INVESTOR RELATIONS
SIA Timbro Group · Bonds 2026
Timbro Group secured bonds 2026-2029
On 22 October 2026 Timbro Group, one of the largest full-service forestry companies in Latvia, issued EUR 8 million of 3-year secured bonds with a 10.0% annual coupon paid monthly.
10.0%
Annual coupon
Monthly
Coupon payments
22.10.2029
Maturity
EUR 8m
Outstanding
ISIN
LV0000113629
Listing planned within 12 months of issue
Nasdaq Riga First North
News
Latest news
28.10.2026
Coupon withholding tax: reduced rate for EU/EEA bondholders
Individual bondholders who are tax residents of another EU/EEA country can reduce the Latvian withholding tax on coupons from 25.5% to 5% (0% for Lithuanian residents) by sending a signed self-declaration.
Read more26.10.2026
Notice of early redemption of SIA “Timbro Group” EUR 3,970,000 outstanding unsecured notes (ISIN: LV0000112118)
SIA “Timbro Group” will fully redeem all outstanding EUR 3,970,000 unsecured notes (ISIN: LV0000112118) on 23 November 2026 at 100% of their nominal amount, plus accrued and unpaid coupon.
Read more20.10.2026
Strong investor interest in Timbro Group bonds - total demand reaches EUR 9.9 million
The public offering closed with total demand of EUR 9.9 million from more than 500 investors across the Baltics, exceeding the targeted issue size of EUR 8.0 million by about 24%. The issue was placed in full at EUR 8,000,000.
Read more
Company overview
About the company
A full-service forestry company in Latvia
Timbro is a full-service forestry company headquartered in Cēsis, with operations across the Vidzeme and Latgale regions of Latvia. Its activities span the forestry value chain - timber and energy-wood trading, logging and logistics, and forest and land trading - which leaves the Group relatively insulated from swings in timber prices.
In H1 2026 the Group sold over 540,000 m³ of timber and delivered more than 16,700 truckloads through a network of 6 logyards, 400+ suppliers, 250+ clients and 40+ logging and logistics partners. All timber flows run through an in-house timber flow management system, giving suppliers and clients full visibility and simplifying certification. The Group is backed by capital and strategic support from Merito Partners and other shareholders.
49.2MEUR
Group revenue 2025 (audited)
76.6MEUR
Revenue LTM Jun 2026
5.2MEUR
EBITDA 2025
540k+m³
Timber sold H1 2026, +129% YoY
100+
Employees
15%+
Share of Latvia's private timber market
Scale in a fragmented market
One of the largest private roundwood traders in Latvia, with a 15%+ share of the private timber market (excluding state forests managed by LVM) - logging, logistics, land trading and the E-Silva auction platform under one roof.
Diversified revenue streams
Timber trading, energy wood, seaborne exports to Germany, Sweden and Denmark, logging services and forest land - reducing dependence on any single product or buyer.
Institutional backing and covenants
Supported by Merito Partners as lead investor. The bonds are secured by a first-ranking commercial pledge held by an independent trustee, and bondholders are protected by financial covenants tested and reported quarterly, with a put option at 101% on change of control or listing failure.
Leadership
Guided by experience
Ringolds GrāpisCo-CEO, Chairman of the Board- Joined Timbro in 2024
- 18+ years of experience in large multinational organisations
Raimonds CipeCo-CEO, Board Member- Founded Timbro in 2022
- 9+ years of forestry industry experience
Backed by
Lead investor in Timbro Group since 2024; asset management and private equity firm based in Rigameritopartners.comDocuments
Offering documents and resources
All documents are available free of charge in PDF. The Information Document is the sole basis for any investment decision.
For bondholders
Bondholder information
Coupon payments
The coupon of 10.0% per annum is paid monthly on the 28th of each month, first on 28 November 2026. Payments are made automatically through Nasdaq CSD to the securities account where the bonds are held - no action is required from bondholders.
Collateral and trustee
The bonds are secured by a first-ranking commercial pledge over the assets of the Issuer. The collateral agent and trustee acting for the benefit of bondholders is ZAB Eversheds Sutherland Bitāns SIA.
Early redemption
The Issuer may redeem the bonds early at 101% of nominal from 22 October 2027 and at 100% during the final 6 months before maturity. Bondholders may require early redemption at 101% upon a change of control, failure to list or de-listing.
Selling before listing
Until the bonds are admitted to trading on Nasdaq Riga First North, transfers are possible over the counter - contact your bank or investment firm to arrange a transaction.
Taxation
Latvian withholding tax is deducted from each coupon. Latvian tax-resident individuals: 25.5%, or 0% at payment if the bonds are held in a Latvian investment account (the holder then declares and pays the tax when withdrawals from the account exceed contributions). Individuals who are tax residents of another EU/EEA country: 25.5%, or 5% after sending a signed self-declaration (Lithuanian residents: 0% with a tax residence certificate). Legal entities: no withholding tax (20% if in a low-tax or no-tax jurisdiction). The forms and how to apply are in the news article “Coupon withholding tax: reduced rate for EU/EEA bondholders”. This is general information, not tax advice.
Questions about the bonds: Signet Bank AS, +371 67 080 000, info@signetbank.com.
