Interim report
Page 1
Consolidated Condensed Interim Financial Statements Reporting Period 01.01.2026.–30.06.2026.
Page 2
AGROVA BALTICS GROUP’S OVERVIEW 3 MANAGEMENT REPORT 7 Corporate governance 9 Operational Strategic Highlight 17 Overview of the Egg Industry 21 Agrova Baltics Group’s Sales Results 23 Industry Highlights 27 Key Ratios and Indicators (Management Data) 31 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 32 Statement of Profit or Loss 32 Balance Sheet 33 Cash Flow Statement 36 Notes of the Financial Statements 37 Content
Page 3
3 Agrova Baltics Group’s Overview Name of the parent company of the Agrova Baltics Group Agrova Baltics (formerly APF Holdings) –, hereinafter also referred to as the “Company” Legal status of the Agrova Baltics Group’s parent company Joint Stock Company (JSC) Agrova Baltics Group parent company registration number, place and date of registration in the Commercial Register No.50203047991, Riga, 3 February 2017 Address of the parent company of the Agrova Baltics Group Maldugunu street 4, Marupes district, Marupe, LV-2167, Latvia Nature of the Agrova Baltics Group’s main activities AS Agrova Baltics is a Latvia-based holding company managing a vertically integrated group operating in poultry farming, egg production, egg products, and high value-added egg protein segments, ensuring a fully integrated value chain – from primary production to processing, brand development, and commercial distribution in domestic and export markets (hereinafter also referred to as “AB Group” or “Agrova Baltics Group”). As of November 2023, the shares of AS Agrova Baltics are traded on the Nasdaq Baltic First North Market (ISIN LV0000101921) with the ticker “EGG” (NASDAQ: EGG). On 29 December 2025, the Company’s name change from AS APF Holdings to AS Agrova Baltics was registered with the Register of Enterprises of the Republic of Latvia. Activity code (NACE): NACE 2.1 64.2 Activities of holding companies and financial conduit companies NACE 2.1 70.10 Activities of head offices Activities of subsidiaries – Poultry farming, production of chicken eggs, sale of products containing eggs and egg protein. Activity codes of subsidiaries (NACE): NACE 2.1 01.47 Poultry farming NACE 2.1 46.39 Non-specialised wholesale of foodstuffs, beverages and tobacco NACE 2.1 46.33 Wholesale of milk, milk products, eggs and edible fats and oils
Page 4
4 Shareholders of the Agrova Baltics Group 80.55% – AS Agrova International 19.45% – Minority shareholders Members of Agrova Baltics Group’s Management Board Jurijs Adamovičs, Chairman of the Management Board Hermanis Dovgijs, Member of the Management Board Mihails Keziks, Member of the Management Board Members of Agrova Baltics Group’s Supervisory Board Uldis Iltners, Chairman of the Supervisory Board (17.08.2023.– 12.12.2025., re-elected from 12.12.2025. for a five-year term) Ruta Amtmane, Deputy Chairwoman of the Supervisory Board (30.06.2025.–12.12.2025., re-elected from 12.12.2025. for a five-year term) Aleksandrs Adamovičs, Member of the Supervisory Board (17.08.2023.–12.12.2025., re-elected from 12.12.2025. for a five- year term) Miguel Franco De Portugal Trigoso Jordao, Member of the Supervisory Board (17.08.2023.–12.12.2025., re-elected from 12.12.2025. for a five-year term) Dmytro Kistechko, Member of the Supervisory Board (elected from 12.12.2025. for a five-year term) Reporting period 01.01.2026. – 30.06.2026. Previous reporting period 01.01.2025. – 30.06.2025. SIA OLUKSNE SIA ALŪKSNES PUTNU FERMA SIA APF TRADING SIA PREIĻU PUTNI SIA AGROVA ENERGY THE CHICK GAME STUDIOS LTD. AS AGROVA BALTICS 100%51%
Page 5
5 Subsidiaries of the Agrova Baltics Group SIA Alūksnes putnu ferma, registration No. 43203003333, 100% address: “Putni”, Ziemera parish, Alūksnes nov., LV-4301, Latvia, is the most strategically important production company of AB Group, which is engaged in chicken breeding and egg production and processing. Founded in 1996, it forms the backbone of the AB Group’s core business. SIA APF Trading, registration No. 50203051041, 100% address: Maldugunu street 4, Marupe, Marupes district, LV-2167, Latvia. Manages egg wholesale, including distribution to major retail chains and B2B customers throughout the Baltics and the EU. The subsidiary also manages an online store www.fiteg2.com, which offers high-quality products. SIA Oluksne, registration No. 50203050741, 100% address: “Putni”, Ziemera parish, Alūksnes nov., LV-4301, Latvia. Organizes and carries out the provision of technical personnel involved in production processes. SIA Preiļu putni, registration No. 40203289853, 100% address: Maldugunu street 4, Marupe, Marupes district, LV-2167, Latvia. The company is in the final phase of project implementation. After the start of operational activities, it will become an important link in the integrated supply chain, ensuring stable, high-quality and healthy delivery of laying hens to the main production plant of AB Group – SIA Alūksnes putnu ferma, thus promoting efficiency in the entire production process. SIA Agrova Energy (formerly SIA APF Energy), registration No. 40203352847 , 100% address: 4 Maldugunu Street, Marupe, Marupe district, LV-2167, Latvia. It is currently in the project phase and its goal is to develop biomass processing, biomethane production and organic fertilizer solutions in the future, promoting the AB Group’s vision of the circular economy. The Chick Game Studios Ltd., registration No. 14132948, 51% 250 Seagrave Road, Sileby, Loughborough, England, LE12 7NJ – the official developer and operator of The Chick Game Platform (www.thechickgame.com). The platform is available on Google Play and Apple Store. The Chick Game Studios Ltd., by combining interactive gameplay, exciting educational content, and unique product-related awards, fosters brand loyalty, expands market reach, and creates new, scalable digital revenue streams.
Page 6
6 AS Agrova Baltics was established in 2017 with the objective of acquiring and developing a long-standing poultry business based in Alūksne. Today, AS Agrova Baltics provides a fully integrated value chain – from pullet rearing to the production, processing, and wholesale of eggs, egg products, and egg proteins, as well as the sustainable utilization of by-products for energy and organic fertilizer production. AB Group’s core revenues are generated from the sale of eggs and egg products. New development directions, including manure-based fertilizer production and biogas generation, are currently in the project development stage. In addition to traditional food production, AB Group is developing the functional nutrition segment, leveraging eggs as a high-value raw material for health, nutrition, and sports nutrition solutions. For this purpose, the Fiteg² brand has been established – a product line including egg white protein powders, bars, collagen capsules, and other functional nutrition products. The brand is expanding through digital sales and e-commerce channels, in close cooperation with strategic retail partners. More information: www.fiteg2.com
Page 7
7 Management Report Dear Shareholders and Investors! The first half of 2026 marks an important stage in the development of Agrova Baltics Group – the production capacity created during the previous investment cycle has reached full utilisation, while the foundations for the next stage of growth are already being laid. During the reporting period, egg sales volume reached 79 million eggs, representing an increase of 34% compared with the corresponding period of the previous year. Consolidated net revenue increased by 51.7% to EUR 15.2 million, while adjusted EBITDA increased by 96% to EUR 6.59 million. The adjusted EBITDA margin reached 43.4%, compared with 33.5% a year earlier. What is significant about these results is not only the growth itself, but also its quality. Financial performance increased faster than sales volume, demonstrating the contribution of greater production scale and higher capacity utilisation to operational efficiency. Return on equity reached 44.3%, return on capital employed reached 29.8%, while the ratio of net external debt to annualised adjusted EBITDA decreased to 0.7x. At the same time, the first half of the year marks the beginning of the next investment cycle. Three new laying hen houses with a total capacity of 375,000 birds are being developed in Alūksne, while a pullet rearing facility with capacity of up to 500,000 pullets per year is being developed in Preiļi. The project in Preiļi strengthens Agrova Baltics Group’s vertical integration, providing greater control over pullet quality, biosecurity and continuity of the production cycle. The direction of Phase V of the investment programme is closely linked to changes in the European egg market. Demand for cage-free eggs in the region continues to exceed available production capacity, and a significant share of the new investments is therefore concentrated specifically in this segment. Long-term growth is based not on a short-term pricing cycle, but on the ability to develop production in segments where sustainable demand and long-term market potential are evident. The market scale of Agrova Baltics Group is also changing increasingly clearly. In the first half of 2026, 75% of egg sales volume was generated outside Latvia, compared with 54% a year earlier. The Latvian market continues to play an important role, but the growing share of exports demonstrates that Agrova Baltics Group’s operational scale is increasingly extending beyond the domestic market and that the company is strengthening its presence in the Baltics and other European markets. As production volumes and the role of exports increase, quality management and process discipline are also becoming increasingly important. In the first half of 2026, SIA Alūksnes putnu ferma successfully completed its annual ISO 50001 energy management system audit, once again confirming that the system implemented in 2023 complies with the requirements of the standard.
