Apollo Group`s interim condensed consolidated financial statements for the Q4 and 12 months of 2025/2026 (unaudited)

Key Developments during Financial Year 2025/2026

During financial year 2025/2026 economic environment in Group’s operating markets remained challenging, especially in Estonia and Finland. Weakened consumer confidence, high unemployment rates and high inflation rates are leading to reduced household purchasing power, what continuously placed downward pressure on consumption volumes. Nevertheless, the Group sees this economic environment as excellent opportunity for expansion and strengthening its leading position in operating markets.

The following key actions were taken during the reporting period:

• Apollo Group issued bonds in the amount of 50 mln eur under its bond program, which allows to increase outstanding bonds` amount up to 70 mln eur. Bonds` maturity is 5 years, interest rate is 7% and bonds are listed on main list of Nasdaq Baltic exchange. Received financing puts the Group into good position to finance its efficiency and growth-oriented projects.
• Apollo Plaza was opened in city center of Tallinn – a unique building, where entertainment and restaurants are blended together into one exciting experience. Following Apollo brands can be enjoyed in Apollo Plaza: Lido, MySushi, Apollo Kino and Apollo Store.
• We opened 7 KFC restaurants in Baltics and 3 KFC restaurants in Finland, bringing total amount of KFC restaurants in Baltics to 30 and to 8 in Finland. ü Lido reconstructed one of its largest restaurant in Domina shopping center in Riga bringing dining experience for Lido`s customers to a new level.
• We started central kitchen construction project in Riga.
• MySushi successfully opened 6 restaurants in Riga with the goal to further expand its Latvian operations.
• Apollo Group acquired Lithuanian restaurant company Delano UAB. Delano operates 2 restaurants under Delano brand and 18 restaurants under CAN CAN brand across different locations in Lithuania. Acquisition of well-known and established restaurant chain places the Group into perfect spot to further expand in Lithuanian market.
• The Group divested O`Learys and Action ! by Apollo entertainment centers consisting of 9 units. The goal behind this change is to keep focus on Group`s scalable core business lines.
• The Group purchased remaining 4% of Lido AS`s shares from minority shareholder, thus turning Lido AS into fully owned subsidiary.
• Vapiano exited Lithuanian market, where it had 2 units. The Group took strategic decision to focus with Vapiano brand on Estonian and Finish markets. Additional unit in Tallinn in Rocca Al Mare shopping mall was successfully opened in March 2026.
• Delano started construction of 2 new units in Vilnius, which are expected to be opened in summer and autumn 2026.

Financial Performance

Consolidated revenue 2025/26 financial year amounted to EUR 257 million, representing a 13% (EUR 30 million) increase compared to the prior year. Consolidated EBITDA reached EUR 39,9 million, same level as in 2024/2025: EUR 39.9 million). The Group generated a consolidated net loss of EUR 3.6 million (2024/2025: net profit of EUR 3.8 million). Loss from sale of subsidiary amounted to 4.6 mln eur, also other operating income was lower by EUR 2.1 million as compared to previous period. Depreciation and amortisation expense increased to EUR 28.7 million, an increase of EUR 3.7 million from the prior period. Total finance costs remained on the same level of EUR 10 million (2024/2025: EUR 10.1 million). The consolidated liabilities of the Apollo Group increased by EUR 27 million as at 30 April 2026 compared with the end of previous financial year (total liabilities as at 30 April 2026: EUR 239.8 million; total liabilities as at 30 April 2025: EUR 212.7 million). Interest rate and foreign exchange fluctuations did not have a material impact on the Group’s financial results for 2025/2026. Operational transactions are predominantly conducted in euros, mitigating currency exposure. The Group’s financing agreements are structured with fixed interest rates. Based on the duration of these contracts and the Group’s capitalisation profile, potential Euribor fluctuations are not expected to materially affect liquidity. The Group’s customer base consists largely of retail consumers, resulting in immediate cash settlement for the majority of transactions.

Employees

As of 30 April 2026, the Apollo Group employed 3,705 people, an increase of 209 employees compared with the beginning of the financial year. Of the total employees, 33% are based in Estonia, 22% in Lithuania, 38% in Latvia, and 7% in Finland.

Financial risks

According to Terms and Conditions of the Bonds the Group should be in compliance with following financial covenants, which are tested as at the end of each quarter based on published results:

• Adjusted equity ratio.
• Interest coverage ratio.
• Leverage ratio.  

Actual values of financial ratios with explanatory calculations are presented in table below.

Targeted levels of all financial ratios are met for all reporting periods presented in current financial report. The Group is in compliance with financial covenants and there are no continuing events of default as defined in Terms and Conditions of the Bonds.

Interim condensed consolidated statement of comprehensive income

Interim condensed consolidated statement of financial position

Toomas Tiivel
Chairman of the Management Board
+372 550 5285

toomas.tiivel@apollogroup.ee

Attachment

• APG Q4 2025 2026 interim report ENG signed