AS Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 09m of 2026
Selected Financial Indicators
Summarized selected financial indicators of the Group for 09 months of 2026 compared to 09 months of 2025 and 30.09.2026 compared to 31.12.2025 were as follows:
| in thousands of EUR | 09m 2026 | 09m 2025 | Change |
| Revenue | 44 722 | 44 379 | 0.8% |
| Gross Profit | 25 217 | 24 230 | 4.1% |
| Operating profit | 10 086 | 10 258 | -1.7% |
| EBITDA | 12 790 | 12 810 | -0.2% |
| Net profit for the period | 7 045 | 8 985 | -21.6% |
| Net profit attributable equity holders of the Parent company | 6 496 | 8 281 | -21.6% |
| Earnings per share (EUR) | 0,18 | 0,23 | -21.7% |
| Operating cash flow for the period | 14 533 | 6 866 | 111.7% |
| in thousands of EUR | 30.09.2026 | 31.12.2025 | Change |
| Total assets | 98 164 | 93 847 | 4.6% |
| Total current assets | 86 344 | 79 659 | 8.4% |
| Total equity attributable to equity holders of the Parent company | 82 338 | 76 768 | 7.3% |
| Cash and cash equivalents | 16 906 | 6 639 | 154.6% |
| Short-term deposits over 3 months | 39 117 | 38 311 | 2.1% |
| Margin analysis, % | 09m 2026 | 09m 2025 | Change |
| Gross profit | 56.4 | 54.6 | 3.3% |
| Operating profit | 22.6 | 23.1 | -2.2% |
| EBITDA | 28.6 | 28.9 | -1.0% |
| Net profit | 15.8 | 20.2 | -21.8% |
| Net profit attributable to equity holders of the Parent company | 14.5 | 18.7 | -22.5% |
| Financial ratios, % | 30.09.2026 | 31.12.2025 | Change |
| ROA | 7.7 | 10.0 | -23.0% |
| ROE | 9.3 | 12.5 | -25.6% |
| Price to earnings ratio (P/E) | 5.3 | 4.9 | 8.2% |
| Current ratio | 12.4 | 8.6 | 44.2% |
| Quick ratio | 8.6 | 5.2 | 65.4% |
Financial performance
The Group`s sales amounted 44 722 thousand EUR during 09 months of 2026, representing a 0.8% increase as compared to the same period of previous year. Overall, retail increased by 12.8%, measured in EUR.
The Group’s gross profit during 09 months of 2026 amounted to 25 217 thousand EUR and increase by 4.1% compared to previous year. The gross margin during 09 months of 2026 increased by 3.3% compared to 09 months of 2025. The cost of sold goods decreased by 3.2%.
Consolidated operating profit for 09 months of 2026 amounted to 10 086 thousand EUR, compared to 10 258 thousand EUR for 09 months of 2025, decrease by 1.7%. The consolidated operating profit margin was 22.6% for 09 months of 2026 (23.1% for 09 months of 2025). Consolidated EBITDA for 09 months of 2026 decreased by 0.2% and amounted to 12 790 thousand EUR, which is 28.6% in margin terms (12 810 thousand EUR and 28.9% for 09 months of 2025).
Reported consolidated net profit attributable to equity holders of the Parent company for 09 months of 2026 amounted 6 496 thousand EUR, compared to net profit of 8 281 thousand EUR for 09 months of 2025, net profit margin attributable to equity holders of the Parent company for 09 months of 2026 was 14.5% against net profit margin 18.7% for 09 months of 2025.
Financial position
As of 30 September 2026, consolidated assets amounted to 98 164 thousand EUR representing increase by 4.6% as compared to the position as of 31 December 2025.
Trade and other receivables increased by 524 thousand EUR as compared to 31 December 2025 and amounted to 1 853 thousand EUR as of 30 September 2026. Inventory balance decreased by 4 928 thousand EUR and amounted to 26 309 thousand EUR as of 30 September 2026.
