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olivLaw · European equity research

AB "VILNIAUS BALDAI" VBL1L.VS

Lithuania · Nasdaq Vilnius · ISIN LT0000104267 · Vertical: Listed companies from Lithuania

9.60EUR−1.54% · 1 dayClose 04 Nov 2026

AB 'Vilniaus baldai' manufactures furniture, almost entirely for one customer, IKEA, which accounted for about 98.8% of the company's sales in fiscal 2025. This dependence on a single buyer makes the health of the global economy and IKEA's demand highly relevant for the Lithuanian company.

At the close of 04 Nov 2026, AB "VILNIAUS BALDAI" (VBL1L.VS) stock was 9.60 EUR (−1.54% on the day), with market capitalisation 37.4 m EUR, P/E 8.4 on diluted EPS of 1.14 EUR over the last 12 months, dividend yield 7.91%, beta 0.00, 52-week range 9.20–11.80 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
37.4 m EUR
shares as of 31 Aug 2025
P/E (TTM)
8.4
Diluted EPS TTM 1.14 · TTM to 31 Aug 2025
E/P (TTM)
11.88%
TTM to 31 Aug 2025
Dividend yield
7.91%
DPS 12m 0.76
Beta (2y)
0.00
Volatility (1y) 31%
52-week range
9.2011.80

Price history

Loading chart…

Technical reading

RSI (14)
45.1
neutral
Bollinger (20, 2)
9.51 – 10.01
in the lower half of the band · %B 0.18 · band width 5.1%
SMA 50 / 200
9.77 / 10.20
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.04 / -0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−3.0%−0.6%−2.4 pp—
3 months−1.5%−4.2%+2.6 pp—
6 months−8.6%+4.3%−12.9 pp—
Year to date−15.0%+7.5%−22.6 pp—
1 year−9.4%+9.9%−19.4 pp+13.5%
3 years+48.8%+49.8%−1.0 pp+52.1%
5 years+7.9%+42.8%−35.0 pp—
Max drawdown (1y)
−22.0%
02 Jan 2026 → 25 Jun 2026
Max drawdown (5y)
−37.2%
09 Nov 2021 → 19 Oct 2023
Compound annual growth (5y)
+1.5%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 33 percentile of its own 3-quarter history (min 3.2, median 10.2, max 15.9; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue97.9 m97.3 m104.2 m
Revenue YoYunavailable−0.6%+7.1%
Net income1.6 m10.0 m4.4 m
Net income YoYunavailable+529.3%−55.6%
Diluted EPS0.412.571.14
Diluted EPS YoYunavailable+526.8%−55.6%
net %1.6%10.3%4.3%
Free cash flow6.3 m9.5 m7.1 m

Balance sheet & financial health

Fiscal year 2025 · 31 Aug 2025

Cash
322.0 k EUR
Financial debt
4.0 m EUR
Net debt
3.6 m EUR
Equity
39.3 m EUR
Total assets
82.9 m EUR
Debt / equity
0.10x
Current ratio
1.25x
ROE
11.5%
ROA
5.3%
FCF margin
6.8%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
97.9 m
2024
97.3 m
2025
104.2 m

