Author: Gunita Krilova

Eco Baltia Group Company Eco Baltia vide acquires the right to provide services in Ādaži Municipality for seven years

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Eco Baltia vide, a company within JSC (AS) Eco Baltia — the largest environmental resource management and recycling group in the Baltics — has won the public procurement tender announced by Ādaži Municipality for the provision of household waste management services. The total predictable contract value for the seven-year term is 22 million euros excluding VAT.

As a result of the tender, Eco Baltia vide will begin providing household waste collection services in Carnikava starting September 1. From June 2 of the following year, the company will continue service provision across the remaining areas of Ādaži Municipality, where services are currently delivered under the previous contract.

Jānis Aizbalts, Chairman of the Management Board of Eco Baltia vide, commented:

“Participation in public procurement is a key instrument for a company’s strategic growth — it enables the targeted expansion of service territories and customer base, increases service volumes, and supports return on investment in infrastructure and innovation. The new contract demonstrates our ability to compete with sustainable and economically sound solutions, while also laying a stable foundation for continued growth in Latvia’s municipal sector.”

Winning the Ādaži Municipality tender gives Eco Baltia vide the opportunity to strengthen its presence in one of Latvia’s fastest-growing regions and boosts the company’s competitiveness in the utilities sector.

The service expansion allows the company to develop and enhance processes — from improving customer management systems to optimizing logistics — while reinforcing its brand as a sustainable and innovative service provider. These development directions also contribute to maintaining and continuously improving high service quality, ensuring convenient and modern solutions for every customer.

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

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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.

JSC (AS) Eco Baltia, the largest environmental resource management and waste recycling group in the Baltics, announces that its audited consolidated and standalone annual report for 2024 is scheduled for submission during the week of 23–30 June 2025.

During this same period, the company will also submit its unaudited financial report for the first quarter of 2025, providing insights into the group’s financial performance at the beginning of the year.

Both reports will include up-to-date financial information and reflect the group’s operational results, development directions and progress in strategic growth, including expansion into international markets and investments in operational efficiency.

This information will be available on the official Nasdaq Riga website and in the Investors section of the company’s website: www.ecobaltia.lv.