The Latvian food production group AS “Agrova Baltics” (formerly “APF Holdings”) recorded the most successful year in the company’s history in 2025, achieving significant growth across its key financial indicators. According to unaudited management data, in 2025 the company’s net turnover reached EUR 24.3 million (+92% compared with 2024), adjusted EBITDA amounted to EUR 9.2 million (+257%), while net profit for the reporting period reached EUR 5.2 million.
The growth achieved last year was primarily driven by an increase in egg sales volume to 146 million eggs, representing a 47.5% increase compared with 2024. Additional growth was supported by expanded production capacity, improvements in operational efficiency, development of the sales structure, and expansion of the product portfolio.
Jurijs Adamovičs, founder and Chairman of the Management Board of “Agrova Baltics”, comments: “During our IPO in 2023, we clearly outlined our growth ambitions and strategic direction to investors. Today we can say that the financial results of 2025 have exceeded those targets. This progress reflects the focused work of our team, the trust of our investors, continued investment in production capacity, and the consistent execution of our development strategy and product portfolio expansion. These results reinforce our confidence in Agrova’s long-term growth trajectory and mark the next phase of development. We are therefore evaluating a potential bond issuance to support future investments and further strengthen the company’s growth. The launch, size, maturity, collateral and other terms of any issuance will depend on market conditions. But our ambition remains unchanged: to continue building “Agrova” into an internationally competitive food production group that creates long-term value for customers and investors”.
The company is considering issuing secured bonds in 2026 in order to finance further investments and refinance part of its existing liabilities. The bonds could potentially be issued as a program of up to EUR 25 million, with a public subscription available to investors across all three Baltic states.
The financial indicators mentioned above are preliminary and unaudited, and may therefore be adjusted during the preparation of the full annual report. The company’s audited financial report for 2025 will be published by the end of June 2026.