Baltic Classifieds Group PLC
Annual Report and Accounts 2026
STRATEGIC REPORT
1
Strategic Highlights
4
Chair's Statement
6
CEO's Statement
7
Market Overview
10
Our Business at a Glance
•
Our Business Model
•
Our Market Position
•
Our Strategy
•
Our Purpose and Culture
12
Why Invest In Us
14
Moving our Strategy Forward
16
Financial Review
20
Operational Review
22
Sustainability Report
•
The Task Force on Climate-Related Financial Disclosure (“TCFD”) Report
•
Non-Financial and Sustainability Information Statement
37
Section 172(1) Statement
38
Risk Management
•
Principal Risks and Uncertainties
42
Viability Statement
GOVERNANCE REPORT
43
Corporate Governance Report
•
Letter from the Chair of the Board Trevor Mather
•
Board of Directors
•
Senior Management
•
Corporate Governance Statement 2026
•
Board Leadership and Company Purpose
•
Division of Responsibilities
•
Board Composition, Succession and Evaluation
56
Nomination Committee Report
60
Audit Committee Report
64
Directors' Remuneration Report
71
Directors' Report
FINANCIAL STATEMENTS
75
Independent Auditor's Report to the Members of Baltic Classifieds Group PLC
81
Consolidated Statement of Profit or Loss and Other Comprehensive Income
82
Consolidated Statement of Financial Position
83
Consolidated Statement of Changes in Equity
84
Consolidated Statement of Cash Flows
85
Notes to the Consolidated Financial Statements
•
Going Concern
109
Company Statement of Financial Position
110
Company Statement of Changes in Equity
111
Notes to the Company Financial Statements
ADDITIONAL INFORMATION
116
Glossary
116
Shareholder Information
Look out for our key icons throughout this report:
1
st
in the euro area
in the
euro area
Progress
Strategic aim
See page
See web page
Strategic Highlights
The Group remains committed to fostering trusted marketplaces that seamlessly
connect buyers and sellers across the Baltic region. By continuously enhancing
our user-friendly, feature-rich platforms, we strive to facilitate smooth and efficient
transactions for all participants.
Our success is driven by a strong portfolio of well-established brands, each holding
a solid market position, and a scalable business model that supports sustainable
growth and innovation.
Our objective is to sustain profitable growth by implementing gradual price adjustments for our core
classifieds portals, bolstered by compelling value propositions and the introduction of new products
and features. Additionally, we plan to continue expanding ancillary services and selectively acquire
complementary businesses within our current markets and potentially in new territories.
Note: Our financial year results are presented based on the 12-month period ending April 30. Financial years are referred to by
the calendar year in which the reporting period ends.
Percentages, percentage changes and other ratios have been calculated using underlying unrounded data rather than the
rounded figures presented in this report. As a result, percentages, percentage changes and other ratios may not reconcile
exactly to the figures displayed. In addition, totals, subtotals and percentages may not sum precisely due to rounding.
Financial highlights
Revenue
Operating
profit
Adjusted
operating profit
1
EBITDA
1
EBITDA
margin
1
2026
€88.5m
2026
€60.4m
2026
€67.8m
2026
€68.6m
2026
78%
2024
€72.1m
2024
€38.3m
2024
€54.5m
2024
€55.3m
2024
77%
2025
€82.8m
2025
€53.5m
2025
€63.6m
2025
€64.4m
2025
78%
+7%
Basic
EPS
2026
10.8
euro cent
2024
6.5
euro cent
2025
9.3
euro cent
+16%
+13%
+7%
Adjusted
basic EPS
1
Cash generated
from operating
activities
Cash conversion
1
maintained at 99%
Leverage
1
increased to
facilitate share
buybacks
2026
12.3
euro cent
2026
€69.9m
2026
99%
2026
0.7x
2024
9.2
euro cent
2024
€59.0m
2024
99%
2024
0.5x
2025
11.3
euro cent
2025
€66.8m
2025
99%
2025
0.1x
+9%
+5%
+7%
Profit
for the year
2026
€50.9m
2024
€32.0m
2025
€44.8m
+14%
Adjusted
net income
1
2026
€58.1m
2024
€45.0m
2025
€54.4m
+7%
1
Alternative performance measure (see note 4 to the consolidated financial statements on pages 92 to 93).
Baltic Classifieds Group PLC Annual Report and Accounts 2026
1
STRATEGIC REPORT
Monthly traffic
1
1
Cookie consent policies (general obligation to consent with all cookies that are not strictly necessary for website operation) and internet browser policies of more strict control of
third-party cookies on websites both result in loss of data collected by web analytics services like Google Analytics. As a result, the traffic data shown above may not capture all website
visits, and some user activity may be underreported.
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 a 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 reporting period.
3
In Jobs & Services business line B2C revenue comes from Jobs only, while C2C revenue principally comes from Services portals. Therefore, Jobs portal information is presented for B2C
and Services platforms information is presented for C2C.
4
The number of active ads represents available inventory on our websites - the daily average number of C2C listings displayed on the website during the period, while the number of listed
ads refers to the monthly average number of new C2C listings and extensions during the period. Revenue per active ad measures the average monthly revenue attributable to each active
ad. In contrast, revenue per listed ad captures the total revenue generated from each new listing or extension throughout its entire listing period.
5
Car ads only (excluding ads 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.
Strategic Highlights continued
Operational highlights
Each Baltic resident visits BCG
portals on average
10 times per month
2026
56.9m
2024
56.0m
2025
57.0m
Maintained strong leadership position
2
(in times vs. closest competitor)
Auto
Real Estate
Jobs
3
B2C customers
Average monthly
number of B2C users
2026
3,631
2024
3,732
2025
3,724
-2%
2026
5,260
2024
4,926
2025
5,109
+3%
2026
2,330
2024
2,271
2025
2,301
+1%
Auto
Real Estate
Jobs
3
B2C revenue
Average monthly
revenue per user (ARPU)
2026
€378
2024
€289
2025
€333
+13%
2026
€252
2024
€181
2025
€217
+16%
2026
€496
2024
€412
2025
€461
+8%
C2C active ads
4
Average number
of active ads
Auto
5
2026
25,901
2024
33,695
2025
35,207
Real Estate
2026
21,108
2024
20,016
2025
22,404
-6%
-26%
Services
3
2026
10,356
2024
8,560
2025
9,207
Auto
5
Real Estate
Generalist
6
C2C listed ads
4
Average monthly
number of listed ads
2026
17,388
2024
24,140
2025
23,054
-25%
2026
7,839
2024
8,664
2025
8,787
-11%
2026
77,756
2024
99,271
2025
89,610
-13%
Generalist
6
2026
581,137
2024
578,490
2025
595,038
-2%
Auto
5
Real Estate
Services
3
C2C revenue per
active ad
4
Average monthly
revenue per active ad
2026
€27
2024
€20
2025
€22
+25%
2026
€30
2024
€23
2025
€25
+19%
2026
€26
2024
€24
2025
€27
-3%
Auto
5
Real Estate
Generalist
6
C2C revenue per
listed ad
4
Average revenue
per listed ad
2026
€41
2024
€28
2025
€34
+22%
2026
€80
2024
€52
2025
€64
+25%
2026
€10
2024
€7
2025
€8
+23%
Employee engagement
% of employees who are proud to be part of the BCG team stays above 95%
1
Gender diversity
Our team continues to be balanced
(female:male ratio, as at 30 April each year)
1
Over 95% of respondents answered YES to both questions: “Do you feel proud to be part of the BCG team?” and “Would you recommend your friends to work here?” in our annual
employee engagement survey.
Strategic Highlights continued
Cultural and environmental highlights
95
%
more
than
2026: > 95%
2025: > 95%
2024: > 95%
Employees
Senior Management
CO
2
emissions
The amount of CO
2
e emissions, which includes Scope 1 and market-based Scope
2 emissions, measured in tonnes of carbon dioxide equivalent, increased by 21%
in 2026
2026
46
2024
54
2025
38
+21%
Average employee tenure
2026
12
2026
8
2024
13
2024
8
2025
11
2025
9
We love
transactions!
2026
47
:
53
2025
49:51
2024
50:50
Female
Male
Baltic Classifieds Group PLC Annual Report and Accounts 2026
3
STRATEGIC REPORT
Baltic Classifieds Group PLC Annual Report and Accounts 2026
2
+12%
Autoplius
2025: 6x
2024: 6x
2023: 5x
2025: 36x
2024: 40x
2023: 35x
2025: 27x
2024: 18x
2023: 20x
2025: 13x
2024: 16x
2023: 14x
2025: 5x
2024: 7x
2023: 7x
2025: 21x
2024: 19x
2023: 16x
Auto24
Aruodas
KV plus City24
in Estonia
CVbankas
Skelbiu
5x
16x
28x
5x
24x
62x
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
4
5
STRATEGIC REPORT
Chair’s Statement
Our consistent growth, resilience through changing market conditions and
disciplined focus on our core strengths continue to set us apart.”
Trevor Mather,
Chair
“
Board changes and governance
Strong governance remains a cornerstone
of our success. Building on our stated
succession
ambitions,
the
Board
continued to focus on composition, skills
and long-term effectiveness.
The Board continued to strengthen its
oversight
of
risks
and
opportunities,
including AI and cyber security, with
regular internal updates and external
briefings to ensure informed, balanced
decision-making.
Following
a
comprehensive
external
Board performance review, the Board was
confirmed to be operating effectively, with
constructive challenge and clear strategic
oversight. An excerpt from the review
summary:
“BCG compares exceptionally well to other
Boards. The depth of industry experience
among their Non-Executive Directors sets
the BCG apart from many of its peers, and
this is a key driver in enabling the Board to
add tangible value to the organisation, but
Directors are also refreshingly disciplined
about
where
they
intervene,
giving
management space to deliver”.
The review also informed work on Board
succession planning. During the year, the
Company utilised its succession planning
framework following Simonas Orkinas'
decision to retire as Chief Operating
Officer. As part of a planned and orderly
transition, Artūras Mizeras was appointed
to succeed Simonas as Chief Operating
Officer. Artūras will assume the Chief
Operating Officer role but will not join the
Board at that time. A clear succession
roadmap
has
also
been
developed
to
support
future
Board
and
Senior
Management succession requirements.
On behalf of the Board, I would like to
extend our sincere thanks to Simonas
for his exceptional contribution to the
Group over the past 18 years. As the first
employee of Skelbiu.lt, he has played an
important role in the Group's journey from
its early beginnings to becoming a publicly
listed company. His dedication, leadership
and deep knowledge of the business
have been invaluable, and we are deeply
grateful for his significant contribution.
We wish him every success in the future.
For more on our Board see pages 44
and 45; Board effectiveness see page
58 and Governance see page 43.
Overview
The past year has been one of continued
resilience
and
disciplined
execution
of strategy for the Group. Our portals
remain within the most visited sites in
Lithuania and Estonia, and we continue
to hold a significant lead over our nearest
competitors across our largest sites,
meanwhile our take rates across Real
Estate, Auto and Jobs remain well below
those of similar leading marketplaces
across the western world.
2026 was not without challenges. Market
conditions remained mixed, with a slow
recovery
in
the
Estonian
automotive
market and changes to the Lithuanian
second-pillar pension system affecting
consumer behaviour. An unusually long and
severe winter also impacted transaction
volumes across Autos, Generalist and
Services. Despite these headwinds, the
Group again delivered strong results,
reflecting both the resilience of our
model and the strength and focus of our
execution which continues to set us apart.
Maximising shareholder value
The
Board
remains
committed
to
a
disciplined
and
transparent
capital
allocation
framework.
We
intend
to
return meaningfully all excess cash to
shareholders in a timely manner through
dividends and share buybacks and are
comfortable operating with an appropriate
level of leverage where this enhances
long-term shareholder value.
During the year, we have made strategic
use of leverage to support share buybacks,
reflecting both confidence in the long-term
prospects of the business and our strong
belief that the share price has not reflected
the Group’s underlying value this year.
