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UTENOS TRIKOTAŽAS, AB
CONSOLIDATED GROUP AND COMPANY'S INTERIM FINANCIAL STATEMENTS
for the 9 months period ended 30 September 2025
(UNAUDITED)
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
2
INFORMATION ABOUT COMPANY
Company name
Legal and organisation form
Date and place of incorporation
Registration code
Code of the Register of Legal Entities
Authorised share capital
Address
Name of Register of Legal Entities
Telephone
Fax
E-mail
Website
Main activities
Auditors
Utenos Trikotažas AB
Legal entity, public company
Registered with the Register of Legal Entities of Utena District on 6 st
December
1994; reregistered with the Ministry of Economy of the Republic of
Lithuania on 18 st
September 1998.
BĮ 98-257
183709468
EUR 2 755 870
J.Basanavičiaus g.122, LT-28214, Utena, Lithuania
Registrų centras VĮ
+370 389 51445
+370 389 69358
utenos.trikotazas@ut.lt
www.ut.lt
production of knit-wear and textile artictes
Grant Thornton Baltics UAB
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
3
TABLE OF CONTENT
PAGE
REVIEW OF ACTYVITY OF THE GROUP COMPANIES 4 – 9
FINANCIAL STATEMENTS:
BALANCE SHEET 10 – 11
STATEMENT OF COMPREHENSIVE INCOME 12
STATEMENTS OF CHANGES IN EQUITY 13
STATEMENTS OF CASH FLOWS 14
EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS 15- 24
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
4
REVIEW OF ACTYVITY OF THE GROUP COMPANIES
In the 9 months of 2025, Utenos trikotažas AB group of companies (hereinafter „the Group“) sold products and provided services
for EUR 15.9 million, which is by 30,7 per-cent more than in the previous year when the Group’s sales accounted for EUR 12,1
million. The Group exported 80.7 per-cent of products.
During the 9 months of 2025, the company Utenos trikotažas sold products and provided services for EUR 15.0 million. The sales
volume, compared with the 9 months of 2024, creased by EUR 4,5 million, or 42.5 per-cent. The company’s export sales reached
80.0 per-cent.
The sales of the largest segment – on-demand knitwear – creased by 46.1 per-cent and reached EUR 13.3 million, private brands
creased by 19.3 per-cent and reached EUR 1.7 million, whereas the sales of functional-technical garments produced by its
subsidiary Šatrija decreased by 36.1 per- cent.
During the 9 months of 2025, the Group incurred EUR 1.407 thousand loss before tax, when during 9 months of 2024 there was
3.219 thousand Eur loss before tax. During the same period , the company Utenos trikotažas suffered 808 thousand EUR loss
before tax, while loss before tax amounted to EUR 2.391 thousand a year ago.
The Group’s EBITDA is positive at 286 thousand EUR, which is 2.265 thousand EUR better than in the same period in 2024.
The Company’s EBITDA is positive at 666 thousand EUR, that is 2.253 thousand EUR better than the same period in 2024, when
the company’s EBITDA was negative at 1.587 thousand Eur.
AB Šatrija filed a petition to the Court on July 22, 2025 for the initiation of insolvency proceedings.
On September 17, 2025, the Šiauliai Regional Court initiated bankruptcy proceedings against AB Šatrija, as the company's
operations are unprofitable and its liabilities exceed the value of its assets.
