AS Kalve Coffee (the "Company") continued its strong growth trajectory, achieving unaudited consolidated revenue of EUR 1.473 million in the first quarter of 2026 (Q1 2026). This represents a 52% increase compared to the same period in the previous year (Q1 2025). Growth was mainly driven by an increase in coffee sales volumes, which grew by 39%, as well as growth in non-coffee products, alongside improved pricing.
Revenue from coffee shops reached EUR 870 thousand in Q1 2026, representing a significant 50% y-o-y increase. While the Company's Latvian locations continued to demonstrate steady growth, the main momentum was driven by its new international markets in Estonia, Lithuania, and France. These international operations already contributed 25% of the total revenue of this business line.
In the B2B segment, the intensive client acquisition efforts carried out in 2025 are increasingly bearing fruit. The number of coffee machines leased to customers has more than doubled over the past 12 months. Consequently, B2B revenue increased by 53% to EUR 536 thousand in Q1 2026.
E-commerce revenue reached EUR 66 thousand in Q1 2026, representing an 82% y-o-y increase. Notably, revenue generated during this single quarter almost reached the total volume generated during the first half of 2025, driven by higher order volumes and an increased average order value (AOV).
| Revenue ('000 EUR) | Unaudited Q1 2026 | Unaudited Q1 2025 | Delta, % |
| B2B | 536 | 351 | +53 |
| Coffee Shops | 870 | 579 | +50 |
| E-Commerce | 66 | 36 | +82 |
| Total Revenue | 1,473 | 967 | +52 |
For reference, the Company currently does not expect the ongoing military conflict affecting the Strait of Hormuz to have material direct impact on its major coffee supply routes as the Strait of Hormuz is not a primary shipping route for major global coffee trade routes, which largely use the Suez Canal.
Management retains its previously announced 2026 EBITDA financial guidance at approximately EUR 0.4 million.
AS Kalve Coffee is a brand created by coffee professionals, aiming to develop and strengthen the culture of specialty coffee roasting, brewing, and appreciation in the Baltic region. Kalve Coffee began operations in early 2019. The core values of KALVE are outstanding coffee and service quality, honesty, excellent product design, and responsible practices in all processes. As we continue to grow as a B-Corp company, sustainability is key - both through products and services with a positive long-term impact and by caring for environmental quality at every stage of the coffee production chain.
Contact information:
Gatis Zēmanis
Chairman of the Management Board
+371 27303355
ir@kalvecoffee.com
Certified Advisor:
ZAB Eversheds Sutherland Bitāns SIA
Kārlis Jēkabs Īvāns
M: +371 20 380 986
E-pasts: k-j.ivans@eversheds-sutherland.lv