The Board continues to monitor market
perceptions closely, including sentiment
around AI, and remains clear on the
strength and resilience of our marketplace
model.
We also completed a consultation on a
new
Remuneration
Policy,
responding
constructively to shareholder feedback
and ensuring that executive incentives
remain
appropriately
aligned
with
long-term performance and value creation.
For more on our capital allocation and
remuneration see the Financial Review
and Remuneration Report on pages 19
and 64.
Chair's Statement
continued
Employees
The Group is led by an experienced
management
team
at
both
Group
and portal level, united by a shared
commitment to rapid decision-making,
lean operations, trust and collaboration.
As a Board, we remain acutely aware of
the importance of culture and ensure it is
reflected in our discussions and decision-
making.
During the year, we further strengthened
the Board’s focus on culture, behaviours
and
decision-making.
This
included
direct engagement with employees, time
spent understanding our operations at
local level and regular consideration of
workforce and ethical matters. As a Board,
we remain conscious of our role in setting
the tone from the top, and the expanded
disclosure on Board oversight of culture
in the Governance Report provides greater
insight into how the Board assesses,
discusses
and
supports
the
Group’s
culture in practice.
We are proud of our people and the role
they play in building a resilient, adaptable
and innovative business.
For more on our Purpose and Culture
see page 11 and our People see pages
29 to 32.
Environment, Social and
Governance
I remain closely involved in ESG matters,
jointly
sponsoring
the
Group’s
ESG
working group alongside Jurgita.
Our priorities are clear: to protect and
support our people, customers and wider
stakeholders, while acting responsibly
and respectfully towards the environment.
During the year, we continued to make
tangible
progress,
including
further
decreasing
emissions
from
company
vehicles, increasing the proportion of
renewable electricity used and continued
focus on diversity and inclusion.
The Group’s approach to ESG is pragmatic
and embedded — aligned with long-term
value creation rather than short-term
targets alone.
For more on our ESG see pages 22 to
36.
Looking ahead
While
market
conditions
remain
uncertain in parts of the Baltic region, the
fundamentals of our business are strong.
Our strategy remains consistent, relevant
and achievable which is to focus on the
core of our marketplaces, continuously
improve
the
consumer
experience,
evolve pricing and packaging, and invest
selectively in products and technologies,
including AI, that strengthen our platforms
and reduce friction for users.
The Board is confident in the Group’s
long-term prospects and looks ahead with
optimism.
On behalf of the Board, I would like
to thank all our employees for their
continued dedication and contribution,
and our consumers, advertisers, partners
and shareholders for their ongoing trust
and support.
Trevor Mather
Chair
1 July 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
6
7
STRATEGIC REPORT
“
CEO’s Statement
This past year presented a challenging
landscape, yet BCG once again demonstrated
the resilience of its business model. We
delivered solid financial results, with both
revenue and EBITDA growing by 7%. We also
successfully maintained our highly attractive
EBITDA margin at 78%. Excluding the impact
of the introduction of the car tax in Estonia
in January 2025, which created significant
headwinds for listing volumes on our Auto24
portal, the broader BCG portfolio delivered
double-digit growth.
Across our verticals, Real Estate was our clear
growth champion, delivering an exceptional
17% increase in revenue for the full year. We
also saw healthy momentum in our Jobs &
Services segment, where revenue growth
accelerated from 7% in the first half to 11% in
the second half, resulting in a 9% increase for
the full year. Our Auto business remained flat
- a highly resilient performance considering
the strong volume headwinds and the coldest
winter our region has experienced in 30 years.
Finally, our Generalist segment, while our
smallest business line, continues to provide
a defensive element to the portfolio and
delivered steady revenue growth of 3%.
Looking ahead, the strategic C2C price
changes we implemented in March 2026,
alongside our planned B2C enhancements
for the autumn, position us well to accelerate
our top-line growth back into the double digits
next financial year.
Maintained strong consumer
engagement and market leadership:
•
On average, a resident in the Baltics visited
one of our sites ten times per month
1
.
•
Our site leadership positions
2
remained
strong for all of our largest websites:
Autoplius at 5x (6x in 2025), Auto24 at
28x (36x in 2025), Aruodas at 62x (27x in
2025), KV plus City24 in Estonia at 16x (13x
in 2025), CVBankas at 5x (5x in 2025) and
Skelbiu at 24x (21x in 2025).
Maintained a resilient customer
base and delivered continued
monetisation growth:
•
The average monthly number of business
customers
remained
broadly
stable:
automotive dealers -2%, real estate brokers
+3%, customers in Jobs
3
+1%.
•
Auto, Real Estate and Generalist all saw
a decrease in inventory levels. Active C2C
ads decreased by 26% in Auto
4
, 6% in Real
Estate, and 2% in Generalist
5
. Services
active C2C ads grew by 12%.
•
Pricing and packaging changes supported
ARPU
6
growth in B2C across all business
areas. Within C2C, yields
6
increased in Auto,
Real Estate and Generalist, reflecting the
combined effect of pricing and packaging
changes and greater uptake of longer-
term packages. In contrast, Services yield
decreased, primarily due to changes in the
mix of service providers.
Market context:
Inflationary pressures re-emerged in Lithuania
and Latvia in calendar year 2025, following an
unusually low inflation environment in calendar
year 2024, while Estonia also recorded higher
inflation, although the increase was less
pronounced. Against this backdrop, average
real estate prices increased across all three
Baltic countries, supported by continued wage
growth, resilient labour markets and improving
domestic demand. In the automotive market,
average listed car prices also increased in
Lithuania
and
Estonia,
although
Estonia
faced a more challenging market environment
following the introduction of the vehicle tax in
January 2025.
Automotive markets in Lithuania and Estonia
showed different trends. Lithuania maintained
a solid growth, supported by sustained growth
in used car imports, rising new car sales,
and improving consumer purchasing power,
while Estonia faced headwinds following
the introduction of the vehicle registration
and ownership tax in January 2025. Across
both markets, total automotive transactions
declined by 11%, as growth in Lithuania was
outweighed by lower volumes in Estonia. At the
same time, the average car price on our auto
sites increased by 2%, indicating continued
Looking ahead, the strategic C2C price
changes we implemented in March 2026,
alongside our planned B2C enhancements
for the autumn, position us well to
accelerate our top-line growth back into the
double digits next financial year.
Justinas Šimkus,
CEO
1
Source: Google Analytics, 2026.
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 a 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 reporting period.
3
In Jobs & Services business line B2C revenue comes from Jobs only, while C2C revenue principally comes from Services portals. Therefore Jobs portal information is presented for
B2C and Services platforms information is presented for C2C.
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.
6
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).
price growth, although the reported increase
was moderated by a shift in the geographical
sales mix following a decline in Estonian sales,
where average vehicle prices are higher.
Real estate market activity strengthened,
supported
by
lower
interest
rates
and
a
gradually
improving
macroeconomic
environment
across
the
region.
Total
transaction volumes increased by 5% over
the past 12 months, while average apartment
prices in the Baltic capital cities also rose by
5% in calendar year 2025. Lithuania remained
the main driver of activity, with total transaction
volumes increasing by 9%, whereas Latvia
and Estonia were broadly stable, with only
slight declines in volumes. Price growth was
strongest in Vilnius and Riga, while Tallinn
remained broadly stable.
Over the past 12 months, employer activity
moderated, with the number of job ads
listed declining by 4% while the number of
companies grew by 1% year-on-year. Monthly
postings were generally lower throughout the
period, before showing early signs of recovery
in March-April 2026. By contrast, jobseeker
activity remained broadly consistent with
the elevated levels seen in previous years,
indicating
continued
engagement
from
candidates despite lower employer demand.
This was supported by Lithuania’s continued
positive net migration trend. At the same
time, the Lithuanian labour market remained
resilient, with unemployment decreasing and
average salaries rising by 8%, highlighting still
healthy underlying labour market conditions.
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. Competition, primarily
from our own vertical platforms as well as from
other marketplaces, contributed to a decline in
paid listings on our Generalist platform, while
free listings remained stable, resulting in a
slight 2% decrease in total inventory this year.
For more details on market context see
the Market Overview on pages 7 to 9.
While it was undoubtedly a challenging year,
the morale and motivation of our team have
remained remarkably strong. I am incredibly
proud that over 95% of our employees
continue to feel proud to be part of the BCG
team. I want to express my deepest gratitude
to all of my colleagues for their unwavering
dedication and outstanding efforts.
Justinas Šimkus
Chief Executive Officer
1 July 2026
0%
1%
2%
3%
4%
5%
6%
2%
4%
6%
8%
10%
12%
6%
7%
8%
Source: Skandinaviska Enskilda Banken (SEB), May 2026. Actual figures in 2024-2025 and forecasted figures in 2026-2027
Consumer prices, YoY change
Wages, YoY change
Unemployment
Lithuania
Estonia
Latvia
Euro area
Lithuania
Estonia
Latvia
Euro area
Lithuania
Estonia
Latvia
Euro area
2024
2024
2024
2025
2025
2025
2026F
2026F
2026F
2027F
2027F
2027F
1
Source: Skandinaviska Enskilda Banken (SEB), May 2026.
2
Source: Worldometers, May 2026.
3
Source: Eurostat, June 2026.
Market Overview
Macroeconomic overview
The Group operates in the Baltic region,
generating 73% of its revenue for the
financial year from Lithuania, 25% from
Estonia and 2% from Latvia.
For context, the Baltic states, also known
as the “Baltics”, consist of Lithuania,
Estonia and Latvia.
Note:
the
macroeconomic
data
in
the
Macroeconomic
overview
is
presented
in calendar years, which differ from our
financial year that starts on 1 May and ends
on 30 April.
The Baltic States have been a part of
NATO, the European Union, the euro area
and OECD since:
2004: the Baltic states joined NATO
2004: the Baltic states joined the
European Union
2010: Estonia joined OECD
2011: Estonia joined the euro area
2014: Latvia joined the euro area
2015: Lithuania joined the euro area
2016: Latvia joined OECD
2018: Lithuania joined OECD
The Baltic region has a strong credit profile
with some of the lowest gross public debt
to gross domestic product (“GDP”) ratios
in Europe in 2025: 40% in Lithuania, 24%
in Estonia and 49% in Latvia. These are
significantly below the euro area average
of 87%.
1
The Baltics have a total population of 6.0
million (Lithuania: 2.8 million, Estonia: 1.3
million and Latvia: 1.8 million)
2
and had a
nominal aggregate GDP of approximately
€168.9 billion in 2025 (Lithuania: €84.3
billion, Estonia: €41.6 billion and Latvia:
€43.0 billion).
3
4.6%
4.0%
Source:
Eurostat (data for EA members),
The Office for National Statistics (data for United Kingdom)
Real GDP per capita, CAGR 2000-2025
Lithuania
Latvia
Estonia
Poland
Euro area
Germany
United Kingdom
Spain
France
Italy
2.9%
3.7%
0.9%
0.7%
0.9%
0.6%
0.8%
0.2%
The region’s economy has demonstrated
resilience and ability to grow significantly
over the period of last 25 years, with real
GDP per capita growing at a compound
annual growth rate (“CAGR”) of 4.6% in
Lithuania, 2.9% in Estonia and 4.0% in
Latvia from 2000 to 2025, compared to
0.9% in the euro area.
After
withstanding
multiple
shocks
in recent years - from the pandemic
to war-related disruptions - the Baltic
economies entered 2025 with gradual
recovery
momentum,
although
the
outlook became more challenging due
to renewed geopolitical uncertainty and
sharply rising energy prices. In 2025, all
three Baltic economies recorded positive
GDP growth, with Lithuania expanding
by 2.9%, Latvia rebounding to 2.1%, and
Estonia returning to growth at 0.6%, while
labour markets remained broadly resilient
despite
somewhat
higher
inflation.
1
Looking ahead, GDP growth in the Baltics
is forecast to remain solid in 2026 and
2027. GDP is expected to grow by 3.2%
in 2026 and 2.1% in 2027 in Lithuania, by
2.5% and 2.7% respectively in Estonia, and
by 2.2% and 2.4% respectively in Latvia.
