Final Results

BALTIC CLASSIFIEDS GROUP PLC

FULL YEAR RESULTS FOR THE YEAR ENDED 30 APRIL 2025

 Baltic Classifieds Group PLC ("BCG" and the "Group"), the leading online classifieds group in the Baltics, announces full year results for the year ended 30 April 2025

Strategic overview

· 2025 was another year of strong financial and operational performance, underpinned by our solid leadership position1 versus competitors.

· Improvements to our products and services to drive higher engagement, combined with the pricing changes to both our B2C and C2C customers, drove double digit yield2 growth across each of our major businesses.

· We observed broad-based growth in both customer numbers and advertisement volumes.

· We acquired Untu.lt - an automated property valuation tool for sellers and a lead generation platform for agents. This acquisition was done in the end of our financial year and is aimed at enhancing BCG's data-driven services and increasing transparency in the real estate market.

· The strengthening macroeconomic environment is driving demand in the Baltic online classifieds sectors. Combined with the strength of our platforms, this supports our confidence in the outlook for the business.

Financial highlights

· Revenue grew 15% to €82.8 million (2024: €72.1 million). Core classifieds revenue streams B2C and C2C, which together comprise 90% of total revenue, grew 17% and 13% respectively.

· EBITDA3 grew 17% to €64.4 million (2024: €55.3 million). Our EBITDA margin3 expanded by 1% pt to 78% (2024: 77%). Operating profit grew 40% to €53.5 million (2024: €38.3 million).

· Adjusted basic EPS3 grew 23% to 11.3 € cents (2024: 9.2 € cents) while basic EPS grew 42% to 9.3 € cents (2024: 6.5 € cents).

· Adjusted net income3 grew 21% to €54.4 million (2024: €45.0 million) with adjustments to profitability being the amortisation of acquired intangibles and the corresponding tax impact. Profit for the year grew 40% to €44.8 million (2024: €32.0 million).

· Cash generated from operating activities grew 13% to €66.8 million (2024: €59.0 million). Cash conversion3 maintained at 99% (2024: 99%).

· Voluntarily repaid €25 million of debt, to end the year with a gross loan balance of €25.0 million (2024: €50.0 million). Net debt3 reduced to €3.6 million (2024: €27.5 million), with a year-end Net debt / EBITDA of 0.1x (2024: 0.5x).

· Clear capital allocation framework, with €29.4 million returned to shareholders by way of dividends (€15.9 million) and share buybacks (€13.5 million) (2024: €32.6 million returned to shareholders).

· The Board has proposed a final dividend of 2.6 € cent per share, up 24% from 2.1 € cent per share in 2024. If approved, the total dividends for the year will be 3.8 € cents per share.

Operational highlights

· We maintained our strong leadership position1 over our nearest competitor across all of our largest sites, which together account for 90% of group revenue: Autoplius.lt at 6x (6x in 2024), Auto24.ee at 36x (40x in 2024), Aruodas.lt at 27x (18x in 2024), KV.ee plus City24.ee at 13x (16x in 2024), CVBankas.lt4 at 5x (7x in 2024) and Skelbiu.lt at 21x (19x in 2024).

· At the start of the financial year, we implemented C2C pricing and packaging changes across all business units, which combined with rising market prices of the goods and services advertised on our sites, have resulted in increased yields2 in all business lines. Yields growth per listed ad were: 21% in Auto5, 22% in Real Estate and 17% in Generalist6. In Services revenue per active ad grew 14%.

· In September and October 2024, we implemented our annual B2C pricing actions in Auto and Real Estate, accompanied by enhancements in products and packaging. In Jobs7 this commenced in September 2024 and is ongoing over the 12 months period.

· On January 1st 2025, the Estonian Government introduced new vehicle transaction and ownership taxes. November and December 2024 saw a marked increase in transactions as dealers and consumers anticipated the change, however the slowdown post the tax increase has been deeper and longer than expected. Used car transactions have been consistently down >40% year-over-year since implementation. This has had a material impact on both the C2C and B2C revenue streams of Auto24, reducing January to April Group revenue by 3-4%.

· We saw an increase in business customer activity across our platforms this year. Auto dealer number remained stable, while the number of real estate brokers and Jobs customers rose by 4% and 1% accordingly.

· We generally saw good growth in the individual advertising volumes across our business lines, as the inventory available on our websites - measured by the number of C2C active ads - increased by 4% in Auto, 12% in Real Estate, 8% in Services and 3% in Generalists6.

· The changes to our B2C packages and prices led to increased ARPU2 in all verticals: Auto by 15%, Real Estate by 20% and Jobs by 12%.

· Traffic to our sites averaged 57.0 million visits per month, meaning that on average, a resident in the Baltics visited one of our sites 9 times every month.8

· During 2025, we introduced a number of improvements to our products and services, including:

o  Auto: Autoplius.lt and Auto24.ee now allow both private and business sellers to attach a car-history report to any listing. The seller purchases the report, adds it to the ad, and every potential buyer can download it free of charge. Sellers receive a list of people who downloaded the report, making it easy to contact interested buyers. From the buyer's perspective, these reports enhance confidence and transparency, giving the marketplace a distinct competitive advantage.

o  Real estate: We acquired Untu.lt, an automated property valuation tool for sellers and a lead generation platform for agents. Untu.lt provides sellers with instant property valuations, helping them set the right prices. If sellers choose to work with an agent, their leads are forwarded to top-rated agents who pay upon successful deals. This acquisition enhances our lead generation capabilities, simplifies the selling process, and offers significant value to agents by reducing the effort required to find clients. It also planned to improve our B2C offering with Untu.lt functionality.

