Ekspress Grupp - Interim / Quarterly Report 2026

AS Ekspress Grupp: Consolidated unaudited interim report for Q1 of 2026

In the 1(st) quarter of 2026, the revenue of Ekspress Grupp decreased by 1%
year-over-year and totalled EUR 16.8 million. At the same time, EBITDA increased
by EUR 0.6 million. Digital revenue remained at last year's level and accounted
for 86% of the Group's total revenue.

The revenue of AS Ekspress Grupp for the 1(st )quarter of 2026 decreased by EUR
0.2 million (-1%) year-over-year, totalling EUR 16.8 million. The Q1 revenue
comparison base is affected by transactions that occurred in December 2025 - the
sales of the Lithuanian news portal Lrytas UAB and the acquisition of the
traffic training platform Liikluslab Baltic OÜ. Excluding these transactions,
the revenue for the 1(st) quarter increased by EUR 0.1 million (+1%). The
continued growth of digital subscription revenue and revenue from ticket sales
platforms contributed positively to revenue generation. At the same time, the
general weakness of the business environment in the Baltic States had a negative
impact, which was reflected in a -13% decrease in advertising revenue for the
1(st) quarter (excluding the Lrytas UAB transaction, advertising revenue
decreased by -4%).

The digital revenue for the 1(st) quarter remained at the same level as last
year. If to exclude the digital revenue of Lrytas UAB from the comparison base,
the year-over-year growth was +7%. At the same time, the digital subscription
revenue of the Group's media companies and the number of people with digital
subscriptions increased year-over-year in all three countries. In a year, the
Group received nearly 13 thousand new digital subscriptions (+6%) and reached
237 000 subscriptions at the end of the 1(st) quarter of 2026. 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.

In the 1(st) quarter, Ekspress Grupp's profit before interest, taxes,
depreciation and amortisation (EBITDA) totalled EUR 0.9 million, increasing by
EUR 0.6 million year-over-year (+255%). Excluding the transactions that took
place in December 2025, (sale of the Lithuanian news portal Lrytas UAB and
acquisition of the traffic training platform Liikluslab Baltic OÜ), the EBITDA
increased by EUR 0.2 million (+59%) in the 1(st) quarter. EBITDA growth was
supported by continued growth in digital subscription revenue and revenue from
ticket sales platforms. 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 1(st) quarter of 2026 totalled EUR 0.9 million
which is EUR 0.7 million lower than last year. However, excluding the
transactions that took place in December 2025, the net loss for the 1(st)
quarter was EUR 0.2 million lower.

In April 2026, A/S Delfi, the Latvian subsidiary of AS Ekspress Grupp, signed an
agreement to acquire 100% of the shares of the training company SIA Baltijas
Datoru Akad?mija from the technology company SIA Tet. SIA Baltijas Datoru
Akad?mija (BDA) is a leading professional training provider and one of the
largest training centres in Latvia and the Baltic States. Founded in 1994, BDA
provides training in the IT field, project management, cyber security and data
analysis, and personal development, as well as internationally recognised
certifications. The instructors are experienced practitioners who focus on
skills that can be applied immediately at work. The main purpose of the
transaction is to support the growth of the digital business line by
diversifying sources of income and expanding into the training sector in Latvia.
This is in line with Ekspress Grupp's long-term strategy to grow revenue from
digital products and services, including subscriptions.

In April 2026, the Estonian Competition Authority approved the transaction of AS
Ekspress Grupp and AS AVH Grupp, which was concluded on 9 July 2025, pursuant to
which Ekspress Grupp would acquire the 50% ownership interest in AS Õhtuleht
Kirjastus from AVH Grupp. As a result of the transaction, Ekspress Grupp became
the sole owner of Õhtuleht Kirjastus. Õhtuleht Kirjastus is one of the largest
media companies in Estonia, which publishes the daily newspaper Õhtuleht with
the largest circulation in Estonia and several popular magazines. The company
also manages online publications, including the portals ohtuleht.ee and
toidutare.ee. The acquisition of Õhtuleht Kirjastus gives Ekspress Grupp
additional opportunities to invest in high-quality journalism and is in line
with the Group's long-term strategy.

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 a further economic slowdown. As of 31 March 2026, the
Group's available cash totalled EUR 11.7 million (31 March 2025: EUR 8.4
million).

