Unaudited consolidated interim accounts for the second quarter and first six months of 2025

Core Insights - The company reported a consolidated sales revenue of 232.8 million euros for Q2 2025, a decrease of 1.9% year-on-year, and 447.8 million euros for the first half of the year, down 2.4% compared to the same period in 2024 [1][2] - Profit before tax for Q2 2025 was 6.6 million euros, reflecting a 32.7% decline from the previous year, with a total profit before tax of 7.9 million euros for the first half, down 5.8 million euros year-on-year [1][2] - The challenging economic environment, including tax increases and cautious consumer spending, significantly impacted sales across various segments, particularly in the car segment due to a new car tax in Estonia [2][17] Supermarkets Segment - The Selver supermarkets segment achieved sales revenue of 155.7 million euros in Q2 2025, a 3.6% increase year-on-year, and 304.0 million euros for the first half, marking a 2.5% growth [6][7] - The average monthly sales revenue per square meter was 0.41 thousand euros in Q2 2025, a 0.9% increase overall and 2.2% for comparable stores [6] - The segment's profit before tax for the first half was 4.0 million euros, down 2.2 million euros compared to the previous year [7] Department Stores Segment - The department stores segment reported sales revenue of 25.7 million euros in Q2 2025, a 1.0% increase, but a pre-tax loss of 1.7 million euros for the first half, which is 0.7 million euros weaker than the previous year [12][13] - The average sales revenue per square meter for the first half was 0.30 thousand euros, down 1.8% year-on-year [13] Car Segment - The car segment's sales revenue for Q2 2025 was 45.1 million euros, a 16.6% decrease, with a total of 82.5 million euros for the first half, down 16.7% [16][17] - The introduction of a car tax in Estonia led to a 40% decline in the new car market volume, although the Group's performance in Latvia and Lithuania helped mitigate the overall impact [2][17] Security Segment - The security segment's sales revenue for Q2 2025 was 4.4 million euros, a decline of 24.1%, with a pre-tax loss of 0.3 million euros [19][20] - The segment faced challenges due to seasonal fluctuations in project volumes and rising input costs [20] Real Estate Segment - The real estate segment reported sales revenue of 1.9 million euros in Q2 2025, a 9.5% increase, with a pre-tax profit of 2.4 million euros, up 39.0% [21][22] - Growth was supported by rental income from a logistics center and new tenants boosting footfall [22][23] Financial Position - As of June 30, 2025, total assets were 667.8 million euros, down from 706.7 million euros at the end of 2024, with current liabilities decreasing to 127.1 million euros [25] - The company's equity decreased to 235.1 million euros from 261.5 million euros, reflecting a decline in retained earnings [25]