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
5
Key performance indicators of the Group
Trade
Group
Company
Revenue (EUR '000)
2025 9 M
2024 9 M
Change
%
2025 9 M
2024 9 M
Change %
Products manufactured on
demand of other clients
13,278
9,261
43.4
13,279
9,088
46.1
Own brands
1,677
1,406
19.3
1,672
1,406
19.0
Services of functional-technical
garments manufacture
965
1,511
(36.1)
-
-
-
15,920
12,178
30.7
14,951
10,494
42.5
Group
Company
Revenue (EUR '000)
2025 III Q
2024 III Q
Change
%
2025 III Q
2024 III Q
Change
%
Products manufactured on
demand of other clients
5,633
3,997
40.9
5,634
3,823
47.4
Own brands
600
327
83.4
595
454
31.1
Services of functional-technical
garments manufacture
29
474
(93.8)
-
-
-
6,262
4,798
30.5
6,229
4,277
45.6
Sales by regions
Group
Company
Revenue (EUR '000)
2025 9 M
2024 9 M
Change
%
2025 9 M
2024 9 M
Change
%
Export
12,850
9,840
30.6
11,956
8,227
45.3
DACH (Germany, Austria,
Switzerland)
7,382
5,561
32.7
6,905
4,903
40.8
Scandinavia (Sweden,
Norway, Denmark, Finland)
2,620
1,758
49.0
2,620
1,758
49.0
Other regions
2,848
2,521
13.0
2,431
1,566
55.3
Domestic
3,070
2,338
31.3
2,995
2,267
32.1
15,920
12,178
30.7
14,951
10,494
42.5
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
6
Group
Company
Revenue (EUR '000)
2025 III Q
2024 III Q
Change
%
2025 III Q
2024 III Q
Change
%
Export
5,669
3,878
46.2
5,589
3,353
66.7
DACH (Germany, Austria,
Switzerland)
3,433
2,000
71.7
3,354
1,726
94.3
Scandinavia (Sweden, Norway,
Denmark, Finland)
1,686
924
82.5
1,686
924
82.5
Other regions
550
954
(42.3)
549
703
(21.9)
Domestic
593
920
(35.6)
640
924
(30.8)
6,262
4,798
30.5
6,229
4,277
45.6
Operating figures
Group
Company
2025 9 M
2024 9 M
Change
%
2025 9 M
2024 9 M
Change
%
Manufactured items units
1,020
836
22.0
997
694
43.7
Average number of employees
430
618
(30.4)
362
417
(13.2)
Financial ratios
Group
Company
2025 9 M
2024 9 M
Change
2025 9 M
2024 9 M
Change
Revenue (EUR'000)
15,920
12,178
30.70%
14,951
10,494
42.50%
Operating profit (loss) (EUR'000)
(165)
(2,482)
(93.30)%
258
(2,013)
(112.80)%
Operating profit (loss) margin
(%)
(1.0)
(20.4)
19.3 p.p
1.72
(19.2)
20.9 p.p
EBITDA (EUR'000)
286
(1,979)
(114.50)%
666
(1,587)
(141.90)%
EBITDA margin (%)
1.8
(16.3)
18.0 p.p
4.5
(15.1)
19.6 p.p
Profit (loss) before tax
(EUR'000)
(1,407)
(3,219)
(56.30)%
(808)
(2,391)
(66.20)%
Profit (loss) before tax, margin
(%)
(8.8)
(26.4)
17.6 p.p
(5.4)
(22.8)
17.4 p.p
Net profit (loss) for the year
(EUR'000)
(1,393)
(3,206)
(56.50)%
(796)
(2,379)
(66.50)%
Net profit (loss) for the year
margin (%)
(8.8)
(26.3)
17.6 p.p
(5.3)
(22.7)
17.3 p.p
Number of shares, (thousand)
9,503
9,503
-
9,503 9,503
-
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
7
Group
Company
2025 III Q
2024 III Q
Change
2025 III Q
2024 III Q
Change
Revenue (EUR'000)
6,262
4,798
30.5%
6,229
4,277
45.60%
Operating profit (loss) (EUR'000)
21
(533)
(103.8)%
105
(467)
(122.40)%
Operating profit (loss) margin (%)
0.3
(11.2)
11.4 p.p
1.7
(10.9)
12.6 p.p
EBITDA (EUR'000)
172
(370)
(146.6)%
248
(328)
(175.50)%
EBITDA margin (%)
2.8
(7.7)
10.5 p.p
4.0
(7.7)
11.6 p.p
Profit (loss) before tax (EUR'000)
(891)
(914)
(2.5)%
(944)
(594)
58.80%
Profit (loss) before tax, margin (%)
(14.2)
(19.0)
4.8 p.p
(15.1)
(13.9)
(1.3) p.p
Net profit (loss) for the year
(EUR'000)
(886)
(910)
(2.6)%
(940)
(590)
59.30%
Net profit (loss) for the year margin
(%)
(14.2)
(19.0)
4.8 p.p
(0.2)
(13.8)
-
Number of shares, (thousand)
9,503
9,503
-
9,503
9,503
-
Relative ratios
Group
Company
2025 9 M
2024 9 M
Change
p.p
2025 9 M
2024 9 M
Change p.p.