esef· 16 Dec 2025verified

Cost of revenue
2023
90.1 m
2024
78.3 m
2025
91.1 m

esef· 16 Dec 2025verified

Gross profit
2023
7.7 m
2024
19.0 m
2025
13.1 m

esef· 16 Dec 2025verified

Operating income
2023
4.3 m
2024
13.3 m
2025
6.4 m

esef· 16 Dec 2025verified

Interest expense
2023
2.5 m
2024
2.7 m
2025
2.0 m

esef· 16 Dec 2025verified

Pre-tax income
2023
1.8 m
2024
10.6 m
2025
4.4 m

esef· 16 Dec 2025verified

Income tax
2023
195.0 k
2024
647.0 k
2025
-21.0 k

esef· 16 Dec 2025verified

Net income
2023
1.6 m
2024
10.0 m
2025
4.4 m

esef· 16 Dec 2025verified

Diluted EPS
2023
0.41
2024
2.57
2025
1.14

esef· 16 Dec 2025verified

Dividend per share
2023
0.00
2024
0.00
2025
0.76

esef· 16 Dec 2025derived

Balance sheet · EUR

Cash
2023
3.5 m
2024
3.9 m
2025
322.0 k

esef· 16 Dec 2025verified

Receivables
2023
7.3 m
2024
10.5 m
2025
11.3 m

esef· 16 Dec 2025verified

Inventories
2023
6.4 m
2024
9.6 m
2025
10.6 m

esef· 16 Dec 2025verified

Current assets
2023
18.2 m
2024
25.0 m
2025
23.8 m

esef· 16 Dec 2025verified

Property, plant & equipment, net
2023
61.3 m
2024
57.6 m
2025
57.3 m

esef· 16 Dec 2025verified

Intangibles (excl. goodwill)
2023
109.0 k
2024
165.0 k
2025
344.0 k

esef· 16 Dec 2025verified

Total assets
2023
81.5 m
2024
84.6 m
2025
82.9 m

esef· 16 Dec 2025verified

Short-term debt
2023
6.1 m
2024
7.1 m
2025
4.0 m

esef· 16 Dec 2025verified

Current liabilities
2023
18.4 m
2024
19.5 m
2025
19.1 m

esef· 16 Dec 2025verified

Total liabilities
2023
53.3 m
2024
46.7 m
2025
43.5 m

esef· 16 Dec 2025verified

Equity
2023
27.9 m
2024
37.9 m
2025
39.3 m

esef· 16 Dec 2025verified

Shares outstanding at year end
2023
3.9 m
2024
3.9 m
2025
3.9 m

esef· 16 Dec 2025derived

Cash flow · EUR

Operating cash flow
2023
7.5 m
2024
10.3 m
2025
11.8 m

esef· 16 Dec 2025verified

Capex
2023
1.2 m
2024
791.0 k
2025
4.7 m

esef· 16 Dec 2025verified

Free cash flow
2023
6.3 m ≈
2024
9.5 m ≈
2025
7.1 m ≈

esef· 16 Dec 2025derived

Investing cash flow
2023
-1.2 m
2024
-748.0 k
2025
-4.6 m

esef· 16 Dec 2025verified

Financing cash flow
2023
-3.9 m
2024
-9.2 m
2025
-10.7 m

esef· 16 Dec 2025verified

Dividends paid
2023
1.0 k
2024
0
2025
3.0 m

esef· 16 Dec 2025verified

Computed indicators

Growth

Revenue growth (YoY)
7.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-51.9%
computed by olivLawFY 2025
Net income growth (YoY)
-55.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-55.6%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-25.3%
computed by olivLawFY 2025

Profitability

Gross margin
12.6%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
6.2%
computed by olivLawFY 2025
Net margin
4.3%
computed by olivLawFY 2025
FCF margin
6.8%
computed by olivLawFY 2025

Returns

ROE
11.5%
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
ROA
5.3%
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
ROIC
12.8%
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
ROCE
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
Payout ratio (EPS)
66.6%
computed by olivLawFY 2025
Payout ratio (FCF)
41.5%
computed by olivLawFY 2025

Balance sheet

Net debt
3.6 m EUR
computed by olivLawbalance sheet at 31 Aug 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Aug 2025
Interest coverage
3.2x
computed by olivLawFY 2025

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 31 Aug 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Aug 2025
Cash ratio
0.0x
computed by olivLawbalance sheet at 31 Aug 2025

Cash

Operating cash flow
11.8 m EUR
computed by olivLawFY 2025
Capital expenditure
4.7 m EUR
computed by olivLawFY 2025
Free cash flow
7.1 m EUR
computed by olivLawFY 2025
FCF conversion
160.4%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
38 days
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
Days inventory outstanding
41 days
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
37.4 m EUR
computed by olivLawbalance sheet at 31 Aug 2025
Enterprise value
41.0 m EUR
computed by olivLawbalance sheet at 31 Aug 2025
Market cap / net income TTM
8.4x
computed by olivLawFY 2025
P/E (TTM)
8.4x
computed by olivLawFY 2025
Earnings yield
11.9%
computed by olivLawFY 2025
P/B
0.9x
computed by olivLawbalance sheet at 31 Aug 2025
P/S
0.4x
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
6.4x
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
EV/Sales
0.4x
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
P/FCF
5.2x
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
FCF yield
19.1%
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
Dividend yield
7.9%
computed by olivLawFY 2025
Shareholder yield (distributions)
7.9%
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Attractive profile

