The Group’s turnover in 2024 reached 409.0 million euros (in 2023 – 404.8). Net revenue was 57 million euros (in 2023 – 55.6). Whereas, EBITDA of the Group has reached 82.2 million euros (in 2023 – 78).  
 
92% of birch plywood was sold outside Latvia in 56 export countries by 12 birch plywood product development and marketing companies under the brand “Riga Wood”. 

“The situation in the plywood markets was complex last year. However, under these conditions, Latvijas Finieris managed to not only maintain its market share but even to increase it. This is the result of a long-term policy of the owners to invest in the growth of the company in a targeted manner, building the company’s overall image as a reliable partner. Customer relationships and mutual trust ensured stable demand, which the production units were able to meet on time. The demand for thin, high-quality plywood nearly exceeded production capacity. However, through improvements in production efficiency, work organisation and strategic investments in modernisation, we significantly enhanced production performance,”

says Jānis Ciems, Chairman of the Executive Board of Latvijas Finieris.

In Europe and elsewhere in the world, in 2024, the companies of Latvijas Finieris Group employed 2,513 people. Of these, 2,167 worked in the Group’s Latvian companies. Investment in employees, a safe working environment for them, as well as the culture of relations, has resulted in industry approval – in the TOP Employer 2024 survey organised by the recruitment company Alma Career Latvia, in cooperation with Firmas.lv and the Association for Global Business Service Centres, AS Latvijas Finieris has been recognised as the best workplace in Latvia.  
 
In total, the Group paid 40.2 million euros in taxes last year, of which 29.2 million euros was paid in Latvia.  

“We are currently in the second phase of the Group’s strategic plan, which focuses on ensuring long-term competitiveness. This phase aims to strengthen support streams and profitability in our core business, enabling us to concentrate resources and strategically plan for future growth. To do this successfully, we need to improve our communication with employees, the public and decision-makers on issues of concern to the Group, the industry and regional security in Europe. A strong economy is the foundation of every country’s prosperity, and Latvijas Finieris’ activities embody this principle. By promoting exports, innovation and sustainability, we contribute not only to our own growth but also to the overall growth of the Latvian economy.”

In 2024, several major investment projects were completed, such as, the construction of the veneer production facility Kuldīgas fabrika and the new metalworking shop at Iekārtu rūpnīca. This year, the new wooden building complex at the ZĀBAKI tree nursery will open. The expansion of the VEREMS mill is expected to be completed. Development projects are also planned at Sastamala mill in Finland and Kohila Vineer mill in Estonia. 

Latvijas Finieris has actively cooperated with international and national institutions for several years to promote market transparency and curb the circulation of illegal products.  

“We work closely with the European Commission, the European Panel Federation and the Latvian authorities to regularly analyse market data and information on the origin of wood. In 2024, this cooperation enabled the Latvian authorities to make significant progress – imports of illegal plywood in Latvia fell by a factor of 30 compared to the previous year. However, there is still a problem in other EU countries where such plywood is imported and then shipped to other European Economic Area Member States,”

says J. Ciems. 

Given the production growth and ambitious development plans, Latvijas Finieris aims to source approximately half of the veneer log volume required by the Group from outside Latvia in the coming years. However, equally important are the Group’s investments in land and forest properties managed by the Group. In 2024, Latvijas Finieris invested 15.2 million euros, acquiring forests and land
covering an area of almost 3000 ha. The Group manages a total of 876 properties on a 14 751 ha area.

“We are primarily cultivating a forest for the future, planting and nurturing it
with a long-term vision for the decades ahead,”

emphasises J. Ciems, adding that Latvijas Finieris has a long-term strategy in forest property management.

“Our methods show that a balance between sustainability and economic activity is possible. We are leaders in reforestation after logging, the afforestation of land not used for agriculture, and developing plantations, etc.” 

Further details of the Group’s activities in 2024 can be found in the Latvijas Finieris Sustainability Report.