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Month: July 2025

Eco Baltia Group achieves record-high turnover and significant profitability improvement in 2024

Posted on by Gunita Krilova

Eco Baltia Group achieves record-high turnover and significant profitability improvement in 2024

Audited consolidated turnover reaches EUR 261.54 million

JSC (AS) Eco Baltia, the largest environmental resource management and recycling group in the Baltics, achieved its highest-ever consolidated net turnover in 2024 – EUR 261.54 million, marking a 20% increase compared to the previous year. The Group’s consolidated EBITDA rose to EUR 44.4 million, up 56.3% from 2023. Profit before tax reached EUR 9.39 million, compared to EUR 0.99 million a year earlier.

These results clearly demonstrate the Group’s consistent growth trajectory and strategic vision in the fields of environmental management and secondary material recycling. Sustainable development is driven by a systematic investment policy, carefully selected mergers and acquisitions, and continuous improvement of operational efficiency.

“Behind every result is a team – dedicated professionals who drive positive change both within the company and the broader industry. Our goal is not only to grow, but also to lead by example and show how environmentally responsible and competitive business can evolve in true balance. This approach will remain the foundation of our future development,” emphasizes Māris Simanovičs, Chairman of the Management Board of Eco Baltia.

Strategic development and investments

In 2024, the Group continued to expand structurally and invested in both recycling and environmental services:

  • Completed the acquisition of Eko Osta and merged it with Oil Recovery, strengthening the Group’s position in hazardous waste management.
  • Eco Baltia vide secured a five-year contract for street maintenance services in Riga (EUR 77.4 million) and achieved success in waste management tenders in Kuldīga and South Kurzeme regions.
  • Eco Baltia vide invested EUR 11.7 million in the construction of the Resource Management Centre, which enables the processing of mixed municipal waste from the Riga metropolitan area and sorted waste from Riga and its surroundings, with a planned sorting capacity of 45,000 tonnes per year.
  • ITERUM (formerly PET Baltija) launched a new PET recycling plant in Olaine – one of the largest in Northern Europe.
  • Nordic Plast invested EUR 1.7 million in expanding pellet production capacity and relocated to a new production base in Jelgava.
  • Lithuanian subsidiary Ecoservice invested EUR 18 million to build the most advanced and largest separately collected packaging sorting centre in the Baltic region, with the capacity to process up to 12 tons of waste per hour and 300 tons per day. .

Overall, the Group actively implemented a circular economy-driven strategy during the reporting period, focusing on investments in sorting and recycling infrastructure and the development of new markets.

Capital market presence and corporate governance

In 2024, Eco Baltia listed an additional EUR 10 million in unsecured bonds on the Nasdaq First North alternative market, offering a 9% annual coupon. This follows the company’s previous EUR 8 million bond listing, further reinforcing its presence in the capital markets.

The Group was also recognized at the Nasdaq Baltic Awards 2025, earning 3rd place in the Best Investor Relations category on the First North market.

Additionally, the Institute for Corporate Sustainability and Responsibility rated four Group companies within its Sustainability Index: Eco Baltia vide, ITERUM, Nordic Plast, and JUMIS received Platinum and Gold category ratings.

Looking ahead

In 2025, Eco Baltia will continue expanding its presence in PET and plastics recycling, environmental services, and PVC profile recycling. The Group’s management will further explore strategic development opportunities, including potential mergers or cooperation initiatives, to deliver added value to clients, shareholders, and employees.

Investments will also continue in modernization, ESG strategy implementation, and strengthening sustainability principles across all levels of operation.

01.07.2025.

Management team

Eco Baltia Supervisory Board

  • Vytautas Plunksnis Chairperson of the Supervisory Board
  • Deimantė Korsakaitė Deputy Chairperson of the Supervisory Board
  • Alberto Atienza Güell Member of the Supervisory Board
  • Jurgita Petrauskienė Member of the Supervisory Board
  • Gints Pucēns Member of the Supervisory Board
  • Algimantas Markauskas Member of the Supervisory Board

Eco Baltia Management Board

  • Māris Simanovičs Chairman of the Management Board
  • Santa Spūle Member of the Management Board
  • Sigita Namatēva Member of the Management Board
  • Saulius Budrevičius Member of the Management Board

Financial results

2023

218 millions

2022

210 millions

According to the unaudited consolidated annual report 2022, Eco Baltia’s pro-forma revenues reached €240mn, growing by 60% compared to €150.0mn pro-forma revenue in 2021. Consolidated net turnover reached €210.79mn. This represents a 75.7% increase compared to 2021, when consolidated net turnover was €120.0mn. In 2022, Group’s consolidated net profit was €7,31mn and consolidated EBITDA reached €25,47mn. Leading companies of Eco Baltia are PET Baltija, TESIL Fibres, Nordic Plast, Metal Plast, Eco Baltia vide, Ecoservice, Latvijas Zaļais punkts and JUMIS. Group companies employ more than 2300 employees.

