Declared Dividend • May 06
Dividend reduced to €0.05 Dividend of €0.05 is 17% lower than last year. Ex-date: 14th May 2026 Payment date: 26th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (dividend approximately 17x free cash flows). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Apr 30
Grigeo Group AB Approves Cash Dividend for the Year 2025 Grigeo Group AB, at its Annual General Meeting of Shareholders, held on 30 April 2026, adopted to approve the appropriation of the Company’s profit for the year 2025 according to the draft of profit appropriation presented for the Annual General Meeting of Shareholders (attached) and to allocate EUR 6,641,000 to dividends (what makes EUR 0.05 per share). Ankündigung • Apr 09
Grigeo Group AB, Annual General Meeting, Apr 30, 2026 Grigeo Group AB, Annual General Meeting, Apr 30, 2026, at 11:00 FLE Standard Time. Location: vilniaus str. 10, grigiskes, vilnius city municipality lithuania, Lithuania Ankündigung • Apr 08
Grigeo Group AB Proposes Dividend for the Year Ended December 31, 2025 Grigeo Group AB, at its Annual General Meeting of Shareholders to be held on 30 April 2026, proposes to approve the draft appropriation of the Company’s profit for the year ended December 31, 2025 and to allocate EUR 6,641,000, equivalent to EUR 0.05 per share. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: €0.13 (vs €0.16 in FY 2024) Full year 2025 results: EPS: €0.13 (down from €0.16 in FY 2024). Revenue: €246.6m (up 16% from FY 2024). Net income: €16.8m (down 19% from FY 2024). Profit margin: 6.8% (down from 9.8% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Nov 23
Third quarter 2025 earnings released: EPS: €0.037 (vs €0.029 in 3Q 2024) Third quarter 2025 results: EPS: €0.037 (up from €0.029 in 3Q 2024). Revenue: €56.3m (up 4.5% from 3Q 2024). Net income: €4.82m (up 27% from 3Q 2024). Profit margin: 8.6% (up from 7.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Aug 23
Second quarter 2025 earnings released: EPS: €0.035 (vs €0.048 in 2Q 2024) Second quarter 2025 results: EPS: €0.035 (down from €0.048 in 2Q 2024). Revenue: €57.6m (up 3.5% from 2Q 2024). Net income: €4.59m (down 27% from 2Q 2024). Profit margin: 8.0% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • May 24
First quarter 2025 earnings released: EPS: €0.034 (vs €0.033 in 1Q 2024) First quarter 2025 results: EPS: €0.034 (up from €0.033 in 1Q 2024). Revenue: €59.1m (up 22% from 1Q 2024). Net income: €4.50m (up 5.3% from 1Q 2024). Profit margin: 7.6% (down from 8.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 01
Dividend reduced to €0.06 Dividend of €0.06 is 14% lower than last year. Ex-date: 12th May 2025 Payment date: 19th May 2025 Dividend yield will be 5.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (172% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 9.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: €0.16 (vs €0.19 in FY 2023) Full year 2024 results: EPS: €0.16 (down from €0.19 in FY 2023). Revenue: €213.0m (up 9.0% from FY 2023). Net income: €20.8m (down 18% from FY 2023). Profit margin: 9.8% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 07
Grigeo Group AB, Annual General Meeting, Apr 28, 2025 Grigeo Group AB, Annual General Meeting, Apr 28, 2025, at 11:00 FLE Standard Time. Location: vilniaus str. 10, grigiskes, vilnius city municipality, in the second-floor hall of the company`s, administrative building, Lithuania Ankündigung • Apr 05
