Apollo Group Launches Bond Offering to Fuel Baltic Expansion
Apollo Group, the parent company of Lido, Apollo Kino, and other prominent brands across the Baltics, is offering bonds to the public to strengthen its financial position and support ambitious growth plans. The offering, which runs from March 3rd to March 16th, 2026, is open to both private and institutional investors in the Baltic region, with a fixed annual interest rate of 7% over a five-year term.
Bond Offering Details
Investors can purchase bonds with a minimum investment of 500 euros. Interest payments will be distributed quarterly. The total bond issue aims to raise up to 50 million euros, with the possibility of increasing the volume by an additional 20 million euros based on investor demand. The bonds are planned to be listed on the Nasdaq Tallinn Baltic Bond List, providing investors with a secondary market for trading, expected to begin around March 23, 2026.
Strategic Growth Initiatives
Apollo Group intends to use the funds raised from the bond issuance to accelerate its expansion across Latvia, Lithuania, Estonia, and Finland. The company currently operates 170 locations and aims to nearly double that number to approximately 300 within the next five years.
Specific growth plans include the establishment of a central kitchen for Lido restaurants in Riga, Latvia, to streamline operations across multiple countries. Further expansion is planned in Estonia with a new bookstore and cinema in Keila, as well as new Vapiano restaurants in the Rocca al Mare shopping center.
Finland and Lithuania are identified as key growth markets. Apollo Group already operates the Vapiano and KFC brands in Finland, and sees significant potential for further expansion. In Lithuania, the company is focused on developing its local brands, Delano and CanCan.
Financial Performance
Apollo Group reported consolidated revenue of 227 million euros in the 2024/2025 financial year, a 6% increase (14 million euros) compared to the previous year. Consolidated EBITDA reached 40 million euros, representing a 12% year-on-year increase. [Source: LSM.lv]
Investor Event
Apollo Group will host an investor event on March 11th, 2026, at 4:30 p.m. At Apollo Cinema in Riga Plaza shopping center. The event will provide insights into the bond offering, the company’s operations, and development plans, as well as industry trends and the Baltic capital market outlook.
Transaction Support
LHV Bank is acting as the arranger for the bond issuance, while Signet Bank is serving as the distributor in Latvia. [Source: LSM.lv]
Recent Ownership Changes
In February 2026, Apollo Group, through its Estonian subsidiary Treeland OÜ, increased its ownership stake in Latvian restaurant chain Lido AS to 96% by acquiring shares from KE Projekti. [Source: COBALT Legal] Lido founder Gunārs Ķirsons retains a 4% stake but has stepped down from the Supervisory Board. [Source: COBALT Legal]
Investors can apply for bonds through their securities or investment account with a bank or financial institution in the Baltics during the subscription period. Bonds will be credited to investor accounts on March 20, 2026, with a maturity date of March 20, 2031.