Equity attributable to equity holders of the Parent company increased by 5 570 thousand EUR and amounted to 82 338 thousand EUR as of 30 September 2026. Current liabilities decreased by 2 316 thousand EUR during 09 months of 2026.
Investments
During 09 months of 2026 the Group’s investments into property, plant and equipment totalled 164 thousand EUR, in previous year same 562 thousand EUR. Investments were made mainly into opening and renovating own stores, as well into equipment and facilities to maintain effective production for future periods.
Personnel
As of 30 September 2026, the Group employed 1 561 employees, including 539 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2025 there were 1 639 employees, including 552 people in retail operations.
Total salaries and related taxes during 09 months of 2026 amounted 12 844 thousand EUR (11 648 thousand EUR in 09 months 2025). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 1 052 thousand EUR.
Consolidated Statement of Financial Position
| in thousands of EUR | Note | 30.09.2026 | 31.12.2025 |
| Unaudited | Audited | ||
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 2 | 16 906 | 6 639 |
| Short-term deposits over 3 months | 2 | 39 117 | 38 311 |
| Trade and other receivables | 3 | 1 853 | 1 329 |
| Prepayments and other tax receivables | 3 | 2 114 | 2 106 |
| Other assets | 45 | 37 | |
| Inventories | 4 | 26 309 | 31 237 |
| Total current assets | 86 344 | 79 659 | |
| Non-current assets | |||
| Non-current receivables | 307 | 313 | |
| Investments in associates | 92 | 97 | |
| Investments in other shares | 220 | 221 | |
| Deferred tax asset | 3 052 | 3 656 | |
| Intangible assets | 634 | 658 | |
| Investment property | 833 | 859 | |
| Property, plant and equipment | 5 | 6 682 | 8 384 |
| Total non-current assets | 11 820 | 14 188 | |
| TOTAL ASSETS | 98 164 | 93 847 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Current lease liabilities | 593 | 2 519 | |
| Trade and other payables | 6 | 3 849 | 5 506 |
| Tax liabilities | 2 534 | 1 267 | |
| Total current liabilities | 6 976 | 9 292 | |
| Non-current liabilities | |||
| Non-current lease liabilities | 3 966 | 3 389 | |
| Non-current provisions | 45 | 45 | |
| Total non-current liabilities | 4 011 | 3 434 | |
| Total liabilities | 10 987 | 12 726 | |
| Equity | |||
| Share capital | 7 | 3 600 | 3 600 |
| Share premium | 4 967 | 4 967 | |
| Statutory reserve capital | 1 306 | 1 306 | |
| Unrealised exchange rate differences | -19 875 | -18 949 | |
| Retained earnings | 92 340 | 85 844 | |
| Total equity attributable to equity holders of the Parent company | 82 338 | 76 768 | |
| Non-controlling interest | 4 839 | 4 353 | |
| Total equity | 87 177 | 81 121 | |
| TOTAL EQUITY AND LIABILITIES | 98 164 | 93 847 |
Consolidated Income Statement
| in thousands of EUR | Note | 3Q 2026 | 3Q 2025 | 09m 2026 | 09m 2025 |
| Unaudited | Unaudited | Unaudited | Unaudited | ||
| Revenue from contracts with customers | 9 | 16 132 | 15 951 | 44 722 | 44 379 |
| Cost of goods sold | -6 807 | -6 812 | -19 505 | -20 149 | |
| Gross Profit | 9 325 | 9 139 | 25 217 | 24 230 | |
| Distribution expenses | -3 569 | -3 431 | -10 481 | -9 661 | |
| Administrative expenses | -1 422 | -1 328 | -4 506 | -4 000 | |
| Other operating income | 133 | 102 | 343 | 260 | |
| Other operating expenses | -132 | -185 | -487 | -571 | |
| Operating profit | 4 335 | 4 297 | 10 086 | 10 258 | |
| Currency exchange income/(expense) | -850 | -701 | -698 | 737 | |
| Other finance income/(expenses) | 256 | 133 | 548 | 347 | |
