Month: March 2025

Eco Baltia continues growth in 2024 – revenue reaches EUR 262.11 million 

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Eco Baltia, the leading environmental, waste management, and recycling group in the Baltics, continued to grow in 2024. The company expanded its operations in both Latvia and abroad. It also achieved notable financial and development results. 

The Group’s unaudited net revenues reached EUR 262.11 million, an increase of 20% compared to the same period last year. Profit before tax increased to EUR 9.67 million. Consolidated EBITDA reached EUR 42.5 million, an increase of 49.76% compared to the previous year. 

Strategic Business Expansion 

In 2024, Eco Baltia continued to implement its strategy to strengthen its market position. This included the acquisition of 100% of SIA Eko Osta, a Latvian company specializing in the management of hazardous and polluting waste. Following reorganization, the company was merged into SIA Oil Recovery and continues to operate under this name. In addition, Group company Eco Baltia vide acquired 40.4% of the shares in AS Daugavpils specializētais autotransporta uzņēmums through an auction and is considering acquiring up to 100% of the shares in the company. 

Commenting on the business development, Māris Simanovičs, Chairman of the Board of Eco Baltia, said: “The waste management and recycling industry is undergoing significant changes. We see a growing demand for circular economy solutions both in Latvia and internationally. In this context, Eco Baltia is strengthening its role by offering modern and sustainable solutions that strengthen our market position while making a tangible contribution to environmental protection.” 

Investments and Infrastructure Development 

The group’s Latvian environmental management company, Eco Baltia vide, invested EUR 2.3 million in the creation of construction waste sorting sites and opened a modern waste sorting facility – the Resource Management Center – in the Riga region, with total investments of approximately EUR 11.7 million. Meanwhile, Eco Baltia’s PET bottle recycling company, AS ITERUM, launched one of the largest recycling plants in Northern Europe. The total investment in the project exceeded EUR 35 million, with more than EUR 10 million invested by ITERUM. 

Last year, Eco Baltia’s Lithuanian subsidiary Ecoservice UAB launched a project to renovate the waste sorting centre in Vilnius following a fire accident in August 2023. The total investment amounts to around EUR18 million. Due to the unjustified delay of more than one and a half years after the fire accident in taking a decision on the payment of the insurance claim by the Latvian branch of the insurer Compensa Vienna Insurance Group (a part of the Vienna Insurance Group), Ecoservice filed a lawsuit at the end of last year, seeking a total compensation of EUR13.6 million.  

Māris Simanovičs expressed concern over the insurer’s conduct: “The long and unjustified delay in decision-making is completely unacceptable and clearly reflects the insurer’s attitude toward responsible business practices. Every company has obligations not only to its clients and partners but to society as a whole. At Eco Baltia, we advocate for transparent, honest, and timely actions – principles we also expect from our partners. Therefore, we firmly insist on an immediate decision regarding the insurance payout.” 

Thanks to the support of Eco Baltia Group’s companies and Luminor Bank, the reconstruction project of the plant was successfully completed at the beginning of 2025, resulting in the opening of the most modern waste sorting center in the Baltics. This is a significant contribution to the development of the circular economy both in Europe and globally. 

Focus on ESG and Sustainability 

In 2024, Eco Baltia Group companies continued to work purposefully on the development and implementation of an ESG (Environmental, Social and Governance) strategy, reaffirming their commitment to embed sustainable practices at all operational levels. In day-to-day operations, emphasis was placed on employee wellbeing, a safe and orderly working environment and the implementation of LEAN culture principles aimed at efficiency, process improvement and employee engagement. At the same time, the Group launched several initiatives to develop and upskill employees, improve internal communication and promote a culture of responsible business. 

Vision for the future 

In 2025, Eco Baltia will continue to develop in three main segments – PET and plastic recycling, environmental management services and recycling of PVC window and door profiles in Poland. The Group’s strategic objectives include improving working conditions, implementing the highest safety standards, increasing ESG performance and continuously improving efficiency and competitiveness in all areas of operation. 

“Eco Baltia vide” continues waste management in Mārupe municipality after procurement process

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The environmental management company SIA “Eco Baltia vide,” part of the largest environmental resource management and recycling group in the Baltics, AS “Eco Baltia,” will continue providing waste management services in both zones of Mārupe Municipality following the results of an open tender announced by the local government. The contract term is seven years, with a total contract value of €19 million (excluding VAT).

The Chairman of the Management Board of SIA “Eco Baltia vide,” Jānis Aizbalts, emphasizes that Mārupe is one of the municipalities in Latvia that takes a responsible approach to sustainable waste management: “The tender included several new requirements, including provisions for waste sorting, greener transport for service delivery, and other conditions. Our extensive experience in waste management in Latvia and Lithuania, including the implementation of separate collection infrastructure, has enabled us to provide the most comprehensive and financially advantageous offer, ensuring that the municipality receives a high-quality and sustainability-oriented service.”

The tender was conducted for service provision in two zones of the municipality – Mārupe town and parish, as well as Babīte and Sala parishes. “Eco Baltia vide” submitted the most financially advantageous and suitable offer for waste management in both zones, and from 1^st of June, the company will continue providing services according to the new procurement regulations.

In Mārupe town and parish, as well as Babīte and Sala parishes, “Eco Baltia vide” has been operating under the procurement regulations for more than ten years. During this period, in addition to managing unsorted waste, the company has introduced various waste sorting solutions, including the collection of packaging, glass containers, biological waste, electrical appliances, textiles, and more.

Under the new procurement contract, clients will now have the opportunity to receive free container cleaning and disinfection twice a year (previously once a year), as well as apply for smaller-sized containers, thereby encouraging better waste sorting habits. Additionally, a customer self-service platform will be introduced, allowing clients to easily request services, track waste collection schedules, and access other features aimed at improving service quality.

“Nowadays, waste management is no longer just about emptying containers and transporting waste to a landfill. We strive to stay one step ahead by promoting maximum resource recovery, thereby preserving natural resources. Last year, we opened the Resource Management Center, where waste from Mārupe Municipality is also sorted. This allows us to return more resources into circulation, turning them into new raw materials. At the same time, we focus on service sustainability by introducing environmentally friendly transport solutions and transitioning to digital solutions, which not only enhance our efficiency but also accelerate the company’s overall development,” says J. Aizbalts.