3-MONTH REPORT 2026
UNITEDLABELS AG
"WIR MACHEN AUS MILLIONEN FANS MILLIONEN KUNDEN"
Peter Boder CEO
Dear Shareholders,
During the first three months of fiscal year 2026, UNITEDLABELS AG generated consolidated revenue of €4.0 million (previous year: €4.2 million). The slight decline in revenue resulted from the distribution of customer promotions before and after the reporting date.
Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to
€0.3 million (previous year: €0.4 million). Earnings before interest and taxes (EBIT) amounted to
€0.2 million (previous year: €0.3 million), and consolidated net income for the first quarter of 2026 was €0.2 million (previous year: €0.2 million), corresponding to a return on sales of 4.0%.
The slight decline in revenue in the first quarter does not allow for any conclusions to be drawn regarding the full year. Notwithstanding the order postponements, the company continues to expect growth in revenue and earnings for the full year 2026.
Elfen Service GmbH's online business performed particularly well, increasing its revenue by 54% during this period.
The order backlog as of March 31, 2026, was €10.0 million.
Our focus remains on the key account and e-commerce sectors. In addition, we offer a wide range of logistics services to selected companies in the B2B and B2C sectors. In doing so, we make targeted use of our modern logistics center to achieve higher capacity utilization and thus generate additional revenue.
We would like to thank all our business partners, and especially you, our shareholders, for the trust you have placed in us.
Peter Boder CEO
3-MONTH REPORT
Key Figures 3-Month report (k€) | 3M 2026 | 3M 2025 |
Revenue | 3,969 | 4,157 |
EBITDA* | 302 | 417 |
EBIT | 225 | 339 |
Profit before tax | 163 | 231 |
Consolidated profit | 159 | 189 |
Shareprice per end of period (€) | 1.07 | 1.18 |
Market capitalization | 7,415 | 8,177 |
Net profit per share (€) | 0.02 | 0.03 |
Employees converted to full-time equivalents (on average) | 34 | 39 |
Revenue per full-time equivalents | 116 | 106 |
* including amortisation of usage rights
© 2026 SANRIO CO., LTD.
Basis of preparation (IFRS/IAS)Statement of compliance
The consolidated financial statements for the quarter have been prepared in accordance with internationally accepted accounting standards, on the basis of the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) promulgated by the International Accounting Standards Board (IASB), particularly in accordance with IAS 34. Within this context, neither the interim financial statements nor the management report for the interim period have been audited.
In preparing the consolidated financial statements, the Management Board is required to make estimates and assumptions that affect the reported amounts of assets and liabilities/equity as well as the amounts disclosed in the income statement. It is possible that these assumptions and estimates may not coincide with actual occurrences. Actual results may differ from forecasts if consumer behaviour or the actions of licensors or trading partners (customers, suppliers) change. There were no changes to these assumptions compared with those applied to the last annual financial statements.
The quarterly consolidated financial statements have been prepared according to uniform accounting policies; they are largely consistent with those policies applied to the last annual financial statements. The reporting currency is the euro.
© 2026 &TM Spin Master Ltd. All rights reserved.
Business Development in the first three months of 2026
Consolidated revenue for the first three months of the current fiscal year was €4.0 million, in line with expectations but €0.2 million below the previous year (previous year: €4.2 million). While revenue in the wholesale segment declined by €0.7 million, it increased by €0.5 million year-over-year to €1.4 million in the specialty retail segment.The decline in revenue in the wholesale segment was due to orders being placed for deliveries to customers in subsequent quarters.
Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to €0.3 million (previous year: €0.4 million), corresponding to an EBITDA margin of 7.6%. EBIT amounted to €0.2 million (previous year: €0.3 million), and consolidated net income for the period remained unchanged at €0.2 million (previous year: €0.2 million), corresponding to a return on sales of 4.0%.
Operating cash flow amounted to €-0.3 million, compared to €0.1 million in the same period of the previous year.
Segment earnings in the wholesale business were slightly higher than the previous year at
€1.8 million (previous year: €1.6 million).
