2024 was the year of stable and successful business to Akropolis Group. Five shopping and entertainment centres managed by the Group in Lithuania and Latvia had more than 44 million of visitors per year, the tenants’ turnover exceeded EUR 1.2 billion, over 130 new and revamped shops were opened. The consolidated EBITDA of Akropolis Group reached EUR 87.8 million.
“Our aim is that Akropolis centres continue to be shopping and entertainment centres attractive both to visitors and tenants in the long term. Last year, we focused on the renovation and development of shopping centres, also on opening of new and revamped shops. We consistently invest in infrastructure, new partnerships and sustainable solutions. Despite the intensive process of change implementation, the visitor footfall in the shopping centres remained stable in 2024, whereas the tenants’ turnover saw a moderate growth and went above EUR 1.2 billion threshold for the first time in the history of the Group’s operations. We will continue the projects we have started further into 2025 and will offer visitors shops and service places of new brands to enhance Akropolis leadership”, comments Gabrielė Sapon, the CEO of Akropolis Group.
The consolidated rental income of Akropolis Group in 2024 amounted to EUR 91.4 million, which is 9% more than in 2023 (EUR 84 million). The Group’s earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to EUR 87.8 million, which is 6% more than in 2023 (EUR 83.1 million). All Akropolis centres have maintained a very high occupancy rate of shopping and entertainment spaces – 98.3% of their area has been rented.
In 2024, S&P Global Ratings and Fitch Ratings reconfirmed credit ratings BB+ with a stable outlook for Akropolis Group. This proves the stability of the Group’s operations and responsible management of finances.
Investment into development and renovations
2024 was a year of active investment and development for Akropolis Group. Last year, the Klaipėda Akropolis common spaces interior design renovation project, which lasted more than a year and received EUR 8 million investment, came to an end. It involved renovation of over 11,000 sq. m of common spaces, set up of modern childcare rooms, renovation and expansion of sanitary facilities. Along with the above, the tenants have also implemented important changes and renovations: last year, Maxima grocery supermarket, the largest in Western Lithuania, welcomed visitors after revamping, as well as a trampoline and entertainment park Jumpland, also a new-concept entertainment operator Action! by Apollo.
The area of Vilnius Akropolis was expanded by erecting a new commercial building of 480 sq. m nearby the shopping centre building. Now it houses a new-concept expanded Sportland shop, the largest in Lithuania, which also connects to its old premises.
The five Akropolis saw opening of 135 new and revamped shops, service and entertainment venues in total in 2024, including 90 in Lithuania and 45 in Latvia. Among them, there are such international brands as JD Sports, Weekend Max Mara, Sinsay, Timberland, which opened new shops, also Bershka, Pull & Bear, Stradivarius, Reserved, McDonalds, and many others, which revamped their shops or restaurants in accordance with the latest concepts.
“We are delighted that Akropolis centres tend to be chosen both by brands entering the Baltic States for their first shops and by brands already favoured by our visitors for their development and opening of their latest-concept shops. We, in our turn, place a particular focus on strengthening the leading positions of the shopping centres we hold in Lithuania and in Latvia. We aim not only to attract new brands to Akropolis but also improve the visitor experience and create added value both for visitors and our tenants,” says G. Sapon.
The project of renovation of common spaces on the Vilnius Akropolis second floor, started in February, is currently in progress.
The development plans of Akropolis Group include the development of the multifunctional complex Akropolis Vingis in Vilnius. In August 2024, the Vilnius City Municipality issued a document permitting construction for a multifunctional building, currently the approval of the last external traffic infrastructure improvement project and the issuance of a document permitting construction for it are pending. After this permit is received, the company will update expense estimates for construction of the multifunctional quarter and the public infrastructure improvement works planned in the neighbourhood, revise the investment plan for the project implementation, select optimal solutions to finance the project.
More focus on sustainability
Akropolis Group continued its focus on sustainable activities last year. In January 2025, the recertification of Vilnius, Klaipėda and Šiauliai Akropolis according to the international BREEAM In-Use standard was finalised. Now, all the five Akropolis managed by the Group have BREEAM certificates at Very Good level.
“We had a target for all the shopping centres that the Group controls to obtain the Very Good assessment according to the BREEAM standard by 2026. We are, therefore, delighted to have achieved this ambitious goal a year before the target date. This assessment is significant for us, as it confirms that all the shopping and entertainment centres Akropolis are managed by minimising their impact on the environment: we implement energy saving measures, effectively manage water consumption, optimise waste management system,” lists G. Sapon, the CEO of Akropolis Group.
At the beginning of 2025, Akropolis Group developed a Green Finance Framework that received a positive assessment. This framework allows for an even closer link between the sustainability objectives of the company and its financial activities, provides an opportunity to finance or refinance projects meeting the sustainability criteria specified in the framework using various green financing instruments.
The full consolidated financial report of Akropolis Group for 2024 is available on the website of the company.
For more information:
Dominykas Mertinas
Head of Marketing and Communications
AKROPOLIS GROUP, UAB
+370 64027001
dominykas.mertinas@akropolis.lt
- AKROPOLIS GROUP, UAB Consolidated Management Report 2024
- AKROPOLIS Group