"Maxima Group's profit fell by almost 5%.

Revenues of Maxima Group, the largest retail group in the Baltics, grew by 4.3 percent to more than EUR 6 billion last year, while profit fell by 4.9 percent.

Revenue growth was strongest in Poland and Bulgaria, where store expansion was strongest, the group said on Thursday.

Revenue growth was 8.7 per cent to €1.890 billion in Poland and 6.7 per cent to €294 million in Bulgaria.

Revenue growth was 3.1 per cent in Lithuania, 2.6 per cent in Latvia and 0.9 per cent in Estonia.

Compared to the previous year, the Group's earnings before interest, tax, depreciation and amortisation (EBITDA) in 2024 was 4.9 per cent lower at €455.6 million, while profitability fell 0.7 percentage points to 7.5 per cent.

According to the Group, this was mainly driven by an increase in operating costs, mainly due to higher wage costs, particularly in Poland. 

The Group's total e-commerce revenues in 2024 amounted to €160.5 million, down 6.3 per cent year-on-year, due to the discontinuation of its Polish operations in March, while e-commerce revenues in the Baltic States grew by 7 per cent.

It was also announced that the group's sole shareholder, „Vilniaus prekyba“, has approved the previous year's consolidated financial statements and the draft profit distribution, which allocates €106.3 million for the payment of a dividend to „Vilniaus prekyba“. 

„In 2024, the Group continued its strategic projects and invested more in business development. This has enabled us to sustainably grow revenues and maintain our positions in the Baltic States, Poland and Bulgaria, despite the decline in food inflation and intensified competition. The grocery chains' revenues grew in all operating markets, and efficiency measures helped to reduce the impact of rising costs on profitability, as quoted in the report by Manfredas Dargužis, Managing Director of „Maxima Group“.

The total number of stores operated by the Group in all countries at the end of last year was 1,611, with the strongest expansion in Poland, where 36 new stores were opened, and in Bulgaria, where 13 new stores were opened, and in the Baltic States, where six new stores were opened.

The Group's investment in fixed assets last year was €21 million higher than the previous year at €190 million, according to a statement.

According to the company, this growth was driven by investments in larger store refurbishments, land acquisitions and acquisitions of properties where stores are already in operation.

Pernai also launched a 46,000 sqm logistics centre in Lithuania with a total investment of EUR 70 million.

The Group said it maintained a moderate level of debt last year, with a consolidated net debt to EBITDA ratio of 2.3 at the end of 2024. 

„Maxima Group“ operates retail chains in the Baltics, Poland, Bulgaria and an online grocery store in the Baltic States.