Agrova Baltics Reports Record 2025 Performance, Eyes Bond Issuance for Further Expansion
Riga, Latvia – March 5, 2026 – Agrova Baltics, formerly known as APF Holdings, announced record financial results for 2025, marking a significant year in the company’s development. The unaudited data reveals a net turnover of €24.3 million, a 92% increase compared to 2024, with adjusted EBITDA reaching €9.2 million, up 257% year-over-year. Profit for the reporting period totaled €5.2 million.
Key Growth Drivers
The substantial growth was primarily driven by a 47.5% increase in egg sales volume, reaching 146 million eggs. This expansion was supported by increased production capacity following investments in new facilities, improved process efficiency, a strengthened sales structure, and a broadened product portfolio.
Strategic Outlook and Bond Issuance Plans
Jurijs Adamovičs, Founder and Chairman of the Board of Agrova Baltics, stated, “During the IPO in 2023, we clearly defined our growth goals and development direction for investors. Today we can say that the financial results of 2025 have exceeded these goals. This did not happen by chance, because behind these indicators are focused teamwork, investments in production capacity and a consistent strategy for the development of the company and the expansion of the product portfolio. These results strengthen confidence in our development trajectory and at the same time marks the next stage of growth.”
Looking ahead, Agrova Baltics is evaluating the possibility of issuing secured bonds in 2026 to finance its future investment program and refinance existing liabilities. The company is considering a bond program of up to €25 million, with subscriptions potentially open to investors across all three Baltic states.
Recent Developments
In December 2025, Agrova International, the parent company of Agrova Baltics, secured investment from a fund managed by Accession Capital Partners, acquiring a 23% stake in the company. Yahoo Finance reported that this funding will support expansion in Latvia, including modernization of the Alūksne poultry farm, and the acquisition of Sunrise Group, a UK-based egg supplier. Nasdaq reported the acquisition of Sunrise Group for €40 million.
In August 2025, APF Holdings, prior to its name change, raised its 2025 financial guidance following strong first-half performance. Nasdaq reported the company expected full-year revenue of €22.6 million, up 7% from previous guidance, and adjusted EBITDA of €7.05 million, up 18%.
Vital Note
The financial indicators mentioned are unaudited and preliminary and are subject to clarification during the preparation of the full annual report. The company’s 2025 audited financial report is scheduled for publication by the end of June 2026.