PLY analytics

🥛 Pieno žvaigždės Outperformed Vilvi/Vilkyškių Group in Profitability in Q1 2026

📈 Pieno žvaigždės
🔹 Revenue remained stable, but a 10% decline in cost of sales lifted gross margin to 27%. Gross profit jumped 43% YoY.
🔹 Net profit reached €3.1M, up from just €0.2M a year ago. The result also slightly exceeded the company's previous Q1 record of €2.8M, set in 2023.
🔹 One negative: operating expenses increased 18% YoY.

📉 Vilvi Group
🔹 Revenue increased 22% YoY, largely due to the consolidation of the canned milk business.
🔹 Gross margin declined from 10% to 6%, and on top of that, operating expenses climbed 82% YoY.
🔹 Excluding one-off gains from a bargain purchase, the quarter would have been loss-making at the net profit level.

💰 Vilvi Group continues to trade at a premium, reflecting higher growth expectations, with 11.6x P/E (23x excluding other operating income) and 16.4x EV/EBITDA, compared with 9.6x P/E and 5.9x EV/EBITDA for Pieno žvaigždės.

📊 With April raw milk prices still 28% below last year's level, all eyes are now on whether this cost advantage can be sustained through Q2 – follow PLY Markets agro statistics for the latest trends.



https://plymarkets.com/dashboard/groups/dabc12d0-2c61-4383-b024-22df7611fb0b/reports/b72395f1-efa5-4f43-aef8-c033c2ff6666

📉 Grigeo Group Q1 2026: Growth Meets Margin Pressure

Grigeo Group delivered strong top-line growth in Q1 2026, with revenue up 31% YoY to €77.5M, largely driven by acquisition effect and a 61% increase in paper segment sales. 📈

But the main challenge was margins, driven by cost of goods sold and selling and distribution expenses growing faster than revenue.

🔺 Gross profit + 8% YoY
🔻 EBITDA - 21% YoY
🔻 Operating profit - 47% YoY

Margins came under pressure across all business segments. The paper segment's gross profit growth was almost half the pace of revenue growth, while gross profit in other segments declined.

Free cash flow remained negative by high investments in long-term assets and weaker FFO this quarter.

📊 Valuation metrics moved higher: P/E increased to 9.7x and EV/EBITDA to 4.9x, although the latter remains relatively low.

The acquisition effect should continue supporting revenue growth over the next two quarters, but the key question remains: will that growth start translating into profits? 💡

👉 Follow PLY Markets and stay tuned for more updates and market insights.


https://plymarkets.com/dashboard/groups/dabc12d0-2c61-4383-b024-22df7611fb0b/reports/3b5d9a1f-e693-43d9-b0d4-4ba34b033846

🚨 Akola Group Q3 FY2025/2026: One Segment Is Carrying the Business

Akola Group’s latest quarter was weaker YoY, but not particularly concerning in a broader historical context.

📉 Revenue declined 5% (11% based on corrected data) to €358M, and food production was the only growth driver (+6%).

🐔 Poultry continues to be the key profit engine, generating nearly 50% of total gross profit while contributing only around 25% of revenue.

⚠️ In Q3 FY2025/2026, operating profit fell 27% YoY (44% based on corrected data) to €10.2M. Almost all operating profit came from food production, while farming posted losses and the partners for farmers segment delivered only minimal profit.

💶 FCF over the last 12 months improved to €59M, with this quarter’s improvement being driven mainly by working capital movements rather than FFO generation.

Valuation metrics are relatively low: P/E 5.1x and EV/EBITDA 6.2x.

But the key question: is the business becoming too reliant on a single segment to sustain overall performance?


https://plymarkets.com/dashboard/groups/dabc12d0-2c61-4383-b024-22df7611fb0b/reports/5d6f92b4-84fa-460b-bc1b-505dece083d2

Ignitis grupė Q1 2026: Top-Line Growth Didn’t Reach the Bottom Line

📈 Revenue grew strongly in Q1, rising 22% YoY to €939M.

