tax assets or liabilities are not recognized, as rules of the law eliminate all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Poland The corporate income tax rate applicable to companies of the Republic of Poland is 19%. Estonia The corporate income tax rate applicable to companies of the Republic of Estonia is 20%. In accordance with the Law of the Republic of Estonia on Corporate Income Tax, taxation period is one month and current tax for the reporting period is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Corporate income tax is calculated on: \u2022 distributed profit (dividends calculated, payments equivalent to dividends, conditional dividends); and \u2022 conditionally distributed profit (expenditure not related to economic activities, doubtful debts, excessive interest payments, loans to related parties, decrease in income or excessive expenses incurred by entering into transactions at other than market prices that should be calculated using the methodology determined by the Cabinet of Ministers of Republic of Estonia, other expenses as specified in the Law on Corporate Income Tax of Republic of Estonia). Deferred tax assets or liabilities are not recognized, as rules of the law eliminate all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes . 2.11. Finance income and costs The Group's finance income and costs include interest income, interest expense, commitment fee and the positive or negative effects of changes in foreign exchange rates on financial assets and financial liabilities, and loan administration expenses. Interest income or expense is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset or the amortized cost of the financial liability. 2.12. Investment property The investment property of the Group consists of commercial buildings and land. Investment property is property held to earn rentals and / or for capital appreciation. Investment property is initially recognized at cost plus all relevant transaction costs. Subsequently, after initial recognition, investment property is measured at fair value by an independent appraiser. Gains or losses arising from changes in fair value are included in profit or loss in the period in which they arise. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of finished goods comprises the cost of materials, direct labour and other costs directly attributable to bringing the investment property to working condition for its intended use, as well as capitalized borrowings. An investment property is derecognized upon disposal or when the investment property ceases to be used in its entirety and no future economic benefits are expected from its sale. Any gain or loss arising on derecognition of an investment property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the investment property is derecognized. Repair costs of investment property carried at fair value are recognized as an expense in the period in which they are incurred. 2.13. Financial assets The Group recognizes a financial asset in its statement of financial position when, and only when, the Group becomes party to the contractual provisions of the instrument. The purchase or sale of financial assets is recognized and derecognized, as applicable, using trade date accounting. The Group has financial assets that are subsequently measured at amortized cost. Financial assets measured at amortized cost The Group's receivables are accounted for using the business model, in which the purpose of holding financial assets is to collect contractual cash flows, which may include cash flows related to the payment of principal and interest. Loans and receivables are initially recognized at acquisition cost (fair value of consideration receivable). When measuring financial assets at amortized cost, the Group applies the effective interest method. Loans, bonds and receivables are classified as current assets, unless they have a maturity of more than 12 months after the statement of financial position date. In the latter case, they are classified as non-current assets. Expected credit loss The Group considers a financial asset in default when contractual payment is 90 days past due and is higher than the deposit paid by debtor. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. The Group monitors the increase in credit risk by monitoring the timely execution of debts. A significant increase in credit risk is considered when the debt is overdue and there is no reason to believe that the debt will be repaid soon. Credit risk arising from cash at banks is limited as the Group carries out operations with banks with high long-term credit ratings issued by foreign rating agencies. Bank ratings are presented in Note 3.9. Given the high credit ratings of banks, the Group's management assesses the probability of bank default to be negligible. 2.14. Financial liabilities The Group has financial liabilities measured only at amortized cost, i.e. trade payables, loans and bonds. Borrowings, bonds and other payables Borrowings and bonds are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost and any difference between proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the maturity term of the borrowings. Borrowings are classified as current unless the Group has a right to defer settlement of the liability for at least 12 months after the end of the reporting period. Trade payables Trade payables are liabilities to pay for goods or services provided by suppliers during the normal course of business. Trade payables are classified as current liabilities if they are due to be settled within one year or less (or during the normal operating cycle, whichever is longer). Otherwise, they are classified as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. 2.15. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as interest rate swaps (IRS) to hedge against interest rate risks. The Group does not apply hedge accounting. Hence, derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. 2.16. Valuation techniques and assumptions used in fair value measurement of assets and liabilities, frequency of investment revaluation The Group's assets, other than assets measured at amortized cost or under the cost method, and liabilities are reported in the consolidated financial statements at fair value at the end of the reporting period. The fair values of the Group\u2019s financial instruments as at 31 December 2025 are presented in the table below:
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial assets not measured at fair value
Other assets
-
1,743,064
-
1,743,064
Contract assets
-
440,674
-
440,674
Trade receivables
-
283,780
-
283,780
Cash and cash equivalents
-
5,982,029
-
5,982,029
-
8,449,547
-
8,449,547
Financial liabilities measured at fair value
Derivative financial instruments
174,352
-
-
174,352
174,352
-
-
174,352
Financial liabilities not measured at fair value
Borrowings
-
-
94,016,725
94,016,725
Bonds issued
-
-
35,604,468
35,604,468
Lease liabilities
-
-
3,101,054
3,101,054
Contract liabilities
-
-
357,883
357,883
Trade and other payables
-
-
3,788,836
3,788,836
Employment-related liabilities
-
-
202,035
202,035
-
-
137,071,001
137,071,001
The fair values of the Group\u2019s financial instruments as at 31 December 2024 are presented in the table below:
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial assets measured at fair value
Derivative financial instruments
578,032
-
-
578,032
578,032
-
-
578,032
Financial assets not measured at fair value
Other assets
-
2,377,494
-
2,377,494
Contract assets
-
462,762
-
462,762
Trade receivables
-
235,833
-
235,833
Cash and cash equivalents
-
2,718,036
-
2,718,036
-
5,794,125
-
5,794,125
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial liabilities not measured at fair value
Borrowings
-
-
72,837,089
72,837,089
Bonds issued
-
-
31,957,522
31,957,522
Lease liabilities
-
-
2,676,377
2,676,377
Contract liabilities
-
-
372,168
372,168
Trade and other payables
-
-
6,219,575
6,219,575
Employment-related liabilities
-
-
65,837
65,837
-
-
114,128,568
114,128,568
Fair values are presented in the following levels of the fair value hierarchy, based on the variables used in the valuation techniques: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 valuation where the lowest level inputs that are significant in determining fair value are observable directly or indirectly; \u2022 Level 3 \u2013 valuation techniques where the lowest level inputs that are significant in determining fair value are unobservable. As at 31 December 2025 and 31 December 2024 the carrying amount of the Group's assets and liabilities approximated their fair value under the Level 3 valuation technique. The fair value of cash on hand and in credit institutions is equal to their nominal value. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. Estimates of future floating- rate cash flows are based on quoted swap rates, futures prices, and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to credit risk adjustment that reflects the credit risk of the Group and of the counterparty. This is calculated based on credit spreads derived from current credit default swap or bond prices. The fair value of the interest rate swaps is calculated by the counterparty (credit institution) and presented to the Group on a quarterly basis. The Group considers the estimated fair value of the interest rate swap calculated by the credit institution to be a reliable source for setting the fair value under the Level 3 valuation technique. The Company invests in real estate directly or by acquiring equity securities of the special purpose vehicles that own such objects. The fair value of real estate objects (both directly owned by the Company and special purpose vehicles acquired or established by the Company) is determined according to the data provided by an independent property appraiser entitled to perform valuation and meeting the criteria set out in the Company's foundation documents. The valuation is carried out at least twice a year in the absence of substantial changes in economic or market prices requiring a revaluation. If the valuation of assets belonging to special purpose vehicles is performed, the valuation of the equity securities of those entities is also performed. 2.17. Share capital and value of shares The share capital is recognized in the statement of financial position at the subscribed value and is accounted for in euro. The value of the share is calculated as the Company's NAV at the date of calculation divided by the number of paid-up shares in circulation. As described in section 2.2. Accounting Policy, the Company's equity may differ from the Company's NAV, therefore, the share price calculated as the Company's NAV divided by the number of paid-up shares may differ from the share price calculated as the Company's equity divided by the number of paid-up shares. 2.18. Investment portfolio structure The Management Company will seek to diversify the Company's investment portfolio in accordance with the Articles of Association approved by the Company, according to which: \u2022 The total amount of investments in real estate under construction may not exceed 20% of the Company\u2019s net asset value. \u2022 The total amount of investments in commercial income-generating real estate is expected to be at least 80% of the Company\u2019s net asset value. \u2022 The total amount of investments in other real estate properties may not exceed 10% of the Company\u2019s net asset value. \u2022 The total amount of investments in liquid, in the EU sovereign bonds and/or corporate bonds, money market instruments and bank term deposits with a maximum maturity of 3 years that are liquid and rated as investment grade (by S&P or any alternative certified rating agency) \u2022 The total amount of investment in a single immovable property and the movable property and/or equipment necessary for its operation may not exceed 40% of the Company\u2019s net asset value. \u2022 At least 50% of the net value of the properties that make up the Company\u2019s assets shall be invested in properties generating rental income in Euros 2.19. Significant accounting estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make certain assumptions and estimates that affect the reported amounts of assets, liabilities, income and expenses and the disclosure of uncertainties. Future events may change the assumptions used in making the estimates. The effect of changes in such estimates will be recognized in the consolidated financial statements when determined. Asset acquisitions The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition by its substance represents the acquisition of a business or the acquisition of an asset. Accordingly, the Group assesses whether acquisition consists of only assets acquired or a business combination as a whole, where an integrated set of activities and assets, including property, is acquired. More specifically, consideration is given to the extent to which substantive processes are acquired and, in particular, the extent of services provided by the subsidiary (e.g., maintenance, cleaning, security, etc.). During 2025, the Company acquired the following subsidiaries (see Note 3.1.): \u2022 NY Park Sp. z o.o., which was dormant at the time of acquisition; \u2022 UAB Tewox Operations which was dormant at the time of establishment. During 2024, the Company established the following subsidiary (see Note 3.1.): \u2022 UAB Jupa Turtas which was dormant at the time of establishment. The Company invests in real estate objects through subsidiaries. The difference between the fair value of the net assets of the acquired subsidiaries and the acquisition price paid by the Group, was recognized as the Group\u2019s expenses in the Group's consolidated statement of profit and loss and other comprehensive income, since the subsidiaries had no assets or liabilities to which the price difference could be attributed (see Note 3.22.). Investment property fair value measurement The Group has investment property which is measured at fair value through profit and loss based on valuation reports prepared by independent appraiser. For the fair value measurement of investment property assumptions are used. For more information about the assumptions used see Note 3.3. 2.20. Application of new and revised IFRS accounting standards a) New standards, amendments to standards, and interpretations applicable for periods beginning on 1 January 2025. The Company has assessed that there are no amendments to standards or interpretations that became effective in 2025 which would have a significant impact on the Group's financial statements. The Group has determined that the amendments to IAS 21 have no impact on the financial statements, as the Group does not have transactions involving a currency that is not exchangeable. b) New and amended standards and interpretations that the Group is required to apply for reporting periods beginning on 1 January 2026 or later. Amendments to the classification and measurement of financial instruments \u2013 Amendments to IFRS 9 and IFRS 7 (published on 30 May 2024 and applicable for annual periods beginning on or after 1 January 2026). On 30 May 2024, the IASB published amendments to IFRS 9 and IFRS 7, which aim to: (a) clarify the date of recognition and derecognition of certain financial assets and liabilities, including a new exception applicable to certain financial liabilities settled through an electronic payment system; (b) clarify and provide additional guidance on how to assess whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; (c) disclose new information about certain instruments that have contractual terms which may change cash flows (for example, instruments with features linked to the achievement of environmental, social, and governance (ESG) objectives); and such standard amendments and interpretations before their effective date. comprehensive income. (c) Standards, interpretations, and their amendments that have not yet been endorsed by the European Union IFRS 18 \"Presentation and Disclosure in Financial Statements\" (published on 9 April 2024 and applicable for annual periods beginning on or after 1 January 2027). In April 2024, the IASB published the new IFRS 18 regarding the presentation and disclosure in financial statements, which focuses primarily on refinements to the statement of profit or loss. The main new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in financial statements concerning certain profit or loss metrics that are presented in reports other than the entity\u2019s financial statements (i.e., management-defined performance measures); and clearer principles for grouping and disaggregation applied both to the main financial statements and to explanatory notes in general. IFRS 18 will replace IAS 1; many of the principles set out in IAS 1 remain with minor changes. IFRS 18 will not affect the (d) update the disclosed information about equity instruments classified as measured at fair value, with changes recognized in other Currently, the Group is assessing the impact these amendments will have on its financial statements. According to the Group's evaluation, there are no other standard amendments or interpretations that the Group is required to apply from 1 January 2026, which would have a significant impact on the financial statements, and the Group has not begun to apply measurement or recognition of items in financial statements, but it may change what an entity presents as \u201coperating profit or loss.\u201d IFRS 18 applies to reporting periods beginning on or after 1 January 2027, including comparative information for the previous period. The Group is currently assessing the impact these amendments will have on its financial statements. According to the Group\u2019s evaluation, there are no other amendments to standards or interpretations that have not been endorsed by the European Union, which would have a significant impact on the financial statements, and the Group has not begun to apply such standards ahead of their effective date. Standards, interpretations and amendments not yet adopted by the European Union The Group believes that the standards, interpretations and amendments not yet adopted will not have a significant impact on the Group's consolidated financial statements and the Group has not early adopted such standards.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "For financial accounting and reporting purposes of the Company, the Management Company follows the Republic of Lithuania Law on Financial Accounting, the Republic of Lithuania Law on Collective Investment Undertakings, generally accepted accounting policies as defined in IFRS Accounting Standards, adopted for use in the European Union (EU), as well as other legal acts. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "All amounts in these consolidated financial statements are presented in euros (EUR). Transactions denominated in foreign currency are accounted for at the official exchange rate of the Bank of Lithuania effective at the date of the transaction. Gains and losses on such transactions and on the revaluation of foreign currency assets and liabilities at the date of the statement of financial position are recorded in the statement of profit and loss and other comprehensive income. Such balances are translated using the exchange rate effective at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "2.3. Principles of consolidation The consolidated financial statements include the financial statements of the Company and its controlled entities (subsidiaries) as of 31 December of each year. The Company is considered to have control when it has the following: \u2022 power over an investee; \u2022 rights to a variable return from its involvement with the investee; and \u2022 ability to use its power to affect the returns on investment. Consolidation of a subsidiary begins when the Company obtains control of the subsidiary and ceases when the Company loses control of the subsidiary. The results of acquisitions or disposals of subsidiaries during the year are included in profit or loss from the date on which the Company obtains control until the date that the Company ceases to control the subsidiary. The primary activities of the Polish subsidiaries are carried out in Poland, where the local currency is the Polish zloty (PLN). The subsidiaries operate within the Polish economic environment and are primarily exposed to PLN-denominated economic factors, including local inflation, labour market conditions, and the regulatory framework. While certain customer contracts are denominated in EUR, settlements are typically received in PLN, indicating that cash flows are effectively realized in the local currency. The subsidiaries\u2019 cost base, including salaries, administrative expenses, and regulatory costs, is predominantly denominated and settled in PLN. Based on the assessment of these factors, management has concluded that the Polish zloty (PLN) is the functional currency of the subsidiaries. All the Group's assets and liabilities, equity, income, expenses and cash flows related to intra-group transactions are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "2.4. Asset acquisitions Where assets are acquired through acquisitions of subsidiaries or otherwise, management considers the substance of the assets and activities of the acquiree in determining whether the acquisition represents the acquisition of a business or assets. Where such acquisitions are determined to be not an acquisition of a business, they are not treated as business combinations. Rather, the costs of acquisition of subsidiaries or the cost of assets and liabilities acquired is allocated between the assets and liabilities of the acquiree based on fair values at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "2.5. Financial risk management The Group is exposed to market, credit, liquidity, foreign exchange, and capital management risks. These risks are managed in accordance with the best practice principles. Management continuously monitors these risks to ensure the adequacy of financing and hedging strategies. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign exchange risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings and derivative financial instruments. The Group is not exposed to price risk. The following sections provide the description of each type of the market risk and the impact on the Group\u2019s results. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s non-current liabilities with floating interest rates. Interest rate risk may arise from a variable EURIBOR interest rate, the changes in which would increase or decrease the Group's receivables and/or payables. The Group's borrowings have a variable interest rate linked to EURIBOR and give rise to interest rate risk. The Group has financial liabilities with a variable interest rate as follows:
31 December 2025
31 December 2024
Financial assets
-
-
Financial liabilities
(51,123,577)
(72,837,090)
(51,123,577)
(72,837,090)
The changes in the Group's profit before tax due to changes in EURIBOR interest rate is presented in the table below:
Increase by 2,5%
Decrease by 2,5%
Increase by 1%
Decrease by 1%
31 December 2024
(1,820,927)
1,820,927
(728,371)
728,371
31 December 2025
(1,278,089)
1,278,089
(511,236)
511,236
As at 31 December 2025 and 31 December 2024 the Group hedged its bank borrowings against the variable interest rate risk (note 3.5.). The nominal value of interest rate swap instrument is provided below:
31 December 2025
31 December 2024
Interest rate swap nominal value
23,459,687
37,274,141
23,459,687
37,274,141
If the EURIBOR interest rate changed by one percentage point, the Group's profit before tax, reflecting changes in the value of its interest rate swap, would change as follows:
Increase by 1 p.p.
