Maxima Grupė‘s First Half of 2025: Slower Revenue Growth and Moderate Profitability Improvement
The consolidated revenue of companies managed by MAXIMA GRUPĖ, UAB in the first half of 2025 grew by 3.5% compared to the same period last year, reaching €3.07 billion. Consolidated like-for-like (LFL) retail revenue, calculated at constant exchange rates, increased by 2.3%.
The slowdown in overall Group revenue growth compared to previous year was driven by several factors. The biggest challenge for faster revenue growth in the Baltic states was the slowdown of the Latvian and Estonian markets, as well as ongoing store renovations, which also affected the largest-format stores. Lower growth in Poland and Bulgaria compared to last year was influenced by slower network expansion, the closure of underperforming stores, and intensified competition. Lithuania contributed the most to revenue growth, reaching a total increase of 4.5% in the first half of this year, up to €1.1 billion, with LFL revenue growing by 5.2%. In Latvia, retail revenue growth was more modest and increased by 2.4%, while in Estonia, revenue in the first half of this year was 0.2% lower than in the same period last year. In Poland and Bulgaria, where the Group is expanding most intensively, “Stokrotka” reported a 4.4% revenue increase, while “T Market” grew by 2.1%. Gross sales in Barbora’s e-stores in the Baltics grew by nearly 4% year-on-year, reaching €77 million in the first half of 2025.
Compared to the first half of 2024, when profitability had declined, this year the Group’s EBITDA grew by €17 million to €226 million, while the EBITDA margin increased by 0.3 percentage points to 7.3%. This improvement was mainly driven by stronger retail EBITDA performance in Estonia and Poland, largely due to more efficient cost management.
Investments in fixed assets in the first half of 2025 amounted to €67 million, which is €30 million less than in the same period last year. The difference was mainly due to the completion of the logistics center in Lithuania last year, as well as store and land acquisitions. Out of the 23 new stores opened in the first half, 14 were in Poland, 7 in Bulgaria, and 2 in Lithuania. Investments in network renovations remained at a similar level to last year.
The Group’s net debt, compared to the first half of 2024, remained at a similar level, amounting to €1,176.1 million at the end of the period, while the financial leverage ratio decreased to 2.5x.
Additional Information
MAXIMA GRUPĖ, UAB manages the retail chains “Maxima” (in the Baltic states), “Stokrotka” (in Poland), “T Market” (in Bulgaria), and the online grocery store “Barbora” (in the Baltic states).
MAXIMA GRUPĖ, UAB is part of the Vilniaus Prekyba group of companies, which, through its subsidiaries, manages investments in retail and pharmacy chains, as well as companies engaged in real estate development and rental services in the Baltic states, Sweden, Poland, and Bulgaria.
Contact Person:
Lukas Radžiūnas
Head of Corporate Affairs and Communications
+370 666 21 780
Lukas.Radziunas@maximagrupe.eu
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