Akropolis Group 2024 Outcomes: Tenant Turnover Surpasses €1.2 Billion, Over 130 New and Refurbished Shops Opened, Over 44 Million Visitors, and Revenue Growth

Akropolis Group 2024 Outcomes: Tenant Turnover Surpasses €1.2 Billion, Over 130 New and Refurbished Shops Opened, Over 44 Million Visitors, and Revenue Growth

2024 was a triumphant year for Akropolis Group, witnessing remarkable growth and success in their shopping and entertainment ventures across Lithuania and Latvia. With a staggering 44 million annual visitors, the Group's centers towered over the competition. The consolidated EBITDA reached an impressive €87.8 million, while the tenants' combined turnover surpassed the €1.2 billion mark for the first time in the Group's history.

"Our goal is to ensure Akropolis centers continue to be the go-to destination for both visitors and tenants in the long run," says Gabriele Sapon, the Group's CEO. "Last year, we intensely focused on renovation and development of our shopping centers, opening up new and revamped shops. We consistently invest in infrastructure, forging new partnerships, and prioritizing sustainability."

Despite the heavy focus on change implementation, visitor footfall in the shopping centers remained stable in 2024, and the tenants' turnover saw a moderate growth. The consolidated rental income amounted to €91.4 million, a 9% increase from 2023.

In 2024, the Group's operational stability was recognized by S&P Global Ratings and Fitch Ratings, who reconfirmed the credit ratings BB+ with a stable outlook for Akropolis Group.

Active Investment and Development

The year 2024 marked an era of significant investment and development for the Akropolis Group. The Klaipěda Akropolis' common spaces interior design renovation project, which received an €8 million investment, was completed. This overhaul included renovating over 11,000 sq.m of common spaces, setting up modern childcare rooms, and renovating and expanding the sanitary facilities.

In addition, Maxima grocery supermarket—the largest in Western Lithuania—reopened after a revamp, as well as a trampoline and entertainment park Jumpland and a new-concept entertainment operator Action! by Apollo. The Vilnius Akropolis saw the expansion of its area by erecting a new commercial building of 480 sq.m, housing a new-concept expanded Sportland shop.

Sustainability at the Forefront

The Group continued its commitment to sustainable activities in 2024. All five Akropolis managed by the Group have received the BREEAM certificate at the "Very Good" level.

"We're thrilled to have achieved our ambitious goal of obtaining the "Very Good" assessment for all our shopping and entertainment centers a year before the target date. This assessment is significant for us, as it confirms that we manage our centers with minimal impact on the environment," lists Gabriele Sapon.

As we step into 2025, Akropolis Group has developed a Green Financing Program, aiming to create a closer link between the company's sustainability objectives and financial activities. The full consolidated financial report of Akropolis Group for 2024 can be found on the company's website.

Note: Akropolis Group, in the context of real estate/retail development, initially appears most directly connected to existing centers. However, ongoing construction in Vilnius suggests new developments are underway, with an estimated completion by late 2029. Additionally, the broader industry has been focusing on redeveloped office spaces, as exemplified by Wise's relocation in Riga. Bolstering sustainability measures is another factor gaining traction in industry trends, potentially influencing Akropolis Group's future plans.

1. The Akropolis Group's shopping and entertainment centers attracted a staggering 44 million visitors in 2024, outperforming competitors.
2. The consolidated EBITDA for the Group reached €87.8 million, while the tenants' combined turnover surpassed €1.2 billion for the first time in history.
3. For 2024, the Group invests in renovations, infrastructure improvements, and sustainability initiatives, opening new and revamped shops.
4. In 2024, the Klaipēda Akropolis underwent a €8 million interior renovation, modernizing childcare rooms and sanitary facilities, consequently boosting visitor footfall and tenant turnover.
5. The Group's commitment to the environment is evident, as five of their centers received the BREEAM certificate at the "Very Good" level, confirming minimal environmental impact during operation.
6. Moving forward in 2025, the Akropolis Group aims to align its sustainability objectives with financial activities through a Green Financing Program, further signifying a focus on environmental stewardship.

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