Decrease by 1 p.p.
31 December 2024
5,780
(5,780)
31 December 2025
(1,744)
1,744
The fair value of the interest rate swap is presented in Note 3.5. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s payments with related to the Group\u2019s activities in Poland are mostly made in local currency zloty. Accordingly, there is a risk that the Group's receivables and payables will increase or decrease due to changes in the exchange rate. Meanwhile, the Group\u2019s payments related to the Group\u2019s activities in Lithuania and the Baltic Region are made in euro, except for isolated cases that may occur, so there is no material foreign exchange risk. The Group had not entered into any financial instrument transactions intended to manage foreign exchange rate fluctuations risk. The Group\u2019s assets and liabilities giving rise to foreign exchange rate risk are presented in the table below:
31 December 2025
31 December 2024
Assets
102,935,812
98,573,517
Liabilities
(4,043,307)
(19,796,133)
Net assets
98,892,505
78,777,384
If the exchange rate of euro to Polish zloty changed by one percentage point, the Group's equity would change as indicated below:
Increase by 1 p.p.
Decrease by 1 p.p.
31 December 2024
779,974
(795,731)
31 December 2025
979,134 (998,914) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risks arising from both its leasing activities and financing activities, including deposits with banks and financial institutions and derivative financial instruments. The Group\u2019s credit risk relates mainly to receivables for which expected credit losses are calculated using an individual assessment. Receivables consist of the following: Trade receivables under contracts with customers Tenants are assessed according to the Group\u2019s criteria prior to entering into lease agreements. Credit risk is managed by requiring tenants to make prepayments for rent and services provided to tenants. Outstanding receivables from tenants are regularly monitored by the Group\u2019s management. An impairment test is performed at each reporting date on an individual basis for all receivables from tenants. Generally, the receivables are written-off if they are past due for more than 181 days. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. The Group considers the concentration of risk with respect to trade receivables and contract assets as high, as its customers are located in a limited number of jurisdictions and single industry and operate in largely interconnected markets. Financial instruments and cash deposits Credit risk arising from cash balances with the banks and other financial institution is limited as the Group performs operations with banks with high long-term credit ratings issued by foreign rating agencies. Bank ratings are presented in Note 3.9. Given the high credit ratings of banks, the Group's management assesses the probability of bank default to be negligible. Liquidity risk Liquidity risk is the risk that the Group may not be able to generate sufficient cash resources to fully meet its obligations under the intended terms or may only do so under materially disadvantageous conditions. The purpose of the Group is to maintain sufficient liquidity resources to carry out its activities, cover its financial obligations and provide funds for capital expenditure and investment opportunities. The Group aims to achieve its goals in the following ways: \u2022 Prepare regular forecast cash flows to project the use of funds; and \u2022 Identify future financing, including new debt opportunities. The table below summarizes the maturity of the Group's financial liabilities on the basis of undiscounted contractual payments: 31 December 2025
Cash flows
Total
Up to 1 year
Between 1 -
Between 2 -
After 5 years
2 years
5 years
Interest-bearing borrowings and liabilities
149,614,293
45,112,868
4,077,911
100,423,514
-
Lease liabilities
15,058,808
503,710
503,710
1,511,131
12,540,257
Trade payables
2,827,151
2,827,151
-
-
-
Contract liabilities
357,883
121,280
236,603
-
-
167,858,135
48,565,009
4,818,225
101,934,645
12,540,257
31 December 2024
Cash flows
Total
Up to 1 year
Between 1 -
Between 2 -
After 5 years
2 years
5 years
Interest-bearing borrowings and liabilities
124,724,103
17,504,247
6,773,676
100,446,181
-
Lease liabilities
14,705,297
196,200
196,200
588,600
13,724,297
Trade payables
5,499,175
222,208
116,686
5,154,597
5,629
Contract liabilities
372,168
95,569
276,599
-
-
145,300,743
18,018,224
7,363,160
106,189,377
13,729,926
The information on the Group\u2019s cash at bank is presented in Note 3.9. and trade receivable from contracts with customers in Note 3.8. The Group does not have any undrawn credit lines. The information on the Group\u2019s going concern is presented in Note 3.26. Capital management The Group's objectives in the management of capital are to safeguard the Group's ability to continue its activities as a going concern in order to provide returns to investors and benefits other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. For the purpose of the Group\u2019s capital management, capital includes issued share capital, and all other equity reserves attributable to the equity holders of the Group. The primary objective of the Group\u2019s capital management is to maximize the shareholder value. The Group performs the following in order to maintain capital structure and ensure effective capital management: \u2022 Regularly monitors the performance of the Group and adjust distributions the Group pays to shareholders; \u2022 Issues new shares in accordance with the constitutional documents of the Group to existing or new shareholders; \u2022 Restricts redemption of shares in accordance with the constitutional documents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, foreign exchange risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings and derivative financial instruments. The Group is not exposed to price risk. The following sections provide the description of each type of the market risk and the impact on the Group\u2019s results. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s non-current liabilities with floating interest rates. Interest rate risk may arise from a variable EURIBOR interest rate, the changes in which would increase or decrease the Group's receivables and/or payables. The Group's borrowings have a variable interest rate linked to EURIBOR and give rise to interest rate risk. The Group has financial liabilities with a variable interest rate as follows:
31 December 2025
31 December 2024
Financial assets
-
-
Financial liabilities
(51,123,577)
(72,837,090)
(51,123,577)
(72,837,090)
The changes in the Group's profit before tax due to changes in EURIBOR interest rate is presented in the table below:
Increase by 2,5%
Decrease by 2,5%
Increase by 1%
Decrease by 1%
31 December 2024
(1,820,927)
1,820,927
(728,371)
728,371
31 December 2025
(1,278,089)
1,278,089
(511,236)
511,236
As at 31 December 2025 and 31 December 2024 the Group hedged its bank borrowings against the variable interest rate risk (note 3.5.). The nominal value of interest rate swap instrument is provided below:
31 December 2025
31 December 2024
Interest rate swap nominal value
23,459,687
37,274,141
23,459,687
37,274,141
If the EURIBOR interest rate changed by one percentage point, the Group's profit before tax, reflecting changes in the value of its interest rate swap, would change as follows:
Increase by 1 p.p.
Decrease by 1 p.p.
31 December 2024
5,780
(5,780)
31 December 2025
(1,744)
1,744
The fair value of the interest rate swap is presented in Note 3.5. Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s payments with related to the Group\u2019s activities in Poland are mostly made in local currency zloty. Accordingly, there is a risk that the Group's receivables and payables will increase or decrease due to changes in the exchange rate. Meanwhile, the Group\u2019s payments related to the Group\u2019s activities in Lithuania and the Baltic Region are made in euro, except for isolated cases that may occur, so there is no material foreign exchange risk. The Group had not entered into any financial instrument transactions intended to manage foreign exchange rate fluctuations risk. The Group\u2019s assets and liabilities giving rise to foreign exchange rate risk are presented in the table below:
31 December 2025
31 December 2024
Assets
102,935,812
98,573,517
Liabilities
(4,043,307)
(19,796,133)
Net assets
98,892,505
78,777,384
If the exchange rate of euro to Polish zloty changed by one percentage point, the Group's equity would change as indicated below:
Increase by 1 p.p.
Decrease by 1 p.p.
31 December 2024
779,974
(795,731)
31 December 2025
979,134 (998,914) ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risks arising from both its leasing activities and financing activities, including deposits
with banks and financial institutions and derivative financial instruments.
The Group\u2019s credit risk relates mainly to receivables for which expected credit losses are calculated using an individual assessment.
Receivables consist of the following:
Trade receivables under contracts with customers
Tenants are assessed according to the Group\u2019s criteria prior to entering into lease agreements. Credit risk is managed by requiring
tenants to make prepayments for rent and services provided to tenants. Outstanding receivables from tenants are regularly monitored
by the Group\u2019s management. An impairment test is performed at each reporting date on an individual basis for all receivables from
tenants. Generally, the receivables are written-off if they are past due for more than 181 days. The maximum exposure to credit risk
at the reporting date is the carrying value of each class of financial asset. The Group considers the concentration of risk with respect
to trade receivables and contract assets as high, as its customers are located in a limited number of jurisdictions and single industry and operate in largely interconnected markets. Financial instruments and cash deposits Credit risk arising from cash balances with the banks and other financial institution is limited as the Group performs operations with banks with high long-term credit ratings issued by foreign rating agencies. Bank ratings are presented in Note 3.9. Given the high credit ratings of banks, the Group's management assesses the probability of bank default to be negligible. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "Liquidity risk Liquidity risk is the risk that the Group may not be able to generate sufficient cash resources to fully meet its obligations under the intended terms or may only do so under materially disadvantageous conditions. The purpose of the Group is to maintain sufficient liquidity resources to carry out its activities, cover its financial obligations and provide funds for capital expenditure and investment opportunities. The Group aims to achieve its goals in the following ways: \u2022 Prepare regular forecast cash flows to project the use of funds; and \u2022 Identify future financing, including new debt opportunities. The table below summarizes the maturity of the Group's financial liabilities on the basis of undiscounted contractual payments: 31 December 2025
Cash flows
Total
Up to 1 year
Between 1 -
Between 2 -
After 5 years
2 years
5 years
Interest-bearing borrowings and liabilities
149,614,293
45,112,868
4,077,911
100,423,514
-
Lease liabilities
15,058,808
503,710
503,710
1,511,131
12,540,257
Trade payables
2,827,151
2,827,151
-
-
-
Contract liabilities
357,883
121,280
236,603
-
-
167,858,135
48,565,009
4,818,225
101,934,645
12,540,257
31 December 2024
Cash flows
Total
Up to 1 year
Between 1 -
Between 2 -
After 5 years
2 years
5 years
Interest-bearing borrowings and liabilities
124,724,103
17,504,247
6,773,676
100,446,181
-
Lease liabilities
14,705,297
196,200
196,200
588,600
13,724,297
Trade payables
5,499,175
222,208
116,686
5,154,597
5,629
Contract liabilities
372,168
95,569
276,599
-
-
145,300,743
18,018,224
7,363,160
106,189,377
13,729,926
The information on the Group\u2019s cash at bank is presented in Note 3.9. and trade receivable from contracts with customers in Note 3.8. The Group does not have any undrawn credit lines. The information on the Group\u2019s going concern is presented in Note 3.26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "Capital management The Group's objectives in the management of capital are to safeguard the Group's ability to continue its activities as a going concern in order to provide returns to investors and benefits other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. For the purpose of the Group\u2019s capital management, capital includes issued share capital, and all other equity reserves attributable to the equity holders of the Group. The primary objective of the Group\u2019s capital management is to maximize the shareholder value. The Group performs the following in order to maintain capital structure and ensure effective capital management: \u2022 Regularly monitors the performance of the Group and adjust distributions the Group pays to shareholders; \u2022 Issues new shares in accordance with the constitutional documents of the Group to existing or new shareholders; \u2022 Restricts redemption of shares in accordance with the constitutional documents.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "2.6. Principles for recognizing revenue from contracts with customers Rental income Rental income from operating leases is recognized on a straight-line basis over the lease term. Discounts or other incentives to enter into a lease are recognized on a straight-line basis over the term of the lease, regardless of cash flows. The lease term is the minimum period for which the lessee must lease the leased object. The lease term includes an additional period for which the lessee is given the option to extend the lease if the Company's management reasonably believes that the lessee will exercise this option. Termination income or compensation for damage caused by a lessee is recognized when it is probable that the economic benefits associated with the termination of the transaction, or the damage will flow to the Group. Utility revenue The Group provides utilities to customers who rent premises from the Group. The Group does not provide utilities itself but arranges for the services to be provided to the customer, so the Group acts as an intermediary. Only net income, which remains for the Group as commissions, is recognized as revenue. Revenue is recognized when the service is rendered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "2.7. Segment information The Group has determined its operating segments based on geographic location, as its real estate portfolio comprises multiple properties located in two different countries, Lithuania and Poland. Management monitors performance, allocates resources, and assesses results primarily on a country-by-country basis, as the assets are subject to different economic environments, regulatory frameworks, and market conditions. Accordingly, geographic disaggregation best reflects how the Group\u2019s operations are managed and reviewed. Transfer prices between group companies are on an arm\u2019s-length basis in a manner similar to transactions with third parties. The breakdown of the Group\u2019s investment property by operating segment are presented in the table below:
Investment property
181,278,978
Lithuania
83,248,308
Poland
98,030,670
The breakdown of the Group\u2019s income, expenses and total assets by operating segment as at 31 December 2025 are presented in the table below:
All amounts in EUR
Poland
Lithuania
Unallocated
Total
Revenue
9,666,801
5,071,048
-
14,737,849
Operating profit
8,543,091
4,717,808
(1,149,795)
12,111,104
Finance costs
(4,654,202)
(1,634,775)
(3,176,597)
(9,465,574)
Finance income
913,535
-
-
913,535
Income tax
(647,139)
(849,694)
(293)
(1,497,126)
Total assets
105,148,238
85,482,261
2,103,746
192,734,245
The breakdown of the Group\u2019s income, expenses and total assets by operating segment as at 31 December 2024 are presented in the table below:
All amounts in EUR
Poland
Lithuania
Unallocated
Total
Revenue
8,442,789
4,286,279
-
12,729,068
Operating profit
6,584,304
6,204,252
(1,162,389)
11,626,167
Finance costs
(3,372,898)
(1,943,545)
(3,229,835)
(8,546,278)
Finance income
1,467,004
3,529
-
1,470,533
Income tax
(421,845)
(758,311)
(273)
(1,180,429)
Total assets
101,105,424
65,204,679
1,049,567
167,359,670
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "2.8. Expense recognition The Company may incur only such expenses that are related to the management of the Company and are set forth in the Company's prospectus or Articles of Association. All other costs not specified in the prospectus or Articles of Association or exceeding the agreed upon limits are covered by the Management Company. The following expenses incurred by the Company are covered from the Company\u2019s assets: management fee, depositary fee, remuneration of auditors and asset appraisers, accounting, exchange rate hedge, litigation, accounts with financial institutions, accounts for securities and other account handling fees, collateral documentation, registration and deregistration of collateral, enforced debt recovery, state and municipal taxes and levies, the Company\u2019s reporting to participants, the Company\u2019s establishment, consultation, fees paid to financial intermediaries of the Company. The total amount of these expenses shall not exceed a limit of 15% of the Company's average annual NAV. For individual types of costs, maximum cost amounts are set from the Company's average annual NAV:
Type of expense
Maximum amount
Depositary fee
0.20 %