🟢 Positive contributors: Customers & Solutions and Networks segments
🔴 Negative contributors: Green Capacities and Reserve Capacities segments

EBITDA increased 10% YoY to €175.4M, but profitability came under pressure as purchases of electricity, natural gas and other services jumped 25% YoY – especially impacting the green capacities segment.

📉 Higher depreciation expenses absorbed operating profit growth, while weaker financial results driven by negative FX impact and higher interest costs pushed net profit down 13% YoY to €73M.

Cash flow story remains unchanged — free cash flow stayed negative. 💸

👇 Click the link below to explore detailed financial data with the PLY Markets!


https://plymarkets.com/dashboard/groups/dabc12d0-2c61-4383-b024-22df7611fb0b/reports/6fcb6ea7-2039-429a-82b8-97bfe1a5da37

📉 Merko Ehitus Q1 Numbers Look Weak – But the Future May Not

The start of 2026 was clearly challenging for Merko Ehitus, especially compared to the strong Q1 last year. Even compared to earlier years, this quarter looked soft.

Key highlights:
🔻 Revenue fell to €57M (-33% YoY)
🔻 Operating profit dropped sharply to just €1.3M (-87% YoY)

Margins were under pressure as revenue declined faster than both the cost of goods (-26% YoY) sold and operating expenses (-17% YoY).

The bottom line looked somewhat better at €4.3M due to positive income tax effect, but it was still below last year’s level.

Bright spot:
🚀 The Rūdninkai military campus contract significantly boosted the outlook. During Q1, the order book jumped 77% to €826M from €467M at the end of 2025.

Could this become a future growth driver? Explore Merko Ehitus financials with PLY Markets. 🔎


https://plymarkets.com/dashboard/groups/b0690976-8205-4e4a-b29d-484bac5c0f33/reports/b3dc52e6-2e51-4a2e-943d-36d0e6c8c145

📈 Apranga Group kicks off 2026 on an upward trend

Apranga has started the year on a positive note – revenue is growing and margins remain stable (though not at peak levels).
🔹 Revenue: +9% YoY
🔹 Gross profit: +10% YoY

Operating expenses were well managed, increasing in line with revenue. However, strong seasonality in Q1 absorbed almost all of the gross profit.
💰 Net result: €443K
➡️ That’s +73% YoY, but still below Q1 2023 and Q1 2024, when results exceeded €1M.

👉 What does it mean?
The trend is positive – but the real test lies ahead. The next three quarters are the key profit drivers.

🔍 Want deeper insights?
Explore the updated PLY Markets website and dive into the data.


https://plymarkets.com/dashboard/groups/dabc12d0-2c61-4383-b024-22df7611fb0b/reports/a8498b59-c647-4b18-bf4d-86ea8dcc81cc

Artea Q1 2026: Down, but Not the Worst 📉

Artea reported net profit of €15.4M (-13% YoY) in Q1, placing it between peers. Coop Pank delivered growth (+5% YoY), while LHV Group saw a much sharper drop (-32% YoY).

What worked ✅
• Net interest income increased (+4% YoY), though still lagging Coop Pank (+9%), while LHV Group slightly declined (-4% YoY).
• Staff costs remained stable.
• Lower impairment expenses supported the bottom line.

What didn’t ⚠️
• Non-core items weighed on comparability: €3.6M YoY lower financial asset derecognition and €1.3M YoY larger loss from trading activities.
• Other operating expenses increased by 10% YoY.

Valuation💡
• Coop Pank – lower P/E, similar P/BV, higher ROE.
• LHV Group – still at a premium, but P/E is close and the ROE gap is narrowing.

Take a closer look at Baltic banks on PLY. 🔍


https://plyanalytics.com/dashboard/groups/dabc12d0-2c61-4383-b024-22df7611fb0b/reports/45dc5e6d-28a8-468f-83bb-e4aa3e61b694