Luminor Bank grants €3 million in financing to forestry company Timbro

Luminor Bank has granted €3 million in financing through a credit line to forestry company Timbro. As a result, the company’s total available credit facility has increased to €5 million. The financing will support the company’s growth plans and its ambition to double its revenue over the coming years by expanding several business areas and increasing the scale of its core operations.

In 2025, Timbro generated €49 million in revenue and plans to double this figure by increasing the volume of logging operations and timber trading, while also developing new business areas. The company aims to become one of the leading forestry companies in the Baltics within the next five years. The additional credit line will provide the working capital required to efficiently seize market opportunities.

“Forestry remains one of Latvia’s most competitive export industries, and companies that invest in efficiency, digitalisation and expanding their export markets continue to have strong growth potential even in a changing market environment. Timbro has already proven its capabilities and has a clear development strategy, which is why we are pleased to support the company’s growth plans,” says Ilze Zoltnere, Head of the Corporate Department of Luminor bank in Latvia.

The company is part of the Timbro Group, one of Latvia's fastest-growing forestry groups. The Group's growth is driven by its core operations, including property management, the purchase of felling rights, logging, timber truck services and customer-focused timber trading. Over the past two years, the company has invested in several digital solutions that ensure a transparent timber supply chain, as well as a proprietary tool for faster and more accurate valuation of growing forests.

“Over the past two years, we have built a unique forestry group by acquiring several companies in the sector and bringing together more than 100 professionals with extensive experience in forestry, technology and finance, gained by building and managing companies in Latvia and internationally. Our operations cover the entire value chain – from the acquisition of forest land and logging to timber trading in the domestic market, the export of various timber products to European Union markets, pallet manufacturing, and the organisation of forest auctions through the E-silva platform. The additional financing enables us to continue this rapid growth journey and double the Group’s revenue in 2026,” says Raimonds Cipe, Chief Executive Officer of Timbro.

The Latvian forestry industry is one of the country’s most important export sectors, accounting for approximately one-fifth of Latvia’s total exports and nearly one-third of manufacturing output. Despite fluctuations in the European construction market, the sector continues to be driven by investments in efficiency, digitalisation and the production of higher value-added products. In 2025, the industry benefited from increased export activity and stable roundwood prices, while in 2026 the market participants expect overall stable development and moderate price fluctuations.

In recent years, Timbro has significantly expanded its network of business partners. The company now works with more than 400 suppliers, continues to expand its export business across Latvia, the Baltics and Scandinavia, and has also started participating in tenders in the Scandinavian market. The Group’s objective is to further strengthen its position in the Baltic forestry industry and increase the share of exports in its business.

 

About Timbro

Timbro is an innovation-driven forestry technology company, founded in Cēsis, bringing together over 100 professionals with extensive experience in the forestry, technology and finance sectors in Latvia and abroad. The company’s core activities include timber wholesale, logging and logistics, trade of forest and agricultural land, as well as rural property management. Timbro’s activities are based on efficient use of resources, a sustainable approach and cooperation with the leading partner Merito Partners.

About Luminor

Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just like Estonian, Latvian and Lithuanian markets.