At Aruodas.lt we launched a call register feature for agents. By using virtual phone numbers, agents can easily track interested buyers, follow up on missed calls, and manage their client database in one convenient place. At KV.ee, we introduced a new feature that allows agents to share performance metrics with property owners. Owners can request access to statistics about their property listings, and purchase value-added services for their listings.

o  Jobs and Services: At Cvbankas.lt we introduced AI platform which suggests supplementary questions for candidates based on the position description. This helps create smarter job postings and aids in selecting the best candidates for interviews. At Paslaugos.lt and Getapro.lv, we have launched recurring payments, eliminating the need for service providers to manually extend their listings. Both platforms have also introduced AI-based content moderation to reduce the amount of manual work required.

o  Generalist: At Skelbiu.lt we launched a paid renewal feature that allows sellers to boost their listings higher in the search results and access buyers' subscriptions for a fee. At Osta.ee, businesses can now automatically register an account - background checks are fully automated from Estonian Business Register, allowing companies to start using the platform immediately after registration.

· The number of BCG employees during the 2025 grew to 156 FTEs (end of 2024: 140 FTEs). At the end of the year the split of women to men was 49:51.

· In 2025, we achieved a 30% reduction in emissions from our own operations. This included a 37% decrease in Scope 1 emissions, primarily due to the downsizing of our vehicle fleet, and an 11% reduction in market-based Scope 2 emissions, resulting from our transition to a more energy-efficient office space in Tartu.

Justinas Šimkus, Chief Executive Officer of Baltic Classifieds Group, said:

"2025 was another year of strong financial, operational, and strategic execution for BCG, with solid momentum across all of our business segments. We remain in the early stages of our monetisation journey, which is demonstrated by resilience of both our top-line and EBITDA growth. Operating in a favourable macroeconomic environment - anchored within the EU, the euro area, and NATO - positions us well for a sustainable long-term growth. Despite recent economic headwinds, the outlook for future economic growth remains positive, especially for Lithuania, further reinforcing our growth prospects.

I would like to extend my sincere thanks to all of my colleagues for their outstanding efforts over the past 12 months. The results of our recent employee engagement survey reaffirm our confidence in the strength of our culture - over 95% of employees expressed their pride in being part of BCG and would recommend it as a great place to work. With an engaged and highly experienced team, we remain firmly focused on delivering exceptional products and services to our customers, every day."

Outlook

· We expect to deliver revenue growth close to last year, with the second half performing more strongly than the first half.

· Real Estate, Jobs and Services, and our Lithuanian Auto business together are expected to lead the growth with Generalists growing at a more moderate pace. The Estonian auto market is showing some gradual recovery, but our Auto business in Estonia is unlikely to see year-on-year growth until the start of calendar 2026.

· In 2026, we expect to maintain our EBITDA margin while continuing to invest in product development.

· The capital allocation policy remains largely unchanged. However, during the coming year, we will become debt free. In the absence of M&A opportunities, we intend to continue to return meaningfully all our excess cash to shareholders in a timely manner, of which at least one third will be through dividends, and a preference for the remainder through share buybacks.

1 Leadership position in number of times against closest competitor based on time on site except for Auto24. Auto24 has no significant vertical competitor; next relevant player is Generalist portal; therefore, relative market share is calculated based on time on site proportion relating to the number of active automotive listings as at the end of the reported period.

2 Yield refers to the average monthly revenue per C2C listing (in Auto, Real Estate and Generalist), per active C2C ad (in Auto, Real Estate, Services) or ARPU in B2C. Revenue per listed ad reflects the total revenue generated from each new listing or extension over its entire active period. In contrast, revenue per active ad represents the average monthly revenue attributable to each active ad on our websites. ARPU is monthly average revenue per user (in Auto - per dealer, in Real Estate - per broker, in Jobs - per client).

3 Alternative performance measure, see note 3 for further details.

4 CVbankas lead against its nearest competitor decreased following the acquisition of CV by CVMarket in March 2024. The 2025 data compares CVbankas with combined CVMarket and CV, the 2024 data compares CVbankas with combined CVMarket and 1 month of CV data.

5 Car listings only (excluding listings of vehicle parts, vehicles other than cars and other categories).

6 Skelbiu.lt only, which is our main Generalist portal. The monthly number of listed ads on Skelbiu.lt represents the monthly average of paid new listings and extensions, while the number of active ads includes both paid and free ads and represents total inventory available on the website.

7 CVbankas.lt.

8 Source: Google Analytics, 2025.

Results presentation details

A presentation for analysts will be held in person at the offices of Bank of America and also via audio webcast and conference call at 9:30 am Thursday, 3 July 2025. Details below:

Address: Bank of America, 2 King Edward Street, 6th floor, London EC1A 1HQ

A simultaneous live webcast will be available at: https://www.investis-live.com/balticclassifieds/6847f003f8132e000ea964e1/jtyjty

Participants joining via telephone:

Access code: 096849

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.

Accessing the telephone replay

A recording will be available until Thursday, 10 July 2025 10:30 am BST

United Kingdom (Toll-free): +44 808 304 5227

United Kingdom: +44 20 3936 3001

Access Code: 763104

For media inquiries: 

Lina Mačienė

Chief Financial Officer

[email protected]

About Baltic Classifieds Group PLC

Baltic Classifieds Group PLC ("BCG") is the leading online classifieds group in the Baltics, which owns and operates fourteen leading vertical and generalist online classifieds portals in Lithuania, Estonia and Latvia. BCG's online classifieds portfolio comprises four business lines - Auto, Real Estate, Jobs & Services and Generalist. In the year ended 30 April 2025, the Group's portals were visited on average 57 million times a month (Source: Google Analytics), making the Group one of the largest online companies in the region (Source: Google Analytics).

