Revenue of Maxima Group in 2024 exceeds EUR 6 billion, profit down by nearly 5%

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The Baltic retail leader MAXIMA GRUPĖ, UAB, which operates the "Maxima” retail chains in Lithuania, Latvia and Estonia, "Stokrotka" in Poland, "T Market” in Bulgaria and the "Barbora” e-shop in the Baltic States, announces its consolidated financial results for 2024. 

The consolidated revenue of MAXIMA GRUPĖ grew moderately by 4.3% in 2024, reaching EUR 6.098 billion. As in recent years, the strongest revenue growth was in Poland and Bulgaria, where store expansion was most active - rising by 8.7% to EUR 1.890 billion in Poland and by 6.7% to EUR 294 million in Bulgaria. Revenue increased by 3.1% in Lithuania, 2.6% in Latvia, and 0.9% in Estonia. The Group's total gross revenue from e-commerce channels in 2024 amounted to EUR 160.5 million, down 6.3% year-on-year, due to the discontinuation of Barbora's operations in Poland in March. Meanwhile, e-commerce gross revenue in the Baltics grew by 7%. The Group's earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2024 were 4.9% lower compared to the previous year, and amounted to EUR 455.6 million, with margin falling by 0.7 percentage points to 7.5%. 

"In 2024, the Group continued with its strategic projects and increased investments in business development. This enabled us to sustainably grow our revenue and maintain our positions in the Baltics, Poland and Bulgaria, despite the decline in food inflation and intensified competition. The supermarket chain's revenue grew across all operating markets, while efficiency measures helped mitigate the impact of rising costs for profitability" - says Manfredas Dargužis, CEO of MAXIMA GRUPĖ. The Group maintained the focus on private labels and continued developing the "Well Done" brand. During the festive winter period, the brand was complemented by the high-end "Well Done Premium" products in all countries. 

Continuing its store network expansion, the most active store number growth, as in the previous year, took place in Poland, where 36 new stores were opened, and in Bulgaria, with 13 new stores. In the Baltic countries 6 new stores were opened. By the end of the year, the Group operated a total of 1,611 stores across all markets. Commenting on the Group's expansion policy, M. Dargužis emphasises that the Group maintains its focus: "Bulgaria and Poland remain our primary focus areas for expansion, both organically, by acquiring land plots and developing them, and by looking for opportunities to acquire other chains. Alongside store expansion, we place great importance on network efficiency, so we continue the project of standardizing store formats, and we are discontinuing some retail locations that do not meet the required criteria." 

MAXIMA GRUPĖ's investments in fixed assets in 2024 were EUR 21 million higher than the previous year, amounting to EUR 190 million. This increase is due to investments in the renovation of larger stores, acquisitions of land plots and real estate where stores are already operating. The most significant investment project completed in 2024, with a total investment of EUR 70 million, was the new 46,000 sqm logistics centre in Lithuania. This centre, equipped with modern technologies, not only contributes to a more efficient supply of goods to "Maxima" stores in Lithuania, but also to the Group's environmental objectives. 

In order to achieve the science-based targets set in line with the Paris Climate Agreement, initiatives to reduce the energy footprint were implemented in 2024: energy-saving equipment is being consistently installed in stores, recycled packaging is being expanded, and solar power plants and smart energy management solutions are being installed in the largest "Maxima" stores in the Baltics. As early as 2023, the Group estimated that by 2030, the investments needed to achieve the science-based targets would reach up to EUR 100 million. 

The Group companies work with various charities and food banks in their home countries, donating a portion of unsold but safe-to-eat food to them. The total amount of food donated to food banks and other charities increased by 13% to 4,207 tonnes in 2024. 

The Group maintained a moderate level of indebtedness in 2024, with a consolidated net debt to EBITDA ratio of 2.3 at the end of 2024. 

The sole shareholder of MAXIMA GRUPĖ, UAB "Vilniaus prekyba", approved the Company's and the Group consolidated financial statements for 2024 and the profit distribution project, according to which EUR 106.3 million was allocated for the payment of dividends to "Vilniaus prekyba". 

Additional information 

MAXIMA GRUPĖ, UAB operates the MAXIMA (Baltic States), STOKROTKA (Poland), T MARKET (Bulgaria) and BARBORA electronic grocery store in the Baltic States. 

MAXIMA GRUPĖ, UAB belongs to the "Vilniaus prekyba" group of companies. "Vilniaus prekyba", through other subsidiaries, manages investments in retail and pharmacy chains, catering services, real estate development and rental services in the Baltic States, Sweden, Poland and Bulgaria. 

Contact person: 

Lukas Radžiūnas 

Head of Corporate Relations and Communications  

+370 666 21 780 

[email protected] 

Attachments

• MXG Konsoliduota Vadovybes Ataskaita 2024 (signed)

• MXG Consolidated Management Report 2024 (signed)