Before this event, analysts from the international credit risk management company “Creditreform Lietuva” conducted a financial condition analysis of thirty-three companies managing thirty-five Michelin-rated restaurants in Lithuania.
“It is important to emphasize that the analysis was conducted at the company level, not at the individual restaurant level,” says the company’s director Saulius Žilinskas, “because some companies manage several Michelin-rated restaurants. Moreover, some of them engage in other activities alongside the Michelin restaurant: they operate hotels, other catering establishments, wholesale trade, education, etc. Therefore, the overall company result may reflect the achievements or problems of other divisions rather than the restaurant.”
Turnover and operating result
Out of the 33 companies analyzed, 15 have submitted financial data for 2025. Of these, 13 companies increased their turnover, while 2 companies saw a decrease in turnover.
The highest turnover in 2025 among the companies that submitted financials was achieved by “Grand Hotel Vilnius” – the company managing the restaurant “Telegrafas”. Its turnover reached 6.96 million euros. The lowest turnover among the companies that submitted financials for 2025 was achieved by “Kūrybinė virtuvė”, managing “Uoksas” – 184 thousand euros.
Percentage-wise, the highest turnover growth was by “Farmers Circle”, managing “Red Brick” – from 401 thousand to 855 thousand euros, or 113.3%. The largest absolute turnover increase was recorded by “Baltic Food Republic” (“Nineteen18” and “14Horses”) – turnover increased by 1.18 million euros, or 29.7%.
The largest turnover decrease was in the already mentioned company “Kūrybinė virtuvė” (“Uoksas”) – from 313 thousand to 184 thousand euros, or 41.2%.
The financial result improved in 10 out of 15 companies that submitted reports for 2025, and worsened in 5 companies. Two companies turned losses into profits: “Augustino namai” (“Augustin”) – from a loss of 79 thousand euros to a profit of 129 thousand euros, and “Amandus LT” (“Amandus”) – from a loss of 30 thousand euros to a profit of 7 thousand euros.
One company turned profit into loss – “Andrimnis”, managing “El Gato Negro”. Its result changed from a profit of 26 thousand euros to a loss of 68 thousand euros. “Baltic Food Republic” increased its loss from 59 thousand euros to 443 thousand euros.
Among companies that were profitable in both 2024 and 2025, the highest percentage profit increase was by “Momo Vilnius”, managing “Momo Grill” – from 31 thousand to 185 thousand euros, or 494.6%. The largest profit decrease was by “Stikliai investicijose” (“Stikliai”) – from 21 thousand to 5 thousand euros, or 75.0%.
Eighteen companies managing Michelin-rated restaurants have not yet submitted financial statements for last year, so their current financial situation at the beginning of the year is unclear. Some indication of their current “health” can be inferred from their debts to the Social Security Fund (Sodra) and the State Tax Inspectorate (VMI).
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Debts
Analysis of debts to Sodra shows that from mid-January to the end of May 2026, the total debt of Michelin restaurant operators increased from 13.3 thousand to 14.4 thousand euros. The largest debt to Sodra at the end of the period was held by “Grand Hotel Vilnius” – 6.9 thousand euros. There was no debt at the beginning of the year. Meanwhile, the company “Monte Pacis”, which had a debt of 10.9 thousand euros in mid-January, owed nothing to Sodra by the end of spring. By the way, 27 out of 33 analyzed companies also had no debts to Sodra at the end of May.
The total debt to VMI amounted to 156.1 thousand euros. The most indebted was “Kakava company” (“Justa Pasta”) – 33.2 thousand euros. Companies managing “Gaspar’s” and “DIA” restaurants had no debts to VMI at all. Another 8 companies had debts not exceeding 10 euros.
There were restaurants caught up in other troubles as well. For example, the company “Lisvaja”, managing “Alba bistro”, which entered the Michelin-selected restaurant category in 2025, experienced asset seizures at the beginning of this year, and to date, the amount of assets under restrictions is 60 thousand euros. This company also has a court case recorded in March of this year.
Staff
The number of employees in the 33 companies increased from 1,115 at the beginning of 2025 to 1,232 by May 30, 2026, or by 10.5%. The company with the most employees at the end of the period was Šv. Ignaco Lojolos kolegija, managing “Arrivee” – 144 employees. It is likely that the growth did not occur in the restaurant, as the institution also operates a private educational establishment.
The fewest employees were in the company “Kūrybinė virtuvė” (“Uoksas”) – 2 employees. By the way, at the beginning of 2025, it employed 7 people. The largest staff growth was in “Kistela”, managing “Apvalaus stalo klubą” – 33 employees, while the largest decrease was in “Baltic Food Republic” – 14 employees. These changes should be interpreted cautiously, as company staff may change due to other activities carried out by the company, not just because of the specific Michelin restaurant. Since the beginning of 2025, staff increased in 17 companies, decreased in 12, and remained the same in 4 companies.
About those who left
We already have companies that left the Michelin lists or, despite receiving a rating, closed down. “Gastronomika” was closed almost immediately after being included in the first Lithuanian Michelin guide, “Dine” announced in 2026 that it was ceasing operations due to financial difficulties, “Pas mus” closed its doors despite retaining a Michelin star, and its chef moved to another “starred” restaurant “Nineteen”. “Vila Komoda” in Palanga dropped out of the Michelin recommended restaurants list in 2025.
As the provided information shows, Michelin recognition, like any other authoritative evaluator, gives Lithuanian restaurants international visibility but unfortunately does not guarantee automatic business stability. It likely even creates additional pressure on expenses, as it is necessary to continue justifying the given name, high quality, and customer expectations.
Of course, Michelin recognition allows raising prices, but many restaurants – especially those without a strong investor or successfully developed other businesses – fail to find a balance between expenses and income. As the overall results of companies managing Michelin restaurants in Lithuania show, turnover is growing, overall losses are decreasing, but part of the sector still faces debts, staff turnover challenges, and uneven financial sustainability.
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