Author: Gunita Krilova

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.

Tomasz Rycak has been appointed CEO of Metal-Plast, a leading Polish PVC window and door frame recycler, which is a subsidiary of Eco Baltia Group, the largest Baltic environmental management and resource recycling group, and INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltics. He will replace the current CEO Grzegorz Jasinski. Tomasz Rycak has extensive international management experience in a wide range of industries and his appointment marks a new stage in the company’s future growth.

“The changes to strengthen the management team reflect a desire for even greater focus in implementing the company’s strategy. Ambitious goals have been set for the new CEO: to improve operating efficiency, increase the return on investment, and ensure sustainable growth. We are grateful to Grzegorz Jasinski for his contribution to the company’s development and wish him every success in his professional future,” says Jānis Aizbalts, the Chairman of the Supervisory Board of Metal–Plast.

“In joining the leader in Poland’s PVC recycling sector, I see great potential for creating long-term value with a clear strategy, operational efficiency, and a highly professional team. I believe that my experience in a variety of sectors and my work with private equity funds will enable me to quickly identify growth opportunities and implement transformations that deliver tangible results,” says Tomasz Rycak, the new CEO of Metal–Plast.

Rycak comes to the role at Metal-Plast with more than 20 years of experience shaping and implementing business change strategies, operational restructurings and international expansion. His recent activities have focused on consulting work for businesses and private equity funds.

In 2024, Metal-Plast unaudited turnover reaches EUR 30.3 million. The company has nearly 200 employees. Its recycling capacity at present is about 30,000 tonnes per year. To contextualise, one tonne of recycled PVC saves two tonnes of CO2 emissions, representing a significant positive contribution towards the European Union’s climate neutrality targets.

Eco Baltia and the INVL Baltic Sea Growth Fund acquired a 70% stake in Metal-Plast in November 2023. The remaining 30% of the Polish company’s shares belong to the SIDN Family Foundation.