AS Ekspress Grupp: Consolidated unaudited interim report for Q3 and 9 months of 2025
The revenue of Ekspress Grupp continued to grow in the 3(rd) quarter and the
first nine 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 3(rd) quarter of 2025 increased by EUR
1.1 million (+6%) year-over-year, totalling EUR 17.9 million. The revenue for
the first nine months of 2025 increased by EUR 3.6 million (+7%) year-over-year
to EUR 56.3 million. The top contributors to growth in the 3(rd) quarter 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 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 2% revenue decline in the 3(rd) quarter and a 5% decline
in the first nine months of the year.
The digital revenue for the first nine months of the year increased by 5% year-
over-year. The digital subscription revenue of the Group's media companies and
the number of people with digital subscriptions increased in all three
countries. In a year, the Group received about 22 thousand new digital
subscriptions (+10%) and reached 245 thousand subscriptions at the end of the
3(rd) quarter 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 content offered by the Group's media
companies 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 thousand subscribers by
2026.
The revenue of ticket sales platforms increased by 6% in the 3(rd) quarter as
compared to a year ago. The outdoor screen business also showed a 1% increase,
supported by the expansion of the network to 159 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 107 to 112 in a year,
while in Estonia we have 47 screens. These two areas have proven to be resilient
even in conditions of slower economic growth.
In the 3(rd) quarter, Ekspress Grupp's profit before interest, taxes,
depreciation and amortisation (EBITDA) totalled EUR 2.4 million, increasing by
EUR 0.4 million year-over-year (+21%). The EBITDA for the first nine months
totalled EUR 5.5 million, matching last year's level. 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 profit for the 3(rd) quarter of 2025 was EUR 2.4 million,
an increase of EUR 2.1 million. The consolidated net profit for the first nine
months of 2025 totalled EUR 1.9 million, increasing by EUR 1.8 million. A one-
off gain from the sale of an ownership interest in SIA Altero in the amount of
EUR 2.0 million contributed to the net profit growth both in the 3(rd) quarter
and in the first nine months of the year. However, higher depreciation expenses
related to the Group's investments had a negative impact on the Groups net
profit for the first nine months of the year. Still, a lower income tax on
dividends and lower interest expenses 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 September
2025, the Group's available cash totalled EUR 9.0 million (30.09.2024: EUR 5.4
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.
Q3 AND 9 MONTHS RESULTS
REVENUE
In the 3(rd) quarter of 2025, the consolidated revenue totalled EUR 17.9 million
(Q3 2024: EUR 16.8 million). The revenue for the 3(rd) quarter increased by 6%
year-over-year. The consolidated revenue for the first 9 months of 2025 totalled
EUR 56.3 million (9 months 2024: EUR 52.7 million). The revenue for the first 9
months of the year increased by 7% as compared to the previous year.
The growth in both the 3(rd) quarter and the first 9 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 1(st) quarter of 2025 and is scheduled to conclude in the
2(nd) 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 85% at the end of
the 3(rd) quarter of 2025 (at the end of Q3 2024: 86% 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.
Digital revenue for the first 9 months of 2025 increased by 5% as compared to
the same period last year.
EXPENSES
In the 3(rd) quarter of 2025, the cost of goods sold, marketing, and general and
administrative costs, excluding depreciation and amortisation totalled EUR 15.5
million (Q3 2024: EUR 15.2 million). Operating expenses increased by EUR 0.3
million (+2%) as compared to the same period last year. In the first 9 months of
2025, the cost of goods sold, marketing, and general and administrative costs,
excluding depreciation and amortisation totalled EUR 51.1 million (9 months
2024: EUR 47.8 million). Operating expenses increased by EUR 3.3 million (+7%)
as compared to the same period last year. The increase in expenses in both the
3(rd) quarter and the first 9 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 (Q3 2025: EUR 0.5 million; 9
months 2025: EUR 2.6 million).
PROFITABILITY
In the 3(rd) quarter of 2025, the consolidated EBITDA totalled EUR 2.4 million
(Q3 2024: EUR 2.0 million). EBITDA increased by 21% as compared to last year and
the EBITDA margin was 13% (Q3 2024: 12%). In the first 9 months of 2025, the
consolidated EBITDA totalled EUR 5.5 million (9 months 2024: EUR 5.5 million).