The management fee is the consideration paid to the Management Company for the management of the Company's assets, which is calculated as follows: \u2022 from the start of the Company's operation to the first day of the investment \u2013 EUR 50,000; \u2022 from the first day of the investment until the end of the month in which the Company's NAV reaches EUR 150,000,000 \u2013 1.50% annually of the Company's NAV for the respective month; \u2022 from the beginning of the month following the month in which the Company's NAV reaches EUR 150,000,000 to the end of the month in which the Company's NAV reaches EUR 250,000,000 \u2013 1.00% annually of the Company's NAV for the respective month; \u2022 from the beginning of the month following the month in which the Company's NAV reaches EUR 250,000,000 \u2013 0.75% annually of the Company's NAV for the respective month. The Articles of Association of the Company provide for a success fee for the Management Company, which depends on the Company's net return on investment throughout its life cycle. When the 9% hurdle rate is exceeded, the success fee is accounted for on accrual basis. As of 31 December 2025 and 31 December 2024, no success fee is recognized. All other fees payable to the Management Company and the depositary, as well as other expenses, are recognized on an accrual basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "2.9. Leases Lease \u2013 Group as a lessor The Group, as lessor, enters into leases for certain of its investment property. Under IFRS 16, a lease where the Group is the lessor, is classified as a finance or operating lease. When the terms of a lease transfer substantially all the risks and rewards incidental to ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Rental income from operating leases is recognized on a straight-line basis over the term of the lease. Initial direct costs incurred in negotiating the lease of a non-current asset and adding the underlying asset are added to the carrying amount of the underlying asset and recognized on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognized as receivables. Lease \u2013 Group as a lessee For leases where the Group acts as a lessee, the right-of-use assets and the corresponding lease liability are recognized from the moment the underlying asset becomes available for use by the Group. A right of use asset is measured at acquisition cost, which includes an initial measurement of the lease liability, lease payments made at or before the commencement date of the lease of the asset (less the lease incentives received), initial direct costs incurred by the Group. Lease liabilities are valued at net present value of lease payments. Lease payments are discounted at the interest rate implicit in the lease agreement. If interest rate cannot be readily determined, the lessee\u2019s incremental borrowing rate may be used. This is the interest rate that the lessee would have to pay to borrow over a similar term, and with 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 Group incurs a potential future increase in variable lease payments dependent on an index specified in a lease agreement that is not included in the measurement of the lease liability until it becomes effective. When the lease payments are revised due to a change in the index, the lease liability is remeasured and adjusted, and the amount of remeasurement is recognized as an adjustment to the right-of-use assets. Lease payments are allocated between the cost of covering the lease liability and the interest expense. Interest expense in each period of the lease term is recognized in profit/loss at a constant interest rate for the remaining amount of the lease liability. Right-of-use assets are depreciated over the lease term of the asset", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "2.10. Income tax The calculation of income tax is based on the annual profit, taking into account the deferred income tax. Income tax is calculated in accordance with the requirements of the tax laws of the Republic of Lithuania, Republic of Latvia, Republic of Poland and Republic of Estonia. Lithuania The Group's 2025 profit is taxed at a 16% corporate income tax rate in accordance with the Law on Corporate Income Tax of the Republic of Lithuania. The Group's 2026 profit will be taxed at a 17% corporate income tax rate in accordance with the amended Law on Corporate Income Tax of the Republic of Lithuania. In accordance with the Law on Corporate Income Tax of the Republic of Lithuania, the income of companies with legal status of an investment company operating under the Law on Collective Investment Undertakings is non-taxable. Accordingly, based on the Law on Corporate Income Tax, costs incurred in earning non-taxable income are treated as non-allowable deductions. Thus, all income of the Company is non-taxable, and all expenses are non-allowable deductions. Tax losses may be carried forward for an indefinite period of time, except for losses arising from the transfer of securities and / or derivatives. Such a transfer is terminated if the Company ceases to carry on the activities that caused the loss, unless the Company ceases to carry on the activities for reasons beyond its control. Losses from the transfer of securities and / or derivatives can be carried forward for 5 years and covered only from the profit of the same type of transactions. The amount of deductible tax losses carried forward may not exceed 70% of the amount of taxable profit for the reporting year. Deferred tax is provided using the balance sheet liability method. Deferred tax reflects the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets are recognized in the statement of financial position to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. If it is probable that part of the deferred tax will not be realized, this part of the deferred tax is not recognized in the consolidated financial statements. Latvia The corporate income tax rate applicable to companies of the Republic of Latvia is 20%. In accordance with the Law of the Republic of Latvia on Corporate Income Tax, taxation period is one month and current tax for the reporting period is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Corporate income tax is calculated on: distributed profit (dividends calculated, disbursements equivalent to dividends, conditional dividends); and conditionally distributed profit (expenditure not related to economic activities, doubtful debts, excessive interest payments, loans to related parties, decrease in income or excessive expenses incurred by entering into transactions at other than market prices that should be calculated using the methodology determined by the Cabinet of Ministers of Republic of Latvia, other expenses as specified in the Law on Corporate Income Tax of Republic of Latvia). Deferred tax assets or liabilities are not recognized, as rules of the law eliminate all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Poland The corporate income tax rate applicable to companies of the Republic of Poland is 19%. Estonia The corporate income tax rate applicable to companies of the Republic of Estonia is 20%. In accordance with the Law of the Republic of Estonia on Corporate Income Tax, taxation period is one month and current tax for the reporting period is the expected tax payable on the taxable income for the period, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. Corporate income tax is calculated on: \u2022 distributed profit (dividends calculated, payments equivalent to dividends, conditional dividends); and \u2022 conditionally distributed profit (expenditure not related to economic activities, doubtful debts, excessive interest payments, loans to related parties, decrease in income or excessive expenses incurred by entering into transactions at other than market prices that should be calculated using the methodology determined by the Cabinet of Ministers of Republic of Estonia, other expenses as specified in the Law on Corporate Income Tax of Republic of Estonia). Deferred tax assets or liabilities are not recognized, as rules of the law eliminate all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "Deferred tax is provided using the balance sheet liability method. Deferred tax reflects the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets are recognized in the statement of financial position to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. If it is probable that part of the deferred tax will not be realized, this part of the deferred tax is not recognized in the consolidated financial statements. Deferred tax assets or liabilities are not recognized, as rules of the law eliminate all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets or liabilities are not recognized, as rules of the law eliminate all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "2.11. Finance income and costs The Group's finance income and costs include interest income, interest expense, commitment fee and the positive or negative effects of changes in foreign exchange rates on financial assets and financial liabilities, and loan administration expenses. Interest income or expense is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset or the amortized cost of the financial liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "2.12. Investment property The investment property of the Group consists of commercial buildings and land. Investment property is property held to earn rentals and / or for capital appreciation. Investment property is initially recognized at cost plus all relevant transaction costs. Subsequently, after initial recognition, investment property is measured at fair value by an independent appraiser. Gains or losses arising from changes in fair value are included in profit or loss in the period in which they arise. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of finished goods comprises the cost of materials, direct labour and other costs directly attributable to bringing the investment property to working condition for its intended use, as well as capitalized borrowings. An investment property is derecognized upon disposal or when the investment property ceases to be used in its entirety and no future economic benefits are expected from its sale. Any gain or loss arising on derecognition of an investment property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the investment property is derecognized. Repair costs of investment property carried at fair value are recognized as an expense in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "2.13. Financial assets The Group recognizes a financial asset in its statement of financial position when, and only when, the Group becomes party to the contractual provisions of the instrument. The purchase or sale of financial assets is recognized and derecognized, as applicable, using trade date accounting. The Group has financial assets that are subsequently measured at amortized cost. Financial assets measured at amortized cost The Group's receivables are accounted for using the business model, in which the purpose of holding financial assets is to collect contractual cash flows, which may include cash flows related to the payment of principal and interest. Loans and receivables are initially recognized at acquisition cost (fair value of consideration receivable). When measuring financial assets at amortized cost, the Group applies the effective interest method. Loans, bonds and receivables are classified as current assets, unless they have a maturity of more than 12 months after the statement of financial position date. In the latter case, they are classified as non-current assets. Expected credit loss The Group considers a financial asset in default when contractual payment is 90 days past due and is higher than the deposit paid by debtor. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. The Group monitors the increase in credit risk by monitoring the timely execution of debts. A significant increase in credit risk is considered when the debt is overdue and there is no reason to believe that the debt will be repaid soon. Credit risk arising from cash at banks is limited as the Group carries out operations with banks with high long-term credit ratings issued by foreign rating agencies. Bank ratings are presented in Note 3.9. Given the high credit ratings of banks, the Group's management assesses the probability of bank default to be negligible.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "2.13. Financial assets The Group recognizes a financial asset in its statement of financial position when, and only when, the Group becomes party to the contractual provisions of the instrument. The purchase or sale of financial assets is recognized and derecognized, as applicable, using trade date accounting. The Group has financial assets that are subsequently measured at amortized cost. Financial assets measured at amortized cost The Group's receivables are accounted for using the business model, in which the purpose of holding financial assets is to collect contractual cash flows, which may include cash flows related to the payment of principal and interest. Loans and receivables are initially recognized at acquisition cost (fair value of consideration receivable). When measuring financial assets at amortized cost, the Group applies the effective interest method. Loans, bonds and receivables are classified as current assets, unless they have a maturity of more than 12 months after the statement of financial position date. In the latter case, they are classified as non-current assets. Expected credit loss The Group considers a financial asset in default when contractual payment is 90 days past due and is higher than the deposit paid by debtor. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. The Group monitors the increase in credit risk by monitoring the timely execution of debts. A significant increase in credit risk is considered when the debt is overdue and there is no reason to believe that the debt will be repaid soon. Credit risk arising from cash at banks is limited as the Group carries out operations with banks with high long-term credit ratings issued by foreign rating agencies. Bank ratings are presented in Note 3.9. Given the high credit ratings of banks, the Group's management assesses the probability of bank default to be negligible. 2.14. Financial liabilities The Group has financial liabilities measured only at amortized cost, i.e. trade payables, loans and bonds. Borrowings, bonds and other payables Borrowings and bonds are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost and any difference between proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the maturity term of the borrowings. Borrowings are classified as current unless the Group has a right to defer settlement of the liability for at least 12 months after the end of the reporting period. Trade payables Trade payables are liabilities to pay for goods or services provided by suppliers during the normal course of business. Trade payables are classified as current liabilities if they are due to be settled within one year or less (or during the normal operating cycle, whichever is longer). Otherwise, they are classified as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. 2.15. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as interest rate swaps (IRS) to hedge against interest rate risks. The Group does not apply hedge accounting. Hence, derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. 2.16. Valuation techniques and assumptions used in fair value measurement of assets and liabilities, frequency of investment revaluation The Group's assets, other than assets measured at amortized cost or under the cost method, and liabilities are reported in the consolidated financial statements at fair value at the end of the reporting period. The fair values of the Group\u2019s financial instruments as at 31 December 2025 are presented in the table below:
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial assets not measured at fair value
Other assets
-
1,743,064
-
1,743,064
Contract assets
-
440,674
-
440,674
Trade receivables
-
283,780
-
283,780
Cash and cash equivalents
-
5,982,029
-
5,982,029
-
8,449,547
-
8,449,547
Financial liabilities measured at fair value
Derivative financial instruments
174,352
-
-
174,352
174,352
-
-
174,352
Financial liabilities not measured at fair value
Borrowings
-
-
94,016,725
94,016,725
Bonds issued
-
-
35,604,468
35,604,468
Lease liabilities
-
-
3,101,054
3,101,054
Contract liabilities
-
-
357,883
357,883
Trade and other payables
-
-
3,788,836
3,788,836
Employment-related liabilities
-
-
202,035
202,035
-
-
137,071,001
137,071,001
The fair values of the Group\u2019s financial instruments as at 31 December 2024 are presented in the table below:
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial assets measured at fair value
Derivative financial instruments
578,032
-
-
578,032
578,032
-
-
578,032
Financial assets not measured at fair value
Other assets
-
2,377,494
-
2,377,494
Contract assets
-
462,762
-
462,762
Trade receivables
-
235,833
-
235,833
Cash and cash equivalents
-
2,718,036
-
2,718,036
-
5,794,125
-
5,794,125
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial liabilities not measured at fair value
Borrowings
-
-
72,837,089
72,837,089
Bonds issued
-
-
31,957,522
31,957,522
Lease liabilities
-
-
2,676,377
2,676,377
Contract liabilities
-
-
372,168
372,168
Trade and other payables
-
-
6,219,575
6,219,575
Employment-related liabilities
-
-
65,837
65,837
-
-
114,128,568
114,128,568
Fair values are presented in the following levels of the fair value hierarchy, based on the variables used in the valuation techniques: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 valuation where the lowest level inputs that are significant in determining fair value are observable directly or indirectly; \u2022 Level 3 \u2013 valuation techniques where the lowest level inputs that are significant in determining fair value are unobservable. As at 31 December 2025 and 31 December 2024 the carrying amount of the Group's assets and liabilities approximated their fair value under the Level 3 valuation technique. The fair value of cash on hand and in credit institutions is equal to their nominal value. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. Estimates of future floating- rate cash flows are based on quoted swap rates, futures prices, and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to credit risk adjustment that reflects the credit risk of the Group and of the counterparty. This is calculated based on credit spreads derived from current credit default swap or bond prices. The fair value of the interest rate swaps is calculated by the counterparty (credit institution) and presented to the Group on a quarterly basis. The Group considers the estimated fair value of the interest rate swap calculated by the credit institution to be a reliable source for setting the fair value under the Level 3 valuation technique. The Company invests in real estate directly or by acquiring equity securities of the special purpose vehicles that own such objects. The fair value of real estate objects (both directly owned by the Company and special purpose vehicles acquired or established by the Company) is determined according to the data provided by an independent property appraiser entitled to perform valuation and meeting the criteria set out in the Company's foundation documents. The valuation is carried out at least twice a year in the absence of substantial changes in economic or market prices requiring a revaluation. If the valuation of assets belonging to special purpose vehicles is performed, the valuation of the equity securities of those entities is also performed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "2.14. Financial liabilities The Group has financial liabilities measured only at amortized cost, i.e. trade payables, loans and bonds. Borrowings, bonds and other payables Borrowings and bonds are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost and any difference between proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the maturity term of the borrowings. Borrowings are classified as current unless the Group has a right to defer settlement of the liability for at least 12 months after the end of the reporting period. Trade payables Trade payables are liabilities to pay for goods or services provided by suppliers during the normal course of business. Trade payables are classified as current liabilities if they are due to be settled within one year or less (or during the normal operating cycle, whichever is longer). Otherwise, they are classified as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "Borrowings, bonds and other payables Borrowings and bonds are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost and any difference between proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the maturity term of the borrowings. Borrowings are classified as current unless the Group has a right to defer settlement of the liability for at least 12 months after the end of the reporting period. Trade payables Trade payables are liabilities to pay for goods or services provided by suppliers during the normal course of business. Trade payables are classified as current liabilities if they are due to be settled within one year or less (or during the normal operating cycle, whichever is longer). Otherwise, they are classified as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "Borrowings, bonds and other payables Borrowings and bonds are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost and any difference between proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the maturity term of the borrowings. Borrowings are classified as current unless the Group has a right to defer settlement of the liability for at least 12 months after the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "2.15. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as interest rate swaps (IRS) to hedge against interest rate risks. The Group does not apply hedge accounting. Hence, derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "2.16. Valuation techniques and assumptions used in fair value measurement of assets and liabilities, frequency of investment revaluation The Group's assets, other than assets measured at amortized cost or under the cost method, and liabilities are reported in the consolidated financial statements at fair value at the end of the reporting period.
