AS Ekspress Grupp: Consolidated unaudited interim report for Q1 of 2026
In the 1st quarter of 2026, the revenue of Ekspress Grupp decreased by 1% year-over-year and totalled EUR 16.8 million. At the same time, EBITDA increased by EUR 0.6 million. Digital revenue remained at last year’s level and accounted for 86% of the Group’s total revenue.
The revenue of AS Ekspress Grupp for the 1st quarter of 2026 decreased by EUR 0.2 million (-1%) year-over-year, totalling EUR 16.8 million. The Q1 revenue comparison base is affected by transactions that occurred in December 2025 – the sales of the Lithuanian news portal Lrytas UAB and the acquisition of the traffic training platform Liikluslab Baltic OÜ. Excluding these transactions, the revenue for the 1st quarter increased by EUR 0.1 million (+1%). The continued growth of digital subscription revenue and revenue from ticket sales platforms contributed positively to revenue generation. At the same time, the general weakness of the business environment in the Baltic States had a negative impact, which was reflected in a -13% decrease in advertising revenue for the 1st quarter (excluding the Lrytas UAB transaction, advertising revenue decreased by -4%).
The digital revenue for the 1st quarter remained at the same level as last year. If to exclude the digital revenue of Lrytas UAB from the comparison base, the year-over-year growth was +7%. At the same time, the digital subscription revenue of the Group’s media companies and the number of people with digital subscriptions increased year-over-year in all three countries. In a year, the Group received nearly 13 thousand new digital subscriptions (+6%) and reached 237 000 subscriptions at the end of the 1st quarter of 2026. Thus, the Group’s digital revenue is increasingly based on digital subscription revenue, and it makes up an increasingly larger recurring revenue base without the need for additional sales activity (and costs). We have enhanced the quality and volume of the content offered by the Group’s media companies to be the leader in the digital subscription field in all Baltic States.
In the 1st quarter, Ekspress Grupp’s profit before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 0.9 million, increasing by EUR 0.6 million year-over-year (+255%). Excluding the transactions that took place in December 2025, (sale of the Lithuanian news portal Lrytas UAB and acquisition of the traffic training platform Liikluslab Baltic OÜ), the EBITDA increased by EUR 0.2 million (+59%) in the 1st quarter. EBITDA growth was supported by continued growth in digital subscription revenue and revenue from ticket sales platforms. However, due to the weak economic environment in the Baltic States, media companies’ advertising sales were under pressure, which in turn had a negative impact on EBITDA.
The consolidated net loss for the 1st quarter of 2026 totalled EUR 0.9 million which is EUR 0.7 million lower than last year. However, excluding the transactions that took place in December 2025, the net loss for the 1st quarter was EUR 0.2 million lower.
In April 2026, A/S Delfi, the Latvian subsidiary of AS Ekspress Grupp, signed an agreement to acquire 100% of the shares of the training company SIA Baltijas Datoru Akadēmija from the technology company SIA Tet. SIA Baltijas Datoru Akadēmija (BDA) is a leading professional training provider and one of the largest training centres in Latvia and the Baltic States. Founded in 1994, BDA provides training in the IT field, project management, cyber security and data analysis, and personal development, as well as internationally recognised certifications. The instructors are experienced practitioners who focus on skills that can be applied immediately at work. The main purpose of the transaction is to support the growth of the digital business line by diversifying sources of income and expanding into the training sector in Latvia. This is in line with Ekspress Grupp’s long-term strategy to grow revenue from digital products and services, including subscriptions.
In April 2026, the Estonian Competition Authority approved the transaction of AS Ekspress Grupp and AS AVH Grupp, which was concluded on 9 July 2025, pursuant to which Ekspress Grupp would acquire the 50% ownership interest in AS Õhtuleht Kirjastus from AVH Grupp. As a result of the transaction, Ekspress Grupp became the sole owner of Õhtuleht Kirjastus. Õhtuleht Kirjastus is one of the largest media companies in Estonia, which publishes the daily newspaper Õhtuleht with the largest circulation in Estonia and several popular magazines. The company also manages online publications, including the portals ohtuleht.ee and toidutare.ee. The acquisition of Õhtuleht Kirjastus gives Ekspress Grupp additional opportunities to invest in high-quality journalism and is in line with the Group’s long-term strategy.