 

AS Eco Baltia PRESENTATION (October, 2023).

 

AS Eco Baltia 3-year bond issue  OFFERING DOCUMENT (October, 2023).

 

AS Eco Baltia 3-year bond issue OFFERING DOCUMENT and FINAL TERMS.

 

AS Eco Baltia PRESENTATION.

 

Reduced personal income tax rate application to note interest received by a tax non-resident of Latvia –HERE.

Information about auditor

Company SIA “Deloitte Audits Latvia”
Address Republikas Laukums 2a, Riga, LV-1010, Latvia
License no 43
Company
SIA “Deloitte Audits Latvia”
Address
Republikas Laukums 2a, Riga, LV-1010, Latvia
License no
43

Corporate governance

Organizational structure

Leading companies in the existing “Eco Baltia” portfolio are “Eco Baltia vide”, “Ecoservice” in Lithuania, “LATVIJAS ZAĻAIS PUNKTS”, “Jumis”, “Oil Recovery”, “NORDIC PLAST”, “Iterum”, “TESIL Fibres” in Czech Republic and “Metal Plast” in Poland. Companies of “Eco Baltia” provide full cycle of environmental services, including recycling of plastics. Group’s companies have 30 operational facilities across Latvia, Lithuania, Poland and Czech Republic.

Management team

Eco Baltia Supervisory Board

  • Vytautas Plunksnis Chairperson of the Supervisory Board
  • Deimantė Korsakaitė Deputy Chairperson of the Supervisory Board
  • Alberto Atienza Güell Member of the Supervisory Board
  • Jurgita Petrauskienė Member of the Supervisory Board
  • Gints Pucēns Member of the Supervisory Board
  • Algimantas Markauskas Member of the Supervisory Board

Eco Baltia Management Board

  • Māris Simanovičs Chairman of the Management Board
  • Santa Spūle Member of the Management Board
  • Sigita Namatēva Member of the Management Board
  • Saulius Budrevičius Member of the Management Board

Shareholder structure

Shareholders of AS “Eco Baltia” are “INVL Baltic Sea Growth Fund” through UAB “BSGF Salvus” (52.81%), the European Bank for the Reconstruction and Development (30.51%) and the management of the company (16.68%).

Structure image

Governance documents

Contacts for investors

Alise Zvaigzne

Public Relations

+ 371 28780467

investors@ecobaltia.lv

Environment

The Group’s business activities are based on the circular economy and environmentally friendly principles. Our mission is not only to reduce resource consumption and emissions, but also to implement energy-efficient solutions.

 

See our environmental sustainability policy

 

 

 

The services of Eco Baltia Group are focused on making a real contribution to the protection of nature and the efficient use of resources. In recent years, the fleet of Eco Baltia has been supplemented by vehicles that run on compressed natural gas, which reduces CO2 emissions. Funds have also been invested in a mobile vehicle to deliver a waste container washing service to the customer’s address. This not only significantly reduces travel costs and environmental impact, but improves the convenience of our service as well. We have signed a memorandum to strengthen cooperation towards the development of hydrogen technology in Latvia, and are already carrying out research to use non-recyclable waste mass for gasification, which will eventually also produce hydrogen to power our own fleet. By engaging in and supporting projects to develop environmentally friendly technologies, Eco Baltia further reduces its ecological footprint.

 

We are proud of the annual support and partnership of Latvijas Zaļais punkts in the Baltic Brand Forum, participating in the top ranking of the Greenest Brands in Latvia. Our initiatives – such as textile collection and the provision of textile container infrastructure, as well as the implementation of “Vislatvijas šķiratlons” [All-Latvia Sortathon] for several consecutive years – demonstrate the commitment of Eco Baltia to sustainable lifestyles and responsible resource management. Currently, more than 700 textile containers are available in Latvia and Lithuania; the company also provides end-of-life electronics collection services across more than 100 locations throughout Latvia.

 

We are actively involved in the implementation of climate programmes and in cooperation with the LIFE integrated project “Waste as Resources in Latvia – Promoting Regional Sustainability and Circulation through the Concept of Waste as a Resource” (LIFE Waste To Resources IP, LIFE20 IPE/LV/000014).