Q1 RESULTS

REVENUE

In the 1(st) quarter of 2026, the consolidated revenue totalled EUR 16.8 million
(Q1 2025: EUR 17.0 million). The revenue for the 1(st) quarter decreased by 1%
year-over-year. The Q1 revenue comparison base is affected by transactions that
took place in December 2025 - the sales of the Lithuanian news portal Lrytas UAB
and the acquisition of the traffic training platform Liikluslab Baltic OÜ.
Excluding these transactions, the revenue for the 1(st) quarter increased by
1%. The continued growth of digital subscription revenue and revenue from ticket
sales platforms contributed positively to revenue generation. At the same time,
the general weakness of the business environment in the Baltic States had a
negative impact, which was reflected in a -13% decrease in advertising revenue
for the 1(st )quarter (excluding the Lrytas UAB transaction, advertising revenue
decreased by -4%). The share of the Group's digital revenue in total revenue was
86% at the end of the 1(st) quarter of 2026 (at the end of Q1 2025: 84% of total
revenue). Digital revenue for the 1(st) quarter of 2026 remained at the level of
the same period last year (excluding Lrytas UAB, digital revenues grew by 7%).

EXPENSES

In the 1(st) quarter of 2026, the cost of goods sold, marketing, and general and
administrative costs, excluding depreciation and amortisation totalled EUR 16.2
million (Q1 2025: EUR 16.9 million). Operating expenses decreased by EUR 0.7
million (-4%) as compared to the same period last year. The comparison base of
operating expenses is affected by transactions completed in December 2025 - the
sale of the Lithuanian news portal Lrytas UAB and the acquisition of the traffic
training platform Liikluslab Baltic OÜ. Excluding these transactions, operating
expenses in Q1 are at the same level as last year.

PROFITABILITY

In the 1(st) quarter of 2026, the consolidated EBITDA totalled EUR 0.9 million
(Q1 2025: EUR 0.2 million). EBITDA increased by EUR 0.6 million (+255%) as
compared to last year and the EBITDA margin was 5% (Q1 2025: 1%). Excluding the
transactions that took place in December 2025, (sale of the Lithuanian news
portal Lrytas UAB and acquisition of the traffic training platform Liikluslab
Baltic OÜ), the EBITDA increased by EUR 0.2 million (+59%) in the 1(st) quarter.
EBITDA growth was supported by continued growth in digital subscription revenue
and revenue from ticket sales platforms. 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 1(st) quarter of 2026 totalled EUR -0.9
million (Q1 2025: EUR -1.6 million), which is EUR 0.7 million (+43%) lower than
in last year. However, excluding the transactions that took place in December
2025 (the sales of the Lithuanian news portal Lrytas UAB and the acquisition of
the traffic training platform Liikluslab Baltic OÜ), the net loss for the 1(st)
quarter was EUR 0.2 million lower (+14%).

CASH POSITION

At the end of the reporting period, the Group had available cash in the amount
of EUR 11.7 million and equity in the amount of EUR 56.7 million (49% of total
assets). The comparable data as of 31 March 2025 were EUR 8.4 million and EUR
56.8 million (50% of total assets), respectively. As of 31 March 2026, the
Group's net debt was EUR 14.4 million (31 March 2025: EUR 20.0 million).

In the 1(st) quarter of 2026, the Group's cash flows from operating activities
totalled EUR -0.1 million (Q1 2025: EUR +0.7 million), which was negatively
affected by ticket sales platforms in both Estonia and Latvia (cash for tickets
collected on behalf of event organisers for the events and paid out to the
organisers).

In the 1(st) quarter of 2026, the Group's cash flows from investing activities
totalled EUR +1.9 million (Q1 2025: EUR -0.7 million), of which EUR +2.5 million
is net change in short-term deposits and EUR -0.7 million was related to
development and acquisition of property, plant and equipment and intangible
assets, of which the largest investments were in the development of Delfi
platform and Delfi TV.

In the 1(st) quarter of 2026, the Group's cash flows from financing activities
totalled EUR -1.6 million (Q1 2025: EUR -0.5 million). Financing activities
include a net change in borrowings in the amount of EUR -0.9 million (Q1 2025:
EUR +0.2 million) and lease liabilities in the amount of EUR -0.7 million (Q1
2025: EUR -0.6 million) due to the normal reduction of the remaining lease term.

SEGMENT OVERVIEW

Key financial indicators for segments

(EUR thousand) Sales

Q1 2026 Q1 2025 Change % 12 months 2025

Media segment 16 775 16 983 -1% 80 107

advertising revenue 7 394 8 489 -13% 39 099

subscriptions (incl. single-copy
sales) 5 432 5 196 5% 20 982

ticket sales platforms 1 193 1 000 19% 4 496

outdoor screens 905 929 -3% 4 860

sale of other goods and services 1 851 1 369 35% 10 670

Corporate functions 205 196 5% 818

Inter-segment eliminations (179) (176) (698)

TOTAL GROUP 16 802 17 003 -1% 80 227

incl. revenue from all digital
channels 14 412 14 360 0% 68 648

% of revenue from all digital
channels 86% 84% 86%

(EUR thousand) EBITDA

Q1 2026 Q1 2025 change % 12 months 2025

Media segment 1 312 626 109% 12 431

Corporate functions (444) (383) -16% (1 674)