The Group’s liquidity continues to be strong. The Management Board considers it important to maintain liquidity reserves both for potential new acquisitions and for situations related to a further economic slowdown. As of 31 March 2026, the Group’s available cash totalled EUR 11.7 million (31 March 2025: EUR 8.4 million).
Q1 RESULTS
REVENUE
In the 1st quarter of 2026, the consolidated revenue totalled EUR 16.8 million (Q1 2025: EUR 17.0 million). The revenue for the 1st quarter decreased by 1% year-over-year. The Q1 revenue comparison base is affected by transactions that took place in December 2025 – the sales of the Lithuanian news portal Lrytas UAB and the acquisition of the traffic training platform Liikluslab Baltic OÜ. Excluding these transactions, the revenue for the 1st quarter increased by 1%. The continued growth of digital subscription revenue and revenue from ticket sales platforms contributed positively to revenue generation. At the same time, the general weakness of the business environment in the Baltic States had a negative impact, which was reflected in a -13% decrease in advertising revenue for the 1st quarter (excluding the Lrytas UAB transaction, advertising revenue decreased by -4%). The share of the Group’s digital revenue in total revenue was 86% at the end of the 1st quarter of 2026 (at the end of Q1 2025: 84% of total revenue). Digital revenue for the 1st quarter of 2026 remained at the level of the same period last year (excluding Lrytas UAB, digital revenues grew by 7%).
EXPENSES
In the 1st quarter of 2026, the cost of goods sold, marketing, and general and administrative costs, excluding depreciation and amortisation totalled EUR 16.2 million (Q1 2025: EUR 16.9 million). Operating expenses decreased by EUR 0.7 million (-4%) as compared to the same period last year. The comparison base of operating expenses is affected by transactions completed in December 2025 – the sale of the Lithuanian news portal Lrytas UAB and the acquisition of the traffic training platform Liikluslab Baltic OÜ. Excluding these transactions, operating expenses in Q1 are at the same level as last year.
PROFITABILITY
In the 1st quarter of 2026, the consolidated EBITDA totalled EUR 0.9 million (Q1 2025: EUR 0.2 million). EBITDA increased by EUR 0.6 million (+255%) as compared to last year and the EBITDA margin was 5% (Q1 2025: 1%). Excluding the transactions that took place in December 2025, (sale of the Lithuanian news portal Lrytas UAB and acquisition of the traffic training platform Liikluslab Baltic OÜ), the EBITDA increased by EUR 0.2 million (+59%) in the 1st quarter. EBITDA growth was supported by continued growth in digital subscription revenue and revenue from ticket sales platforms. However, due to the weak economic environment in the Baltic States, media companies’ advertising sales were under pressure, which in turn had a negative impact on EBITDA.
The consolidated net loss for the 1st quarter of 2026 totalled EUR -0.9 million (Q1 2025: EUR -1.6 million), which is EUR 0.7 million (+43%) lower than in last year. However, excluding the transactions that took place in December 2025 (the sales of the Lithuanian news portal Lrytas UAB and the acquisition of the traffic training platform Liikluslab Baltic OÜ), the net loss for the 1st quarter was EUR 0.2 million lower (+14%).
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount of EUR 11.7 million and equity in the amount of EUR 56.7 million (49% of total assets). The comparable data as of 31 March 2025 were EUR 8.4 million and EUR 56.8 million (50% of total assets), respectively. As of 31 March 2026, the Group’s net debt was EUR 14.4 million (31 March 2025: EUR 20.0 million).
In the 1st quarter of 2026, the Group’s cash flows from operating activities totalled EUR -0.1 million (Q1 2025: EUR +0.7 million), which was negatively affected by ticket sales platforms in both Estonia and Latvia (cash for tickets collected on behalf of event organisers for the events and paid out to the organisers).
In the 1st quarter of 2026, the Group’s cash flows from investing activities totalled EUR +1.9 million (Q1 2025: EUR -0.7 million), of which EUR +2.5 million is net change in short-term deposits and EUR -0.7 million was related to development and acquisition of property, plant and equipment and intangible assets, of which the largest investments were in the development of Delfi platform and Delfi TV.
