Ekspress Grupp - Interim / Quarterly Report 2025

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

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.