Core Points - MAXIMA GRUPĖ exercised its early redemption right and redeemed all bonds with a nominal value of EUR 240 million [1][2] - The bonds had a fixed annual interest rate of 6.25% and an actual annual yield of 8.40% upon early redemption [1] - The decision to redeem the bonds early is part of the restructuring process of the "Vilniaus prekyba" group of companies [2] Company Overview - MAXIMA GRUPĖ manages retail chains including "Maxima" in the Baltic countries, "Stokrotka" in Poland, "T Market" in Bulgaria, and the online food store "Barbora" [3] - MAXIMA GRUPĖ is part of the "Vilniaus prekyba" group, which controls investments in retail, pharmacy chains, and real estate development across the Baltic countries, Sweden, Poland, and Bulgaria [4]

Core Points - MAXIMA GRUPĖ's audit committee has been elected for a new four-year term ahead of schedule to ensure continuity during the audit of the 2025 financial statements [1][2] - The new audit committee consists of Vytenis Lazauskas (chairman, independent member), Eglė Čiužaitė (independent member), and Vaidotas Neniškis (member nominated by UAB "Vilniaus prekyba") [3] Group 1: Audit Committee Members - Vytenis Lazauskas has extensive experience in financial auditing and consulting, previously serving as Group Finance Director at "INVL" Group and currently as Group Risk Management Director [4] - Eglė Čiužaitė has held various management roles, including CEO of "Lietuvos energijos gamyba," and is currently an independent member of several boards and audit committees [5] - Vaidotas Neniškis has significant finance experience, having worked in various management positions within the "Vilniaus prekyba" group and currently serving as Chief Financial Officer at "Vilniaus prekyba" [6] Group 2: Company Overview - MAXIMA GRUPĖ manages retail chains including "Maxima" in the Baltic countries, "Stokrotka" in Poland, "T Market" in Bulgaria, and the online food store "Barbora" [7] - MAXIMA GRUPĖ is part of the "Vilniaus prekyba" group, which controls investments in retail, pharmacy chains, and real estate development across the Baltic countries, Sweden, Poland, and Bulgaria [8]

Core Viewpoint - S&P Global Ratings has maintained MAXIMA GRUPĖ's BB+ credit rating with a stable outlook despite planned operational separations in Poland and Bulgaria, which may impact the group's size and growth prospects [1][2] Group 1: Credit Rating and Financial Impact - The planned separation of operations in Poland and Bulgaria will reduce MAXIMA GRUPĖ's geographical diversification and growth prospects, but it will also allow for the transfer of lease and financial obligations, potentially lowering financial leverage from a previously forecasted 2.4x in 2025 [1] - The transaction is not expected to have a direct impact on MAXIMA GRUPĖ's individual credit profile of 'bb+' or its issuer credit rating of 'BB+' [2] - MAXIMA GRUPĖ has decided to redeem €240 million worth of bonds maturing in July 2027 ahead of schedule prior to the transfer of the spun-off companies [2] Group 2: Company Overview - MAXIMA GRUPĖ, UAB operates retail chains including "Maxima" in the Baltic countries, "Stokrotka" in Poland, "T Market" in Bulgaria, and the online food store "Barbora" in the Baltic countries [3] - MAXIMA GRUPĖ is part of the "Vilniaus prekyba" group, which controls investments in retail, pharmacy chains, and real estate development across the Baltic countries, Sweden, Poland, and Bulgaria [4]

Management Changes - Jolanta Bivainytė is appointed as CEO of MAXIMA GRUPĖ effective October 13, 2025, replacing Manfredas Dargužis, who will become Head of Expansion at "Vilniaus prekyba" [1] - Kristupas Buzys takes over as CEO of MAXIMA LT, UAB, replacing Jolanta Bivainytė, and has been the marketing director since 2023 [2] - Tomas Bazys is appointed as Director of FRANMAX, previously serving as Director of the IT Department at MAXIMA LT since 2016 [3] Board Composition - The renewed Board of MAXIMA GRUPĖ includes Jolanta Bivainytė (chairwoman), Karolina Zygmantaitė, Arūnas Zimnickas, Petar Petrov Pavlov, Agnė Voverė, Lauryna Šaltinė, and Manfredas Dargužis [2] Company Overview - MAXIMA GRUPĖ, UAB manages retail chains "Maxima" in the Baltic countries, "Stokrotka" in Poland, "T Market" in Bulgaria, and the online food store "Barbora" in the Baltic countries [4] - MAXIMA GRUPĖ is part of the "Vilniaus prekyba" group, which controls investments in retail, pharmacy chains, and real estate development in the Baltic countries, Sweden, Poland, and Bulgaria [5]