Fair values are presented in the following levels of the fair value hierarchy, based on the variables used in the valuation techniques:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2 \u2013 valuation where the lowest level inputs that are significant in determining fair value are observable directly or indirectly; \u2022 Level 3 \u2013 valuation techniques where the lowest level inputs that are significant in determining fair value are unobservable. As at 31 December 2025 and 31 December 2024 the carrying amount of the Group's assets and liabilities approximated their fair value under the Level 3 valuation technique. The fair value of cash on hand and in credit institutions is equal to their nominal value. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. Estimates of future floating- rate cash flows are based on quoted swap rates, futures prices, and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources and which reflects the relevant benchmark interbank rate used by market participants for this purpose when pricing interest rate swaps. The fair value estimate is subject to credit risk adjustment that reflects the credit risk of the Group and of the counterparty. This is calculated based on credit spreads derived from current credit default swap or bond prices. The fair value of the interest rate swaps is calculated by the counterparty (credit institution) and presented to the Group on a quarterly basis. The Group considers the estimated fair value of the interest rate swap calculated by the credit institution to be a reliable source for setting the fair value under the Level 3 valuation technique. The Company invests in real estate directly or by acquiring equity securities of the special purpose vehicles that own such objects. The fair value of real estate objects (both directly owned by the Company and special purpose vehicles acquired or established by the Company) is determined according to the data provided by an independent property appraiser entitled to perform valuation and meeting the criteria set out in the Company's foundation documents. The valuation is carried out at least twice a year in the absence of substantial changes in economic or market prices requiring a revaluation. If the valuation of assets belonging to special purpose vehicles is performed, the valuation of the equity securities of those entities is also performed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "The fair values of the Group\u2019s financial instruments as at 31 December 2025 are presented in the table below:
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial assets not measured at fair value
Other assets
-
1,743,064
-
1,743,064
Contract assets
-
440,674
-
440,674
Trade receivables
-
283,780
-
283,780
Cash and cash equivalents
-
5,982,029
-
5,982,029
-
8,449,547
-
8,449,547
Financial liabilities measured at fair value
Derivative financial instruments
174,352
-
-
174,352
174,352
-
-
174,352
Financial liabilities not measured at fair value
Borrowings
-
-
94,016,725
94,016,725
Bonds issued
-
-
35,604,468
35,604,468
Lease liabilities
-
-
3,101,054
3,101,054
Contract liabilities
-
-
357,883
357,883
Trade and other payables
-
-
3,788,836
3,788,836
Employment-related liabilities
-
-
202,035
202,035
-
-
137,071,001
137,071,001
The fair values of the Group\u2019s financial instruments as at 31 December 2024 are presented in the table below:
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial assets measured at fair value
Derivative financial instruments
578,032
-
-
578,032
578,032
-
-
578,032
Financial assets not measured at fair value
Other assets
-
2,377,494
-
2,377,494
Contract assets
-
462,762
-
462,762
Trade receivables
-
235,833
-
235,833
Cash and cash equivalents
-
2,718,036
-
2,718,036
-
5,794,125
-
5,794,125
Carrying amount
Fair value
Financial
Other financial
assets at
Total
through PL
liabilities
amortized cost
Financial liabilities not measured at fair value
Borrowings
-
-
72,837,089
72,837,089
Bonds issued
-
-
31,957,522
31,957,522
Lease liabilities
-
-
2,676,377
2,676,377
Contract liabilities
-
-
372,168
372,168
Trade and other payables
-
-
6,219,575
6,219,575
Employment-related liabilities
-
-
65,837
65,837
-
-
114,128,568
114,128,568
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "2.17. Share capital and value of shares The share capital is recognized in the statement of financial position at the subscribed value and is accounted for in euro. The value of the share is calculated as the Company's NAV at the date of calculation divided by the number of paid-up shares in circulation. As described in section 2.2. Accounting Policy, the Company's equity may differ from the Company's NAV, therefore, the share price calculated as the Company's NAV divided by the number of paid-up shares may differ from the share price calculated as the Company's equity divided by the number of paid-up shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "2.19. Significant accounting estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make certain assumptions and estimates that affect the reported amounts of assets, liabilities, income and expenses and the disclosure of uncertainties. Future events may change the assumptions used in making the estimates. The effect of changes in such estimates will be recognized in the consolidated financial statements when determined. Asset acquisitions The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether each acquisition by its substance represents the acquisition of a business or the acquisition of an asset. Accordingly, the Group assesses whether acquisition consists of only assets acquired or a business combination as a whole, where an integrated set of activities and assets, including property, is acquired. More specifically, consideration is given to the extent to which substantive processes are acquired and, in particular, the extent of services provided by the subsidiary (e.g., maintenance, cleaning, security, etc.). During 2025, the Company acquired the following subsidiaries (see Note 3.1.): \u2022 NY Park Sp. z o.o., which was dormant at the time of acquisition; \u2022 UAB Tewox Operations which was dormant at the time of establishment. During 2024, the Company established the following subsidiary (see Note 3.1.): \u2022 UAB Jupa Turtas which was dormant at the time of establishment. The Company invests in real estate objects through subsidiaries. The difference between the fair value of the net assets of the acquired subsidiaries and the acquisition price paid by the Group, was recognized as the Group\u2019s expenses in the Group's consolidated statement of profit and loss and other comprehensive income, since the subsidiaries had no assets or liabilities to which the price difference could be attributed (see Note 3.22.). Investment property fair value measurement The Group has investment property which is measured at fair value through profit and loss based on valuation reports prepared by independent appraiser. For the fair value measurement of investment property assumptions are used. For more information about the assumptions used see Note 3.3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "2.20. Application of new and revised IFRS accounting standards a) New standards, amendments to standards, and interpretations applicable for periods beginning on 1 January 2025. The Company has assessed that there are no amendments to standards or interpretations that became effective in 2025 which would have a significant impact on the Group's financial statements. The Group has determined that the amendments to IAS 21 have no impact on the financial statements, as the Group does not have transactions involving a currency that is not exchangeable. b) New and amended standards and interpretations that the Group is required to apply for reporting periods beginning on 1 January 2026 or later. Amendments to the classification and measurement of financial instruments \u2013 Amendments to IFRS 9 and IFRS 7 (published on 30 May 2024 and applicable for annual periods beginning on or after 1 January 2026). On 30 May 2024, the IASB published amendments to IFRS 9 and IFRS 7, which aim to: (a) clarify the date of recognition and derecognition of certain financial assets and liabilities, including a new exception applicable to certain financial liabilities settled through an electronic payment system; (b) clarify and provide additional guidance on how to assess whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; (c) disclose new information about certain instruments that have contractual terms which may change cash flows (for example, instruments with features linked to the achievement of environmental, social, and governance (ESG) objectives); and such standard amendments and interpretations before their effective date. comprehensive income. (c) Standards, interpretations, and their amendments that have not yet been endorsed by the European Union IFRS 18 \"Presentation and Disclosure in Financial Statements\" (published on 9 April 2024 and applicable for annual periods beginning on or after 1 January 2027). In April 2024, the IASB published the new IFRS 18 regarding the presentation and disclosure in financial statements, which focuses primarily on refinements to the statement of profit or loss. The main new concepts introduced in IFRS 18 relate to: the structure of the statement of profit or loss; required disclosures in financial statements concerning certain profit or loss metrics that are presented in reports other than the entity\u2019s financial statements (i.e., management-defined performance measures); and clearer principles for grouping and disaggregation applied both to the main financial statements and to explanatory notes in general. IFRS 18 will replace IAS 1; many of the principles set out in IAS 1 remain with minor changes. IFRS 18 will not affect the (d) update the disclosed information about equity instruments classified as measured at fair value, with changes recognized in other Currently, the Group is assessing the impact these amendments will have on its financial statements. According to the Group's evaluation, there are no other standard amendments or interpretations that the Group is required to apply from 1 January 2026, which would have a significant impact on the financial statements, and the Group has not begun to apply measurement or recognition of items in financial statements, but it may change what an entity presents as \u201coperating profit or loss.\u201d IFRS 18 applies to reporting periods beginning on or after 1 January 2027, including comparative information for the previous period. The Group is currently assessing the impact these amendments will have on its financial statements. According to the Group\u2019s evaluation, there are no other amendments to standards or interpretations that have not been endorsed by the European Union, which would have a significant impact on the financial statements, and the Group has not begun to apply such standards ahead of their effective date. Standards, interpretations and amendments not yet adopted by the European Union The Group believes that the standards, interpretations and amendments not yet adopted will not have a significant impact on the Group's consolidated financial statements and the Group has not early adopted such standards. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "3.1. Business combinations Acquisitions and establishments in 2025 On 30 September 2025, the Company acquired NY Park Sp. z o.o. under a shares purchase agreement. On 29 April 2025, the Company established UAB Tewox Operations under the act of establishment. The fair value of the net assets of the acquired company at the date of acquisition is given below:
NY Park Sp. z o.o.
Total
Other current assets
46
46
Cash and cash equivalent
898
898
Total assets:
944
944
Trade and other payables
-
-
Total liabilities:
-
-
Net assets:
944
944
Acquisition price
3,524
3,524
The difference between the fair value of the net assets of the acquired subsidiaries and the acquisition price paid by the Group, was recognized as the Group\u2019s expenses in the Group's consolidated statement of profit and loss and other comprehensive income, since the subsidiaries had no assets or liabilities to which the price difference could be attributed (see Note 3.22.). Acquisitions and establishments in 2024 On 22 October 2024, the Company established UAB Jupa Turtas under the act of establishment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "3.2. Right-of-use assets As at 31 December 2025 the Group, as a lessee, had long-term lease agreements for the lease of land used for the construction and development of the real estate objects. The term of the lease agreements concluded by the Group ranges between 67 and 88 years. Information about the Group\u2019s right-of-use assets is presented in the table below:
Right-of-use asset
Balance as at 1 January 2024
2,300,025
Additions
333,095
Lease modifications
(27,141)
Depreciation
(31,943)
Exchange rate differences
36,487
Balance as at 31 December 2024
2,610,523
Additions
21,442
Lease modifications
392,441
Depreciation
(47,988)
Exchange rate differences
28,035
Balance as at 31 December 2025
3,004,453
Right-of-use assets and lease liabilities are recognized in the Group\u2019s Consolidated Statement of Financial Position (see Note 3.12.), meanwhile depreciation of right-of-use assets and interest expense on lease liabilities for the year are recognized in the Group's Consolidated Statement of Profit or Loss and Other Comprehensive Income (see Notes 3.22. and 3.23., respectively). Depreciation of right-of-use assets was recognized in other costs, in the Group's Consolidated Statement of Profit or Loss and Other Comprehensive Income (see Note 3.22.). The exchange rate difference was recognized as other comprehensive income in the Group\u2019s Consolidated Statement of Profit or Loss and Other Comprehensive Income. The Group\u2019s lease payments totalled EUR 226,264 in 2025 (EUR 175,732 in 2024). The Group\u2019s additions to right-of-use assets amounted to EUR 21,442 in 2025 (EUR 333,095 in 2024) (see Note 3.12.). 3.22. Other costs
2025
2024
Right-of-use assets depreciation
47,988
31,943
Depositary fee
40,344
37,152
Costs on acquisition of assets
2,580
-
Late payment interests and fines costs
978
9,231
Other
342,942
319,319
Total
434,832
397,645
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "3.2. Right-of-use assets As at 31 December 2025 the Group, as a lessee, had long-term lease agreements for the lease of land used for the construction and development of the real estate objects. The term of the lease agreements concluded by the Group ranges between 67 and 88 years. Information about the Group\u2019s right-of-use assets is presented in the table below:
Right-of-use asset
Balance as at 1 January 2024
2,300,025
Additions
333,095
Lease modifications
(27,141)
Depreciation
(31,943)
Exchange rate differences
36,487
Balance as at 31 December 2024
2,610,523
Additions
21,442
Lease modifications
392,441
Depreciation
(47,988)
Exchange rate differences
28,035
Balance as at 31 December 2025
3,004,453
Right-of-use assets and lease liabilities are recognized in the Group\u2019s Consolidated Statement of Financial Position (see Note 3.12.), meanwhile depreciation of right-of-use assets and interest expense on lease liabilities for the year are recognized in the Group's Consolidated Statement of Profit or Loss and Other Comprehensive Income (see Notes 3.22. and 3.23., respectively). Depreciation of right-of-use assets was recognized in other costs, in the Group's Consolidated Statement of Profit or Loss and Other Comprehensive Income (see Note 3.22.). The exchange rate difference was recognized as other comprehensive income in the Group\u2019s Consolidated Statement of Profit or Loss and Other Comprehensive Income. The Group\u2019s lease payments totalled EUR 226,264 in 2025 (EUR 175,732 in 2024). The Group\u2019s additions to right-of-use assets amounted to EUR 21,442 in 2025 (EUR 333,095 in 2024) (see Note 3.12.). 3.7. Contract assets and liabilities
31 December 2025
31 December 2024
Contract assets
440,674
462,762
Trade receivables (Note 3.8)
283,780
235,833
Deposits received on rent of premises (Note 3.13)
(357,883)
(372,168)
Total
366,571
326,427
As at 31 December 2025, EUR 440,674 of rental income was accrued, which had not yet been invoiced (as at 31 December 2024 \u2013 EUR 462,762). The expected credit loss on contract assets was considered immaterial, and therefore, was not recognized. Trade receivables relate to rental income of premises. For more detailed information, see the relevant notes. 3.12. Lease liabilities
31 December 2025
31 December 2024
Non-current lease liabilities
2,893,478
2,674,875
Current lease liabilities
207,576
1,502
Total
3,101,054
2,676,377
The Group uses leased real estate (land) in its activities. Lease liabilities are recorded at the present value of the remaining land lease payments at a discount rate. The interest rate applied to discount land lease payments under the first contract was 10.80%, the second contract - 9.98%, the third contract - 8.85%. During 2025, the Group had no new land lease agreements. During 2024, the Group signed one new land lease agreement for the amount of EUR 1,420,818. Interest rate used to discount land lease payment was 7.35%. Interest rate used to discount lease payments is the same as the discount rate used in the valuation reports of investment property prepared by independent appraisers. The table below shows the movement of lease liabilities during 2025 and 2024:
Lease liabilities
Balance as at 1 January 2024
2,334,435
Lease liabilities recognized
333,095
Lease modifications
(27,141)
Lease payments
(175,732)
Interest accrued
172,987
Exchange rate differences
38,733
Balance as at 31 December 2024
2,676,377
Lease liabilities recognized
21,442
Lease modifications
392,441
Lease payments
(226,264)
Interest accrued
207,617
Exchange rate differences
29,441
Balance as at 31 December 2025
3,101,054
3.13. Contract liabilities
Non-current lease liabilities
31 December 2025
31 December 2024
Long-term deposits received from tenants
236,603
276,599
Current lease liabilities
Short-term deposits received from tenants
121,280
95,569
Deposits received from tenants are deposits for rented premises that would be repaid to tenants upon termination or expiration of the lease or offset against receivables from tenants in case of default. Long-term deposits are deposits to be repaid under leases valid for a period of more than one year. Short-term deposits are deposits to be repaid under leases expiring in the upcoming year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "3.3. Investment property
Investment property
Fair value as at 1 January 2024
127,607,886
Additions
25,300,172
Change in fair value of investment property
4,006,710
Exchange rate differences
1,462,222
Fair value as at 31 December 2024
158,376,990
Additions
18,190,760
Change in fair value of investment property
3,702,864
Exchange rate differences
1,008,364
Fair value as at 31 December 2025
181,278,978
Information about the results of the investment properties is provided below:
31 December 2025
31 December 2024
Rental income derived from investment properties
12,543,196
10,856,130
Direct operating expenses (including repairs and maintenance)
(2,074,326)
(1,778,108)
generating rental income (included in cost of sales)
Direct operating expenses (including repairs and maintenance) that did
not generate rental income (included in cost of sales)
(4,255,283)
(3,331,503)
Gain from investment properties carried at fair value
6,213,587
5,746,519
As the Group\u2019s main activity is to generate income from investment property, the Group\u2019s all rental income is rental income generated from investment properties and all direct costs are related to investment property. The minimum lease payment receivable in the future under the concluded lease agreements are presented in the table below: 31 December 2025 31 December 2024
Less than 1 year
13,990,346
10,388,537
During 1 \u2013 2 years
11,748,793
9,655,335
During 2 \u2013 3 years
9,772,459
7,260,121
During 3 \u2013 4 years
8,143,132
6,449,447
During 4 \u2013 5 years
6,824,319
5,618,336
Over 5 years
24,793,249
13,435,568
75,272,298
52,807,344
Part of the leases have an indefinite period. The minimum lease payments for those agreements were calculated for a minimum period of notice by the tenants on termination of the lease. The fair value of the Group\u2019s investment property was determined based on valuation reports. The valuations were performed using the income and comparable transactions methods. The valuations\u2019 assumptions and sensitivity analysis by geographical areas are presented in the table below:
31 December 2025
31 December 2024
Discount rate applied (%)
6.49 - 10.09
6.80 \u2013 9.95
Capitalization rate applied (%)
6.0 \u2013 8.50
6.0 \u2013 8.5
Change in value after increasing discount rate by 1 p.p.