Grigeo Group AB Proposes Dividend for the Year 2024 Grigeo Group AB announced on 4 April 2025 the board of the company has decided to present to the Annual General Meeting of Shareholders of the company which is to be held on 28 of April 2025, the following information: The board of the company proposes to approve the presented draft appropriation of the company’s profit for the year 2024 and to allocate EUR 7,884,000 to dividends (what makes EUR 0.06 per share). Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: €0.17 (vs €0.19 in FY 2023) Full year 2024 results: EPS: €0.17 (down from €0.19 in FY 2023). Revenue: €213.0m (up 9.0% from FY 2023). Net income: €22.1m (down 13% from FY 2023). Profit margin: 10% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: €0.029 (vs €0.044 in 3Q 2023) Third quarter 2024 results: EPS: €0.029 (down from €0.044 in 3Q 2023). Revenue: €53.9m (up 17% from 3Q 2023). Net income: €3.79m (down 35% from 3Q 2023). Profit margin: 7.0% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: €0.048 (vs €0.049 in 2Q 2023) Second quarter 2024 results: EPS: €0.048 (down from €0.049 in 2Q 2023). Revenue: €55.7m (up 13% from 2Q 2023). Net income: €6.30m (down 2.1% from 2Q 2023). Profit margin: 11% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Ankündigung • May 29
AB „Grigeo Group” Announces Board Changes AB „Grigeo Group” informed that on 29th May 2024 the Supervisory Board of the Company has revoked Martynas Nenenas from his position as a member of the Board. As of 30th May 2024, Robertas Krutikovas has been appointed as a new member of the Board. R. Krutikovas has been working and holding managerial positions in the companies managed by AB „Grigeo Group” since January 2008. Reported Earnings • May 28
First quarter 2024 earnings released: EPS: €0.033 (vs €0.062 in 1Q 2023) First quarter 2024 results: EPS: €0.033 (down from €0.062 in 1Q 2023). Revenue: €48.7m (down 10% from 1Q 2023). Net income: €4.27m (down 48% from 1Q 2023). Profit margin: 8.8% (down from 15% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 09
Dividend increased to €0.07 Dividend of €0.07 is 40% higher than last year. Ex-date: 10th May 2024 Payment date: 22nd May 2024 Dividend yield will be 6.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 38% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 27
Full year 2023 earnings released: EPS: €0.19 (vs €0.08 in FY 2022) Full year 2023 results: EPS: €0.19 (up from €0.08 in FY 2022). Revenue: €195.4m (down 3.9% from FY 2022). Net income: €25.3m (up 140% from FY 2022). Profit margin: 13% (up from 5.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 27
Grigeo AB Approves Dividend for the Year 2023, Starting from May 22, 2024 Grigeo AB at its AGM held on April 26, 2024 approved dividend of EUR 0.07 per share for the year 2023. The rights accounting day of the shareholders of the General Meeting of Shareholders is 13th May 2024. The proprietary rights will be held by the persons who, at the close of the tenth working day after the General Meeting of Shareholders which adopted the appropriate decision, i.e. on 13th May 2024, will be the shareholders of the Company. Proceeding from the above, the ex-date is 10th May 2024. From that date the new owner of the shares, which were acquired on stock exchange with settlement cycle of T+2, is not entitled to dividends for the year 2023. The Company will pay EUR 9,198,000 dividends (what makes EUR 0.07 per share) allocated by the decision of the General Meeting of Shareholders of 26th April 2024, starting from 22nd May 2024. Ankündigung • Mar 30
Grigeo AB (NSEL:GRG1L) completed the acquisition of Factories of Glucholaskie Zaklady Papiernicze sp. z o.o from Glucholaskie Zaklady Papiernicze Sp Z O O. Grigeo AB (NSEL:GRG1L) signed a preliminary share purchase agreement to acquire Factories of Glucholaskie Zaklady Papiernicze sp. z o.o from Glucholaskie Zaklady Papiernicze Sp Z O O on September 26, 2023.The Company plans to finance this acquisition from its own financial resources. The transaction is planned to be completed within 6 months, subject to the conditions precedent specified in the agreement. Based on unaudited data, the annual turnover of the GZP division in Niedomice for 2022 was €40 million, with an EBITDA of €3.8 million. According to available data, the estimated enterprise value is €22 million. Bird & Bird acted as legal advisor to Factories of Glucholaskie. Santander acted as financial advisor to Factories of Glucholaskie. Superia Corporate Finance acted as financial advisor to Grigeo. Glimstedt and Penteris acted as legal advisors to Grigeo in the transaction.
