Market announcement

Title

AS Ekspress Grupp: Consolidated unaudited interim report for Q4 and 12 months of 2025

Message

The  revenue of Ekspress  Grupp continued to  grow in the  4(th) 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 4(th) 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 4(th) 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 4(th) 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 4(th) 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 4(th) 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   4(th) 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 4(th) 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 4(th) quarter in the amount of
EUR  4.2 million. In addition to one-off  expenses in the 4(th) 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 4(th) 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 4(th) quarter of 2025, the consolidated revenue totalled EUR 23.9 million
(Q4  2024: EUR 23.5 million). The revenue for the 4(th) 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 4(th) 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  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 86% at the end of
the 4(th) 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 4(th) 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
4(th) 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 4(th) 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 4(th) 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 4(th) quarter in  the amount of EUR
4.2 million.  Excluding these  one-off expenses,  the net  profit for the 4(th)
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  4(th) 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
[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.