(11,196,000)
(8,730,000)
Change in value after decreasing discount rate by 1 p.p.
12,263,000
9,510,000
Change in value after increasing capitalization rate by 0.5 p.p.
(6,931,000)
(4,860,000)
Change in value after decreasing capitalization rate by 0.5 p.p.
7,977,000
5,570,000
The Group\u2019s investment property portfolio includes land plots and construction in progress (CIP) that are classified within Level 2 of the fair value hierarchy. The fair value of these assets is determined using the sales comparison approach. This method is based on directly observable market inputs, such as recent transaction prices for similar properties in the same or comparable locations. These assets are categorized as Level 2 because their valuation is primarily derived from actual market data and comparable evidence, adjusted for the specific characteristics of the respective plots, rather than on unobservable long-term cash flow projections. The Group has no restrictions on the realizability of its investment properties and no contractual commitments to purchase, construct or develop investment properties or perform repairs, maintenance, and enhancements. During 2025 the Group acquired investment property with a total acquisition value of approximately EUR 5.9 million: \u2022 Commercial building, located at Klaip\u0117dos str. 109, Panev\u0117\u017eys, Lithuania; \u2022 Land plot, located at \u0160v. Kristoforo st. 5, Dituvos k., Lithuania. \u2022 Land plot, located at Naujoji st. 7C, 7D, Alytus, Lithuania. During 2025 the Group completed the construction of investment property with a total cost of approximately EUR 6,5 million: \u2022 Commercial building, located at Kupi\u0161kio st. 50, 52, Utena, Lithuania. The fair value of prepayments paid for investment property as at 31 December 2025 was equal to carrying amount of EUR 1,143,579 (as at 31 December 2024 \u2013 EUR 1,098,429) and was equal to purchase price. As no variables were present, the sensitivity analysis was not prepared. As at the date of issue of these consolidated financial statements, the ownership of investment property had not been transferred to the Group. As at 31 December 2025 the Group\u2019s construction works in progress, classified as investment property, amount to EUR 5,711,160 (as at 31 December 2024 \u2013 EUR 1,155,245). During 2024 the Group acquired investment property with a total acquisition value of approximately EUR 23.9 million: \u2022 Commercial building, located at Dariaus ir Gir\u0117no str. 83, Jurbarkas, Lithuania; \u2022 Commercial building, located at 2 Chrobrego Street, Radom, Poland; \u2022 Commercial building, located at 211 Zgierska Street, \u0141\u00f3d\u017a, Poland; \u2022 Land plot, located at Artoj\u0173 str. 46, Kaunas, Lithuania. The fair value of investment property classification as at 31 December 2025 according to the fair value hierarchy by geographical area is presented in the table below:
1 Level
2 Level
3 Level
Fair value
Lithuania
-
6,692,862
76,555,446
83,248,308
Poland
-
57,547
97,973,123
98,030,670
Total
-
6,750,409
174,528,569
181,278,978
The fair value of investment property classification as at 31 December 2024 according to the fair value hierarchy by geographical area is presented in the table below:
1 Level
2 Level
3 Level
Fair value
Lithuania
-
15,829,592
47,855,098
63,684,690
Poland
-
-
94,692,300
94,692,300
Total
-
15,829,592
142,547,398
158,376,990
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "
3.4. Other non-current assets
31 December 2025
31 December 2024
Cash deposited as a security
700,000
470,000
Cash in restricted bank accounts
466,016
1,474,708
Guarantees
50,000
-
Total
1,216,016
1,944,708
As at 31 December 2025, the Group had pledged the amount of EUR 700,000 (as at 31 December 2024 \u2013 EUR 470,000) as a long-
term deposit to bank to secure fulfilment of the requirements under the loan agreements. The bank undertakes to return the deposit
to the Group as soon as all the conditions stipulated in the loan agreement are met.
Cash in restricted bank accounts is related to received deposits from tenants, reserved funds for next loan instalment and CAPEX repairs. As at 31 December 2025, the Group had issued a bank guarantee, required for commencing and carrying out the reconstruction of the heat supply networks. The guaranteed amount is EUR 50,000 and is provided for a period of five years.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "3.4. Other non-current assets
31 December 2025
31 December 2024
Cash deposited as a security
700,000
470,000
Cash in restricted bank accounts
466,016
1,474,708
Guarantees
50,000
-
Total
1,216,016
1,944,708
As at 31 December 2025, the Group had pledged the amount of EUR 700,000 (as at 31 December 2024 \u2013 EUR 470,000) as a long- term deposit to bank to secure fulfilment of the requirements under the loan agreements. The bank undertakes to return the deposit to the Group as soon as all the conditions stipulated in the loan agreement are met. Cash in restricted bank accounts is related to received deposits from tenants, reserved funds for next loan instalment and CAPEX repairs. As at 31 December 2025, the Group had issued a bank guarantee, required for commencing and carrying out the reconstruction of the heat supply networks. The guaranteed amount is EUR 50,000 and is provided for a period of five years. 3.6. Other current assets
31 December 2025
31 December 2024
Prepaid income tax
283,893
341,232
Guarantees
150,000
-
Deferred expenses
42,925
26,773
Cash in restricted bank accounts
28,542
38,430
Deposits
18,631
19,084
Prepayments to suppliers
2,306
7,267
Other current assets
751
-
Total
527,048
432,786
As at 31 December 2025, the Group issued a financial security agreement with an insurance company, required for designing and implementing a round intersection. The guaranteed amount is EUR 150,000 and is valid until April 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
31 December 2025
31 December 2024
Cash deposited as a security
700,000
470,000
Cash in restricted bank accounts
466,016
1,474,708
Guarantees
50,000
-
Total
1,216,016
1,944,708
3.9. Cash and cash equivalents
31 December 2025
31 December 2024
Cash at bank
5,641,308
2,752,439
Demand deposits
1,040,721
435,597
Cash deposited as security (Note 3.4)
(700,000)
(470,000)
Total
5,982,029
2,718,036
The fair value of cash and cash equivalents as at 31 December 2025 and 31 December 2024 approximated their carrying amount. Demand deposits consist of cash balances on bank accounts, which can only be used for repayment of the deposits to the lessees. The credit risk arising from cash balances on bank accounts is limited as the Group conducts transactions with banks with high long- term credit ratings issued by foreign rating agencies, therefore, expected credit loss was not recognized due to immateriality. The bank ratings are given below:
Moody's
Standard & Poor's
AB Swedbank
AA2
AA-
SEB bankas, AB
AA3
AA-
Luminor Bank AS
A2
-
mBANK SA
A2
A-
Pekao
A2
A-
Net debt reconciliation
Financial debts
Cash and cash
Total
equivalents
Net debt as at 1 January 2024
(88,918,155)
3,338,331
(85,579,824)
Operating and investment cash flows
-
(13,088,549)
(13,088,549)
Dividends paid
-
(400,000)
(400,000)
Received borrowings
(46,875,587)
46,875,587
-
Repayments of borrowings
37,279,133
(37,279,133)
-
Interest paid
8,194,631
(7,801,163)
393,468
Bonds issued
(33,754,919)
33,754,919
-
Transfers from (to) an escrow bank account
-
(1,570,708)
(1,570,708)
Bonds redeemed
26,652,989
(22,377,635)
4,275,354
Interest charged
(7,301,141)
-
(7,301,141)
Issue of shares
-
1,326,980
1,326,980
Exchange rate differences
(71,562)
(60,593)
(132,155)
Net debt as at 31 December 2024
(104,794,611)
2,718,036
(102,076,575)
Operating and investment cash flows
-
(12,711,222)
(12,711,222)
Acquisition of a subsidiary
-
(2,626)
(2,626)
Dividends paid
-
(1,274,534)
(1,274,534)
Received borrowings
(61,867,211)
61,867,211
-
Repayments of borrowings
40,762,364
(40,762,364)
-
Interest paid
8,720,240
(8,720,240)
-
Bonds issued
(11,585,173)
7,531,540
(4,053,633)
Transfers from (to) an escrow bank account
-
578,692
578,692
Bonds redeemed
7,709,156
(3,655,523)
4,053,633
Interest charged
(8,158,664)
-
(8,158,664)
Exchange rate differences
(407,294)
413,059
5,765
Net debt as at 31 December 2025
(129,621,193)
5,982,029
(123,639,164)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
31 December 2025
31 December 2024
Cash deposited as a security
700,000
470,000
Cash in restricted bank accounts
466,016
1,474,708
Guarantees
50,000
-
Total
1,216,016
1,944,708
31 December 2025
31 December 2024
Prepaid income tax
283,893
341,232
Guarantees
150,000
-
Deferred expenses
42,925
26,773
Cash in restricted bank accounts
28,542
38,430
Deposits
18,631
19,084
Prepayments to suppliers
2,306
7,267
Other current assets
751
-
Total
527,048
432,786
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "3.5. Derivative financial instruments
Swap agreement
Nominal
Residual
Maturity
31 December 2025
31 December 2024
value
nominal value
Credit institution 3
9,450,000
7,596,661
23/01/2025
-
15,241
Credit institution 1
4,823,000
4,645,174
31/07/2028
-
204,644
Credit institution 1
1,505,000
1,459,672
31/07/2028
-
63,859
Credit institution 1
5,250,000
5,056,431
31/07/2028
-
222,762
Credit institution 1
3,024,000
2,912,504
31/07/2028
-
128,311
Credit institution 1
4,298,000
4,168,553
31/07/2028
-
182,368
Credit institution 2
1,932,504
1,840,272
17/11/2029
(52,493)
(68,099)
Credit institution 2
1,751,620
1,713,910
29/11/2029
(60,713)
(36,196)
Credit institution 2
1,381,250
1,336,301
07/12/2026
-
(37,995)
Credit institution 3
6,000,000
5,844,510
20/09/2027
(62,285)
(96,863)
Credit institution 2
3,350,966
3,278,813
29/11/2029
(598)
-
Credit institution 2
4,024,246
3,937,603
29/11/2029
(718)
-
Credit institution 2
3,603,260
3,525,680
29/11/2029
(644)
-
Credit institution 2
3,367,000
3,318,898
29/03/2030
3,099
-
Total
(174,352)
578,032
As at 31 December 2025, the Group had a variable interest rate swap agreement with the banks for the amount of EUR 24,020,596 (as at 31 December 2024 \u2013 EUR 40,694,500) in order to hedge against the interest rate changes for the Bank loan (13), Bank loan (14), Bank loan (15), Bank loan (16), Bank loan (17), Bank loan (18), Bank loan (20). The interest rate on swap transactions ranges from 2.35% to 3.33%. According to the hedge agreement, the Group pays a fixed interest rate to the bank. Meanwhile, depending on the variable interest rate in the market, the Group pays interests to the bank if the market interest rate is negative, or the bank pays interests to the Group if the market interest rate is positive. The change in the fair value of the derivative financial instrument during 2025 and its balance as at 31 December 2025 is presented in the table below:
Fair value at
Change in
Accrued
Paid
Effects of
Fair value at
the beginning
fair value
interests
(Received)
changes in
the end of
of the period
interests
exchange rates
the period
Interest rate swap
578,032
(757,871)
(1,099,946)
1,101,324
4,109
(174,352)
Total
578,032
(757,871)
(1,099,946)
1,101,324
4,109
(174,352)
The change in the fair value of the derivative financial instrument during 2024 and its balance as at 31 December 2024 is presented
in the table below:
Fair value at
Change in
Accrued
Paid
Effects of
Fair value at
the beginning
fair value
interests
(Received)
changes in
the end of the
of the period
interests
exchange rates
period
Interest rate swap
1,261,796
(671,254)
361,534
(393,468)
19,424
578,032
Total
1,261,796
(671,254)
361,534
(393,468)
19,424
578,032
Derivative financial instruments are measured at fair value at each reporting date. Changes in fair value are recognized in profit or
loss.
are calculating fair values using bid / ask-rates (excluding margins) as determined by the bank based on available market rates at
Derivative financial instruments are classified as Level 3 within the fair value hierarchy. There were no transfers between levels of
the fair value hierarchy during the reporting period.
Fair values of derivative financial instruments are recognized based on the fair values information received from the banks. The banks
present.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "3.6. Other current assets
31 December 2025
31 December 2024
Prepaid income tax
283,893
341,232
Guarantees
150,000
-
Deferred expenses
42,925
26,773
Cash in restricted bank accounts
28,542
38,430
Deposits
18,631
19,084
Prepayments to suppliers
2,306
7,267
Other current assets
751
-
Total
527,048
432,786
As at 31 December 2025, the Group issued a financial security agreement with an insurance company, required for designing and implementing a round intersection. The guaranteed amount is EUR 150,000 and is valid until April 2026.