Earnings in the specialty retail segment decreased to €0.1 million (previous year: €0.4 million).
General and administrative expenses were slightly below the prior-year level at k€1,772 (previous year: k€1,792).
Segment reporting is therefore as follows:
Primary reporting format - Customer segments
(unaudited)
3M 2026 in k€ | Special Retail | Key Account | unlocated items | Group |
Sales revenue | 1,395 | 2,574 | 0 | 3,969 |
Segment expenses | -1,275 | -760 | 0 | -2,035 |
Segment result | 120 | 1,814 | 0 | 1,934 |
Depreciations / amortisation | -77 | |||
Staff costs | -676 | |||
Other operating income | 15 | |||
Other operating expenses | -972 | |||
Finance income | 0 | |||
Finance cost | -62 | |||
Result from ordinary activities | 162 | |||
Taxes | -3 | |||
Consolidated annual result | 159 | |||
Special Retail | Key Account | unlocated items | Group | |
Segment assets (in €m) | 7.1 | 7.2 | 4.1 | 29.4 |
Segment liabilities (in €m) | 4.5 | 0.0 | 12.0 | 24.8 |
Secondary reporting format - Geographical segments (in k€)
Sales revenues | 3M 2026 | 3M 2025 |
Germany | 3,694 | 3,798 |
Rest of the World | 276 | 359 |
Group | 3,969 | 4,157 |
Total assets | 3M 2026 | 3M 2025 |
Germany | 3,349 | 4,850 |
Rest of the World | 3,058 | 3,058 |
Group | 6,407 | 7,908 |
3M 2025 in k€ | Special Retail | Key Account | unlocated items | Group |
Sales revenue | 872 | 3,285 | 0 | 4,157 |
Segment expenses | -438 | -1,697 | 0 | -2,135 |
Segment result | 434 | 1,588 | 0 | 2,022 |
Depreciations / amortisation | -78 | |||
Staff costs | -630 | |||
Other operating income | 51 | |||
Other operating expenses | -1,027 | |||
Finance income | 0 | |||
Finance cost | -108 | |||
Result from ordinary activities | 231 | |||
Taxes | -42 | |||
Consolidated annual result | 189 | |||
Special Retail | Key Account | unlocated items | Group | |
Segment assets (in €m) | 4.3 | 19.0 | 4.2 | 27.4 |
Segment liabilities (in €m) | 3.4 | 12.9 | 8.2 | 24.5 |
Financial Position
Property, plant, and equipment decreased by k€28 compared to December 31, 2025.
Inventories decreased by k€789 to k€4,541 as of the reporting date compared to December 31, 2025. A significant portion of these inventories is held by the German parent company (k€4,204). In the coming quarter, we expect a further reduction in inventory levels due to shipments to major customers for promotional campaigns.
Trade receivables decreased by €0.1 million to €3.7 million.
The equity ratio for the Group as of March 31, 2026, was 15.4%. In the parent company, the equity ratio was 21.1%. The book value per share for the Group was €0.65.
Equity covers 45% of non-current assets and 18.2% of liabilities.
Long-term financial liabilities decreased as planned. Short-term liabilities increased by k€1,509 compared to December 31, 2025, due to the reporting date.
Disclosures on related parties and entities
Breakdown of sales in the first 3 months 2026 for Key Account and Special Retail in % (k€)
35 %
(k€ 1,395)
Special Retail Key AccountMr. Peter Boder, a member of the Executive Board of UNITEDLABELS AG, holds a 35.9% stake in UNITEDLABELS AG together with Facility Management Münster GmbH, in which he holds 100% of the shares.
