AUGA group, RAB publishes unaudited consolidated interim financial statements for the 6-month period ended 30 June 2026
AUGA group, RAB has published its unaudited consolidated results for the first 6 months of 2026: the gross result of the crop growing segment improved by EUR 1.29 million and turned positive (EUR 0.01 million, compared to a loss of EUR 1.28 million in the first half of 2025); the dairy segment remained profitable despite a 19% drop in raw milk purchase prices (gross profit of EUR 0.53 million, first half of 2025: EUR 3.31 million); the gross profit of the fast-moving consumer goods (FMCG) segment grew to EUR 0.39 million (first half of 2025: EUR 0.22 million); EBITDA amounted to EUR 3.49 million (first half of 2025: EUR 6.60 million); and the first of the four actions of the restructuring plan – the sale of Baltic Champs – was completed ahead of the deadline set in the plan.
30 September 2026
Financial information
On 30 September 2026, AUGA group, RAB, legal entity code 126264360 (hereinafter – the Company), published its unaudited consolidated financial results for the first 6 months of 2026. The Group's sales revenue in the first half of 2026 amounted to EUR 13.84 million (first half of 2025: EUR 16.37 million). The change in revenue was mainly driven by 19% lower raw milk purchase prices in the market and a smaller volume of the 2025 harvest sold, while the revenue of the FMCG segment grew. The Group's gross profit amounted to EUR 0.93 million, EBITDA – to EUR 3.49 million, and the EBITDA margin – to 25%.
The comparative figures for the first half of 2025 in the financial statements have been restated: following the completion of the sale of Baltic Champs in February 2026, the mushroom growing business has been classified as a discontinued operation under IFRS 5 and eliminated from the indicators of continuing operations.
| Main indicators, EUR million | 6 months of 2026 | 6 months of 2025 |
| Sales revenue | 13.84 | 16.37 |
| Gross profit | 0.93 | 2.26 |
| EBITDA | 3.49 | 6.60 |
| EBITDA margin | 25% | 40% |
| Selling and administrative expenses | 3.99 | 4.05 |
| Loss from continuing operations | (6.94) | (4.06) |
| Result of discontinued operations (Baltic Champs) | (14.25) | (0.24) |
| Net loss | (21.20) | (4.30) |
The net result for the period was determined by a one-off non-cash accounting loss of EUR 14.04 million on the loss of control of Baltic Champs – the difference between the carrying amount of the net assets sold and the sale price agreed in accordance with the procedure set out in the restructuring plan. This loss did not reduce the Group's cash flows: the proceeds of the transaction were used to redeem in full the Group's most expensive bond issue, carrying an annual interest rate of 14%, and the Group's financial debts and lease liabilities decreased by approximately EUR 11.6 million on the transaction date. The loss from continuing operations increased compared to the previous year mainly due to finance costs (EUR 4.37 million; first half of 2025: EUR 2.91 million): in the first half of 2025, until the approval of the restructuring plan, no interest was accrued on the debts under restructuring, so the finance costs of the two periods are not directly comparable. The interest burden will be reduced by the debt reduction actions provided for in the restructuring plan.
"The first half of 2026 has shown that the restructuring plan is working and that we are implementing it faster than envisaged. We completed the sale of Baltic Champs ahead of the deadline set in the plan, redeemed the Group's most expensive debt instrument, and in April, together with the creditors' committee, selected the manager of the dairy farms fund being established. Of the 27 group companies for which restructuring processes were initiated, 15 have already exited after reaching agreements with their main creditors, and the plans of the remaining 11 companies (excluding Baltic Champs which was sold) have been approved and are being implemented. This provides clarity to creditors, shareholders and our team alike," said Kęstutis Juščius, Chairman of the Board of AUGA group, RAB.
Operating segments
Crop growing. In the 2025/2026 season, the Group farms 32.3 thousand ha of land, of which 26.1 thousand ha are sown: wheat accounts for 10.3 thousand ha, legumes for 4.9 thousand ha and other crops for 10.8 thousand ha. The segment's gross result turned positive in the first half of 2026 and amounted to EUR 0.01 million, compared to a loss of EUR 1.28 million in the first half of 2025. The main driver was more favourable crop valuation assumptions: the overall fair value result of biological assets for the 2025/2026 season as at 30 June 2026 was a loss of EUR 2.09 million – 45% smaller than a year earlier (EUR 3.83 million). The segment's sales revenue amounted to EUR 3.80 million (first half of 2025: EUR 4.40 million), and agricultural subsidies to EUR 3.98 million. The final result of the crop growing segment will be known after the harvest, once harvest income and final crop growing costs have been determined.
Dairy. Milk sales volumes grew by 2% to 13.5 thousand tonnes, and cattle sales revenue by 8% to EUR 1.32 million. Sales revenue decreased to EUR 8.01 million (first half of 2025: EUR 9.98 million). The average milk yield per cow per day remained at 24.7 kg. Despite 19% lower raw milk purchase prices in the market and an 11% increase in the segment's costs, dairy remained profitable – its gross profit amounted to EUR 0.53 million.
Fast-moving consumer goods (FMCG). The segment's sales revenue grew by 2% to EUR 2.03 million, while its gross profit increased by 77% to EUR 0.39 million (first half of 2025: EUR 0.22 million). The segment's costs decreased by 7%.
"We continue to pay close attention to cost management. Although everything is becoming more expensive, we have managed to keep costs under control in almost all areas. In crop growing, we are entering the harvest with lower accumulated season costs than last year, the costs of the FMCG segment decreased by 7%, and selling and administrative expenses declined. The only exception is dairy, where the more expensive fuel and fertilisers needed for feed production, together with rising wages, increased the segment's costs, yet this segment also remained profitable. The price environment is changing: grain prices in the market have risen, and futures prices indicate that, after several years at the bottom of the cycle, we are moving into a cycle of higher prices; raw milk purchase prices stabilised in the first half of the year, and their growth is already visible in the third quarter," said Laurynas Miškinis, Chief Executive Officer of AUGA group, RAB.
Operating cost management
The Group's selling and administrative expenses decreased to EUR 3.99 million (first half of 2025: EUR 4.05 million): both payroll costs and other operating expense lines have been kept under control, despite rising wages, increasing prices and additional costs related to the restructuring processes.
Implementation of the restructuring plan
On 26 February 2026, the sale of 100% of the shares of Baltic Champs was completed – the first of the four key actions of the restructuring plan, implemented ahead of the deadline set in the plan. The total value of the transaction was EUR 8.46 million. On 27 February 2026, the proceeds of the transaction were used to redeem in full the bond issue of UAB AWG Investment 1 together with accrued interest (EUR 5.22 million).
In April 2026, with the approval of the creditors' committee, UAB ZeroSum Asset Management, a management company licensed by the Bank of Lithuania, was selected as the manager of the dairy farms fund being established. The other three key actions of the plan are being continued: the sale of land-owning companies and the separation and realisation of the dairy business and of the crop growing business in the Raseiniai region.
Of the 27 group companies for which restructuring processes were initiated, 15 have exited them after reaching agreements with their main creditors; the restructuring plans of the remaining 11 companies, including the Company, have been approved and are being implemented. Settlements with creditors are scheduled for 2025–2029.
The Group's consolidated unaudited interim financial information for the 6-month period ended 30 June 2026 is attached.
Contacts:
Chief Financial Officer of AUGA group, RAB
Kristupas Baranauskas
+370 5 233 5340
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