In the 1st quarter of 2026, the Group’s cash flows from financing activities totalled EUR -1.6 million (Q1 2025: EUR -0.5 million). Financing activities include a net change in borrowings in the amount of EUR -0.9 million (Q1 2025: EUR +0.2 million) and lease liabilities in the amount of EUR -0.7 million (Q1 2025: EUR -0.6 million) due to the normal reduction of the remaining lease term.
SEGMENT OVERVIEW
Key financial indicators for segments
| (EUR thousand) | Sales | |||
| Q1 2026 | Q1 2025 | Change % | 12 months 2025 | |
| Media segment | 16 775 | 16 983 | -1% | 80 107 |
| advertising revenue | 7 394 | 8 489 | -13% | 39 099 |
| subscriptions (incl. single-copy sales) | 5 432 | 5 196 | 5% | 20 982 |
| ticket sales platforms | 1 193 | 1 000 | 19% | 4 496 |
| outdoor screens | 905 | 929 | -3% | 4 860 |
| sale of other goods and services | 1 851 | 1 369 | 35% | 10 670 |
| Corporate functions | 205 | 196 | 5% | 818 |
| Inter-segment eliminations | (179) | (176) | (698) | |
| TOTAL GROUP | 16 802 | 17 003 | -1% | 80 227 |
| incl. revenue from all digital channels | 14 412 | 14 360 | 0% | 68 648 |
| % of revenue from all digital channels | 86% | 84% | 86% | |
| (EUR thousand) | EBITDA | |||
| Q1 2026 | Q1 2025 | change % | 12 months 2025 | |
| Media segment | 1 312 | 626 | 109% | 12 431 |
| Corporate functions | (444) | (383) | -16% | (1 674) |
| Inter-segment eliminations | 0 | 2 | 6 | |
| TOTAL GROUP | 867 | 244 | 255% | 10 763 |
| EBITDA margin | Q1 2026 | Q1 2025 | 12 months 2025 |
| Media segment | 8% | 4% | 16% |
| TOTAL GROUP | 5% | 1% | 13% |
Consolidated statement of financial position (unaudited)
| (EUR thousand) | 31.03.2026 | 31.12.2025 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 11 659 | 11 479 |
| Short-term deposits | 0 | 2 490 |
| Trade and other receivables | 18 267 | 16 940 |
| Corporate income tax prepayment | 196 | 171 |
| Inventories | 259 | 261 |
| Total current assets | 30 381 | 31 341 |
| Non-current assets | ||
| Other receivables and investments | 1 524 | 1 666 |
| Deferred tax asset | 84 | 84 |
| Investments in joint ventures | 1 097 | 1 112 |
| Investments in associates | 187 | 160 |
| Property, plant and equipment | 10 726 | 10 991 |
| Intangible assets | 71 874 | 72 190 |
| Total non-current assets | 85 492 | 86 203 |
| TOTAL ASSETS | 115 873 | 117 544 |
| LIABILITIES | ||
| Current liabilities | ||
| Borrowings | 5 373 | 9 962 |
| Trade and other payables | 33 141 | 32 817 |
| Corporate income tax payable | 9 | 57 |
| Total current liabilities | 38 524 | 42 836 |
| Non-current liabilities | ||
| Long-term borrowings | 20 650 | 17 094 |
| Total non-current liabilities | 20 650 | 17 094 |
| TOTAL LIABILITIES | 59 174 | 59 930 |
| EQUITY | ||
| Share capital | 18 576 | 18 576 |
| Share premium | 14 295 | 14 295 |
| Treasury shares | (5) | (5) |
| Reserves | 2 494 | 2 494 |
| Retained earnings | 21 339 | 22 254 |
| TOTAL EQUITY | 56 699 | 57 614 |
| TOTAL LIABILITIES AND EQUITY | 115 873 | 117 544 |
Consolidated statement of comprehensive income (unaudited)
| (EUR thousand) | Q1 2026 | Q1 2025 | 12 months 2025 | |
| Sales revenue | 16 802 | 17 003 | 80 227 | |
| Cost of sales | (14 287) | (14 848) | (63 390) | |
| Gross profit | 2 515 | 2 155 | 16 837 | |
| Other income | 378 | 171 | 2 240 | |
| Marketing expenses | (872) | (908) | (4 019) | |
| Administrative expenses | (2 844) | (2 770) | (10 986) | |
| Other expenses | (104) | (48) | (99) | |
| Impairment of goodwill | 0 | 0 | (1 792) | |
| Operating profit /(loss) | (927) | (1 400) | 2 181 | |
| Interest income | 12 | 28 | 89 | |
| Interest expenses | (309) | (411) | (1 425) | |
| Other finance income/ (costs) | 300 | (17) | (2 672) | |
