Ekspress Grupp earned EUR 3.3 million in net profit last year
AS Ekspress Grupp, the leading Baltic media group, increased its revenue by 4% in 2024 through revenue base diversification and earned EUR 3.3 million in profit. Digital revenues accounted for 86% of the group’s turnover, exceeding for the first time the strategic goal set three years ago.
According to the 12-month consolidated interim report published today, Ekspress Grupp’s revenue for 2024 reached EUR 76.2 million, growing 4% year-over-year. The share of digital revenue increased to 86% by the end of the year, exceeding the 85% target set for 2026. Ekspress Grupp’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 4% to EUR 10.7 million. Net profit, which decreased by 3% to EUR 3.3 million, was primarily affected by high interest rates and increased amortization costs from the group’s investments.
“The group achieved success beyond traditional media activities. Ticket platform revenues grew by 21% during the year, showing particularly strong growth in the Latvian market. The outdoor screen business also showed remarkable 26% growth, supported by network expansion to 156 screens,” said Ekspress Grupp CEO Mari-Liis Rüütsalu.
The number of digital subscriptions in the group’s media companies across the Baltics grew by 15% year-over-year. “The growth in digital subscriptions demonstrates the sustainability of our subscription model even during challenging economic times, and the group’s digital revenue is increasingly based on digital subscription revenue, forming a growing recurring revenue base without the need for additional sales activities and costs,” noted Rüütsalu. Both the last quarter and the entire year were successful in other Baltic countries as well: Latvian Delfi’s digital subscriptions grew by 33 percent and Lithuanian Delfi’s by 11 percent annually.
Ekspress Grupp significantly expanded its conference business in 2024 through two important acquisitions. In July, Delfi Meedia acquired the business operations of the Estonian Training and Conference Center, and in December, the Lithuanian subsidiary UAB Delfi purchased the conference company Kenton Baltic. “These acquisitions support the group’s strategic goal to develop the conference business as a new revenue area that complements existing media activities and enables new synergies,” explained Rüütsalu.
In 2024, Ekspress Grupp paid shareholders dividends of 6 cents per share, totaling EUR 1.8 million, which represented 55% of the 2023 net profit. At the end of the year, the group had cash reserves of EUR 9.0 million (2023: EUR 9.6 million). The Management Board will make a profit distribution proposal along with the notice of the Annual General Meeting, following the company’s dividend policy which stipulates that at least 30% of the previous year’s net profit will be paid as dividends.
AS Ekspress Grupp is the leading Baltic media group whose activities include web media content production and publishing of newspapers, magazines and books. The Group also operates an electronic ticket sales platform and ticket offices and provides an outdoor screen service in Estonia and Latvia. Ekspress Grupp launched its operations in 1989 and employs almost 1,100 people.
Additional information:
Mari-Liis Rüütsalu
AS Ekspress Grupp
Chairman of the Management Board
Phone: +372 512 2591
Email: mariliis.ryytsalu@egrupp.ee