Return on capital employed (%)
(50.5)
(116.3)
65.8
(28.98)
(86.3)
57.4
Return on assets (%)
(10.4)
(22.2)
11.8
(5.9)
(23.1)
17.2
Return on shareholders’ equity (%)
320.3
454.1
-
376.9
1 509.0
-
Debt ratio (%)
103.2
104.9
(1.7)
101.6
101.5
(7.5)
Debt-to-equity ratio (%)
(3,187.9)
(2,143.8)
-
(6,481.5)
(6,636.2)
-
Liquidity ratio (%)
204.5
80.1
124.1
204.8
82.2
122.6
Equity to assets ratio (%)
(3.2)
(4.9)
1.7
(1.6)
(1.5)
(0.1)
Ratios related with the share price
2025 9 M
2024 9 M
Change
P/E
(2.62)
(1.71)
(0.91)
EPS
(0.14)
(0.33)
0.19
EV/EBITDA
33.47
(5.12)
38.59
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
8
Information regarding the price of shares and their dynamics
Utenos Trikotažas AB share price during 12 months period from 1 October 2024 to 30 September 2025:
Price ratios
2025 9 M
2024 9 M
Open price, EUR
0.030
0.480
High price, EUR
0.416
0.570
Low price, EUR
0.260
0.155
Last price, EUR
0.370
0.250
Traded volume
83,000
80,102
Turnover, million EUR
0.030
0.030
Capitalisation, million EUR
3.520
2.380
10.2024 11.2024 12.2024 01.2025 02.2025 03.2025 04.2025 05.2025 06.2025 07.2025 08.2025 09.2025
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
9
Utenos Trikotažas AB, OMX Baltic Benchmark GI and OMX Vilnius Index dynamics, during 12 months period from 1
October 2024 to 30 September 2025
Index/ Equity
2025.09.30
2024.09.30
2025.09.30/2024.09.30
change, %
OMX Baltic Benchmark GI
1, 622.72
1 ,417.91
14.44
OMX Vilnius
1,236.29
1,011.04
22.28
UTR1L
0.39 EUR
0.25 EUR
56.00
10.2024 11.2024 12.2024 01.2025 02.2025 03.2025 04.2025 05.2025 06.2025 07.2025 08.2025 09.2025
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
10
Statement of financial position
Group
Company
2025.09.30
2024.12.31
2025.09.30
2024.12.31
ASSETS
Non-current assets
Intangible assets
2
14
2
14
Property, plant and equipment
5,402
6,572
5,402
5,819
Right-of-use assets
225
267
225
117
Investment property
20
145
20
145
Investments into subsidiaries
-
-
61
1,066
Receivables from subsidiaries
-
-
40
-
Prepayments to subsidiaries
-
-
-
-
5,649
6,998
5,750
7,161
Current assets
Inventories
5,223
3,689
5,199
3,654
Trade receivables
619
586
618
544
Contract assets
928
1,523
928
1,444
Other current assets
696
355
689
329
Cash and cash equivalents
313
2,354
296
936
7,779
8,507
7,730
6,907
Total assets
13,428
15,505
13,480
14,068
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
11
Statement of financial position ( cont ‘)
Group
Company
EQUITY AND LIABILITIES
2025.09.30
2024.12.31
2025.09.30
2024.12.31
Share capital
2,756
2,756
2,756
2,756
Legal reserve
574
574
574
574
Revaluation surplus
2,170
2,528
2,172
2,294
Reserve for acquisition of own shares
1,000
1,090
1,000
1,000
Foreign currency translation reserve
1,383
1,202
-
-
Accumulated retained earnings/ (losses)
(8,330)
(7,879)
(6,713)
(7,893)
(447)
271
(211)
(1,269)
Non-controlling interest
12
119
-
-
Total equity
(435)
390
(211)
(1,269)
LIABILITIES
Non-current liabilities
Borrowings
3,574
5,584
3,574
5,584
Non-current lease liabilities
322
429
126
51
Borrowings from subsidiaries
-
-
-
1,469
Borrowings from parent company
2,335
2,335
2,335
2,335
Deferred income tax liabilities
499
537
499
491
Other non-current liabilities
3,204
2,595
3,264
2,595
Provisions for employee benefits
242
229
119
119
10,053
11,709
9,917
12,644
Current liabilities
Current portion of non-current borrowings
70
70
70
70
Other current liabilities
400
-
400
-
Current lease liabilities
205
162
123
69
Trade payables
426
351
413
287
Payables to other related parties and subsidiaries
98
35
213
213
Contract liabilities
1,078
748
1,079
748
Accrued expenses and other current
liabilities
1,533
2,040
1,476
1,440
3,810
3,406
3,774
2,693
Total liabilities
13,863
15,115
13,691
15,337
Total equity and liabilities
13,428
15,505
13,480
14,068
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
12
Statement of comprehensive income
Group
Note
January-September
July-September
2025
