Apollo Group, a leading entertainment and restaurant operator in the Baltics with one million loyalty customers, is planning its journey to the stock exchange. As a first step, the company intends to list its bonds on the Nasdaq Tallinn Stock Exchange’s Baltic Bond List. LHV Bank will act as the arranger of the issuance, while Signet Bank will serve as the distributor in Latvia.
To the wider public in Latvia, Apollo Group is best known for its brands, including Lido, Apollo cinemas, Vapiano restaurants, MySushi, and the KFC.
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.
Kristiāna Janvare, Head of Investment Banking at Signet Bank, notes: “We see this bond offering as potentially appealing to many retail investors in Latvia. Apollo Group stands out with an impressive base of loyal customers across the Baltics, and for many Latvian investors it may come as a surprise that behind such well-loved brands as Lido and Apollo Kino stands an Estonian company.”
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.
