AS Kalve Coffee revenue increased by 32% in Q3 2026 and by 44% in the first nine months of 2026, driven by growth in both domestic and international markets.
AS Kalve Coffee continued its strong growth trajectory, achieving unaudited consolidated revenue of EUR 2.06 million in the third quarter of 2026 (Q3 2026), a 32% increase compared to the same period of the previous year (Q3 2025: EUR 1.56 million). For the first nine months of 2026 (9M 2026), consolidated revenue reached EUR 5.40 million, up 44% year-over-year (9M 2025: EUR 3.74 million). All three business lines delivered double-digit growth both in the quarter and year-to-date, with coffee shops accounting for more than half of the revenue increase in Q3 2026. As our first four international coffee shops were already open in Q3 2025, the comparison base is higher, and the quarterly growth rate is therefore lower than in the first half of 2026.
Revenue from coffee sales across all business lines reached EUR 3.7 million in 9M 2026, up 29% year-over-year.
Coffee Shops B2C
Since September 2025, we have opened three new coffee shops, two in Paris in Q1 2026 and our second in Vilnius in May 2026, and closed one in Estonia, bringing our network from 10 to 12 locations across Latvia, Estonia, Lithuania and France.
Coffee shop revenue reached EUR 1.26 million in Q3 2026, a 28% year-over-year increase, and EUR 3.27 million in 9M 2026 (+42%). Revenue of our Latvian coffee shops grew by 12% to EUR 900 thousand in Q3 2026, mainly driven by pricing. Our international markets contributed EUR 359 thousand, almost double the prior-year level, and now account for 29% of the business line’s revenue (Q3 2025: 19%). Revenue in Lithuania almost doubled (+92%), supported by the opening of our second Vilnius coffee shop, and our Paris locations contributed EUR 121 thousand. Revenue in Estonia was 5% below Q3 2025 due to the closure (+15% on a comparable basis).
Our new Portuguese joint venture generated revenue of EUR 68 thousand in Q3 2026 and EUR 91 thousand in 9M 2026. As the joint venture is accounted for using the equity method, its revenue is not included in the consolidated figures.
B2B
In our B2B segment, we continued to expand our client base, placing a further 18 leased coffee machines with clients in Q3 2026 and passing the milestone of 200 machines. B2B revenue increased by 36% to EUR 726 thousand in Q3 2026 and by 45% to EUR 1.93 million in 9M 2026.
E-commerce
E-commerce revenue reached EUR 72 thousand in Q3 2026, a 67% year-over-year increase and almost 10% above Q2 2026. For 9M 2026, e-commerce revenue amounted to EUR 204 thousand, up 79% compared to 9M 2025. In Q3, we also launched our new Specialty Coffee Subscription package to further strengthen our recurring revenue base and customer loyalty.
Management reiterates its 2026 EBITDA guidance and now expects EBITDA to be in the range of EUR 0.4 - 0.5 million (previously EUR 0.4 million).
| Revenue (‘000 EUR) | Unaudited Q3 2026 | Unaudited Q3 2026 | Delta, % | Unaudited 9M 2026 | Unaudited 9M 2025 | Delta, % |
| B2B | 726 | 536 | +36% | 1 929 | 1 335 | +45% |
| Coffee Shops | 1 259 | 985 | +28% | 3 266 | 2 294 | +42% |
| of which international | 359 | 184 | +95% | 921 | 203 | +353% |
| E-commerce | 72 | 43 | +67% | 204 | 114 | +79% |
| Total Revenue | 2 057 | 1 564 | +32% | 5 400 | 3 742 |
+44% |
*Figures may not add up due to rounding.
The shares of AS “Kalve Coffee” are admitted to trading un Nasdaq Baltic First North Market.
The certified advisor of AS “Kalve Coffee” is ZAB Eversheds Sutherland Bitāns SIA.
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