AS CleanR Grupa to issue bonds — subscription opens on 29 October

AS CleanR Grupa (the Group), a group of leading companies in the environmental services sector in Latvia, has received approval from the Bank of Latvia for its base prospectus for a bond issuance programme. In its first public bond offering, to be held from 29 October to 11 November, the Group plans to raise up to EUR 15 million, as part of a bond programme totalling up to EUR 50 million. This marks an important step in the Group’s development strategy and creates new opportunities for Baltic investors to diversify their portfolios by investing in the company operating in the environmental services sector.

The bonds will be listed on the Baltic Bond List of Nasdaq Riga, providing both retail and institutional investors across the Baltics with an opportunity to participate in the Group’s next stage of development. Under the first public bond offering, 15,000 CleanR Grupa bonds will be available, each with a nominal value of EUR 1,000, a fixed annual coupon rate of 6.5%, quarterly interest payments, and a four-year maturity. Existing investors will be invited to participate in a bond exchange offer. 

Under the bond programme, the Group plans to raise up to EUR 50 million, which will be used for refinancing existing liabilities and financing growth, including potential mergers and acquisitions (M&A) in the Baltics. The first tranche, amounting to up to EUR 15 million, is intended for the refinancing of existing bonds, with the offering open to both existing and new investors.

“We deeply appreciate the trust shown by investors three years ago through our private bond placement. We would be delighted to see this confidence continue on this journey, while warmly welcoming new investors to join CleanR Grupa in its next stage of growth. CleanR Grupa is a company with a strong financial foundation, a clear vision, and a responsible approach towards the environment. With this issue, we are offering investors an opportunity to contribute to the development of the circular economy while earning a stable, predictable financial return,” said Juris Gulbis, Chairman of the Management Board of AS CleanR Grupa.

“Waste management and resource recovery are essential everyday services whose importance and demand remain stable regardless of the economic cycle. Today’s investors increasingly value opportunities that combine stability with added value creation. CleanR Grupa meets these expectations — the company demonstrates strong financial performance, a well-defined growth strategy, and leadership in the circular economy. Such an investment offers not only consistent financial returns but also the chance to take part in building a cleaner, safer, and more sustainable environment,” said Kristiāna Janvare, Head of Investment Banking at Signet Bank.

Solid financial results

CleanR Grupa is one of Latvia’s leading environmental services groups, having evolved from a utility service provider into a full-cycle environmental services company. In recent years, the Group has expanded and diversified its revenue structure, strengthening its market position through several M&A transactions. The new 2025–2027 strategy foresees further growth in the Baltic region, with investments in the circular economy, advanced recycling technologies, and digitalisation.

The Group operates across Latvia, maintaining a strong market presence in Riga, Jūrmala, and Liepāja, and is a leader in several environmental service segments. In the first half of 2025, CleanR Grupa continued to deliver consistent double-digit growth. Compared with the same period last year, revenue increased by 23%, EBITDA by 35%, and investments by 52%.

During this period, revenue reached EUR 68.6 million and EBITDA EUR 16.3 million, confirming that the Group is successfully expanding operations while maintaining strong profitability. Investments totalled EUR 8 million, a substantial increase compared to the previous year. With an equity ratio of 53%, the Group maintains a solid financial foundation to support its growth plans and future M&A activity in the Baltics. Net debt stood at EUR 2.3 million (as of 6M 2025), with a leverage ratio of only 0.1x.

Offering Timeline

- Subscription period opens: 29 October 2025, 10:00 EET

- Subscription period closes: 11 November 2025, 15:30 EET

- Investor webinar (English): 30 October 2025, 12:00 EET

- Announcement of results: 12 November 2025

- Settlement date: 14 November 2025

- Listing on Nasdaq Riga regulated market: within 3 months from the issue date

The bond issue is organised by Signet Bank, with legal advice provided by law office Eversheds Sutherland Bitāns. The investors’ representative (trustee) is CSC Group (Sweden).

Investor Webinar

CleanR Grupa invites investors to join a webinar, where the company will present its operations, growth plans, and bond offering, and answer participants’ questions. The webinar will be held on 30 October at 12:00 p.m. (in English). Registration for the webinar is available here: https://ej.uz/webinareng. 

About AS CleanR Grupa

CleanR Grupa operates the leading companies in the environmental services sector in Latvia. It is structured around two core segments — waste management and environmental services. Together, the companies serve half a million people across Latvia every day. The group offers highly digitized environmental services, provides high-quality customer care, and demonstrates leadership in the pursuit of sustainability and circularity.

CleanR Grupa includes CleanR, a municipal waste management company; CleanR Verso, focused on industrial and construction, and demolition waste; CleanR Industry, a waste recycling business; Zaļā josta, an extended producer responsibility system provider; and Lautus, a medical and hazardous waste operator. Its environmental services portfolio comprises Vizii, a cleaning company, along with the urban servicing businesses Vizii Urban, KOM-Auto, and Tranzīts L.

CleanR Grupa has won the Best Investor Relations award of the Nasdaq Baltic Awards 2025 in the First North bond market.

AS CleanR Grupa is a 100% Latvian capital company, with Guntars Kokorevičs as its Founder and Chairman of the Supervisory Board. He has more than 20 years of experience in the environmental services industry and extensive expertise in structuring M&A transactions. Previously, he was CEO of the Riga Stock Exchange. He also serves as Vice-President of the Latvian Employers’ Confederation and is the founder and mentor of the Junior Achievement Latvia Leadership School initiative.

 

Disclaimer: This announcement is an unpaid marketing communication in accordance with the Prospectus Regulation and does not constitute investment advice or an offer. The information provided herein contains statements on the Public Offering of bonds of AS CleanR Grupa. Every investment decision must be based on a base prospectus approved by the Bank of Latvia and the respective final terms. An approved base prospectus and the respective final terms are available on the AS CleanR Grupa website (https://cleanrgrupa.lv/).