For investors

Apollo Group Begins Journey to the Stock Exchange

12.02.2026

Apollo Group, a leading entertainment and restaurant operator in the Baltics with one million loyalty customers, is planning its journey to the stock exchange in cooperation with LHV Pank. As a first step, the company intends to list its bonds on the Nasdaq Tallinn Stock Exchange’s Baltic Bond List. 

Apollo Group OÜ plans to strengthen its financial independence and capital structure through the bond issuance, while supporting growth and investments aimed at improving operational efficiency. This will enable the Group to increase profitability and reinforce its position as the Baltic market leader in the entertainment and hospitality sectors. 

In the 2024/25 financial year, Apollo Group’s consolidated revenue amounted to EUR 227 million, representing a 6% increase, or EUR 14 million, compared to the previous financial year. The Group’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) reached EUR 40 million, reflecting a 12% year-on-year increase. 

“Our concepts have proven successful – our cinema chain, bookstores, and restaurants are all operating profitably. This has created a strong foundation for ambitious growth, with plans over the next five years to significantly increase both revenue and the number of locations across all our home markets. We aim to expand the number of locations we operate from 170 today to approximately 300,” explained Toomas Tiivel, CEO of Apollo Group. 

The planned bond issuance is intended to support this growth. The company has ambitious expansion plans, particularly in Finland, Latvia, and Lithuania. In addition to Vapiano and KFC, the Group plans to introduce other brands to the Finnish market. 

According to Silver Kalmus, Head of Bonds at LHV, both retail and institutional investors have for years been anticipating the arrival of Baltic market leaders from new sectors to the capital markets. “Apollo is one of the strongest brands and largest companies in the Baltics. From the perspective of capital market development, it is extremely important that Apollo plans to list its bonds on the Nasdaq Tallinn Stock Exchange’s main bond list, which will allow investors to trade them on the secondary market,” Kalmus added. 

To have its bonds admitted to trading on the Nasdaq Tallinn Stock Exchange’s Baltic Bond List, Apollo intends to submit the relevant application. A prerequisite for the public offering of the bonds is the approval of the prospectus by the Financial Supervision Authority. Apollo will announce the approval of the prospectus and the commencement of the bond offering, including subscription terms, in a separate notice. 

Founded in 2000, Apollo Group has grown into the largest entertainment and restaurant business in the Baltics and has also expanded into the Finnish market. The Group includes well-known brands such as Apollo Kino, Apollo Bookstore, Blender, Ice Cafe, Vapiano, KFC, Lido, MySushi, CanCan, and Delano. Apollo Club, the Group’s loyalty program, has more than one million members. 

At the end of 2025, Apollo Group transitioned to IFRS accounting standards in preparation for listing its bonds on the Nasdaq Baltic main bond list. IFRS is a widely used and recognized financial reporting standard in Europe, ensuring comparability and transparency, and enabling European investors and financial institutions to assess the company’s financial position on a consistent basis. 

This announcement is intended for informational purposes only and refers to a potential future offering. It should not be regarded as an offer to sell bonds, an invitation to subscribe for bonds, or an investment recommendation. No sale or public offering of bonds will take place in any country or jurisdiction before the relevant prospectus or other required offering document has been duly approved, registered, or published in accordance with applicable law.