MM Grupp Reports Sharp Decline in Revenue Following Major Restructuring
TALLINN, Nov 5, 2025 – The Estonian holding MM Grupp, owned by businessman Margus Linnamäe, has reported a significant fall in annual turnover from €938 million to €379 million, according to the company’s latest consolidated financial report for the fiscal year ending in April 2025.
The group said the decrease was mainly the result of structural changes, including the separation of the pharmaceutical wholesaler Magnum AS, which was previously one of the largest contributors to MM Grupp’s total revenue.
Restructuring and Core Focus
As of January 2024, MM Grupp transferred part of its assets to MM Pharma OÜ, a company owned by Linnamäe but operating outside the MM Grupp structure. Following the restructuring, the group’s total assets decreased to €655 million, while liabilities dropped to €325 million.
The group highlighted several key transactions during the past year:
– investments in forestry and agricultural land,
– the sale of stakes in Skypark SIA and Theatrical Film Distribution OÜ,
– and increased ownership in Apollo Grupp OÜ and Lido AS.
After these adjustments, MM Grupp has refocused its portfolio on media, entertainment, retail, catering, and green energy, while withdrawing from several technology and veterinary businesses.
Current Structure and Media Footprint
Today, MM Grupp operates as a diversified Estonian holding built around two core pillars:
Postimees Grupp AS – Estonia’s largest private media organization, which includes
Postimees.ee, Kanal 2, Kuku Raadio, Raadio Elmar, Elu24.ee, Kroonika, Tartu Postimees, Sakala, and BNS Estonia.
Through Postimees Grupp, MM Grupp also controls TVNET Grupa SIA and BNS Latvia, key players in the Latvian digital media market.
Apollo Group OÜ – the group’s entertainment and retail arm, operating Apollo Kino cinemas, Apollo Raamatud bookstores, O’Learys sports bars, and Apollo Film Productions.
In Latvia, Lido AS, the country’s best-known restaurant chain, is 96 % owned by MM Grupp through KM Properties SIA, which also manages the group’s hospitality and leisure real-estate portfolio.
LETA, Latvia’s national news agency, belongs to the same ownership network under UP Invest OÜ / MM Grupp, while retaining editorial independence within the broader Baltic media ecosystem led by Linnamäe.
Divestments and Geographic Consolidation
In recent years, MM Grupp has streamlined its portfolio, withdrawing from non-core sectors.
The group divested its Lithuanian media assets — 15min.lt and BNS Lithuania — in 2020–2021, consolidating its media operations in Estonia and Latvia.
It also exited the veterinary and consumer-electronics markets, selling PetCity to Finland’s Musti Group and iDeal Group AS to a local investment fund.
These divested businesses previously generated about €130 million in annual revenue.
Financial Results
In the 2024–2025 fiscal year, MM Grupp’s net profit amounted to €5.4 million, down from €7.9 million a year earlier.
The company decided not to pay dividends, keeping €30 million in retained earnings as of April 2025.
The group employs 3,820 people — including 2,072 in Estonia and 1,323 in Latvia — with total personnel expenses reaching €118.2 million.
Despite the downsizing, MM Grupp remains one of Estonia’s largest private business groups, combining Postimees Grupp’s media power, Apollo Group’s entertainment network, and Lido’s hospitality footprint under a single owner.
Image: photos/photo_10@05-11-2025_18-40-35.jpg