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.
About AS “Eco Baltia”
“Eco Baltia” is the largest environmental resource management and recycling group in the Baltics, ensuring a full waste management cycle - from waste collection and sorting to secondary raw material logistics, wholesale, and the recycling of secondary materials, including PET and PE/PP plastics, as well as PET fiber production.
The Eco Baltic group ended 2024 with its largest ever audited consolidated turnover of 261.54 million euros, an increase of 20% compared to 2023.
The group’s companies in Latvia, Lithuania, Poland and Czech Republic have more than 2,600 employees. The largest of the companies the group owns are Eco Baltia vide, Latvijas Zaļais punkts, Nordic Plast, Oil Recovery, and ITERUM in Latvia, Metal-Plast in Poland, TESIL Fibres in Czech Republic, and Ecoservice in Lithuania.
The shareholders of Eco Baltia are the INVL Baltic Sea Growth Fund (52.81%), the European Bank for the Reconstruction and Development (30.51%) and Māris Simanovičs (15.93% through SIA Enrial Holdings and 0.75% through Penvi Investment Ltd).