The Group listed on the London Stock Exchange in July 2021 and is a member of the FTSE 250 Index.

For more information, please visit https://balticclassifieds.com/

Chair's Statement

Overview

Our focus on the core business of each of our 14 portals across the Baltic region remains as strong as ever and continues to reap rewards.

We continue to have the most visited portals in Lithuania and Estonia, and maintain our significant leadership position over the nearest competitor for all our largest sites, despite only a modest investment in marketing.

At the start of this year, we set challenging financial forecasts for ourselves. It is with great pride that we have met those forecasts and maintained our track record of delivering against our targets that we have maintained every year as a public company. The quantum and consistency of our overall revenue and profit growth in the four years since becoming a public company is something that everyone in the company is very proud of.

Our three verticals (Autos, Real Estate and Jobs & Services) continue to lead the high growth revenue charge across the business, and our fourth business unit (Generalist) continues to both provide solid growth and an extended competitive moat around all of our businesses allowing most of our advertisers to dual list on the two best known portals for their particular category.

Board changes

In 2024, we committed to expanding our Board as part of a considered succession policy. We appreciate the value that a diverse board brings to any organisation and complying with the Listing Rules diversity and inclusion targets was at the front of our minds during our recruitment process.

On 11 June 2024, Rūta Armonė joined the Board as an Independent Non-Executive Director and as a member of all of the Board Committees. As an M&A partner at the law firm Ellex Valiūnas, her breadth of skills and experience bolsters the regulatory, governance and M&A experience on the Board.

In January 2025 the Board approved the continued service of Tom Hall as an independent Non-Executive Director. As an independent director, Tom was appointed as a new member of the Audit and Remuneration Committees.

Employees

Our business operates throughout the Baltic region and our people are critical to our success. Our culture is a huge part of our success story and as a Board we are conscious of this in our decision making. It's fantastic to see the results of our engagement survey reflect back to us that our employees love working here and are proud to be part of our success story. This is particularly apparent in the average employee tenure of 9 years, which in a business with such a high percentage of technologists is nothing short of remarkable.

The Group is led by a deeply knowledgeable management team, both at the Group level and individual Portal level, who are passionate, dedicated and committed to building a long-lasting culture of rapid decision making, lean operations, trust and fun.

We are proud of our employees and know the strength they bring to our organisation.

Environment, Social and Governance

I am proud to sponsor the Group's ESG working group, jointly with Jurgita, and am actively involved with ESG activities.

Above all, our priority is to protect and support our people, customers and all of our stakeholders whilst being respectful of the environment around us.

In 2025, we achieved a 30% reduction in emissions from our own operations. This included a 37% decrease in Scope 1 emissions, primarily due to the downsizing of our vehicle fleet, and an 11% reduction in market-based Scope 2 emissions, resulting from our transition to a more energy-efficient office space in Tartu.

We ranked 5th best performer within FTSE 250 in the FTSE Women leaders review 2024 and 1st within the technology sector.

Maximising shareholder value

In July 2024, Antler EquityCo S.à r.l ("Antler"), which is controlled by funds advised by Apax Partners LLP ("Apax"), sold its remaining shares in the Company.

The sale comprised of 59 million ordinary shares sold by way of an accelerated bookbuild to institutional investors and 4.2 million ordinary shares sold by Antler to the Company by way of an off-market purchase, as approved by the shareholders of the Company at its Annual General Meeting on 27 September 2023.

On behalf of the Board and the management team I want to thank Apax for their stewardship of the business. It has been a true partnership and whilst there is a level of sorrow from both sides after their final sell down, it is a win-win for Apax, the Company and all of the new shareholders.

We are recommending a final dividend of 2.6 € cents per share for 2025. The final dividend will be paid, subject to shareholder approval, on 17 October 2025.

- For more details on our capital policy see the Financial review.

Looking ahead

The resilience of the growth despite uncertain market conditions in the Baltic region means we will continue with our current strategy for the foreseeable future - focusing on the core of our business, consistently improving the consumer experience, constantly evolving the pricing and packaging of our services and evolving our products to meet more and more of our consumer and customer needs.

Our strategy remains consistent, relevant and achievable and I look forward to reporting more demonstrable progress against that strategy in the year ahead.

On behalf of the Board, I want to thank all of our employees for their remarkable contribution and dedication this year, and for serving all of our stakeholders so well. I would also like to thank our consumers and advertisers, suppliers and investors for their continued trust in us.

Trevor Mather

Chair

2 July 2025

CEO's Statement

2025 was another year of strong financial, operational, and strategic execution for BCG, with solid momentum across all of our business segments. We remain in the early stages of our monetisation journey, which is demonstrated by resilience of both our top-line and EBITDA growth. Operating in a favourable macroeconomic environment - anchored within the EU, the euro area, and NATO - positions us well for a sustainable long-term growth. Despite recent economic headwinds, the outlook for future economic growth remains positive, especially for Lithuania, further reinforcing our growth prospects.

Our core classifieds revenue streams - B2C and C2C - together accounting for 90% of BCG's total revenue, continue to lead a solid revenue growth. B2C, which represents 51% of our revenue, achieved 17% year-on-year growth, driven by growing customer numbers and ARPU expansion. C2C revenue also delivered a solid performance, growing 13% year-on-year.

The remaining 10% of the Group's revenue came from banner advertising, financial intermediation, other ancillary services, and our newest stream - data revenue - which grew by an impressive 110%. We were especially pleased with the stronger-than-expected adoption of our car history report service and the successful strategic acquisition of a real estate data platform, further strengthening our position in this area.

