Baltic Classifieds Group Plc · LSE:BCG
Baltic Classifieds — H1 2025 Earnings Presentation
29 slides from Baltic Classifieds's earnings presentation, December 2024
Slide 1: Half year results presentation
Half year results presentation Six months ended 31 October 2024
Slide 2: Financial highlights
Financial highlights +17% +18% +21% +24% Adjusted net income 2 Adjusted basic EPS 3 Auto +17% up to €27.6m up to 5.7 € cents Revenue up to €41.8m Real Estate +26% EBITDA up to €32.9m 1 (H1 2024: €22.7m) (H1 2024: 4.6 € cents) (H1 2024: €35.8m) Jobs & Services +17% (H1 2024: €27.8m) Profit up by 41%
Slide 3: Operational highlights
Operational highlights Significant leadership position against nearest competitor 1 Customers and ads across our business units, growth YoY maintained for all our major businesses (times) Six months ended 31 October 2024 is shown as H1 2025 B2C 0% +4% +2% n/a 2022 2 2023 2 2024 2 H1 2025 C2C active
Slide 4: Financials
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Slide 5: Continued momentum in the core business, positioned well for continued growth
Continued momentum in the core business, positioned well for continued growth through the remainder of the year 16% 38% The growth came from the core classifieds B2C +17% business: B2C + C2C = 90% of revenue. C2C +17% Revenue (million €) Six months ended 31 October 2024 is shown as H1 2025 Revenue s
Slide 6: Continued execution against our strategic priorities
Continued execution against our strategic priorities Revenue (million €) 20 M&A: IPO Auto24 15 Each of our business lines remained strong and 10 contributed to the overall Group growth 5 0 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 Auto Real Estate Jobs &
Slide 7: Continued cost discipline driving operating leverage
Continued cost discipline driving operating leverage Operating costs (million €) 1 Six months ended 31 October 2024 is shown as H1 2025 People costs: • People costs is 15% of revenue • Platform developments are done in-house +11% • Our team grew by 7% to on average 144 FTEs (H1 2024: 134 FTEs). The
Slide 8: Resilient EBITDA and continued margin expansion underpin robust cash flow generation
Resilient EBITDA and continued margin expansion underpin robust cash flow generation EBITDA (million €) 1 Net cash inflow from operating activities (million €) Six months ended 31 October 2024 is shown as H1 2025 Six months ended 31 October 2024 is shown as H1 2025 Cash conversion 2 99% Cash generat
Slide 9: Adjusted operating profit continues to track closely to EBITDA
Adjusted operating profit continues to track closely to EBITDA H1 2025 (€ millions) H1 2024 (€ millions) Change Revenue 41.8 35.8 17% Operating cost excluding depreciation and amortisation (8.9) (8.0) 11% EBITDA 1 32.9 27.8 18% EBITDA margin %1 79% 78% 1% pt Depreciation and amortisation (6.5) (8.4)
Slide 10: Debt and leverage continues to be reduced
Debt and leverage continues to be reduced Net debt bridge (million €) 1 Six months ended 31 October 2024 is shown as H1 2025 Leverage2 Leverage 0.5x 0.4x 27.5 (28.5) 0.3 25.6 2.4 At the beginning of H1 2025: 13.8 • Loan balance of €50 million • Leverage of 0.5x During H1 2025: • Voluntarily repaid €
Slide 11: Capital allocation priorities remain unchanged
Capital allocation priorities remain unchanged Dividends M&A Debt repayment We intend to return 1/3 of Adjusted We will continue to assess value- and share net income each year via dividend creating opportunities buy-backs 1 Interim (1/3) and final (2/3) dividend Own cash is most likely source of fi
Slide 12: Strategic Progress
Strategic Progress
Slide 13: Auto revenue up 17%
Auto revenue up 17% Through growth in the number of ads and improved yield Average auto price and transactions 1 C2C KPIs 5 22 22 19 20 291 +15% (6%) +10% 265 259 271 monthly revenue per 34.7 37.7 active ad (€) transactions (2%) +4% +7% +17% +37% +9% no. of active ads 10.7 11.8 11.8 (thousand) 21.6
Slide 14: Real Estate revenue up 26%
Real Estate revenue up 26% Through growth in the number of ads and improved yield Average apartment price and transactions 1 C2C KPIs 25 23 23 149 19 120 +20% (2%) +10% monthly revenue per 105 109 active ad (€) (19%) (12%) +4% transactions 24.2 no. of active ads +8% +20% +20% (thousand) (thousand) 1
Slide 15: Jobs & Services revenue up 17%