65 %
(k€ 2,574)
In addition to the remuneration paid to the Supervisory Board and the Executive Board, there are business relationships with Facility Management Münster GmbH. In 2026, this involved expenses from a lease agreement for Gildenstrasse 2j in the amount of k€19 (previous year: k€19) and income from the leasing of roof space on the buildings at Gildenstr. 6 and 21 owned by UNITEDLABELS AG for the installation and operation of a photovoltaic system. For Gildenstr. 21, UNITEDLABELS AG receives an annual usage fee of €4,980.00 net, and for Gildenstr. 6, €450.00 net was agreed upon. Furthermore, Mr. Boder is the owner of the office and warehouse building, including the property at Gildenstr. 6, and leases it to the company. The lease agreement runs until December 31, 2027.The monthly rent amounts to k€19 net. Facility Management Münster GmbH is wholly owned by Mr. Peter Boder. The CEO, Mr. Boder, and his company Facility Management Münster GmbH provided loans to UNITEDLABELS AG in the first quarter. At the end of the quarter, UNITEDLABELS AG had drawn down k€807 from both loans. Elfen Service GmbH and House of Trends Europe GmbH did not utilize the loan.At its peak, UNITEDLABELS AG had drawn down k€807.The loan bears interest at 7.5% per annum. Interest incurred in connection with the loans amounted to k€15 in the first three months of fiscal year 2026.
The UNITEDLABELS Group uses available liquidity to minimize interest payments across the Group. In addition, there are internal supply relationships between the individual companies. As of the reporting date, there were total current receivables from subsidiaries amounting to k€2,717 (previous year: k€2,574) and current liabilities amounting to k€3,127 (previous year: k€2,984).
Employees
As of the reporting date, the UNITEDLABELS Group employed a total of 36 full-time equivalent employees (previous year: 40), and an average of 34 full-time equivalent employees over the current fiscal year (previous year: 39). Revenue per employee amounted to k€116 in the first quarter (previous year: k€106)
Events after the Reporting Date
There were no events of particular significance after the reporting date of March 31, 2026.
Shareholdings of Corporate Bodies
As of March 31, 2026, UNITEDLABELS AG had a total of 6.93 million no-par value shares. As of March 31, 2026, Mr. Peter Boder and Facility Management Münster GmbH, an entity affiliated with him, held a total of 2,488,419 no-par value shares of the Company, representing 35.9% of the share capital. The members of the Supervisory Board do not hold any no-par value shares of the company.
As of March 31, 2026, there were still no stock options and no valid stock option program.
Outlook
Business in the German key account segment will continue to account for the majority of UNITEDLABELS AG's revenue in fiscal year 2026. The Group sees the greatest growth and earnings potential in this area. The direct sale of products to end customers via the online platforms of Elfen Service GmbH and in the company's own outlet store will gain in importance.
To enable UNITEDLABELS AG to position itself in the German and European markets and expand its market share, the focus remains on high-quality and reliable branded products from the media/entertainment sector that are in demand by the market. In particular, the e-commerce business and the corporate client business are to be expanded and intensified.
To this end, UNITEDLABELS AG, together with its subsidiary Elfen Service GmbH, is further advancing the end-customer-oriented (B2C) e-commerce business segment by offering its own products from the brand portfolio as well as targeted marketing measures. Overall, the brand assortment for its own end-customer presence is to be supplemented by the parent company's complete range of textiles and branded merchandise developed specifically for e-commerce. Consequently, the Group anticipates rising revenue in the end-customer business. This assumption is supported by revenue trends in the past fiscal year and performance in the first quarter of the current fiscal year, alongside continued reasonable return rates, a comparatively high gross profit margin in the e-commerce business, and numerous new marketing initiatives.
To diversify risk as much as possible and capitalize on emerging opportunities, UNITEDLABELS is focused on acquiring additional high-revenue retail partners as well as securing and expanding existing customer relationships. The geographic focus is on Germany, Benelux, the United Kingdom, and Eastern Europe. For UNITEDLABELS AG, however, the focus remains on significantly improving the German business. To this end, new trademark rights have been acquired and sales to major customers have been intensified. Revenue growth in Germany remains crucial for further increases in the Group's earnings. The Group anticipates revenue growth for the 2026 fiscal year and a corresponding increase in EBIT compared to the previous year. Further impacts of geopolitical tensions on the overall economic development - and thus also on the Group's performance - cannot be ruled out. Therefore, due to the current uncertainty, it is not possible to make a valid forecast of any potential effects.