31 December 2025
31 December 2024
Trade payables
2,827,151
5,499,175
Accrued expenses
642,503
639,789
Advance amounts received
155,954
42,250
VAT payable
120,789
798
Real estate tax
40,624
31,822
Other payables
1,815
5,741
Total
3,788,836
6,219,575
3.17. Real estate and land tax expense
2025
2024
Real estate tax
776,899
649,248
Land tax
11,728
9,810
Total
788,627
659,058
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "3.6. Other current assets
31 December 2025
31 December 2024
Prepaid income tax
283,893
341,232
Guarantees
150,000
-
Deferred expenses
42,925
26,773
Cash in restricted bank accounts
28,542
38,430
Deposits
18,631
19,084
Prepayments to suppliers
2,306
7,267
Other current assets
751
-
Total
527,048
432,786
As at 31 December 2025, the Group issued a financial security agreement with an insurance company, required for designing and implementing a round intersection. The guaranteed amount is EUR 150,000 and is valid until April 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "3.6. Other current assets
31 December 2025
31 December 2024
Prepaid income tax
283,893
341,232
Guarantees
150,000
-
Deferred expenses
42,925
26,773
Cash in restricted bank accounts
28,542
38,430
Deposits
18,631
19,084
Prepayments to suppliers
2,306
7,267
Other current assets
751
-
Total
527,048
432,786
As at 31 December 2025, the Group issued a financial security agreement with an insurance company, required for designing and implementing a round intersection. The guaranteed amount is EUR 150,000 and is valid until April 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "3.7. Contract assets and liabilities
31 December 2025
31 December 2024
Contract assets
440,674
462,762
Trade receivables (Note 3.8)
283,780
235,833
Deposits received on rent of premises (Note 3.13)
(357,883)
(372,168)
Total
366,571
326,427
As at 31 December 2025, EUR 440,674 of rental income was accrued, which had not yet been invoiced (as at 31 December 2024 \u2013 EUR 462,762). The expected credit loss on contract assets was considered immaterial, and therefore, was not recognized. Trade receivables relate to rental income of premises. For more detailed information, see the relevant notes. 3.8. Trade receivables
31 December 2025
31 December 2024
Trade receivables
284,119
339,589
Expected credit loss
(339)
(103,756)
Total
283,780
235,833
Trade receivables consist of receivables from customers on the basis of invoices issued (rent, utility costs, etc.). Movements in the provision for expected credit loss of receivables is presented in the table below:
Expected credit loss
Net book value at 1 January 2024
(97,835)
Recognized expected credit loss
(5,921)
Written off expected credit loss
-
Net book value at 31 December 2024
(103,756)
Recognized expected credit loss
-
Written off expected credit loss
103,417
Net book value at 31 December 2025
(339)
Ageing of trade receivables
Total
Not
1 - 30 days
31 - 90
91 - 180
More than
Expected
overdue
days
days
181 days
credit loss
31 December 2024
235,833
131,485
78,242
982
737
128,143
(103,756)
31 December 2025
283,780
122,024
94,012
13,451
13,180
41,452
(339)
Group as a lessor The Group has agreements on lease of investment property portfolio. The commercial property leases typically have lease terms ranging between 1 and 15 years and include clauses to enable periodic upward revision of the rental charge in view of the prevailing market conditions. Some leases contain early termination options. Rental income is recognized directly in profit or loss over the lease period and is charged to the statement of profit or loss and other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "3.8. Trade receivables
31 December 2025
31 December 2024
Trade receivables
284,119
339,589
Expected credit loss
(339)
(103,756)
Total
283,780
235,833
Trade receivables consist of receivables from customers on the basis of invoices issued (rent, utility costs, etc.). Movements in the provision for expected credit loss of receivables is presented in the table below:
Expected credit loss
Net book value at 1 January 2024
(97,835)
Recognized expected credit loss
(5,921)
Written off expected credit loss
-
Net book value at 31 December 2024
(103,756)
Recognized expected credit loss
-
Written off expected credit loss
103,417
Net book value at 31 December 2025
(339)
Ageing of trade receivables
Total
Not
1 - 30 days
31 - 90
91 - 180
More than
Expected
overdue
days
days
181 days
credit loss
31 December 2024
235,833
131,485
78,242
982
737
128,143
(103,756)
31 December 2025
283,780
122,024
94,012
13,451
13,180
41,452
(339)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Net debt reconciliation
Financial debts
Cash and cash
Total
equivalents
Net debt as at 1 January 2024
(88,918,155)
3,338,331
(85,579,824)
Operating and investment cash flows
-
(13,088,549)
(13,088,549)
Dividends paid
-
(400,000)
(400,000)
Received borrowings
(46,875,587)
46,875,587
-
Repayments of borrowings
37,279,133
(37,279,133)
-
Interest paid
8,194,631
(7,801,163)
393,468
Bonds issued
(33,754,919)
33,754,919
-
Transfers from (to) an escrow bank account
-
(1,570,708)
(1,570,708)
Bonds redeemed
26,652,989
(22,377,635)
4,275,354
Interest charged
(7,301,141)
-
(7,301,141)
Issue of shares
-
1,326,980
1,326,980
Exchange rate differences
(71,562)
(60,593)
(132,155)
Net debt as at 31 December 2024
(104,794,611)
2,718,036
(102,076,575)
Operating and investment cash flows
-
(12,711,222)
(12,711,222)
Acquisition of a subsidiary
-
(2,626)
(2,626)
Dividends paid
-
(1,274,534)
(1,274,534)
Received borrowings
(61,867,211)
61,867,211
-
Repayments of borrowings
40,762,364
(40,762,364)
-
Interest paid
8,720,240
(8,720,240)
-
Bonds issued
(11,585,173)
7,531,540
(4,053,633)
Transfers from (to) an escrow bank account
-
578,692
578,692
Bonds redeemed
7,709,156
(3,655,523)
4,053,633
Interest charged
(8,158,664)
-
(8,158,664)
Exchange rate differences
(407,294)
413,059
5,765
Net debt as at 31 December 2025
(129,621,193)
5,982,029
(123,639,164)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Net debt reconciliation
Financial debts
Cash and cash
Total
equivalents
Net debt as at 1 January 2024
(88,918,155)
3,338,331
(85,579,824)
Operating and investment cash flows
-
(13,088,549)
(13,088,549)
Dividends paid
-
(400,000)
(400,000)
Received borrowings
(46,875,587)
46,875,587
-
Repayments of borrowings
37,279,133
(37,279,133)
-
Interest paid
8,194,631
(7,801,163)
393,468
Bonds issued
(33,754,919)
33,754,919
-
Transfers from (to) an escrow bank account
-
(1,570,708)
(1,570,708)
Bonds redeemed
26,652,989
(22,377,635)
4,275,354
Interest charged
(7,301,141)
-
(7,301,141)
Issue of shares
-
1,326,980
1,326,980
Exchange rate differences
(71,562)
(60,593)
(132,155)
Net debt as at 31 December 2024
(104,794,611)
2,718,036
(102,076,575)
Operating and investment cash flows
-
(12,711,222)
(12,711,222)
Acquisition of a subsidiary
-
(2,626)
(2,626)
Dividends paid
-
(1,274,534)
(1,274,534)
Received borrowings
(61,867,211)
61,867,211
-
Repayments of borrowings
40,762,364
(40,762,364)
-
Interest paid
8,720,240
(8,720,240)
-
Bonds issued
(11,585,173)
7,531,540
(4,053,633)
Transfers from (to) an escrow bank account
-
578,692
578,692
Bonds redeemed
7,709,156
(3,655,523)
4,053,633
Interest charged
(8,158,664)
-
(8,158,664)
Exchange rate differences
(407,294)
413,059
5,765
Net debt as at 31 December 2025
(129,621,193)
5,982,029
(123,639,164)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "3.10. Equity
31 December 2025
31 December 2024
Paid-up share capital
41,863,344
41,863,344
Share premium
636
636
Total
41,863,980
41,863,980
As at 31 December 2025, the paid-up share capital of the Company amounted to EUR 41,863,344 (as at 31 December 2024 \u2013 EUR 41,863,344) and was divided into 41,863,344 ordinary shares with a nominal value of EUR 1 each. During 2024, the share capital was increased through the issue of 3,826,980 ordinary shares with the nominal value of EUR 1 each. As at 31 December 2025, share premium amounted to EUR 636 (as at 31 December 2024 \u2013 EUR 636). The table below shows the values of the shares issued by the Company as at 31 December 2025 and 31 December 2024:
31 December 2025
31 December 2024
Balance at January 1
41,863,980
38,037,000
Shares issued
-
3,826,980
Balance at 31 December
41,863,980
41,863,980
Legal reserve The laws of the Republic of Lithuania require the formation of a legal reserve. The Company is required to transfer annually 5% of the distributable profit calculated in accordance with the requirements of the legal acts regulating accounting in the Republic of Lithuania until the legal reserve reaches 10% of the amount of the authorized share capital. As at 31 December 2025, The Company's legal reserve amounted to EUR 167,220 (as at 31 December 2024 \u2013 EUR 0) Net assets value (NAV)
31 December 2025
31 December 2024
Equity
51,837,002
50,953,880
Decrease in net assets
(6,157,545)
(7,505,600)
Net assets value (NAV)
45,679,457
43,448,280
Paid-up share capital
41,863,344
41,863,344
Share value, EUR
1.0912
1.0379
IFRS require the preparation of consolidated financial statements of the Company containing consolidated equity of the Company and the Group companies. Meanwhile, according to the Procedure for Calculation of NAV, approved by the Management Company, the Company's NAV is calculated based on the fair value of the Company's unconsolidated net assets. Therefore, as at 31 December 2025 and 31 December 2024, there was a difference between the Company's equity and NAV. The difference between Company's equity and NAV arises mainly from differences in valuation and accounting treatments applied under the NAV calculation methodology and IFRS. For NAV purposes, investments in equity instruments are measured at fair value based on the latest independent valuation, whereas in the consolidated financial statements subsidiaries are included based on their IFRS net assets. In addition, different impairment methodologies are applied to loans and bonds under the NAV calculation rules and IFRS. Furthermore, investments acquired as asset deals are recognized differently for NAV and based on IFRS consolidation principles, when assets and liabilities of subsidiary are recognized at fair value without recognizing deferred tax assets or liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Legal reserve The laws of the Republic of Lithuania require the formation of a legal reserve. The Company is required to transfer annually 5% of the distributable profit calculated in accordance with the requirements of the legal acts regulating accounting in the Republic of Lithuania until the legal reserve reaches 10% of the amount of the authorized share capital. As at 31 December 2025, The Company's legal reserve amounted to EUR 167,220 (as at 31 December 2024 \u2013 EUR 0) ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "3.11. Borrowings and bonds issued Details of non-current borrowings: Non-current borrowings Maturity date 31 December 2025 31 December 2024 Bank loan (5) 08/01/2027 - 9,431,042 Bank loan (8) 02/08/2028 - 4,022,186 Bank loan (9) 02/08/2028 - 5,716,646 Bank loan (10) 02/08/2028 - 6,414,898 Bank loan (11) 02/08/2028 - 2,001,759 Bank loan (12) 02/08/2028 - 6,982,860 Bank loan (13) 25/07/2029 9,440,731 9,654,164 Bank loan (14) 18/12/2029 6,365,233 6,017,600 Bank loan (15) 18/12/2029 7,644,141 7,226,943 Bank loan (16) 18/12/2029 6,844,469 6,471,114 Bank loan (17) 18/12/2029 3,671,305 3,471,029 Bank loan (18) 18/12/2029 3,327,238 3,145,429 Bank loan (20) 18/05/2030 6,445,400 - Bank loan (21) 19/08/2030 6,090,360 - Bank loan (22) 30/09/2030 12,574,689 - Bank loan (23) 30/09/2030 5,516,810 - Bank loan (24) 30/09/2030 6,174,975 - Bank loan (25) 30/09/2030 7,245,161 - Bank loan (26) 30/09/2030 2,758,940 - Bank loan (27) 30/09/2030 7,823,062 - Bonds issued (4) 05/10/2026 - 23,648,330 Total 91,922,514 94,204,000 Details of current borrowings and bonds issued:
Current portion of non-current borrowings
Maturity date
31 December 2025
31 December 2024
Bank loan (5)
08/01/2027
-
545,240
Bank loan (8)
02/08/2028
-
111,940
Bank loan (9)
02/08/2028
-
159,150
Bank loan (10)
02/08/2028
-
178,570
Bank loan (11)
02/08/2028
-
55,729
Bank loan (12)
02/08/2028
-
194,396
Bank loan (13)
25/07/2029
208,510
194,509
Bank loan (14)
18/12/2029
192,400
192,400
Bank loan (15)
18/12/2029
231,057
231,057
Bank loan (16)
18/12/2029
206,886
206,886
Bank loan (17)
18/12/2029
110,971
110,971
Bank loan (18)
18/12/2029
100,571
100,571
Bank loan (20)
18/05/2030
192,400
-
Bank loan (21)
19/08/2030
51,905
-
Bank loan (22)
30/09/2030
238,839
-
Bank loan (23)
30/09/2030
104,785
-
Bank loan (24)
30/09/2030
117,285
-
Bank loan (25)
30/09/2030
137,612
-
Bank loan (26)
30/09/2030
52,402
-
Bank loan (27)
30/09/2030
148,588
-
Short-term bonds issued
Bonds issued (3)
11/02/2025
-
8,309,192
Bonds issued (4)
05/10/2026
35,604,468
-
Total
37,698,679
10,590,611
Loans have fixed and variable interest rates. The variable interest rates on bank loans consist of a variable component \u2013 EURIBOR,
and a fixed component \u2013 the bank\u2019s margin, which ranges from 1.95% to 2.8%. Fixed interest rates range from 4.66% to 8.5%.
Carrying amounts of assets pledged under loan agreement as at 31 December 2025, and 31 December 2024:
Loan agreement
31 December 2025
31 December 2024
Bank loan (5)
-
23,000,000
Bank loan (8)
-
8,300,000
Bank loan (9)
-
11,340,000
Bank loan (10)
-
13,280,000
Bank loan (11)
-
4,400,000
Bank loan (12)
-
14,850,000
Bank loan (13)
10,950,000
10,790,000
Bank loan (14)
13,160,000
12,910,000
Bank loan (15)
12,630,000
12,160,000
Bank loan (16)
6,260,000
6,190,000
Bank loan (17)
6,000,000
5,670,000
Bank loan (18)
17,086,000
17,060,000
Bank loan (20)
9 704 000
-
Bank loan (21)
12,900,000
-
Bank loan (22)
23,508,000
-
Bank loan (23)
10,339,000
-
Bank loan (24)
11,940,000
-
Bank loan (25)
13,511,000
-
Bank loan (26)
5,848,000
-
Bank loan (27)
15,669,000
Total
169,505,000
139,950,000
Pledged investment property is presented in Note 3.3.
Under the credit agreements, the Group must comply with the DSCR, LTV and positive equity ratio covenants. In 2025 and 2024, the
Group complied with the covenants under the loan and bond agreements.
