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Investors across the Baltics have backed the growth of Timbro Group. The public offering of SIA Timbro Group bonds closed with total demand of EUR 9.9 million, exceeding the targeted issue size of EUR 8.0 million by about 24%.
The public offering ran in all three Baltic states from 6 to 19 October 2026. The secured bonds carry a fixed annual interest rate of 10%, a maturity of three years and a nominal value of EUR 1,000. The proceeds will be used to refinance the Group’s outstanding unsecured bonds and to support further business development.
More than 500 investors took part in the offering. Latvian investors accounted for 85% of demand by volume, followed by Estonia with 11% and Lithuania with 4%. By number of orders, Latvia accounted for 48%, Estonia for 38% and Lithuania for 14%, showing that interest in the bonds was broad across the region.
Ringolds Grāpis, Chairman of the Management Board of Timbro Group: “The demand from more than 500 investors across the Baltics is a clear vote of confidence in Timbro’s strategy and team, and we thank every investor for their trust. The proceeds allow us to refinance our existing bonds and to keep building the leading full-service forestry group in the region.”
Edmunds Antufjevs, Head of Investment Banking Division at Signet Bank: “The timber industry is one of the foundations of Latvia’s economy and an integral part of it. We are pleased to support ambitious entrepreneurs such as Timbro, and we thank investors for their trust in the Group’s growth plans.”
The bonds are secured by a first-ranking commercial pledge over the Issuer’s assets. Settlement will take place on 22 October 2026. Interest is paid monthly, with the first coupon payment scheduled for 28 November 2026, and the bonds mature on 22 October 2029. Timbro Group plans to apply for admission of the bonds to trading on Nasdaq Riga First North within 12 months after the issue date.
Timbro Group is a full-service Latvian forestry group covering timber and energy wood trading, logging and timber logistics, forest and agricultural land trading, and forest property auctions. The Group holds an estimated 15%+ share of the Latvian private timber market. In H1 2026 it delivered more than 16,700 truckloads of timber, and its revenue grew 127% year-on-year to EUR 48.8 million. This is the Group’s fifth bond issue and its first public offering.
Signet Bank acted as lead arranger of the offering. Legal advice was provided by Sorainen, while Eversheds Sutherland Bitāns acted as Collateral Agent and Trustee.
Additional information:
Ringolds Grāpis
SIA Timbro Group
Chairman of the Board
+371 29 768 716
ringolds@timbro.lv