| Net finance income | -594 | -568 | -150 | 1 084 | |
| Profit (loss) from associates using equity method | 2 | -1 | -2 | -13 | |
| Profit before tax | 3 743 | 3 728 | 9 934 | 11 329 | |
| Income tax expense | -1 019 | -1 022 | -2 889 | -2 344 | |
| Profit for the period | 2 724 | 2 706 | 7 045 | 8 985 | |
| Attributable to: | |||||
| Equity holders of the Parent company | 2 535 | 2 500 | 6 496 | 8 281 | |
| Non-controlling interest | 189 | 206 | 549 | 704 | |
| Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR) | 8 | 0,07 | 0,07 | 0,18 | 0,23 |
Consolidated Statement of Comprehensive Income
| in thousands of EUR | Note | 3Q 2026 | 3Q 2025 | 09m 2026 | 09m 2025 |
| Unaudited | Unaudited | Unaudited | Unaudited | ||
| Profit for the period | 2 724 | 2 706 | 7 045 | 8 985 | |
| Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods: | |||||
| Exchange differences on translation of foreign operations | -1 844 | -764 | -989 | 455 | |
| Total other comprehensive income for the period | -1 844 | -764 | -989 | 455 | |
| Total comprehensive income (loss) for the period | 880 | 1 942 | 6 056 | 9 440 | |
| Attributable to: | |||||
| Equity holders of the Parent company | 859 | 1 820 | 5 570 | 8 679 | |
| Non-controlling interest | 21 | 122 | 486 | 761 | |
Consolidated Statement of Cash Flows
| in thousands of EUR | Note | 09m 2026 | 09m 2025 |
| Cash flow from operating activities | Unaudited | Unaudited | |
| Profit for the period | 7 045 | 8 985 | |
| Adjustments for: | |||
| Depreciation and amortization of non-current assets | 2 704 | 2 552 | |
| Share of profit of equity accounted investees | 2 | 13 | |
| Gains/Losses on the sale of property, plant and equipment | 7 | 1 | |
| Net finance income / costs | 150 | -1 084 | |
| Provision for impairment losses on trade receivables | -1 | 1 | |
| Provision for inventories | -24 | 4 | |
| Income tax expense | 2 889 | 2 344 | |
| Change in inventories | 4 928 | -1 339 | |
| Change in trade and other receivables | -601 | -329 | |
| Change in trade and other payables | -788 | -2 417 | |
| Interest paid | 0 | -7 | |
| Income tax paid | -1 778 | -1 858 | |
| Net cash flow from operating activities | 14 533 | 6 866 | |
| Cash flow from investing activities | |||
| Interest received | 1 275 | 1 011 | |
| Dividends received | 0 | 12 | |
| Purchase of other financial investments | -52 000 | -50 400 | |
| Proceeds from other financial investments | 51 100 | 44 700 | |
| Proceeds from disposal of property, plant and equipment | 49 | 1 | |
| Loans granted | 0 | -11 | |
| Proceeds from repayments of loans granted | 0 | 11 | |
| Acquisition of property, plant and equipment | -164 | -562 | |
| Acquisition of intangible assets | -36 | -38 | |
| Net cash flow from investing activities | 224 | -5 276 | |
| Cash flow from financing activities | |||
| Proceeds from borrowings | 0 | 500 | |
| Repayment of borrowings | 0 | -500 | |
| Payment of principal portion of lease liabilities | -2 199 | -1 847 | |
| Interest paid on lease liabilities | -622 | -660 | |
| Net cash flow from financing activities | -2 821 | -2 507 | |
| Net increase/decrease in cash and cash equivalents | 11 936 | -917 | |
| Cash and cash equivalents at the beginning of period | 2 | 6 639 | 7 683 |
| Effect of translation to presentation currency | -1 574 | 1 321 | |
| Effect of exchange rate fluctuations on cash held | -95 | -423 | |
| Cash and cash equivalents at the end of period | 2 | 16 906 | 7 664 |
AS Silvano Fashion Group
Phone: +372 6845 000
Email: info@silvanofashion.com
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