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Published: 2023-09-29 15:45:35 CEST
Eco Baltia
Interim information

Eco Baltia closes the first half of 2023 with a 13% increase in turnover

The largest environmental resource management group in the Baltics, Eco Baltia JSC (AS), closed the first half of 2023 with a consolidated turnover of EUR 112 million, an increase of 13% compared to the first six months of last year (EUR 98.7 million in the first half of 2022). The Group's consolidated EBITDA before goodwill impairment recognition amounted to EUR 16.7 million, compared to EUR 14.6 million in the same period last year, while the profit was EUR 2.9 million.  The increase was mainly due to the acquisition of new businesses, the solid performance of the environmental management sector and the targeted work on process rationalisation and automation.

Māris Simanovičs, Chairman of the Board of Eco Baltia: "By increasing the company's indicators, we have managed to prove that even a volatile economic situation in the country and international markets can be fairly good period for business development. In recent years we have expanded in Latvia, Lithuania and the Czech Republic, and this year we will continue to increase Eco Baltia's overall portfolio of companies and services. At the same time, the strategic development of the Group has benefited greatly from the contribution and professional vision of our largest shareholder, INVL Baltic Sea Growth Fund, which has helped to strengthen Eco Baltia's position both in the Baltics and in international markets."

Earlier this year, Eco Baltia's existing portfolio of companies was expanded to include the newly acquired Latvian road maintenance company Pilsētas Eko Serviss, strengthening the environmental management sector within the group. As a result of the acquisition, a reorganisation was initiated in early 2023, during which Pilsētas Eko Serviss will be integrated into Eco Baltia's subsidiary Eco Baltia vide in several stages.

The Group's largest environmental companies, Eco Baltia vide and Ecoservice, continued to develop several projects in the first half of the year, including the development of a construction waste sorting yard and the sorting of household waste, textiles and other materials. At the same time, the companies submitted bids for several public tenders, some of which were successful, including the organization of waste management for the next five years in Klaipeda and Vilnius in Lithuania and for three years in Salaspils in Latvia. The companies also submitted the lowest bids in other tenders in different regions of Lithuania and Latvia.

"While Eco Baltia's environmental sector is growing steadily, the recycling sector is affected by the current situation on the international market, where it is difficult for European recycled materials to compete with cheap virgin materials from Asia. On the positive side, the recycling sector is expected to grow strongly in the coming years. Nevertheless, we are already continuing the investment projects in our Group's recycling companies PET Baltija and Nordic Plast to increase capacity and automate production, which will contribute greatly to long-term development and allow us to work more efficiently today," explains Mr Simanovičs.

Nordic Plast, the polymer recycling company of the Eco Baltia Group, completed testing of its new plastics sorting and recycling line in the first half of this year. More than EUR 2.8 million was invested in its development last year, with the aim of increasing production capacity by up to 30% over time.  Eco Baltia's PET bottle recycler, PET Baltija, continues to work on the development of its new production plant in Olaine, where PET Baltija's investment currently stands at more than EUR 10 million. The new plant is scheduled to start production gradually this year, but will be fully operational next year, tripling PET production capacity.

This year, the Group plans to promote collaboration between its businesses by introducing new services and improving processes throughout the full waste management cycle. Further investments in recycling, waste and environmental management are planned to support the growth, efficiency and competitiveness of the Group's businesses. At the same time, work will continue to improve working conditions, safety, social responsibility, governance and sustainability. Work is also underway on the valuation of new business acquisitions.


About Eco Baltia

Eco Baltia group is the largest environmental and waste management group in the Baltics, providing the full-cycle waste management solutions from waste collection and sorting to secondary raw material logistics, wholesale and raw material processing as well as PET and PE/PP plastics recycling.

Eco Baltia group has closed 2022 with its historically highest consolidated turnover of EUR 210 million, representing a 75% increase compared to 2021. Total combined sales revenue (pro-forma) in 2022 amounted to 240.5 million euro.

The group companies employ around 2,200 employees in Latvia, Lithuania, and Czech Republic. Its leading companies are PET Baltija, Eco Baltia vide, Latvijas Zaļais punkts, Nordic Plast, JUMIS, Pilsētas Eko Serviss, Czech TESIL Fibres and Lithuania-based Ecoservice. 

Shareholders of Eco Baltia are private equity fund INVL Baltic Sea Growth Fund (52.81%), the European Bank for the Reconstruction and Development (30.51%) and Māris Simanovičs (16.68%).


About INVL Baltic Sea Growth Fund

With a size of EUR 165 million, the INVL Baltic Sea Growth Fund is a leading equity fund in the Baltics. The European Investment Fund (“EIF”) is its anchor investor.

The EIF, which is a part of the European Investment Bank, has committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or ‘Junker Plan’) whilst also allocating resources from the Baltic Innovation Fund, a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. The initiative aims to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics.

The fund seeks to assemble a diversified portfolio of companies, targeting majority or significant minority stakes through investments ranging from of EUR 10 million to EUR 30 million. These companies must demonstrate high growth potential and an ability to succeed in conditions of increasing global competition and market volatility.

The fund is focused on the Baltic countries and neighbouring regions including Poland, the Nordics, and Central Europe. The fund has invested in seven companies to date, focusing on sectors including healthcare, medical rehabilitation, civil engineering, environmental management (plastic recycling and waste management), veterinary services, and the manufacturing of cosmetics and hygiene products.

The fund is managed by INVL, the leading Baltic investment management and life insurance group. The group’s companies manage pension and mutual funds, life insurance directions, individual portfolios, private equity as well as other alternative investments. More than 300,000 clients in Lithuania, Latvia and Estonia plus international investors have entrusted the group with the management of over EUR 2 billion of assets. With a track record spanning 30 years, the group has strong expertise and experience in managing private equity assets and building true market players that are leaders in their respective fields in the Baltic countries and across Central and Eastern Europe.


         Additional information:
         Alise Zvaigzne
         Public Relations Project Manager
         Eco Baltia
         Phone +371 28780467

Eco Baltia Financial statement_ENG_6M_2023.pdf
Eco Baltia Group Financial statement_ENG_6M_2023.pdf