From 29 October to 11 November 2025, AS CleanR Grupa — a group of leading companies in Latvia’s environmental services sector — is launching its first public bond offering on Nasdaq Riga.
Both retail and institutional investors across the Baltics are invited to subscribe for bonds during the offering period. The bonds carry an annual interest rate of 6.5%, paid quarterly, with a four-year maturity.
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. With each bond having a nominal value of €1,000. The base prospectus of the AS CleanR Grupa bond programme has been approved by the Bank of Latvia.
Step 1: Log in to your account using your Swedbank online banking credentials.
Step 2: Navigate to the “Investment” section and select “Corporate Actions, Offers.”
Step 3: From the dropdown menu of currently available public offers, select the bond you’re interested in.
Step 4: Fill in the subscription form by indicating the number of bonds you would like to purchase.
Step 5: Review and submit the form, and wait for confirmation from the bank.
Step 6: Complete any additional steps as instructed by Swedbank.
Step 1: Log in to your SEB online banking account.
Step 2: Select the “Investment” section, then go to the “Bonds” subsection.
Step 3: Type CleanR Grupa in the search field.
Step 4: Click the “Buy” button and fill in the subscription form by indicating the number of bonds you would like to purchase and the price (100%).
Step 5: Review and submit your application, and follow the instructions provided.
Please contact your Client Manager, who will assist you with placing the subscription order via the bank’s online banking system.
Via Internet Banking:
Step 1: In the menu bar, select “Saving, Investment” and click “Investing.”
Step 2: After logging in to the Securities platform, select “Bonds.”
Step 3: Click on the line of the selected bond offering and fill in the order form that opens.
Step 4: Submit the order to the bank to purchase the offered bonds.
Via Mobile App:
Step 1: After logging into the app, select “More.”
Step 2: Choose “Investing.”
Step 3: Log in to the securities platform.
Step 4. In the platform, click the button in the upper-left corner.
Step 5. Select “Bonds.”
Step 1. If you are a Citadele customer, sign an agreement on the opening of a financial instrument account and the enabling of transactions with financial instruments. Link to the website.
Step 2. Transfer funds to your financial instrument cash account in the way that’s easiest for you
The Citadele online bank: Payments > Deposit to Financial Instruments Account.
The Citadele mobile app: Pay > Between accounts.
Step 3. Submit a security purchase/sale order
The Citadele online bank: Investments > Trading.
By calling a Citadele broker at +371 67010555.
Please contact your customer service representative, who will assist you in placing a bond exchange order via the internet bank.
Please contact your customer service representative, who will assist you in placing a bond exchange order via the internet bank.
Please contact your customer service representative, who will assist you in placing a bond exchange order via the internet bank.
Please contact your customer service representative, who will assist you in placing a bond exchange order via the internet bank.
Please contact your customer service representative, who will assist you in placing a bond exchange order via the internet bank.
Please contact your customer service representative, who will assist you in placing a bond exchange order via the internet bank.
That doesn’t mean you can’t subscribe to our bonds. Please contact your bank directly for detailed instructions on how to subscribe. Bond subscriptions are available to investors throughout the Baltics.
Have any questions? Get in touch with us!
[email protected]
+371 6210 2911
Bonds are debt securities (financial instruments) through which an investor (bondholder) lends money to a bond issuer for a fixed period of time at a predetermined interest rate. The bond issuer is obliged to pay the investors a fixed interest rate or coupon at regular intervals (e.g., quarterly) and to repay the principal amount of the bond (originally borrowed funds) to the investors upon maturity.
For a bond to be offered to the public and listed on a stock exchange, a company must prepare a prospectus that is approved by the Bank of Latvia. A base prospectus is a type of prospectus that allows an issuer to implement a bond program — several bond issues — within one year. This document contains information essential for investors to make an informed assessment of the company’s, also referred to as the issuer, financial performance and perspectives, issuance objectives, risk factors, strategic objectives, and other considerations before purchasing the company’s bonds.
Bonds are a debt instrument. By issuing bonds, a company borrows funds from investors for a specified period and at a fixed interest rate. The investor, acting as a lender, receives regular interest (coupon) payments for the purchased bonds, and at maturity, the invested principal amount is repaid.
In contrast, shares are an equity instrument. By investing in shares, an investor becomes a co-owner of the company. The funds raised through the issuance of new shares are usually used by the company for development purposes and do not need to be repaid to investors. Shareholders can earn profits from dividends and from the increase in the share price if the company performs successfully and its market value rises.
