Business
UNITEDLABELS : 3 Month Report 2026
UNITEDLABELS : 3 Month Report
About this update from United Labels Ag
3-MONTH REPORT 2026 UNITED LABELS AG "WIR MACHEN AUS MILLIONEN FANS MILLIONEN KUNDEN" "WE TURN MILLIONS OF FANS INTO MILLIONS OF CUSTOMERS" Peter Boder CEO Dear Shareholders, During the first three months of fiscal year 2026, UNITED LABELS 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 Account Mr. Peter Boder, a member of the Executive Board of UNITED LABELS AG, holds a 35.9% stake in UNITED LABELS 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 UNITED LABELS AG for the installation and operation of a photovoltaic system. For Gildenstr. 21, UNITED LABELS 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 UNITED LABELS AG in the first quarter. At the end of the quarter, UNITED LABELS 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, UNITED LABELS 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 UNITED LABELS 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 UNITED LABELS 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, UNITED LABELS 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 UNITED LABELS 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 UNITED LABELS 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, UNITED LABELS 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, UNITED LABELS 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 UNITED LABELS 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. UNITED LABELS 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. UNITEDLABELS Aktiengesellschaft, Muenster Group Statement of Cash Flows (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 UNITED LABELS Aktiengesellschaft, Muenster Group Statement of Financial Position (IFRS) as at 31 March 2026 (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 UNITED LABELS Aktiengesellschaft, Muenster Group Statement of Financial Position (IFRS) as at 31 March 2026 (unaudited) EQUITY AND LIABILITIES Equity 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 Group Statement of Changes in Equity (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 UNITED LABELS AG Gildenstrasse 6 48157 Muenster Germany phone: +49 (0) 251 - 3 221-0 fax: +49 (0) 251 - 3 221-999 [email protected] https://www.unitedlabels.com Elfen Service GmbH Gildenstrasse 6 FINANCIAL CALENDAR 2026 For further information UNITED LABELS or its financial result: phone: +49 (0) 2 51 - 32 21 - 0 fax: +49 (0) 2 51 - 32 21 - 999 e-mail: [email protected] 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 [email protected] UNITED LABELS Comicware Ltd. Unit 1B, 11/F Trans Asia Centre 18 Kin Hong Street Kwai Chung N.T. Hongkong [email protected] House of Trends europe GmbH Gildenstrasse 6 48157 Muenster Germany phone: +49 (0) 251 - 3 221-0 fax: +49 (0) 251 - 3 221-999 [email protected] Colombine bvba Bisschopsdreef 39 8310 Bruegge Belgium phone: +49 (0) 251 - 3 221-0 fax: +49 (0) 251 - 3 221-999 © 2026 Viacom. UNITED LABELS AG Gildenstraße 6 48157 Münster Deutschland phone: +49 (0) 251 - 3221-0 fax: +49 (0) 251 - 3221-999 [email protected] https://www.unitedlabels.com