1
Inflationary
pressures
re-emerged
in
Lithuania and Latvia in 2025, following
an unusually low inflation environment in
2024, while Estonia also recorded higher
inflation, although the increase was less
pronounced.
Consumer
price
growth
reached 3.4% in Lithuania, 4.8% in Estonia,
and 3.8% in Latvia, indicating a renewed
build-up in price pressures, although still
far below the high levels recorded two
years earlier.
In 2025, wage growth remained robust,
although it moderated compared with
2024. Wages and salaries increased by
8.4% in Lithuania, 5.6% in Estonia, and
7.7% in Latvia, underlining continued
labour market resilience and supporting
household income growth across the
region.
At the same time, labour market conditions
across the Baltic states remained broadly
resilient, with unemployment easing to
6.9% in Lithuania and 7.5% in Estonia,
while remaining stable at 6.9% in Latvia.
While labour markets continued to show
resilience,
unemployment
remained
slightly above the euro area average,
indicating some spare capacity across the
region.
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
8
9
STRATEGIC REPORT
1
Lithuanian Hydrometeorological Service, 2026 and University of Tartu, 2026.
2
Number of transactions in Lithuania and Estonia, including vehicles that were registered in these countries for the first time.
3
Source: The Lithuanian Department of Statistics.
4
Source: Skandinaviska Enskilda Banken (SEB), May 2026.
Average used vehicle price, € thousand
New vehicle transactions, thousand
Used vehicle transactions, thousand
Source: Company information (average used vehicle price);
State Enterprise Regitra, AutoTyrimai, Estonian Transport
Administration (number of transactions)
Average used vehicle price and total
transactions
2
2024
464
517
53
11.8
2025
488
547
59
12.1
2026
425
488
63
12.3
Baltic
Classifieds
Group
operates
automotive portals in Lithuania and Estonia.
Over the past 12 months, the automotive
market
in
Lithuania
maintained
solid
growth, supported by growing new car sales,
continued growth in used car imports, and
improving consumer purchasing power.
On the contrary, the automotive market
in Estonia faced significant headwinds
following the introduction of the vehicle
registration and ownership tax in January
2025.
The combined auto markets in Lithuania and
Estonia proved resilient despite significant
volume headwinds from the introduction
of a vehicle tax in Estonia, as well as
exceptionally
harsh
winter
conditions
across the region. The winter was one of
the coldest in recent decades, with both
January and February 2026 substantially
colder than seasonal averages
1
. It was not
only unusually cold, but also prolonged, with
significant snowfall and snow accumulation
disrupting normal market activity. The
extended period of freezing temperatures
and persistent snow cover likely delayed
some C2C transactions, as adverse weather
conditions
make
vehicle
inspection,
washing, photography and test drives more
difficult and less attractive for both buyers
and sellers.
During this financial year, the number of
new car transactions increased by 7% to
63 thousand per year, while the number
of used car transactions, the segment
most relevant to the Group’s automotive
platforms, declined by 13% to 425 thousand
per year, combined across both Lithuanian
and Estonian markets. Lithuania continued
to demonstrate strong automotive market
activity, which increased by 8% year-on-year,
supported by sustained growth in used car
imports, where they represent a significant
portion of dealer business. In Estonia,
transactions declined by 43% year-on-year,
reflecting the introduction of the new vehicle
tax, extremely cold winter, and a particularly
demanding comparison against record-
high volumes in the prior year, as some
purchases were likely brought forward into
late calendar year 2024 ahead of the new
tax. Nevertheless, the Estonian automotive
market is showing signs of improvement in
the early months of 2026.
The average price of a car within our
auto sites increased by 2%, reaching
approximately
€12.3
thousand.
Continuously increasing price levels are
supported by healthy demand in Lithuania,
where improving disposable incomes and
favourable financing conditions remained
supportive. In Estonia, average car prices
increased as the introduction of the new
vehicle tax reduced the supply of lower-
priced vehicles on the market, causing the
listing mix to shift towards more expensive
cars and therefore lifting average prices.
Automotive market
Market Overview
continued
A combination of a slightly higher average
car price, and improving consumer financing
conditions, driven by lower Euribor rates,
supported an improving dealer margin
environment in Lithuania. Dealers benefited
from
rising
transaction
volumes
and
values, and faster inventory turnover, while
lower financing costs also made used car
purchases more accessible to consumers,
sustaining strong demand in Lithuania. In
contrast, market activity in Estonia was
disrupted by the introduction of vehicle
transaction and ownership taxes, which
negatively affected buyer demand. As a
result, transaction volumes declined and
average selling times increased.
The Group operates online classifieds
portals in the real estate markets of
Lithuania, Estonia and Latvia. The home
ownership rates in Lithuania, Estonia
and Latvia are some of the highest in
Europe: 87% (17% with mortgage or
loan), 80% (25% with mortgage or loan)
and 82% (14% with mortgage or loan)
respectively.
1
Accordingly,
secondary
market transactions in the region are
popular and account for the majority of
real estate transactions.
2
During the last 12 months ending April
2026, the Baltic real estate market has
benefitted from a reduction in interest
rates, growing Lithuanian and Latvian
economies,
and
Estonian
economy
recovering from a recessionary phase.
These factors led to a 5% increase in the
number of real estate transactions in
2026, bringing the total to 226 thousand
transactions. This figure includes 104
thousand
3
residential and 121 thousand
3
non-residential
real
estate
and
land
transactions.
The Baltic capital cities achieved an
average apartment price increase of 5%
in calendar year 2025, led by strong 5%
growth in both Vilnius and Riga. Tallinn
prices remained stable with a 1% rise, as
a shortage of newly built homes shifted
the market mix towards older properties,
making overall price growth appear lower
than it actually was. The overall upward
momentum in real estate prices across
the Baltics was supported by growing
economies, declining interest rates, and
improving consumer confidence.
Lithuania remained the main driver of
regional activity, accounting for 60% of
total Baltic transactions and recording
a 9% increase in total volume, supported
by a 12% surge in residential transactions
from May 2025 to April 2026. This
activity was supported by an increase in
consumer spending from autumn 2025,
as households brought forward purchases
in anticipation of changes to Lithuania's
second-pillar pension system, which from
April 2026 permit partial withdrawals of
pension savings. At the same time, the
supply was constrained in the first quarter
of calendar year 2026, as some sellers
delayed listing properties in anticipation of
the reform and the forthcoming reduction
in mortgage down payment requirements,
which will come into effect in August 2026.
While transaction volumes slightly dipped
in Latvia and Estonia, both markets
demonstrated solid underlying activity.
Latvia’s market remained stable overall,
with
growth
concentrated
in
energy-
efficient new developments that offset
slower turnover in older housing stock.
In
Estonia,
total
transaction
volume
remained stable as well.
Real estate market
Real estate transactions, thousand
Source: State Enterprise Centre of Registers Lithuania,
Land Register Latvia, Land Board Estonia
2024
195
2025
215
2026
226
Real estate transactions during financial
years
5
Average apartment price in calendar
years
4
Average apartment price per m
2
, € thousand
Source: Swedbank
2023
2024
2025
2.3
2.4
2.5
1
The home ownership rate measures the share of the population who are owner-occupants with or without a mortgage. Source: Eurostat, calendar year 2025.
2
Source: Company information.
3
Source: State Enterprise Centre of Registers Lithuania, Land Register Latvia, Land Board Estonia. The data is preliminary, as there are delays in the registration of information in
the Land Register Latvia.
4
Average apartment price per square metre in Vilnius, Tallinn and Riga during calendar years 2023, 2024 and 2025.
5
Total number of real estate transactions in Lithuania, Estonia and Latvia.
6
E-commerce retail value RSP (retail selling price) excl. sales tax in calendar years. Figures, including historical data, have been updated to reflect changes in Euromonitor data.
The Group operates an online jobs board in
Lithuania. Over the past 12 months ending
April 2026, employer activity moderated,
with the number of job ads listed declining
by 4% year-on-year. Monthly postings were
generally lower throughout the period,
before showing early signs of recovery
in March-April 2026, pointing to resilient
underlying demand for workers in the
Lithuanian job market.
A competitive labour market and increased
minimum wages have supported strong
wage growth. Over the past ten years,
the compound annual growth rate of the
average gross wage was a notable 10%,
demonstrating consistent and substantial
salary increases.
3
The calendar year 2025
was similar as well, with the average
gross wage in Lithuania increasing by
8%. Growing wages continue to support
the trend towards greater investment in
employee search and selection.
The
average
unemployment
rate
in
Lithuania declined slightly from 7.1%
to 6.9% in calendar year 2025. A further
improvement to 6.8% is expected in 2026,
supported by forecast GDP growth of 3.2%.
4
Employment levels, which remained close
to record highs, highlighted the continued
resilience of the Lithuanian labour market
despite
continued
uncertainty
in
the
geopolitical environment.
Jobseeker activity remained resilient -
over the past 12 months ending April
2026, application volumes on CVbankas.lt
remained broadly in line with the elevated
levels recorded a year earlier. This was
supported
by
Lithuania’s
continued
positive net migration trend and a broadly
stable labour market environment.
The Group also operates services portals
in Lithuania, Latvia and Estonia. In 2026,
the number of active advertisements on
our portals increased by 12% year-on-year,
reflecting continued strong engagement
with our platforms.
Jobs and services market
Market Overview
continued
The Group operates generalist portals in
Lithuania and Estonia. The Lithuanian
and
Estonian
e-commerce
markets
experienced significant growth, with a
combined CAGR of 20% from calendar year
2017 to 2019, 37% from 2019 to 2021, and
14% from 2021 to 2025. Although growth
in recent years has normalised since the
peak pandemic years of 2020 and 2021,
it has remained at healthy levels. This
sustained growth continued to support
our generalist platforms and ancillary
offerings, such as delivery services.
The generalist market is becoming more
competitive.
BCG’s
largest
generalist
platform, Skelbiu.lt, operates in the real
estate, automotive, jobs, and services
markets. It is facing growing competition
from specialised vertical platforms. In
particular, it competes with our own
verticals, and we are comfortable with
users
shifting
to
dedicated,
tailored
platforms that offer a better experience
E-commerce market growth
6
Source: Euromonitor, May 2026. Actual figures in 2017-2025 and forecasted figures in 2026-2028
2017
516
382
898
2018
628
469
1,097
2019
753
542
1,295
2020
1,057
712
1,769
2021
1,434
996
2,430
2022
1,748
1,086
2,834
2023
2,141
1,165
3,306
2024
2,360
1,182
3,542
2025
2,880
1,274
4,154
2026F
3,225
1,393
4,618
2027F
3,579
1,509
5,088
2028F
3,889
1,628
5,517
Lithuania, € million
Estonia, € million
Generalist market
and improved monetisation opportunities.
The pure generalist categories are also
under pressure from C2C marketplaces
like
Vinted
and
international
B2C
platforms such as Temu. Despite these
challenges, Skelbiu.lt is now the fifth most-
visited website in Lithuania according to
Similarweb data and continues to operate
as a strong standalone business. It serves
as a significant traffic driver for our
verticals and forms part of our B2C and
C2C offerings for clients through cross-
listing. Additionally, it plays a strategic role
in defending our market position against
new entrants.
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
10
11
STRATEGIC REPORT
Our market position
The Group’s portals attract a large and
highly engaged consumer audience.
Our leadership
1
position remains very
strong compared to our closest competitor
for all of our largest websites: Autoplius
at 5x (6x in 2025), Auto24 at 28x (36x in
2025), Aruodas at 62x (27x in 2025), KV
plus City24 in Estonia at 16x (13x in 2025),
CVBankas at 5x (5x in 2025) and Skelbiu at
24x (21x in 2025).
The Group’s portals also are among the
most visited websites in Lithuania and
Estonia. According to April 2026 ratings
from
Similarweb
(which
also
include
websites
such
as
Google,
Facebook,
Youtube and local online news portals),
Skelbiu was the 5
th
, Autoplius – 7
th
, Auto24 –
10
th
, Aruodas – 15
th
, KV – 14
th
, Osta –
16
th
most visited site in their respective
countries.