UNITEDLABELS Aktiengesellschaft, Muenster Group Statement of Comprehensive Income (IFRS)for the period 1 January to 31 March 2026
01.01.2026 31.03.2026 € % | 01.01.2025 31.03.2025 € % | |||
Revenues | 3,969,099.54 | 100.0% | 4,156,701.50 | 100.0% |
Cost of materials | -2,033,487.08 | -51.2% | -2,076,485.24 | -50.0% |
Amortisation / write-down of usage rights | -2,057.72 | -0.1% | -58,075.01 | -1.4% |
1,933,554.74 | 48.7% | 2,022,141.25 | 48.6% | |
Other operating income | 15,346.35 | 0.4% | 51,341.67 | 1.2% |
Staff costs | -675,772.31 | -17.0% | -629,612.92 | -15.1% |
Depreation of property plant and equipment and amortisation of intangible assets (excl. amortisation / write-down of usage rights) | -77,286.28 | -1.9% | -77,915.74 | -1.9% |
Other operating expenses | -971,026.63 | -24.5% | -1,027,282.25 | -24.7% |
Result of operational activities | 224,815.87 | 5.7% | 338,672.01 | 8.1% |
Finance income | 0.00 | 0.0% | 0.00 | 0.0% |
Finance cost | -61,529.65 | -1.6% | -107,785.98 | -2.6% |
Net finance cost | -61,529.65 | -1.6% | -107,785.98 | -2.6% |
Profit before tax | 163,286.22 | 4.1% | 230,886.03 | 5.6% |
Taxes on income | -3,982.87 | -0.1% | -42,162.00 | -1.0% |
Profit for the period | 159,303.35 | 4.0% | 188,724.03 | 4.5% |
Result for the period attributable to owners | 159,334.34 | 4.0% | 188,743.15 | 4.5% |
Result of the period attributable to non-controlling interests | -30.99 | 0.0% | -19.12 | 0.0% |
Other comprehensive income ("OCI"): Not to reclassify result: | ||||
Actuarial gains and losses | 0.00 | 0.0% | 0.00 | 0.0% |
Deferred taxes on actuarial gains and losses | 0.00 | 0.0% | 0.00 | 0.0% |
To reclassify result: | ||||
Exchange difference on translating foreign operations | -0.01 | 0.0% | -14,618.62 | -0.4% |
Total other comprehensive income | -0.01 | 0.0% | -14,618.62 | -0.4% |
Total comprehensive result | 159,303.34 | 4.0% | 174,105.41 | 4.2% |
Result attributable to owners | 159,334.33 | 4.0% | 174,124.53 | 4.2% |
Result attributable to non-controlling interests | -30.99 | 0.0% | -19.12 | 0.0% |
(unaudited)
Consolidated earnings (according to P&L) per share | ||
basic diluted | +0.02 € +0.02 € | +0.03 € +0.03 € |
Weighted average shares outstanding | ||
basic | 6,930,000 pcs. | 6,930,000 pcs. |
diluted | 6,930,000 pcs. | 6,930,000 pcs. |
(unaudited)
03.2026 k€ | 03.2025 k€ | |
Consolidated result of the period | 159 | 189 |
Interest income from financing activities | 7 | 108 |
Amortisation / write-down of usage rights | 2 | 58 |
Amortisation of intangible assets | 0 | 0 |
Depreciation of property, plant and equipment | 28 | 39 |
Depreciation of property, plant and equipment in accordance with IFRS 16 | 49 | 39 |
Change in provisions | 1,155 | 1,025 |
Other non-cash income | 24 | 63 |
Change in inventories, trade receivables and other assets non attributable to investing or financial activities | -1,916 | -668 |
Change in trade payables or other liabilities not attributable to investing or financial activities | 166 | -728 |
Payments for income taxes | 4 | -42 |
