CleanR Grupa investment in development in 2024 – more than EUR 11 million
CleanR Grupa, which comprises Latvia’s leading environmental services companies, wrapped 2024 on steady growth and positive financial results—the group’s turnover increased by 19%, reaching EUR 121 million, while, according to its Annual Report, the group’s investments in production, modernization, and market expansion amounted to EUR 11.1 million.
The group’s asset value in 2024 stood at EUR 104.5 million—15% higher than in 2023, its equity was EUR 53.7 million, and the EBITDA reached EUR 25.5 million—an increase of 28% on 2023.
Last year, the group focused on the strategic reorganization of the holding company and business expansion, making new acquisitions and expanding its operations in waste management and environmental services. The group paid special attention to efficiency improvements, digitization, and the integration of sustainable business principles across all the group companies.
“We have observed growth in all our business lines set up as a result of the reorganization. We have also made a significant contribution to Latvia’s economy—in 2024, the group’s companies paid EUR 23.3 million in taxes into the state budget—an increase of 17% on the previous year. Last year, we also continued expanding and modernizing the infrastructure—we installed over 260 underground waste containers, which not only improve urban aesthetics but also allow optimizing logistics and reducing fuel consumption. 67% of our specialized vehicles produce low emissions,” tells Juris Gulbis, Chairman of the Management Board of CleanR Grupa. “We see waste as a resource which we may return in the economy after sorting and recycling. In 2024, we collected more than three million cubic meters worth of different types of waste, of which more than 240 000 tons were put back into circulation as sorted or recycled materials and raw materials, which were then handed over for further reuse or recycling. This attests to our commitment to reduce resource consumption, promote the implementation of the country’s circular economy targets, and foster economic development,” adds Gulbis.
Last year, the group continued to strengthen its corporate governance model by forming two new subsidiaries —CleanR Industry, which includes plastic recycling and industrial waste processing, and CleanR NĪ, which overtook the group’s real estate management. Also, the group expanded its operations by acquiring 49% shares of the urban servicing company Tranzīts L and 100% of the Lautus shares, a company specializing in medical and hazardous waste management.
Waste management
In the waste management segment, 2024 brought new requirements regarding mandatory waste sorting, as of 1 January 2024, requiring source sorting of organic waste. Separate collection of biodegradable waste must be ensured by all waste operators in cooperation with the local authorities. This is an important initiative which constitutes part of the country’s long-term strategy towards reducing the amount of landfilled waste.
Last year, CleanR won several municipal tenders. The company won an Ogre municipality procurement, granting it the right to provide its services in the town of Ikšķile and the rural territory of Tīnūži for the next seven years. Also, the company obtained the right to provide waste management services in Ķekava municipality and Jūrmala State City.
Last year, CleanR continued investing in the separately collected waste infrastructure. The company had set a goal to develop its underground waste container infrastructure by constructing 50 underground waste container sites, however, the target was exceeded—in 2024, the company arranged 67 such sites. What’s more, by introducing the underground waste container solutions, the company managed to reduce an average of 20% of fuel consumption on the waste removal routes.
At the same time, the group’s industrial and construction and demolition waste company CleanR Verso carried out sweeping modernization of Nomales, Latvia’s largest building refuse sorting and recycling centre. The centre was equipped with the most powerful electric waste shredder in the Baltics, which significantly improves the efficiency of the recycling process and reduces the impact on the environment.
Environmental services
The group continued to strengthen its position in the urban services sector. The group subsidiary Vizii Urban won the Riga city procurement on the maintenance of the city’s transport structures in the Ziemeļi district and Vidzeme suburb until 2029. At the same time, KOM-AUTO, an urban services provider under Vizii Urban, expanded its operations in the Vidzeme region, taking charge of road maintenance in the administrative territory of Amata Association. Also, KOM-AUTO expanded geographically by taking up road maintenance in the town and rural territory of Līgatne, as well as in Bauska and Rēzekne municipality. The company also strengthened its position in the town of Cēsis by securing a five-year urban services provision contract.
In the reporting period, the group’s commercial cleaning company Vizii boosted its technological capabilities by increasing its number of cleaning robots to 21 units. At the same time, Vizii also introduced an innovative solution in the commercial cleaning segment—a digital communication and customer service tool—a first mobile quality control app, with the help of which the employees working on the site may rate the quality of the cleaning works online.
