During the first six months of 2026 (H1 2026), Pignord SIA successfully completed the senior secured bond placement and the acquisition of Gaižēni SIA (Livlande Agro), and Livlande Agro's underlying pig farming and agriculture business performed according to the 2026 budget.
In H1 2026 the Group recorded revenue of €7.4m (H1 2025: €8.3m) and Normalized EBITDA of €1.0m (H1 2025: €2.2m), a Normalized EBITDA margin of 13.2% against 26.2% a year earlier. The y-o-y difference in performance is a result of lower average pork market prices of €1.27/kg in H1 2026 (H1 2025: €1.50/kg). The performance is in line with the budget, including increased efficiency that has led to 6,001 tons of live weight sold (H1 2025: 5,660 tons).
On a pro-forma consolidated basis, the Group generated revenue of €16.2m and Normalized EBITDA of €4.2m (26.2% Normalized EBITDA margin) in the last twelve month period to 30 June 2026.
Pignord SIA completed its bond placement on 22 May 2026 and subsequently completed the acquisition of Gaižēni SIA on 11 June 2026. The merger of the Group is proceeding as planned and is expected to be completed well before the term defined in the bond prospectus.
Consolidated total assets stood at €32.2m at 30 June 2026, with equity of €14.0m and Net Debt of €10.3m, all of which are in line with the expected result of the acquisition close. Healthy credit metrics have significant headroom compared to bond covenants.
Reinis Ozols
Board member, Pignord SIA
