Apranga delivered a strong Q3, with revenue up 8.8% YoY to €89.5M and net profit jumping 34% to €8.2M. Even more impressively, TTM net profit reached a record €19.7M, while ROE climbed back to historically high levels at 29%.

Net profit

Revenue increased across all three Baltic markets: Lithuania (+10.8% YoY), Latvia (+6.9% YoY), and Estonia (+4.3% YoY). The Business chain stood out with 21% YoY growth, while Youth and Luxury both grew around 10% YoY. Business (+19% YoY) and Youth (+13% YoY) were also the strongest growth drivers over the first nine months of 2026.

Although the gross margin improved only slightly in Q3, from 45.5% to 45.9%, operating expenses grew significantly more slowly than revenue, rising by just 3.5% YoY. This allowed the operating margin to expand from 9.7% to 11.8%. As a result, operating profit increased by 32% YoY to €10.6M, while EBITDA rose by 18% YoY to €15.9M.

Q3 operating margin

Cash flow dynamics also remained positive, with FFO increasing by 31% YoY to €10.7M in Q3. However, seasonal inventory buildup, which was more pronounced this year than last, absorbed part of the cash generated. TTM FCF remained relatively stable at €18.2M, representing an FCF yield of approximately 9%.

Free cash flow

Apranga currently trades at 10.6x P/E and 5.7x EV/EBITDA. While valuation multiples have risen from their 2022 – 2023 lows, the company still appears reasonably valued in the Baltic market context, with a PLY Value Score of 7.

Valuation metrics