Author: Gunita Krilova

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

---

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

---

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.

Eco Baltia Group’s Lithuanian company, Ecoservice, opens the most advanced separately collected packaging sorting centre in the Baltics

---

Ecoservice, the largest environmental management company in Lithuania and part of the Eco Baltia Group, has officially opened the most advanced and largest separately collected packaging sorting centre in the Baltic region. With an investment of around EUR 18 million, the new facility features cutting-edge artificial intelligence solutions that can identify and sort 13 types of packaging, nearly doubling operational efficiency.

“This new centre embodies our commitment to waste management. We are not just sorting waste – we are building infrastructure to help Lithuania embrace the circular economy and create a more sustainable future for all. Our goal for the coming years is to increase the company’s efficiency and thereby contribute to its faster development in the Baltic market,” said Jurgita Nacevičienė, CEO of Ecoservice.

Luminor Bank provided EUR 12.6 million in financing for the implementation of this project. The rest is financed from the Eco Baltia Group’s own resources.

“This project is vital for enhancing Lithuania’s circular economy infrastructure, reducing waste and promoting recourse efficiency. By enabling the development of such technologically advanced facilities, we are actively participating in building more sustainable future for our communities”, said Vytis Žegužauskas, Head of Corporate banking at Luminor.

Development and new plant

Completed in just 18 months, the new sorting centre marks the largest investment in Ecoservice’s 30-year history. It was rebuilt on the site of the previous facility, which was destroyed by fire in 2023. The new plant is designed to process up to 12 tons of waste per hour and 300 tons per day, increasing operational efficiency by 1.5 times and significantly improving the quality of recyclable materials.

The facility is equipped with state-of-the-art technology, including nine AI-driven optical separators capable of identifying and sorting different materials with 85% accuracy, as well as four high-powered magnets for efficient metal detection. These enhancements are expected to increase the recovery of recyclable materials by 15–20% compared to the previous facility. To ensure safety, the centre now features the only certified thermal imaging fire detection system in the Baltics, exceeding current fire safety standards.

“This is the third Eco Baltia Group facility to open in the Baltics within just five months. Despite the challenges posed by the insurer Latvian branch of Compensa Vienna Insurance Group and its prolonged delays in fulfilling contractual obligations, we have achieved our business objectives. This success demonstrates Eco Baltia’s stability and ability to grow even in challenging circumstances. The new facility will enable us to make a significant contribution to the circular economy across Europe,” says Māris Simanovičs, Chairman of the Management Board of Eco Baltia.

Ecoservice tackles insurer Compensa’s defaults

Company reminds that on 5th August in 2023, a devastating fire broke out in the waste sorting plant in Vilnius. It caused extensive damage, destroying the building, waste sorting equipment, part of the inventory and partially shutting down the plant. Despite this catastrophic event, the Latvian branch of Compensa Vienna Insurance Group (part of Vienna Insurance Group), the company‘s insurer, has unacceptably delayed any decision on compensation for over a year and the half.

„Hiding behind endless bureaucracy, excessive document demands, and redundant expert reviews, Compensa has effectively abandoned its obligations. This has forced us to finance the entire reconstruction from our own resources and external funding. This is totally unacceptable and hampers not only the development of the company and the industry, but also the implementation of national waste reduction standards. We are grateful to Eco Baltia Group and Luminor Bank for supporting this crucial project, enabling us to resume operations altogether,“ said Nacevičiene.

Determined to hold Compensa accountable, Ecoservice filed a lawsuit with a total claim of €13.6 million. Ecoservice remains resolute in demanding full compensation and will pursue all legal avenues necessary to expose this disgraceful negligence.