AS Silvano Fashion Group Consolidated Interim Financial Report for Q2 and 06m of 2026

Selected Financial Indicators

Summarized selected financial indicators of the Group for 06 months of 2026 compared to 06 months of 2025 and 30.06.2026 compared to 31.12.2025 were as follows:

in thousands of EUR	06m 2026	06m 2025	Change
Revenue	28 590	28 428	0.6%
Gross Profit	15 892	15 091	5.3%
Operating profit	5 751	5 961	-3.5%
EBITDA	7 508	7 566	-0.8%
Net profit for the period	4 321	6 279	-31.2%
Net profit attributable equity holders of the Parent company	3 961	5 781	-31.5%
Earnings per share (EUR)	0,11	0,16	-31.3%
Operating cash flow for the period	6 842	3 481	96.6%
in thousands of EUR	30.06.2026	31.12.2025	Change
Total assets	98 603	93 847	5.1%
Total current assets	85 377	79 659	7.2%
Total equity attributable to equity holders of the Parent company	81 479	76 768	6.1%
Cash and cash equivalents	12 443	6 639	87.4%
Short-term deposits over 3 months	38 707	38 311	1.0%
Margin analysis, %	06m 2026	06m 2025	Change
Gross profit	55.6	53.1	4.7%
Operating profit	20.1	21.0	-4.3%
EBITDA	26.3	26.6	-1.1%
Net profit	15.1	22.1	-31.7%
Net profit attributable to equity holders of the Parent company	13.9	20.3	-31.5%
Financial ratios, %	30.06.2026	31.12.2025	Change
ROA	7.8	10.0	-22.0%
ROE	9.5	12.5	-24.0%
Price to earnings ratio (P/E)	5.3	4.9	8.2%
Current ratio	10.3	8.6	19.8%
Quick ratio	6.7	5.2	28.8%

Financial performance

The Group's sales amounted 28 590 thousand EUR during 06 months of 2026, representing a 0.6% increase as compared to the same period of previous year. Overall, retail increased by 13.6%, measured in EUR.

The Group's gross profit during 06 months of 2026 amounted to 15 892 thousand EUR and increase by 5.3% compared to previous year. The gross margin during 06 months of 2026 increased by 4.7% compared to 06 months of 2025. The cost of sold goods decreased by 4.8%.

Consolidated operating profit for 06 months of 2026 amounted to 5 751 thousand EUR, compared to 5 961 thousand EUR for 06 months of 2025, decrease by 3.5%. The consolidated operating profit margin was 20.1% for 06 months of 2026 (21.0% for 06 months of 2025). Consolidated EBITDA for 06 months of 2026 decreased by 0.8% and amounted to 7 508 thousand EUR, which is 26.3% in margin terms (7 566 thousand EUR and 26.6% for 06 months of 2025).

Reported consolidated net profit attributable to equity holders of the Parent company for 06 months of 2026 amounted 3 961 thousand EUR, compared to net profit of 5 781 thousand EUR for 06 months of 2025, net profit margin attributable to equity holders of the Parent company for 06 months of 2026 was 13.9% against net profit margin 20.3% for 06 months of 2025.

Financial position

As of 30 June 2026, consolidated assets amounted to 98 603 thousand EUR representing increase by 5.1% as compared to the position as of 31 December 2025.

Trade and other receivables increased by 846 thousand EUR as compared to 31 December 2025 and amounted to 2 175 thousand EUR as of 30 June 2026. Inventory balance decreased by 1 535 thousand EUR and amounted to 29 702 thousand EUR as of 30 June 2026.

Equity attributable to equity holders of the Parent company increased by 4 711 thousand EUR and amounted to 81 479 thousand EUR as of 30 June 2026. Current liabilities decreased by 1 002 thousand EUR during 06 months of 2026.

Investments

During 06 months of 2026 the Group's investments into property, plant and equipment totalled 115 thousand EUR, in previous year same 368 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 June 2026, the Group employed 1 594 employees, including 553 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 06 months of 2026 amounted 8 838 thousand EUR (7 885 thousand EUR in 06 months 2025). The remuneration of key management of the Group, including the key executives of all subsidiaries, totalled 708 thousand EUR.

