On 19 September 2025, the Nasdaq Vilnius Stock Exchange admitted the bonds issued by Hotrema to trading on the Nasdaq Baltic First North market.
Through a public bond offering in Lithuania, the industrial insulation and scaffolding systems installation group Hotrema raised more than EUR 5 million. The nominal value of each bond is EUR 1,000, with an annual interest rate of 9%, paid quarterly. The bond maturity is 2 years and 10 months, and the redemption date is 25 April 2028.
The issuance attracted strong interest from both retail and institutional investors, with demand exceeding supply. Initially, a smaller amount was planned to be raised, but due to active investor participation, the final amount exceeded EUR 5 million. In total, 423 investors purchased the bonds: 76% of them were retail investors from Lithuania, Latvia, and Estonia. The average invested amount was about EUR 11,800.
The bonds were distributed by AB Artea Bank, the issuer’s certified adviser is the law firm Norkus ir partneriai COBALT, and the trustee representing bondholders is Audifina.
“Hotrema’s step into the First North market is an excellent example of how the Baltic capital market is becoming increasingly attractive for growing companies. We are pleased to contribute to this milestone and believe that investor confidence will help Hotrema further strengthen its position in servicing energy, industrial, and infrastructure projects.”
President of Nasdaq Vilnius
“The successful placement of the bond issue and entry into the First North market is an important stage in Hotrema’s growth. We thank investors for their active interest, which reflects confidence in our vision and capabilities. This support gives us even more determination to expand internationally and continue developing Hotrema as a reliable partner for both clients and investors,” said Marius Lazdauskas, Hotrema’s CEO and shareholder.
About Hotrema
Over its 13 years of operation, Hotrema has become a trusted leader in industrial insulation and scaffolding projects in the Baltic countries. The Group carries out 76% of its projects in the United Kingdom, Scandinavia, and other European countries outside of the Baltic states. One of the organization’s competitive advantages is the “Hotrema” project management system, which is tailored to the specific needs of the sector. This ensures a smooth process from project planning to completion. Hotrema employs 565 people; the organization manages companies in Lithuania, the United Kingdom, and Finland, as well as branches in France and Norway. Another Group company will be established in Switzerland in the near future.
Key terms
| Issue size | Eur 8,000,000 |
| First tranche | Eur 5,000,000 |
| Maturity | 2028-04-25 |
| Interest rate | 9%; 30E/360; fixed rate |
| Coupon frequency | Quarterly |
| Call option | 1st 6m locked / 6–12m 1%, After 12 months 0%, 14 days notice |
| Put option | De-listing Event or Listing Failure |
| Type of placement | Public offering in Lithuania, Latvia and Estonia |
| Admission to trading | Nasdaq Vilnius First North in 3 months |
| Type of securities | Senior Unsecured Fixed Rate Bonds |
| Financial covenants | Equity ratio ≥ 20%, ICR ≥ 2.00 semi-annual and annual basis |
| Legal advisor | Cobalt |
| Trustee | Audifina |
| Issuing agent | AB Artea Bankas |
Documents
2024 Finansinės ataskaitos (LT)
2024 Financial statements (EN)
2023 Finansinės ataskaitos (LT)
2023 Consolidated financial statements (EN)