Page 8
8 A flexible and disciplined approach is maintained in financing. The base prospectus for a bond programme with a total amount of up to EUR 30 million, approved by Latvijas Banka, creates the opportunity, if required, to use the capital markets as one of the financing sources for future investments. The need to raise such financing will be assessed in line with investment requirements, the pace of project development, market conditions and the cost of capital. Alongside the growth of the core business, the development of higher value-added products also continues. In the first half of 2026, Fiteg² significantly expanded its sales footprint, substantially increasing the share of sales generated in the other Baltic markets, while the repeat purchase rate in the e-commerce channel reached 33.33%. This business direction remains at a development stage, but its long-term potential will depend on the ability to build sustainable consumer demand, expand its presence in export markets, and develop a portfolio of higher value-added egg protein products. 2026 is also a special year for Agrova Baltics Group for another reason – SIA Alūksnes putnu ferma marks 65 years of egg production in Alūksne. This is more than a milestone in the company’s history. Six decades of production experience are today combined with modern technologies, expanding capacity, international quality standards and an increasingly broad export market. It is precisely this combination – industry experience and the ability to continuously modernise – that represents one of Agrova Baltics Group’s strengths. In the second half of 2026, we will continue to focus on implementing the projects already under way – progressing Phase V of the investment programme, ensuring efficient utilisation of existing production capacity, developing exports and maintaining disciplined capital management. Agrova Baltics Group has reached a stage of development where not only the ability to increase production capacity, but also the ability to use invested capital efficiently, maintain high operational quality and convert greater scale into sustainable profit and cash flow is becoming increasingly important. Thank you to our team for their professional work, to our customers and business partners for their trust, and to our shareholders and investors for their support of the development of Agrova Baltics Group. Yours sincerely, Jurijs Adamovičs Founder and Chairman of the Management Board
Page 9
9 Corporate governance Company implements corporate governance based on the principles of transparency, accountability, equal treatment of shareholders, and timely disclosure of information. The Company’s governance structure consists of the General Meeting of Shareholders, the Supervisory Board, and the Management Board. This section provides information on the Company’s governance structure, shareholders’ rights, the work of the Supervisory Board and the Management Board. General Meeting of Shareholders All shares of the Company are dematerialized and carry equal rights to receive dividends, liquidation quotas, and voting rights at the shareholders’ meeting. The General Meeting of Shareholders is convened in accordance with the procedures and circumstances set out in the Commercial Law. Extraordinary meetings are convened when necessary. The competence of the Company’s General Meeting of Shareholders includes: • Appointment and dismissal of Supervisory Board members; • Determination of remuneration for Supervisory Board members; • Approval of amendments to the Articles of Association; • Decisions on reorganization; • Decisions on share capital increases or decreases; • Decisions on the issuance and conversion of securities; • Approval of the AB Group’s annual report and decisions regarding profit distribution; • Appointment of the auditor for the annual financial audit. Dividend Policy The Dividend Policy was approved in 2023 and is publicly available at www.agrova.com. The Dividend Policy sets out the strategy for the allocation of the AB Group’s profit for stakeholders, taking into account the AB Group’s short-term and long-term objectives, financial position, the industry in which the AB Group companies operate, market conditions, and investment plans. A decision not to distribute profit as dividends may also be a strategic choice of the AB Group. In such case, the decision is justified and explained to shareholders in accordance with the principles set out in the Dividend Policy. Shareholders, as an important stakeholder group, may contact the AB Group by writing to investors@agrova.com. To ensure open and convenient access to information, the AB Group’s website allows every shareholder and interested party to subscribe to news updates. Once a quarter, all subscribers receive an informative e-mail on the latest developments in the AB Group’s operations and growth. Corporate governance
Page 10
10 Webinars To ensure clear and transparent communication with shareholders, the AB Group regularly organises webinars on the Nasdaq Riga platform. These webinars provide a detailed insight into the AB Group’s results, development strategy, and future plans. All interested parties may register in advance and follow the AB Group management presentations online, ensuring open dialogue and timely access to information for investors. Supervisory Board The Supervisory Board consists of 5 (five) Supervisory Board members and is elected for a term of 5 (five) years. Meetings are held at least once per quarter. The Supervisory Board adopts decisions by a simple majority of votes. In the event of an equal split of votes among the Supervisory Board members, the vote of the Chair of the Supervisory Board is decisive. Voting takes place openly. Extraordinary Supervisory Board meetings are convened when necessary. The Supervisory Board has no active committees. The Supervisory Board is bound by the Company’s Supervisory Board Regulations, which are publicly available at www.agrova.com. Competence of the Company’s Supervisory Board: • Approves the medium-term business strategy, monitors its implementation, and provides recommendations for operational improvements; • Reviews matters that, according to the Management Board Regulations, require the prior approval of the Supervisory Board; • Reviews the annual report, the Management Board’s report, and the Management Board’s proposals regarding profit distribution; prepares the Supervisory Board’s report on these matters and submits it to the General Meeting of Shareholders; • Approves planned financial indicators and projected performance results for the current year; • Approves the annual budget and monitors its execution; • Addresses issues related to conflict of interest prevention and management, including approval of transactions with Management Board members or the auditor; • Reviews and provides opinions on the agenda items of the General Meeting of Shareholders; • Monitors compliance with legal and regulatory requirements, the Articles of Association, shareholders’ decisions, and the approved strategy; • Appoints and dismisses Management Board members and determines their remuneration and other forms of compensation; • Represents the Company in legal proceedings and other legal matters involving Management Board members; • Approves key policies on remuneration, risk management, conflicts of interest, anti-corruption measures, and corporate governance.
Page 11
11 The Supervisory Board Members Uldis Iltners Chairman of the Supervisory Board Uldis Iltners is an entrepreneur, co-founder of AS MADARA Cosmetics. Uldis Iltners has more than 20 years of successful experience in the beauty industry, managing one of the most modern production facilities in Northern Europe – AS Madara Cosmetics. Uldis Iltners is a strategist and constantly directs business to systemic transformation as the beauty industry is evolving rapidly. Uldis Iltners openly shares his experience with other entrepreneurs, and we appreciate his professional involvement in Agrova Baltics Group development. Additionally, he has participated in various business activities in other companies to expand his investment portfolio. Uldis Iltners holds a degree from BA School of Business and Finance. Ruta Amtmane Deputy Chairwoman of the Supervisory Board Ruta Amtmane is a senior legal and corporate governance professional with over 25 years of experience in Latvia’s banking and financial sectors. Ruta has held executive positions at AS Industra Bank, AS Reverta (formerly Parex Bank), and DNB (currently Luminor) Group companies, where she led legal functions, served on management boards, and oversaw complex restructuring processes. Thanks to Ruta’s extensive experience in regulatory compliance, risk management and corporate governance, the AB Group will be able to further strengthen its legal governance framework and ensure compliance with capital market requirements in a focused and systematic manner. Ruta believes that Latvia’s egg production industry holds strong long-term growth potential – especially when a legally regulated and investor-trusted environment is provided. Ruta holds a Master’s degree in Civil Law from the University of Latvia and several internationally recognized certifications in AML, compliance, and board governance, including CAMS and the Baltic Institute of Corporate Governance qualification.
