AS Virsi A : Summary of AS VIRŠI-A operational activity and other developments for Q1 2023

VIRŠI-A
Interim information Summary of AS VIRŠI-A operational activity and other developments for Q1 2023

In the first 3 months of 2023, energy commodities trader and convenience store network operator Virši (AS VIRŠI-A and related Group companies) grew their turnover by 22.1% y-o-y.

Turnover in the convenience stores during the respective period increased by 22.9% or EUR 1.8 million. Turnover in the fuel segment increased by 11.5% or EUR 6.6 million, which is due to an increase in fuel prices as well as a greater amount of fuel sold, compared with the same period in 2022. In the first three months of 2023, the Company's energy segment, which was established more than a year ago, ensured the sale of electricity in the amount of EUR 6.0 million.

This year's first quarter was marked by several important events for Virši:

• Promoting energy efficiency and increasing the share of renewable energy sources in its portfolio AS VIRŠI-A announced plans to equip at least another 20 service stations, as well as the roof of its offices in Aizkraukle with solar panels over the next five months. Thus, this summer, electricity from solar energy will be available to almost half of the 70 Virši service stations across Latvia.
• Virši has received the Nasdaq Baltic Award 2023 for the Best Investor Relations on the First North Share List. This award recognises the Company's achievements in transparency, good corporate governance practices and investor relations.
• In March of this year, an agreement was signed with a new franchise partner for the opening of service stations in Preiļi and Krāslava, increasing the number of franchise stations in the Company's network to 6. The franchise stations "Preiļi" (Jaunsaimneki) and "Krāslava" (Rīgas iela 165A) will start operating in June this year and they will offer a full range of services.
• Virši announced plans to reorganise the structure of AS VIRŠI-A Group by merging its subsidiary SIA Viršu nekustamie īpašumi into AS VIRŠI-A. This subsidiary is a real estate developer and owns part of the VIRŠI service stations which are leased to AS VIRŠI-A. The aim of the reorganisation is to simplify the structure of VIRŠI Group, make management more efficient and reduce administrative costs.

	Consolidated, unaudited data for 3 months 2023	Consolidated, unaudited data for 3 months 2022	Change, %
Turnover in the convenience stores ('000 EUR)	9 495	7 728	22.9%
Turnover in the fuel segment ('000 EUR)	63 945	57 370	11.5%
Turnover in the energy segment ('000 EUR)	5 955	93	6303.1%
Other (`000 EUR)	766	455	68.4%
Total (`000 EUR)	80 161	65 646	22.1%

The shares of AS VIRŠI-A are admitted to trading on Nasdaq Baltic First North Market.
The certified adviser for AS VIRŠI-A is Law Office Eversheds Sutherland Bitāns.

Virši is a rapidly growing energy commodities trader and convenience store network with 28 years of experience. Currently there are 70 service stations in the Virši network and these employ over 740 employees across all of Latvia. On November 11, 2021, AS VIRŠI-A shares were admitted to trading on the alternative market First North of Nasdaq Riga stock exchange.

Contact details:
AS VIRŠI-A
Undīne Priekule
E-mail: [e-mail]
Telephone: [phone]

Certified adviser:
ZAB Eversheds Sutherland Bitāns SIA
Justīne Ignatavičute
E-mail: [e-mail]
Telephone: [phone]