Baltic Classifieds Group: H2 slightly soft on C2C vols; good that growth guided to improve FY27 and no cost negatives, but now cadence of growth acceleration important

研报英文原文证据摘录

Baltic Classifieds Group: H2 slightly soft on C2C vols; good that growth guided to improve FY27 and no cost negatives, but now cadence of growth acceleration important

Equity Research

EMEA Internet

2 July 2026

Baltic Classifieds Group

H2 slightly soft on C2C vols; good

that growth guided to improve

BCG.L/BCG LN OVERWEIGHTFY27 and no cost negatives, but

EMEA Internet POSITIVE

Price Target GBp 260now cadence of growth

Price (01-Jul-26) GBp 201

Potential Upside/Downside +29.6%acceleration important Source: Bloomberg, Barclays Research

H2 revenues slightly soft due to C2C vols but not totally

surprising. Margins solid; overall EPS in line. Guide broadly EMEA Internet

Andrew Ross, CFA

consistent with consensus. No formalisation of leverage +44 (0)20 7773 3023

targets re buyback. andrew.ross@barclays.com Barclays, UK

Olivia Venancio

H2 variance – soft on top line, in line EBITDA +44 (0)20 3555 0278

olivia.venancio@barclays.com

•• 2H group revenues grew by 6% to €43.6m, below Barclays and group consensus by -2%. Barclays, UK

Within this, autos grew by 1%, real estate grew by 14%, jobs and services grew by 11% and

generalist grew by 2%. We think the continued softness in C2C autos was well understood and Guillaume Galland, CFA

+44 (0)20 7773 4061 flagged given recovery from Estonia tax changes and weather disruption in Jan / Feb - in the

guillaume.galland@barclays.com

statement management calls out that overall C2C ad listings have ‘broadly aligned with Barclays, UK

management expectations’ from March. Actually, the main softness vs our model is C2C vols

in RE, which the company is putting down to a very fast turning market and higher uptake of Yash Jain

+91 (0)22 6175 3418 longer duration packages. This was known directionally but we hadn’t got the quantum right.