Page 12
12 Dmytro Kistechko Member of the Supervisory Board Dmytro Kistechko is an experienced investment professional with over 15 years of experience in private equity, corporate finance, and capital markets across Central and Eastern Europe. Since 2011, D.Kistečko has been with Accession Capital Partners (ACP), a leading European growth capital and private debt investor, where he serves as an Investment Director, responsible for origination, structuring, and portfolio management of mid-market investments, primarily in the manufacturing, consumer, and industrial sectors. Dmytro has extensive experience working with portfolio companies across multiple jurisdictions, contributing to enhanced corporate governance, oversight of operational efficiency initiatives, and support of strategic growth and exit processes. His investment experience includes manufacturing, recycling, financial services, e-commerce, and technology infrastructure across Central Europe. Prior to joining ACP, Dmytro worked at Ernst & Young (EY), focusing on valuation, due diligence, and cross-border transactions. He holds a Master’s degree in Management from Lviv Polytechnic National University and is fluent in English, Polish, Ukrainian, and Russian. Aleksandrs Adamovičs Member of the Supervisory Board Aleksandrs Adamovičs is a professor at the Faculty of Agriculture and Food Technology of the Latvia University of Life Sciences and Technologies (LBTU LPTF), also a leading researcher with a doctoral degree in Agriculture (Dr.agr.). In addition, Aleksandrs Adamovičs is a member of the Latvian Academy of Agricultural and Forestry Sciences, and for 10 years he has been the director of the Agrobiotechnology Institute of LBTU and for 19 years he directed the doctoral study program “Agriculture”. Aleksandrs has accumulated a lot of professional experience in the field of agrobiotechnologies. Main areas of scientific activities: agronomy, meadow cultivation, crop cultivation, pedagogy, fodder production, animal nutrition, bioenergetics.
Page 13
13 Miguel Jordao Member of the Supervisory Board Miguel Jordao leads strategy & finance at Gardin, a UK based, VC backed startup, pioneering remote optical plant phenotyping with machine learning to optimise yield, nutrition and quality of food production. Miguel has extensive experience in investment banking, financial services, having held diverse roles across this industry. Since 2017 Miguel is CFA (Chartered Financial Analyst Institute) charterholder. Miguel desires developing two aspects – better food systems and empowering individuals through financial literacy. In 2020, he co-founded a financial literacy programme with fellow CFA charterholders that teaches young people on the benefits of saving, budgeting and investing. Miguel holds London Business School MBA Degree, Cass Business School MSc in Finance, Nova School of Business and Economics Bachelor’s degree in Business Administration and Management.
Page 14
14 Management Board The Management Board of the Company consists of 3 (three) Management Board members. Each Management Board member has clearly defined responsibilities and areas of business activity. A member of the Company’s Management Board who is not the Chair of the Management Board is entitled to represent the Company jointly with one other Management Board member. Management Board meetings are organised as necessary. The Management Board adopts decisions by a simple majority of votes of the Management Board members present. Voting takes place openly. The Management Board is bound by the Company’s Management Board Rules of Procedure, which are publicly available at www.agrova.com. The competence of the Company’s Management Board includes: • Preparing and submitting the budget for the next calendar year to the Supervisory Board for approval, including annual goals; • Preparing and submitting the annual report and profit distribution proposals to the General Meeting of Shareholders for approval; • Once a year (at the regular General Meeting of Shareholders), presenting a report to the shareholders on its activities, reflecting business results, key performance indicators, activities carried out, and other significant aspects of operations; • Submitting a written report to the Supervisory Board on a quarterly basis, reflecting business results, providing information on the execution of the current year’s budget, key operational indicators, progress in the implementation of the action plan, and other important business aspects, including market development, changes in market conditions, and competition; • Participating in General Meetings of Shareholders and Supervisory Board meetings; • In accordance with legislation and the Articles of Association, reviewing and making decisions on all other matters related to the commercial activity within its scope of competence. The Management Board requires prior approval from the Supervisory Board in cases specified in the Company’s Management Board Regulations.
Page 15
15 The Management Board Members Jurijs Adamovičs Founder and CEO, Chairman of the Management Board Jurijs Adamovičs is an entrepreneur, investor, and internationally renowned bank restructuring and corporate turnaround professional with more than 20 years of experience. J.Adamovičs believes, that poultry industry has a strong potential, as the consumption of egg and poultry protein in the world continues to grow faster than any other type of protein of animal origin, and the advantages of the Latvian poultry industry must be used to develop this market potential. Under his leadership, Company has expanded from a single local poultry farm into a publicly listed, vertically integrated enterprise spanning egg production, processing, functional protein innovation. Since 2021, J.Adamovičs is Chairman of the Supervisory Board of Latvian Poultry Association. Currently, Mr Adamovičs is also Chairman of the Supervisory Board of AS Industra Bank. Mr Adamovičs holds a Master’s degree in Finance from the London Business School and holds an Executive MBA and Bachelor’s degree in international Economic Relations from University of Latvia, where he also has completed a theoretical programme for PHD in Economics. Chairman of the Management Board defines long-term strategic direction, ensuring alignment with shareholder interests, the AB Group’s growth ambitions, and its market positioning. He oversees the corporate governance framework, regulatory compliance, and the decision-making process for key strategic initiatives. In addition, he leads Management Board meetings, fosters collaboration between executive teams and the Supervisory Board, and maintains an active dialogue with key stakeholders, including investors, regulatory authorities, and industry partners. Furthermore, the Chairman is responsible for overseeing risk assessment, monitoring sustainability initiatives, and driving the implementation of sustainability strategies to ensure responsible business practices and long-term resilience.
Page 16
16 Hermanis Dovgijs AB Group Chief Operating Officer & Member of the Management Board Hermanis oversees AB Group’s production and sales, ensuring consistency, efficiency, and excellence across the AB Group’s businesses. Before joining the agri-food sector, he built a successful career in banking and asset management, holding senior leadership roles in Scandinavian and Eastern European financial institutions. In 2017, he transitioned to poultry – a sector he describes as “a much more tangible and dynamic industry, where the results of your work can be seen far more directly than in the financial sector”. With extensive experience in large-scale food manufacturing, logistics, and BRC-certified operations, Hermanis has been instrumental in aligning AB Group’s production systems with international standards of quality, biosecurity, and sustainability. As a Management Board Member with Chief Executive functions, he is responsible for improving operational efficiency across all subsidiaries, ensuring process optimization, regulatory compliance, and alignment of resources. He promotes innovation, oversees risk management, and implements crisis management strategies to ensure business continuity and the long-term resilience of AB Group. Mihails Keziks Chief Financial Officer & Member of the Management Board Mihails Keziks is an experienced finance executive with a background in investment management, banking, and corporate finance. Before joining AB Group, he held senior positions as an Investment Director and Portfolio Manager in leading financial institutions. At AB Group, Mihails leads the Group’s financial planning, investor relations, and compliance, ensuring the AB Group operates to the highest international standards of governance and transparency. He plays a key role in overseeing Company – managing investor communication, capital planning, and financial sustainability across the Baltics and Western Europe. Beyond numbers, Mihails sees agriculture and poultry as resilient, forward-looking industries, driven by stable global demand and opportunities in circular economy and animal welfare innovation. He believes continuous improvement and resource efficiency are key to long-term financial strength and sustainable growth. As a Management Board Member with CFO functions, he is responsible for developing and executing the financial strategy for AB Group companies, overseeing budget planning, cost control, and capital management. He ensures financial reporting compliance with legal and international standards, optimizes investment portfolios, and manages financial risks to maintain the Group’s stability and financial resilience.
Page 17
+34% egg sales volume – to 79 million eggs 17 Operational Strategic Highlight 1st half of 2026 +51.7% consolidated net revenue – to EUR 15.2 million +96% adjusted EBITDA – to EUR 6.59 million % 43.4% adjusted EBITDA margin % Full utilisation of the production capacity created during the previous investment phase Continued implementation of Phase V of the investment programme, with a focus on increasing cage-free egg production capacity SIA Alūksnes putnu ferma marks 65 years of operations, demonstrating the company’s long-standing presence in the industry
Page 18
18 Monetisation of Previous Investments and Record Half‑ Year Performance In the first half of 2026, the additional production capacity created under the previous investment phase was fully utilised. Egg sales volume reached 79 million eggs, representing an increase of 34% compared with the corresponding period of the previous year. Higher production and sales volumes, combined with a favourable market environment, contributed to a 51.7% increase in consolidated net revenue to EUR 15.2 million. Phase V of the Investment Programme – the Next Stage of Production Capacity Development In the first half of 2026, AB Group continued the implementation of Phase V of the investment programme, representing the next significant stage in the development of AB Group’s production capacity. The investment programme is primarily focused on increasing cage-free egg production capacity in response to structurally high demand in the Baltic states and other European markets, as well as on the further development of AB Group’s poultry production infrastructure. In Alūksne, the project provides for three new laying hen houses with a total built-up area of 7,380.3 m² and capacity for 375,000 birds. In Preiļi, a new pullet rearing facility is being developed with a built-up area of 1,424.0 m² and capacity for 125,000 pullets per rearing cycle. The new facility will provide capacity for up to 500,000 pullets per year, strengthening AB Group’s ability to supply the required number of pullets for the production cycle at the Alūksne facility. Phase V of the investment programme therefore expands not only laying hen housing capacity but also AB Group’s internal pullet rearing capacity, creating a more integrated and scalable production platform for further growth. The investments are aligned with AB Group’s long-term strategy to increase efficient and modern production capacity while continuing the transition towards cage-free egg production and higher value-added product segments. Financing Flexibility for the Next Growth Phase In the first half of 2026, AB Group continued to develop a financing structure that enables it to respond flexibly to future investment needs. In May, Latvijas Banka approved the base prospectus for a bond issuance programme with a total amount of up to EUR 30 million. AB Group has therefore completed the necessary preparatory work to enable it, if required, to use the capital markets as one of its financing sources. Any financing will be considered in line with the pace of implementation of the investment programme, AB Group’s financing needs and capital market conditions. This approach increases AB Group’s financial flexibility and provides an additional financing alternative for the next stages of development.
