Baltic Classifieds Group (BCG) H1 2025 earnings summary

Executive summary

• Revenue grew 17% year-over-year to €41.8 million, with EBITDA up 18% to €32.9 million and margin expanding to 79%; profit for the period rose 41% to €21.7 million.

• Strong momentum and market leadership across all core platforms, with record advertiser numbers and double-digit ARPU and yield growth in Auto, Real Estate, and Jobs & Services.

• Cash conversion remained high at 99%, supporting robust cash flow, shareholder returns, and further deleveraging.

• Product innovation and digital enhancements, including AI matching for jobs, value-based pricing, and enhanced fraud prevention, were implemented across platforms.

Financial highlights

• Revenue: €41.8 million (+17% year-over-year); EBITDA: €32.9 million (+18%); EBITDA margin: 79% (+1 ppt); cash from operations: €34.2 million (+17%).

• Adjusted net income: €27.6 million (+21%); profit for the period: €21.7 million (+41%); adjusted basic EPS: 5.7 € cents (+24%).

• B2C and C2C segments each grew 17%, together accounting for 90% of total revenue.

• Ancillary revenue (6% of total) grew 22%; display advertising (5% of total) grew 10%.

• Interim dividend declared at 1.2 € cent/share (+20% year-over-year).

Outlook and guidance

• Board expects at least 15% revenue growth in H2, with Auto, Real Estate, and Jobs & Services projected to exceed this rate.

• Full-year revenue outlook upgraded after H1 over-performance; EBITDA margin for FY2025 expected to expand by one percentage point.

• Inventory levels assumed flat or low single-digit growth; pricing events in May and October to drive H2 performance.

• Growth to be driven by B2C ARPU and C2C yield expansion, with inventory levels stable.

• Capital allocation will prioritize debt reduction and share buybacks in the absence of major M&A.