The table below shows the movement of borrowings and bonds during 2025 and their balance as at 31 December 2025:
Balance at the
Exchange
Accrued
Balance at the
beginning of
Proceeds
Repayments
interest
Interest paid
end of the year
rate
the year
difference
Current liabilities
Bonds issued (3)
7,738,088
-
-
(7,709,156)
55,347
(84,279)
-
Bonds issued (4)
24,219,434
11,585,173
-
-
3,019,382
(3,219,521)
35,604,468
Short-term loan (5)
-
2,000,000
-
(2,000,000)
65,444
(65,444)
-
Short-term loan (6)
-
1,500,000
-
(1,500,000)
36,417
(36,417)
-
Non-current liabilities
Bank loan (5)
9,976,282
-
43,650
(10,019,932)
419,617
(419,617)
-
Bank loan (8)
4,134,126
-
39,096
(4,173,222)
191,294
(191,294)
-
Bank loan (9)
5,875,796
-
55,589
(5,931,385)
271,886
(271,886)
-
Bank loan (10)
6,593,468
-
62,435
(6,655,903)
305,097
(305,097)
-
Bank loan (11)
2,057,488
-
19,463
(2,076,951)
95,205
(95,205)
-
Bank loan (12)
7,177,256
-
67,922
(7,245,178)
332,109
(332,109)
-
Bank loan (13)
6,210,000
524,000
-
(176,367)
283,970
(283,970)
6,557,633
Bank loan (14)
7,458,000
629,000
-
(211,802)
341,362
(341,362)
7,875,198
Bank loan (15)
6,678,000
563,000
-
(189,645)
305,652
(305,652)
7,051,355
Bank loan (16)
3,582,000
302,000
-
(101,724)
163,949
(163,949)
3,782,276
Bank loan (17)
3,246,000
274,000
-
(92,191)
148,583
(148,583)
3,427,809
Bank loan (18)
9,848,673
-
(4,817)
(194,616)
515,224
(515,224)
9,649,240
Bank loan (20)
-
6,734,000
-
(96,200)
229,169
(229,169)
6,637,800
Bank loan (21)
-
6,142,265
-
-
43,277
(43,277)
6,142,265
Bank loan (22)
-
12,904,879
37,030
(29,051)
70,108
(169,438)
12,813,528
alance at the Accrued Exchange Balance at the beginning of Proceeds Repayments interest Interest paid rate end of the year the year difference Bank loan (23) - 5,661,673 (12,745) 30,758 (74,336) 16,245 5,621,595 Bank loan (24) - 6,337,120 (14,266) 34,427 (83,205) 18,184 6,292,260 Bank loan (25) - 7,435,407 (16,738) 40,394 (97,625) 21,335 7,382,773 Bank loan (26) - 2,831,385 (6,374) 15,053 (36,846) 8,125 2,811,343 Bank loan (27) - 8,028,482 (18,074) 43,616 (105,412) 23,038 7,971,650 Total liabilities 104,794,611 73,452,384 (48,471,520) 7,057,340 (7,618,916) 407,294 129,621,193 On 19 January 2025, in accordance with the terms of the issue, the Group redeemed bonds with a nominal value of EUR 7.4 million that were issued in 2024. Of this amount, EUR 3.5 million was paid out to investors, while EUR 3.9 million was rolled over by investors into the third tranche of bond issue dated January 2025. According to the financing agreements, the Group must comply with the stipulated indicators. As of 31 December 2025 and 31 December 2024, the Group complied with its obligations under the requirements set out in the agreements. The table below shows the movement of borrowings and bonds during 2024 and their balance as at 31 December 2024:
Balance at the
Accrued
Exchange
Balance at the
beginning of
Proceeds
Repayments
interest
Interest paid
rate
end of the year
the year
difference
Current liabilities
Bonds issued (1)
15,735,208
-
(15,014,304)
1,024,188
(1,745,092)
-
-
Bonds issued (2)
9,229,925
-
(9,073,280)
165,265
(321,910)
-
-
Bonds issued (3)
-
10,106,589
(2,565,405)
673,422
(476,518)
-
7,738,088
Short-term loan (1)
5,791,500
-
(5,500,000)
626,453
(917,953)
-
-
Short-term loan (2)
-
600,000
(600,000)
8,017
(8,017)
-
-
Short-term loan (3)
-
4,000,000
(4,000,000)
129,556
(129,556)
-
-
Short-term loan (4)
-
1,000,000
(1,000,000)
31,778
(31,778)
-
-
Non-current liabilities
Bank loan (1)
4,843,843
-
(4,843,843)
274,664
(274,664)
-
-
Bank loan (2)
2,997,500
-
(2,997,500)
169,818
(169,818)
-
-
Bank loan (3)
1,362,500
-
(1,362,500)
85,491
(85,491)
-
-
Bank loan (4)
1,410,540
-
(1,410,540)
78,518
(78,518)
-
-
Bank loan (5)
10,511,185
-
(550,827)
643,480
(643,480)
15,924
9,976,282
Bank loan (6)
5,884,593
-
(5,875,000)
396,505
(406,098)
-
-
Bank loan (7)
4,007,098
-
(4,000,000)
265,991
(273,089)
-
-
Bank loan (8)
4,343,111
-
(142,476)
282,000
(358,122)
9,613
4,134,127
Bank loan (9)
6,172,819
-
(202,501)
400,807
(508,998)
13,669
5,875,796
Bank loan (10)
6,926,774
-
(227,230)
449,770
(571,176)
15,330
6,593,468
Bank loan (11)
2,161,495
-
(70,908)
140,348
(178,232)
4,785
2,057,488
Bank loan (12)
7,540,064
-
(247,346)
489,589
(621,744)
16,693
7,177,256
Bank loan (13)
-
6,210,000
-
8,662
(8,662)
-
6,210,000
Bank loan (14)
-
7,458,000
-
11,051
(11,051)
-
7,458,000
Bank loan (15)
-
6,678,000
-
9,648
(9,648)
-
6,678,000
Bank loan (16)
-
3,582,000
-
5,354
(5,354)
-
3,582,000
Bank loan (17)
-
3,246,000
-
4,883
(4,883)
-
3,246,000
Bank loan (18)
-
9,905,846
(52,721)
263,999
(263,999)
(4,452)
9,848,673
Bank loan (19)
-
4,195,741
(4,195,741)
90,780
(90,780)
-
-
Bonds issued (4)
-
23,648,330
-
571,104
-
-
24,219,434
Total liabilities
88,918,155
80,630,506
(63,932,122)
7,301,141
(8,194,631)
71,562
104,794,611
On 12 February 2024, the terms of issue for the Group\u2019s private bond emission of EUR 10 million were approved (Bonds No. 3 in the table). The nominal value of one bond is EUR 1,000. The bonds mature on 11 February 2025. Interest is paid semi-annually. During 2024, the Group issued bonds with a nominal value of EUR 9.974 million. On 13 August 2024, the Group\u2019s prospectus for a public bond offering of EUR 35 million was approved (Bonds No. 4 in the table). The nominal value of one bond is EUR 1,000. The bonds mature on 6 October 2026. Interest is paid semi-annually. During 2024, the Group issued bonds with a nominal value of EUR 23.774 million. Borrowings by maturity
31 December 2025
31 December 2024
Within 1 year
37,698,679
10,590,611
Between 1 and 5 years
91,922,514
94,204,000
Total
129,621,193
104,794,611
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
Lease liabilities
Balance as at 1 January 2024
2,334,435
Lease liabilities recognized
333,095
Lease modifications
(27,141)
Lease payments
(175,732)
Interest accrued
172,987
Exchange rate differences
38,733
Balance as at 31 December 2024
2,676,377
Lease liabilities recognized
21,442
Lease modifications
392,441
Lease payments
(226,264)
Interest accrued
207,617
Exchange rate differences
29,441
Balance as at 31 December 2025
3,101,054
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "3.14. Trade and other payables
31 December 2025
31 December 2024
Trade payables
2,827,151
5,499,175
Accrued expenses
642,503
639,789
Advance amounts received
155,954
42,250
VAT payable
120,789
798
Real estate tax
40,624
31,822
Other payables
1,815
5,741
Total
3,788,836
6,219,575
Trade payables mainly consist of a payable amount for construction works \u2013 more than EUR 2 million. Accrued expenses consist of a payable management fee of EUR 172,490 (2024 \u2013 EUR 160,475), payable depositary fees of EUR 10,343 (2024 \u2013 EUR 9,629), payable audit fee of EUR 216,382 (2024 \u2013 EUR 206,501) and other operating expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "3.14. Trade and other payables
31 December 2025
31 December 2024
Trade payables
2,827,151
5,499,175
Accrued expenses
642,503
639,789
Advance amounts received
155,954
42,250
VAT payable
120,789
798
Real estate tax
40,624
31,822
Other payables
1,815
5,741
Total
3,788,836
6,219,575
Trade payables mainly consist of a payable amount for construction works \u2013 more than EUR 2 million. Accrued expenses consist of a payable management fee of EUR 172,490 (2024 \u2013 EUR 160,475), payable depositary fees of EUR 10,343 (2024 \u2013 EUR 9,629), payable audit fee of EUR 216,382 (2024 \u2013 EUR 206,501) and other operating expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
31 December 2025
31 December 2024
Trade payables
2,827,151
5,499,175
Accrued expenses
642,503
639,789
Advance amounts received
155,954
42,250
VAT payable
120,789
798
Real estate tax
40,624
31,822
Other payables
1,815
5,741
Total
3,788,836
6,219,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "3.15. Employee benefit obligations
31 December 2025
31 December 2024
Bonus accruals
138,616
26,373
Vacation reserve
41,720
18,441
Employment-related taxes
13,881
14,102
Wages and salaries
7,638
6,878
Other payables to employees
180
43
Total
202,035
65,837
3.21. Wages and salaries and related expenses 2025
2024
Wages and salaries
941,951
472,872
Social security contribution costs
50,998
30,784
Car rent
12,941
13,056
Per diem
3,570
4,193
Total
1,009,460
520,905
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "3.16. Income
2025
2024
Rental income
12,486,022
10,780,731
Maintenance and utilities revenue
2,075,424
1,722,687
Other unordinary income
112,383
112,109
Other rental income
57,174
75,399
Late interests and fines income
6,846
38,142
Total
14,737,849
12,729,068
Income is recognized over time in the period when services are being provided. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "3.17. Real estate and land tax expense
2025
2024
Real estate tax
776,899
649,248
Land tax
11,728
9,810
Total
788,627
659,058
3.18. Maintenance and repair costs of buildings 2025
2024
Costs of buildings cleaning and waste management
460,749
404,413
Other maintenance costs of buildings
338,433
386,639
Repair costs of buildings
125,015
27,006
Security costs
105,381
88,509
Total
1,029,578
906,567
3.19. Utilities 2025
2024
Electricity consumption
211,643
167,928
Water and sewerage costs
24,940
18,247
Heat energy consumption
19,538
26,308
Total
256,121
212,483
3.20. Administrative costs 2025
2024
Professional services
1,385,237
1,123,598
Management fee
672,453
607,478
Asset management fee
287,092
245,185
Audit fee
206,340
252,351
Insurance
59,918
55,501
Other
199,951
128,840
Total
2,810,991
2,412,953
3.21. Wages and salaries and related expenses 2025
2024
Wages and salaries
941,951
472,872
Social security contribution costs
50,998
30,784
Car rent
12,941
13,056
Per diem
3,570
4,193
Total
1,009,460
520,905
3.22. Other costs
2025
2024
Right-of-use assets depreciation
47,988
31,943
Depositary fee
40,344
37,152
Costs on acquisition of assets
2,580
-
Late payment interests and fines costs
978
9,231
Other
342,942
319,319
Total
434,832
397,645
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "3.17. Real estate and land tax expense
2025
2024
Real estate tax
776,899
649,248
Land tax
11,728
9,810
Total
788,627
659,058
3.18. Maintenance and repair costs of buildings 2025
2024
Costs of buildings cleaning and waste management
460,749
404,413
Other maintenance costs of buildings
338,433
386,639
Repair costs of buildings
125,015
27,006
Security costs
105,381
88,509
Total
1,029,578
906,567
3.19. Utilities 2025
2024
Electricity consumption
211,643
167,928
Water and sewerage costs
24,940
18,247
Heat energy consumption
19,538
26,308
Total
256,121
212,483
3.20. Administrative costs 2025
2024
Professional services
1,385,237
1,123,598
Management fee
672,453
607,478
Asset management fee
287,092
245,185
Audit fee
206,340
252,351
Insurance
59,918
55,501
Other
199,951
128,840
Total
2,810,991
2,412,953
3.21. Wages and salaries and related expenses 2025
2024
Wages and salaries
941,951
472,872
Social security contribution costs
50,998
30,784
Car rent
12,941
13,056
Per diem
3,570
4,193
Total
1,009,460
520,905
3.22. Other costs
2025
2024
Right-of-use assets depreciation
47,988
31,943
Depositary fee
40,344
37,152
Costs on acquisition of assets
2,580
-
Late payment interests and fines costs
978
9,231
Other
342,942
319,319
Total
434,832
397,645
3.23. Finance income and costs 2025-
2024-
Finance income
913,535
1,470,533
Positive effects of exchange rate differences
913,535
1,108,999
Interest income on derivative financial instruments
-
361,534
Finance costs
(9,465,574)
(8,546,278)
Interest expenses
(9,122,774)
(8,145,382)
Interest expenses on borrowings
(3,982,611)
(4,867,163)
Interest expenses on bonds issued
(3,074,729)
(2,433,978)
Interest expenses on derivative financial instruments
(1,099,946)
-
Loss on changes in fair value of derivative financial instruments
(757,871)
(671,254)
Interest expenses on lease liabilities (IFRS 16)
(207,617)
(172,987)
Other finance costs
(342,800)
(400,896)
Loans administration and commitment fees
(342,800)
(400,896)
Total
(8,552,039)
(7,075,745)
The Group pays quarterly loan administration fee on its bank borrowings.