2024
2025
2024
Sales
6,15
15,920
12,178
6,262
4,798
Cost of sales
16
(13,980)
(12,001)
(5,538)
(4,447)
Gross profit
1,940
177
724
351
Selling expenses
17
(945)
(916)
(340)
(282)
General and administrative
expenses
17
(1,539)
(1,772)
(369)
(610)
Other operating income
18
393
43
8
10
Other operating expenses
18
(14)
(14)
(2)
(2)
Operating profit (losses)
(165)
(2,482)
21
(533)
Finance income
19
196
111
(23)
10
Finance costs
19
(1,438)
(848)
(889)
(391)
Profit (losses) before tax
(1,407)
(3,219)
(891)
(914)
Income tax
14
13
5
4
Net profit (losses)
(1,393)
(3,206)
(886)
(910)
Net profit (losses) attributable to:
Equity holders of the Company
20
(1 345)
(3,163)
(866)
(902)
Non-controlling interest
(48)
(43)
(18)
(8)
(1 393)
(3,206)
(884)
(910)
Company
Note
January-September
July-September
2025
2024
2025
2024
Sales
6,15
14,951
10,494
6,229
4,277
Cost of sales
16
(12,947)
(10,413)
(5,326)
(4,046)
Gross profit
2,004
81
903
231
Selling expenses
17
(902)
(870)
(328)
(269)
General and administrative
expenses
17
(1,200)
(1,243)
(385)
(435)
Other operating income
18
366
29
(84)
8
Other operating expenses
18
(10)
(10)
(1)
(2)
Operating profit (losses)
258
(2,013)
105
(467)
Interest received
19
40
45
10
15
Finance income
19
64
107
12
65
Finance costs
19
(1,170)
(530)
(1,071)
(207)
Profit (losses) before tax
(808)
(2,391)
(944)
(594)
Income tax
12
12
4
4
Net profit (losses)
(796)
(2,379)
(940)
(590)
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
13
STATEMENTS OF CHANGES IN EQUITY
Group
Share
capital
Legal
reserve
Revaluation
surplus
Reserve
for
acquisition
of own
shares
Foreign
currenc
y
translati
on
reserve
Accumul
ated
retained
earnings/
(losses
Total
Non-
controll
ing
interest
Total
equity
Balance as of 30
September 2024
2,756
574
2,554
1,090
1,446
(9,277)
(857)
150
(707)
Net profit (loss) for the year
-
-
-
-
-
1,372
1,372
(31)
1,341
Other comprehensive
income
-
-
-
-
(244)
-
(244)
-
(244)
Total comprehensive
income (loss)
-
-
-
-
(244)
1,372
1,128
(31)
1,097
Transfer of revalution
surplus to retained earnings
-
-
(26)
-
-
26
-
-
-
Balance as of 31
December 2024
2,756
574
2,528
1,090
1,202
(7,879)
271
119
390
Net profit (loss) for the year
-
-
-
-
-
(1,345)
(1,345)
(48)
(1,393)
Other comprehensive
income
-
-
-
-
181
-
181
-
181
Total comprehensive
income (loss)
-
-
-
181
(1,345)
(1,164)
(48)
(1,212)
Transfer of revalution
surplus to retained earnings
-
-
(131)
-
-
74
(57)
-
(57)
Šatrija AB exit
(227)
(90)
820
503
(59)
444
Balance as of 30
September 2025
2,756
574
2,170
1,000
1,383
(8,330)
(447)
12
(435)
Company
Share
capital
Legal
reserve
Reserve for
acquisition
of own
shares
Revaluation
surplus
Accumulated
retained
earnings/
(losses)
Total
Balance as of 30 September 2024
2,756
574
1,000
2,316
(6,858)
(212)
Net profit (loss) for the year
-
-
-
-
(1,057)
(1,057)
Other comprehensive income
-
-
-
-
-
-
Total comprehensive income (loss)
-
-
-
-
(1,057)
(1,057)
Transfer of revalution surplus to retained earnings
-
-
-
(22)
22
-
Balance as of 31 December 2024
2,756
574
1,000
2,294
(7,893)
1,269
Net profit (loss) for the year
-
-
-
-
(796)
(796)
Other comprehensive income
-
-
-
-
1,911
1,911
Total comprehensive income (loss)
-
-
-
-
1,115
1,115
Transfer of revalution surplus to retained earnings
-
-
-
(122)
65
(57)
Balance as of 30 September 2025
2,756
574
1,000
2,194
(6,735)
(211)
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
14
STATEMENTS OF CASH FLOWS
Group
Company
30 September
30 september
2025
2024
2025
2024
Cash flows from operating activities
Profit (loss) for the period
(1,408)
(3,205)
(808)
(2,380)
Adjustments for non-cash items:
Depreciation and amortization
451
502
408
427
(Gain) on disposal of property, plant and equipment and investment property
(229)
(1)
(229)
(1)
Impairment and write-off of inventories
181
(11)
181
(11)
Impairment of investments in subsidiaries
1,006
-
1,006
-
Interest expense, net of interest income
88
390
50
378
Income tax (income) expense
