AS Ekspress Grupp: Consolidated unaudited interim report for Q2 and 6 months of 2025
The revenue of Ekspress Grupp continued to grow in the 2nd quarter and the first half of the year, driven by the Group’s investments in the conference business, ticket sales and digital outdoor screens. The digital subscriptions of its media companies also grew strongly. Due to the weak economic environment in the Baltic States, the advertising sales of media companies were under pressure, which in turn had a negative impact on the Group’s profitability indicators.
The revenue of AS Ekspress Grupp for the 2nd quarter of 2025 increased by EUR 1.8 million (+9%) year-over-year, totalling EUR 21.4 million. The revenue for the first six months of 2025 increased by EUR 2.6 million (+7%) year-over-year, to EUR 38.4 million. The top contributors to growth in the 2nd quarter were the business activities of Eesti Koolitus- ja Konverentsikeskus (the Estonian Training and Convention Centre), acquired by Delfi Meedia in July 2024, and the conference company UAB Kenton Baltic, acquired by Delfi Lithuania in December 2024. In addition, growth was driven by Delfi Lithuania’s AI project and continued growth in digital subscription revenue, ticket sales platform revenue and digital screen revenue. On the other hand, the Group’s activities were impacted by the general weakness of the business environment in the Baltic States, which was reflected in an 8% decrease in advertising revenue. In the first half of the year, sales revenue increased by 7% year-over-year, driven by the same factors contributing to quarterly growth.
The digital revenue for the first six months of the year increased by 2% year-over-year, but the acquisition of the training business lowered the share of digital revenue in the Group’s total revenue from 87% to 83% (on a comparable basis, the share of digital revenue was 88% at the end of the 2nd quarter of 2025). At the same time, the digital subscription revenue of the Group’s media companies and the number of people with digital subscriptions increased in all three countries. During the year, the Group received more than 22 000 new digital subscriptions (+10%) in the Baltic States, reaching 245 000 subscriptions at the end of the 2nd quarter of 2025. The Group’s digital revenue is thus 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 content offered by the Group’s media companies in order to be the leader in the digital subscription field in all Baltic States. The Group is gradually moving towards its financial strategic goals and wishes to offer paid digital content to at least 340 000 subscribers by the year 2026.
In the 2nd quarter, the revenue from ticket sales platforms increased by 13% year-over-year. The outdoor screen business also showed a 3% growth, supported by both the expansion of the network to 156 screens and the increase in sales revenue per screen. With this, the Group has increased its presence especially in the Latvian market, where the number of screens increased from 105 to 110 in the year, while in Estonia we have 46 screens. These two areas have proved resilient also in the conditions of slower economic growth.
In the 2nd quarter, Ekspress Grupp’s profit before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 2.8 million, decreasing by EUR 0.2 million year-over-year (-7%). The EBITDA for the first half of the year totalled EUR 3.1 million, decreasing by EUR 0.4 million (-12%). The decline in profitability is due to the contraction of the advertising market and the increasing pressure on input costs due to the overall weak economic environment in the Baltic States. The net profit for the 2nd quarter of 2025 was EUR 1.1 million, an increase of EUR 0.1 million (+6%). In the first half of the year, however, the Group incurred a net loss of EUR -0.5 million, which is EUR 0.3 million higher as compared to the previous year. The increase in the net loss for the first half of the year is mainly due to higher depreciation costs related to the Group’s investments. However, lower income tax on dividends had a positive impact as compared to the previous year.
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 further cooling of the economy. As of 30 June 2025, the Group’s available cash totalled EUR 7.2 million (30.06.2024: EUR 5.5 million). In June 2025, the Group paid a dividend of EUR 6 cents per share to its shareholders, amounting to EUR 1.86 million.
Q2 AND 6 MONTHS RESULTS
REVENUE
In the 2nd quarter of 2025, the consolidated revenue totalled EUR 21.4 million (Q2 2024: EUR 19.6 million). The revenue for the 2nd quarter increased by 9% year-over-year. The consolidated revenue for the first 6 months of 2025 totalled EUR 38.4 million (6 months 2024: EUR 35.9 million). The revenue for the first 6 months of the year increased by 7% as compared to the previous year.
The growth in both the 2nd quarter and the first 6 months is mainly driven by the business operations of Eesti Koolitus- ja Konverentsikeskus (the Estonian Training and Conference Centre), acquired by Delfi Meedia in July 2024 and the conference company UAB Kenton Baltic, acquired by Delfi Lithuania in December 2024. In addition, the growth was contributed by Delfi Lithuania’s AI project and continued growth in digital subscription revenue, ticket sales platform revenue, and digital outdoor screen revenue.