Our strategy
Our successful business model,
combining
vertical
and
horizontal
platforms
,
is
sustained
by
strategic
decisions,
including:
•
Investing in a fit-for-purpose, long-term
technology:
we develop all technology
in-house
and
on
a
portal-specific
basis, allowing an agile approach while
sharing components and applications
across the platforms. This investment
builds a scalable infrastructure capable
of handling increasing traffic levels and
serving as a practical foundation for
data-driven and AI-enabled products.
•
Focusing
on
cash
generation
with
excellent margins:
our market leadership
and strong brand identity enable low
marketing expenditures. Additionally,
our organisational structure supports
shared corporate functions and minimal
capital expenditure.
•
Talent
recruitment
and
retention:
we attract and retain a highly skilled
and efficient workforce. Our core HR
objective is to recruit high-potential,
motivated
employees
and
provide
them with opportunities for growth and
development.
Together,
these
strategic
decisions
demonstrate how our tangible assets,
including
our
scalable
technology
infrastructure,
and
intangible
assets,
such as our proprietary platforms, brand
strength and skilled workforce, are integral
to our long-term value creation.
For our strategic aims see Moving our
Strategy Forward on pages 14 to 15.
Our purpose and culture
BCG’s purpose is to connect buyers with
sellers, facilitating easier transactions.
The Group’s purpose, values, and strategy
are closely aligned with its culture. Our
governance
framework,
organisational
structure,
and
culture
significantly
contribute to the successful delivery
of our business model and support our
overarching purpose.
To achieve our purpose, we focus on the
following strategic goals:
See pages 50 to 51 for information on
our stakeholders and our approach to
engagement.
See pages 22 to 36 for information on
our approach to Sustainability.
Our Business at a Glance
We love
transactions!
BCG is a set of leading online classifieds websites across real estate, auto, jobs and
services, and general merchandise in the Baltic region. The Group is proud to be operating
14 online portals as shown in the Our brands section in the table below.
Our portals are among the most visited websites in Lithuania and Estonia. The majority
of the Group’s traffic is derived from owned sources: direct visits, branded organic search
and email, together accounting for 77% of total traffic
1
. In terms of external acquisition
channels, traffic generated through generative AI platforms remains insignificant at
approximately 0.2% of total traffic, while paid search traffic is also minimal. This small
share of AI-driven traffic stands in contrast to regional trends, where AI adoption in the
Baltics grew to 38% during the 2025 calendar year (above EU average of 33%).
2
This
indicates that despite rising AI adoption for other tasks, users consistently prefer our
marketplaces as the definitive starting point for their journey. Consequently, the Group’s
reliance on paid search channels and AI-driven discovery is minimal, allowing us to
maintain total marketing expenses at just under 2% of Group revenue.
Based on the number of user visits and the number of online listings across the Group
portals, BCG is foremost in the online classifieds market. In 2026, the Group’s portals
were visited on average 56.9 million times per month which means that on average, a
resident in the Baltics visited one of our sites ten times every month.
3
1
Source: Similarweb data for the Group’s largest portals, representing c. 90% of Group revenue, 2026.
2
Source: Eurostat, 2025.
3
Cookie consent policies (general obligation to consent with all cookies that are not strictly necessary for website operation) and internet browser policies of more strict control
of third-party cookies on websites both result in loss of data collected by web analytics services like Google Analytics. As a result, the traffic data shown above may not capture all
website visits, and some user activity may be underreported.
1
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 a 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 reporting period.
BCG is a set of leading
online classifieds websites
across real estate, auto,
jobs and services, and
general merchandise in the
Baltic region.
“
Our Business at a Glance
continued
Enhancing the transaction
experience.
Providing the easiest
solutions for sellers and
buyers to connect.
Ensuring a simple
advertising process for our
advertisers.
Being the primary solution
for our consumers’ and
advertisers’ transaction
needs.
Auto
Real Estate
Jobs & Services
Generalist
Our brands
Lithuania
Estonia
Latvia
% of BCG revenue
for 2026
36%
29%
20%
15%
(Jobs)
(Services)
(Services)
(Services)
Our portals are arguably among the easiest and most effective ways for advertisers
to reach relevant audiences and facilitate transactions in real estate, auto, and
general merchandise, as well as job seeking, recruiting and finding service providers.
Our business model
Our success stems from a proactive,
consumer-focused business model that
combines both specialised (vertical) and
generalist (horizontal) online portals, as
illustrated in the Our brands section in the
table below.
Our
brands
include
vertical
portals
tailored to specific industries, facilitating
advertising, promotion and sales within
those sectors. These portals attract a
significant number of loyal and returning
business customers (B2C subscribers
with contracts) and are also widely used
by individual customers and the general
public (C2C users engaging in one-time
transactions and returning to our portals
periodically to transact), enriching our
portals with unique and hard-to-replicate
content.
In
addition,
we
operate
horizontal,
or
generalist,
portals
-
including
marketplaces, an online auction website,
and a price comparison website - which
are popular among individual customers
and the general public.
The advantages of this combined business
model are:
•
A
broad
selection
for
prospective
consumers, maximising our audience
reach.
•
The ability to cross-list items between
vertical and generalist portals, expanding
reach, increasing available content, and
driving traffic from generalist portals to
higher monetisation vertical portals.
•
Strong brand awareness across a wide
network.
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
12
13
STRATEGIC REPORT
1
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 a 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 reporting period.
2
Source: Google Analytics, 2026.
3
Source: Similarweb data for the Group’s largest portals, representing c. 90% of Group revenue, 2026.
4
Annual BCG employee survey results, 2026.
Why Invest in Us
continued
1
Calendar years.
2
Calendar year 2025. Source: Skandinaviska Enskilda Banken (SEB), May 2026.
3
Source: Eurostat.
4
Source: IMD World Digital Competitiveness Ranking 2025 by International Institute
for Management Development.
5
Source: Digital Quality of Life, 2025.
6
Source: Capgemini eGovernment Benchmark 2025.
7
Alternative performance measure (see note 4 to the consolidated financial
statements on pages 92 to 93). 2023-2026 EBITDA and 2021-2022 adjusted EBITDA.
Why Invest in Us
Attractive business environment
Proven track record and strong financial position
Western-minded and
business-oriented
Part of EU and NATO
since 2004
1
Part of the euro area
since
2011-2015
1
Part of OECD
since 2010-2018
1
Low public debt
gross public debt to GDP ratio
2
40%
in Lithuania
24%
in Estonia
49%
in Latvia
87%
euro area average
eGovernment performance score
out of 100 in terms of the maturity of digital public services
6
85
Lithuania
89
Estonia
85
Latvia
74
EU27
Digitally
competitive
environment
IMD World Digital Competitiveness Ranking
4
#
17
Lithuania
#
26
Estonia
#
31
Latvia
Significant
monetisation
headroom
Our take rates are
lower than those of our
international peers
Robust EBITDA
7
growth
16%
EBITDA CAGR, 2021-2026
Highly cash
generative
99%
Cash conversion
7
Strong revenue
growth
16%
Revenue CAGR, 2021-2026
Exceptional
EBITDA margin
7
78%
Strong Balance
Sheet
0.7x
leverage
7
compared to 2.75 at IPO in July 2021
High digital
quality of life
Strong foundations support our growth
Leadership position
1
in number of times against closest competitor
BCG is a set of leading online classifieds websites across real estate, auto, jobs,
services and general merchandise in the Baltics
Go-to
destination
Highly
engaged
team
Committed to
sustainability
Benefiting
from synergies
Experienced
and diverse
team
Defensible
gateway brands
Fragmented
customer base
56.9m visits per month
Group’s portals were visited on average 56.9 million times
a month.
2
This equals to each resident in the Baltics
visiting our site 10 times per month
>95%
more than 95% of our employees feel proud to be a part of
the BCG team
4
75%
despite a year-on-year increase resulting
from the expansion of office space
in Vilnius and unusually cold winter
conditions, we have reduced our Scope 1
and 2 carbon emissions by 75% since 2022
#1 horizontal and #1 vertical
portals reinforce each other
A combination of verticals and horizontals brings a lot of
synergies and allows covering the wider market
8 and 12 years of tenure
average 8 years of tenure per employee and average 12
years of tenure per Senior Management employee
47:53
the split between women and men in our organisation
77%
The majority of the Group’s traffic is derived
from owned sources: direct visits, branded
organic search and email
3
54% B2C and 37% C2C
Core classifieds revenue amounts to 91%.
Having a significant part of C2C adds to
customer fragmentation
We are a clear
leader
in digital security globally
5
#
15
Lithuania
#
2
Estonia
#
14
Latvia
GDP growth exceeds euro
area average
Real GDP per capita CAGR
3
2000-2025
1
4.6%
in Lithuania
2.9%
in Estonia
4.0%
in Latvia
0.9%
euro area average
in the
euro area
vs
vs
vs
5x
Autoplius
KV and City24
in Estonia
Auto24
CVbankas
Aruodas
Skelbiu
16x
28x
5x
62x
24x
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
14
15
STRATEGIC REPORT
Associated risks key:
Geopolitical
risk
Disruption to our customer
and/or supplier operations
Laws &
regulations
Technology
Acquisition
risk
Competition
Climate
change
1
Yield refers to the average monthly revenue per C2C listing (in Auto, Real Estate and Generalist) or per active C2C ad (in Auto, Real Estate, Services). 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.
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 a generalist portal, therefore, the relative auto market share for this generalist portal is calculated by multiplying time on site by the percentage of active
auto listings out of total listings at the end of the reporting period.
3
Cookie consent policies (general obligation to consent with all cookies that are not strictly necessary for website operation) and internet browser policies of more strict control
of third-party cookies on websites both result in loss of data collected by web analytics services like Google Analytics. As a result, the traffic data shown above may not capture all
website visits, and some user activity may be underreported.
1
Alternative performance measure, see note 4 to the consolidated financial statements.
Moving our Strategy Forward
continued
Moving our Strategy Forward
We are committed to being a responsible business. Our priority is to protect and support our people, customers, stakeholders and the
environment around us.
Our purpose is to connect consumers with advertisers and help them transact more easily. Every day we connect buyers and sellers and
facilitate transactions from cars and real estate, job offers to services and consumer goods from professional and private advertisers.
The digital marketplaces we operate promote trust, fairness and efficiency.
The Group is considered to be relatively under-
monetised,
with
significant
monetisation
headroom. The primary growth driver and focus
of the Group is to drive increased monetisation of
its core services, by growing average revenue per
B2C user and C2C listing. Improving monetisation
can take different forms, including pricing
actions, product and packaging developments,
and enabling upsell and cross-sell.
How we measure progress
•
Revenue
•
C2C yield
1
•
B2C average revenue per user (ARPU)
2026 progress
We delivered another year of revenue growth
across all four business units. Group’s revenue
grew 7% to €88.5 million (2025: €82.8 million).
Growth continued to be driven by the Group’s core
revenue streams. B2C and C2C monetisation
improved across most verticals through pricing
actions, product enhancements and package
optimisation.
See Operational Review on pages 20 to 21 for
more on product developments.
At the beginning of the reporting period, we
implemented
C2C
pricing
and
packaging
changes, impacting the entire financial year.
Revenue per listed ad increased to €41 in Auto
(2025: €34), €80 in Real Estate (2025: €64) and
€10 in Generalist (2025: €8).
Monthly revenue per active ad increased to €27
in Auto (2025: €22) and €30 in Real Estate (2025:
€25).
Annual B2C pricing actions were implemented in
September and October 2025 for Auto in Lithuania
and Real Estate platforms across all three
countries, supported by ongoing product and
packaging enhancements. In Jobs, the pricing
programme commenced in September 2025 and
is expected to roll out over a 12-month period. In
Auto in Estonia, B2C pricing adjustments were
postponed due to prevailing market conditions.
B2C monthly ARPU increased across all business
lines, with Auto ARPU up 13% to €378 (2025:
€333), Real Estate ARPU up 16% to €252 (2025:
€217) and Jobs ARPU up 8% to €496 (2025:
€461).
