Baltic Classifieds Group (BCG) H2 2024 earnings summary

Executive summary

• Achieved record financial and operational performance, meeting or exceeding upgraded guidance and all commitments, including ESG and capital allocation.

• Revenue increased 19% year-over-year to €72.1m, with strong growth across all business segments.

• EBITDA rose 20% to €55.3m, maintaining a high margin of 77%.

• Adjusted net income grew 18% to €45.0m, while reported profit rose 38% to €32.0m.

• Leadership positions were maintained in all major markets, with significant digital traffic advantages over competitors.

Financial highlights

• EBITDA margin expanded by 1 percentage point to 77%, with cash conversion at 99%.

• Cash generated from operations grew 23% to €59.0m; net cash inflow after tax and financing up 20% to €51.2m.

• Adjusted net income increased 18% to €45.0m; adjusted basic EPS up 20% to 9.2 € cents per share.

• Listing fees now 90% of revenue; B2C contracted revenue grew 22%, C2C listings up 18%.

• Auto and real estate verticals, making up 63% of revenue, grew 24% and 20% respectively; jobs and services up 17%.

Outlook and guidance

• Board guides for 15% revenue growth in 2025, with Auto, Real Estate, and Jobs & Services expected to outpace group average.

• Continued EBITDA margin expansion anticipated, with ongoing investment in product development.

• Early signs from new C2C pricing and packaging changes are positive.

• Capital allocation to focus on debt reduction and share buybacks in absence of M&A.