The AI module being developed by Delfi UAB is funded by the European Union and aims to enable the automatic identification of false information. The project, which began in the 1st quarter of 2025 and is scheduled to conclude in the 2nd quarter of 2026, is expected to generate revenue of 3 million euros. The model will be publicly available to all artificial intelligence developers.
The share of the Group’s digital revenue in total revenue was 83% at the end of the 2nd quarter of 2025 (at the end of Q2 2024: 87% of total revenue). The share of digital revenues in the Group’s total revenue has decreased due to the expansion of the training and conference business as a new revenue stream. In July 2024, AS Delfi Meedia acquired the business of Eesti Koolitus- ja Konverentsikeskus (the Estonian Training and Conference Centre), and in December 2024, the Lithuanian subsidiary UAB Delfi acquired the conference company UAB Kenton Baltic. On a comparable basis, the share of digital revenues in the first 6 months of 2025 was 88%. Digital revenue for the first 6 months of 2025 increased by 2% as compared to the same period last year.
EXPENSES
In the 2nd quarter of 2025, the cost of goods sold, marketing, and general and administrative costs, excluding depreciation and amortisation totalled EUR 18.7 million (Q2 2024: EUR 16.6 million). Operating expenses increased by EUR 2.1 million (+12%) as compared to the same period last year. In the first 6 months of 2025, the cost of goods sold, marketing, and general and administrative costs, excluding depreciation and amortisation totalled EUR 35.6 million (6 months 2024: EUR 32.6 million). Operating expenses increased by EUR 3.0 million (+9%) as compared to the same period last year. The increase in expenses in both the 2nd quarter and the first 6 months of the year is mainly due to operating expenses related to newly acquired training and conference businesses and expenses related to the Lithuanian AI project (Q2 2025: EUR 1.6 million; 6 months 2025: EUR 2.1 million).
PROFITABILITY
In the 2nd quarter of 2025, the consolidated EBITDA totalled EUR 2.8 million (Q2 2024: EUR 3.0 million). EBITDA decreased by 7% as compared to last year and the EBITDA margin was 13% (Q2 2024: 15%). In the first 6 months of 2025, the consolidated EBITDA totalled EUR 3.1 million (6 months 2024: EUR 3.5 million). EBITDA decreased by 12% as compared to last year and the EBITDA margin was 8% (6 months 2024: 10%). The decrease in profitability is impacted by the decline in the advertising market due to the general weak economic environment in the Baltic States and the increasing pressure of input costs.
The consolidated net profit for the 2nd quarter of 2025 totalled EUR 1.1 million (Q2 2024: EUR 1.0 million), an increase of 6%. The consolidated net loss for the first 6 months of 2025 totalled EUR -0.5 million (6 months 2024: EUR -0.2 million), an increase of EUR 0.3 million. In addition to the decrease in EBITDA, higher net loss is also primarily related to higher depreciation expenses arising from the Group’s investments. However, a positive impact was made by lower income tax expense (EUR +0.6 million in both the 2nd quarter and the first 6 months of the year), which mainly came from income tax on dividends.
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount of EUR 7.2 million and equity in the amount of EUR 56.1 million (50% of total assets). The comparable data as of 30 June 2024 were EUR 5.5 million and EUR 55.0 million (53% of total assets), respectively. As of 30 June 2025, the Group’s net debt was EUR 19.8 million (30 June 2024: EUR 19.4 million).
In the first 6 months of 2025, the Group’s cash flows from operating activities totalled EUR 3.9 million (6 months 2024: EUR 1.3 million), which was positively affected by ticket sales platforms in both Estonia and Latvia.
In the first 6 months of 2025, the Group’s cash flows from investing activities totalled EUR -1.4 million (6 months 2024: EUR -1.7 million), of which EUR -2.0 million was related to development and acquisition of property, plant and equipment and intangible assets, of which the largest investments were the acquisition of LED outdoor screens and the investments in the development of Delfi platform and Delfi TV.
In the first 6 months of 2025, the Group’s cash flows from financing activities totalled EUR -4.3 million (6 months 2024: EUR -3.6 million), of which EUR -1.86 million is the dividend payment to the shareholders of AS Ekspress Grupp (6 months 2024: EUR -1.85 million). In the first 6 months of 2025, there were no proceeds from the sale of treasury shares within the framework of the exercise of share options (6 months 2024: EUR 0.5 million). Financing activities include a net change in borrowings in the amount of EUR -1.2 million (6 months 2024: EUR -1.1 million) and lease liabilities in the amount of EUR -1.3 million (6 months 2024: EUR -1.1 million) due to the normal reduction of the remaining lease term.