Score: 71 / 100

A scoring methodology on indicators and valuation, not investment advice.

score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']

Closing price

9.60 EUR

04 Nov 2026Source: olivLaw, closing series

Market cap: 37.4 m EUR

Key indicators

Market capitalisation
37.4 m EUR
computed by olivLawbalance sheet at 31 Aug 2025
P/E (TTM)
8.4x
computed by olivLawFY 2025
P/B
0.9x
computed by olivLawbalance sheet at 31 Aug 2025
EV/EBITDA
unavailable
input data missing
ROE
11.5%
computed by olivLawFY 2025 · balance sheet at 31 Aug 2025
Net margin
4.3%
computed by olivLawFY 2025
Revenue growth (YoY)
7.1%
computed by olivLawFY 2025
Dividend yield
7.9%
computed by olivLawFY 2025

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Aug 2025
Latest balance sheet date: 31 Aug 2025
Share count (cover of the latest filing), as of: 31 Aug 2025
Source: esefpublished 16 Dec 2025
verified 83derived 6

The data is older than the freshness threshold.

Score by group

  • Quality73
  • Returns100
  • Balance sheet30
  • Valuation74

Estimated value range

Low
10.33
EUR per share
Mid
11.92
EUR per share
High
14.08
EUR per share
Price: 9.60 EUR
The price is below the range
Potential to the central value: 24.1% (value / price − 1)
Margin of safety: 19.4% (1 − price / value)
Agreement between methods: medium · 3 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.08 – 54.72 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)33.78 – 54.72 (Mid 41.69)
    WACC 8.1% · starting FCFF 8.8 m EUR · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E8.08 – 14.03 (Mid 9.05)
    11 companies used · median multiple 7.9x · quartiles 7.1x – 12.3x
    AKO1L.VS, APG1L.VS, GRG1L.VS, INR1L.VS, IVL1L.VS, KNE1L.VS, KNR1L.VS, LGD1L.VS, RSU1L.VS, VLP1L.VS, ZMP1L.VS
  • Dividend discount (DDM)10.33 – 14.08 (Mid 11.92)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Attractive profile · Score 71/100

FactorValueScoreWeight used
ROIC · Quality12.8%80 (vs peers)17%
Net margin · Quality4.3%33 (vs peers)10%
FCF conversion · Quality160.4%100 (on a fixed band)10%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet3.2x26 (on a fixed band)10%
Current ratio · Balance sheet1.2x37 (on a fixed band)7%
P/E (TTM) · Valuation8.4x54 (vs peers)17%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation19.1%100 (on a fixed band)13%
Shareholder yield (distributions) · Returns7.9%100 (on a fixed band)10%
Payout ratio (FCF) · Returns41.5%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet30/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality73/100 · 3/3 factors with a value
  • Returns100/100 · 2/2 factors with a value
  • Valuation74/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Akcinė bendrovė "VILNIAUS BALDAI" (VBL1L.VS). Latest full fiscal year: 2025; data up to 2025-08-31.

Figures computed from the financial statements: revenue 104.2 m EUR in 2025; YoY growth 7.1%; net margin 4.3%; ROE 11.5%.

The estimated value range is 10.33–14.08 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 11.92 EUR, the price of 9.60 EUR leaves a potential of 24.1% (value / price − 1) and a margin of safety of 19.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 71/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 12.8%
  • FCF conversion: 160.4%
  • FCF yield: 19.1%
  • Shareholder yield (distributions): 7.9%
  • Payout ratio (FCF): 41.5%
  • The price is below the estimated value range

What contradicts it

  • Interest coverage: 3.2x

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.