Cash flows from operating activities | -322 | 83 |
Income from the sale of assets | 0 | 0 |
Payments for investments in non-current assets | -42 | -200 |
Cash flows from investing activities | -42 | -200 |
Deposits/repayments from borrowing/redemption from bank loans | -76 | -76 |
Repayment of main shareholder loan | 0 | -70 |
Repayment of financial loans | -33 | -33 |
Interest paid | -35 | -43 |
Repayment of Leasing liabilities | -65 | -58 |
Cash flows from financing activities | -209 | -280 |
Net change in cash and cash equivalents | -573 | -397 |
Cash and cash equivalents at the beginning og the period | 602 | 414 |
Cash and cash equivalents | 29 | 17 |
Gross finiancial liabilities | 7,228 | 7,966 |
Net financial liabilities | 7,199 | 7,949 |
Composition of cash and cash equivalents | ||
Cash and cash equivalents | 29 | 17 |
(unaudited)
ASSETS | ||
Asset Values | 31.03.2026 € | 31.12.2025 € |
Non-current liabilities | ||
Property, plant and equipment | 2,117,813.68 | 2,146,125.30 |
Intangible assets | 4,289,618.71 | 4,247,118.71 |
Other assets | 2,650,920.84 | 2,650,920.84 |
Deffered taxes | 976,391.96 | 976,391.96 |
10,034,745.19 | 10,020,556.81 | |
Current assets | ||
Inventiories | 4,540,561.10 | 5,329,272.79 |
Trade receivables | 3,749,195.89 | 3,792,316.11 |
Other assets | 11,009,509.67 | 8,188,363.31 |
Cash and cash equivalents | 28,968.59 | 602,250.99 |
19,328,235.25 | 17,912,203.20 | |
Total assets
29,362,980.44
27,932,760.01
UNITEDLABELS Aktiengesellschaft, Muenster Group Statement of Financial Position (IFRS) as at 31 March 2026(unaudited)
EQUITY AND LIABILITIESEquity Capital and reservesattributable to the owners of the parent company | 31.03.2026 € | 31.12.2025 € |
Issued capital | 6,930,000.00 | 6,930,000.00 |
Capital reserves | 2,058,267.41 | 2,058,267.41 |
Retained earnings | 1,498,242.70 | 1,498,242.70 |
Currency translation | -411,901.58 | -411,901.57 |
Consolidated unappropriated result | -5,570,283.66 | -5,729,618.00 |
Shareholders' equity | 4,504,324.87 | 4,344,990.54 |
Non-controlling interests | 17,290.50 | 17,321.49 |
Total equity | 4,521,615.37 | 4,362,312.03 |
Non-current liabilities | ||
Provisions and pensions | 1,529,045.20 | 1,529,045.20 |
Provisions | 3,432.00 | 3,432.00 |
Finanicial liabilities | 5,807,376.50 | 6,045,214.20 |
Deferred tax liabilities | 0.00 | 0.00 |
7,336,421.70 | 7,574,259.40 | |
Current liabilities | ||
Provisions | 7,457,075.70 | 6,302,186.18 |
Current tax payable | 1,628,160.41 | 1,275,180.21 |
Finacial liabilities | 1,420,136.28 | 1,585,269.25 |
Trade and other payables | 6,999,570.98 | 6,833,552.94 |
17,504,943.37 | 15,996,188.58 | |
Total liabilities | 24,841,365.07 | 23,570,447.98 |
Total equity and liabilities | 29,362,980.44 | 27,932,760.01 |
(unaudited)
Cumulative | Balance Item | Total | |||||
Issued | Capital | Retained | consolidated | for currency | Minority | (Group | |
capital | reserves | earnings | result | translation | Equity | Interest | Equity) |
k€ | k€ | k€ | k€ | k€ | k€ | k€ | k€ |
