Aktualijos

MAXIMA GRUPĖ, UAB (hereinafter – MAXIMA GRUPĖ) operated in five countries throughout 2025 and has continued operations in the three Baltic states since the end of December. As the sole shareholder of the company, UAB “Vilniaus prekyba”, carried out a restructuring of the group, in December 2025, MAXIMA GRUPĖ transferred the shares of the companies it managed in Poland and Bulgaria to another subsidiary of “Vilniaus prekyba”.

Commenting on the results, Jolanta Bivainytė, CEO of MAXIMA GRUPĖ, emphasised the strength of the business in the Baltic countries: “The retail chains in the Baltic states that remain within the MAXIMA GRUPĖ are our strength. The share of the MAXIMA GRUPĖ’s total revenue generated in the Baltic states amounted to 64% in 2025 and exceeded €4 billion for the first time. We want to maintain Maxima’s leadership in these home markets, so we will focus on the efficiency of our operational processes, pursue organic growth, and continue to strengthen the “Barbora“ online store,” says J. Bivainytė.

In 2025, the business continued to operate under conditions of uncertainty, as the persistently tense geopolitical situation was a cause for concern. Specifically, the retail sector was significantly affected by the high prices of certain food raw materials: beef and eggs became more expensive, whilst the rise in the price of cocoa, which drove up the cost of chocolate bars, as well as the increase in the prices of coffee and apples, had already begun in 2024. Rising minimum wages across all countries drove up operating costs. Overall, the challenges of 2025 were similar in nature to those of previous years.

Consolidated figures for 2025

MAXIMA GRUPĖ’s consolidated revenue across five countries in 2025 grew by 4.1% compared to 2024, reaching €6.35 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to almost €510 million, an increase of €54 million compared to the previous year.

The most significant growth in EBITDA was driven by improved results in Poland, where EBITDA increased by €18.3 million. This was mainly driven by more efficient stock management, improved ordering and replenishment solutions that reduced product write-offs in stores, as well as controlled growth in operating costs despite cost pressures from rising wages in the market.

Furthermore, 2025 saw a standout performance from MAXIMA Estonia, where EBITDA grew by €12 million, or 33%. This improved result was achieved through both a higher gross margin and greater efficiency in operating costs. The gross margin improved due to the results of consolidated purchasing, better-balanced depth of discounts and pricing management. Cost management was aided by more efficient processes in standardised-format stores, as well as lower transport costs and stable costs for electricity, heating and utilities.

The e-commerce segment also contributed to EBITDA growth, with losses halving to €7.9 million. In the Baltic countries, losses fell by €3 million, mainly due to changes in service fee pricing and the withdrawal from unprofitable regions, thereby reducing operating costs. The remaining change was a reduction in losses due to the cessation of BARBORA Polska’s operations in 2024.

The consolidated net profit of MAXIMA GRUPĖ in 2025 amounted to €209 million and was €73 million higher than in 2024. This increase was driven by a €77.6 million profit recognized in the consolidated statement of comprehensive income from the disposal of companies in Poland and Bulgaria. Excluding this amount, the consolidated net operating profit of MAXIMA GRUPĖ in 2025, compared to the previous year, decreased by approximately €5 million.

At the beginning of 2025, MAXIMA GRUPĖ allocated €106 million from retained earnings as dividends to its sole shareholder, UAB “Vilniaus prekyba”. The funds received from PARETAS B.V. for the businesses disposed in Poland and Bulgaria, €424 million, were paid out as dividends to “Vilniaus prekyba” at the end of the year.

The Group maintained a moderate level of indebtedness in 2025. The ratio of consolidated net debt to EBITDA stood at 1.49 at the end of 2025.

A third of MAXIMA GRUPĖ‘s revenue comes from Poland and Bulgaria

More than a third (€2.28 billion) of MAXIMA GRUPĖ‘s total revenue in 2025 came from Poland and Bulgaria. Revenue in Poland grew by 4.3% to €1.97 billion, and in Bulgaria by 2.7% to €302 million.

In 2025, investments in Poland and Bulgaria exceeded €80 million and remained at a similar level to previous years. Compared to previous years, the number of stores in Poland decreased by seven, although 33 new stores were opened (23 owned, 10 franchised), whilst the network in Bulgaria grew by five stores. The slower-than-usual expansion in these countries was driven by the process of refining store formats and available locations.

Varying market conditions in the Baltic states

Retail growth in the Baltic States varied, reflecting differing market conditions and trends in consumer behaviour. In 2025, MAXIMA GRUPĖ‘s revenue in the Baltic States increased by 4% compared with the previous year: in Lithuania by 5.4% to €2.33 billion, in Latvia by 3.2% to €1.14 billion, and in Estonia by 0.4% to €601 million. Sales at the “Barbora“ e-shops in the Baltic States grew by 3.1% to €153 million.

Lithuania remained the strongest market in the region, with growing consumer spending and generally positive retail trends throughout the year. Meanwhile, in Latvia and Estonia, the food retail market grew only slightly, and increased price sensitivity continued to influence customers’ shopping habits.

In this context, MAXIMA GRUPĖ‘s priority remained a high-quality product range and the best prices for our customers. Perhaps the most important initiative for 2025 is ‘slashed prices’. Under this campaign, a selection of product categories is sold every day at a consistently low price, without the need for special offers. Starting with the coffee bean category in Latvia and Lithuania, this pricing model is now being applied to an ever-wider range across all the Baltic countries. The expansion of our private-label range has helped us offer a high-quality product assortment at low prices. Sales of private-label goods in the Baltic countries have grown by an average of around 13% annually over the past three years. In 2025, €74 million was allocated for investment in the Baltic countries: 13 stores were refurbished, the majority of which were large-format stores, and three new stores were opened, whilst the store standardisation project launched in 2021 is in its final stages.

€6 million worth of products donated to food banks

Sustainability remains a key strategic direction of MAXIMA GRUPĖ, contributing to the reduction of environmental impact and strengthening long-term business resilience. Among the most important sustainability goals of MAXIMA GRUPĖ are the science-based climate targets (SBTi) set at the beginning of 2024: (1) To reduce Scope 1 and 2 greenhouse gas (GHG) emissions from its operations by 42% by 2030 — by the end of 2025, compared to the 2021 baseline, these emissions had already been reduced by 24.5%. (2) By the end of 2027, 78.3% of suppliers are to have set SBTi targets — by the end of 2025, 19% of suppliers (based on their CO2e footprint) had already officially validated SBTi targets (compared to 16% in 2024), and an additional 3.8% of suppliers had formally announced their intention to set such targets.

Reducing food waste remains a key focus of our prevention efforts, therefore, a target has been set in the Baltic countries to reduce food waste by 30% by 2030, compared to 2023. In 2025, MAXIMA GRUPĖ‘s companies focused heavily on strengthening operational planning and stock management to more clearly identify the main causes of food loss and apply targeted preventive measures in the future. Cooperation with food banks also continued, with edible but unsold food products to support and charity organisations – over the course of the year, MAXIMA GRUPĖ‘s companies donated around 3.1 thousand tonnes of food products fit for consumption, worth €6.3 million. Despite the series of measures implemented, the volume of food waste in 2025 (compared to 2023) increased by 15%, however, further measures are planned (e.g. reviewing food waste accounting methodologies, the quantities transferred to food waste processors, etc.) to ensure the agreed target is met.

In 2025, MAXIMA GRUPĖ‘s companies provided €1 million in support. When providing support, MAXIMA GRUPĖ‘s companies focus primarily on the education and health of children and young people, and support related projects and initiatives.