SIA “Rīgas ūdens” has published its unaudited condensed interim financial statements for the nine-month period ending 30 September 2025, demonstrating stable operational performance, increased revenues, and continued investments in the modernisation of the city’s water and wastewater infrastructure.

Member of the Management Board of SIA “Rīgas ūdens” Agnese Ozolkāja: "High-quality water services and responsible infrastructure management are essential for the wellbeing and competitiveness of the city. The company’s results, supported by transparent governance and long-term planning, affirm our commitment to sustainable development and the public interest. We appreciate the trust of our clients, partners and investors as we continue improving Riga’s water management system."

Revenues and Financial Performance

For the first nine months of 2025, the Company’s revenues increased by 5.6% compared to the same period in 2024, primarily driven by the updated water utility tariffs effective from 1 January 2025 and new customer agreements.

EBITDA reached EUR 23.7 million, reflecting strong operating results and improved production cost efficiency. EBITDA margin for the 9-month period was 39.7%, ensuring a solid financial position for ongoing and planned investment activities.

Cost reductions were mainly related to water and sewer network repair costs decrease, and lower electricity costs.

Operational Highlights

During the reporting period, SIA “Rīgas ūdens” continued providing regulated water supply and wastewater services in accordance with the Public Service Contracts and safe operations across Riga and certain areas of the Pierīga region.

Member of the Management Board of SIA “Rīgas ūdens” Agnese Ozolkāja: "We believe it is vital to inspire consumers to appreciate the benefits of fresh tap water and the importance of protecting our environment. During this season, with 10 new public taps opened across Riga, we aim to foster a culture of sustainability and responsible water use for the well-being of the city and its residents. At the same time, we continue to provide high-quality treated wastewater, supporting environmental responsibility and helping to protect the Baltic Sea. Through public awareness campaigns, educational programs, and community activities, we engage residents in sustainable water practices and encourage active participation in protecting our water resources."

Key operational indicators for 9M 2025:

• 22.8 million m³ of drinking water supplied 

• 27.5 million m³ of wastewater treated 

• 784 new service users connected

• Increase investment volume up to 26,5mioEUR (+10,2% vs 9M2024)

• 13.7 km of water and sewerage pipelines rehabilitated

• 1.1 km of new pipelines constructed

Significant client service and infrastructure developments included extensive pipeline flushing totalling 228.8 km, onboarding 1,053 new client portal users, implementing a direct feedback questionnaire, signing an agreement for the gradual installation of smart meters, and making progress on infrastructure projects aimed at improving accessibility. These projects include expansions in areas such as Ziepniekkalns and Jugla, as well as the initiation of the Mangaļsala project, which will enhance accessibility for 4,200 residents over the next three years.

Investment and Funding Activities

Total investments for the 9-month period amounted to EUR 26.5 million, mainly directed towards water and wastewater network renewal, reconstruction of primary and secondary sedimentation tanks at the Daugavgrīva facility, and large-scale collector rehabilitation projects.

In June 2025, the Company successfully completed its debut in Baltic Capital market by public EUR 20 million green bond issue, attracting demand equal to 228% of the offering size and raising funding from institutional and private investors across the Baltics. The Company continues allocating bond proceeds in line with its new EUGB standard framework, with EUR 7.3 million utilised during the reporting period.

SIA “Rīgas ūdens” retains high equity ratio, strong liquidity and moderate leverage level 2,2x EBITDA (Net debt/ EBITDA).

Tariff Developments

On 30 October 2025, the Public Utilities Commission (SPRK) approved the Company’s updated tariff project. From 1 December 2025, water utility tariffs in Riga will be:

• Water supply: EUR 1.41/m³ (excl. VAT)

• Wastewater collection: EUR 1.26/m³ (excl. VAT)

• Wastewater treatment: EUR 0.40/m³ (excl. VAT)

The tariff adjustment is essential to ensure continued renewal and maintenance of ageing water and wastewater systems. 

Corporate Governance Developments

During the reporting period, SIA “Rīgas ūdens” established an Audit Committee in accordance with capital market regulatory requirements, following the Company’s bond listing on Nasdaq Riga.

On 17 October 2025, a new Board Member with sector expertise, Māris Kleinbergs, was appointed for a five-year term following an open recruitment process.

About SIA “Rīgas ūdens”

Ltd. “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.