1.Drive monetisation of core services
Associated risks
The Group will continue to leverage
its existing strong market positions of
its portals and high brand recognition
to drive more listings and traffic
across its portals. As more listings
are added, consumer audience traffic
is expected to increase, and as traffic
increases, the portals become more
attractive, which in turn attracts
more listings. These network effects
are expected to continue supporting
revenue growth through increased
income from listing fees, subscription
fees, and other revenue sources.
How we measure progress
•
Leadership position
2
against
closest competitor
•
Traffic to our sites
3
2026 progress
The Group has achieved high market
penetration, supported by its leading
market positions and strong brand
affinity.
Our leading sites continue to maintain
a strong leadership position
2
against
closest competitors.
With a large and engaged consumer
audience, the Group’s brands are
widely known and thus organically
attract
advertisers
to
advertise
products for sale, resulting in the
Group’s
portals
having
leading
content that in turn attracts more
consumer
traffic.
Despite
softer
inventory levels in certain categories,
the
Group
maintained
strong
audience
engagement.
According
to Google Analytics, our portals
attracted approximately 56.9 million
visits per month on average during
2026, equivalent to around ten visits
per month for every resident in the
Baltics.
2.Drive more listings and traffic
across the Group’s portals
Associated risks
In addition to increasing monetisation
of
the
core
classifieds
services,
the Group aims to grow revenue
by offering ancillary products and
services, with the overall objective of
enhancing the transaction journey
of consumers and advertisers in the
Baltic markets.
How we measure progress
Revenue from ancillaries
2026 progress
Our ancillary revenue declined 3%
to €4.3 million (€4.4 million in 2025),
primarily reflecting lower financial
intermediation
revenue
within
the Auto business line. Ancillary
revenue streams outside financial
intermediation,
including
data
products and other services, grew
strongly during the year. Nevertheless,
given the significant contribution
of financial intermediation to total
ancillary revenue, this growth was
more than offset by lower financial
intermediation activity, resulting in
a modest overall decline in ancillary
revenue.
We continued to develop ancillary
revenue opportunities across the
Group
by
expanding
value-added
products,
data
services
and
AI-
enabled
functionality
across
our
marketplaces. During the year, we
focused
on
enhancing
customer
experience, improving marketplace
efficiency and supporting additional
monetisation opportunities for both
professional and private users. We
also continued to strengthen our
offering through analytics, workflow
tools, and platform safety features
across all business lines.
3.Grow ancillary revenue through
existing and new partnerships
Associated risks
While the Group already demonstrates high
operating leverage and operational and cost
efficiency, it is committed to continue optimising
costs and maintaining high cash conversion.
However, the commitment to a lean and efficient
organisation does not prevent the Group from
making
strategic
investments,
for
example
in technology, to maintain its market-leading
position and strong value proposition for listers
and consumers, and to support the sustainability
of a growing organisation. The Group has a robust
process of assessing business areas requiring
further investments, and a streamlined approach
to implementing internal change, with recent
examples including the increased investment in
the technology team and framework.
How we measure progress
•
EBITDA
1
and EBITDA margin
1
•
Adjusted operating profit
1
•
Operating profit
•
Cash generated from operating activities
•
Cash conversion
1
•
Adjusted net income
1
•
Basic EPS
•
Adjusted basic EPS
1
2026 progress
Despite mixed market conditions, 2026 marked
yet another good year in terms of financial results.
Our EBITDA
1
increased by 7% to €68.6 million
(€64.4 million in 2025) and we maintained our
EBITDA margin at 78% (2025: 78%).
Adjusted operating profit
1
increased by 7% to
€67.8 million (2025: 63.6 million).
Operating profit increased by 13% to €60.4 million
(2025: €53.5 million).
Cash
generated
from
operating
activities
increased by 5% to €69.9 million (2025: €66.8
million).
Cash conversion
1
maintained at 99% (2025: 99%).
Adjusted net income
1
increased by 7% to €58.1
million (2025: €54.4 million)
Basic EPS increased by 16% to 10.8 euro cent
(2025: 9.3 euro cent).
Adjusted basic EPS
1
increased by 9% to 12.3 euro
cent (2025: 11.3 euro cent).
4. Continuously improve the Group’s scalability
and maintain high levels of operational
efficiency while making necessary investments
Associated risks
One
of
the
priorities
of
the
Group’s capital allocation policy
is to continue considering value-
creating M&A opportunities.
The Group constantly evaluates
its portfolio to optimise value
creation and continues to pursue
attractive options for inorganic
growth, particularly through bolt-
on
acquisitions
and
in-market
consolidation within the Group’s
existing
markets,
as
well
as
potential
expansion
into
new
markets outside the Baltics, with
a strong focus on similarly high-
quality, market-leading businesses.
How we measure progress
•
Filling in the “gaps” in the matrix
of geographies and business
lines
•
Revenue from acquisitions
2026 progress
Untu.lt, a lead generation and
property valuation business that
was acquired in 2025, continued to
strengthen the Group’s Real Estate
offering in Lithuania by enhancing
lead
generation
capabilities,
supporting property sellers and
providing additional value-added
services for agents.
The Group continues to assess
selective acquisition opportunities
that
complement
its
existing
portfolio and support long-term
growth.
5.Pursue strategic opportunities
through acquisitions
Associated risks
BCG
is
committed
to
being
a
responsible business and its priority
is to protect its people and the
environment.
Climate change is regarded as a
Board-level governance issue. The
ESG working group demonstrates our
commitment to progressing with our
climate change agenda.
We
are
strongly
committed
to
providing
a
safe,
supportive
and
positive working environment and
continuously seek ways to improve
internal communication, ensuring our
employees remain connected and
engaged.
How we measure progress
•
Total CO
2
emissions
•
Employee engagement level
•
Gender diversity
2026 progress
In 2026, emissions from the Group’s
own operations (Scope 1 and Scope 2)
increased by 21%, primarily due to the
expansion of office space in Vilnius
and higher heating-related emissions
during
an
unusually
cold
winter.
While overall emissions increased,
we continued to make progress in
reducing our environmental impact.
During the year, we achieved 18%
reduction in Scope 1 vehicle emissions
and
an
increase
in
renewable
electricity usage to 95%.
During the year we conducted our
annual employee engagement survey
and were pleased that, consistent with
previous years, more than 95% of our
employees responded positively to
both of the following questions:
•
“Do you feel proud to be part of the
BCG team?” and
•
“Would
you
recommend
your
friends to work here?”.
We acknowledge the significance of
gender diversity and take pride in our
female-to-male ratio of 47:53 (as of the
end of 2025: 49:51).
6.Promote circular economy and
minimise our own impact on the
environment
Associated risks
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
16
17
STRATEGIC REPORT
1
In Jobs & Services business line, B2C revenue comes from Jobs only, while C2C revenue principally comes from Services portals. Therefore, Jobs portal information is presented
for B2C and Services platforms information is presented for C2C.
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.
Revenue
In 2026, the Group's revenue grew by 7% to €88.5 million (2025: €82.8 million), driven by
continued monetisation progress across the core classifieds revenue streams:
•
The Auto business line was broadly flat. Automotive B2C grew by 11%, while C2C
declined by 9%, reflecting temporary weakness in the Estonian market following the
introduction of vehicle transaction and ownership taxes in January 2025, alongside
severe weather-related disruption to C2C Auto activity in Lithuania and Estonia
during January and February 2026. Trading trends improved from March 2026
onwards and have since broadly aligned with management expectations.
•
The Real Estate business line grew by 17%. The core, B2C and C2C, grew by 20%
and 12% respectively.
•
The Jobs & Services business line grew by 9%. Both B2C (Jobs) and C2C (mainly
Services) each grew by 9%.
•
The Generalist business line, which is largely C2C, grew by 3%.
Financial Review
1
According to April 2026 ratings from Similarweb.
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 company).
The
performance
of
B2C
customers
remained robust across all segments:
•
Following many years of growth, the
number of Auto dealers declined by 2%,
reflecting weaker automotive market
conditions in Estonia, which represents
approximately one fourth of the Auto
business line.
•
The number of Real Estate brokers
continued to grow, increasing by 3% this
year, 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 continued growth in
the long-tail customer segment and the
opportunity to further expand customer
penetration.
In C2C, we saw some market headwinds,
but also higher uptake of more premium
longer-duration packages.
•
Real Estate delivered another strong
performance, supported by a continued
shift towards premium, longer-duration
packages. This increased yield per
listing and more than offset an 11%
decline in listed and extended ad
volumes, as customers required fewer
listing
extensions.
Active
listings
decreased
by
6%,
reflecting
faster
transaction cycles and property sales.
•
Car
transactions
in
Estonia
have
dropped (see Market Context within
CEO’s Statement on page 6), while
Lithuania recorded 8% increase year-on-
year. Market situations in both Estonia
and Lithuania acted as a headwind,
pressuring inventory levels - especially
when compared with record levels a
year ago. In total, we saw a 25% decline
in listings and 26% decline in active car
ads.
•
Services continued to perform strongly,
with the number of active Services ads
increasing by 12%, driven by the growing
client base using our platform.
•
Regarding the main Generalist portal,
Skelbiu.lt, which accounts for slightly
more
than
70%
of
our
Generalist
business line revenue, approximately
2/3 of its revenue is derived from vertical
categories
such
as
Services,
Real
Estate, Jobs, and Auto. We strategically
leverage Skelbiu.lt to strengthen our
vertical platforms. It is the 5
th
most
visited
website
in
Lithuania
1
and
generates high-quality traffic for our
market-leading verticals through cross
listing. During the year, we recorded
a 13% decline in the number of paid
listed ads on the Generalist platform.
However, total inventory on Skelbiu.lt –
including both paid and free listings –
remained close to the record level
achieved last year.
Financial Review
continued
€ million, unless stated otherwise
2026
2025
Change
Labour costs
12.8
12.6
2%
Advertising and marketing costs
1.3
1.1
21%
IT expenses
1.0
0.9
17%
Other
4.7
3.9
21%
Operating costs excluding depreciation and
amortisation
19.9
18.4
8%
Depreciation and amortisation
8.3
10.9
(24%)
Operating costs
28.2
29.3
(4%)
In terms of ARPU
2
in our B2C segment:
•
Auto ARPU increased by 13% driven
by
price
and
packaging
changes
implemented
mid-2025
(September
and
October
2024)
and
the
most
recent adjustments made mid-2026
(September and October 2025).
•
Real Estate ARPU increased by 16%
driven by subscription fee and packaging
changes which also took place mid-2025
(September and October 2024) and mid-
2026 (September and October 2025).
The most recent changes were aimed at
both growing ARPU and driving deeper
engagement, encouraging customers to
utilise a wider scope of our services.
•
Jobs ARPU increased by 8%, primarily
driven by pricing changes, including
reductions in volume discounts. As the
market leader, CVbankas remains well
positioned to benefit from a healthy
employment
market,
supporting
continued
revenue
growth.
Pricing
changes introduced in September 2024
for both new and renewing customers
continued to roll through the customer
base
over
a
12-month
cycle
until
autumn 2025. Updated pricing was
introduced again in September 2025
and is similarly expected to roll through
the customer base over the following 12
months.
In terms of the yields
2
in our C2C segment:
•
We implemented price changes in April
and May 2025 and most recently in
March 2026.
•
As
a
result
of
implemented
price
changes and advertisers opting in for
longer-term
packages,
revenue
per
listed ad increased by 22% in Auto, 25%
in Real Estate and 23% in Generalist.
•
Average monthly revenue per active ad
in Services slightly declined year-on-
year, mainly due to a change in the mix
of service providers.
Ancillary revenue, which represented 5%
of Group revenue and is primarily derived
from automotive financial intermediation
services,
declined
by
3%
during
the
year. Half of the financial intermediation
revenue is generated by the Group’s
Estonian automotive platform and was
negatively impacted by weaker conditions
in the Estonian automotive market. At the
same time, adoption and usage of car
history reports remained strong during
the year, while the Group’s real estate
valuation and lead generation platform,
acquired at the end of last year, also
delivered good performance, albeit from a
smaller revenue base within the ancillary
segment.