The subscription period starts on October 29 at 10.00 EET and ends on November 11 till 15.30 EET.
Purchase order collection deadline might differ depending on the investor’s chosen bank. Please do not delay your subscription until the last minute.
Bond issue is open to any retail or institutional investor who has opened a securities or investment account at a Baltic commercial bank or financial institution. This type of accounts are designed for holding securities and making payments when buying and selling securities. Often the most convenient option is to open a securities or investment account with a bank which is used for daily banking.
Investors will be able to purchase up to 15,000 CleanR Grupa bonds with a total nominal value of €15 million and a nominal value of €1,000 per bond.
The price of each bond is €1,000, corresponding to 100% of the nominal (face) value of the bond. The minimum investment amount per investor is 1 bond or €1,000 with an annual interest rate of 6.5 and a maturity of 4 years.
Under its bond program, CleanR Grupa offers a fixed bond interest rate of 6.5% per annum, with coupon (interest) payments made quarterly to investors. At the end of the bond’s maturity period, the company is obligated to repay the investor the original principal amount of the investment.
Investors are invited to carefully review the risks related to CleanR Grupa bonds in the base prospectus, which is available here.
Proceeds from the programme (up to €50 million) will be used to refinance existing obligations and to finance further growth. The first tranche (up to €15 million) will be allocated primarily towards refinancing existing bonds. Existing bondholders are offered the opportunity to exchange their current bonds for the new issue, while new investors have the opportunity to participate in the issue by purchasing the newly issued bonds.
More detailed information on the use of the financing is available in the base prospectus and final terms of CleanR Grupa.
The minimum investment amount is 1 bond or €1,000 for one investor.
Once the decision to invest in the bonds has been taken, a subscription (purchase) order must be submitted to your bank. If you do not have an investment or securities account, you have to contact your bank to open one.
This type of account is used for holding securities and making payments related to the buying and selling of financial instruments. The most convenient option is often to open a securities or investment account with the same bank where you already hold a current (settlement) account.
The subscription process may vary slightly among banks. Visit your bank’s website, navigate to the investment section, and explore the available options. Some banks may require manual subscription, either through a phone call or by completing a written request.
The main difference between accounts lies in taxation for Latvian residents. If you purchase bonds from an investment account, you’ll only incur personal income tax when you withdraw more than your initial investment. In contrast, if you buy bonds as an individual through your own securities account, the issuer is required to withhold personal income tax at the time of withdrawal, resulting in a reduced payment to your account after tax.
Tax withholding is determined by the regulations of the country where the issuer is located, in this case, Latvia.
For Latvian residents, no tax is withheld if the individual holds the securities in an investment account. Otherwise, there will be personal income tax withheld in the amount of 25.5% if the annual amount does not exceed €200,000. No tax is withheld from non-resident individuals (for example, for Lithuanian and Estonian citizens) or legal entities.
Existing bondholders are offered the opportunity to exchange their current bonds for the new issue through an exchange offer.
To complete the exchange, please follow the instructions provided by your bank where the bonds are held. If you need assistance, please contact your bank’s customer service representative for support in submitting the bond exchange order via online banking.
Under the bond programme, CSC Group (Sweden) has been appointed as the independent investors’ representative (trustee). Its role is to ensure that the Group complies with the terms of the base prospectus and to represent investors’ interests in case of any issues or breaches of obligations.
AS CleanR Grupa is a group of leading companies in the environmental services sector in Latvia. From its origins as a local municipal service provider, it has grown into one of the country’s largest and most valuable privately owned businesses, while becoming a frontrunner in the circular economy. Today, the Group serves more than 61,000 B2B and B2G customers and provides services to over half a million residents — from households and municipalities to large enterprises.
The Group operates in two core segments: waste management and environmental services. It delivers the full waste management cycle — from collection and sorting through to recycling, where waste is transformed into new resources — and provides a broad range of environmental services, from commercial cleaning to city maintenance and road management. This vertically integrated business model ensures stability, scalability and synergies across logistics, processes and technology.
The Group’s portfolio includes: CleanR (household waste management), CleanR Verso (industrial and construction waste management), CleanR Industry (waste recycling and recovery), Zaļā josta (extended producer responsibility system), Lautus (medical and hazardous waste management), Vizii (indoor cleaning services), and Vizii Urban, KOM-Auto and Tranzīts L (urban and road servicing).
“CleanR Grupa” has deliberately broadened its service offering in recent years, reducing reliance on household waste management while maintaining market leadership in this segment.