(14)
(13)
(12)
(12)
Changes in working capital:
(Increase) decrease in inventories
(1,715)
(1,420)
(1,726)
(1,093)
(Increase) decrease in trade receivables
(33)
1 002
(75)
1 053
(Increase)/decrease in contract asset
594
(326)
515
(393)
Decrease (increase) in receivables from subsidiaries
-
-
(40)
(34)
(Increase) decrease in other receivables and other current assets
(341)
(615)
(360)
(610)
Increase/(decrease) in contract liabilities
330
261
330
295
(Increase) decrease in trade and other accounts payable
75
852
126
861
Increase (decrease) in taxes payable and other current liabilities
(733)
736
248
231
Net cash generated from operating activities
(1,748)
(1,847)
(386)
(1,289)
Cash flows from investing activities
Acquisition of property, plant and equipment
(37)
(3)
(37)
(3)
Proceeds from sale of property, plant and equipment
435
-
435
-
Interest received
2
10
40
45
Net cash flows generated from (to) investing activities
400
7
438
(42)
Cash flows from financing activities
Loans received
500
1,635
500
1,635
Loans repaid
(1,047)
(137)
(1,047)
(137)
Loans granted to a subsidiary
-
-
-
-
Interest paid
(90)
(400)
(90)
(423)
Lease payments
(55)
(145)
(55)
(83)
Net cash flows from financing activities
(692)
952
(692)
992
Net increase in cash and cash equivalents
(2,040)
(887)
(640)
(255)
Cash and cash equivalents at the beginning of the period
2,353
1,108
936
310
Cash and cash equivalents at the end of the period
313
221
296
55
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
15
EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS
1.
General information
The Company is engaged in production of knit-wear and textile articles.
The shares of Utenos Trikotažas AB are listed on the secondary List of the NASDAQ Baltic Stock Exchange.
As of 30 September 2025 and 31 December 2024 the shareholders of the Company were as follows:
As of 30 september 2025
As of 31 December 2024
Number of
shares held
Interest
held(%)
Number of
shares held
Interest
held(%)
SBA Grupė UAB
8 771
92,31
8 771
92,31
Other shareholders
732
7,69
732
7,69
9 503
100,00
9 503
100,00
All the shares are registered ordinary shares with a par value of EUR 0.29 each. As of 30 September 2025 and 31 December 2024
subsidiaries did not hold any shares of the Company. The Company did not hold its own shares within this period.
The consolidated group (hereinafter “the Group” ) consists of the Company and the following subsidiaries:
Registered address
Group's share (%)
30 September
2025
31 December
2024
Profile
Šatrija AB
Šatrijos str. 3,
Raseiniai
89.78
89.78
Sewing of clothes
Gotija UAB
Laisvės Str. 33,
Kaunas
100.00
100.00
Retail trade
PAT MTF Mrija
Matrosovo Str. 13,
Mukachev, Ukraine
98.95
98.95
Production of knitted articles
UAB Utenoswear
Laisvės pr. 3, Vilnius
-
100.00
Wholesale and retail trade
On September 19, 2025, a reorganization was carried out by merging AB Utenoswear with the Company, which ceased to exist
as a legal entity (ceased to operate).
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
16
2.
Form and contents of the financial statements
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted
by the EU.
3. Change in the accounting method of the Companies’ and the Group’s Non-current assets Buildings group
In order to achieve a more accurate accounting of the financial results in March 31, 2013 the Non-current assets Buildings group
accounting method was changed to the fair value method, as the book value of the Companies’ and the Group’s Non-current assets
Buildings group, which was carried at historical cost, less subsequent accumulated depreciation, had not corresponded with the
buildings market value.
4. Consolidation
The consolidated financial statements of the Group include Utenos trikotažas AB and its subsidiaries as well as associated
companies. The financial statements of the subsidiaries are prepared for the same reporting year, using consistent accounting
policies.
