AS Ekspress Grupp: Consolidated unaudited interim report for Q4 and 12 months of 2025
The revenue of Ekspress Grupp continued to grow in the 4th quarter and the twelve months of the year, driven by the Group’s investments in the fields of conference business, ticket sales and digital outdoor screens. The digital subscriptions of media companies also grew strongly.
The revenue of AS Ekspress Grupp for the 4th quarter of 2025 increased by EUR 0.4 million (+2%) year-over-year, totalling EUR 23.9 million. The revenue for the twelve months of 2025 increased by EUR 4.1 million (+5%) year-over-year to EUR 80.2 million. The top contributors to growth in the 4th quarter as well as the twelve months of the year were the business activities of the Estonian Training and Conference Centre (Eesti Koolitus- ja Konverentsikeskus), 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 the revenues of digital subscriptions, ticket sales platforms and digital outdoor screens. On the other hand, the Group’s activities were impacted by the general weakness of the business environment in the Baltic States, reflected in a 13% advertising revenue decrease in the 4th quarter and a 7% decrease in the twelve months of the year.
The 12-month digital revenue increased by 5% year-over-year. At the same time, the digital subscription revenue of the Group’s media companies and the number of people with digital subscriptions grew year-over-year in all three countries. In a year, the Group received nearly 18 thousand new digital subscriptions (+7%) and reached 256 thousand subscriptions by the end of the 4th quarter of 2025. 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.
The revenue of ticket sales platforms increased by 6% in the 4th quarter as compared to a year ago. The outdoor screen business also showed a 16% increase, supported by the expansion of the network to 160 screens and the increase in sales revenue per screen. With this, the Group has increased its presence in the Latvian market, where the number of screens increased from 109 to 115 in a year, while in Estonia we have 45 screens. These two areas have proven to be resilient even in conditions of slower economic growth.
In the 4th quarter, Ekspress Grupp’s profit before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 5.3 million, increasing by EUR 0.1 million year-over-year (+1%). The 12-month EBITDA totalled EUR 10.8 million, increasing also by EUR 0.1 million year-over-year (+1%). EBITDA growth was supported by the training and conference business acquired in 2024. 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 4th quarter of 2025 totalled EUR 0.9 million which is EUR 4.0 million lower than last year. The consolidated net profit for the twelve months of 2025 totalled EUR 1.0 million, decreasing by EUR 2.2 million. One-off expenses due to the loss on the sale of the Lithuanian news portal Lrytas UAB and the impairment loss related to the transfer of the ownership interest of Geenius Meedia in the Group’s structure to Delfi Meedia had a negative impact on the net profit for the 4th quarter in the amount of EUR 4.2 million. In addition to one-off expenses in the 4th quarter, the 12-month net profit was also impacted by the one-off gain from the sale of the ownership interest in the associate SIA Altero in the amount of EUR 2.0 million. Excluding one-off transactions, the net profit for the 4th quarter of 2025 was EUR 3.3 million which is EUR 0.2 million (+6%) higher than last year, and the 12-month net profit was EUR 3.2 million, which approximates last year’s results, being 1% lower. Higher depreciation expenses related to the Group’s investments also had a negative impact on the Group’s net profit for the twelve months of the year. However, a lower income tax expense on dividends and lower interest expenses had a positive impact as compared to the previous year.
In December 2025, the Group acquired the traffic training platform Liikluslab Baltic OÜ (liikluslab.ee), which has expanded rapidly and offers services to both private individuals and driving schools. Liikluslab Baltic has two subsidiaries: traffic education environment Teooria OÜ (teooria.ee) and Liikluslab Tervis OÜ, which deals with health certificates for driver’s license applicants. The purpose of the acquisition is to grow the digital business and expand into a new business area. Strategically, the acquisition supports the Group’s long-term goal of increasing revenues from digital subscriptions and services, and creates an opportunity for international expansion.
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 31 December 2025, the Group’s available cash totalled EUR 14.0 million (31.12.2024: EUR 9.0 million). In June 2025, the Group paid dividends of EUR 6 cents per share to its shareholders, in the total amount of EUR 1.86 million.