I am particularly proud of the outstanding results in our Real Estate segment, which led growth across both B2C and C2C, delivering a 23% revenue increase. The Auto segment also demonstrated 15% growth in both B2C and C2C, despite the impact from newly introduced car taxes in Estonia at the beginning of calendar year 2025. Our Jobs and Services verticals continued to perform well, with growth of 14% and 23%, respectively.

In the autumn, we implemented pricing and packaging changes across B2C, followed more recently by similar improvements in C2C. These enhancements have contributed meaningfully to our performance and positioned us well for continued success as we enter the next financial year.

Maintained strong consumers numbers:

· On average, a resident in the Baltics visited one of our sites 9 times per month.1 

· Our site leadership positions2 remained strong for all of our largest websites: Autoplius at 6x (6x in 2024), Auto24 at 36x (40x in 2024), Aruodas at 27x (18x in 2024), KV plus City24 in Estonia at 13x (16x in 2024), CVBankas at 5x (7x in 2024) and Skelbiu at 21x (19x in 2024).

Kept growing B2C customer and C2C inventory base:

· The average monthly number of business customers either grew or remained stable depending on the business area: automotive dealers stable, real estate brokers +4%, customers in Jobs3 +1%.

· All platforms saw an increase in inventory levels: active C2C ads in Auto4 grew by 4%, in Real Estate by 12%, in Services by 8% and in Generalist5 by 3%. 

The combination of increased prices of goods and services being advertised on our sites and changes to our packages, has led to increased yields across all business areas and in both the B2C and C2C segments.

Market context:

· Similar to trends in other countries, inflation levels have stabilised in the Baltic economies. Average prices in the underlying markets of real estate in Lithuania and automotive in both Lithuania and Estonia have continued rising driven by increasing salaries. Real estate prices in Estonia have declined slightly due to limited economic growth while prices in Latvia remained stable.

· The number of used car market transactions in Lithuania and Estonia over the last 12 months has grown by 5%. The average price per used car increased by 3% year-on-year, while the average time to sell a used vehicle for our business clients decreased by 11% year-on-year, reflecting stronger buyer activity, improved market efficiency, and higher transaction activity.

· The number of real estate transactions increased 10% year-on-year, primarily due to a reduction of interest rates, growing Lithuanian economy, and Estonian economy recovering from a recessionary phase. Despite increased transaction volumes and generally stable or rising prices, persistent economic uncertainty in Estonia and affordability challenges resulting from price growth have led buyers to act more cautiously, prolonging real estate selling times across the Baltic region and increased inventory on our real estate portals.

· Over the past 12 months, employer activity has remained stable, with job posting numbers remaining relatively consistent with the previous year. On the contrary, jobseekers' activity continues to grow rapidly in most job categories. This growth is driven by positive net migration, particularly due to return migration. Over the past 12 months, there has been a significant surge in applications on CVbankas.lt, with a 11% increase compared to the previous year. Despite the growing number of jobseekers, the labour market remained resilient, with average wages in Lithuania rising by 10%.

· More people are seeking to find service providers online, leading to solid growth in our Services vertical. 

· Generalists continue to serve as an effective marketing tool for our verticals, driving substantial traffic and generating valuable content for our verticals. The competition, primarily from our own vertical platforms, as well as from other marketplaces, has contributed to paid listings decrease on our Generalist platform, but the inventory level, which includes both paid and free ads, kept growing by 3% this year. 

I would like to extend my sincere thanks to all of my colleagues for their outstanding efforts over the past 12 months. The results of our recent employee engagement survey reaffirm our confidence in the strength of our culture - over 95% of employees expressed their pride in being part of BCG and would recommend it as a great place to work.

Looking ahead, we are optimistic about continuing our strong performance, with a healthy growth expected in both B2C and C2C, driven by ARPU and increasing volumes. We also anticipate a sustained momentum in our Services segment and a robust expansion of our newest revenue stream - data products.

With an engaged and highly experienced team, we remain firmly focused on delivering exceptional products and services to our customers, every day.

Justinas Šimkus

Chief Executive Officer

2 July 2025

1 Source: Google Analytics, 2025.

2 Leadership position in number of times against closest competitor, based on time on site using Similarweb data, except for Auto24. Auto24 has no significant vertical competitor, the next relevant player is Generalist portal, therefore, the relative market share for this Generalist portal is calculated by multiplying time on site by the percentage of active automotive listings out of total listings at the end of the reported period. Historical data was updated after Similarweb released an updated algorithm and rerun historical data in July 2024.

3 In Jobs & Services business line B2C revenue comes from Jobs only; C2C revenue principally comes from Services portals, therefore only Services platforms' information is presented.

4 Car ads only (excluding ads of vehicle parts, vehicles other than cars and other categories).

5 Skelbiu.lt only, which is our main Generalist portal. The monthly number of listed ads on Skelbiu.lt represents the monthly average of paid new listings and extensions, while the number of active ads includes both paid and free ads and represents total inventory available on the website.

Financial Review

Revenue

In 2025 Group's revenue grew 15% to €82.8 million (2024: €72.1 million) driven by growth in all four business lines, underpinned by strength in the core business:

● The Auto business line grew by 14%. The core, B2C and C2C, grew 15%.

● The Real Estate business line in total grew by 23%. The core, B2C and C2C, grew 24%.

● The Jobs & Services business line grew by 15%. B2C (Jobs) grew 14% and C2C (mainly Services) grew 22%.

● The Generalist business line, which is largely C2C, grew 5%.