Extended producer responsibility system
On 1 July 2024, the extended producer responsibility (EPR) system for textiles came into force, which levies the Natural Resource Tax on the companies that are first to sell or use textiles for their own economic activity. Zaļā josta, the group’s extended producer responsibility system provider, carried out preparatory works for the implementation of the new EPR system in the first half of the year by identifying the companies affected by the new regulations and raising awareness among the businesses and the general public of a responsible and proper sorting and handling of textile waste.
Sustainability, circular economy, and environmental education
In the reporting year, the group continued developing its sustainability governance and reporting by calculating its greenhouse gas emissions, thus assessing its climate impact. The group companies emitted a total of 112, 157 tons of CO₂ equivalent. However, thanks to the operations of the group companies, a significant share of the resources is put back into the economy – the group’s avoided emissions exceeded 1.2 times the emissions generated by its own activities. At the same time, the group assessed the compliance of its economic activities with the EU Taxonomy regulation. As a result, the group concluded that 64% of its operating expenses, 70% of the turnover, and 50% of capital investments are aligned with the sustainable economic activity criteria.
“We are aware of the role our companies play in fostering the circular economy in Latvia, and as a leader in the environmental services sector, we have set ourselves ambitious sustainable development goals. While seeking to strike a balance between the business growth and the EU’s Green Deal and Taxonomy goals, we find it important to maintain a high proportion of sustainable performance indicators, which include such instruments as the climate change mitigation plan, a healthy carbon footprint, with a substantially higher proportion of avoided than caused emissions, taxonomy-aligned or “green” capital investments to effectively manage our company’s impacts,” states Agita Baltbārde, Member of the Management Board at CleanR Grupa and the current European Climate Pact Ambassador to Latvia.
“Last year, we made a significant contribution to raising environmental awareness in the public and stakeholder engagement—we created Šūna (a Cell in English), the first-ever environmental education concept space, which this year will continue operating outside Riga. Also, we launched the Circular Economy Index, the first-ever scientifically-based circularity assessment tool involving 100% of Latvian municipalities. By sharing our knowledge and experience we may all arrive at a common understanding about environmental sustainability and circularity thus fostering Latvia’s economic development. We are aware of our leadership role in the industry and take responsibility in engaging our clients, partners, and stakeholders in putting circularity principles into practice in Latvia,” states Baltbārde.
Last year, the group’s success was driven by more than 1800 employees, representing 120 different professions—from technicians to environmental experts to waste collectors, dispatchers, and data analysts. “This multishaped team is the group’s driving force, ensuring the provision of high-quality and sustainable environmental services all around Latvia while building a cohesive and purposeful organization with a wide range of professional competencies,” tells Gulbis.
“We are delighted to see that our efforts in building a responsible business environment have also been recognized by the state and our partners. Last year, CleanR won the State Environmental Service’s Green Excellence Award, CleanR Grupa’s investor relations were recognized by the Nasdaq Baltic stock exchange; we have also received the Sustainable Governance Award on Stakeholder Management created by the Corporate Governance Advisory Board in cooperation with the Bank of Latvia and the Ministry of Justice, as well as we made a sharp climb in the National Corporate Governance Index. Although public recognition has never been a goal itself, it serves as evidence of high corporate governance standards at the group,” emphasizes Agita Baltbārde.
Last year, we devised the CleanR Grupa business development strategy for 2025–2027, setting the company’s strategic priorities and outlining the key development directions, which will help to achieve the set aims. The main cornerstone of the strategy is efficiency in all areas of the Group’s operations, as well as development through M&A transactions.
“In 2025, we continue to strengthen our corporate governance and improve processes to foster organic growth, mutual synergy of the group companies, and sustainable development. Our goal is to maintain high transparency and responsible business standards, striking a balance between business expansion and customer service digitization plans,” states the Chairman of the Board.
CleanR Grupa 2024 Annual Financial Statement.
About CleanR Grupa
CleanR Grupa operates the leading companies in the environmental services sector in Latvia. CleanR Grupa includes SIA CleanR, a municipal waste management company, SIA CleanR Verso, an industrial waste management company, CleanR Industry, a waste recycling company, SIA Zaļā josta, an extended producer responsibility system provider, SIA Vizii, a cleaning company, and SIA Vizii Urban, an urban services business.
The group companies service half a million Latvian people daily. The group offers highly digitized environmental services, provides high-quality customer care, and demonstrates leadership in the pursuit of sustainability and circularity. CleanR together with Zaļā josta have created an environmental education platform videspratiba.lv, which offers practical tips and information on proper waste sorting and a sustainable lifestyle. CleanR Grupa is a 100% Latvian capital company, whose Founder and Chairman of the Council is Guntars Kokorevičs.