 

 

Key achievements

 

  • “Eco Baltia vide” Platinum category in the Latvian Sustainability Index (2022 and 2023)
  • “PET Baltija” Gold Category (2023) and Silver Category (2022) in the Latvian Sustainability Index
  • ISO 50001:2018 Energy Management System certification awarded to “Eco Baltia vide” (2022), PET Baltija (2022) and Nordic Plast (2022)
  • ISO 14064-1:2018 Greenhouse gas verification certification awarded to “Eco Baltia vide” (2021 and 2022), “JUMIS” in Sigulda (2022), “Latvijas Zaļais punkts”(2022), “Nordic Plast” (2021 and 2022), “PET Baltija” (2021 and 2022)
  • FSC 22000 Food Safety Management System certificate awarded to “PET Baltija” (2022)
  • EcoVadis certificate
  • “Tesil Fibre” (2022) awarded Eco Label certificate, GRS certificate and Oeko-Tex Standard 100

Corporate governance

The business of “Eco Baltia” is based on the principles of integrity and ethics at every stage of business, contributing to sustainable growth.

 

Code of Ethics

 

Business Partner Code of Conduct

Risk Management policy

 

Policy on the selection, nomination, evaluation and responsibility of Management Board members

 

The main objective of our company is to produce each successive unit with fewer resources compared to the previous production cycle. To this end, we are constantly monitoring technological developments, implementing innovative projects and investing in new equipment to maintain our competitiveness and strengthen our position on the European market.
We value and apply LEAN methods, especially the KAIZEN and 5S approach to business processes, which allows us to continuously improve and optimise our operations.

 

Eco Baltia companies are active members of the Latvian Association of Waste Management Companies, the Employers’ Confederation of Latvia, the Latvian Tyre Management Association and the Latvian Chamber of Commerce and Industry reflecting our commitment to business improvement and overall sustainability.

 

Key achievements

  • Eco Baltia – 36th place in the TOP 101 most valuable companies in Latvia (2022) and 37th place in the TOP 500 largest companies in Latvia
  • PET Baltija – the 3rd largest chemical company by turnover in the TOP 500 ranking of the largest companies in Latvia (2022)
  • Nordic Plast – the 18th largest chemical company by turnover in the TOP 500 ranking of the largest companies in Latvia (2022)
  • ISO 9001:2015 Quality Management System certification obtained by “Ecoservice” (2023), “Latvijas Zaļais punkts” (2022), “Tesil Fibres” (2022), “PET Baltija” (2022) and “Nordic Plast” (2022), “Eco Baltia vide”, “Pilsētas Eko Serviss”
  • ISO 14001:2015 Environmental Management System certification received by “Ecoservice” (2023), “PET Baltija” (2022) and “Nordic Plast” (2022)
  • ISO 50001:2018 Energy Management System certification awarded to “Nordic Plast” (2022), “Eco Baltia vide” (2022), “PET Baltija” (2022)
  • Participation in the “Sustainable Public Management” training programme at Malmö University (2023)
  • “Eco Baltia vide” partnership with RISEBA’s “Sustainability Challenge” to support and encourage students to come up with unique ideas to tackle different energy and waste issues

News

17.02.2023.

“Eco Baltia” issued 8 million EUR of bonds

13.02.2023.

“Eco Baltia” completes the placement of 8 million EUR of bonds attracting significant interest from investors

10.02.2023.

Eco Baltia announcement on the bonds placement

08.02.2023.

Recording of Eco Baltia’s webinar about inaugural bond issue public offering

 

Bonds

ISIN Aggregate Nominal Amount Interest Rate Maturity Date
LV0000860138
LV0000860120		 EUR 10,000,000
EUR 8,000,000		 9%
8%		 2 November 2026
17 February 2026

AS Eco Baltia COMPANY DESCRIPTION ( April 2024)

AS Eco Baltia PRESENTATION ( October 2023)

AS Eco Baltia 3-year bond issue  OFFERING DOCUMENT (October, 2023).

AS Eco Baltia 3-year bond issue OFFERING DOCUMENT and FINAL TERMS.

AS Eco Baltia PRESENTATION (February 2023)

Reduced personal income tax rate application to note interest received by a tax non-resident of Latvia (updated on February 5, 2025).

07.02.2023. PRESENTATION demonstrated during the webinar about inaugural bond issue public offering.




The group's shareholders are UAB "BSGF Salvus", which represents the largest private investment fund in the Baltics "INVL Baltic Sea Growth Fund" (52.81%), the European Bank for Reconstruction and Development (ERAB, 30.51%), as well as Māris Simanovičs (with through Enrial Holdings SIA and Penvi Investment Ltd., 16.68%)