Core Points - MAXIMA GRUPĖ has signed a short-term financing agreement for EUR 260 million with SEB and ING banks to redeem long-term bonds and cover related expenses [1][2] - The bond redemption is part of a restructuring plan for UAB "Vilniaus prekyba," which involves separating businesses in Poland, Sweden, and Bulgaria into a new holding company, PARETAS B.V. [3] - MAXIMA GRUPĖ aims to strengthen its position as the leading retail operator in the Baltic region post-restructuring and may consider returning to the bond market in 2026 [4] Financing Details - The financing agreement consists of EUR 130 million from SEB and EUR 130 million from ING, with no secured performance guarantees or pledged assets [1] - The funds will be utilized for early redemption of bonds issued by MAXIMA GRUPĖ [1] Restructuring Plans - The restructuring will involve transferring shares of "Emperia Holding" and "Maxima Bulgaria" to the new holding company PARETAS B.V. [3] - Businesses in the Baltic region will continue to be managed by UAB "Vilniaus prekyba" and its subsidiaries [3] Company Overview - MAXIMA GRUPĖ operates retail chains including "Maxima" in the Baltic countries, "Stokrotka" in Poland, "T Market" in Bulgaria, and the online store "Barbora" [5] - The company is part of the "Vilniaus prekyba" group, which has investments in retail, pharmacy chains, and real estate across the Baltic countries, Sweden, Poland, and Bulgaria [6]

Core Insights - The consolidated revenue of MAXIMA GRUPĖ, UAB in the first half of 2025 reached €3.07 billion, reflecting a 3.5% growth year-on-year, with like-for-like retail revenue increasing by 2.3% [1] - EBITDA improved by €17 million to €226 million, with the EBITDA margin rising by 0.3 percentage points to 7.3%, driven by better cost management in Estonia and Poland [2] - Net debt remained stable at €1,176.1 million, while the financial leverage ratio decreased to 2.5x [4] Revenue Performance - Revenue growth was hindered by market slowdowns in Latvia and Estonia, ongoing store renovations, and lower growth in Poland and Bulgaria due to network expansion challenges and competition [1] - Lithuania was the strongest contributor to revenue growth, with a 4.5% increase to €1.1 billion and a 5.2% rise in like-for-like revenue [1] - Retail revenue in Latvia grew by 2.4%, while Estonia experienced a 0.2% decline [1] Investment and Expansion - Investments in fixed assets totaled €67 million, down €30 million from the previous year, primarily due to the completion of a logistics center and store acquisitions [3] - The company opened 23 new stores in the first half of 2025, with 14 in Poland, 7 in Bulgaria, and 2 in Lithuania [3] E-commerce Performance - Gross sales in Barbora's e-stores in the Baltics increased by nearly 4% year-on-year, reaching €77 million in the first half of 2025 [1]

Group 1 - S&P Global Ratings conducted its annual review of MAXIMA GRUPĖ on July 31, 2025, and the credit rating remained unchanged, indicating stable financial health despite competitive pressures [1] - The report noted that MAXIMA GRUPĖ experienced growing revenues, attributed to strong private label positioning, expansion of managed retail chains, and good diversification of store formats [1] - The financial leverage of MAXIMA GRUPĖ was reported at 2.4x, an increase from 2.2x in 2023, suggesting a slight rise in debt relative to equity [1] Group 2 - MAXIMA GRUPĖ's bond issuance also retained a BB+ rating, which has been consistent since it was first assigned in 2018 [2] - The company successfully issued €300 million in bonds in 2018, which were redeemed in 2023, and issued a second bond offering of €240 million in 2022 with a 5-year term [2] Group 3 - MAXIMA GRUPĖ, UAB operates several retail chains including "Maxima" in the Baltic countries, "Stokrotka" in Poland, "T Market" in Bulgaria, and the online food store "Barbora" in the Baltic countries [3] - MAXIMA GRUPĖ is part of the "Vilniaus prekyba" group, which controls investments in retail, pharmacy chains, and real estate development across the Baltic countries, Sweden, Poland, and Bulgaria [4]