Management report
In 2025 AS Linda Nektar (the Company's) unaudited turnover was EUR 2,754,309 (12 months 2024: EUR 2,543,793). This was slightly higher than the August 2025 reiterated management guidance for EUR 2.6m for the whole of 2025. The 12 months of 2025 ended in a net loss of EUR 268,104 (12 months 2024: net loss EUR 146,343), predominantly impacted by higher operational and labour costs. The industry remains affected by ongoing macroeconomic volatility, inflation and weak consumer demand. This situation has been worsened by higher excise taxes on beverages and stricter alcohol regulations in some countries. As a result, sales volumes in the alcohol sector have decreased and price competition has intensified, which in turn weakens profitability. The Company is responding to the changing situation by developing its product portfolio in line with consumer demand and by seeking new sales opportunities by investing in marketing and sales promotion activities.
The non-alcoholic product platform, launched in the first half of the year to meet growing demand for fermented non-alcoholic beverages, was further promoted to its target audience across multiple channels during the reporting period. Additionally, the new concept was showcased more widely at the Food Ingredients trade fair in Paris in early December. With this addition, the Company is strategically positioned to meet the growing demand for non-alcoholic beverages. The Company remains confident that its non-alcoholic fermented products will differentiate themselves in the market by offering a unique solution that perfectly matches consumer preferences and broader industry trends. It is important to note that developing new products with customers usually requires a certain amount of lead time.
As of 31 December 2025, the Company's total assets came to EUR 2,962,093 (31.12.2024: EUR 3,409,922), marking a decrease of 13.1 % year-on-year. Current assets amounted to EUR 785,823 (31.12.2024: 1,119,049) or 26.5% of total assets. Fixed assets amounted to EUR 2,176,270 (31.12.2024: EUR 2,290,873) or 73.5% of the balance sheet total. Cash and cash equivalents came to EUR 133,165 (31.12.2024: EUR 125,136).
Operating cash flow for the 12 months of 2025 was EUR 325,667 (12 months 2024: EUR 151,985). The liabilities of AS Linda Nektar totalled EUR 118,097 (31.12.2024: EUR 203,013) and equity amounted to EUR 2,843,996 (31.12.2024: EUR 3,206,909).
The company prioritises cost-efficient operations, advancing digital capabilities, and promoting environmental sustainability in its investments to support business goals. A total of EUR 215,806 was invested into fixed assets (12 months 2024: EUR 157,240). Depreciation costs for the 12 months of 2025 amounted to EUR 330,409 (12 months 2024: EUR 355,080). In 2025, the Company began the project "Implementation of Linda Nektar's Digitalisation Roadmap" with support from the Estonian Business and Innovation Agency. The project period: 15.05.2025-31.05.2026. The aim of the project is to digitalise Linda Nektar's core and support processes and to implement ERP software for a manufacturing company. As a result of the project, customised ERP software will be developed and implemented. As a long-term result, the use of company resources and the quality of production data analysis will improve. The project is financed through NextGenerationEU funds under the European Union Recovery Instrument. The subsidy EUR 165,241 will be paid out if the investment is implemented no later than 31.05.2026.
As of 31 December 2025, the Company had 15 employees, one Management Board Member and three Supervisory Board Members. Labour costs for the 12 months of 2025 (including taxes) amounted to EUR 602,257 (12 months 2024: EUR 522,685). Labour costs have risen owing to the establishment of a new position aimed at strengthening marketing and sales initiatives, alongside overall wage inflation.
In 2025, the Company paid a total of EUR 94,808 in two dividend payments (12 months 2024: EUR 126,412). The income tax cost on dividends was EUR 26,741 (12 months 2024: EUR 20,578).
After carefully considering market conditions, management's guidance for 2026 revenues is EUR 2.7m, indicating a flat outcome compared with 2025.
Additional information:Kadri Rauba
Member of Management Board
AS Linda Nektar
Address: Kobela, Antsla parish
66407 Võrumaa, Estonia
Telephone: +372 785 5768
E-mail: info@lindanektar.ee