Inter-segment eliminations 0 2 6

TOTAL GROUP 867 244 255% 10 763

EBITDA margin Q1 2026 Q1 2025 12 months 2025

Media segment 8% 4% 16%

TOTAL GROUP 5% 1% 13%

Consolidated statement of financial position (unaudited)

(EUR thousand) 31.03.2026 31.12.2025

ASSETS

Current assets

Cash and cash equivalents 11 659 11 479

Short-term deposits 0 2 490

Trade and other receivables 18 267 16 940

Corporate income tax prepayment 196 171

Inventories 259 261

Total current assets 30 381 31 341

Non-current assets

Other receivables and investments 1 524 1 666

Deferred tax asset 84 84

Investments in joint ventures 1 097 1 112

Investments in associates 187 160

Property, plant and equipment 10 726 10 991

Intangible assets 71 874 72 190

Total non-current assets 85 492 86 203

TOTAL ASSETS 115 873 117 544

LIABILITIES

Current liabilities

Borrowings 5 373 9 962

Trade and other payables 33 141 32 817

Corporate income tax payable 9 57

Total current liabilities 38 524 42 836

Non-current liabilities

Long-term borrowings 20 650 17 094

Total non-current liabilities 20 650 17 094

TOTAL LIABILITIES 59 174 59 930

EQUITY

Share capital 18 576 18 576

Share premium 14 295 14 295

Treasury shares (5) (5)

Reserves 2 494 2 494

Retained earnings 21 339 22 254

TOTAL EQUITY 56 699 57 614

TOTAL LIABILITIES AND EQUITY 115 873 117 544

Consolidated statement of comprehensive income (unaudited)

                                                                  12 months

(EUR thousand) Q1 2026 Q1 2025 2025

Sales revenue 16 802 17 003 80 227

Cost of sales (14 287) (14 848) (63 390)

Gross profit 2 515 2 155 16 837

Other income 378 171 2 240

Marketing expenses (872) (908) (4 019)

Administrative expenses (2 844) (2 770) (10 986)

Other expenses (104) (48) (99)

Impairment of goodwill 0 0 (1 792)

Operating profit /(loss) (927) (1 400) 2 181

Interest income 12 28 89

Interest expenses (309) (411) (1 425)

Other finance income/ (costs) 300 (17) (2 672)

Net finance cost 3 (400) (4 008)

Profit (loss) on shares of joint ventures (15) 44 240

Profit (loss) on shares of associates 27 161 309

Profit (loss) from the sale of associate 0 0 2 043

Profit /(loss) before income tax (911) (1 595) 765

Income tax expense (4) (4) 266

Net profit /(loss) for the reporting period (915) (1 599) 1 031

Other comprehensive income (expense) for the
year 0 0 0

Total comprehensive income /(loss) (915) (1 599) 1 031

Earnings per share (euro)

Basic earnings per share (0.0296) (0.0517) 0.0333

Diluted earnings per share (0.0296) (0.0517) 0.0333

Consolidated cash flow statement (unaudited)

(EUR thousand) Q1 2026 Q1 2025 12 months 2025

Cash flows from operating activities

Operating profit /(loss) for the reporting year (927) (1 400) 2 181

Adjustments for (non-cash):

Depreciation and amortisation 1 794 1 643 6 790

Loss on goodwill impairment 0 0 1 792

(Gain)/loss on sale and write-down of property,
plant and equipment (50) 16 (25)

Cash flows from operating activities:

Trade and other receivables (864) (727) (3 052)

Inventories 2 (9) 146

Trade and other payables 318 1 473 6 696

Income tax paid (77) (27) (52)

Interest paid (316) (303) (1 549)

Net cash generated from operating activities (120) 664 12 927

Cash flows from investing activities

Acquisition of subsidiaries (net of cash
acquired) 0 0 (4 751)

Receipts from sales of interest in subsidiaries
(net of cash disposed of) 0 0 843

Receipts of other investments 0 0 79

Receipts from sales of interest in equity-
accounted investees 0 0 4 200

Interest received 12 28 92

Purchase of property, plant and equipment and
intangible assets (717) (988) (3 906)

Proceeds from sale of property, plant and
equipment and intangible assets 126 1 44

Loans granted (3) 0 (42)

Loan repayments received 0 0 74

Dividends received from associates and joint
ventures 0 0 456

Net change in deposits 2 490 0 (2 490)

Net cash used in investing activities 1 908 (731) (5 400)

Cash flows from financing activities

Dividends paid 0 0 (1 857)

Payment of lease liabilities (719) (623) (2 607)

Change in overdraft 0 887 0

Proceeds from borrowings 0 0 9 320

Repayments of bank loans (889) (726) (4 875)

Redemption of notes 0 0 (5 000)

Net cash used in financing activities (1 608) (463) (5 019)

NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS 180 (530) 2 508

Cash and cash equivalents at the beginning of
the period 11 479 8 971 8 971

Cash and cash equivalents at the end of the
period 11 659 8 441 11 479

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.