Q4 AND 12 MONTHS RESULTS
REVENUE
In the 4th quarter of 2025, the consolidated revenue totalled EUR 23.9 million (Q4 2024: EUR 23.5 million). The revenue for the 4th quarter increased by 2% year-over-year. The consolidated revenue for the 12 months of 2025 totalled EUR 80.2 million (12 months 2024: EUR 76.2 million). The revenue for the 12 months of the year increased by 5% as compared to the previous year.
The growth in both the 4th quarter and the 12 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 86% at the end of the 4th quarter of 2025 (at the end of Q4 2024: 85% of total revenue). Digital revenue for the 12 months of 2025 increased by 5% as compared to the same period last year.
EXPENSES
In the 4th quarter of 2025, the cost of goods sold, marketing, and general and administrative costs, excluding depreciation and amortisation totalled EUR 20.5 million (Q4 2024: EUR 18.5 million). Operating expenses increased by EUR 1.9 million (+10%) as compared to the same period last year. In the 12 months of 2025, the cost of goods sold, marketing, and general and administrative costs, excluding depreciation and amortisation totalled EUR 71.6 million (12 months 2024: EUR 66.3 million). Operating expenses increased by EUR 5.3 million (+8%) as compared to the same period last year. The increase in expenses in both the 4th quarter and the 12 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 (Q4 2025: EUR 1.4 million; 12 months 2025: EUR 3.9 million).
PROFITABILITY
In the 4th quarter of 2025, the consolidated EBITDA totalled EUR 5.3 million (Q4 2024: EUR 5.2 million). EBITDA increased by 1% as compared to last year and the EBITDA margin was 22% (Q4 2024: 22%). In the 12 months of 2025, the consolidated EBITDA totalled EUR 10.8 million (12 months 2024: EUR 10.7 million). 12-month EBITDA also increased by 1% as compared to last year and the EBITDA margin was 13% (12 months 2024: 14%). EBITDA growth was supported by the training and conference business acquired in 2024. 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 4th quarter of 2025 totalled EUR 0.9 million (Q4 2024 net profit: EUR 3.1 million) which is EUR 4.0 million lower than last year. One-off expenses due to the loss on the sale of the Lithuanian news portal Lrytas UAB and the impairment loss related to the transfer of the ownership interest of Geenius Meedia in the Group’s structure to Delfi Meedia had a negative impact on the net profit for the 4th quarter in the amount of EUR 4.2 million. Excluding these one-off expenses, the net profit for the 4th quarter of 2025 was EUR 3.3 million which is EUR 0.2 million (+6%) higher than last year.
The consolidated net profit for the 12 months of 2025 totalled EUR 1.0 million (12 months 2024: EUR 3.3 million), decreasing by EUR 2.2 million. In addition to the one-off expenses in the 4th quarter, the 12-month net profit was also impacted by the one-off gain from the sale of the ownership interest in the associate SIA Altero in the amount of EUR 2.0 million. Excluding one-off transactions, the net profit for the 12 months of 2025 totalled EUR 3.2 million which is EUR 32 thousand (-1%) lower than last year. The Group’s 12-month net profit was also negatively impacted by an increase in depreciation expense related to the Group’s investments (EUR -1.0 million). However, it was positively impacted by lower income tax expense (EUR +0.9 million), mainly related to dividend taxation, as well as lower interest expenses (EUR +0.4 million).
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount of EUR 14.0 million and equity in the amount of EUR 57.6 million (49% of total assets). The comparable data as of 31 December 2024 were EUR 9.0 million and EUR 58.4 million (51% of total assets), respectively. As of 31 December 2025, the Group’s net debt was EUR 13.1 million (31 December 2024: EUR 19.6 million).
In the 12 months of 2025, the Group’s cash flows from operating activities totalled EUR 12.9 million (12 months 2024: EUR 10.2 million), which was positively affected by ticket sales platforms in both Estonia and Latvia, as well as lower corporate income tax paid.
