Maxima Grupė’s revenue grew up by 6.5% due to expansion in Poland and e-commerce

15 September 2021

“Maxima Grupė consolidated revenue grew up by 6.5% in the first half of 2021 versus the same period last year, with continued growth in all countries and launched operations of e-grocer Barbora in Poland. Group was able to maintain its profitability levels stable, despite challenges of continued COVID-19 pandemic and increased tax burden due to introduced retail tax in Poland” said Karolina Zygmantaitė, Maxima Grupė’s Chief Financial Officer.

Maxima Grupė consolidated revenue grew by 6.5% to EUR 2.18 billion. Consolidated like-for-like (LFL) retail revenue growth was 2.3% (2.5% at constant exchange rates), with all countries demonstrating positive LFL, despite COVID-19 related restrictions still having negative impact on sales results.

Revenue in Baltics grew by 5.7%. All Baltic countries demonstrated positive LFL: Lithuania’s LFL growth was 3.5%, Estonia’s - 1.6% and Latvia’s - 0.2%. LFL growth in Latvia remained to be impacted by strict measures related to COVID-19.

During the first half of 2021, Maxima Grupė continued opening new stores in Poland and was able to increase revenue substantially, with Polish revenue increasing by 8.3% (11.4% at constant exchange rates). Solid revenue increase of 8.9% in Bulgaria was mainly influenced by new stores opened during the last twelve months. LFL revenue growth remained solid in both countries, as Poland’s LFL stood at 2.5% (3.7% at constant exchange rates) and Bulgaria’s at 2.1%.

Maxima Grupė‘s sales of goods via e-commerce channel increased by 71.3% in the first half of 2021 as compared to the same period last year, with the majority of growth coming from e-grocer Barbora in Baltics. In the first half of 2021, Barbora launched its operations in Poland capital city Warsaw. Expansion in Poland was continued in the beginning of the second half of 2021, by entering 4 cities: Gdansk, Gdynia, Sopot and Łódź.  

Maxima Grupė’s revenue and LFL* change:

January-June 2021

Revenue change**

LFL revenue change

Maxima Grupė, consolidated


2.3% (2.5%***)

Maxima LT (Lithuania)



Maxima Latvija (Latvia)



Maxima Eesti (Estonia)



Stokrotka (Poland)

8.3% (11.4%***)

2.5% (3.7%***)

Maxima Bulgaria (Bulgaria)



E-commerce channel



* Like-for-like (LFL): same store retail revenue growth (not taking new or renovated stores into account)

** Revenue change eliminates Group intercompany transactions

*** At constant exchange rates

For the six months ended 30 June 2021, Maxima Grupė’s consolidated EBITDA reached EUR 175 million, increasing by EUR 12 million compared to the same period last year. Despite continued pandemic related costs and increased tax burden due to introduced retail tax in Poland, consolidated EBITDA margin remained flat at 8.0%. Stable EBITDA margin was achieved by focusing on cost optimization.

Capital investment levels in the first half of 2021 stood at EUR 32 million (EUR 47 million in the same period in 2020). Major investments were made in Poland resulting in opening of 26 new stores.

In the nearest future Maxima Grupė focus will stay on Polish market. As a result, proportion of Group’s revenue in Poland in total consolidated sales of Maxima Grupė are expected to continue increasing.

Maxima Grupė 2021 Semi-Annual Financial Report 


Additional information

Maxima Grupė owns the retail chains Maxima (in the Baltic countries), Stokrotka (in Poland) and T-Market (in Bulgaria), as well as e-grocer Barbora operating in the Baltics and Poland.

The company is part of the Vilniaus Prekyba group, which controls and manages the group of subsidiary companies operating chains of retail stores and pharmacies as well as real estate development and property management companies in the Baltic States, Sweden, Poland and Bulgaria.

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