Advertising revenue, which accounts for
4% of Group’s revenue, declined by 2% this
year. The advertising market in general
is more competitive and lower-growth
compared to our core classifieds.
Operating costs
Operating costs lines grew in line with
business
expansion
and
underlying
market inflation.
People
costs
remain
the
Group’s
largest operating expense, representing
approximately 14% of Group revenue and
two thirds of operating costs, if excluding
depreciation and amortisation. During
the year, the BCG team expanded to 163
FTEs, with the average number of FTEs
increasing by 6% to 157 (2025: 148).
Investment in our people increased by
2% to €12.8 million (2025: €12.6 million),
reflecting headcount growth and annual
salary reviews, in line with the wage
inflation trends observed in the Baltics.
The increase was substantially offset by
lower LTIP costs, which decreased to €0.3
million in 2026 from €1.9 million in 2025,
mainly reflecting lower Group performance
against LTIP targets.
Marketing costs represented 1.5% of
revenue during the year. As a portfolio of
leading brands, the Group benefits from
significant internal advertising capacity
across its own platforms, minimising
reliance on external marketing providers.
During
the
year,
additional
targeted
marketing campaigns were undertaken
across social media channels focused on
younger audiences.
Other Group costs include IT, which are
1% of revenue, and other operating costs
including
administrative
costs,
which
are 5% of revenue. We have supported a
non-governmental organisation assisting
Ukraine
during
the
war,
as
well
as
other local educational and charitable
organisations, with donations totalling
€0.1 million (2025: €0.1 million).
Core classifieds revenue streams, B2C
and C2C, together comprised 91% of
total revenue (2025: 90%). B2C revenue,
representing 54% of Group revenue, grew
by 13%. C2C revenue, representing 37% of
Group revenue, grew by 1%.
Advertising
and
ancillary
revenues
represented 4% and 5% of Group revenue,
respectively. During the year, advertising
revenue declined by 2% and ancillary
revenue declined by 3%. Ancillary revenue
decline primarily reflects lower financial
intermediation revenue within the Auto
business line. Ancillary revenue streams
outside financial intermediation, including
data products and other services, grew
“
The Board launched an accelerated share
buyback programme, and by mid-June 2026 the
Company had repurchased 10% of its issued
share capital.
Lina Mačienė,
CFO
51% during the year, driven by car history
reports and real estate ancillary products
from Untu.lt, acquired at the end of
FY2025.
In our core revenue streams, the main
drivers
of
revenue
growth
remained
pricing and packaging actions, increased
monetisation
per
customer
and
per
advertisement,
product
improvements,
and underlying asset inflation across the
categories in which the Group operates.
We
implemented
C2C
pricing
and
packaging changes, impacting the entire
financial year. Annual B2C pricing actions
were implemented in September and
October 2025 for Auto Lithuania and
Real Estate platforms across all three
countries, supported by ongoing product
and packaging enhancements. In Jobs,
the pricing programme commenced in
September 2025 and is expected to roll out
over a 12-month period. In Auto Estonia,
B2C pricing adjustments were postponed
due to prevailing market conditions.
Geographically,
Lithuania,
representing
73% of Group revenue, grew by 11%.
Estonia,
representing
25%
of
Group
revenue,
declined
by
3%.
Latvia,
representing 2% of Group revenue, grew
by 9%.
Auto
+13%
378
252
496
333
217
461
+16%
+8%
Real Estate
Jobs
1
2026
2025
B2C: monthly ARPU
4
(€)
Auto
2
+25%
27
30
26
22
25
27
+19%
(3%)
Real Estate
Services
1
2026
2025
C2C: monthly revenue per active ad (€)
Auto
2
+22%
41
80
10
34
64
8
+25%
+23%
Real Estate
Generalist
3
2026
2025
C2C: revenue per listed ad (€)
Auto
(2%)
3,631
5,260
2,330
3,724
5,109
2,301
+3%
+1%
Real Estate
Jobs
1
dealers
brokers
customers
2026
2025
B2C: monthly number of customers
Auto
2
(26%)
25,901
21,108
10,356
581,137
35,207
22,404
9,207
595,038
(6%)
+12%
(2%)
Real
Estate
Services
1
Generalist
3
C2C: number of active ads
2026
2025
Auto
2
(25%)
17,388
7,839
77,756
23,054
8,787
89,610
(11%)
(13%)
Real Estate
Generalist
3
C2C: monthly number of listed ads
2026
2025
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
18
19
STRATEGIC REPORT
Financial Review
continued
1
Alternative performance measure, see note 4 to the consolidated financial statements for further details.
2
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.
1
Alternative performance measure, see note 4 to the consolidated financial statements for further details.
€ million, unless stated otherwise
2026
2025
Change
EBITDA
68.6
64.4
7%
EBITDA margin %
78%
78%
0% pt
Depreciation and amortisation
(8.3)
(10.9)
(24%)
Operating Profit
60.4
53.5
13%
Add back: amortisation of acquired intangibles
7.5
10.1
(26%)
Adjusted Operating Profit
67.8
63.6
7%
Net finance costs
(1.8)
(2.4)
(26%)
Profit before tax
58.6
51.1
15%
Income tax expense
(7.7)
(6.3)
21%
Profit for the year
50.9
44.8
14%
Add back: deferred tax impact of acquired intangibles amortisation
(0.3)
(0.5)
(42%)
Adjusted net income
58.1
54.4
7%
Basic EPS (euro cent)
10.8
9.3
16%
Adjusted basic EPS (euro cent)
12.3
11.3
9%
Financial Review
continued
Adjusted operating profit grew to €67.8
million (2025: €63.6 million) and reported
operating profit was €60.4 million (2025:
€53.5 million).
The Board allocates capital to ordinary
dividends by reference to adjusted net
income.
For
this
purpose,
we
show
amortisation of acquired intangibles and
the associated tax effect along with the
adjusting items in the table at the top of
the following page. Adjusted net income
grew 7% to €58.1 million (2025: €54.4
million). Accounting profit for the year
increased to €50.9 million (2025: €44.8
million).
Earnings per share (“EPS”)
Basic EPS grew 16% and was 10.8 euro
cent based on the weighted average
number of shares of 473,456,047 (2025:
9.3 euro cent based on the weighted
average number of shares of 481,981,128).
Diluted EPS was 10.7 euro cent (2025: 9.3
euro cent).
Adjusted basic EPS grew 9% to 12.3 euro
cent (2025: 11.3 euro cent).
Cash flow and cash conversion
Cash generated from operating activities
grew by 5% to €69.9 million (2025: €66.8
million). Cash conversion
1
was maintained
at 99% (2025: 99%). Net cash inflow from
operating activities grew by 5% to €60.4
million (2025: €57.4 million).
Tax
The Group tax charge for the year was €7.7
million (compared to €6.3 million in 2025),
representing an effective tax rate of 13%
(12% in 2025). This tax charge comprises:
•
Current tax expense of €8.1 million
(2025: €7.0 million).
•
Unwind of deferred tax of €0.5 million,
including €0.3 million deferred tax on
acquired intangibles (2025: €0.7 million,
including €0.5 million deferred tax on
acquired intangibles).
The effective tax rate increased from 12%
in 2025 to 13% in 2026, primarily reflecting
the increase in the Lithuanian corporate
income tax rate to 16% from 15% in the
prior year.
Following the repayment of historical
intercompany
funding
arrangements,
the Group’s Estonian operations are now
generating
distributable
profits.
The
Group continues to assess opportunities
to deploy capital across its markets,
including through potential acquisitions
and
other
reinvestment
opportunities.
Under the Estonian and Latvian corporate
tax regimes, profits are generally not
subject to corporate income tax until
distributed. Accordingly, should profits
held within the Group’s Estonian and
Latvian subsidiaries not be required for
reinvestment and the Group elect to
distribute
them,
additional
corporate
income tax would become payable at
the applicable local rates of 22% and
20%, respectively. Any such distributions
could result in an increase in the Group’s
effective tax rate, depending on the timing
and amount of the distributions.
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 4 to the
consolidated financial statements.
There were no add-backs to our EBITDA in
the periods reported. Our EBITDA grew by
7% to €68.6 million (2025: €64.4 million).
EBITDA margin remained stable at 78%
(2025: 78%).
Most of the depreciation and amortisation
costs
relate
to
the
amortisation
of
acquired
intangible
assets,
which
decreased to €7.5 million in 2026 from
€10.1 million in 2025. The reduction
primarily reflects the full amortisation
of most customer relationship assets
recognised in connection with the 2019
and 2020 acquisitions, which had a partial
impact in the comparative 2025 period.
Net finance expense
In January 2026, the Group refinanced its
debt facilities with SEB Sweden, securing
access to an unsecured €125.0 million
term loan facility, which may be drawn
down in tranches as required, together
with a €20.0 million revolving credit facility
(“RCF”).
Finance
expenses
in
2026
primarily
comprised interest costs which totalled
€1.6 million, compared with €2.5 million
in 2025. The decrease primarily reflected
a lower average gross debt balance during
the year, with gross debt reducing from
€25.0 million at the end of 2025 to €15.0
million by the end of Q1.
Gross debt balances began to increase
again from the end of January 2026 as the
Group undertook partial drawdowns under
the new term loan facility to refinance
the previous debt facility and support the
accelerated share buyback programme.
As at 30 April 2026, €73.0 million had been
drawn under the term loan facility.
Finance expenses in 2026 also included
€0.2 million of commitment fees relating
to the undrawn portions of the term
loan facility from January 2026 and the
undrawn revolving credit facilities (€10.0
million until the end of January 2026 and
€20.0 million thereafter), compared with
€0.1 million in 2025.
These costs were partly offset by interest
income earned on cash balances held with
banks, resulting in a net finance expense
of €1.8 million, compared with €2.4 million
in 2025.
Net debt and leverage
Compared to the end of 2025, net debt
1
including
lease
liability
increased
by
€41.8 million to €46.2 million (from €4.4
million in 2025) to facilitate accelerated
share buybacks. We ended the year with
leverage
1
ratio of 0.7x, up from 0.1x in
2025.
€ million
30-Apr-26
30-Apr-25
Cash and cash equivalents
(30.8)
(23.6)
Bank loan principal amount
73.0
25.0
Customer credit balances
2
2.3
2.2
Total debt excluding lease liability
75.3
27.2
Net debt excluding lease liability
44.6
3.6
Lease liability
1.6
0.8
Net debt including lease liability
46.2
4.4
EBITDA
68.6
64.4
Leverage
0.7x
0.1x
Capital allocation
Net
cash
generated
from
operating
activities,
together
with
additional
borrowings drawn since January 2026,
were primarily utilised for the following:
•
Dividend
payments
totalling
€18.7
million
during
2026
(2025:
€15.9
million),
comprising
the
final
2025
dividend of 2.6 euro cent per share paid
in October 2025 and the interim 2026
dividend of 1.3 euro cent per share paid
in January 2026.
•
A €10.0 million partial repayment of
loan liabilities in H1, followed by the
refinancing in H2 of the remaining €15.0
million outstanding under the previous
debt facility.
•
During the full year, 36.8 million Company
shares
for
a
total
consideration
of
€82.9
million
were
repurchased
for
cancellation
(2025:
4.6
million
shares for €13.5 million). The Board
believes the prevailing BCG share price
undervalues the strength of the Group's
business model, cash generation and
long-term growth prospects. During
the H2, the Board accelerated share
repurchases for cancellation within the
limits permitted under applicable safe
harbour regulations and shareholder
authorities.
Capital allocation policy
Since IPO in 2021, BCG has returned
materially all the cash generated by the
business to shareholders. Historically,
this has been delivered through ordinary
dividends of approximately one-third of
adjusted net income, with the balance
allocated
between
share
buybacks
and
debt
reduction
depending
on
circumstances. During the first half of
2026 the Group became net cash positive.