Subsidiaries are consolidated from the date from which effective control is transferred to the Company and cease to be consolidated
from the date on which control is transferred out of the Group. All intercompany transactions, balances and unrealised gains and
losses on transactions among the Group companies have been eliminated. The equity and net income attributable to non-controlling
interests are shown separately in the statement of financial position and the statement of comprehensive income.
5. Financial risk factors
Due to the geo-political situation in Ukraine and significant drop in the value of UAH against EUR, the Management of the Group
and the Company re-designated loan granted, related interests and other long term receivables as a part of net investment in Mrija
PAT MTF. Accordingly gains (losses) arising from foreign exchange related to the monetary items considered to be part of net
investment into foreign operation is accounted in Group’s consolidated financial statements through other comprehensive income
(loss).
The assigned net investment value is 1.385 million. EUR and from this amount during 2025 the 9-month positive currency exchange
difference of EUR 181 thousand is accounted for in the Group's financial statements as other comprehensive income (expenses).
Other comprehensive income (loss) from foreign currency translation included in the consolidated statements of changes
in equity in other comprehensive income attributable to the equity holders of the Company:
Foreign currency exchange difference on monetary intems attributed to net investments, EUR 119 587
Foreign currency translation reserve on other items, EUR 61 347
Other comprehensive income EUR, net 180 935
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
17
6. Segment information
The Group has two main business segments: production of knitted articles and production of functional-technical garments
In assessing operational performance of segments the Group’s Board takes into account the sales revenue, gross profit, EBITDA
(earnings before financial activity result, taxes, depreciation and amortization), profit (loss) ratios, therefore the report on the Group’s
segments discloses these items in respect of each segment. As the Board also assesses other items of the statement of
comprehensive income by each segment, these items are presented in the report on the Group’s segments. Inter-segment
transactions are eliminated on consolidation.
Below, there is a summary of major indicators for the main business segments of the Group included in the statement of
comprehensive income for the 9 months of 2025 and for the 9 months of 2024
of 30 September 2025
Production of knitted
articles
Production of
functional-
technical
garments
Eliminations
Total
External sales
14,955
965
-
15,920
Internal sales
493
-
(493)
-
Total revenue
15,448
965
(493)
15,920
Gross profit
2,187
(247)
-
1,940
EBITDA
688
(402)
-
286
Profit (loss)
(946)
(447)
-
(1,393)
of 30 September 2024
Production of knitted
articles
Production of
functional-
technical
garments
Eliminations
Total
External sales
11,786
392
-
12,178
Internal sales
161
-
(161)
-
Total revenue
11,947
392
(161)
12,178
Gross profit
176
1
-
177
EBITDA
(1,636)
(343)
-
(1,979)
Profit (loss)
(2 814)
(392)
-
(3,206)
7. Non-current intangible assets
Amortization expenses of intangible assets are included within general and administrative expenses in profit and loss statement.
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
18
8. Non-current tangible assets
Depreciation of non-current tangible property amounted to EUR 451 thousand as of 30 September 2025, EUR 347 thousand are
included into cost of sales in the Group’s Profit (loss) statement. The remaining amounts were included in general and administrative
expenses and inventories in the statement of financial position.
As of 30 September 2025 and 31 December 2024 the Companies’ and the Group’s Non-current assets Buildings group is recognized
at fair value.
9.Inventories
Group
Company
2025.09.30
2024.12.31
2025.09.30
2024.12.31
Raw materials
2,285
2,277
2,285
1,951
Work in progress
3,364
2,117
3,360
2,115
Finished goods
983
916
964
899
Goods for resale
1
3
-
1
6,633
5,313
6,609
4,966
Write-down to net realisable value:
Opening balance
(1,624)
(1,610)
(1,312)
(1,298)
Change
214
(14)
(98)
(14)
Closing balance
(1,410)
(1,624)
(1,410)
(1,312)
5,223
3,689
5,199
3,654
10.Trade receivables
Group
Company
2025.09.30
2024.12.31
2025.09.30
2024.12.31
Trade receivables, gross
619
612
618
544
Allowance for trade receivables:
Opening balance
(26)
(78)
-
-
Additional allowance
-
-
-
-
Written-of
26
-
-
-
Closing balance
-
(26)
-
-
619
586
618
544
Changes in impairment allowance for doubtful trade receivables as of 30 September 2025 and 31 December 2024 were recorded
within the Group‘s and Company‘s general and administrative expenses.
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
19
11. Cash and cash equivalents
Group
Company
2025.09.30
2024.12.31
2025.09.30
2024.12.31
Cash at bank and on hand
313
2,354
296
936
313
2,354
296
936
12. Other reserves and retained earnings (deficit)
Revaluation surplus
Revaluation surplus reflects the result of the revaluation (net of deferred tax) of the property, plant and equipment.
