SIA “Rīgas ūdens” has published its unaudited financial results for the first half of 2025, demonstrating strong progress towards sustainable infrastructure development by making investments aimed at mitigating future cost increases and ensuring compliance with EU directives focused on environmental protection and climate objectives.

Key Financial and Operational Indicators for the First Half of 2025 Compared to the Same Period in 2024

• Revenue reached EUR 39.63 million – an increase of 7.1%.
• Operating expenses decreased by 8.7%, driven in part by the company’s ability to secure more favorable electricity supply agreements.
• Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 15.75 million.
• Profit before tax decreased from EUR 2.4 million to EUR 525 thousand, mainly due to the revaluation of underground infrastructure assets carried out in 2024, which resulted in higher depreciation and impairment charges. This revaluation ensures a more accurate reflection of asset values and enables the company to plan the necessary long-term investments in network renewal in line with the actual situation.
• Infrastructure investments totaled EUR 14.58 million – 8.0 km of pipelines were renovated and 0.8 km of new pipelines constructed, alongside investments in the renewal of primary and secondary wastewater settling tanks.
• New customers – in line with the company’s strategic objectives to expand service availability, 495 residents were connected to the centralized sewerage system and 84 residents to the centralized water supply system.

Green Bond Issuance

In May 2025, SIA “Rīgas ūdens” successfully issued public European Green Bonds in the amount of EUR 20 million. Investor demand exceeded the target more than twofold, reaching EUR 45.5 million or 228%. On 5 June 2025, the bonds were listed on the Nasdaq Riga regulated market.

This issuance is a significant testament to the company’s long-term strategic vision and financial transparency – “Rīgas ūdens” has become the first municipal company in Latvia to raise funding in the capital market, the first company in Northern Europe to issue bonds in line with the European Green Bond Standard, and only the fifth company in Europe to receive a “Sustainable Fitch” opinion confirming full compliance with sustainability requirements.

Agnese Ozolkāja, Member of the Management Board of SIA “Rīgas ūdens”: “It is important for us to deliver on the investment plan promised to our investors, as every project postponed today will inevitably become significantly more expensive tomorrow. All of our current investments are directed towards the future – they will help reduce costs and ensure sustainable service quality for residents, the city, and the environment. Going forward, we will continue to pursue consistent long-term financial planning, grounded in responsibility and trust towards both our investors and society.”

About SIA “Rīgas ūdens”: 

SIA “Rīgas ūdens” is the largest water utility company in Latvia, providing water abstraction, treatment, and supply, as well as wastewater collection and treatment services in Riga and the surrounding area. The company’s priorities are delivering high-quality services, developing infrastructure, and ensuring sustainable use of resources. “Rīgas ūdens” is the first municipal company in Latvia to secure financing through the capital market and the first company in Northern Europe to issue bonds in accordance with the European Green Bond (EuGB) Standard.