Page 19
19 Energy Efficiency and ISO 50001 Energy Management In the first half of 2026, SIA Alūksnes putnu ferma successfully completed its annual ISO 50001 energy management system audit, once again confirming that the system, implemented in 2023, complies with the requirements of the international standard. The ISO 50001 system provides a structured approach to monitoring energy consumption, improving energy efficiency and managing costs related to energy use. Its requirements are integrated into the company’s day-to-day production processes and support AB Group’s objective of improving operational efficiency and resource productivity. 65 Years of Egg Production in Alūksne In the first half of 2026, SIA Alūksnes putnu ferma celebrated its 65th anniversary, marking a significant milestone in the company’s history. Long-standing production experience is combined with modern production technologies, expanding capacity and a transition towards higher value-added egg and egg product segments. The anniversary year also continued to highlight the company’s connection with Alūksne and the local community. AB Group continued to support sports, cultural and community initiatives in the region, including local athletes and events in Alūksne. Healthy Lifestyle Initiatives and Brand Development In the first half of 2026, AB Group continued to strengthen the presence of the AGROVA and Fiteg² brands, focusing on healthy lifestyles, sport, balanced nutrition and active cooperation with local communities. Marketing activities formed part of AB Group’s broader brand and market development strategy, combining large-audience events with targeted product tastings and partnerships across the sport, fitness and nutrition sectors. During the first half of the year, the brands were represented across a wide range of sport and lifestyle activities,
Page 20
20 including running, cycling, fitness, padel, golf, triathlon, yoga and other formats. This provided direct engagement with consumers and created opportunities to integrate Fiteg² products into settings where functional nutrition and protein intake are particularly relevant. Large‑Scale Events and Audience Reach In the first half of 2026, particular emphasis was placed on cooperation with national-scale sport and lifestyle events. The four Stirnu Buks 2026 events in Tērvete, Tukums, Augstroze and Liepāja attracted a total of 15,585 participants, while four cycling marathons organised by velo.lv attracted 6,850 participants. Forums Līdere 2026 reached an audience of approximately 3,700 participants, while Rally Alūksne attracted approximately 5,000 participants and visitors. In total, these major partnership events alone provided brand exposure to an audience exceeding 31,000 people. Events of this scale increase the visibility of the AGROVA and Fiteg² brands beyond traditional retail channels and provide access to an active, health-conscious audience across Latvia. In the first half of 2026, Fiteg² continued to develop targeted partnerships with fitness, sport and wellness organisations. In cooperation with MyFitness, Fiteg² was represented at trainer events, MYTEAM CHALLENGE, CrossTraining competitions, HYROX training sessions, MIDSUMMER HIKE and other activities, reaching a combined audience of more than 1,500 participants. Support for Alūksne and Local Communities In the first half of 2026, AB Group also continued its close cooperation with sports, cultural and community organisations in the Alūksne region. Supported activities included Rally Alūksne, winter motocross and skijoring, the Alūksne Triathlon, local basketball and cycling events, as well as educational, cultural and family-oriented initiatives. The combined reach of supported events in Alūksne and the surrounding region exceeded 8,000 participants and visitors during the first half of the year. These local initiatives complement AB Group’s broader brand activities and strengthen its long-term connection with the region where the Group’s core production operations are located. Overall, during the first half of 2026, AB Group continued to shift from individual sponsorship projects towards a more targeted and integrated brand presence across sport, nutrition and active lifestyle environments, while maintaining a significant contribution to the development of the local community in Alūksne.
Page 21
21 Overview of the Egg Industry Egg Market Development in the Baltics In Latvia, the egg market continued to grow across all segments in the first half of 2026. Total sales value reached EUR 29.1 million, increasing by 7.9% compared with the first half of 2025. Sales of barn eggs amounted to EUR 16.7 million, representing 57% of the market, and increased by EUR 1.5 million, or 9.8%, year-on-year. Sales of eggs from caged hens reached EUR 10.5 million, accounting for 36% of the market. Unlike in 2025, when this segment contracted, it recorded modest growth in the first half of 2026 (+1.3%, or +EUR 0.1 million). The fastest growth was recorded in the free-range egg segment, where sales increased by 38.2% to EUR 1.5 million, while the organic egg segment grew by 21.6% to EUR 0.4 million. In Estonia, total egg sales value reached EUR 22.6 million in the first half of 2026, up 12.5% compared with the corresponding period of the previous year. Sales of eggs from caged hens amounted to EUR 14.3 million, representing 63% of the market, and increased by 13.8% (+EUR 1.7 million). In Estonia, this segment therefore grew faster than the overall market in 2026. Sales of barn eggs reached EUR 5.3 million, accounting for 24% of the market, and increased by 10.7%. Free-range egg sales increased by 6.8% to EUR 2.0 million, while the organic egg segment grew by 15.6% to EUR 1.0 million. In Lithuania, total egg sales value reached EUR 38.7 million in the first half of 2026, increasing by 15.2% – the strongest market growth among the Baltic countries. Sales of barn eggs reached EUR 29.3 million, already representing 76% of the market, and continued to grow faster than in any other Baltic country – by 39.9%, or EUR 8.4 million. At the same time, sales of eggs from caged hens continued to decline sharply, falling to EUR 4.3 million, or 11% of the market, representing a decrease of 51.2%, or EUR 4.5 million, compared with the first half of 2025. The free-range egg segment also recorded strong growth, increasing by 35.4% to EUR 3.5 million, while the organic egg segment grew by 26.1% to EUR 1.5 million. Overall, the Baltic egg market continued to grow across all three countries in the first half of 2026, with total sales value increasing by between 7.9% and 15.2%. Unlike in 2025, when the caged-egg segment declined in Latvia and Estonia, the segment returned to growth in both countries in the first half of 2026, increasing by 1.3% and 13.8%, respectively. In Lithuania, however, sales of eggs from caged hens continued to decline sharply (-51.2%), demonstrating the most pronounced and rapid shift towards cage-free eggs among the three Baltic countries. The fastest-growing segments across the Baltics were free-range and organic eggs, both of which recorded strong growth in all three countries.
Page 22
22 Egg Sales by Country (First half of 2026)* Estonia Products Sales Value (million EUR) Sales Value % Chg YA Total Chicken eggs 22,6 12,5 Organic eggs 1,0 15,6 Free range eggs 2,0 6,8 Barn eggs 5,3 10,7 Cage eggs 14,3 13,8 Organic eggs 4% Free range eggs 9% Barn eggs 24% Cage eggs 63% Latvia Products Sales Value (million EUR) Sales Value % Chg YA Total Chicken eggs 29,1 7,9 Organic eggs 0,4 21,6 Free range eggs 1,5 38,2 Barn eggs 16,7 9,8 Cage eggs 10,5 1,3 Organic eggs 1% Free range eggs 5% Barn eggs 57% Cage eggs 36% Lithuania Products Sales Value (million EUR) Sales Value % Chg YA Total Chicken eggs 38,7 15,2 Organic eggs 1,5 26,1 Free range eggs 3,5 35,4 Barn eggs 29,3 39,9 Cage eggs 4,3 -51,2 Organic eggs 4% Free range eggs 9% Barn eggs 76% Cage eggs 11% * Chicken eggs according to NielsenIQ data, sales value aggregated over 6‑month period from 1 January 2026 to 30 June 2026 / from 1 January 2025 to 30 June 2025. Lithuania (Modern Trade) / Latvia (Modern Trade) / Estonia (Modern Trade). (Copyright © 2026 NIQ).
