Eco Baltia, the leading environmental, waste management, and recycling group in the Baltics, continued to grow in 2024. The company expanded its operations in both Latvia and abroad. It also achieved notable financial and development results.

The Group's unaudited net revenues reached EUR 262.11 million, an increase of 20% compared to the same period last year. Profit before tax increased to EUR 9.67 million. Consolidated EBITDA reached EUR 42.5 million, an increase of 49.76% compared to the previous year.

Strategic Business Expansion

In 2024, Eco Baltia continued to implement its strategy to strengthen its market position. This included the acquisition of 100% of SIA Eko Osta, a Latvian company specializing in the management of hazardous and polluting waste. Following reorganization, the company was merged into SIA Oil Recovery and continues to operate under this name. In addition, Group company Eco Baltia vide acquired 40.4% of the shares in AS Daugavpils specializētais autotransporta uzņēmums through an auction and is considering acquiring up to 100% of the shares in the company.

Commenting on the business development, Māris Simanovičs, Chairman of the Board of Eco Baltia, said: "The waste management and recycling industry is undergoing significant changes. We see a growing demand for circular economy solutions both in Latvia and internationally. In this context, Eco Baltia is strengthening its role by offering modern and sustainable solutions that strengthen our market position while making a tangible contribution to environmental protection."

Investments and Infrastructure Development

The group’s Latvian environmental management company, Eco Baltia vide, invested EUR 2.3 million in the creation of construction waste sorting sites and opened a modern waste sorting facility – the Resource Management Center – in the Riga region, with total investments of approximately EUR 11.7 million. Meanwhile, Eco Baltia’s PET bottle recycling company, AS ITERUM, launched one of the largest recycling plants in Northern Europe. The total investment in the project exceeded EUR 35 million, with more than EUR 10 million invested by ITERUM.

Last year, Eco Baltia's Lithuanian subsidiary Ecoservice UAB launched a project to renovate the waste sorting centre in Vilnius following a fire accident in August 2023. The total investment amounts to around EUR18 million. Due to the unjustified delay of more than one and a half years after the fire accident in taking a decision on the payment of the insurance claim by the Latvian branch of the insurer Compensa Vienna Insurance Group (a part of the Vienna Insurance Group), Ecoservice filed a lawsuit at the end of last year, seeking a total compensation of EUR13.6 million. 

Māris Simanovičs expressed concern over the insurer’s conduct: “The long and unjustified delay in decision-making is completely unacceptable and clearly reflects the insurer’s attitude toward responsible business practices. Every company has obligations not only to its clients and partners but to society as a whole. At Eco Baltia, we advocate for transparent, honest, and timely actions – principles we also expect from our partners. Therefore, we firmly insist on an immediate decision regarding the insurance payout.”

Thanks to the support of Eco Baltia Group’s companies and Luminor Bank, the reconstruction project of the plant was successfully completed at the beginning of 2025, resulting in the opening of the most modern waste sorting center in the Baltics. This is a significant contribution to the development of the circular economy both in Europe and globally.

Focus on ESG and Sustainability

In 2024, Eco Baltia Group companies continued to work purposefully on the development and implementation of an ESG (Environmental, Social and Governance) strategy, reaffirming their commitment to embed sustainable practices at all operational levels. In day-to-day operations, emphasis was placed on employee wellbeing, a safe and orderly working environment and the implementation of LEAN culture principles aimed at efficiency, process improvement and employee engagement. At the same time, the Group launched several initiatives to develop and upskill employees, improve internal communication and promote a culture of responsible business.

Vision for the future

In 2025, Eco Baltia will continue to develop in three main segments - PET and plastic recycling, environmental management services and recycling of PVC window and door profiles in Poland. The Group's strategic objectives include improving working conditions, implementing the highest safety standards, increasing ESG performance and continuously improving efficiency and competitiveness in all areas of operation.

About Eco Baltia Group

“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. In 2023, “Eco Baltia” reached a record-high consolidated turnover of 218.4 million euros, representing a 4% increase compared to 2022. The group’s total consolidated revenue (pro forma) for 2023 amounted to 242.5 million euros.

Currently, the group employs more than 2,600 people across Latvia, Lithuania, Poland and the Czech Republic. The major subsidiaries are “ITERUM,” “Nordic Plast,” “Eco Baltia vide,” “Latvijas Zaļais punkts,” “JUMIS” in Sigulda, “Oil Recovery” (previously “Eko Osta”), the “Ecoservice” group in Lithuania, “TESIL Fibres” in the Czech Republic, and “Metal Plast” in Poland, as well as “Oil Recovery” in Latvia (formerly “Eko Osta” until December 28, 2024).

The shareholders of “Eco Baltia” are the private equity fund “INVL Baltic Sea Growth Fund” (52.81% through UAB BSGF Salvus), the European Bank for Reconstruction and Development (30.51%), and Māris Simanovičs (15.93% through SIA “Enrial Holdings” and 0.75% through “Penvi Investment” Ltd).