Share price reduction in 2026 led the
Board to conclude that the BCG’s market
valuation did not reflect its underlying
fundamentals or long-term prospects.
The Board considered the equity market
concerns regarding the long-term impact
of AI on the business model to be
overstated and considered recent trading
headwinds to be temporary rather than
structural.
The
Board
therefore
launched
an
accelerated share buyback programme,
and by mid-June 2026 the Company had
repurchased 10% of its issued share
capital.
To
support
this
strategy,
in
addition to the organic operating cash
flow, the Company has secured €145
million of new debt facilities, repaying €15
million of outstanding debt. The Board
intends to continue repurchasing shares
subject to market conditions, available
authority and the Group’s capital position.
At the upcoming AGM, BCG intends to
seek annual shareholder authority to
repurchase up to a further 15% of its
issued share capital. This represents
the
maximum
flexibility
sought
from
shareholders and should not be interpreted
as an intention or commitment to utilise
it in full. Continuation of the accelerated
share buyback programme beyond the
Group's existing financing capacity would
require additional debt financing.
The Board will continue to assess its
capital allocation priorities and evaluate
value-creating
opportunities,
including
M&A as well as buying back BCG shares,
and maintain flexibility in how such
opportunities
are
financed,
including
through cash resources, debt facilities
and, where appropriate, equity capital.
The Board has not established fixed
thresholds for either the BCG's share
price or leverage and will continue to
determine capital allocation based on the
information available at the time. Capital
allocation priorities may shift towards
debt reduction, or share repurchases
funded from operating cash flow subject
to circumstances at the time.
The Board intends to increase the ordinary
dividend per share broadly in line with
growth in adjusted net income. The Board
believes
that
a
progressive
ordinary
dividend policy strikes an appropriate
balance between providing shareholders
with a predictable cash return whilst
retaining flexibility within BCG's broader
capital allocation framework.
The Board is recommending a final ordinary
dividend of 2.8 euro cent per share,
representing an increase in line with the
growth in adjusted net income. In addition,
it is recommending a special dividend of
0.3 euro cent per share, resulting in total
dividends for 2026 of approximately one-
third of adjusted net income, consistent
with the BCG’s previous guidance.
Going concern
The Group continued to generate strong
operating cash flows during the year. As
of 30 April 2026, €52.0 million remained
available under the undrawn portion of the
term loan facility, while the €20.0 million
revolving credit facility remained fully
undrawn and committed until December
2030. The Group also held cash balances
of €30.8 million.
Lina Mačienė
Chief Financial Officer
1 July 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
20
21
STRATEGIC REPORT
In 2026, Baltic Classifieds Group marked its fifth year as a public company. BCG has
continued to strengthen its operating platform during 2026, with technology remaining
central to the Group’s products, customer experience and long-term growth. We continued
to invest in our engineering organisation, increasing capacity across our technology
teams and improving the way we deliver product change. The growing use of Artificial
Intelligence (“AI”) tools within the development process has supported higher efficiency,
faster delivery and better quality control, while allowing teams to focus more time on
higher-value product and customer problems.
AI remained one of the main areas of operational focus during the year. We expanded
the use of AI across our marketplaces, including listing creation, search, moderation,
analytics, customer support tools and workflow automation. At the same time, we
continued to strengthen our infrastructure and resilience. A key operational milestone
was the migration of our Lithuanian disaster recovery site to Amsterdam, enhancing
geographic resilience and supporting the reliability standards expected from our
platforms.
Here, we review our key product developments in 2026 by business line:
Auto
We introduced AI-driven automation to
the listing process on Autoplius.lt and
Auto24.ee. The system now analyses
vehicle images and text descriptions
provided
by
sellers
to
automatically
generate listing descriptions and populate
key technical attributes. It accompanies
the already existing data from VIN code
functionality and further reduces manual
input for sellers, increases structured data
accuracy, and improves overall search
relevance across both marketplaces.
At Autoplius.lt, we introduced “Autopulsas”
– a market-assessment tool. It allows
users to monitor market supply and
demand dynamics for specific models as
well as broader categories such as fuel
type, year of manufacture, and more. The
tool analyses data from listings, search
behaviour, as well as statistics from the
state registry.
Autoplius.lt vehicle detail pages were
fully redesigned with a clearer layout and
improved navigation. The new design
improves
user
experience,
increases
engagement and gives stronger visibility
to paid features and data products.
At Auto24.ee we also launched a car
market overview and analytics solution
based on up-to-date transaction data,
including ownership changes, imports
and first registrations of new and used
vehicles.
Operational Review
Real Estate
Aruodas.lt
introduced
a
new
lead
generation feature for brokers: "Request
a Viewing". This feature allows potential
buyers to submit their contact details and
preferred viewing times directly through
the platform. Brokers can then simply
reach out to confirm the appointment. By
removing the barrier of making a phone
call, this tool not only increases lead
volume but also provides the marketplace
with deeper insights into user intent.
Aruodas.lt
introduced
“Property
Price
Compass” – a tool for agents to assess the
asking price of an apartment. Integrating
technology from the recently acquired
Untu.lt platform, we developed a solution
that extracts data on actual nearby
transactions, links it to listing history, and
provides a competition overview including
typical selling times. The agent can then
perform a final professional review and
provide a pricing report for the vendor,
supported by real data. This update was
a key enhancement included in the new
agent packages.
At Untu.lt agents now contact purchased
leads via an AI-assisted call tracking
service that records and analyses phone
conversations, suggests follow-up actions,
and provides more visibility of what is
actually happening post lead acquisition.
At KV.ee, we introduced new service
packages
for
real
estate
developers.
Moving away from shared plans has
enabled
us
to
offer
more
relevant
marketing and analytics tools for this
customer segment, together with a more
targeted pricing model. The update also
improves the consumer experience by
grouping
related
listings
under
their
respective developments, making it easier
for buyers to browse and compare new
homes.
Jobs & Services
At CVbankas.lt, the jobseeker onboarding
experience was significantly streamlined
this year through the integration of AI-
powered CV creation. Candidates can now
upload an existing PDF or Word document,
and the system automatically parses
and populates their CVbankas profile
and CV fields. This automation removes
friction and substantially reduces the time
required to begin a job search. The feature
saw rapid adoption, as 51% of all newly
created CVs are now generated this way.
We
updated
the
“Salary
Estimator”.
Using a database of job offers and CVs
accumulated over the years, the AI model
determines the most probable salary level
and provides forecasts of future salary
trends. Users can search across almost
3,000 job positions.
We also meaningfully improved job search
with
AI-powered
synonym
matching.
Jobseekers no longer need to know the
exact wording of a role title, as the search
can now identify job ads with similar
meanings, even when different terms are
used. This improves matching quality and
helps candidates discover more relevant
opportunities. These updates continue
our strategic rollout of purpose-built AI
tools,
building
upon
earlier
employer
enhancements, such as automated CV
screening and smart interview question
generation, to ensure we are continuously
addressing
the
core
needs
of
both
jobseekers and employers.
At Getapro, we launched two AI assistants.
The first is a chat tool that helps customers
define the most appropriate service for
their needs. The second reviews a service
provider’s profile description and the
services they have already selected. The
AI tool analyses whether any relevant
services have been left unselected and,
based on this analysis, suggests additional
services that could be added. In practice,
this creates an upsell opportunity.
Generalist
At Skelbiu.lt we introduced an AI-based
buyer-to-seller message checking system
to help prevent fraud. The system analyses
user attributes and conversation patterns
and flags potentially suspicious users.
We
also
launched
AI-powered
image
moderation at Skelbiu.lt. The service
checks images for prohibited content
and allows moderators to adjust prompts
directly in the back office for specific
categories. This increases moderation
efficiency while improving consistency
and platform safety.
In addition, Skelbiu.lt refreshed the user
experience of its activation plans to better
communicate the value of combined
Skelbiu.lt,
Aruodas.lt
and
Autoplius.lt
packages. This makes package benefits
clearer
for
customers
and
supports
stronger uptake of paid services.
Acquisition of Cenubanka.lv
In June 2026, we finalised the acquisition
of Cenubanka.lv, a leading Latvian real
estate data and market analysis platform.
Cenubanka.lv
provides
a
searchable
database
of
historical
property
sale
transactions, market reports, and pricing
tools. The platform serves as a key
business tool for brokers, appraisers,
developers, and financial institutions.
This
acquisition
supports
our
Group
strategy to build a comprehensive data
layer across our online marketplaces,
following
the
acquisition
of
Untu.
lt in Lithuania the year prior. It further
strengthens our proprietary data set, as
well as City24.lv’s competitive position
in Latvia. City24.lv plans to integrate
selected
Cenubanka.lv
products
to
enhance its existing offerings for both
real estate professionals and private
individuals. This acquisition provides the
technical foundation for advanced market
intelligence features for our clients.
Operational Review
continued
“
We expanded the use of AI across our
marketplaces, including listing creation,
search, moderation, analytics, customer
support tools and workflow automation. At
the same time, we continued to strengthen
our infrastructure and resilience.
Simonas Orkinas,
COO
Technological infrastructure and
strategic AI development
The Group continued to strengthen its
technical infrastructure for data-driven
and AI-enabled products by improving
the existing platform architecture. During
the year, we developed a scalable search
and
data-processing
foundation
that
combines
semantic
understanding,
criteria-based
search
and
improved
ranking capabilities. This supports richer
search experiences, including the ability
to use images as searchable information
alongside
listing
descriptions
and
attributes. These developments provide
a practical foundation for AI-assisted
search and agent-based interfaces, with
agentic search capabilities slated for
launch across major platforms in the near
term.
This approach ensures we can scale
these features in a controlled and cost-
conscious way.
At the same time, the Group’s platforms
have continued to show resilient traffic
patterns
despite
the
rapid
adoption
of generative AI (“GenAI”) tools. While
GenAI adoption in the Baltics has already
reached 38%, traffic from GenAI sources
to the Group’s largest platforms remained
minimal at 0.2% in 2026. Direct traffic
1
continued to represent the clear majority
of visits at 77% with its share increasing
year-on-year. This suggests that users
prefer the marketplace environment for
search, comparison and decision-making.
Simonas Orkinas
Chief Operating Officer
1 July 2026
1
Source: Similarweb data for the Group’s largest portals, representing c. 90% of Group revenue, 2026.
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
22
23
STRATEGIC REPORT
Sustainability Report
Overview of our ESG strategy
BCG is committed to being a responsible
business. Our priorities are to protect
our people, support our customers and
stakeholders, and protect the environment
around us.
Our Environmental, Social and Governance
(“ESG”) strategy comprises two main
components:
•
being a sustainable business by limiting
our impact on the environment, providing
a secure and diverse workplace for
our employees and ensuring strong
governance; and
•
helping
customers
to
make
more
sustainable choices and encouraging
a circular economy through four of our
business lines: Real Estate, Auto, Jobs
& Services and Generalist.
The Board has reviewed and approved the
ESG strategy.
Our ESG working group ensures that we
stay on track with our strategy and make
continuous progress towards our goals.
The group is composed of six members,
including three Executive Directors and
three other employees. The Board Chair
and
Non-Executive
Director
Jurgita
Kirvaitienė serve as sponsors to the ESG
working group. During 2026, the ESG
working group met three times. The ESG
working group discussed the following
topics during the year:
•
progress towards our ESG targets;
•
the Group’s carbon footprint;
•
energy consumption and renewable
energy;
•
carbon offsetting with local carbon
credit programme;
•
climate-related risks and opportunities;
•
changes in ESG reporting requirements
under Omnibus I;
•
other relevant ESG reporting standards
for BCG;
•
Parker Review 2026 submission and
results;
•
FTSE Women Leaders Review 2026
submission and results; and
•
BCG's performance in ESG ratings.
The Board fully supports the initiatives
of the ESG working group and provides
Board-level oversight of environmental,
social and governance matters and the
achievement of our ESG goals. ESG
matters are integrated into the Board’s
formal annual agenda and are regularly
addressed during meetings.