Household waste management (CleanR and Vides pakalpojumu grupa) accounted for approximately 36% of total revenue in the first half of 2025. The specialized segments — medical and hazardous waste management (Lautus) and industrial and construction waste management (CleanR Verso) — together contributed 12% of total revenue. Plastic recycling and alternative fuels (CleanR Industry and Vides resursu centrs) also accounted for around 12%. A significant role is contributed by the extended producer responsibility system (Zaļā josta), generating 14% of revenue, as well as the commercial cleaning (Vizii – 9%) and urban environment services (Vizii Urban and related companies), which contributed another 14%.
This diversification reduces reliance on a single revenue stream, provides stable and predictable cash flow, and increases the share of higher value-added services.
With its 2025–2027 strategy, CleanR Grupa is prepared for the next stage of development: expanding regionally across the Baltics while further strengthening its leadership in the circular economy. Growth will be fuelled by targeted acquisitions, investment in advanced recycling and recovery technologies to reduce landfill, and innovations in efficiency — from robotics and process centralisation to digital customer solutions. At the same time, the Group is strengthening employee engagement and motivation — for example, through a share option programme introduced in 2024, which has already enabled ten employees to become company shareholders.
This strategy will maintain leading positions in traditional segments, such as household waste management, while simultaneously developing high value-added areas — plastic recycling, producer responsibility systems, and specialised environmental services.
EU regulations and the green transition accelerate the shift to a circular economy. CleanR Grupa is well prepared to seize these opportunities by expanding recycling capacity, developing new services, and consolidating market positions, while creating sustainable value for society and stable returns for investors.
In the first half of 2025, CleanR Grupa continued to deliver consistent double-digit growth. Compared with the same period last year, revenues increased by 23%, EBITDA by 35%, and investments by 52%.
In concrete figures, revenue reached €68.6 million, with EBITDA at €16.3 million — clear evidence that the Group is expanding its operations while maintaining strong profitability. Investments during the period totalled €8 million, marking a significant increase on the previous year. With an equity ratio of 53%, the Group has a solid financial foundation to execute its future growth plans and support potential M&A activity in the Baltic market. Its net debt remains minimal at just €2.3 million (6M 2025), with a net debt leverage ratio of only 0.1x.
A detailed financial report is available in the Investors section and the base prospectus of CleanR Grupa.
Since its first bond issue in 2022, CleanR Grupa has experienced rapid growth. In 2023, the Group’s revenues reached €68.4 million, and in 2024 they increased to €121.1 million. In the first half of 2025, the Group generated €68.6 million in revenues.
The Group’s EBITDA also reflects strong double-digit growth — from €11.1 million in 2022 to €25.5 million in 2024, and €16.3 million in the first six months of 2025.
The Group maintains a low level of debt — net debt amounted to €2.3 million in the first half of 2025, €2.5 million in 2024, €1.4 million in 2023, and €2.8 million in 2022. The leverage ratio in the first half of 2025 remains very low – only 0.1x, demonstrating the Group’s strong financial position, low leverage, and ability to finance future development.
CleanR Grupa has integrated sustainability into all operations and investments, with its strategy strongly aligned with green transformation and circular economy principles. In 2024, half of all investments were directed towards sustainability projects, the Group maintained a positive carbon balance, and more than half (up to 80%) of collected waste was recycled. The Group has committed to achieving climate neutrality by 2050 and is already recognized as a sustainability leader in Latvia, as evidenced by its “Platinum” category ranking in the Sustainability Index.
Learn more about CleanR Grupa’s sustainability goals and activities: here
Sustainability statement of 2024 is available: here
The latest updates on CleanR Grupa, including the results of the bond issue, are available on the website.
CleanR Grupa bond offer is open to all retail and institutional investors who have a securities or investment account registered with the Baltic commercial bank or a financial institution. This type of account is designed for holding securities and processing payments related to the purchase and sale of financial instruments. In most cases, the most convenient option is to open a securities or investment account with the bank you already use for your everyday banking needs.
Gatis Buls
CFO of CleanR Grupa
E-mail: [email protected]
Gatis Buls
CFO of CleanR Grupa
E-mail: [email protected]
The content of this website 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 general forward-looking statements on the intended 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 final terms. An approved base prospectus as well as the final terms are published on the website of AS CleanR Grupa. The approval of the prospectus by the Bank of Latvia does not constitute an assessment of the issuer’s financial position or the security of the investment. Investment in financial instruments involves the risk of losing the capital invested.