Consolidated Statement of Financial Position

in thousands of EUR	Note	30.06.2026	31.12.2025
		Unaudited	Audited
ASSETS
Current assets
Cash and cash equivalents	2	12 443	6 639
Short-term deposits over 3 months	2	38 707	38 311
Trade and other receivables	3	2 175	1 329
Prepayments and other tax receivables	3	2 302	2 106
Other assets		48	37
Inventories	4	29 702	31 237
Total current assets		85 377	79 659
Non-current assets
Non-current receivables		331	313
Investments in associates		97	97
Investments in other shares		228	221
Deferred tax asset		3 323	3 656
Intangible assets		666	658
Investment property		870	859
Property, plant and equipment	5	7 711	8 384
Total non-current assets		13 226	14 188
TOTAL ASSETS		98 603	93 847
LIABILITIES AND EQUITY
Current liabilities
Current lease liabilities		1 318	2 519
Trade and other payables	6	4 295	5 506
Tax liabilities		2 677	1 267
Total current liabilities		8 290	9 292
Non-current liabilities
Non-current lease liabilities		3 969	3 389
Non-current provisions		47	45
Total non-current liabilities		4 016	3 434
Total liabilities		12 306	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		-18 199	-18 949
Retained earnings		89 805	85 844
Total equity attributable to equity holders of the Parent company		81 479	76 768
Non-controlling interest		4 818	4 353
Total equity		86 297	81 121
TOTAL EQUITY AND LIABILITIES		98 603	93 847

Consolidated Income Statement

in thousands of EUR	Note	2Q 2026	2Q 2025	06m 2026	06m 2025
		Unaudited	Unaudited	Unaudited	Unaudited
Revenue from contracts with customers	9	16 774	16 412	28 590	28 428
Cost of goods sold		-7 538	-7 165	-12 698	-13 337
Gross Profit		9 236	9 247	15 892	15 091
Distribution expenses		-3 566	-3 210	-6 912	-6 230
Administrative expenses		-1 542	-1 389	-3 084	-2 672
Other operating income		108	95	210	158
Other operating expenses		-176	-184	-355	-386
Operating profit		4 060	4 559	5 751	5 961
Currency exchange income/(expense)		411	-395	152	1 438
Other finance income/(expenses)		171	102	292	214
Net finance income		582	-293	444	1 652
Profit (loss) from associates using equity method		0	-5	-4	-12
Profit before tax		4 642	4 261	6 191	7 601
Income tax expense		-1 367	-951	-1 870	-1 322
Profit for the period		3 275	3 310	4 321	6 279
Attributable to:
Equity holders of the Parent company		3 048	3 029	3 961	5 781
Non-controlling interest		227	281	360	498
Earnings per share from profit attributable to equity holders of the Parent company, both basic and diluted (EUR)	8	0,08	0,08	0,11	0,16

Consolidated Statement of Comprehensive Income

in thousands of EUR	Note	2Q 2026	2Q 2025	06m 2026	06m 2025
		Unaudited	Unaudited	Unaudited	Unaudited
Profit for the period		3 275	3 310	4 321	6 279
Other comprehensive income (loss) that will be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operations		571	-696	855	1 219
Total other comprehensive income for the period		571	-696	855	1 219
Total comprehensive income (loss) for the period		3 846	2 614	5 176	7 498
Attributable to:
Equity holders of the Parent company		3 547	2 462	4 711	6 859
Non-controlling interest		299	152	465	639

Consolidated Statement of Cash Flows

in thousands of EUR	Note	06m 2026	06m 2025
Cash flow from operating activities		Unaudited	Unaudited
Profit for the period		4 321	6 279
Adjustments for:
Depreciation and amortization of non-current assets		1 757	1 605
Share of profit of equity accounted investees		4	12
Gains/Losses on the sale of property, plant and equipment		6	1
Net finance income / costs		-444	-1 652
Provision for impairment losses on trade receivables		2	2
Provision for inventories		6	3
Income tax expense		1 870	1 322
Change in inventories		1 535	-3 269
Change in trade and other receivables		-1 118	-712
Change in trade and other payables		-338	680
Interest paid		0	-7
Income tax paid		-759	-783
Net cash flow from operating activities		6 842	3 481
Cash flow from investing activities
Interest received		674	820
Dividends received		0	12
Purchase of other financial investments		-26 650	-37 100
Proceeds from other financial investments		26 300	31 800
Proceeds from disposal of property, plant and equipment		3	7
Loans granted		0	-11
Proceeds from repayments of loans granted		0	7
Acquisition of property, plant and equipment		-115	-368
Acquisition of intangible assets		-27	-38
Net cash flow from investing activities		185	-4 871
Cash flow from financing activities
Proceeds from borrowings		0	500
Repayment of borrowings		0	-500
Payment of principal portion of lease liabilities		-1 503	-1 207
Interest paid on lease liabilities		-426	-423
Dividends paid		0	0
Net cash flow from financing activities		-1 929	-1 630
Net increase/decrease in cash and cash equivalents		5 098	-3 020
Cash and cash equivalents at the beginning of period	2	6 639	7 683
Effect of translation to presentation currency		979	1 358
Effect of exchange rate fluctuations on cash held		-273	-140
Cash and cash equivalents at the end of period	2	12 443	5 881

AS Silvano Fashion Group
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