Page 23
23 Agrova Baltics Group’s Sales Results Egg Sales – Breakdown by Sales Segments In the first half of 2026, the retail segment continued to dominate AB Group’s egg sales structure, accounting for 84% of total egg sales volume. Compared with the first half of 2025, the share of retail sales decreased by 5 percentage points from 89% to 84%, while the share of the processing segment increased from 11% to 16%, also representing a change of 5 percentage points. The change in the sales mix during the first half of 2026 reflects a more balanced distribution between the Group’s two main sales segments. Retail remained by far the largest segment in terms of total sales volume, while the share of sales to the processing industry increased. A more diversified sales channel mix enables AB Group to respond more flexibly to changes in demand across different market segments and to make more effective use of available sales channels. Egg sales – Breakdown by Sales Segments (First half 2025) Retail 89% Industry 11% Egg sales – Breakdown by Sales Segments (First half 2026) Retail 84% Industry 16%
Page 24
24 Egg Sales – Breakdown by Country In the first half of 2026, AB Group’s egg sales mix became even more export-oriented. In the first half of 2025, 46% of total egg sales volume was generated in Latvia, while Lithuania, Estonia and other EU countries accounted for 54%. In the first half of 2026, Latvia’s share decreased to 25%, while the share of export markets increased to 75%. Compared with the corresponding period of the previous year, the share of exports increased by 21 percentage points, reflecting AB Group’s growing presence outside the Latvian market. In the first half of 2026, exports accounted for three quarters of total egg sales volume, resulting in a broader geographic sales mix and reducing the AB Group’s dependence on a single market. Egg sales – Breakdown by country (First half 2025) LV 46% LT, EE, other EU countries 54% Egg sales – Breakdown by country (First half 2026) LV 25% LT, EE, other EU countries 75%
Page 25
25 Egg Sales – Breakdown by Brands In the first half of 2026, the share of private label products (“PL”) in AB Group’s egg sales mix continued to increase. In the first half of 2025, PL eggs accounted for 34% of total egg sales volume, while in the first half of 2026 their share increased to 45%, representing an increase of 11 percentage points. AB Group’s own brands accounted for 55% of total egg sales, compared with 66% in the corresponding period of the previous year. The change in the sales mix reflects a more balanced portfolio between AB Group’s branded products and private label cooperation with retail partners. Growth in the private label segment broadens cooperation opportunities with major retail chains and supports diversification of sales volumes. At the same time, AB Group’s own brands continued to represent the majority of total egg sales, accounting for more than half of the volume sold. Egg sales – Breakdown by Brands (First half 2025) Egg sales – Breakdown by Brands (First half 2026) AGROVA Brands 66% Private label 34% AGROVA Brands 55% Private label 45%
Page 26
26 Fiteg² Products In the first half of 2026, the Fiteg² brand continued its development by expanding its presence outside Latvia and strengthening the role of the e-commerce channel in supporting the brand’s growth. In the first half of 2026, the share of repeat purchases in the Fiteg² e-commerce channel reached 33.33%, exceeding the 2025 average of 24.06%. At the same time, the number of new customers increased by 27% compared with the first half of 2025. These indicators demonstrate the brand’s ability both to attract new customers and to build long-term relationships with existing customers, while gradually increasing the share of loyal buyers. Among the product categories, protein powders accounted for the largest share of revenue in the first half of 2026. Collagen products and protein bars also made a significant contribution to total revenue, complementing the Fiteg² product offering. At the same time, the brand’s development outside Latvia is expanding Fiteg²’s potential customer base and creating a foundation for further scaling of the brand. In the new export markets, the customer base is still at an early stage of development; therefore, particular attention is being paid to building brand awareness, attracting new customers and encouraging repeat purchases. Overall, the results for the first half of 2026 demonstrate stable customer loyalty in existing markets and further growth potential outside Latvia, while establishing a foundation for the continued growth of the Fiteg² brand and further development of the e-commerce channel.
Page 27
27 Industry Highlights In the first half of 2026, the European egg market continued its gradual normalisation following the market disruptions observed at the end of 2025. The high number of avian influenza outbreaks recorded across Europe at the end of the previous year significantly reduced laying hen flocks in several markets, constraining supply and maintaining elevated egg prices into the beginning of 2026. As the number of new outbreaks declined and producers gradually rebuilt their flocks, supply increased during the second quarter and the market became more balanced. At the same time, demand for cage-free eggs continued to exceed available regional supply. Existing production capacity was insufficient to fully meet demand in this segment, supporting both strong demand and a sustained price premium. At the same time, certain retail chains postponed previously announced deadlines for a complete transition to cage-free egg sales to later periods. Given the structurally strong demand, Phase V of AB Group’s investment programme is primarily focused on increasing cage-free egg production capacity. The additional capacity will enable AB Group to increase supply in a segment where regional demand continues to exceed available production capacity. Imports of eggs from third countries where applicable production standards do not comply with EU requirements remained at a high level, although the impact of such import flows in the Baltic states was lower than in the first half of 2025. At the same time, the geopolitical situation in the Middle East led to a redirection of fresh egg exports from Türkiye and other countries in the region towards the European market, as sales opportunities in their traditional markets had become more limited. This increased competitive pressure in the lower-price segment. On the cost side, no material adverse developments were observed. Feed commodities, energy and other key input
Page 28
28 markets remained free from significant supply disruptions or material price increases during the first half of 2026, supporting a stable cost environment. Overall, the first half of 2026 was characterised by a gradually stabilising egg supply environment in Europe, structurally strong demand for cage-free eggs and stable input costs. These market conditions remained favourable for efficient producers with expanding production capacity and a strong position in higher value-added segments. Financial Results In the first half of 2026, AB Group delivered its strongest half-year financial performance to date. Egg sales volume increased by 34% compared with the first half of 2025, reaching 79 million eggs, compared with 59 million eggs in the corresponding period of the previous year. The increase in volumes was driven primarily by the completion of the previous investment phase and the full utilisation of additional production capacity throughout the reporting period. AB Group’s consolidated revenue reached EUR 15.2 million, representing an increase of 51.7% compared with the first half of 2025, when revenue amounted to EUR 10.0 million. Revenue growth was supported by both higher sales volumes and a favourable market environment with elevated egg prices. Profitability increased at a faster pace than revenue. Gross profit rose by 70.8% to EUR 7.3 million, while the gross profit margin increased to 48.1%, compared with 42.7% in the corresponding period of the previous year. The improvement was supported by higher production volumes, more efficient utilisation of production capacity and a stable input cost environment. EBITDA reached EUR 6.6 million, compared with EUR 3.4 million in the first half of 2025, while net profit increased to EUR 3.95 million from EUR 1.72 million. This increase in profit was achieved despite a 30.6% rise in interest and similar expenses to EUR 0.95 million, mainly due to additional financing raised for the implementation of Phase V of the investment programme. AB Group’s total assets reached EUR 40.1 million at the end of the period, increasing by 34.9%. Non-current assets increased by 24.0% to EUR 26.3 million, mainly due to construction in progress and advance payments for fixed assets related to the implementation of Phase V. Current assets increased by 63.4% to EUR 13.8 million, while cash and cash equivalents at the end of the period amounted to EUR 3.1 million. To finance Phase V of the investment programme, AB Group had received a EUR 4.6 million loan from its parent company as at 30 June 2026. Repayment of the loan principal is scheduled no earlier than five years from now, while servicing payments during the current period apply only to part of the liability. This financing structure provides AB Group with additional financial flexibility during the construction and ramp-up of the new production capacity. Equity reached EUR 15.2 million as at 30 June 2026, compared with EUR 7.8 million in the corresponding period of the previous year, reflecting a significant strengthening of the Group’s capital base.