3.24. Income tax
The main components of income tax expense as at 31 December 2025 and 31 December 2024 are presented in the table below:
2025
2024
Income tax expense
114,321
160,379
Deferred income tax expense
1,367,088
1,236,498
Income tax adjustments for previous periods
15,717
(216,448)
Total
1,497,126
1,180,429
Reconciliation of income tax expense is provided below:
2025-
2024-
Profit before tax
3,559,065
4,550,422
Income tax expense at the statutory rate in Lithuania
569,450
682,563
Income tax adjustments from previous periods
15,717
(216,448)
Non-taxable income
(554,199)
(553,047)
Non-deductible expenses (permanent differences)
741,166
403,186
Unrecognized deferred income tax
633,474
788,791
Effect of difference in tax rates
120,887
(334)
Utilized accumulated tax losses
(29,369)
75,717
Income tax at an effective corporate income tax rate
1,497,126
1,180,429
Income tax expense recognized in profit or loss
1,497,126
1,180,429
In accordance with the Law on Corporate Income Tax of the Republic of Lithuania, the income of companies with the legal status of an investment undertaking and operating under the Law on Collective Investment Undertakings is non-taxable. Accordingly, based on the Law, the costs incurred to generate non-taxable income are treated as non-allowable deductions. Thus, all income of the Company is non-taxable, and all expenses are non-deductible. The Group\u2019s profit from its activities in Poland is subject to 19% income tax rate set in the Polish tax laws. Accordingly, the difference between the tax rate in Lithuania (16%) and the tax rate in Poland (19%) is equal to EUR -120,887 (2024 \u2013 EUR 334). The Group has tax losses of EUR 623,361 (2024 \u2013 EUR 1,244,481), of which EUR 420,576 are available for offsetting against future taxable profits of the companies in which the losses arose over indefinite period, and EUR 202,784 \u2013 over 5 years. Accumulated tax losses effect on deferred tax is presented in the table below:
Deferred income tax asset
2025
2024
Accumulated tax losses
110,027
201,792
Accrued expenses
373,400
588,607
Difference in value of other liabilities for financial reporting and tax purposes
649,549
637,956
Deferred tax assets before impairment
1,132,976
1,428,355
Less: decrease in realizable value
-
-
Deferred tax assets, net
1,132,976
1,428,355
Deferred income tax liability
Difference in depreciation of non-current assets for financial reporting and
tax purposes
(3,075,534)
(2,040,060)
Difference in value of other assets for financial reporting and tax purposes
(1,709,332)
(1,665,517)
Deferred income tax liability
(4,784,866)
(3,705,577)
Deferred income tax, net
(3,651,890)
(2,277,222)
The temporary differences associated with investments in the Group\u2019s subsidiaries, for which no deferred tax liability has been recognized in the periods presented, amounted to EUR 3,467,651 (2024 \u2013 EUR 3,467,651). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "3.18. Maintenance and repair costs of buildings 2025
2024
Costs of buildings cleaning and waste management
460,749
404,413
Other maintenance costs of buildings
338,433
386,639
Repair costs of buildings
125,015
27,006
Security costs
105,381
88,509
Total
1,029,578
906,567
3.19. Utilities 2025
2024
Electricity consumption
211,643
167,928
Water and sewerage costs
24,940
18,247
Heat energy consumption
19,538
26,308
Total
256,121
212,483
3.20. Administrative costs 2025
2024
Professional services
1,385,237
1,123,598
Management fee
672,453
607,478
Asset management fee
287,092
245,185
Audit fee
206,340
252,351
Insurance
59,918
55,501
Other
199,951
128,840
Total
2,810,991
2,412,953
3.21. Wages and salaries and related expenses 2025
2024
Wages and salaries
941,951
472,872
Social security contribution costs
50,998
30,784
Car rent
12,941
13,056
Per diem
3,570
4,193
Total
1,009,460
520,905
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
3.20. Administrative costs
2025
2024
Professional services
1,385,237
1,123,598
Management fee
672,453
607,478
Asset management fee
287,092
245,185
Audit fee
206,340
252,351
Insurance
59,918
55,501
Other
199,951
128,840
Total
2,810,991
2,412,953
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "3.20. Administrative costs 2025
2024
Professional services
1,385,237
1,123,598
Management fee
672,453
607,478
Asset management fee
287,092
245,185
Audit fee
206,340
252,351
Insurance
59,918
55,501
Other
199,951
128,840
Total
2,810,991
2,412,953
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "3.23. Finance income and costs 2025- 2024- Finance income 913,535 1,470,533 Positive effects of exchange rate differences 913,535 1,108,999 Interest income on derivative financial instruments - 361,534 Finance costs (9,465,574) (8,546,278) Interest expenses (9,122,774) (8,145,382) Interest expenses on borrowings (3,982,611) (4,867,163) Interest expenses on bonds issued (3,074,729) (2,433,978) Interest expenses on derivative financial instruments (1,099,946) - Loss on changes in fair value of derivative financial instruments (757,871) (671,254) Interest expenses on lease liabilities (IFRS 16) (207,617) (172,987) Other finance costs (342,800) (400,896) Loans administration and commitment fees (342,800) (400,896) Total (8,552,039) (7,075,745) The Group pays quarterly loan administration fee on its bank borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "3.23. Finance income and costs 2025- 2024- Finance income 913,535 1,470,533 Positive effects of exchange rate differences 913,535 1,108,999 Interest income on derivative financial instruments - 361,534 Finance costs (9,465,574) (8,546,278) Interest expenses (9,122,774) (8,145,382) Interest expenses on borrowings (3,982,611) (4,867,163) Interest expenses on bonds issued (3,074,729) (2,433,978) Interest expenses on derivative financial instruments (1,099,946) - Loss on changes in fair value of derivative financial instruments (757,871) (671,254) Interest expenses on lease liabilities (IFRS 16) (207,617) (172,987) Other finance costs (342,800) (400,896) Loans administration and commitment fees (342,800) (400,896) Total (8,552,039) (7,075,745) The Group pays quarterly loan administration fee on its bank borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "3.23. Finance income and costs 2025- 2024- Finance income 913,535 1,470,533 Positive effects of exchange rate differences 913,535 1,108,999 Interest income on derivative financial instruments - 361,534 Finance costs (9,465,574) (8,546,278) Interest expenses (9,122,774) (8,145,382) Interest expenses on borrowings (3,982,611) (4,867,163) Interest expenses on bonds issued (3,074,729) (2,433,978) Interest expenses on derivative financial instruments (1,099,946) - Loss on changes in fair value of derivative financial instruments (757,871) (671,254) Interest expenses on lease liabilities (IFRS 16) (207,617) (172,987) Other finance costs (342,800) (400,896) Loans administration and commitment fees (342,800) (400,896) Total (8,552,039) (7,075,745) The Group pays quarterly loan administration fee on its bank borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "3.23. Finance income and costs 2025- 2024- Finance income 913,535 1,470,533 Positive effects of exchange rate differences 913,535 1,108,999 Interest income on derivative financial instruments - 361,534 Finance costs (9,465,574) (8,546,278) Interest expenses (9,122,774) (8,145,382) Interest expenses on borrowings (3,982,611) (4,867,163) Interest expenses on bonds issued (3,074,729) (2,433,978) Interest expenses on derivative financial instruments (1,099,946) - Loss on changes in fair value of derivative financial instruments (757,871) (671,254) Interest expenses on lease liabilities (IFRS 16) (207,617) (172,987) Other finance costs (342,800) (400,896) Loans administration and commitment fees (342,800) (400,896) Total (8,552,039) (7,075,745) The Group pays quarterly loan administration fee on its bank borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "3.23. Finance income and costs 2025- 2024- Finance income 913,535 1,470,533 Positive effects of exchange rate differences 913,535 1,108,999 Interest income on derivative financial instruments - 361,534 Finance costs (9,465,574) (8,546,278) Interest expenses (9,122,774) (8,145,382) Interest expenses on borrowings (3,982,611) (4,867,163) Interest expenses on bonds issued (3,074,729) (2,433,978) Interest expenses on derivative financial instruments (1,099,946) - Loss on changes in fair value of derivative financial instruments (757,871) (671,254) Interest expenses on lease liabilities (IFRS 16) (207,617) (172,987) Other finance costs (342,800) (400,896) Loans administration and commitment fees (342,800) (400,896) Total (8,552,039) (7,075,745) The Group pays quarterly loan administration fee on its bank borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "3.24. Income tax The main components of income tax expense as at 31 December 2025 and 31 December 2024 are presented in the table below: 2025
2024
Income tax expense
114,321
160,379
Deferred income tax expense
1,367,088
1,236,498
Income tax adjustments for previous periods
15,717
(216,448)
Total
1,497,126
1,180,429
Reconciliation of income tax expense is provided below:
2025-
2024-
Profit before tax
3,559,065
4,550,422
Income tax expense at the statutory rate in Lithuania
569,450
682,563
Income tax adjustments from previous periods
15,717
(216,448)
Non-taxable income
(554,199)
(553,047)
Non-deductible expenses (permanent differences)
741,166
403,186
Unrecognized deferred income tax
633,474
788,791
Effect of difference in tax rates
120,887
(334)
Utilized accumulated tax losses
(29,369)
75,717
Income tax at an effective corporate income tax rate
1,497,126
1,180,429
Income tax expense recognized in profit or loss
1,497,126
1,180,429
In accordance with the Law on Corporate Income Tax of the Republic of Lithuania, the income of companies with the legal status of an investment undertaking and operating under the Law on Collective Investment Undertakings is non-taxable. Accordingly, based on the Law, the costs incurred to generate non-taxable income are treated as non-allowable deductions. Thus, all income of the Company is non-taxable, and all expenses are non-deductible. The Group\u2019s profit from its activities in Poland is subject to 19% income tax rate set in the Polish tax laws. Accordingly, the difference between the tax rate in Lithuania (16%) and the tax rate in Poland (19%) is equal to EUR -120,887 (2024 \u2013 EUR 334). The Group has tax losses of EUR 623,361 (2024 \u2013 EUR 1,244,481), of which EUR 420,576 are available for offsetting against future taxable profits of the companies in which the losses arose over indefinite period, and EUR 202,784 \u2013 over 5 years. Accumulated tax losses effect on deferred tax is presented in the table below:
Deferred income tax asset
2025
2024
Accumulated tax losses
110,027
201,792
Accrued expenses
373,400
588,607
Difference in value of other liabilities for financial reporting and tax purposes
649,549
637,956
Deferred tax assets before impairment
1,132,976
1,428,355
Less: decrease in realizable value
-
-
Deferred tax assets, net
1,132,976
1,428,355
Deferred income tax liability
Difference in depreciation of non-current assets for financial reporting and
tax purposes
(3,075,534)
(2,040,060)
Difference in value of other assets for financial reporting and tax purposes
(1,709,332)
(1,665,517)
Deferred income tax liability
(4,784,866)
(3,705,577)
Deferred income tax, net
(3,651,890)
(2,277,222)
The temporary differences associated with investments in the Group\u2019s subsidiaries, for which no deferred tax liability has been recognized in the periods presented, amounted to EUR 3,467,651 (2024 \u2013 EUR 3,467,651). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "3.24. Income tax The main components of income tax expense as at 31 December 2025 and 31 December 2024 are presented in the table below: 2025
2024
Income tax expense
114,321
160,379
Deferred income tax expense
1,367,088
1,236,498
Income tax adjustments for previous periods
15,717
(216,448)
Total
1,497,126
1,180,429
Reconciliation of income tax expense is provided below:
2025-
2024-
Profit before tax
3,559,065
4,550,422
Income tax expense at the statutory rate in Lithuania
569,450
682,563
Income tax adjustments from previous periods
15,717
(216,448)
Non-taxable income
(554,199)
(553,047)
Non-deductible expenses (permanent differences)
741,166
403,186
Unrecognized deferred income tax
633,474
788,791
Effect of difference in tax rates
120,887
(334)
Utilized accumulated tax losses
(29,369)
75,717
Income tax at an effective corporate income tax rate
1,497,126
1,180,429
Income tax expense recognized in profit or loss
1,497,126
1,180,429
In accordance with the Law on Corporate Income Tax of the Republic of Lithuania, the income of companies with the legal status of an investment undertaking and operating under the Law on Collective Investment Undertakings is non-taxable. Accordingly, based on the Law, the costs incurred to generate non-taxable income are treated as non-allowable deductions. Thus, all income of the Company is non-taxable, and all expenses are non-deductible. The Group\u2019s profit from its activities in Poland is subject to 19% income tax rate set in the Polish tax laws. Accordingly, the difference between the tax rate in Lithuania (16%) and the tax rate in Poland (19%) is equal to EUR -120,887 (2024 \u2013 EUR 334). The Group has tax losses of EUR 623,361 (2024 \u2013 EUR 1,244,481), of which EUR 420,576 are available for offsetting against future taxable profits of the companies in which the losses arose over indefinite period, and EUR 202,784 \u2013 over 5 years. Accumulated tax losses effect on deferred tax is presented in the table below:
Deferred income tax asset
2025
2024
Accumulated tax losses
110,027
201,792
Accrued expenses
373,400
588,607
Difference in value of other liabilities for financial reporting and tax purposes
649,549
637,956
Deferred tax assets before impairment
1,132,976
1,428,355
Less: decrease in realizable value
-
-
Deferred tax assets, net
1,132,976
1,428,355
Deferred income tax liability
Difference in depreciation of non-current assets for financial reporting and
tax purposes
(3,075,534)
(2,040,060)
Difference in value of other assets for financial reporting and tax purposes
(1,709,332)
(1,665,517)
Deferred income tax liability
(4,784,866)
(3,705,577)
Deferred income tax, net
(3,651,890)
(2,277,222)
The temporary differences associated with investments in the Group\u2019s subsidiaries, for which no deferred tax liability has been recognized in the periods presented, amounted to EUR 3,467,651 (2024 \u2013 EUR 3,467,651). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "3.25. Transactions with related parties Management's remuneration and other benefits
31 December 2025
31 December 2024
Number of management personnel at the end of the year
1
1
Average number of management personnel during the year
1
1
Remuneration paid to management personnel
58,978
62,847
There were no other payments to management personnel. Transactions with the Group companies The Company's transactions with related parties during 2025 and their balances as at 31 December 2025:
Income
Costs
Receivables
Payables
Management Company
-
678,612
-
172,390
Total
-
678,612
-
172,390
The Company's transactions with related parties during 2024 and their balances as at 31 December 2024:
Income
Costs
Receivables
Payables
Management Company
-
612,149
-
160,475
Total
-
612,149
-
160,475
The costs of services received from UAB Lords LB Asset Management mostly consist of management fee. Payables consist of payable management fee. Share purchase and sale transactions with related parties
Balance as at 1 January 2024
5,660,000
Shares distributed
2,500,000
Shares redeemed
-
Balance as at 31 December 2024
8,160,000
Shares distributed
-
Shares redeemed
-
Balance as at 31 December 2025
8,160,000
As at 31 December 2025 and 31 December 2024, the Company\u2019s shares owned by related parties amounted to EUR 8,160,000 and represented 19.49% of the total amount of shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "3.25. Transactions with related parties Management's remuneration and other benefits
31 December 2025
31 December 2024
Number of management personnel at the end of the year
1
1
Average number of management personnel during the year
1
1
Remuneration paid to management personnel
58,978
62,847
There were no other payments to management personnel. Transactions with the Group companies The Company's transactions with related parties during 2025 and their balances as at 31 December 2025:
Income
Costs
Receivables
Payables
Management Company
-
678,612
-
172,390
Total
-
678,612
-
172,390
The Company's transactions with related parties during 2024 and their balances as at 31 December 2024:
Income
Costs
Receivables
Payables
Management Company
-
612,149
-
160,475
Total
-
612,149
-
160,475
The costs of services received from UAB Lords LB Asset Management mostly consist of management fee. Payables consist of payable management fee. Share purchase and sale transactions with related parties
Balance as at 1 January 2024
5,660,000
Shares distributed
2,500,000
Shares redeemed
-
Balance as at 31 December 2024
8,160,000
Shares distributed
-
Shares redeemed
-
Balance as at 31 December 2025
8,160,000
As at 31 December 2025 and 31 December 2024, the Company\u2019s shares owned by related parties amounted to EUR 8,160,000 and represented 19.49% of the total amount of shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "3.26. Going concern As at 31 December 2025 the Group has public bonds and accrued interest in amount of EUR 35,604,468 with the maturity date of 6 October 2026. This results that as at 31 December 2025 the Group\u2019s current liabilities (EUR 42,018,406) exceeded current assets (EUR 7,233,531), and therefore the above bonds need to be refinanced by their maturity date. The Group's management has prepared the following plan and risk management measures relating to the refinancing: \u2022 Refinancing plan and positive bank indications: The Group plans to issue a new bond offering in the third quarter of 2026 with a total value of up to EUR 50 million. Management has already received a proposal to act as the lead manager for this issuance from a major bank, which is also a significant existing financier of the Group. Initial indications from lead managers are positive, expressing confidence in the successful placement of the new emission based on current market appetite. \u2022 Proven access to capital markets: The Group\u2019s ability to attract investors is supported by the success of the last bond issuance in January 2025, where EUR 11.2 million was successfully raised, and investor demand exceeded supply more than 30%. \u2022 Strong support from credit institutions: During the reporting year, a significant portion of the Group\u2019s loans was refinanced under more favourable terms, demonstrating the continued commitment of credit institutions to finance the Group. Furthermore, subsequent to the reporting period, credit institutions provided additional financing of EUR 24.32 million, confirming their confidence in the Group\u2019s business model and financial position. \u2022 Improved cash flow outlook: In 2026, several projects that were under development as of 31 December 2025 were successfully completed. Consequently, the Group\u2019s budgets for 2026 forecast higher cash flows compared to 2025, further strengthening the Group's liquidity position. \u2022 Strategic flexibility: To optimize the cost of capital, management continues to evaluate several placement alternatives, including a mix of institutional and retail investors and the potential utilization of Nordic capital markets alongside Nasdaq Vilnius. \u2022 Business expansion: The portion of the issuance exceeding refinancing needs will be allocated to business development, which, in management\u2019s assessment, will further strengthen the Group\u2019s long-term cash flows and capital structure. Based on the circumstances outlined above, Management does not see any material uncertainty regarding the successful refinancing of current short-term liabilities. In Management's assessment, the primary remaining uncertainty relates not to the availability of refinancing itself, but to the applicable interest rate at the time of issuance, which Management expects may be lower than the current rate. Therefore, these consolidated financial statements have been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "3.27. Subsequent events In January 2026, the Group has successfully received construction permits for the development of two new grocery stores in Vilnius and Pabrad\u0117. Both projects have already secured long-term lease agreements. In February 2026, the Group acquired a retail park in Konin, Poland, further expanding its Polish retail portfolio. Following the completion of this acquisition, the Group fulfilled the conditions for a subsequent drawdown under its existing financing agreement with the credit institution, resulting in the disbursement of an additional EUR 12.75 million. During the first quarter of 2026, in addition to the already financed Utena retail park, the Group secured financing from a credit institution for the development of five more grocery stores in Vilnius, Klaip\u0117da, Klaip\u0117da district and Pabrad\u0117. The bank will provide up to EUR 24.32 million in financing. In March 2026, the Group has successfully completed the construction of a grocery store in Vilnius, located at Burbi\u0161ki\u0173 g. 31. Total investments in the project amount to nearly EUR 5 million. There were no other significant events at the Company after the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:984500ETP929D4755B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }