LMT Group opens 2026 with 13.5% revenue growth

LMT Group has had a strong start to 2026, with first-quarter revenue reaching €83.1 million – a 13.5% increase on the same period last year. The result reflects the Group's sustained focus on network resilience, high-quality services, and the development of exportable technology products that strengthen its competitive position both in Latvia and in international markets. The quarter's performance keeps LMT on track toward its five-year ambition of growing Group revenue by 60% to reach €500 million.

First-quarter EBITDA grew to €22.8 million, supported by a steady expansion of the subscriber base – now exceeding 1.53 million – alongside the continued commercialisation of new export-ready products.

IoT meets satellite

One of the quarter's headline developments was the integration of LMT's IoT solutions with satellite networks, developed in collaboration with the European Space Agency. The partnership opens new possibilities across logistics, agriculture, environmental monitoring, and other sectors, while meaningfully expanding LMT's presence in global connectivity markets. By combining mobile IoT with satellite coverage, LMT can now offer seamless, globally accessible connectivity – raising the competitiveness of its IoT offering considerably.

AI for nature protection

The quarter also saw LMT demonstrate that its technology capabilities can also extend to nature protection. In partnership with Latvenergo, the company launched a research project using computer vision and AI to automatically detect and identify birds in wind turbine parks – reducing the risk of bird mortality while supporting sustainable wind energy development and environmental compliance.

Smart infrastructure expanding across Latvia

Closer to home, LMT continued to scale its smart transport monitoring system across the country. The AI and computer vision-based solution was expanded to Rīga, Salaspils, Jūrmala, Gulbene, and Ādaži during the quarter, improving traffic safety and urban planning efficiency across regions. The results speak for themselves: following installation at nine Rīga intersections, red-light violations fell by 66%.

Investment in what comes next

LMT Group invested €6.2 million in network and technology development during the quarter, prioritising next-generation communications infrastructure and research – the foundation for continued growth and increasingly complex solutions, both locally and internationally.

As LMT Group President Juris Binde put it:

"Our goal is to create technologies that solve real problems for society and business at a global scale. We are now seeing theoretical innovations become practical, exportable products – whether satellite IoT or AI solutions for environmental protection. We are exporting Latvian knowledge, products, and technological capability, and that is the core of our business development strategy."