Core classifieds revenue streams, B2C and C2C, remain the cornerstone of the Group's performance, contributing 90% of total revenue (2024: 90%). B2C revenue, now representing 51% of Group revenue, grew 17% and C2C, representing 39% of Group revenue, grew 13%. Ancillary revenue, accounting for 5% of total Group revenue, grew by 17%, and advertising revenue, also accounting for 5% of Group revenue, grew by 5%.

In our core revenue streams the main drivers of revenue growth remain the increase in active advertisements, a higher number of advertisers, and an uplift in average spend per customer and per advertisement across the platforms. Outside the core business, revenue growth was primarily driven by higher financial intermediation income and developments in our data product offerings.

In May 2024, at the start of the reporting period, we implemented C2C pricing and packaging changes across most of our portals, impacting the entire financial year. Later, in September and October 2024, we introduced B2C pricing and packaging updates for the Auto, Real Estate, and Jobs portals, enhancing our value proposition. These contributed to the second half of the year in both Real Estate and Auto business lines. In Jobs, since the majority of our contracts are year-long, the pricing and packaging updates are rolling out throughout 12 months.

We continue to observe strengthening network effects across our business units, as a growing customer base generates more content, driving greater audience engagement.

The performance of B2C customers remains robust across the board:

· Auto dealer numbers are broadly consistent with what we saw a year ago.

· Real Estate brokers grew by 4%, driven primarily by small brokers transitioning to B2C subscriptions rather than placing advertisements as C2C customers.

· The number of Jobs customers grew by 1%, reflecting a potential in acquiring more long-tail customers.

Our C2C continues to perform strongly as well:

· In terms of inventory levels that can be found on our websites - active ads, Auto and Real Estate saw growth of 4% and 12% respectively, primarily driven by underlying market conditions and our active promotion of longer-duration premium packages. The 8% growth in Services and 3% growth in Generalist3 active ads number was driven by the growing client base using our platform.

· The number of listed ads in the Auto segment declined by 5% - we saw a slowdown on our Estonian auto platform following the implementation of a new car tax in Estonia as of 1 January 2025. We view this as a temporary impact on the underlying Estonian auto market. The number of listed ads in Real Estate grew 1%. Regarding our main Generalist portal - which accounts for 69% of revenue within the Generalist business line - two thirds of its revenue is derived from vertical categories such as Auto, Real Estate, Jobs, and Services. Skelbiu.lt ranks as the 6th most visited website in Lithuania8 and drives high-quality traffic to our market-leading verticals through cross-listing. As such, we strategically leverage Skelbiu.lt to strengthen these vertical platforms. This internal ecosystem dynamic contributed to a 10% decline in the number of listed ads on the Generalist platform.

In terms of ARPU in our B2C segment:

· Auto ARPU is up 15% driven by price and packaging changes implemented mid-2024 (September and October 2023) and the most recent adjustments made mid-2025 (September and October 2024).

· Real Estate ARPU is up 20% driven by subscription fee and packaging changes which also took place mid-2024 (September and October 2023) and mid-2025 (from September to October 2024). The most recent changes were aimed at both, growth in ARPU and incentivising customers to choose individual and more expensive premium packages for brokers. On top of that, the tailwind of recovering inventory levels resulted in customers buying more slots.

· Jobs ARPU is up 12% mainly due to pricing changes, including reduced volume discounts. CVbankas, being the market leader, is well-positioned to take advantage of a vibrant employment market, supporting continued revenue growth. Price changes were implemented on new and renewing customers in September 2023 and were rolling out to the customers through the 12-month cycle until autumn this year. This year the new prices were introduced in September 2024, and like last year, are rolling out to the customers through the 12-month cycle.

In terms of the yields5 in our C2C segment:

· We implemented price changes in May 2024.

· As a result of implemented price changes and advertisers opting in for longer-term packages, revenue per listed ad increased by 21% in Auto, 22% in Real Estate and 17% in Generalist. 

· Services average monthly revenue per active ad was up 14% mainly due to price changes and an increased usage of our value-added services.

Ancillary revenue, which accounts for 5% of the revenue and is primarily derived from Auto financial intermediation, grew by 17% this year. Auto financial intermediation growth was driven by improved conversion rates, a decrease in Euribor, and an overall increase in auto transactions. Another driver of ancillary revenue growth was data revenue. Adoption and usage of our car history reports were particularly strong this year. In addition, the successful strategic acquisition of a real estate valuation and lead generation platform further strengthened our position in facilitating real estate transactions.

Advertising revenue, which accounts for 5% of revenue, grew by 5% this year.

Operating costs

Operating costs lines grew organically, in line with business expansion and underlying market inflation.

Most of our operating costs are people costs. It is 15% of Group revenue. During the year, the BCG team expanded to 156 FTEs. The average number of FTEs during the year has grown by 9% from 136 in 2024 to 148 in 2025. Investment in our people increased by 11% to €12.6 million, up from €11.3 million in 2024. Most of the increase in people costs resulted from headcount growth and regular annual salary reviews.

Our marketing costs amount to 1% of revenue. As a portfolio of brands, we minimise spending on external service providers by advertising on our own sites at no cost. Other Group costs include IT, which are also 1% of revenue, and general administrative expenses, which are 5% of revenue. We have supported several non-governmental organisations (NGOs) assisting Ukraine during the war, as well as local educational and other organisations, with donations totalling €0.1 million (2024: €0.2 million).

The majority of depreciation and amortisation costs relate to the amortisation of acquired intangibles, which decreased to €10.1 million in 2025 from €16.2 million in 2024. This decline reflects the full amortisation of most business client relationships acquired in the 2019 and 2020 acquisitions.