Page 29
29 Financial Ratios In the first half of 2026, AB Group significantly improved all key profitability indicators. Adjusted EBITDA increased by 96% to EUR 6.59 million, compared with EUR 3.36 million in the first half of 2025. The adjusted EBITDA margin increased to 43.4% from 33.5%, while the gross profit margin reached 48.1%, compared with 42.7% in the corresponding period of the previous year. The net profit margin increased to 26.0% from 17.2%, while earnings per share more than doubled to EUR 1.4, compared with EUR 0.6. Return on equity (ROE) increased to 44.3% from 29.1%, while return on capital employed (ROCE) increased to 29.8% from 20.3%, reflecting a high level of capital efficiency. Liquidity ratios also improved significantly. The current ratio increased to 4.4x, compared with 2.6x, while the quick ratio reached 2.6x, compared with 1.4x. Net working capital reached EUR 10.7 million, more than doubling from EUR 5.2 million in the corresponding period of the previous year. The strong financial performance also contributed to an improvement in AB Group’s leverage ratios. Total external debt to average adjusted equity declined to 0.69x from 1.03x, while net external debt to annualised adjusted EBITDA decreased to 0.7x from 1.6x. The improvement was supported by earnings growth, retained profits and the long-term repayment profile of the parent company loan. With the share price remaining relatively stable during the reporting period, the significant increase in earnings was reflected in a decline in the price-to-earnings ratio (P/E) to 3.7x, compared with 8.2x in the first half of 2025. EGG: Share Price Dynamics in the first half of 2026 At the beginning of the first half of 2026, the share price of AS Agrova Baltics stood at EUR 4.98. In the second half of January, it reached its highest level of the period at EUR 5.10, approaching the IPO price of EUR 5.11. During the following months, the share price remained within a relatively narrow range, reaching its first-half low of EUR 4.78 in early June. During June, the share price increased and closed the first half at EUR 5.03, representing a 1.0% increase compared with the beginning of the year and remaining approximately 1.6% below the IPO price. Overall, share price performance in the first half of 2026 was characterised by stability and a limited trading range of EUR 4.78– 5.10. By the end of the period, the share price had moved back above EUR 5.00 and remained close to the IPO price. Compared with 2025, when share price movements were more pronounced, trading during the first six months of 2026 was more balanced. Share liquidity and regular trading activity continue to be supported by the market-making agreement with AS Signet Bank.
Page 30
30 (Chart: “Average share price on the Nasdaq Baltic First North (ticker: EGG)” – shows daily average share price (EUR, left axis, range 4.0–5.4) and trading volume (right axis, 0–1800) for the period 1st January to 30th June 2026, with the IPO price line marked at EUR 5.11. Average share price on the Nasdaq Baltic First North (ticker: EGG) EUR 30.01.2026. 28.02.2026. 31.03.2026. 4.0 4.2 4.4 4.6 4.8 5.0 5.2 5.4 30.04.2026. 31.05.2026. 30.06.2026. 0 200 400 600 800 1000 1200 1400 1600 1800 Volume Average price, EUR IPO price, EUR 5,11
Page 31
31 Key Ratios and Indicators (Management Data) First half 2022 First half 2023 First half 2024 First half 2025 First half 2026 (EUR ‘000) (EUR ‘000) (EUR ‘000) (EUR ‘000) (EUR ‘000) Eggs sold (mil.) 59 51 48 59 79 Revenue 5 008 6 988 5 907 10 013 15 190 Gross profit 468 2 186 1 510 4 275 7 300 EBIT (316) 1 064 (120) 2 453 4 884 Net profit for the period (558) 802 (477) 1 722 3 951 1 EBITDA (adjusted) 701 1 879 960 3 359 6 589 Market capitalization 8 687 24 017 25 661 28 296 28 926 Share turnover Nasdaq NA NA 131 240 229 Profitability and sustainability ratios 2 Gross margin (%) 9,3% 31,3% 25,6% 42,7% 48,1% 3 EBIT margin (%) -6,3% 15,2% -2,0% 24,5% 32,2% 4 Net margin (%) -11,1% 11,5% -8,1% 17,2% 26,0% 5 EBITDA (adjusted) margin (%) 14,0% 26,9% 16,3% 33,5% 43,4% 6 ROE (%) -107,9% 53,4% -11,1% 29,1% 44,3% 7 ROCE (%) -6,6% 23,1% -1,6% 20,3% 29,8% 8 ROA (%) -8,8% 12,1% -5,5% 12,4% 21,7% 9 P/E ratio (x) NM 15,0 NM 8,2 3,7 10 EPS (0,7) 0,3 (0,2) 0,6 1,4 Liquidity ratios 11 Current ratio (x) 0,5 0,8 2,6 2,6 4,4 12 Quick ratio (x) 0,2 0,3 1,7 1,4 2,6 13 Working capital (2 119) (653) 3 160 5 207 10 659 Leverage ratios 14 External debt/AVG adjusted equity (x) 7,0 1,8 0,8 1,0 0,7 15 Net external debt/annualized EBITDA (adjusted) (x) 5,1 1,4 3,3 1,6 0,7 1 Adjusted EBITDA – earnings before interest payments, taxes, depreciation and amortisation, as well as other irregular income and expenses, changes in the carrying amount of laying hens, donations and state aid received, etc. 2 Gross profit/Net sales * 100 3 Adjusted EBIT/Net Sales * 100 4 Profit for the reporting period/Net sales * 100 5 Adjusted EBITDA/Net sales * 100 6 Annualized profit for the reporting period/(Average equity capital increased by shareholder loans and a part of Rural Support Service support that has reached the end of monitoring period) * 100 7 Annualized EBIT/(Average assets – Average short‑term liabilities) * 100 8 Annualized profit for the reporting period/Average total assets * 100 9 Stock price / EPS 10 Annualized Net Profit / Number of shares 11 Current assets/Short‑term liabilities 12 (Current assets – Inventory)/Short‑term liabilities 13 Current assets – Short‑term liabilities 14 (Financial liabilities – Shareholder loans)/Average equity capital increased by shareholder loans and a part of Rural Support Servicesupport that has reached the end of monitoring period 15 (Financial liabilities – Shareholder loans – Cash)/Adjusted annualized EBITDA
Page 32
32 Consolidated Condensed Financial Statements Statement of Profit or Loss Consolidated Condensed Financial Statements Statement of Profit or Loss Notes 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR non‑audited non‑audited Revenue (3) 15 189 617 10 013 320 Costs of goods sold or services provided (4) (7 889 356) (5 738 412) Gross profit or losses 7 300 261 4 274 908 Distribution expenses (5) (906 412) (580 611) Administrative expenses (6) (1 593 623) (1 195 550) Other operating income (7) 183 771 66 914 Other operating expenses (100 156) (112 704) Interest and similar income (8) 28 793 9 717 Interest and similar expenses (9) (953 790) (730 112) Profit or losses before corporate income tax 3 958 844 1 732 562 Corporate income tax for the financial period (7 977) (11 022) Profit or losses for the financial period 3 950 867 1 721 540 Notes on pages 37 to 47 are an integral part of these financial statements. Jurijs Adamovičs Chairman of the Management Board Mihails Keziks Member of the Management Board, responsible for the preparation of the Interim Report
Page 33
33 Balance Sheet Notes 30.06.2026. 31.12.2025. EUR EUR non‑audited audited ASSETS NON-CURRENT ASSETS Intangible assets Development costs (10) 1 133 1 533 Concessions, patents, licenses, trade marks and similar rights (10) 2 300 2 536 Other intangible assets (10) 42 308 60 171 Creation of intangible investments (10) 39 802 39 802 Total intangible assets: 85 543 104 042 FIXED ASSETS, INVESTMENT PROPERTIES AND BIOLOGICAL ASSETS Immovable properties a) land plots, buildings and engineering structures (11) 10 342 435 10 501 024 Leasehold improvements (11) 20 926 26 619 Technological equipment and machinery (11) 9 921 000 9 944 592 Other fixed assets (11) 344 753 360 507 Fixed assets under development and construction in progress (11) 1 400 539 203 222 Advances for fixed assets (11) 4 222 127 72 547 Total fixed assets: 26 251 780 21 108 511 Non-current financial investments Other loans and non-current receivables (12) 55 379 55 379 Total non-current financial investments: 55 379 55 379 Total non-current assets: 26 392 702 21 267 932 Balance Sheet
Page 34
34 Notes 30.06.2026. 31.12.2025. EUR EUR non‑audited audited CURRENT ASSETS Inventories Raw materials and consumables (13) 498 288 532 956 Finished goods and goods for sale (14) 255 319 275 534 Advances for inventories 2 776 680 937 549 Fauna and flora a) animals and annual plantings (15) 2 244 357 2 215 562 Total inventories: 5 774 644 3 961 601 Account receivable Trade receivables (16) 2 244 201 2 771 461 Receivables from group companies 1 266 678 2 152 635 Other receivables (17) 1 158 426 1 061 641 Unpaid share capital 49 49 Deferred expenses (18) 192 996 194 982 Accrued income 5 – Total receivables: 4 862 355 6 180 768 Cash and bank 3 118 880 1 168 603 Total current assets: 13 755 879 11 310 972 Total assets 40 148 581 32 578 904 Notes on pages 37 to 47 are an integral part of these financial statements.