DIVIDENDS
At the regular general meeting of shareholders of AS Ekspress Grupp held on 23 May 2025, it was decided to pay a dividend of 6 euro cents per share in the total amount of EUR 1.86 million. Dividends were paid to shareholders on 12 June 2025.
SEGMENT OVERVIEW
Key financial indicators for segments
| (EUR thousand) | Sales | ||||||
| Q2 2025 | Q2 2024 | change % | 6M 2025 | 6M 2024 | change % | 12 months 2024 | |
| Media segment | 21 410 | 19 607 | 9% | 38 393 | 35 813 | 7% | 76 071 |
| advertising revenue | 10 658 | 11 579 | -8% | 19 147 | 20 379 | -6% | 42 234 |
| subscriptions (incl. single-copy sales) | 5 202 | 5 034 | 3% | 10 398 | 10 077 | 3% | 20 457 |
| ticket sales platforms | 851 | 754 | 13% | 1 851 | 1 664 | 11% | 4 157 |
| outdoor screens | 1 311 | 1 269 | 3% | 2 240 | 2 052 | 9% | 4 445 |
| sale of other goods and services | 3 388 | 971 | 249% | 4 757 | 1 641 | 190% | 4 778 |
| Corporate functions | 195 | 184 | 6% | 391 | 354 | 10% | 752 |
| Inter-segment eliminations | (177) | (161) | (353) | (316) | (653) | ||
| TOTAL GROUP | 21 428 | 19 631 | 9% | 38 431 | 35 851 | 7% | 76 170 |
| incl. revenue from all digital channels | 17 702 | 17 651 | 0% | 32 037 | 31 319 | 2% | 65 786 |
| % of revenue from all digital channels | 83%* | 90% | 83%* | 87% | 86% | ||
| (EUR thousand) | EBITDA | ||||||
| Q2 2025 | Q2 2024 | change % | 6M 2025 | 6M 2024 | change % | 12 months 2024 | |
| Media segment | 3 239 | 3 388 | -4% | 3 865 | 4 302 | -10% | 12 364 |
| Corporate functions | (406) | (363) | -12% | (789) | (841) | 6% | (1 699) |
| Inter-segment eliminations | 1 | 18 | 3 | 22 | 11 | ||
| TOTAL GROUP | 2 835 | 3 042 | -7% | 3 079 | 3 484 | -12% | 10 677 |
| EBITDA margin | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | 12 months 2024 |
| Media segment | 15% | 17% | 10% | 12% | 16% |
| TOTAL GROUP | 13% | 15% | 8% | 10% | 14% |
* The share of digital revenues in the group’s total revenue has decreased due to the increase in the share of revenues related to the training and conference business – in July 2024, Delfi Meedia acquired the business operations of Eesti Koolitus- ja Konverentsikeskus (the Estonian Training and Conference Centre), and in December 2024, Delfi Lithuania acquired the conference company UAB Kenton Baltic (on a comparable basis, the share of digital revenues in the 2nd quarter of 2025 was 90% and in the first 6 months of 2025 88%).
Consolidated statement of financial position (unaudited)
| (EUR thousand) | 30.06.2025 | 31.12.2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 7 167 | 8 971 |
| Trade and other receivables | 15 363 | 14 394 |
| Corporate income tax prepayment | 222 | 170 |
| Inventories | 364 | 373 |
| Total current assets | 23 116 | 23 908 |
| Non-current assets | ||
| Other receivables and investments | 1 737 | 1 775 |
| Deferred tax asset | 71 | 71 |
| Investments in joint ventures | 974 | 872 |
| Investments in associates | 2 282 | 2 464 |
| Property, plant and equipment | 10 185 | 10 834 |
| Intangible assets | 74 215 | 74 112 |
| Total non-current assets | 89 463 | 90 128 |
| TOTAL ASSETS | 112 579 | 114 036 |
| LIABILITIES | ||
| Current liabilities | ||
| Borrowings | 3 934 | 5 309 |
| Trade and other payables | 29 572 | 27 014 |
| Corporate income tax payable | 0 | 36 |
| Total current liabilities | 33 506 | 32 359 |
| Non-current liabilities | ||
| Long-term borrowings | 23 002 | 23 232 |
| Other long-term liabilities | 5 | 5 |
| Total non-current liabilities | 23 007 | 23 237 |
| TOTAL LIABILITIES | 56 512 | 55 596 |
| EQUITY | ||
| Share capital | 18 576 | 18 576 |
| Share premium | 14 295 | 14 295 |
| Treasury shares | (5) | (5) |
| Reserves | 2 494 | 2 364 |
| Retained earnings | 20 707 | 23 210 |
| TOTAL EQUITY | 56 067 | 58 440 |
