Baltic Classifieds Group (BCG): FY26: 1% Revenue Miss, Softer FY27 Guide, Capital Returns Supportive

研报英文原文证据摘录

Baltic Classifieds Group (BCG): FY26: 1% Revenue Miss, Softer FY27 Guide, Capital Returns Supportive

Update

July 2, 2026 06:36 AM GMT

Morgan Stanley & Co. International plc+MBaltic Classifieds Group (BCG) | Europe David Nolan

Equity Analyst

FY26: 1% Revenue Miss, Softer David.Nolan@morganstanley.comEd Young +44 20 7425-4297

Ed.Young@morganstanley.com +44 20 7677-1761

FY27 Guide, Capital Returns Luke Holbrook

Luke.Holbrook@morganstanley.com +44 20 7425-1882

Supportive

Baltic Classifieds Group (BCG) (BCG.L, BCG LN)

Internet | Lithuania

Reaction to earnings

Stock Rating Overweight

Unchanged Modest shortfall Modest revision lower Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target 245p

consensus EPS Shr price, close (Jun 30, 2026) 188p

52-Week Range 380-168p

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) €1,054

Net debt (04/26e) (mn)* €24

Summary. BCG delivered FY26 results slightly below company-compiled consensus. EV, curr (mn)* €1,056

Revenue of €88.5m was 1% below consensus of €89.4m, while Adj. EBIT of €67.8m * = GAAP or approximated based on GAAP

was broadly in line with consensus of €67.6m. Automotive revenue was €31.5m, in

line with consensus, Real Estate was €26.0m, 2% below, Generalist was €13.6m, 2%

below, and Jobs/Services was €17.4m, 1% below. B2C advertiser numbers were

strong across Real Estate, Auto and Jobs/Services, supported by healthy underlying

economic conditions, while C2C ad volumes declined. In Real Estate, lower listings

reflected properties being sold faster. In Auto, activity was affected by the Estonian

vehicle tax and weather disruption in Lithuania and Estonia during January and

February. Trading improved from March and has since been broadly in line with