Page 35
35 Notes 30.06.2026. 31.12.2025. EUR EUR non‑audited audited EQUITY , PROVISIONS AND LIABILITIES Equity Share capital (19) 5 727 930 5 727 930 Share premium (19) 3 761 390 3 761 390 f) other reserves (20) 775 775 Retained earnings or uncovered losses brought forward from previous years 1 757 123 (3 422 978) Current year profit or losses 3 950 867 5 180 101 Total equity: 15 198 085 11 247 218 Liabilities Non-current liabilities Loans against debentures (21) 12 113 904 12 025 769 Other borrowings (22) – 8 015 Payables to group companies 4 595 200 – Deferred income (24) 5 144 341 5 181 764 Total non-current liabilities: 21 853 445 17 215 548 Current liabilities Loans against debentures (21) 199 245 196 058 Other borrowings (22) 8 015 6 870 Advances from customers 338 338 Trade payables 1 958 860 1 969 899 Payables to group companies 81 833 1 100 000 Taxes and state social insurance payments 117 144 174 764 Other creditors (23) 145 463 139 979 Deferred income (24) 214 293 198 148 Accrued liabilities (25) 371 860 330 082 Total current liabilities: 3 097 051 4 116 138 Total liabilities: 24 950 496 21 331 686 Total equity, provisions and liabilities 40 148 581 32 578 904 Notes on pages 37 to 47 are an integral part of these financial statements. Jurijs Adamovičs Chairman of the Management Board Mihails Keziks Member of the Management Board, responsible for the preparation of the Interim Report
Page 36
Cash Flow Statement 36 Cash Flow Statement Notes 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR non‑audited non‑audited Cash flow from operating activities Profit or losses before corporate income tax 3 958 844 1 732 562 Adjustments for: depreciation and impairment of fixed assets (11) 429 125 288 429 depreciation and impairment of intangible assets (10) 20 099 56 992 interest and similar revenue (8) (28 793) (9 717) interest and similar expenses (9) 953 790 730 112 Profit or loss prior to changes in current assets and current liabilities 5 333 065 2 798 378 Increase or decrease of account receivable 1 318 413 (744 491) Increase or decrease of inventory (1 813 043) (1 866 733) Increase or decrease of account payable and other liabilities (1 251 272) 519 057 Gross cash generated from operating activities 3 587 163 706 211 Interest payments (770 306) (559 463) Corporate income tax payments (12 977) (10 484) Net cash flow generated from operating activities 2 803 880 136 264 Cash flow from investing activities Acquisition of fixed and intangible assets (5 589 500) (3 395 402) Proceeds from sale of fixed and intangible assets 26 319 – Interest received 28 793 9 717 Net cash flow generated from investing activities (5 534 388) (3 385 685) Cash flow from financing activities Loans received 4 595 200 4 850 000 Subsidies, grants or donations received 92 455 – Repayment of loans (6 870) (2 006 870) Net cash flow generated from financing activities 4 680 785 2 843 130 Net cash flow in the financial period 1 950 277 (406 291) Cash and cash equivalents at the beginning of the financial period 1 168 603 1 532 014 Cash and cash equivalents at the end of the financial period 3 118 880 1 125 723 Notes on pages 37 to 47 are an integral part of these financial statements. Jurijs Adamovičs Chairman of the Management Board Mihails Keziks Member of the Management Board, responsible for the preparation of the Interim Report
Page 37
37 Notes of the Financial Statements (1) The Group’s parent company AS Agrova Baltics (formerly APF Holdings) (hereinafter – the Company) is a company registered in the Register of enterprises of the Republic of Latvia. As at 30 June 2026, these consolidated financial statements contain information on the Group’s parent company and the Group’s subsidiaries (hereinafter – AB Group of companies). (2) The Group’s subsidiaries A subsidiary is a company over which significant influence of the Group’s parent company directly or indirectly influences the financial and operating policy of the subsidiary with the purpose to gain from its operations. Subsidiary information is included in the consolidation starting from the date when the significant influence starts until the loss of the significant influence. a) Subsidiaries included in the consolidation: • Subsidiary of the Group SIA Alūksnes putnu ferma, which was acquired by the Group’s parent company in August 2017 for a total value of EUR 3,000,000. As of 30 June 2026, registered and fully paid-up share capital amounts to EUR 6,499,875. • Subsidiary of the Group SIA APF Trading, which the Group’s parent company has established on 16.02.2017 for a total value of EUR 2,800. As of 30 June 2026, registered and fully paid-up share capital amounts to EUR 2,800. • Subsidiary company of the Group SIA Oluksne, which the Group’s parent company has established on 15.02.2017 for a total value of EUR 2,800. As of 30 June 2026, registered and fully paid-up share capital amounts to EUR 2,800. • Subsidiary of the Group SIA Preiļu putni, which the Group’s parent company has established on 02.02.2021 for a total value of EUR 2,800. As of 30 June 2026, registered and fully paid-up share capital amounts to EUR 2,800. • Subsidiary of the Group, SIA Agrova Energy (formerly SIA APF Energy), which the Group’s parent company has established on 12.10.2021 for a total value of EUR 2,800. As of 30 June 2026, registered and fully paid-up share capital amounts to EUR 2,800. • Subsidiary of the Group, THE CHICK GAME STUDIOS LTD, 51% of which the Group’s parent company has acquired on 20.12.2024 for a total value of EUR 51. As of 30 June 2026, registered and non paid-up share capital amounts to EUR 100.
Page 38
38 Name Address Type of operations Participating interest, % 30.06.2026. 31.12.2025. SIA Alūksnes putnu ferma “Putni”, Ziemera Parish, Alūksnes Municipality, LV-4301 poultry farming, food production 100 % 100 % SIA APF Trading Maldugunu Street 4, Marupe Municipality, LV-2167 wholesaling of milk, milk products and eggs and edible fats and oils 100 % 100 % SIA Oluksne “Putni”, Ziemera Parish, Alūksnes Municipality, LV-4301 personnel placement services 100 % 100 % SIA Preiļu putni Maldugunu Street 4, Marupe Municipality, LV-2167 poultry farming, active activity not yet started 100 % 100 % SIA Agrova Energy (formerly SIA APF Energy) Maldugunu Street 4, Marupe Municipality, LV-2167 gas production, active activity not yet started 100 % 100 % The Chick Game Studios Ltd 250 Seagrave Road, Sileby, Loughborough, England, LE12 7NJ Development of computer games and other software 51 % 51 % (3) Revenue 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR a) By operating activities Income from egg sales 14 325 451 9 651 141 Proceeds from the sale of egg products 562 325 196 643 Income from the sale of live birds 153 677 40 798 Proceeds from the disposal of by-products 131 682 111 202 Other revenue 16 482 13 536 15 189 617 10 013 320 b) By location Income from sales of goods in EU 10 377 508 5 459 691 Income from sales of goods/services in Latvia 4 812 109 4 553 629 15 189 617 10 013 320
Page 39
39 (4) Costs of goods sold or services provided 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR Costs of raw materials and materials 4 039 923 3 174 082 Depreciation of birds 1 398 869 975 100 Payroll expenses 538 910 412 996 Cost of purchasing goods sold 421 267 487 297 Depreciation of fixed assets and intangible assets 391 789 254 159 Subcontracting, outsourcing and outsourcing services 241 693 59 485 State mandatory social insurance contributions 126 740 96 967 Utility costs 87 088 72 340 Transport services 46 343 54 479 Other production costs 596 734 151 507 7 889 356 5 738 412 (5) Distribution expenses 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR Transport costs 390 480 324 956 Advertising expenses 105 332 30 634 Payroll expenses 28 984 18 910 Cost of purchasing goods sold 12 231 – State mandatory social insurance contributions 6 837 4 461 Participating associations – 6 638 Rental of storage space – 80 Other sales costs 362 548 194 932 906 412 580 611
Page 40