EBITDA remained at the same level as last year and the EBITDA margin was 10% (9
months 2024: 10%). 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 profit for the 3(rd) quarter of 2025 totalled EUR 2.4
million (Q3 2024: EUR 0.3 million), an increase of EUR 2.1 million. The
consolidated net profit for the first 9 months of 2025 totalled EUR 1.9 million
(9 months 2024: EUR 0.1 million), an increase of EUR 1.8 million. A one-off gain
from the sale of an ownership interest in SIA Altero in the amount of EUR 2.0
million contributed to the net profit growth both in the 3(rd) quarter and in
the first nine months of the year. The Group's 9-month net profit was negatively
affected by an increase in depreciation expense resulting from the Group's
investments (EUR -0.8 million). However, it was positively impacted by lower
income tax expense (EUR +0.7 million), mainly related to dividend taxation, as
well as lower interest expenses (EUR +0.3 million).
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 9.0 million and equity in the amount of EUR 58.5 million (53% of total
assets). The comparable data as of 30 September 2024 were EUR 5.4 million and
EUR 55.3 million (52% of total assets), respectively. As of 30 September 2025,
the Group's net debt was EUR 16.6 million (30 September 2024: EUR 21.2 million).
In the first 9 months of 2025, the Group's cash flows from operating activities
totalled EUR 4.2 million (9 months 2024: EUR 3.1 million), which was positively
affected by ticket sales platforms in both Estonia and Latvia, as well as lower
corporate income tax paid.
In the first 9 months of 2025, the Group's cash flows from investing activities
totalled EUR 1.8 million (9 months 2024: EUR -5.3 million), of which EUR 4.2
million resulted from the sale of the associate SIA Altero, while EUR -2.9
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 first 9 months of 2025, the Group's cash flows from financing activities
totalled EUR -6.0 million (9 months 2024: EUR -2.1 million), of which EUR -1.86
million is the dividend payment to the shareholders of AS Ekspress Grupp (9
months 2024: EUR -1.85 million). In the first 9 months of 2025, there were no
proceeds from the sale of treasury shares within the framework of the exercise
of share options (9 months 2024: EUR 0.5 million). Financing activities include
a net change in borrowings in the amount of EUR -2.3 million (9 months 2024: EUR
1.0 million) and lease liabilities in the amount of EUR -1.9 million (9 months
2024: EUR -1.7 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
12 months
Q3 2025 Q3 2024 change % 9M 2025 9M 2024 change % 2024
Media segment 17 820 16 780 6% 56 213 52 592 7% 76 071
advertising
revenue 8 765 8 936 -2% 27 912 29 315 -5% 42 234
subscriptions
(incl. single-
copy sales) 5 139 5 012 3% 15 537 15 089 3% 20 457
ticket sales
platforms 994 940 6% 2 845 2 604 9% 4 157
outdoor screens 1 076 1 066 1% 3 317 3 117 6% 4 445
sale of other
goods and
services 1 846 827 123% 6 602 2 467 168% 4 778
Corporate
functions 223 194 15% 614 548 12% 752
Inter-segment
eliminations (171) (167) (524) (483) (653)
TOTAL GROUP 17 871 16 806 6% 56 303 52 657 7% 76 170
incl. revenue
from all digital
channels* 15 507 14 693 6% 47 806 45 330 5% 65 070
% of revenue
from all digital
channels* 87% 87% 85% 86% 85%
(EUR thousand) EBITDA
12 months
Q3 2025 Q3 2024 change % 9M 2025 9M 2024 change % 2024
Media segment 2 702 2 374 14% 6 567 6 676 -2% 12 364
Corporate
functions (307) (380) 19% (1 097) (1 221) 10% (1 699)
Inter-segment
eliminations 1 (12) 4 10 11
TOTAL GROUP 2 396 1 982 21% 5 475 5 466 0% 10 677
EBITDA margin Q3 2025 Q3 2024 9M 2025 9M 2024 12 months 2024
Media segment 15% 14% 12% 13% 16%
TOTAL GROUP 13% 12% 10% 10% 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) 30.09.2025 31.12.2024
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ASSETS
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Current assets
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Cash and cash equivalents 8 961 8 971
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Trade and other receivables 14 729 14 394
--------------------------------------------------------------
Corporate income tax prepayment 148 170
--------------------------------------------------------------
Inventories 373 373
--------------------------------------------------------------
Total current assets 24 211 23 908
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Non-current assets
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Other receivables and investments 1 737 1 775
--------------------------------------------------------------
Deferred tax asset 71 71
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Investments in joint ventures 1 032 872
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Investments in associates 150 2 464
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Property, plant and equipment 9 744 10 834
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Intangible assets 74 203 74 112
--------------------------------------------------------------
Total non-current assets 86 936 90 128
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TOTAL ASSETS 111 148 114 036
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LIABILITIES
--------------------------------------------------------------
Current liabilities
--------------------------------------------------------------
Borrowings 3 274 5 309
--------------------------------------------------------------
Trade and other payables 27 080 27 014
--------------------------------------------------------------
Corporate income tax payable 5 36
--------------------------------------------------------------
Total current liabilities 30 359 32 359
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Non-current liabilities
--------------------------------------------------------------
Long-term borrowings 22 273 23 232
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Other long-term liabilities 5 5
--------------------------------------------------------------
Total non-current liabilities 22 278 23 237
--------------------------------------------------------------
TOTAL LIABILITIES 52 637 55 596
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EQUITY
--------------------------------------------------------------
Share capital 18 576 18 576
--------------------------------------------------------------