Versus the vertical median

Listed companies from Lithuania · same country · compared with 15 companies

Multiples and returns vs the median

P/E
8.4x
vertical median 9.9x
below median (−14.9%)
EV/EBITDA
—
vertical median 10.2x
P/S
0.4x
vertical median 0.9x
below median (−58.8%)
P/B
0.9x
vertical median 1.0x
below median (−5.2%)
ROE
11.5%
vertical median 11.1%
at median
Net margin
4.3%
vertical median 6.4%
below median (−33.2%)
EBIT margin
6.2%
vertical median 6.3%
at median
Revenue YoY
7.1%
vertical median 6.7%
above median (+6.5%)
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
7.9%
vertical median 4.7%
above median (+67.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LGD1L.VSLitgrid Ab571.2 m16.713.0%8.0%+14.2%+38% / +67%
IVL1L.VSAkcinė bendrovė "Invalda INVL"318.0 m7.019.7%230.8%+44.6%+21% / +165%
AKO1L.VSAB Akola group267.2 m7.210.5%2.5%−4.4%+4% / +58%
APG1L.VSAkcinė prekybos bendrovė "APRANGA"213.6 m13.223.9%5.3%+4.9%+22% / +44%
AMG1L.VSAB "Amber Grid"199.3 m120.00.8%2.0%−6.4%0% / +4%
VLP1L.VSAb "vilkyškių Pieninė"184.2 m16.812.6%3.8%+16.9%+46% / +228%
KNE1L.VSAB "KN Energies"180.3 m9.910.8%17.3%+12.3%+41% / +139%
GRG1L.VSAB "Grigeo"131.7 m7.912.5%6.7%+15.7%+0% / +2%
RSU1L.VSAkcinė bendrovė "ROKIŠKIO SŪRIS"130.5 m7.611.1%4.3%+8.7%−7% / +46%
ZMP1L.VSAkcinė bendrovė "ŽEMAITIJOS PIENAS"117.1 m5.414.1%6.4%+10.6%+9% / +68%
KNR1L.VSAkcinė bendrovė "Kauno energija"88.7 m11.47.6%9.1%−0.3%+16% / +124%
VBL1L.VSAkcinė bendrovė "VILNIAUS BALDAI"37.4 m8.411.5%4.3%+7.1%−5% / +54%
INL1L.VSAkcinė bendrovė "INVL Baltic Farmland"23.7 m29.04.1%91.6%+6.7%+12% / +1%
INR1L.VSSpecialioji uždarojo tipo nekilnojamojo turto investicinė bendrovė "INVL Baltic Real Estate"21.5 m5.913.7%89.4%+2.8%−15% / +34%
NTU1L.VSAkcinė bendrovė "Novaturas"5.8 m—-64.2%-3.8%−3.6%unavailable / unavailable
AUG1L.VSAUGA group, AB——-43.3%-20.7%−6.9%+15% / −73%

1- and 3-year price returns: for VBL1L.VS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
5.83
Total return -33% · Per year -33%
10.29
Total return 16% · Per year 16%
15.48
Total return 71% · Per year 71%
3 years
5.96
Total return -19% · Per year -7%
11.81
Total return 50% · Per year 15%
19.46
Total return 137% · Per year 33%
5 years
6.09
Total return -4% · Per year -1%
13.55
Total return 90% · Per year 14%
24.47
Total return 220% · Per year 26%
What moves the 3-year price the most
  • Exit P/E± 2.95
  • Net margin± 2.07
  • Annual revenue growth± 1.65
  • Annual dilution± 0.17

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

AB 'Vilniaus baldai' manufactures furniture, almost entirely for one customer, IKEA, which accounted for about 98.8% of the company's sales in fiscal 2025. This dependence on a single buyer makes the health of the global economy and IKEA's demand highly relevant for the Lithuanian company.

SWOT

Strengths

  • ISO 9001 and ISO 14001 quality and environmental certifications and FSC chain of custody.
  • Hollow-core technology that reduces wood consumption and uses recycled materials.
  • Sensor-based predictive maintenance that has allowed equipment issues to be detected before failures.

Weaknesses

  • Very heavy dependence on a single customer, which makes revenue vulnerable to changes in that customer's business.
  • Shortage of engineering specialists that limits development capacity.
  • Exposure to raw material costs, which began rising toward the end of fiscal 2025.

Opportunities

  • Diversifying customers and export markets, including beyond the US.
  • Expanding the sensor network and predictive maintenance to raise equipment availability.
  • Investment in production efficiency that could offset the effects of export tariffs.