In the 12 months of 2025, the Group’s cash flows from investing activities totalled EUR -5.4 million (12 months 2024: EUR -9.4 million), of which EUR 0.3 million is net cash flow from the sale and acquisition of subsidiaries and associates, EUR -2.5 million net change in short-term deposits and EUR -3.9 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 12 months of 2025, the Group’s cash flows from financing activities totalled EUR -5.0 million (12 months 2024: EUR -1.4 million), of which EUR -1.86 million is the dividend payment to the shareholders of AS Ekspress Grupp (12 months 2024: EUR -1.85 million). In the 12 months of 2025, there were no proceeds from the sale of treasury shares within the framework of the exercise of share options (12 months 2024: EUR 0.5 million). Financing activities include a net change in borrowings in the amount of EUR -0.6 million (12 months 2024: EUR 2.2 million) and lease liabilities in the amount of EUR -2.6 million (12 months 2024: EUR -2.3 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 | |||||
| Q4 2025 | Q4 2024 | change % | 12M 2025 | 12M 2024 | change % | |
| Media segment | 23 894 | 23 479 | 2% | 80 107 | 76 071 | 5% |
| advertising revenue | 11 187 | 12 919 | -13% | 39 099 | 42 234 | -7% |
| subscriptions (incl. single-copy sales) | 5 445 | 5 368 | 1% | 20 982 | 20 457 | 3% |
| ticket sales platforms | 1 651 | 1 553 | 6% | 4 496 | 4 157 | 8% |
| outdoor screens | 1 544 | 1 327 | 16% | 4 860 | 4 445 | 9% |
| sale of other goods and services | 4 068 | 2 311 | 76% | 10 670 | 4 778 | 123% |
| Corporate functions | 204 | 204 | 0% | 818 | 752 | 9% |
| Inter-segment eliminations | (174) | (169) | (698) | (653) | ||
| TOTAL GROUP | 23 924 | 23 513 | 2% | 80 227 | 76 170 | 5% |
| incl. revenue from all digital channels* | 20 841 | 19 740 | 6% | 68 648 | 65 070 | 5% |
| % of revenue from all digital channels* | 87% | 84% | 86% | 85% | ||
| (EUR thousand) | EBITDA | |||||
| Q4 2025 | Q4 2024 | change % | 12M 2025 | 12M 2024 | change % | |
| Media segment | 5 864 | 5 688 | 3% | 12 431 | 12 364 | 1% |
| Corporate functions | (578) | (478) | -21% | (1 674) | (1 699) | 1% |
| Inter-segment eliminations | 1 | 1 | 6 | 11 | ||
| TOTAL GROUP | 5 288 | 5 211 | 1% | 10 763 | 10 677 | 1% |
| EBITDA margin | Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 |
| Media segment | 25% | 24% | 16% | 16% |
| TOTAL GROUP | 22% | 22% | 13% | 14% |
* The share of digital revenue in the Group’s total revenue has been reassessed due to the addition of new business areas.
Consolidated statement of financial position (unaudited)
| (EUR thousand) | 31.12.2025 | 31.12.2024 |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 11 479 | 8 971 |
| Short-term deposits | 2 490 | 0 |
| Trade and other receivables | 16 940 | 14 394 |
| Corporate income tax prepayment | 171 | 170 |
| Inventories | 261 | 373 |
| Total current assets | 31 341 | 23 908 |
| Non-current assets | ||
| Other receivables and investments | 1 666 | 1 775 |
| Deferred tax asset | 84 | 71 |
| Investments in joint ventures | 1 112 | 872 |
| Investments in associates | 160 | 2 464 |
| Property, plant and equipment | 10 991 | 10 834 |
| Intangible assets | 72 190 | 74 112 |
| Total non-current assets | 86 203 | 90 128 |
| TOTAL ASSETS | 117 544 | 114 036 |
| LIABILITIES | ||
| Current liabilities | ||
| Borrowings | 9 962 | 5 309 |
| Trade and other payables | 32 817 | 27 014 |
| Corporate income tax payable | 57 | 36 |
| Total current liabilities | 42 836 | 32 359 |
| Non-current liabilities | ||
| Long-term borrowings | 17 094 | 23 232 |
| Other long-term liabilities | 0 | 5 |
| Total non-current liabilities | 17 094 | 23 237 |