Legal reserve
A legal reserve is a compulsory reserve under the Lithuanian legislation. Annual transfers of not less than 5 % of net profit of the
Company calculated according to the Lithuanian Company’s law, are compulsory until the reserve reaches 10 % of the share capital.
Legal reserve is fully formed by the Company. The legal reserve cannot be distributed as dividends but can be used to cover
cummulated losses.
Foreign currency translation reserve
The foreign currency translation reserve represents translation differences arising on consolidation of financial statements of foreign
subsidiaries.
Accumulated retained earnings (losses)
Pursuant to the provisions of the Law on Limited Liability Companies of the Republic of Lithuania, if the total of retained earnings at
the beginning of the financial year and net profit (loss) for the year is negative, the General Shareholders’ Meeting has to make a
decision to cover these losses. Transfers to distributable results should be made in the following sequence:
transfer from reserves not used in the reporting financial year;
transfer from the compulsory legal reserve;
transfer from the share premium.
At the date of these financial statements the Company was not informed about any actions of the shareholders of the Co. regarding
retained deficit.
The balances of other reserves as of 30 September 2025 and 31 December 2024 were as follows:
Group
Company
2025.09.30
2024.12.31
2025.09.30
2024.12.31
Revaluation surplus
2,170
2,528
2,172
2,294
Legal reserve
574
574
574
574
Reserve for acquisition of own shares
1,000
1,090
1,000
1,000
Foreign currency translation reserve
1,383
1,202
-
-
Accumulated retained earnings/ (losses)
(8,330)
(7,879)
(6,713)
(7,893)
(3,203)
(2,485)
(2,967)
(4,025)
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
20
13. Borrowings
Group
Company
2025.09.30
2024.12.31
2025.09.30
2024.12.31
Current
Current portion of non-current bank
borrowings
70
70
70
70
Other current liabilities
400
-
400
-
Non-current
Borrowings from subsidiaries
-
-
-
1,469
Borrowings from related entities
2,335
2,335
2,335
2,335
Long-term bank borrowings
3,574
5,584
3,574
5,584
Total borrowings
6,379
7,989
6,379
9,458
On 18 December 2020, the Company entered into the loan agreement with SBA Group UAB for EUR 2,232 thousand. 30
september 2025. The loan matures on 31 December 2028.
On 12 June 2025, the Company signed a new financing agreement with UAB SBA Group for the amount of EUR 500 thousand with
15 percent annual interest. Loan repayment on October 31, 2025
On 27 December 2021, bond subscription agreement and a loan agreement were concluded with manages the Business
Assistance Fund, which provide that the Fund signs and acquires whereas the Company issues ordinary registered bonds of
nominal value of up to EUR 2,300 thousand, and the Fund grants the Company a loan of up to EUR 500 thousand. The
redemption date of the bonds and the repayment deadline of the loan – 15 December 2027. Under the agreements, liabilities
are guaranteed by pledges of current and non-current assets and by sureties of the subsidiaries Šatrija AB and Aboutwear UAB.
As at 30 September 2025, the balance of issued and paid bonds amounted to EUR 2,300 thousand, the balance of the loan
granted was EUR 500 thousand.
As at 30 September 2025 and at 31 December 2024 the bank borrowings were secured by property plant and equipment
The interest rate for the borrowings is based on variable interest rate, therefore, in the opinion of management, the carrying amount
of borrowings approximates their fair value.
