Baltic Alliance Reports Strong Financial and Operational Recovery in the Third Quarter of 2025
Baltic Alliance reported solid financial and operational performance in the third quarter of 2025, reflecting a significant year-on-year recovery supported by favorable market conditions, increased production volumes, and improved sales across key markets.
For the reporting period, Baltic Alliance recorded:
Revenue of nearly USD 2.661 billion
Net profit of USD 10.5 million
EBITDA of USD 15.9 million
EBITDA LIFO of USD -10.5 million
Refinery capacity utilization of nearly 94%
Revenue for Q3 2025 remained broadly stable at approximately USD 2.661 billion, compared with USD 2.666 billion in the same period of 2024. Net profit amounted to USD 10.5 million, marking a sharp turnaround from the net loss of more than USD 659.0 million recorded in the third quarter of last year.
The Group also reported substantial improvement across other financial indicators. Although EBITDA LIFO remained negative at USD -10.5 million, this represents a significant improvement from USD -671.7 million in Q3 2024. EBITDA (earnings before interest, taxes, depreciation and amortization) increased to USD 15.9 million, compared with USD -656.0 million in the corresponding period last year.
Commenting on the results, Eduard Ginzburg, General Director of Baltic Alliance, said:
“Favorable macroeconomic conditions supported higher production volumes and increased sales, which translated into a strong recovery in our financial results. Despite continued volatility in the operating environment, Baltic Alliance delivered stable revenue and a return to profitability in the third quarter.”
Sales volumes in continental markets increased by an average of 14% year-on-year. Sales rose by 10% in Latvia, 27% in Estonia, 24% in Poland, and 63% in CIS countries, while sales in Lithuania declined by 7% compared to the same period last year.
Operational performance also strengthened during the quarter. The Group’s crude oil refinery processed 10.562 million tons of feedstock, operating at almost 94% of capacity. Compared with Q3 2024, production volumes increased by nearly 150 thousand tons of diesel, 120 thousand tons of gasoline, and 100 thousand tons of liquefied petroleum gas (LPG).
Even amid ongoing macroeconomic fluctuations, we continue to uphold our reputation as a reliable supplier in our core markets. This is made possible by the professionalism of our teams and our unwavering commitment to the highest quality standards,” Mr. Ginzburg added. “Innovation and a shared focus on strengthening national energy independence remain our top priorities.”