Net finance expense

Our finance expenses mainly reflect interest expenses at a 1.75% margin over Euribor, totalling €2.5 million in 2025, down from €3.5 million in 2024. This decrease is mainly attributable to a reduction in the gross debt balance - from €50.0 million at the end of 2024 to €25.0 million at the end of 2025.

Additionally our finance costs include commitment fees related to a €10.0 million unsecured and undrawn Revolving Credit Facility ("RCF"). Finance expenses are partly offset with finance income from cash balances held in banks, resulting in a net finance expense of €2.4 million, compared to €3.4 million in 2024.

Net debt and leverage

In 2025, we voluntarily repaid €25.0 million of the existing debt.

Compared to the end of 2024, net debt6 decreased by €24.0 million to €3.6 million (from €27.5 million in 2024). We ended the year with leverage6 ratio of 0.1x, down from 0.5x in 2024.

Tax

The Group tax charge for the year was €6.3 million (compared to €2.9 million in 2024), representing an effective tax rate of 12% (8% in 2024). This tax charge comprises:

· Current tax expense of €7.0 million (2024: €4.1 million). The current tax expense in 2024 included a one-off tax credit of €1.8 million. This credit, an adjusting item to our profitability measures, relates to 2021 and resulted from a new interpretation of the Corporate Income Tax law by the Tax Authority in Lithuania, following a court ruling.

· Unwind of deferred tax of €0.7 million, mainly from deferred tax on acquired intangibles (2024: €1.2 million, including €1.4 million deferred tax from acquired intangibles).

Profitability and Alternative Performance Measures

The Group has identified certain Alternative Performance Measures ("APMs") that it believes provide additional useful information on its performance. These APMs are not defined by IFRS and are not considered to be a substitute for, or superior to, IFRS measures.

These APMs may not be necessarily comparable to similarly titled measures used by other companies.

Directors use these APMs alongside IFRS measures when budgeting and planning, and when reviewing business performance.

For APM descriptions and reconciliation to IFRS measures, see note 3.

There were no add-backs to our EBITDA in the periods reported. Our EBITDA grew 17% to €64.4 million (2024: €55.3 million). The EBITDA margin expanded by 1% point to 78% (2024: 77%).

Adjusted operating profit grew to €63.6 million (2024: €54.5 million) and reported operating profit was €53.5 million (2024: €38.3 million).

BCG intends to return one third of adjusted net income each year via dividend. For this purpose, we show amortisation of acquired intangibles and the associated tax effect along with the adjusting items in the table above. Adjusted net income grew 21% to €54.4 million (2024: €45.0 million). Profit for the year increased to €44.8 million (2024: €32.0 million).

Earnings per share ("EPS")

Basic EPS grew 42% and was 9.3 € cents based on the weighted average number of shares of 481,981,128 (2024: 6.5 € cents based on the weighted average number of shares of 489,975,882). Diluted EPS round to 9.3 € cents (2024: round to 6.5 € cents).

Adjusted basic EPS grew 23% to 11.3 € cents (2024: 9.2 € cents).

Cash flow and cash conversion

Cash generated from operating activities grew 13% to €66.8 million (2024: €59.0 million). Cash conversion6 continues to be maintained at 99% (2024: 99%). Net cash inflow from operating activities grew 12% to €57.4 million (2024: €51.2 million).

Capital allocation

Net cash generated from operating activities was used for:

· Paying the final dividend for the year 2024 of 2.1 € cents per share in October 2024, totalling €10.1 million.

· Paying the interim dividend for the year 2025 of 1.2 € cents per share in January 2025, totalling €5.8 million.

· Acquiring Untu.lt for €1.0 million.

· Buying back 4.6 million Company shares for cancellation for €13.5 million (2024: €19.3 million).

· Reducing the loan liability by paying down debt by €25.0 million (2024: €20.0 million).

The capital allocation policy remains largely unchanged. However, during the coming year, we will become debt free. We intend to continue to return meaningfully all our excess cash to shareholders in a timely manner, of which at least one third will be through dividends, and a preference for the remainder through share buybacks.

We intend to return one third of adjusted net income each year via an interim and final dividend, split approximately one third and two thirds, respectively. If approved at the AGM, the final dividend for the year 2025 will be paid on 17 October 2025 to members on the register on 12 September 2025. Dividends are declared and paid in euro. Shareholders can elect to have dividends paid in British pounds sterling. Currency election deadline for 2025 final dividend is 26 September 2025.

We will continue considering value-creating M&A opportunities. All options for financing attractive acquisition opportunities remain open, including using debt, our cash, and even seeking additional equity capital.

We also intend to keep our capital policy under review and may revise it from time to time. 

Going concern

The Group generated significant cash from operations during the year. As of 30 April 2025, the Group had not drawn down any of the €10.0 million unsecured RCF and had cash balances of €23.6 million. The €10.0 million RCF is committed until July 2026.

Lina Mačienė

Chief Financial Officer

2 July 2025

1 In Jobs & Services business line B2C revenue comes from Jobs only; C2C revenue principally comes from Services portals, therefore only Services platforms' information is presented.

2 Car ads only (excluding ads of vehicle parts, vehicles other than cars and other categories).

3 Skelbiu.lt only, which is our main Generalist portal. The monthly number of listed ads on Skelbiu.lt represents the monthly average of paid new listings and extensions, while the number of active ads includes both paid and free ads and represents total inventory available on the website.

