SIA “Rīgas ūdens” has published its audited 2025 annual report - Sustainability Report and Financial Statements. The Company's operating revenue increased by 5.2% in 2025, reaching EUR 80.32 million, while the EBITDA margin rose to 38.6%. The total investment volume reached EUR 48.5 million in 2025 - the highest level in the past five years. The year was closed with a profit of EUR 0.59 million, and the Company's total assets increased to EUR 752.1 million.
The results of SIA “Rīgas ūdens” for 2025 reflect the Company’s consistent development in line with the objectives and strategic directions defined in its Sustainability Strategy through 2040, while also marking the beginning of a new phase of investment and modernisation in Riga’s water supply and sewage infrastructure.
Chairman of the Management Board of SIA “Rīgas ūdens”, Krišjānis Krūmiņš:
“In 2025, our priority was to establish a solid foundation for the Company’s long-term development. We began utilising capital market financing, increased the volume of investments, strengthened our sustainability governance in line with European standards, and continued the implementation of digital transformation projects. These directions not only enable us to modernise infrastructure but also represent a significant step towards a more modern, sustainable, and efficient water management system for future generations.”
Acceleration of the investment programme and diversification of financing
In 2025, SIA “Rīgas ūdens” significantly increased its investment volume, reaching EUR 48.5 million, the highest level in the past five years. The increase in investments was driven by targeted project planning, prioritising the renewal of critical infrastructure, as well as the expansion of available sources of financing. The Company began utilising capital market financing and, as the first municipal company in Latvia, issued EUR 20 million in European Green Bonds. In addition, financing of EUR 70 million was secured from the European Investment Bank.
Investments were primarily directed towards the renewal and expansion of water supply and sewage infrastructure – in 2025, a total of 14.7 km of water supply networks and 9.3 km of sewage networks were renewed, while the expansion of centralised services continued, including in the Jugla neighbourhood.
At the same time, the modernisation of the sedimentation systems at the “Daugavgrīva” wastewater treatment plant continued, improving the efficiency and automation of wastewater treatment processes. The implementation of the sludge digestion tank park expansion project, with a total value of approximately EUR 54.7 million, was also launched.
Preparatory work for major development projects also continued, including the modernisation and expansion of the “Daugavgrīva” wastewater treatment plant, with planned investments exceeding EUR 60 million.
Member of the Management Board of SIA “Rīgas ūdens”, Agnese Ozolkāja:
“The issuance of Green Bonds represents an important step in diversifying the Company’s financing model. It provides additional resources for the implementation of the long-term investment programme and allows us to plan development more flexibly in a capital-intensive sector. Our objective is to build a sustainable and balanced financing structure that ensures a stable flow of investments and enables the efficient implementation of the Company’s development projects over the long term.”
Implementation of the European Sustainability Reporting Standards (ESRS)
In 2025, SIA “Rīgas ūdens” continued to enhance its corporate governance and sustainability reporting by implementing the requirements of the European Sustainability Reporting Standards (ESRS). The objective of ESRS implementation is to strengthen and complement the Company’s existing approach by ensuring a data-driven assessment of operations, enabling informed decision-making regarding future development, investments, and risk management. The implemented solutions will help improve the quality of governance, enhance data comparability, and more clearly define priorities in the areas of climate, energy efficiency, and sustainable development.
The analysis carried out enables a systematic evaluation of initiatives already implemented, allowing for a more precise assessment of their impact, as well as the identification of future development directions. In 2025, the construction of solar power plants was initiated at the “Daugavgrīva” wastewater treatment plant and the “Daugava” water treatment plant, with a total planned capacity of approximately 1.46 MW. These installations will provide electricity for self-consumption, thereby reducing energy costs and environmental impact. At the same time, measures to optimise resource consumption and reduce water losses within the Company’s infrastructure continued, including the renewal of water supply and sewage networks and the improvement of system monitoring.
Implementation of digital transformation
In 2025, the Company continued to develop digital solutions, enhancing infrastructure management and customer experience, with approximately EUR 0.3 million invested in this area, representing around 1% of the total investment volume.
Last year, the implementation of remote water consumption metering was initiated, equipping more than 1,500 building inlet meters with smart devices. This enables automated data collection, reduces the share of manual processes, and ensures more accurate consumption measurement. At the same time, the development of digital customer services continued, including improvements to the customer portal and the expansion of remote communication options. These improvements contributed to an increase in customer satisfaction, reaching a record-high level of 93% in 2025, significantly exceeding the average levels in both Latvia and the European utilities sector.
Work also continued on infrastructure monitoring and data analytics solutions, which will enable earlier identification of deviations in the operation of water supply networks, more targeted planning of maintenance activities, and reduced water losses.
Overall, in 2025, SIA “Rīgas ūdens” supplied more than 36 million m³ of drinking water and treated more than 50 million m³ of wastewater, ensuring the continuous provision of high-quality services.
The Company also continued to strengthen its financial stability, increasing the EBITDA margin to 38.6%, demonstrating improved operational efficiency, and raising the total value of assets to EUR 752.1 million, reflecting significant investments in infrastructure development.
In 2026, SIA “Rīgas ūdens” will continue to implement its strategically important development priorities – renewal of networks, infrastructure modernisation, development of the Daugavgrīva projects, digitalisation of engineering networks, and energy efficiency projects – and also plans to continue its Green Bond programme by issuing the next bond tranche.
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.