40 (6) Administrative expenses 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR Payroll expenses 500 154 340 425 Professional services costs 228 252 85 855 Research and development expenses 140 226 149 640 State mandatory social insurance contributions 117 523 79 885 Transport costs 103 528 104 874 Depreciation of fixed assets and intangible assets 57 036 52 014 Rent expenses 35 574 31 727 Other administration costs 411 330 351 130 1 593 623 1 195 550 (7) Other operating income 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR Depreciation of deferred income (see also Note 24) 113 733 63 341 Government grants 51 115 250 Income from the sublease of premises – 600 Other income 18 923 2 723 183 771 66 914 (8) Interest and similar income 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR b) from other parties Other interest income 28 793 9 717 Total interest and similar income 28 793 9 717
Page 41
41 (9) Interest and similar expenses 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR a) from related companies Interest charge 80 158 21 998 80 158 21 998 b) from other parties Interest charge 773 496 635 327 Other expenses 100 136 72 787 873 632 708 114 Total interest and similar expenses 953 790 730 112 (10) Intangible assets Research and development expenses Concessions, patents, licenses, trade marks Other intangible assets Creation of intangible investments Total EUR EUR EUR EUR EUR Initial cost 31.12.2025. 4 274 11 793 145 768 39 802 201 637 Purchase – – – 1 600 1 600 Reclassification between intangible assets – 46 1 554 (1 600) – 30.06.2026. 4 274 11 839 147 322 39 802 203 237 Depreciation 31.12.2025. (2 741) (9 257) (85 597) – (97 595) Calculated (400) (282) (19 417) – (20 099) 30.06.2026. (3 141) (9 539) (105 014) – (117 694) Net carrying amount 31.12.2025. 1 533 2 536 60 171 39 802 104 042 Net carrying amount 30.06.2026. 1 133 2 300 42 308 39 802 85 543
Page 42
42 (11) Fixed assets Land and buildings Long‑term invest‑ ments in leased fixed assets Technolo‑ gical equip‑ ment and machinery Other fixed assets Costs of fixed asset creation and construction work in progress Advance payments for fixed assets Total EUR EUR EUR EUR EUR EUR EUR Initial cost 31.12.2025. 11 519 182 56 932 11 432 638 736 673 203 222 72 547 24 021 194 Purchase – – – 19 377 956 604 4 611 919 5 587 900 Disposals (36 575) – – (7 383) – – (43 958) Reclassification between other asset items 14 590 – 187 500 19 536 240 713 (462 339) – 30.06.2026. 11 497 197 56 932 11 620 138 768 203 1 400 539 4 222 127 29 565 136 Depreciation 31.12.2025. (1 018 158) (30 313) (1 488 046) (376 166) – – (2 912 683) Calculated (157 674) (5 693) (211 092) (54 666) – – (429 125) Disposals 21 070 – – 7 382 – – 28 452 30.06.2026. (1 154 762) (36 006) (1 699 138) (423 450) – – (3 313 356) Net carrying amount 31.12.2025. 10 501 024 26 619 9 944 592 360 507 203 222 72 547 21 108 511 Net carrying amount 30.06.2026. 10 342 435 20 926 9 921 000 344 753 1 400 539 4 222 127 26 251 780 (12) Other loans and non‑current receivables 30.06.2026. 31.12.2025. EUR EUR Operational lease agreement first draw-down non-current part (up to 5 years) 55 379 55 379 55 379 55 379
Page 43
43 (13) Raw materials and consumables 30.06.2026. 31.12.2025. EUR EUR Packaging 343 125 348 771 Feed, feed components and vitamins 98 941 136 433 Other 56 222 47 752 498 288 532 956 (14) Finished goods and goods for sale 30.06.2026. 31.12.2025. EUR EUR Egg products 192 845 165 797 Chicken eggs 60 845 109 175 Other finished products 1 629 562 255 319 275 534 (15) Animals and annual plantings 30.06.2026. 31.12.2025. EUR EUR Laying hens 2 244 357 2 215 562 2 244 357 2 215 562 The AB Group recognize laying hens value at their cost price, which is reduced (depreciated) during the productive time of the laying hens.
Page 44
44 (16) Trade receivables 30.06.2026. 31.12.2025. EUR EUR Book value of trade receivables 2 270 324 2 797 584 (Provisions for bad and doubtful debts) (26 123) (26 123) 2 244 201 2 771 461 Special provisions are being created for doubtful receivables at the end of financial years. (17) Other receivables 30.06.2026. 31.12.2025. EUR EUR Debts for construction services provided 951 016 932 601 Guarantee instalment 42 313 20 854 Other debtors 165 097 108 186 1 158 426 1 061 641 (18) Deferred expenses 30.06.2026. 31.12.2025. EUR EUR Operational lease agreement first draw-down current part 39 485 30 415 Insurance payments 28 483 32 987 Other expenses 125 028 131 580 192 996 194 982 (19) Share capital On 30 June 2026, the registered and fully paid-up share capital of the parent company of the Group amounts to EUR 5,727,930, consisting of 5,727,930 ordinary shares with a nominal value of EUR 1 each.
Page 45
45 (20) Reserves According to the Latvian statutory requirements the Group created reserves in the previous periods. These legal requirements are no more effective in the financial year. These reserves are expected to be reclassified to retained earnings. (21) Loans against debentures 30.06.2026. 31.12.2025. EUR EUR Non-current Bond financing from CVI funds 12 397 803 12 397 803 Costs related to borrowing (283 899) (372 034) 12 113 904 12 025 769 Current Bond financing from CVI funds 199 245 196 058 199 245 196 058 (22) Other borrowings 30.06.2026. 31.12.2025. EUR EUR Non-current Borrowing from other legal entities – 8 015 – 8 015 Current Borrowing from other legal entities 8 015 6 870 8 015 6 870 (23) Other creditors 30.06.2026. 31.12.2025. EUR EUR Employee wages 137 067 124 424 Other creditors 8 396 15 555 Total 145 463 139 979
Page 46
46 (24) Deferred income 30.06.2026. 31.12.2025. EUR EUR Non-current EU co-financing for the acquisition of assets - non-current part 5 144 341 5 181 764 5 144 341 5 181 764 Current EU co-financing for the acquisition of assets - current part 214 293 198 148 214 293 198 148 (25) Accrued liabilities 30.06.2026. 31.12.2025. EUR EUR Accrued trade payables 169 107 147 147 Accrued unused annual leave expenses 202 753 182 935 371 860 330 082 (26) Average number of employees 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. Average number of employees during the reporting period 96 82 (27) Remuneration to the management 01.01.2026.‑ 30.06.2026. 01.01.2025.‑ 30.06.2025. EUR EUR Remuneration of a Members of the Management Board 170 554 170 554 Members of the Supervisory Board 11 577 11 728 182 131 182 282 The remuneration of a Members of the Management Board shown includes only remuneration of the management of the AB Group’s parent company.
Page 47
47 (28) Financial risk management Financial risks related to the financial instruments of the AB Group are mainly the interest rate risk, the liquidity risk and the credit risk. The Management of the AB Group seeks to minimize potential adverse effects of the financial risks on the AB Group’s financial position. The AB Group does not use derivative financial instruments to hedge certain risk exposures. Market risk – Currency Risk The AB Group and Company is exposed to currency exchange rate fluctuation risk, primarily related to transactions in GBP conducted by AB Group’s subsidiary. However, the management of AB Group and Company considers this risk to be insignificant given the transaction amounts. As a result, the application of hedging instruments to mitigate the impact of GBP exchange rate fluctuations is not deemed necessary. Market risk – Interest rate risks The AB Group accepts the interest risk it derives from loans with variable interest rates. Derivatives are not used. Credit risk The AB Group is exposed to credit risk related to the debts of its buyers and principals. AB Group shall control its credit risk by constantly assessing the history of repayment of customer debts and determining the credit conditions for each customer separately. In addition, Concern continuously monitors the balances of receivables in order to reduce the possibility of irrecoverable debts arising. Liquidity risk AB Group controls its liquidity risk by maintaining appropriate amount of cash and cash equivalents. Capital Management In order to ensure the sustainable development of the AB Group and the sufficiency of capital, the Management of the AB Group regularly monitors the compliance of financial data of the AB Group with market benchmarks, including regular monitoring of financial ratios (short-term liabilities to current assets), adequacy of the equity (equity to total assets) and adjusted EBITDA (earnings before interest payments, taxes, depreciation and amortisation, as well as all other irregular income and expenses, changes in the carrying amount of laying hens, donations and state aid received, etc.). Jurijs Adamovičs Chairman of the Management Board Mihails Keziks Member of the Management Board, responsible for the preparation of the Interim Report
Page 48
www. agrova.com Info@agrova.com Agrova Baltics