4 ARPU - average revenue per user.

5 Yield refers to the average monthly revenue per C2C listing (in Auto, Real Estate and Generalist), per active C2C ad (in Auto, Real Estate, Services) or ARPU in B2C. Revenue per listed ad reflects the total revenue generated from each new listing or extension over its entire active period. In contrast, revenue per active ad represents the average monthly revenue attributable to each active ad on our websites. ARPU is monthly average revenue per user (in Auto - per dealer, in Real Estate - per broker, in Jobs - per company).

6 Alternative performance measure, see note 3 for further details.

7 Customer credit balances relate to amounts held by customers in e-wallets and are included within trade and other payables as well as cash and cash equivalents.

8 According to April 2025 ratings from Similarweb.

Principal risks and uncertainties

A description of the principal risks and uncertainties faced by the Group in the year ended 30 April 2025, together with the potential impact and monitoring and mitigating activities is set out in the table below.

Forward-looking statement

Certain Statements made in this results announcement are Forward-looking Statements. Such Statements are based on current expectations, forecasts and assumptions and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results expressed or implied in these Forward-looking Statements. They appear in a number of places throughout this results announcement and include Statements regarding the intentions, beliefs or current expectations of the Directors concerning, amongst other things, the Group's results of operations, financial condition, liquidity, prospects, growth, objectives, strategies and the business. Nothing in this results announcement should be construed as a profit forecast. All Forward-looking Statements in this results announcement are made by the Directors in good faith based on the information and knowledge available to them as at the time of their approval of this results announcement. Persons receiving this report should not place undue reliance on Forward-looking Statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group does not undertake any obligation to update or revise publicly any Forward-looking Statements, whether as a result of new information, future events, future developments or otherwise.

All Intellectual Property Rights in the content and materials in this results announcement vests in and are owned absolutely by Baltic Classifieds Group PLC unless otherwise indicated, including in respect of or in connection with but not limited to all trademarks and the results announcement's design, text, graphics, its selection and arrangement.

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 30 April 2025

Consolidated Statement of Financial Position

At 30 April 2025

Consolidated Statement of Changes in Equity

For the year ended 30 April 2025

Consolidated Statement of Cash Flows

For the year ended 30 April 2025

1. General information

The financial information set out above does not constitute the Company's statutory accounts for the years ended 30 April 2025 or 30 April 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered following the Company's Annual General Meeting.

The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

Baltic Classifieds Group PLC (the "Company") is a public limited company incorporated and domiciled in the United Kingdom and its registered office is Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 3HH (Company no. 13357598). The principal business of the Group is operating leading online classifieds portals for auto, real estate, jobs and services, and general merchandise in the Baltics.

2. Principles of preparation

The consolidated financial statements for the year ended 30 April 2025 have been approved by the Board of Directors of Baltic Classifieds Group PLC. They are prepared in accordance with UK-adopted international accounting standards ("UK-adopted IFRS") and the applicable legal requirements of the Companies Act 2006. The consolidated financial statements also comply with IFRS Accounting Standards adopted pursuant to Regulation (EC) No. 1606/2002 as it applies in the European Union.

The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group").

Use of estimates and judgements

The preparation of the consolidated financial statements, in accordance with UK-adopted IFRS, requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised or in any future periods affected.

Estimates

As at 30 April 2025, there were no significant estimates that would have a significant risk of material adjustment to the carrying amounts of assets within the next financial year.

Other estimates:

· Carrying values of goodwill. An impairment review is performed of goodwill balances by the Group on a "value in use" basis. This requires making assumptions and estimates in calculating the future cash flows, the time period over which they occur, and in arriving at an appropriate discount rate to apply to the cashflows as well as an appropriate long term growth rate. Each of these assumptions and estimates has an impact on the overall value of cashflows expected and therefore the headroom between the cashflows and carrying values of the cash generating units.

· Useful lives of intangible assets. A useful life is assigned to an acquired intangible asset based on the estimated period of time an asset is likely to remain in service. This estimate has an impact on the amortisation expense for any given period.

Judgements

As at 30 April 2025, there were no significant judgements that would have a significant risk of material adjustment to the carrying amounts of assets within the next financial year.

Other judgements:

• Deferred tax asset. An unrecognised deferred tax asset of €3,504 thousand (30 April 2024: €2,652 thousand) exists in relation to tax losses incurred by the Company's indirect subsidiary UAB Antler Group and direct subsidiary BCG Holdco Limited. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Recognition, therefore, involves judgement regarding the probability of future taxable profit of the subsidiaries being available.

Going concern

The Directors have made an assessment of the Group's ability to continue as a going concern over a period extending to end of July 2026, which is beyond 12 months from the date of approval of these consolidated statements and extends beyond Group's existing loan maturity date. Based on this assessment, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence over this period.

The Group meets its day-to-day working capital requirements from cash balances, if needed the Group also has access to a revolving credit facility that amounts to €10,000 thousand and is available until July 2026. As at 30 April 2025 no amounts of the revolving credit facility were drawn down.

The Group has a bank loan which matures in July 2026 and its availability is subject to continued compliance with certain covenants, it becomes repayable on demand in the case of a change in control. The Group voluntarily repaid €25,000 thousand of the loan during 2025, the outstanding balance at the year ends amounts to €25,000 thousand. The Group had cash balances of €23,606 thousand at the year end.

During the financial year ended 30 April 2025 the Group has generated a profit of €44,756 thousand. The Directors also prepared detailed cash flow forecasts for the period ending July 2026, which extends beyond the loan maturity date. These forecasts demonstrate that the Group will generate sufficient cash to fully repay the outstanding loan balance from internal resources without the need for refinancing. The future growth assumptions used in the cash flow forecasts are based on the Group's historical performance and the Directors' experience of the industry, and take into account both internal and external factors.