Share premium 14 295 14 295
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Treasury shares (5) (5)
--------------------------------------------------------------
Reserves 2 494 2 364
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Retained earnings 23 151 23 210
--------------------------------------------------------------
TOTAL EQUITY 58 511 58 440
--------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 111 148 114 036
--------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q3 2025 Q3 2024 9M 2025 9M 2024 12 months 2024
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Sales 17 871 16 806 56 303 52 657 76 170
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Cost of sales (13 955) (13 594) (45 358) (41 853) (58 209)
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Gross profit 3 916 3 211 10 944 10 804 17 961
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Other income 97 409 424 698 959
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Marketing expenses (939) (640) (2 971) (2 321) (3 369)
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Administrative expenses (2 364) (2 455) (7 849) (7 851) (10 530)
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Other expenses (34) (39) (115) (134) (164)
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Operating profit /(loss) 676 486 433 1 196 4 857
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Interest income 13 23 69 84 117
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Interest expenses (309) (476) (1 124) (1 384) (1 836)
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Other finance
income/(costs) (162) (16) (199) (39) (58)
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Net finance cost (458) (468) (1 254) (1 339) (1 777)
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Profit/(loss) on shares of
joint ventures 58 122 159 243 318
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Profit/(loss) on shares of
associates 2 068 173 2 343 423 471
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Profit /(loss) before
income tax 2 343 312 1 682 524 3 869
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Income tax expense 101 (7) 246 (416) (617)
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Net profit /(loss) for the
reporting period 2 444 305 1 928 108 3 252
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Total comprehensive income
/(loss) 2 444 305 1 928 108 3 252
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Earnings per share (euro)
-------------------------------------------------------------------------------
Basic earnings per share 0.0790 0.0098 0.0623 0.0035 0.1058
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Consolidated cash flow statement (unaudited)
(EUR thousand) 9M 2025 9M 2024 12 months 2024
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Cash flows from operating activities
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Operating profit /(loss) for the reporting year 433 1 196 4 857
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Adjustments for (non-cash):
-------------------------------------------------------------------------------
Depreciation and amortisation 5 038 4 266 5 823
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(Gain)/loss on sale, write-down and impairment
of property, plant and equipment 19 25 33
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Cash flows from operating activities:
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Trade and other receivables (274) (576) (1 281)
-------------------------------------------------------------------------------
Inventories 0 (32) (52)
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Trade and other payables 246 (84) 3 390
-------------------------------------------------------------------------------
Income tax paid (27) (644) (707)
-------------------------------------------------------------------------------
Interest paid (1 245) (1 025) (1 875)
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Net cash generated from operating activities 4 190 3 127 10 188
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Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less
cash acquired) and other investments /sale/
cash paid-in equity-accounted investees 4 200 (2 579) (5 246)
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Interest received 71 82 115
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Purchase of property, plant and equipment and
intangible assets (2 934) (3 036) (4 619)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and
equipment and intangible assets 2 6 3
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Loans granted (42) (12) (12)
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Loan repayments received 60 4 4
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Dividends received 456 204 379
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Net cash used in investing activities 1 813 (5 331) (9 376)
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Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid (1 857) (1 848) (1 848)
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Payment of lease liabilities (1 893) (1 708) (2 315)
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Change in overdraft 0 533 0
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Proceeds from borrowings 5 000 2 240 4 640
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Repayments of bank loans (7 263) (1 763) (2 419)
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Proceeds from share issuance 0 98 98
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Proceeds from sale of treasury shares 0 397 397
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Net cash used in financing activities (6 012) (2 052) (1 447)
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NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (10) (4 256) (635)
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Cash and cash equivalents at the beginning of
the period 8 971 9 606 9 606
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Cash and cash equivalents at the end of the
period 8 961 5 351 8 971
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Additional information
Rain Sarapuu
CFO of the Group
[email protected] (mailto:[email protected])
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.