INVESTOR RELATIONS
SIA Timbro Group · Bonds 2026
Invest in the future of Latvian forestry
Timbro Group, one of the largest full-service forestry companies in Latvia, offers up to EUR 8 million of 3-year secured bonds with a 10.0% annual coupon paid monthly. Open to retail and institutional investors in the Baltics.
10.0%
Annual coupon
Monthly
Coupon payments
3years
Maturity
€1,000
Minimum investment
Issue size
EUR 8,000,000
Listing planned within 12 months of issue
Nasdaq Baltic First North
Issue terms
Main terms of the offering
- 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 ≥ 2.0x · 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 Terms and Conditions; the Issuer publishes quarterly interim reports. ³ Equity ratio = (consolidated equity + subordinated debt) / consolidated total assets. Full terms in the Information Document and the Terms and Conditions of the Bonds.
Why Timbro
Why invest in Timbro Group bonds?
49.2MEUR
Group revenue 2025 (audited)
76.6MEUR
Revenue LTM Jun 2026
5.1MEUR
EBITDA 2025
560k+m³
Timber sold H1 2026, +139% YoY
100+
Employees
10%+
Share of Latvia's private timber market
Scale in a fragmented market
One of the largest private roundwood traders in Latvia, with a 10%+ 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.
Timetable
Offering calendar
Final dates. The full timetable is set out in the Information Document and the offering announcement.
02.10
Information document and terms published
05.10
Subscription and exchange offer open (5 October 2026)
16.10
Subscription closes (16 October 2026)
19.10
Allocation and results announced, on or about 19 October 2026
21.10
Issue and settlement (21 October 2026)
+12 mo
First North listing within 12 months after the issue date
Documents
Offering documents and resources
All documents are available free of charge in PDF. The Information Document is the sole basis for any investment decision.
How to invest
How to subscribe for the bonds
- 1
Open or use a securities account
You need a securities account with a bank or investment firm in Latvia, Estonia or Lithuania that is a Nasdaq CSD participant. Most Baltic banks let you open one online.
- 2
Place a subscription order
During the subscription period, place an order for the bonds via your internet bank or by contacting your bank. Minimum EUR 1,000, in multiples of EUR 1,000. Check your bank's cut-off time.
- 3
Allocation and settlement
Results are published on this page. Bonds are credited to your account and cash debited on the settlement date. Coupons are paid monthly to the same account.
Nasdaq CSD participants accepting subscription orders
Didn't find your bank? Contact your bank directly - any Nasdaq CSD participant can submit orders. Questions about the process: Signet Bank AS, +371 67 080 000, info@signetbank.com.
Holding Timbro Group bonds 24-2026 or 26-2027? Exchange offer for existing bondholders
Holders of the existing Timbro bonds may exchange them 1:1 at nominal value into the new bonds, cash-free. Accrued interest on the exchanged bonds is paid in cash within 10 days after the offer closes. Partial exchange is allowed.
- Holders of the exchangeable notes will receive information from their custodian bank with the option to exchange or to keep their existing bonds
- Exchange is settled through Nasdaq CSD on the settlement date
- Bonds not exchanged are expected to be redeemed early in Q4 2026 at 100% plus accrued coupon
FAQ
Frequently asked questions
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 ≥ 2.0x, 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.
Refinancing of the existing Timbro bonds and general corporate purposes, as set out in the Information Document.
For Latvian tax-resident individuals, interest is subject to personal income tax withheld by the Issuer or paying agent at the applicable rate (25.5% in 2026). Non-residents and legal persons are taxed under their home rules. This is general information, not tax advice.
The Issuer intends to list the bonds on Nasdaq Baltic First North within 12 months after issue. Until listing, and subject to liquidity thereafter, the bonds may be sold over the counter. If listing fails, holders may require redemption at 101%.
Allocation is at the Issuer's discretion in consultation with the arranger, as set out in the Information Document. Unallocated amounts are released by your bank.
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.
Company overview
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 560,000 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.
Leadership
Guided by experience
Backed by
Lead investor in Timbro Group since 2024; asset management and private equity firm based in Rigameritopartners.comFinancial 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 and Certified Adviser for First North: Sorainen ZAB SIA.
Important notice. This webpage is a marketing communication and is not a prospectus within the meaning of Regulation (EU) 2017/1129. It does not constitute investment advice, an offer or a solicitation to buy securities. Any investment decision must be based solely on the Information Document of SIA Timbro Group prepared in accordance with the Financial Instruments Market Law of the Republic of Latvia and Latvijas Bankas noteikumi Nr. 261, and on the Terms and Conditions of the Bonds. The Information Document has not been approved or reviewed by Latvijas Banka or any other competent authority and is available on this webpage.
The bonds are offered to the public only in Latvia, Estonia and Lithuania. 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.