AKROPOLIS Group Overview
In 2024, Akropolis Group experienced a year marked by stability and notable achievements. The organization, which oversees five shopping and entertainment centers in Lithuania and Latvia, welcomed over 44 million visitors throughout the year. The total turnover for its tenants surpassed EUR 1.2 billion, and more than 130 new and renovated stores were opened. The group reported a consolidated EBITDA of EUR 87.8 million, demonstrating its robust financial health. Gabrielė Sapon, the CEO of Akropolis Group, stated, “Our objective is to ensure that Akropolis centers remain attractive shopping and entertainment destinations for both visitors and tenants in the long run. Last year, we concentrated on upgrading and developing our shopping centers, as well as launching new and refurbished retail outlets. We are committed to investing in infrastructure, forming new partnerships, and promoting sustainable solutions. Despite the significant changes we implemented, visitor numbers remained steady in 2024, while tenant turnover showed moderate growth, exceeding EUR 1.2 billion for the first time in the Group’s history. We plan to continue our ongoing projects into 2025, introducing new brands to enhance Akropolis’s leadership,” she added.
Financial Performance and Occupancy Rates
In 2024, Akropolis Group reported consolidated rental income of EUR 91.4 million, reflecting a 9% increase compared to EUR 84 million in 2023. The Group’s EBITDA reached EUR 87.8 million, which is a 6% rise from EUR 83.1 million in the previous year. All Akropolis centers maintained high occupancy levels, with 98.3% of their retail and entertainment spaces fully leased. Additionally, S&P Global Ratings and Fitch Ratings reaffirmed Akropolis Group’s credit ratings of BB+ with a stable outlook, underscoring the Group’s operational stability and sound financial management.
Investments in Development and Renovations
2024 marked a period of significant investment and development for Akropolis Group. The renovation of common areas at the Klaipėda Akropolis, which received an investment of EUR 8 million and spanned over a year, concluded successfully. This project included the refurbishment of more than 11,000 square meters of shared spaces, the establishment of modern childcare facilities, and the upgrade of sanitary amenities. Tenants also made substantial improvements, with the largest grocery store in Western Lithuania, Maxima, reopening after renovations, alongside a trampoline and entertainment park, Jumpland, and a new entertainment venue, Action! by Apollo.
The Vilnius Akropolis expanded with the addition of a new 480-square-meter commercial building that now houses the largest Sportland store in Lithuania, which connects to its previous location. Throughout 2024, the five Akropolis centers collectively saw the opening of 135 new and renovated shops and entertainment venues, with 90 in Lithuania and 45 in Latvia. Notable international brands such as JD Sports, Weekend Max Mara, Sinsay, and Timberland debuted new stores, while established names like Bershka, Pull & Bear, and McDonald’s revamped their existing spaces to align with modern concepts. “We are thrilled that Akropolis centers attract both new brands entering the Baltic market and existing favorites looking to upgrade their locations. Our focus remains on enhancing the leading positions of our shopping centers in Lithuania and Latvia, aiming to enrich the visitor experience and deliver added value for both guests and tenants,” remarked G. Sapon.
Sustainability Initiatives
Akropolis Group maintained its commitment to sustainability throughout the past year. In January 2025, the recertification of Vilnius, Klaipėda, and Šiauliai Akropolis centers under the international BREEAM In-Use standard was successfully completed. As a result, all five centers managed by the Group now hold BREEAM certificates at the Very Good level. “Our goal was to achieve this rating for all our shopping centers by 2026, so we are pleased to have reached this ambitious target a year ahead of schedule. This recognition is crucial as it validates our efforts to minimize environmental impact through energy-efficient practices, effective water management, and optimized waste management systems,” stated G. Sapon.
At the start of 2025, Akropolis Group introduced a Green Finance Framework that received favorable evaluations. This framework strengthens the connection between the company’s sustainability goals and its financial operations, enabling the financing or refinancing of projects that meet established sustainability criteria through various green financing methods. The complete consolidated financial report for Akropolis Group for 2024 is accessible on the company’s website.
