AS Silvano Fashion Group Consolidated Interim Financial Report for Q3 and 9m of 2025 (unaudited

Selected Financial Indicators

Summarized selected financial indicators of the Group for 09 months of 2025 compared to 09 months of 2024 and 30.09.2025 compared to 31.12.2024 were as follows:

in thousands of EUR	09m 2025	09m 2024	Change
Revenue	44 379	46 489	-4.5%
Gross Profit	24 230	27 232	-11.0%
Operating profit	10 258	14 452	-29.0%
EBITDA	12 810	16 724	-23.4%
Net profit for the period	8 985	10 705	-16.1%
Net profit attributable equity holders of the Parent company	8 281	9 711	-14.7%
Earnings per share (EUR)	0,23	0,27	-14.8%
Operating cash flow for the period	6 866	11 251	-39.0%
in thousands of EUR	30.09.2025	31.12.2024	Change
Total assets	91 827	84 489	8.7%
Total current assets	78 210	70 871	10.4%
Total equity attributable to equity holders of the Parent company	74 672	65 993	13.2%
Cash and cash equivalents	7 664	7 683	-0.2%
Short-term deposits over 3 months	37 747	32 007	17.9%
Margin analysis, %	09m 2025	09m 2024	Change
Gross profit	54.6	58.6	-6.8%
Operating profit	23.1	31.1	-25.7%
EBITDA	28.9	36.0	-19.7%
Net profit	20.2	23.0	-12.2%
Net profit attributable to equity holders of the Parent company	18.7	20.9	-10.5%
Financial ratios, %	30.09.2025	31.12.2024	Change
ROA	12.2	15.8	-22.8%
ROE	15.4	20.6	-25.2%
Price to earnings ratio (P/E)	4.1	3.0	36.7%
Current ratio	10.7	6.6	62.1%
Quick ratio	6.7	4.0	67.5%

Financial performance

The Group's sales amounted 44 379 thousand EUR during 09 months of 2025, representing a 4.5% decrease as compared to the same period of previous year. Overall, wholesale decreased by 12.0%, measured in EUR.

The Group's gross profit during 09 months of 2025 amounted to 24 230 thousand EUR and decrease by 11.0% compared to previous year. The gross margin during 09 months of 2025 decreased by 6.8% compared to 09 months of 2024. The cost of sold goods increased by 4.6%.

Consolidated operating profit for 09 months of 2025 amounted to 10 258 thousand EUR, compared to 14 452 thousand EUR for 09 months of 2024, decrease by 29.0%. The consolidated operating profit margin was 23.1% for 09 months of 2025 (31.1% for 09 months of 2024). Consolidated EBITDA for 09 months of 2025 decreased by 23.4% and amounted to 12 810 thousand EUR, which is 28.9% in margin terms (16 724 thousand EUR and 36.0% for 09 months of 2024).

Reported consolidated net profit attributable to equity holders of the Parent company for 09 months of 2025 amounted 8 281 thousand EUR, compared to net profit of 9 711 thousand EUR for 09 months of 2024, net profit margin attributable to equity holders of the Parent company for 09 months of 2025 was 18.7% against net profit margin 20.9% for 09 months of 2024.

Financial position

As of 30 September 2025, consolidated assets amounted to 91 827 thousand EUR representing increase by 8.7% as compared to the position as of 31 December 2024.

Trade and other receivables increased by 566 thousand EUR as compared to 31 December 2024 and amounted to 1 772 thousand EUR as of 30 September 2025. Inventory balance increased by 1 339 thousand EUR and amounted to 29 644 thousand EUR as of 30 September 2025.

Equity attributable to equity holders of the Parent company increased by 8 679 thousand EUR and amounted to 74 672 thousand EUR as of 30 September 2025. Current liabilities decreased by 3 409 thousand EUR during 09 months of 2025.

Investments

During 09 months of 2025 the Group's investments into property, plant and equipment totalled 562 thousand EUR, in previous year same 830 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 2025, the Group employed 1 643 employees, including 547 people in retail operations. The rest were employed in production, wholesale, administration and support operations. In 31.12.2024 there were 1 655 employees, including 518 people in retail operations.