| TOTAL LIABILITIES AND EQUITY | 112 579 | 114 036 |
Consolidated statement of comprehensive income (unaudited)
| (EUR thousand) | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | 12 months 2024 |
| Sales | 21 428 | 19 631 | 38 431 | 35 851 | 76 170 |
| Cost of sales | (16 556) | (14 689) | (31 403) | (28 258) | (58 209) |
| Gross profit | 4 873 | 4 941 | 7 028 | 7 593 | 17 961 |
| Other income | 157 | 132 | 327 | 289 | 959 |
| Marketing expenses | (1 124) | (823) | (2 032) | (1 680) | (3 369) |
| Administrative expenses | (2 716) | (2 561) | (5 486) | (5 396) | (10 530) |
| Other expenses | (32) | (73) | (80) | (95) | (164) |
| Operating profit /(loss) | 1 158 | 1 617 | (242) | 711 | 4 857 |
| Interest income | 27 | 25 | 56 | 61 | 117 |
| Interest expenses | (403) | (451) | (815) | (908) | (1 836) |
| Other finance income/(costs) | (19) | (12) | (37) | (22) | (58) |
| Net finance cost | (395) | (439) | (796) | (870) | (1 777) |
| Profit/(loss) on shares of joint ventures | 57 | 83 | 101 | 122 | 318 |
| Profit/(loss) on shares of associates | 114 | 169 | 275 | 250 | 471 |
| Profit /(loss) before income tax | 934 | 1 430 | (662) | 212 | 3 869 |
| Income tax expense | 149 | (406) | 145 | (409) | (617) |
| Net profit /(loss) for the reporting period | 1 083 | 1 025 | (516) | (197) | 3 252 |
| Total comprehensive income /(loss) | 1 083 | 1 025 | (516) | (197) | 3 252 |
| Earnings per share (euro) | |||||
| Basic earnings per share | 0.0350 | 0.0332 | (0.0167) | (0.0064) | 0.1058 |
Consolidated cash flow statement (unaudited)
| (EUR thousand) | 6M 2025 | 6M 2024 | 12 months 2024 |
| Cash flows from operating activities | |||
| Operating profit /(loss) for the reporting year | (242) | 711 | 4 857 |
| Adjustments for (non-cash): | |||
| Depreciation and amortisation | 3 317 | 2 773 | 5 823 |
| (Gain)/loss on sale, write-down and impairment of property, plant and equipment | 19 | 10 | 33 |
| Cash flows from operating activities: | |||
| Trade and other receivables | (945) | (1 882) | (1 281) |
| Inventories | 8 | (21) | (52) |
| Trade and other payables | 2 463 | 895 | 3 390 |
| Income tax paid | (99) | (559) | (707) |
| Interest paid | (604) | (669) | (1 875) |
| Net cash generated from operating activities | 3 917 | 1 258 | 10 188 |
| Cash flows from investing activities | |||
| Acquisition of subsidiaries/ associates (less cash acquired) and other investments /sale/ cash paid-in equity-accounted investees | 0 | 0 | (5 246) |
| Interest received | 55 | 60 | 115 |
| Purchase of property, plant and equipment and intangible assets | (1 958) | (2 008) | (4 619) |
| Proceeds from sale of property, plant and equipment and intangible assets | 4 | 5 | 3 |
| Loans granted | 0 | 0 | (12) |
| Loan repayments received | 40 | 4 | 4 |
| Dividends received | 456 | 204 | 379 |
| Net cash used in investing activities | (1 404) | (1 735) | (9 376) |
| Cash flows from financing activities | |||
| Dividends paid | (1 857) | (1 848) | (1 848) |
| Payment of lease liabilities | (1 257) | (1 142) | (2 315) |
| Change in overdraft | 248 | 0 | 0 |
| Proceeds from borrowings | 0 | 0 | 4 640 |
| Repayments of bank loans | (1 452) | (1 122) | (2 419) |
| Proceeds from share issuance | 0 | 98 | 98 |
| Proceeds from sale of treasury shares | 0 | 397 | 397 |
| Net cash used in financing activities | (4 318) | (3 617) | (1 447) |
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (1 804) | (4 094) | (635) |
| Cash and cash equivalents at the beginning of the period | 8 971 | 9 606 | 9 606 |
| Cash and cash equivalents at the end of the period | 7 167 | 5 512 | 8 971 |
Additional information
Lili Kirikal
CFO of the Group
lili.kirikal@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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