14. Accrued expenses and other current liabilities
Group
Company
2025.09.30
2024.12.31
2025.09.30
2024.12.31
Accrual for vacation reserve
654
922
635
625
Wages, salaries and social security
449
343
431
286
Amounts payable for services and non-current assets
247
169
237
187
Taxes payable, except for income tax
154
96
144
69
Provisions for employee benefits
27
61
27
27
Other liabilities
2
449
2
246
2,533
2,040
1,476
1,440
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
21
15. Revenue
Graup
January-September
July-September
2025
2024
2025
2024
Revenue from sales of goods and services
15,437
11,702
5,945
4,535
Revenue from sales of materials
483
476
317
263
15,920
12,178
6,262
4,798
Company
January-September
July-September
2025
2024
2025
2024
Revenue from sales of goods and services
14,473
10,020
5,915
4,014
Revenue from sales of materials
478
474
314
263
14,951
10,494
6,229
4,277
16. Cost of sales
Group
January-September
July-September
2025
2024
2025
2024
Materials
5,266
3,852
2,088
1,456
Wages and salaries and social security
4,785
5,782
1,647
1,903
Depreciation and amortisation
3,154
1,700
1,389
832
Other overhead expenses
347
349
117
105
Cost of materials sold
428
318
297
151
13,980
12,001
5,537
4,447
Company
January-September
July-September
2025
2024
2025
2024
Materials
5,222
4,049
2,082
1,647
Wages and salaries and social security
3,490
4,037
1,307
1,304
Depreciation and amortisation
3,501
1,710
1,532
842
Other overhead expenses
305
299
108
100
Cost of materials sold
429
318
297
153
12,947
10,413
5,326
4,046
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
22
17. Selling general and administrative expenses
Group
January-September
July-September
2025
2024
2025
2024
Selling expenses
Wages and salaries and social security
496
441
156
142
Advertising and marketing costs
96
91
31
20
Other selling expenses
353
384
153
120
945
916
340
283
General and administrative expenses
Wages and salaries and social security
480
672
56
217
Communications and consulting services
187
426
54
137
Taxes other than income tax
98
116
27
38
Depreciation and amortization
73
96
22
30
Security
133
129
43
42
Vehicles exploitation expenses
34
33
12
7
Services of financial institutions
32
30
12
8
Premises exploitation expenses
20
32
6
8
Representation expenses
9
17
3
5
Inventory impairments and write-offs
(reversals)
176
(50)
48
12
Other
297
271
86
106
1,539
1,772
369
610
2,484
2,688
709
892
Company
January-September
July-September
2025
2024
2025
2024
Selling expenses
Wages and salaries and social security
464
441
153
170
Advertising and marketing costs
96
91
31
21
Other selling expenses
342
338
144
78
902
870
328
269
General and administrative expenses
Wages and salaries and social security
454
458
154
151
Communications and consulting services
174
376
53
115
Taxes other than income tax
41
44
13
14
Depreciation and amortization
71
87
22
27
Security
63
62
21
19
Vehicles exploitation expenses
22
24
11
7
Services of financial institutions
29
28
10
7
Premises exploitation expenses
18
29
6
7
Representation expenses
8
16
2
4
Inventory impairments and write-offs
(reversals)
176
(50)
48
12
Other
144
169
45
72
1,200
1,243
385
435
2,102
2,113
713
704
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
23
18. Other income and expenses
Group
January-September
July-September
2025
2024
2025
2024
Gain on disposal of non-current assets
229
1
1
-
Rent income
23
25
5
9
Other income
141
17
2
1
Other income
393
43
8
10
Loss from disposal of non-current assets
-
-
-
(2)
Rent costs
(15)
(15)
(4)
-
Other expenses
-
-
2
-
Other expenses
(15)
(15)
(2)
(2)
Company
January-September
July-September
2025
2024
2025
2024
Gain on disposal of non-current assets
229
1
-
-
Rent income
18
20
4
8
Other income
119
8
(88)
-
Other income
366
29
(84)
8
Loss from disposal of non-current assets
-
-
-
-
Rent costs
(10)
(10)
(1)
(2)
Other expenses
(10)
(10)
(1)
(2)
19. Finance costs, net
Group
January-September
July-September
2025
2024
2025
2024
Foreign exchange gain (loss)
(148)
(346)
147
(240)
Interest expenses
(90)
(400)
(92)
(135)
Other
(1,004)
9
(967)
(6)
(1,242)
(737)
(912)
(381)
Company
January-September
July-September
2025
2024
2025
2024
Foreign exchange gain (loss)
(10)
-
-
-
Interest expenses
(90)
(423)
(53)
(142)
Interest income
40
45
10
15
Other
(1,006)
-
(1,006)
-
(1,066)
(378)
(1,049)
(127)
Interim Consolidated Information for the 9 months of 2025 (All amounts are in EUR thousand, unless otherwise stated)
24
20. Basic/dilutive earnings per share
Profit (loss) per share reflect the Group’s net profit/(loss), divided by the outstanding number of shares. Calculation of the profit/(loss)
per share is presented below:
Group
January-September
July-September
2025
2024
2025
2024
Profit/ (loss) attributable to the equity holders of
the Group
(1,345)
(3,163)
(866)
(902)
Weighted average number of shares in issue
(thousand)
9,503
9,503
9,503
9,503
Basic/dilutive earnings per share (in EUR)
(0,14)
(0,33)
(0,09)
(0,09)
21. Subsequent sheet events
