Rīgas ūdens SIA has published its unaudited interim condensed financial statements for the first three months of 2026. During the reporting period, the company maintained stable financial results, with operating revenue increasing by 14.5% compared to the corresponding period last year, while EBITDA reached EUR 10.2 million. At the same time, investment volume reached EUR 10.7 million, the highest first-quarter level in recent years.

The company’s net profit in Q1 2026 reached EUR 2.6 million, while the equity ratio stood at 71.4% at the end of the reporting period, confirming a stable capital structure and the company’s ability to continue implementing its extensive investment programme.

Agnese Ozolkāja, Member of the Management Board of Rīgas ūdens SIA:
“The first-quarter results demonstrate Rīgas ūdens’ financial resilience and ability to continue implementing an extensive investment programme while maintaining a stable capital structure. Growth in revenue and EBITDA provides a strong foundation for the company’s further development, while the targeted diversification of funding sources enables flexible planning of long-term infrastructure investments. This is particularly important as we prepare for the largest and most capital-intensive water and wastewater infrastructure development project undertaken by Rīgas ūdens to date – the expansion and modernisation of the Daugavgrīva Biological Wastewater Treatment Plant. The project will strengthen the capacity, efficiency and sustainability of Riga’s wastewater treatment infrastructure.”

During the reporting period, Rīgas ūdens concluded an agreement with the Nordic Investment Bank on the availability of a loan facility of up to EUR 50 million, thereby expanding the range of available funding instruments for the implementation of the investment programme.

Progress of investment projects

In the first quarter, the company continued the implementation of several strategically important infrastructure projects. At the Daugavgrīva Biological Wastewater Treatment Plant, construction of two sludge digestion tanks continued – one of the company’s most significant energy neutrality projects. By the end of the quarter, 17.5% of the project had been completed, with EUR 5.7 million invested.

The reconstruction of the sewage collector near the Zunda Canal and the renovation of sedimentation tanks at the Daugavgrīva Biological Wastewater Treatment Plant also continued.

At the Daugava Water Treatment Station and the Daugavgrīva Biological Wastewater Treatment Plant, construction of solar power plants with a total planned capacity of approximately 1.46 MW was completed.

Service volumes and digitalisation

In Q1 2026, the volume of drinking water supplied to customers increased by 0.9%, while the volume of sewage services increased by 0.1%.

During the reporting period, 76 new properties were connected to the centralised water supply and sewage systems, while the number of new service users increased by 137.

Rīgas ūdens also continued the digitalisation of services and improvements to customer information. The company’s website now provides more detailed information on emergency reports, ensuring immediate publication after a report is received and regular status updates.

Events after the reporting period

After the end of the reporting period, Latvijas Banka approved the updated base prospectus of Rīgas ūdens’ bond programme, allowing the company to continue the bond issuance programme of up to EUR 60 million launched in 2025. Under the programme, the company plans to carry out a second bond issue of up to EUR 40 million no earlier than the end of 2026, raising financing for strategically important water and wastewater infrastructure investments, including the implementation of the Daugavgrīva Biological Wastewater Treatment Plant expansion and modernisation project.

Also after the end of the reporting period, Rīgas ūdens published its European Green Bond allocation report and received an independent post-issuance review from Sustainable Fitch, confirming that the use of proceeds from the first European Green Bond issue complies with the European Green Bond Regulation and the EU Taxonomy.

In addition, the international credit rating agency Moody’s Ratings reaffirmed Rīgas ūdens’ A3 credit rating with a stable outlook.

The unaudited interim condensed financial statements of Rīgas ūdens SIA for the three-month period ended 31 March 2026 are available on the Nasdaq Baltic information system and on the company’s website.

About  Rīgas ūdens SIA:    

Rīgas ūdens SIA 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.