Grigeo AB (NSEL:GRG1L) completed the acquisition of Factories of Glucholaskie Zaklady Papiernicze sp. z o.o from Glucholaskie Zaklady Papiernicze Sp Z O O on March 28, 2024. Superia Corporate Finance acted as financial advisor and KPMG Lithuania acted as financial due diligence provider to Grigeo AB. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: €0.19 (vs €0.08 in FY 2022) Full year 2023 results: EPS: €0.19 (up from €0.08 in FY 2022). Revenue: €195.4m (down 3.9% from FY 2022). Net income: €25.3m (up 140% from FY 2022). Profit margin: 13% (up from 5.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 19% per year. Ankündigung • Jan 02
Grigeo AB to Report Fiscal Year 2023 Results on Feb 22, 2024 Grigeo AB announced that they will report fiscal year 2023 results on Feb 22, 2024 Ankündigung • Nov 29
Grigeo AB Announces Changes in the Structure of Grigeo AB Group of Companies On November 27, 2023 the board of Grigeo AB to ensure more efficient management and development of the businesses of Grigeo AB group of companies, adopted a decision on changing the structure of the Group. The structural changes are planned to divide the Group’s activities more clearly into business segments, separating and forming the hygiene paper segment next to the existing packaging and wood fibre board segments. The Company plans to transfer its current tissue paper business, as a complex of assets, rights and liabilities, to its newly established and 100% owned subsidiary, and combining its management with the management of the factory to be acquired in Poland. The value of the tissue paper business to be transferred to the subsidiary will be determined in a business valuation report by an independent asset valuer. It is planned that changes in the Group's structure will be implemented in the first half of 2024. After the transfer of the business, the production of tissue paper in Lithuania will continue to be carried out at the same address as before the transfer of the business – Vilniaus street 10, Grigiškes, Vilnius city municipality, Republic of Lithuania. The structural changes of the Group will not affect the continuity of work, length of service, accrued vacation days or any other available benefits of the Company's employees. The changes in the structure of the Group will be implemented in accordance with the requirements of the legal acts of the Republic of Lithuania, after receiving the necessary permits and/or consents from the relevant state and local municipal institutions, after receiving the opinion of the Company's Audit Committee and the consent of the Supervisory Board regarding the conclusion of the transaction with the related party, in cooperation with the Company's partners and after consultations with the trade union operating at the Company level. After implementing the changes to the structure of the Group, the Company would retain centralized supervision and control of the Group's financial accounting and business analytics, personnel management, legal services, information technology maintenance, procurement and in other functions that the Group’s companies are serviced. The Board of the Company believes that the separation of the Group's activities, including the concentration of the Company's current tissue paper production business in a separate company, will ensure greater clarity and efficiency of the Group's business management and strengthen its position in the market of tissue paper production in the Baltic countries and Poland. In the short term, the changes in the structure of the Group will not have a significant impact on the Group's financial indicators, but in the opinion of the Board, in the medium and long term, the separation of the segment and the merger of management will bring economic benefits to the results of the Group. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: €0.044 (vs €0.01 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.044 (up from €0.01 loss in 3Q 2022). Revenue: €46.2m (down 8.9% from 3Q 2022). Net income: €5.80m (up €7.14m from 3Q 2022). Profit margin: 13% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Buying Opportunity • Nov 24
Now 20% undervalued Over the last 90 days, the stock is up 2.7%. The fair value is estimated to be €1.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 3.8%. Buying Opportunity • Oct 25
Now 23% undervalued Over the last 90 days, the stock is up 3.2%. The fair value is estimated to be €1.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 3.8%. Buying Opportunity • Sep 14
Now 20% undervalued Over the last 90 days, the stock is up 2.9%. The fair value is estimated to be €1.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 3.8%. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: €0.049 (vs €0.041 in 2Q 2022) Second quarter 2023 results: EPS: €0.049 (up from €0.041 in 2Q 2022). Revenue: €49.1m (down 5.4% from 2Q 2022). Net income: €6.43m (up 20% from 2Q 2022). Profit margin: 13% (up from 10% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: €0.062 (vs €0.016 in 1Q 2022) First quarter 2023 results: EPS: €0.062 (up from €0.016 in 1Q 2022). Revenue: €54.1m (up 8.5% from 1Q 2022). Net income: €8.18m (up 280% from 1Q 2022). Profit margin: 15% (up from 4.3% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Ankündigung • May 06