Stress case scenarios have been modelled to make the assessment of going concern to take into account severe but plausible potential impacts of a major data breach, adverse changes to the competitive environment and continuing geopolitical tensions in the neighbouring countries. The stress testing indicates that the Group would be able to withstand the impact, remain cash generative and be able to fully repay the outstanding loan balance during the assessment period.

Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for a period extending to end of July 2026, which is beyond 12 months from the date of approval of these consolidated statements, and therefore have prepared these consolidated financial statements on a going concern basis.

3. Alternative performance measures (APMs)

In the analysis of the Group's financial performance, certain information disclosed in the financial statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures are reported in line with the way in which financial information is analysed by management and designed to increase comparability of the Group's year-on-year financial position, based on its operational activity. These measures are not designed to be a substitute for any of the IFRS measures of performance and may not be directly comparable with other companies' alternative performance measures. The key alternative performance measures presented by the Group are:

· Adjusted operating profit which is Operating profit after adding back acquired intangibles amortisation. This measure helps to provide an indication of the Group's ongoing business performance.

· EBITDA which is Operating profit after adding back depreciation and amortisation. This measure is used internally to assess business performance and in budgeting and forecasting.

· EBITDA margin which is EBITDA as a percentage of revenue. Progression in EBITDA margin is an important indicator of the Group's operating efficiency.

· Adjusted net income which is Profit for the period after adding back post-tax impact of acquired intangibles amortisation and one-off corporate income tax credit relating to 2021. It is used to arrive at Adjusted basic EPS and in applying the Group's capital allocation policy.

· Adjusted basic EPS which is Adjusted net income divided by the weighted average number of ordinary shares in issue. This measure helps to provide an indication of the Group's ongoing business performance.

· Net Debt which is calculated as total debt (bank loans principal and Osta.ee customer credit balances) less cash and cash equivalents. Net debt is used to arrive at the leverage ratio.

· Leverage which is calculated as Net debt as a percentage of EBITDA over last twelve months (LTM). This measure is used in assessing covenant compliance for the Group's loan facility which includes a Total Leverage Ratio covenant.

· Cash conversion which is EBITDA after deducting acquisition of intangible assets and property, plant and equipment as a percentage of EBITDA. This measure is used to monitor the Group's operational efficiency.

Reconciliation of alternative performance measures

Adjusted operating profit

EBITDA

1 Including acquired intangibles amortisation of €10,149 thousand (€16,208 thousand in 2024).

Adjusted net income

2 See note 8 for further details.

Adjusted basic EPS

Net debt

Leverage

Cash conversion

4. Operating segments

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker ("CODM") in order to allocate resources to the segments and to assess their performance. The CODM has been identified as the Board of Baltic Classifieds Group PLC.

The main focus of the Group is operating leading online classifieds platforms for automotive, real estate, jobs and services, and general merchandise in the Baltics. The Group's business is managed on a consolidated level. The Board views information for each classified platform at a revenue level only and therefore the platforms are considered products but not a separate line of business or segment. The Group considers itself a classified business operating in a well-defined and economically similar geographical area, the Baltic countries. And therefore the Board views detailed revenue information but only views costs and profit information at a Group level. As such, management concluded that BCG has one operating segment, which also represents one reporting segment.

The revenue break-down is disclosed by primary geographical markets, key revenue streams and revenue by business lines in accordance with IFRS 15 in note 5.

Of the total intangible assets and goodwill, 70% (69% in 2024) is located in Lithuania, 29% (30% in 2024) in Estonia and 1% (1% in 2024) in Latvia.

5. Revenue

In the following tables, revenue from contracts with customers is disaggregated by primary geographical markets, key revenue streams and revenue by business lines.

Primary geographic markets

1 Ancillary revenue includes revenue from financial intermediation, subscription services, and other. Financial intermediation revenue accounts for 83% of the total ancillary revenue for the year ending 30 April 2025 and 89% of the total ancillary revenue for the year ending 30 April 2024.

Due to the large number of customers the Group serves, there are no individual customers whose revenue is greater than 10% of the Group's total revenue in all periods presented in these financial statements.

Contract liabilities

Contract liabilities, included within Contract liabilities and prepayments in the statement of financial position, include consideration received in advance of the satisfaction of performance obligations. The movement in contract liabilities is provided below:

6. Operating profit

7. Net finance costs

8. Income taxes

1 Includes €1,830 thousand credit in 2024 which relates to CIT for 2021. Until December 2023, the Lithuanian Tax Authority (LTA) maintained that a tax group, and thus the sharing of tax losses with a group company earning taxable profits, could only be established two years after companies became part of the same group. However, a court ruling on 13 December 2023 found this interpretation of Article 56(1), Paragraph 1 of the Corporate Income Tax Law incorrect. The decision is final. Following the ruling, CIT declarations for 2020-2021 were updated with a tax loss of €12,200 thousand being transferred from UAB Antler Group to UAB Diginet LTU, resulting in a €1,830 thousand CIT overpayment by UAB Diginet LTU.

2 Year 2025 amount includes €138 thousand of adjustments relating to changes in tax rates in Lithuania.

9. Earnings per share

In calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group's potentially dilutive instruments are in respect of share-based incentives granted to employees. Options under the Performance Share Plan are contingently issuable shares and are therefore only included within the calculation of diluted EPS if the performance conditions are satisfied.

The average market value of the Group's shares for the purposes of calculating the dilutive effect of share-based incentives was based on quoted market prices during the period which the share-based incentives were outstanding.

The reconciliation of the weighted average number of shares is provided below:

10. Intangible assets and goodwill