Total salaries and related taxes during 09 months of 2025 amounted 11 648 thousand EUR (10 612 thousand EUR in 09 months 2024). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 665 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR	Note	30.09.2025	31.12.2024
		Unaudited	Audited
ASSETS
Current assets
Cash and cash equivalents	2	7 664	7 683
Short-term deposits over 3 months	2	37 747	32 007
Trade and other receivables	3	1 772	1 206
Prepayments and other tax receivables	3	1 331	1 603
Other assets		52	67
Inventories	4	29 644	28 305
Total current assets		78 210	70 871
Non-current assets
Non-current receivables		321	271
Investments in associates		90	92
Investments in other shares		213	208
Deferred tax asset		3 508	3 347
Intangible assets		650	649
Investment property		835	837
Property, plant and equipment	5	8 000	8 214
Total non-current assets		13 617	13 618
TOTAL ASSETS		91 827	84 489
LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities		720	2 252
Trade and other payables	6	4 218	7 031
Tax liabilities		2 359	1 423
Total current liabilities		7 297	10 706
Non-current liabilities
Deferred tax liability		730	715
Non-current lease liabilities		4 985	3 694
Non-current provisions		44	43
Total non-current liabilities		5 759	4 452
Total liabilities		13 056	15 158
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		-20 097	-20 495
Retained earnings		84 896	76 615
Total equity attributable to equity holders of the Parent company		74 672	65 993
Non-controlling interest		4 099	3 338
Total equity		78 771	69 331
TOTAL EQUITY AND LIABILITIES		91 827	84 489

Consolidated Income Statement

in thousands of EUR	Note	3Q 2025	3Q 2024	09m 2025	09m 2024
		Unaudited	Unaudited	Unaudited	Unaudited
Revenue from contracts with customers	9	15 951	16 344	44 379	46 489
Cost of goods sold		-6 812	-6 301	-20 149	-19 257
Gross Profit		9 139	10 043	24 230	27 232
Distribution expenses		-3 431	-2 950	-9 661	-8 723
Administrative expenses		-1 328	-1 086	-4 000	-3 540
Other operating income		102	71	260	178
Other operating expenses		-185	-188	-571	-695
Operating profit		4 297	5 890	10 258	14 452
Currency exchange income/(expense)		-701	-1 280	737	-415
Other finance income/(expenses)		133	329	347	401
Net finance income		-568	-951	1 084	-14
Profit (loss) from associates using equity method		-1	2	-13	16
Profit before tax		3 728	4 941	11 329	14 454
Income tax expense		-1 022	-2 022	-2 344	-3 749
Profit for the period		2 706	2 919	8 985	10 705
Attributable to:
Equity holders of the Parent company		2 500	2 658	8 281	9 711
Non-controlling interest		206	261	704	994
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR)	8	0,07	0,07	0,23	0,27

Consolidated Statement of Comprehensive Income

in thousands of EUR	Note	3Q 2025	3Q 2024	09m 2025	09m 2024
		Unaudited	Unaudited	Unaudited	Unaudited
Profit for the period		2 706	2 919	8 985	10 705
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations		-764	-563	455	-157
Total other comprehensive income for the period		-764	-563	455	-157
Total comprehensive income (loss) for the period		1 942	2 356	9 440	10 548
Attributable to:
Equity holders of the Parent company		1 820	2 308	8 679	9 621
Non-controlling interest		122	48	761	927

Consolidated Statement of Cash Flows

in thousands of EUR	Note	09m 2025	09m 2024
Cash flow from operating activities		Unaudited	Unaudited
Profit for the period		8 985	10 705
Adjustments for:
Depreciation and amortization of non-current assets		2 552	2 272
Share of profit of equity accounted investees		13	-16
Gains/Losses on the sale of property, plant and equipment		1	7
Net finance income / costs		-1 084	14
Provision for impairment losses on trade receivables		1	-1
Provision for inventories		4	2
Income tax expense		2 344	3 749
Change in inventories		-1 339	-647
Change in trade and other receivables		-329	16
Change in trade and other payables		-2 417	-2 021
Interest paid		-7	0
Income tax paid		-1 858	-2 829
Net cash flow from operating activities		6 866	11 251
Cash flow from investing activities
Interest received		1 011	997
Dividends received		12	8
Purchase of other financial investments		-50 400	0
Proceeds from other financial investments		44 700	0
Proceeds from disposal of property, plant and equipment		1	21
Loans granted		-11	0
Proceeds from repayments of loans granted		11	29
Acquisition of property, plant and equipment		-562	-830
Acquisition of intangible assets		-38	-112
Net cash flow from investing activities		-5 276	113
Cash flow from financing activities
Proceeds from borrowings		500	4 000
Repayment of borrowings		-500	-4 000
Payment of principal portion of lease liabilities		-1 847	-1 659
Interest paid on lease liabilities		-660	-553
Dividends paid		0	-610
Net cash flow from financing activities		-2 507	-2 822
Net increase/decrease in cash and cash equivalents		-917	8 542
Cash and cash equivalents at the beginning of period	2	7 683	32 878
Effect of translation to presentation currency		1 321	-404
Effect of exchange rate fluctuations on cash held	2	-423	-128
Cash and cash equivalents at the end of period		7 664	40 888

AS Silvano Fashion Group
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