In the first half of 2024, the consolidated revenue of the companies managed by MAXIMA GRUPĖ, UAB increased by 4.7% compared to the same period last year, reaching €3 billion. The most significant contributors to this growth were ongoing expansion in Poland and Bulgaria, as well as increased sales in Lithuania and Latvia. Like-for-like (LFL) retail sales revenues, calculated at a constant exchange rate, grew by 2.2%.
The overall revenue growth of the Group in the first half of this year was lower than last year, primarily due to slowed consumption and decreased inflation, especially in Estonia and Poland, as well as the discontinuation of Barbora's operations in Poland. The largest part of revenue growth came from Poland, where the most active store network expansion took place, resulting in an 11.2% revenue increase, exceeding €920 million. Although the revenues of the "Stokrotka" and "T Market" chains recorded steady growth, strong competition and lower product prices led to only a slight increase in LFL store turnover. In the Baltic States, LFL store revenue growth exceeded or matched the market growth rate, with Lithuania recording the highest LFL growth at 4.7%. The Group's EBITDA amounted to €209 million, a 10.8% decrease compared to the same period last year. The decline in profitability was mainly due to intensified competition and rising wages, which significantly impacted operating costs.
Compared to the same period last year, total e-commerce segment revenue in the first half of 2024 was €8 million lower due to the discontinuation of operations in Poland in March, but gross sales in Barbora’s e-stores in the Baltics increased by €4 million, while the number of active Barbora customers also increased.
Investments in fixed assets in the first half of 2024 amounted to €109 million, €53 million more than in the same period last year. Investments increased significantly due to the construction of Maxima's logistics center in Lithuania, which began operations in June, as well as the renovation of larger stores and the acquisition of real estate where the Group's stores operate. In the first half of 2024, 24 new stores were opened, including 16 in Poland, 5 in Bulgaria, 2 in Lithuania, and 1 in Latvia.
The Group's net debt increased compared to the first half of 2023, reaching €1.166 billion by the end of the half-year, and the financial leverage ratio rose to 2.6x. The increase was mainly driven by higher lease obligations due to rising rent prices and the growing number of stores in Poland.
Last year, the Group introduced a new private label "Well Done" across all its store networks in all countries, making it one of the largest private labels in the Baltic States. This brand offers more than 550 different high-quality products from various countries at low prices across various categories. This year, collaboration began with J. S. Hamilton, one of the leading laboratory networks in Central and Eastern Europe, which additionally checks the quality of an increasing part of "Well Done" products and labels the verified products with a special laboratory-approved quality mark.
Additional Information
MAXIMA GRUPĖ, UAB manages the retail chains "Maxima" (in the Baltic States), "Stokrotka" (in Poland), "T Market" (in Bulgaria), and the online grocery store "Barbora", which operates in the Baltic States.
MAXIMA GRUPĖ, UAB is part of the "Vilniaus Prekyba" group of companies. "Vilniaus Prekyba" also manages investments in retail, pharmacy, catering service networks, and real estate development and leasing companies in the Baltic States, Sweden, Poland, and Bulgaria through other subsidiaries.