Threats

  • Tariffs on the US import market could reduce the competitiveness of European products.
  • Changes in the global economy could alter the growth pace of the main customer.
  • Geopolitical tensions could disrupt international trade flows.

Risks

  • Single-customer dependencehigh

    Sales depend almost entirely on IKEA, and a reduction in orders would have a major effect on revenue.

  • US trade tariffsmedium

    Tariffs on European products in the US market could affect exports, although management does not expect a significant short-term impact.

  • Raw material costsmedium

    Raw material prices began rising in the fourth quarter of fiscal 2025, which could affect margins.

  • Shortage of qualified staffmedium

    The shortage of engineering specialists is felt across the market and could limit production and investment.

  • Environmental and cybersecurity risklow

    Use of natural resources carries pollution risk, and the new IT system must be fully integrated to reduce cyber threats.

Investment thesis

What would need to be true (bull case)

  • Quality and environmental certifications, hollow-core technology and predictive maintenance could support the company's efficiency and competitiveness over the long term.
  • Management reports that the main production equipment is in good physical and operational condition, reducing the risk of unplanned production stops.
  • If the new management system is fully integrated, the company could improve operational processes and information security.

What would break the thesis

  • Near-total dependence on one customer makes results sensitive to any drop in orders.
  • US tariffs and rising raw material prices could compress margins if these trends continue.
  • The shortage of engineering specialists could limit the company's ability to grow production and modernise processes.

What to watch

  • Evolution of orders from the main customer and its share of total sales2026
  • Impact of US tariffs on export volumesnext annual report
  • Development of raw material prices and marginsQ1 2026
  • Full integration of the new enterprise management system2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

The company, registered in Trakai, Lithuania, makes furniture, which made up 99.5% of sales in fiscal 2025 1. The rest of sales came from raw materials and raw material waste. Results are concentrated on one major customer, IKEA 1.

Production relies on hollow-core panel technology, which replaces solid wood with a core of recycled paper and reduces wood consumption. The company uses primary wood from responsibly managed forests and holds ISO 9001 and ISO 14001 certifications for quality and environment 1.

In 2025 the company introduced predictive maintenance, with sensors installed on production equipment, and replaced its enterprise management system with a new one operational from the start of fiscal 2026 1.

Segments

Furniture

Furniture accounts for nearly all of the company's sales and is produced mainly for the IKEA customer, with part of production exported to the United States 1.

Raw materials and waste

Sales of raw materials and waste are a very small part of revenue and do not materially change the company's profile 1.

Market context

The company competes with furniture manufacturers worldwide, and demand for its furniture depends on the growth pace of its main customer 1. The export market to the U.S. was affected in fiscal 2025 by tariffs on imports of products made in Europe 1.

Geopolitical changes influence international trade flows. Raw material prices steadily declined in the first three quarters of fiscal 2025 but began rising in the fourth quarter 1.

Trends

  • US import tariffsheadwind

    Tariffs on imports of European-made products into the US market could affect the company's exports, although management does not expect a significant short-term impact 1.

  • Raw material pricesmixed

    Raw material prices fell in the first three quarters of fiscal 2025 but began to rise in the fourth quarter, which could reduce margins if the trend continues 1.

  • Digitalisation and predictive maintenancetailwind

    The move from preventive to predictive maintenance and the new management system could improve production efficiency and cybersecurity 1.

  • Shortage of engineering specialistsheadwind

    A shortage of engineering specialists affects the whole labour market and education programmes do not meet real demand, which could slow investment and production growth 1.

Competitive position

The company states it faces competition from furniture manufacturers worldwide, without naming specific competitors in the sources reviewed 1.

Its competitive edge rests on production efficiency, hollow-core technology and environmental certifications rather than on a broad market position 1.

  • European and Asian furniture manufacturers

    General competitors named by the company, not identified by name in the annual report.

  • US furniture manufacturers

    Competitors in the US market, where the company exports part of its products.

  • Furniture suppliers with certified supply chains

    Companies competing on environmental and FSC certification criteria, which the company meets.

  • Hollow-core furniture producers

    Competitors using similar technologies to reduce wood consumption.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-08-31 (ESEF) · SEC / AB "VILNIAUS BALDAI" · 31 Aug 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.