ESG highlights 2026
Environmental
Social
Governance
•
GHG Emissions
•
Air Quality
•
Energy Management
•
Water & Wastewater
Management
•
Waste & Hazardous Materials
Management
•
Ecological Impacts
•
Physical Impacts of Climate
Change
•
Labour Practices
•
Employee Health & Safety
•
Employee Engagement,
Diversity & Inclusion
•
Access & Affordability
•
Product Quality & Safety
•
Customer Welfare
•
Selling Practices & Product
Labelling
•
Product Design & Lifecycle
Management
•
Business Model Resilience
•
Supply Chain Management
•
Materials Sourcing & Efficiency
•
Human Rights & Community
Relations
•
Customer Privacy
•
Data Security
•
Business Ethics
•
Competitive Behaviour
•
Management of the Legal &
Regulatory Environment
•
Critical Incident Risk
Management
•
Systemic Risk Management
Environmental
Social
Governance
•
Decreased Scope 1
emissions from Company
vehicles by 18%
•
Increased the share of
renewable electricity across
our offices and data centres
to 95%
•
Significantly increased
the volume of EV-related
content, reviews, and
comparisons on our
YouTube and social media
channels
•
Offset our Scope 1 and
Scope 2 carbon emissions
by supporting carbon
removal projects in local
agriculture
• Ranked 7
th
in the FTSE
250 category and 2
nd
in the
Technology sector, according
to the FTSE Women Leaders
Review 2026
• Average Senior Management
tenure increased to 12 years
• Completed an employee
engagement survey and, as
in the previous year, over 95%
of employees said they were
proud to be part of the BCG
team
• Maintained gender diversity,
with a 47:53 split between
women and men
• Donated €0.1 million to
selected charities
• Strengthened data security
and privacy through enhanced
monitoring, AI-based threat
detection, improved bot
management, virtual phone
numbers on Autoplius.lt, and
mandatory email verification
on Aruodas.lt
• Continued to improve
automated personal data
removal processes
• Updated our AI Policy
• Enhanced employee
awareness of GDPR, including
data privacy considerations
related to AI and intellectual
property, through training
Reporting frameworks
We continue to evolve our ESG reporting to
meet the requirements of leading industry
frameworks
and
our
stakeholders’
expectations. BCG has aligned its ESG
reporting to the Task Force on Climate-
Related
Financial
Disclosures
(TCFD)
and to the principles of the Sustainability
Accounting
Standards
Board
(SASB)
framework
for
Internet
and
Media
Services. We have also identified the UN
Sustainable Development Goals (“SDGs”),
to which we believe we can make a
meaningful contribution.
Disclosure index for the Task Force on
Climate-Related Financial Disclosures
(TCFD) framework can be found on
page 24.
Disclosure index for the Sustainability
Accounting Standards Board (SASB)
framework can be found on page 35.
ESG materiality assessment
Understanding which ESG topics are most
material to BCG is crucial to the long-term
success of our sustainability strategy. As
part of our materiality assessment, we
considered topics raised by investors,
ESG rating agencies, Senior Management
and employees to determine the ESG
issues most relevant to our business
and industry, and where we can have the
greatest impact. We also reviewed several
ESG reporting frameworks and selected
the SASB Standards due to their industry-
specific alignment with the ESG issues
we consider most material to BCG. The
six most material sustainability issues
identified and approved by the Board
as focus areas for BCG are listed below,
together with other sustainability matters
that are important to us:
Alignment with the UN SDGs
The Sustainable Development Goals (“SDGs”) were adopted by the United Nations in 2015. Our approach to responsible
business aligns quite naturally with the goals and we have identified four that are most material to our business and where
we contribute the most.
Helping customers to make more sustainable choices
The Group’s platforms play a significant role in promoting more sustainable and socially responsible consumer behaviour across the
Baltics. In 2026, each resident visited BCG sites an average of ten times per month, highlighting our strong reach and influence. Our
portals actively encourage the purchase of eco-friendly vehicles, support more informed real estate decisions through access to relevant
environmental data, and minimise the need for unnecessary travel by enabling efficient online transactions. Additionally, by facilitating
the exchange of second-hand goods, our marketplaces directly contribute to the circular economy. Together, these services empower
users to make choices that are not only environmentally conscious but also socially responsible.
Environment
Jobs & Services
Our Jobs & Services portals also help our advertisers
and consumers make more environmentally friendly
decisions by reducing needless travel:
•
customers may locate the services they require
online on our Services portals;
•
jobseekers and recruiters may connect through our
Jobs site online; and
•
remote workplace location tags and travel to work
time and distance information help jobseekers find
positions with less daily travel required.
Generalist
Our online classifieds and marketplace portals not only
offer one of the best ways for customers to advertise
and find goods and services across the Baltics, but
they also direct clients towards decisions that promote
circular economy and are socially responsible:
•
by purchasing used goods on our Generalist portals
rather than brand-new ones, fewer products need
to be made and end up in landfills, reducing GHG
emissions and material waste;
•
rubbish collection services on our portals can
only be offered by licensed providers, helping
our customers make more informed choices as
unlicensed suppliers may harm the environment.
In order to control the content and combat
illegal rubbish collectors, we also work with local
authorities; and
•
pet category listings require specific information
about pets, such as the seller's registration number
and the pet's microchip number. We also work with
local authorities to promote responsible and ethical
breeding practices.
Real Estate
In the Baltics, which have some of the highest home
ownership rates in Europe, residential real estate is a
significant industry. The Group's real estate portals
in Lithuania and Estonia are leaders in their markets,
enabling us to meaningfully influence and encourage
more sustainable choices made by our visitors. We
encourage users to review the environmental data of
each property and aim to save time and resources for
clients by reducing unnecessary visits to estate agents’
offices and avoiding misleading property descriptions,
thanks to these features available on our Real Estate
portals:
•
information on heating costs, energy class, air
quality in a particular location, including information
on ambient air pollutants, nitrogen dioxide (NO2)
and coarse particulate matter (PM10);
•
high quality photos, 3D tours, video tours, floor
plans, and property descriptions online;
•
location of a listed property on a map, providing
both a route and street view option; and
•
automatic travel time estimations, based on
real-time traffic conditions and public transit
schedules, that help potential buyers better plan
their commutes and compare driving versus public
transit options.
Sustainability Report
continued
Auto
We place a high priority on promoting environmentally
friendly technologies and cleaner, more effective fuel
types. To make it simpler for people to look for more
environmentally friendly vehicles, our Auto websites
provide a number of features:
•
key environmental data in car listings, such as
emissions, pollution tax rates, and fuel consumption
figures, enabling buyers to easily compare vehicle
impact and choose more eco-friendly options;
•
data fields for electric vehicles (EVs), including
range and battery capacity, as well as search filters
based on EV-specific parameters;
•
vehicle categories for bicycles and scooters,
supporting micro-mobility and greener transport
alternatives; and
•
EV-related content, reviews, and comparisons
on our YouTube and social media channels, with
our social media strategy actively promoting
sustainable mobility topics, including both EVs and
micro-mobility solutions.
Baltic Classifieds Group PLC Annual Report and Accounts 2026
Baltic Classifieds Group PLC Annual Report and Accounts 2026
24
25
STRATEGIC REPORT
Task Force on Climate-Related Financial Disclosures
(“TCFD”) Report
TCFD compliance statement
We support the Task Force on Climate-
Related Financial Disclosures (“TCFD”)
and
its
recommendations
and
are
committed to assessing the impacts of
climate risks and opportunities across our
operations and supply chains. This year we
focused on making progress towards our
environmental targets.
The
following
material
climate-related
financial
disclosures
are
consistent
with
the
four
overarching
thematic
recommendations, supported by the 11
recommended disclosures. (As per the
TCFD additional guidance “Implementing
the Recommendations of the Task Force
on Climate-Related Financial Disclosures”
(2021 TCFD Annex) which was released in
October 2021.)
TCFD disclosure index
The following table shows where recommended TCFD disclosures can be found:
TCFD recommended disclosure
Compliance
Governance
1.
Describe the board’s oversight of climate-related risks and
opportunities
2.
Describe management’s role in assessing and managing
climate-related risks and opportunities
The Board’s oversight of climate-related risks and opportunities,
together with Senior Management’s role in assessing and
managing climate-related risks and opportunities are described in
the TCFD governance section of this TCFD Report.
Strategy
3.
Describe the climate-related risks and opportunities the
organisation has identified over the short, medium and long-
term
4.
Describe the impact of climate-related risks and
opportunities on the organisation’s businesses, strategy and
financial planning
5.
Describe the resilience of the organisation’s strategy, taking
into consideration different climate scenarios
The material climate-related risks and opportunities and the
impact they may have on the Group have been identified and are
disclosed in the Climate strategy section of this TCFD Report.
The climate-related risks and opportunities were stress-tested in
three different climate scenarios and the resilience of our strategy
is described in the Climate strategy section of this TCFD Report.
Risk management
6.
Describe the organisation’s processes for identifying and
assessing climate-related risks
7.
Describe the organisation’s processes for managing climate-
related risks
8.
Describe how processes for identifying, assessing and
managing climate-related risks are integrated into the
organisation’s overall risk management
The Group’s processes for identifying, assessing and managing
climate-related risks are described in the Climate-related risk
management section of this TCFD Report.
Climate-related risks are captured and documented in the Group’s
Risk Register in the same manner as other risks. This process is
described in the Climate-related risk management section of this
TCFD Report and the Risk management section of the Strategic
Report on pages 27 and 38.
Metrics and targets
9.
Disclose the metrics used by the organisation to assess
climate-related risks and opportunities in line with its
strategy and risk management process
10.
Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 GHG
emissions, and the related risks
11.
Describe the targets used by the organisation to manage
climate-related risks and opportunities and performance
against targets
Our environmental targets are described in the Environmental
metrics and targets section of this TCFD Report.
Scope 1, 2 and 3 GHG emissions, energy consumption, water
consumption and information on electricity are also disclosed in
the Environmental metrics and targets section of this TCFD Report
on pages 27 to 28.
Sustainability Report
continued
TCFD governance
Board oversight of climate-related risks and
opportunities
The Board has overall responsibility for
the Group’s preparedness for adapting to
climate change. To ensure the Board has
sufficient oversight of climate change
issues, the Board has established an ESG
working group, comprising three Executive
Directors and three other employees, and
has delegated responsibility for climate-
related matters to the group. The ESG
working group reports to the Board and
regularly updates the Board on climate-
related risks and opportunities, as well
as progress against targets addressing
climate-related issues.
For more information on the ESG
working group, see the Sustainability
Report on page 22.
During the year ended 30 April 2026, the
Board considered climate-related matters
in three of its meetings. In October 2025,
the Board reviewed progress against ESG
targets, Omnibus I reporting developments,
other ESG reporting standards relevant
to BCG, and BCG’s performance in ESG
ratings. In March 2026, the Board reviewed
the Group’s H1 2026 emissions, energy use,
renewable energy and carbon offsetting,
as well as ESG reporting developments,
the 2026 Parker Review and FTSE Women
Leaders Review submissions and results.
In April 2026, the Board reviewed climate
change risks and opportunities as part of
the annual ESG Risk Register review.
Climate-related issues are also considered
when
reviewing
business
activities,
strategic
objectives,
risk
management
or annual budgets. Climate-related risks
are included into the overall Group’s Risk
Register and reviewed on a regular basis,
while the Group's strategy is supported
by an environmental strategic objective.
Given the nature of the Group's operations,
climate-related
considerations
did
not
result in any material changes to business
activities, strategic plans, acquisitions,
divestitures or capital allocation decisions
during the year.
Management’s role in assessing and
managing climate-related risks and
opportunities
The ESG working group oversees the ESG
Risk Register, a subset of the Group’s
Risk Register that covers climate-related
risks and opportunities. It facilitates an
annual review of climate-related risks and
opportunities with Senior Management.
Senior Managers, as risk owners, are
accountable for evaluating and managing
climate-related risks within their respective
business areas. They stay informed about
new environmental regulations, evolving
market trends, and growing customer
demand
for
sustainability.