Grigeo AB Appoints Tomas Jozonis as the Manager (CEO) of the Company On 5 ??y 2023 the Board of Grigeo AB appointed Tomas Jozonis as the Manager (CEO) of the Company. Gintautas Pangonis, the long-term Manager of the Company, who has been the President of Grigeo AB until now, will purposefully strengthen the strategic management of the Grigeo AB company group - he will hold the position of the Chairman of the Board of Grigeo AB and will serve on the boards of companies of the Grigeo AB company group. T. Jozonis, who has a master's degree in business, has been working in the Grigeo AB group of companies since 2013, he is a member of the Board of the Company and other companies in the group. Having started his career at Grigeo AB as a procurement manager, T. Jozonis has held various management positions for the past eight years, and since 2019 served as the General Manager of the Company's paper business. Upcoming Dividend • May 05
Upcoming dividend of €0.05 per share at 5.6% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 24 May 2023. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 5.6%. Lower than top quartile of Lithuanian dividend payers (5.8%). In line with average of industry peers (5.6%). Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: €0.08 (vs €0.093 in FY 2021) Full year 2022 results: EPS: €0.08 (down from €0.093 in FY 2021). Revenue: €203.2m (up 25% from FY 2021). Net income: €10.5m (down 14% from FY 2021). Profit margin: 5.2% (down from 7.5% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €50.7m (up 15% from 3Q 2021). Net loss: €1.34m (down 147% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: €0.041 (vs €0.03 in 2Q 2021) Second quarter 2022 results: EPS: €0.041 (up from €0.03 in 2Q 2021). Revenue: €51.9m (up 34% from 2Q 2021). Net income: €5.36m (up 38% from 2Q 2021). Profit margin: 10% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Reported Earnings • Jun 22
First quarter 2022 earnings released: EPS: €0.016 (vs €0.025 in 1Q 2021) First quarter 2022 results: EPS: €0.016 (down from €0.025 in 1Q 2021). Revenue: €49.9m (up 42% from 1Q 2021). Net income: €2.15m (down 35% from 1Q 2021). Profit margin: 4.3% (down from 9.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: €0.022 (up from €0.017 in 3Q 2020). Revenue: €44.1m (up 38% from 3Q 2020). Net income: €2.85m (up 31% from 3Q 2020). Profit margin: 6.5% (down from 6.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS €0.03 (vs €0.009 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €38.6m (up 34% from 2Q 2020). Net income: €3.89m (up 217% from 2Q 2020). Profit margin: 10% (up from 4.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • May 28
First quarter 2021 earnings released: EPS €0.05 (vs €0.031 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €35.1m (down 3.0% from 1Q 2020). Net income: €3.31m (down 18% from 1Q 2020). Profit margin: 9.4% (down from 11% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • May 06
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 24 May 2021. Trailing yield: 7.1%. Within top quartile of Lithuanian dividend payers (6.3%). Higher than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improved over the past week After last week's 18% share price gain to €1.58, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 20x in the Forestry industry in Europe. Total returns to shareholders of 24% over the past three years. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS €0.20 (vs €0.21 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €129.9m (down 7.4% from FY 2019). Net income: €13.2m (down 2.0% from FY 2019). Profit margin: 10% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.27, the stock is trading at a trailing P/E ratio of 8x, down from the previous P/E ratio of 9.5x. This compares to an average P/E of 14x in the Forestry industry in Europe. Total return to shareholders over the past three years is a loss of 5.0%. Is New 90 Day High Low • Jan 25
New 90-day high: €1.51 The company is up 22% from its price of €1.23 on 27 October 2020. The Lithuanian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Forestry industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: €1.33 The company is up 6.0% from its price of €1.26 on 30 September 2020. The Lithuanian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 14% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS €0.033 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €31.9m (down 9.9% from 3Q 2019). Net income: €2.17m (down 57% from 3Q 2019). Profit margin: 6.8% (down from 14% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. 