Balance at 01.01.2024 before correction | 6,930 | 2,058 | 1,462 | -7,186 | -582 | 2,682 | 18 | 2,699 |
Adjustment of opening balance | 0 | 0 | 0 | -181 | 0 | -181 | 0 | -181 |
Balance at 01.01.2024 after correction | 6,930 | 2,058 | 1,462 | -7,367 | -582 | 2,501 | 18 | 2,519 |
Consolidated result 2024 | 0 | 0 | 0 | 156 | 0 | 156 | 0 | 156 |
Other gains and losses
Currency translations | 0 | 0 | 0 | 0 | 58 | 58 | 0 | 58 |
Actuarial gains and losses | 0 | 0 | 53 | 0 | 0 | 53 | 0 | 53 |
Deferred taxes | 0 | 0 | -17 | 0 | 0 | -17 | 0 | -17 |
Total comprehensive income for the period | 0 | 0 | 36 | 156 | 58 | 251 | 0 | 250 |
Balance at 31.12.2024 | 6,930 | 2,058 | 1,498 | -7,211 | -524 | 2,751 | 17 | 2,769 |
Adjustment of opening balance | 0 | 0 | 0 | 197 | 0 | 197 | 0 | 197 |
Balance at 01.01.2025 | 6,930 | 2,058 | 1,498 | -7,014 | -524 | 2,948 | 17 | 2,966 |
Consolidated result 2025 | 0 | 0 | 0 | 1,112 | 0 | 1,112 | 0 | 0 |
Other gains and losses
Currency translations | 0 | 0 | 0 | 0 | 112 | 112 | 0 | 112 |
Actuarial gains and losses | 0 | 0 | 0 | 172 | 0 | 172 | 0 | 172 |
Deferred taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total comprehensive income for the period | 0 | 0 | 0 | 1,284 | 112 | 1,397 | 0 | 1,396 |
Balance at 31.12.2025 | 6,930 | 2,058 | 1,498 | -5,730 | -412 | 4,345 | 17 | 4,362 |
Balance at 01.01.2026 | 6,930 | 2,058 | 1,498 | -5,730 | -412 | 4,345 | 17 | 4,362 |
Consolidated result 3M 2025 | 0 | 0 | 0 | 159 | 0 | 159 | 0 | 0 |
Other gains and losses | ||||||||
Currency translations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Actuarial gains and losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Deferred taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total comprehensive income for the period | 0 | 0 | 0 | 159 | 0 | 159 | 0 | 159 |
Balance at 31.03.2026 | 6,930 | 2,058 | 1,498 | -5,570 | -412 | 4,504 | 17 | 4,522 |
ADDRESSES
UNITEDLABELS AG
Gildenstrasse 6
48157 Muenster Germany
phone: +49 (0) 251 - 3 221-0
fax: +49 (0) 251 - 3 221-999
info@unitedlabels.com https://www.unitedlabels.com
Elfen Service GmbH Gildenstrasse 6
FINANCIAL CALENDAR 2026
For further information UNITEDLABELS or its financial result:
phone:
+49 (0) 2 51 - 32 21 - 0
fax:
+49 (0) 2 51 - 32 21 - 999
e-mail:
investorrelations@unitedlabels.com
November 2026
· Publication of
9-Month Report
September 2026
Publication of
6-Month Report
Analyst event
July 2026
· Annual General Meeting
48157 Muenster Germany
phone: +49 (0) 251 - 3 221-626
fax: +49 (0) 251 - 3 221-852
info@elfen.de
UNITEDLABELS Comicware Ltd. Unit 1B, 11/F
Trans Asia Centre 18 Kin Hong Street Kwai Chung
N.T. Hongkong
info-hk@unitedlabels.com
House of Trends europe GmbH Gildenstrasse 6
48157 Muenster Germany
phone: +49 (0) 251 - 3 221-0
fax: +49 (0) 251 - 3 221-999
info@houseoftrends.com
Colombine bvba Bisschopsdreef 39
8310 Bruegge Belgium
phone: +49 (0) 251 - 3 221-0
fax: +49 (0) 251 - 3 221-999
© 2026 Viacom.
UNITEDLABELS AG
Gildenstraße 6
48157 Münster Deutschland
phone: +49 (0) 251 - 3221-0
fax: +49 (0) 251 - 3221-999
info@unitedlabels.com https://www.unitedlabels.com