Author: Gunita Krilova

Changes in the Management Board of ITERUM, the PET bottle recycling company of the Eco Baltia

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Changes have been made to the Management Board of AS ITERUM, the PET bottle recycling company of JSC (AS) Eco Baltia, the largest environmental resource management and recycling group in the Baltics. From October 1, 2025, the Chairman of the Management Board will be the current Management Board member Andris Ābele. Jūlija Zandersone, who has held the position of Chair of the Management Board, is being nominated for the position of Member of the Supervisory Board of “ITERUM”.

Following the changes, Andris Ābele, Jekaterina Vasiļjeva and Liene Upeniece will continue to work on the ITERUM Management Board. The appointment of Jūlija Zandersone to the Supervisory Board will be decided by the shareholders’ meeting, which will be held in October. J. Zandersone will also continue to fulfil the role of Chair of the Supervisory Board at ITERUM’s subsidiary, Tesil Fibres s.r.o., in the Czech Republic.

Following her election to the Supervisory Board, J. Zandersone will be responsible for the factory’s strategic development and the implementation of efficiency measures. This will include close cooperation with strategic partners and investors, and suppliers, in order to consolidate and accelerate the company’s  development.

Jūlija Zandersone, former Chairwoman of the Management Board of AS ITERUM: “The dynamics of the sector and the European Union’s circular economy objectives require both technological excellence and strong partnerships. On the Supervisory Board I will focus on ensuring, in cooperation with our strategic partners and investors, further modernization of the plant, an increase in capacity and the introduction of new solutions that will enable ‘ITERUM’ to move towards faster development.”

As Chair of the Management Board, Andris Ābele will be responsible for the delivery of ITERUM’s long‑term goals, strengthening the company’s position in the Northern European recycling market. He has more than ten years of experience in manufacturing companies, including in metal structures and building materials production, where he has held senior positions. Since joining the “ITERUM” Management Board, A. Ābele has been responsible for improving the efficiency of PET secondary raw material production and for modernizing the plant in line with current technological capabilities. He has also worked on improving final product quality standards, enhancing occupational safety, and other matters related to ensuring the operational activities of the factory.

Andris Ābele, Chair of the Management Board of AS ITERUM: “Our future focus will be on stabilizing the company’s development in the long term, continuing to invest in technology and process digitalization. In close alignment with the Supervisory Board’s strategic initiatives, we will develop ‘ITERUM’s’ capacity and product portfolio.”

About Eco Baltia’s results for the first half of 2025

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The Eco Baltia group’s turnover reached EUR 142.08 million in the first half of 2025.

Eco Baltia JSC (AS), the largest environmental resource management and recycling group in the Baltics, achieved a net turnover of EUR 142.08 million in the first half of 2025, representing a 14.5 % increase compared to the same period last year.

The company’s growth was primarily driven by consistent performance in the environmental management sector, alongside ongoing process optimization and digitalization across the group’s companies.The group’s EBITDA for the period was EUR 21.5 million, while profit before tax was EUR 3.6 million.

Strategic development priorities

Participation in public procurement in the environmental management sector contributed significantly to growth in the first half of 2025. The hazardous waste management company Oil Recovery won a tender for ship waste management in the Riga Free Port (3 years; 4.45 million EUR), while Eco Baltia vide won a tender for household waste management in the Mārupe and Ventspils regions. Participation in these tenders ensures a predictable workload and reliable revenue flow. In February, Ecoservice UAB opened a new sorting center for separately collected packaging in Lithuania which, by using artificial intelligence solutions, is capable to identify and sort 13 types of packaging, significantly increasing sorting efficiency.

At the same time, the group strengthened its position in environmental management areas such as construction waste and textile management. Continued development of the mobile toilet rental brand Tocha, and strengthened capacity of the group’s recycling sector companies.

Māris Simanovičs, Chairman of the Board of Eco Baltia, said: “The results of the first half of the year confirm the effectiveness of the group’s growth strategy. The company’s area of services has expanded, processes have continued to be digitized and modernized, and new development projects have been launched. All of this has resulted in a new turnover record. Eco Baltia’s contribution to the Latvian and other economies is becoming more tangible — more recycled material, modern production facilities and skilled jobs form the basis of our competitiveness in the international market.”

Future development of the group

In 2025, the group will continue to develop PET and other plastic recycling, environmental management services, and PVC profile recycling, emphasizing work safety, the LEAN approach, and operational efficiency. At the same time, the implementation of the ESG strategy will be intensified. The use of low-emission vehicles has already been expanded (they are used to collect 63% of waste in Latvia), and the share of renewable energy has reached 15% of total consumption. This year also saw the publication of the first annual sustainability report, prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD) requirements.

Recording of the Eco Baltia Year 2024 Investor Webinar

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On 21 August, Eco Baltia held a webinar during which the Chairman of the Management Board, Māris Simanovičs, and the Member of the Management Board and CFO, Santa Spūle, presented the audited financial results for 2024. They also provided an update on key developments at the company in 2025, including the recently published ESG report for the previous year.

“The past year and the beginning of this year demonstrate Eco Baltia’s steady growth, which was also highlighted at today’s webinar. We believe that regular dialogue with investors is one of the most effective ways to strengthen trust and confidence in the company’s strategic direction. Transparency and openness continue to be our key priorities in communication with investors, partners, clients, employees, and society as a whole,” says Māris Simanovičs.

A recording of the virtual conference is available here.

The presentation shown during the webinar is HERE.