| Net finance cost | 3 | (400) | (4 008) | |
| Profit (loss) on shares of joint ventures | (15) | 44 | 240 | |
| Profit (loss) on shares of associates | 27 | 161 | 309 | |
| Profit (loss) from the sale of associate | 0 | 0 | 2 043 | |
| Profit /(loss) before income tax | (911) | (1 595) | 765 | |
| Income tax expense | (4) | (4) | 266 | |
| Net profit /(loss) for the reporting period | (915) | (1 599) | 1 031 | |
| Other comprehensive income (expense) for the year | 0 | 0 | 0 | |
| Total comprehensive income /(loss) | (915) | (1 599) | 1 031 | |
| Earnings per share (euro) | ||||
| Basic earnings per share | (0.0296) | (0.0517) | 0.0333 | |
| Diluted earnings per share | (0.0296) | (0.0517) | 0.0333 | |
Consolidated cash flow statement (unaudited)
| (EUR thousand) | Q1 2026 | Q1 2025 | 12 months 2025 |
| Cash flows from operating activities | |||
| Operating profit /(loss) for the reporting year | (927) | (1 400) | 2 181 |
| Adjustments for (non-cash): | |||
| Depreciation and amortisation | 1 794 | 1 643 | 6 790 |
| Loss on goodwill impairment | 0 | 0 | 1 792 |
| (Gain)/loss on sale and write-down of property, plant and equipment | (50) | 16 | (25) |
| Cash flows from operating activities: | |||
| Trade and other receivables | (864) | (727) | (3 052) |
| Inventories | 2 | (9) | 146 |
| Trade and other payables | 318 | 1 473 | 6 696 |
| Income tax paid | (77) | (27) | (52) |
| Interest paid | (316) | (303) | (1 549) |
| Net cash generated from operating activities | (120) | 664 | 12 927 |
| Cash flows from investing activities | |||
| Acquisition of subsidiaries (net of cash acquired) | 0 | 0 | (4 751) |
| Receipts from sales of interest in subsidiaries (net of cash disposed of) | 0 | 0 | 843 |
| Receipts of other investments | 0 | 0 | 79 |
| Receipts from sales of interest in equity-accounted investees | 0 | 0 | 4 200 |
| Interest received | 12 | 28 | 92 |
| Purchase of property, plant and equipment and intangible assets | (717) | (988) | (3 906) |
| Proceeds from sale of property, plant and equipment and intangible assets | 126 | 1 | 44 |
| Loans granted | (3) | 0 | (42) |
| Loan repayments received | 0 | 0 | 74 |
| Dividends received from associates and joint ventures | 0 | 0 | 456 |
| Net change in deposits | 2 490 | 0 | (2 490) |
| Net cash used in investing activities | 1 908 | (731) | (5 400) |
| Cash flows from financing activities | |||
| Dividends paid | 0 | 0 | (1 857) |
| Payment of lease liabilities | (719) | (623) | (2 607) |
| Change in overdraft | 0 | 887 | 0 |
| Proceeds from borrowings | 0 | 0 | 9 320 |
| Repayments of bank loans | (889) | (726) | (4 875) |
| Redemption of notes | 0 | 0 | (5 000) |
| Net cash used in financing activities | (1 608) | (463) | (5 019) |
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | 180 | (530) | 2 508 |
| Cash and cash equivalents at the beginning of the period | 11 479 | 8 971 | 8 971 |
| Cash and cash equivalents at the end of the period | 11 659 | 8 441 | 11 479 |
Additional information
Rain Sarapuu
CFO of the Group
rain.sarapuu@egrupp.ee
AS Ekspress Grupp is the leading Baltic media group whose key activities include web media content production, and publishing of newspapers, magazines and books. The Group also operates an electronic ticket sales platform and ticket sales offices in Latvia and Estonia, offers digital outdoor screen service in Estonia and Latvia. In addition, the Group companies organize conferences, trainings and events mainly in Estonia and Lithuania but also in Latvia. Ekspress Grupp launched its operations in 1989 and employs about 1000 people.
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