In the first quarter of 2026, the energy commodities trader and convenience store network Virši (AS VIRŠI-A and its associated group companies) continued to show revenue growth, reaching EUR 103.5 million in turnover, representing a 15.3% increase compared to the same period last year.
Turnover in convenience stores increased by 9.8%, or EUR 1.2 million, during the period. Meanwhile, turnover in the fuel segment grew by 16.8%, or EUR 11.8 million, reaching EUR 81.6 million.
The first three months of the year for Virši were marked by several important developments:
• In the first quarter, development of the biomethane plant in Naukšēni continued, with work progressing according to schedule and in some stages even ahead of it. During the period, biogas production was launched, while moving toward the next phase - upgrading biogas to biomethane. The Company forecasts that the plant could begin full operations in the first half of 2026. The project is important for Virši business diversification and sustainability direction, ensuring renewable energy production within a circular economy framework, while also creating additional value for the agricultural sector.
• Virši published its Sustainability Report for 2025. To strengthen the Company’s sustainability direction, during the previous year the Company continued to develop alternative transport energy infrastructure, ending the year with 10 compressed natural gas stations and 31 electric vehicle charging points.The report also highlights measures taken to strengthen the company’s competitiveness and long-term resilience - various governance processes were improved, as well as employee well-being-related matters.
• The Company submitted a notification to the Competition Council regarding a planned transaction under which the Company intends to acquire long-term lease rights to 19 fuel filling stations owned by SIA Naftimpeks, currently operating under the “Astarte” brand, located in various regions across Latvia.
At the same time, the first quarter was marked by significant external factors, including geopolitical tensions in the Middle East, which affected energy market dynamics and contributed to rising fuel prices, as well as uncertainty in Latvia’s tax policy, creating additional challenges for industry participants.
“Following approval from the regulator, the stations will be gradually integrated into the Virši network, introducing the full range of the Company’s services and convenience retail offering. As a result of the transaction approval, the size of the Virši network could potentially increase from 84 to 103 stations, significantly expanding the Company’s geographical coverage and supporting a sustainable business model. We see strong potential from this transaction to create additional value for both customers and shareholders, with a focus on quality, efficiency, and consistent delivery of the Virši experience across the network,” emphasizes Jānis Vība, Chairman of the Board at Virši.
| Turnover (`000 EUR) |
Consolidated, unaudited data for 3 months 2026 |
Consolidated, unaudited data for 3 months 2025 |
Change, % |
| In convenience stores |
13 451 |
12 248 |
9.8 |
| In fuel segment |
81 610 |
69 848 |
16.8 |
| In energy segment |
7 418 |
6 806 |
9.0 |
| Other |
996 |
852 |
16.9 |
| Total |
103 475 |
89 754 |
15.3 |
About Virši:
Virši is a rapidly growing local energy commodities trader and convenience store network with more than 30 years of experience. Currently, Virši operates 84 service stations and has more than 900 employees throughout Latvia. Since 11 November 2021, the shares of AS VIRŠI-A have been listed on the Nasdaq Riga First North Alternative Market.
Additional information:
Undīne Priekule
Communication Manager at Virši
Tel.: (+371) 26 141 219
E-mail: undine.priekule@virsi.lv
www.virsi.lv
