UPB Group Achieves Record Revenue of €257 Million in 2025
The Latvian-based construction and engineering firm, UPB Group, reported consolidated revenue of €257 million for 2025, marking the highest figure in the company’s history. The results reflect consistent growth across all business segments and a strategic focus on strengthening its position in both Latvian and international markets.
“The 2025 results exceeded initial forecasts – we have achieved a historically high turnover, restored the pace of growth after a difficult period in the Nordic markets, and are starting UPB’s 35th year of operation with a strong project base,” said Dainis Bērziņš, Chairman of the Board of UPB Group. “These results were ensured by the ability to adapt to a changing market environment, disciplined project portfolio management, and faster development in the Baltic countries.”
The company noted a growing demand within the Baltic region for precast concrete facades with various decorative finishes, with current projects underway in Latvia and Lithuania, and a significantly expanded project pipeline. Products previously geared towards export are now playing an increasingly important role domestically.
UPB Group is initiating a new investment cycle in 2026, following a period of more cautious development. The company plans to increase investment to €30 million over the next three years, focusing on the development of production technologies, automation, and strengthening the competencies of its engineers. A significant portion of this year’s investment will be allocated to the transportable concrete segment, with the acquisition of a new mobile concrete plant and the renewal of its specialized vehicle fleet. Modernization of the machine-building production facility will also continue.
Investment in 2025 reached €6 million, largely directed towards the development of the precast concrete production facility in Liepāja, expanding the production of terrazzo concrete facades. Resources were also invested in the development of sustainable concrete products, with new formulations reducing cement content by up to 70% even as maintaining product strength, durability, and quality.
UPB Nams, the group’s general construction company, saw a 45% increase in revenue in 2025, reaching €71 million, driven by growth in the industrial and energy sectors. This growth underscores the continued strength of the construction sector within the region.
The company is actively involved in the construction of a new resin plant for Latvijas Finier, providing design, construction, and technological equipment installation. Completion is also nearing for the largest energy project to date – the Laflora Energy wind park. Simultaneously, the company has begun implementing two Design & Build projects: the Pulmonary Health and Infectious Diseases building of the Eastern Clinical University Hospital and the construction of a modular gunpowder charge assembly plant near Iecava. The secured project portfolio for 2026 indicates continued high investor activity in the industrial sector, anticipating further revenue growth.
“Projects in foreign markets are becoming larger and technically more complex. This requires not just the supply of individual products, but an integrated approach, which is the basis of our competitiveness – combining design, production and construction into a single solution,” Bērziņš emphasized.
Notable projects in 2025 include the “Sture” development project in central Stockholm, featuring three new buildings amidst historic architecture, and the largest facade project to date in Norway – “Campus Ulleval” in the Oslo region. Construction of two projects in London is nearing completion, while a new project in Cambridge is in the design phase.