Issue terms
Main terms of the bond issue
- Issuer
- SIA Timbro Group (Latvia)
- Security
- Secured bonds: 1st ranking commercial pledge on the assets of the Issuer, held by the trustee ZAB Eversheds Sutherland Bitāns SIA
- Issue size¹
- Up to EUR 8,000,000
- Coupon
- 10.0% fixed, paid monthly
- Nominal value / minimum investment
- EUR 1,000
- Term / maturity
- 3 years, bullet repayment (22 October 2029)
- ISIN
- LV0000113629
- Early redemption
- Call: @101% after the 1st year, @100% during the final 6 months; investor put @101% on change of control, listing failure or de-listing
- Covenants²
- Equity ratio³ ≥ 25% · Interest coverage ratio ≥ 1.8x · Coupon step-up +0.5pp if Net Debt / EBITDA ≥ 5.0x
- Listing
- Nasdaq Riga First North within 12 months after the issue date
¹ Issue size may be increased to EUR 12,000,000 if the applicable regulatory threshold is lifted. ² Tested quarterly on consolidated figures, as defined in the Information Document; the Issuer publishes quarterly interim reports. ³ Equity ratio = (consolidated equity + subordinated debt) / consolidated total assets. Full terms in the Information Document.
FAQ
Frequently asked questions
Monthly, on the 28th of each month, first on 28 November 2026. Payments are made automatically through Nasdaq CSD to the securities account where the bonds are held.
Retail and institutional investors with a securities account in Latvia, Estonia or Lithuania. The offer is not addressed to persons in the United States or other jurisdictions where it would be unlawful.
The bonds pay a fixed coupon of 10.0% per annum on the nominal value, paid monthly - EUR 8.33 per month per EUR 1,000 bond before tax. The nominal is repaid at maturity unless the Issuer exercises its call option.
Yes. The bonds are secured by a first-ranking commercial pledge over the assets of the Issuer, held for the benefit of bondholders by the trustee, ZAB Eversheds Sutherland Bitāns SIA. Bondholders are further protected by financial covenants (equity ratio ≥ 25%, interest coverage ≥ 1.8x, and a coupon step-up if Net Debt / EBITDA ≥ 5.0x), tested and reported quarterly, and a put option at 101% on change of control, listing failure or de-listing. Please read the risk factors in the Information Document.
Corporate bonds are debt securities issued by a company; secured bonds are additionally backed by collateral. The Timbro Group bonds are secured by a first-ranking commercial pledge over the assets of the Issuer and pay a fixed 10.0% annual coupon monthly over a 3-year term.
Refinancing of the existing Timbro bonds and general corporate purposes, as set out in the Information Document.
Latvian withholding tax is deducted from each coupon. Latvian tax-resident individuals: 25.5%, or 0% at payment if the bonds are held in a Latvian investment account (the holder then declares and pays the tax when withdrawals from the account exceed contributions). Individuals who are tax residents of another EU/EEA country: 25.5%, or 5% after sending a signed self-declaration (Lithuanian residents: 0% with a tax residence certificate). Legal entities: no withholding tax (20% if in a low-tax or no-tax jurisdiction). The forms and how to apply are in the news article “Coupon withholding tax: reduced rate for EU/EEA bondholders”. This is general information, not tax advice.
Yes. Until the bonds are admitted to trading on Nasdaq Riga First North, transfers are possible over the counter - contact your bank or investment firm. After admission the bonds can be traded on the exchange. Liquidity is not guaranteed.
No. The offer is made under the prospectus exemption for offers below the national threshold. An Information Document has been prepared under Latvijas Bankas noteikumi Nr. 261. It has not been approved by Latvijas Banka or any other competent authority.
Timber price volatility, dependence on roundwood supply and key buyers, refinancing risk, and risks related to the enforcement of collateral. The full list of risk factors is in Section 4 of the Information Document.
Financial information
Financial reports
Audited consolidated annual reports
From Q3 2026 the Group publishes quarterly consolidated interim reports and covenant compliance certificates, in line with the bond terms. Signed EDOC documents are the originals; the English PDF is a translation and the Latvian version prevails.
Financial calendar
Contact
Investor relations
Issuer
SIA Timbro Group
Gaujas iela 5, Cēsis, LV-4101, Latvia
Reg. No. 40203549571 · LEI 984500099E2D75O00E44
investors@timbro.lv
+371 28009900
Arranger
Signet Bank AS
Antonijas iela 3, Riga, LV-1010, Latvia
info@signetbank.com
+371 67 080 000
Legal adviser: Sorainen ZAB SIA
Important notice. This website is published by SIA Timbro Group for information purposes. It does not constitute investment advice, an offer or an invitation to acquire securities. The public offering of the Timbro Group 2026 bonds concluded on 19 October 2026. Complete information on the bonds, including the related risk factors, is provided in the Information Document prepared in accordance with the Financial Instrument Market Law and Bank of Latvia Regulations No. 261, available in the Documents section.
This information is not for publication, distribution or release, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction where such distribution would be unlawful. Investing in bonds involves risks, including the loss of the invested capital. Past performance is not a reliable indicator of future results. Statements about future performance are forward-looking and subject to uncertainty.