| TOTAL LIABILITIES | 59 930 | 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 | 22 254 | 23 210 |
| TOTAL EQUITY | 57 614 | 58 440 |
| TOTAL LIABILITIES AND EQUITY | 117 544 | 114 036 |
Consolidated statement of comprehensive income (unaudited)
| (EUR thousand) | Q4 2025 | Q4 2024 | 12M 2025 | 12M 2024 | |
| Sales | 23 924 | 23 513 | 80 227 | 76 170 | |
| Cost of sales | (18 031) | (16 356) | (63 390) | (58 209) | |
| Gross profit | 5 893 | 7 156 | 16 837 | 17 961 | |
| Other income | 1 815 | 261 | 2 240 | 959 | |
| Marketing expenses | (1 048) | (1 049) | (4 019) | (3 369) | |
| Administrative expenses | (3 136) | (2 679) | (10 986) | (10 530) | |
| Other expenses | 15 | (30) | (99) | (164) | |
| Operating profit /(loss) | 3 539 | 3 660 | 3 973 | 4 857 | |
| Interest income | 20 | 33 | 89 | 117 | |
| Interest expenses | (302) | (451) | (1 425) | (1 836) | |
| Other finance income/(costs) | (4 265) | (19) | (4 464) | (58) | |
| Net finance cost | (4 547) | (438) | (5 800) | (1 777) | |
| Profit/(loss) on shares of joint ventures | 81 | 75 | 240 | 318 | |
| Profit/(loss) on shares of associates | 9 | 48 | 2 352 | 471 | |
| Profit /(loss) before income tax | (917) | 3 345 | 765 | 3 869 | |
| Income tax expense | 20 | (201) | 266 | (617) | |
| Net profit /(loss) for the reporting period | (897) | 3 145 | 1 031 | 3 252 | |
| Total comprehensive income /(loss) | (897) | 3 145 | 1 031 | 3 252 | |
| Earnings per share (euro) | |||||
| Basic earnings per share | (0.0290) | 0.1016 | 0.0333 | 0.1058 | |
Consolidated cash flow statement (unaudited)
| (EUR thousand) | 12M 2025 | 12M 2024 |
| Cash flows from operating activities | ||
| Operating profit /(loss) for the reporting year | 3 973 | 4 857 |
| Adjustments for (non-cash): | ||
| Depreciation and amortisation | 6 790 | 5 823 |
| (Gain)/loss on sale, write-down and impairment of property, plant and equipment | (25) | 33 |
| Cash flows from operating activities: | ||
| Trade and other receivables | (3 052) | (1 281) |
| Inventories | 146 | (52) |
| Trade and other payables | 6 696 | 3 390 |
| Income tax paid | (52) | (707) |
| Interest paid | (1 549) | (1 875) |
| Net cash generated from operating activities | 12 927 | 10 188 |
| Cash flows from investing activities | ||
| Acquisition of subsidiaries (less cash acquired) | (4 751) | (5 368) |
| Receipts from sales of interest in subsidiaries and associates | 5 043 | 0 |
| Receipts of other investments | 79 | 0 |
| Receipts from sales of interest in equity-accounted investees | 0 | 122 |
| Interest received | 92 | 115 |
| Purchase of property, plant and equipment and intangible assets | (3 906) | (4 619) |
| Proceeds from sale of property, plant and equipment and intangible assets | 44 | 3 |
| Loans granted | (42) | (12) |
| Loan repayments received | 74 | 4 |
| Dividends received | 456 | 379 |
| Net change in deposits | (2 490) | 0 |
| Net cash used in investing activities | (5 400) | (9 376) |
| Cash flows from financing activities | ||
| Dividends paid | (1 857) | (1 848) |
| Payment of lease liabilities | (2 607) | (2 315) |
| Proceeds from borrowings | 9 320 | 4 640 |
| Repayments of bank loans | (4 875) | (2 419) |
| Redemption of notes | (5 000) | 0 |
| Proceeds from share issuance | 0 | 98 |
| Proceeds from sale of treasury shares | 0 | 397 |
| Net cash used in financing activities | (5 019) | (1 447) |
| NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | 2 508 | (635) |
| Cash and cash equivalents at the beginning of the period | 8 971 | 9 606 |
| Cash and cash equivalents at the end of the period | 11 479 | 8 971 |
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.
Attachment