Jobs & Services revenue up 17% Through growth in the number of customers, improved yield and significant growth of Services Monthly average gross wage 1 C2C KPIs: Services and average unemployment rate2 23 27 2.2 21 2.0 1.7 +113% +8% +19% monthly revenue per active ad (€) 1.5 10 +14% +13% +10% avera
Slide 16: Generalist revenue up 4%
Generalist revenue up 4% Through yield improvement including value-based pricing E-commerce market growth in Lithuania and Estonia (€bn) 1 CAGR CAGR 2019 - 2023 2023 - 2028 Lithuania Estonia 1,665 1,737 +24% +6% 1,506 1,591 1,301 1,416 1,086 996 469 542 712 +27% +7% 382 516 628 753 1,057 1,434 1,748
Slide 17: Product developments in H1 2025
Product developments in H1 2025 At Autoplius.lt, we have launched new tools to assist dealers in growing At Aruodas.lt, we have implemented a segmentation system for self-service their businesses. The first tool helps to assess the market demand, customers, allowing us to apply different monetisatio
Slide 18: Product developments in H1 2025
Product developments in H1 2025 At Cvbankas.lt, we have developed a proprietary AI matching model At Skelbiu.lt, we have enhanced our fraud prevention program by that leverages large language models and custom embedding incorporating additional security measures into the buyer-to-seller chat technol
Slide 19: Outlook
10 utlook BALTIC CLASSIFIEDS GROUP
Slide 20: Macroeconomic overview
Macroeconomic overview Historical growth exceeding Swift recovery of GDP growth Strong credit profile the EU average growth in Lithuania Real GDP per capita GDP Public sector debt Lithuania: 4.6% Lithuania: 2.4% Lithuania: 38.6% CAGR 2000-2023 :1 YoY 2024 F: 1 % of GDP 2024 F: 1 Estonia: 3.1% Estoni
Slide 21: Outlook
Outlook The Board remains confident in the outlook for the second half of the year, driven by the successful implementation of pricing and packaging changes and the continued momentum across our business. For the second half of the year, the Board is expecting revenue growth of at least 15%, with Au
Slide 22: Appendices
Appendices
Slide 23: KPIs and revenue by business line
KPIs and revenue by business line H1 2025 H1 2024 Change, % 3,749 3,749 +0% B2C: Auto dealers 5,102 4,917 +4% monthly number of customers Real Estate brokers 2,421 2,377 +2% Jobs companies 1 C2C: Auto2 37,650 34,695 +9% number of active ads Real Estate 24,182 20,140 +20% Services 8,967 8,243 +9% C2C
Slide 24: Consolidated statement of profit or loss and other comprehensive income
Consolidated statement of profit or loss and other comprehensive income H1 2025 H1 2024 2024 (€ millions) (€ millions) (€ millions) Revenue 41.8 35.8 72.1 Other income 0.0 0.0 0.0 Expenses (15.5) (16.4) (33.8) Operating profit 26.4 19.4 38.3 Finance income 0.1 0.1 0.2 Finance expenses (1.5) (1.9) (3
Slide 25: Consolidated statement of financial position
Consolidated statement of financial position H1 2025 (€ millions) H1 2024 (€ millions) 2024 (€ millions) Assets Property, plant and equipment 0.7 0.6 0.5 Intangible assets and goodwill 363.1 377.5 369.3 Right-of-use assets 1.0 0.8 1.2 Deferred tax asset - 0.2 - Non current assets 364.8 379.1 371.0 T
Slide 26: Consolidated statement of cash flows
Consolidated statement of cash flows H1 2025 (€ millions) H1 2024 (€ millions) 2024 (€ millions) Cash flows from operating activities Profit for the period 21.7 15.3 32.0 Adjustments for: Depreciation and amortisation 6.5 8.4 16.9 Loss on property, plant and equipment disposals 0.0 - - Taxation 3.3
Slide 27: Consolidated statement of cash flows (cont.)
Consolidated statement of cash flows (cont.) H1 2025 (€ millions) H1 2024 (€ millions) 2024 (€ millions) Cash flows from investing activities Acquisition of intangible assets and property, plant and equipment (0.3) (0.2) (0.3) Proceeds from sale of property, plant and equipment - 0.0 0.0 Net cash us
Slide 28: We are the clear leader
We are the clear leader Lead over nearest competitor Go-to destination for the public Relative market share vs. nearest competitor, H1 2025 1 Monthly visits per capita , calendar year 2020 8 Lithuania Estonia Latvia 8.4 c.7x 2 c.40x 3 6.5 c.0.7x 5 4 c.24x 4 c.15x 4 #1 in Latvia is generalist portal
Slide 29: Thank you
Thank you Q&A?
Baltic Classifieds Group — H1 2025 Earnings Presentation on 6ix