Latvia-registered Coffee Address Holding has acquired the remaining 25% in Romania’s Eur Comtur S.R.L., bringing its ownership to 100%. Coffee Address bought the first 75% stake in the Romanian company in 2025; the price of the latest transaction was not disclosed.
This is not a café-chain story. Coffee Address is a vending and office coffee-service operator: it rents and services coffee machines, sells related goods and provides vending services. After the Romanian acquisition, the group says it operates about 16,000 coffee machines in four countries and serves more than 300,000 cups of coffee per day.
The ownership structure is what turns a small coffee-service transaction into a Baltic capital signal. Coffee Address is controlled by BaltCap Private Equity Fund II and its co-investment vehicle, and the Baltic businesses were consolidated under one holding structure by BaltCap in 2017. Romania is now the group’s first strategic step outside its home region.
The growth story is visible in revenue. Coffee Address reported €51.6m in 2025 revenue, including €6.3m from the newly acquired Romanian business, while organic revenue growth in the Baltic operations was 2.4%. In other words, part of the headline growth already comes from M&A rather than from a strong acceleration in the core Baltic market.
The harder part of the story is profitability. Net profit fell from €1.5m in 2024 to €189,465 in 2025 — roughly an 87% decline. Against €51.6m in revenue, that leaves a net margin of only about 0.4%. For a company expanding through acquisitions and using listed debt, that is not just a technical detail; it is the central risk in the signal.
The debt picture is equally important. Coffee Address has a €5m First North bond with an 8.5% coupon, maturing on 28 February 2028. In 2025, operating profit was €2.25m, while finance costs were €1.76m. That is still positive coverage, but the buffer is not large.
The covenant indicators show the same pattern: not crisis, but thin room for error. At the end of 2025, the group reported a DSCR of 1.42 against a minimum covenant of 1.4, and net debt / EBITDA of 2.91 against a limit of 3.0 from Q3 2025. The company states that it has no indication of difficulties complying with covenants, but the available headroom is narrow.
That is why the Romanian buyout matters. It completes control over the new asset and should make integration easier. But it also concentrates the question: can Coffee Address turn Romanian scale into restored margins before refinancing pressure becomes more relevant?
The signal is therefore sharper than “Baltic coffee company expands”. It is a small test of whether a BaltCap-backed Baltic service platform can travel into CEE without losing financial discipline on the way. Revenue growth is already there. The next thing to watch is whether profit, cash flow and covenant headroom recover fast enough before the 2028 bond maturity.
Data card
| Indicator | Figure |
|---|---|
| Eur Comtur ownership after latest deal | 100% |
| Coffee machines after Romanian acquisition | ~16,000 |
| 2025 revenue | €51.6m |
| Romanian contribution to 2025 revenue | €6.3m |
| Baltic organic revenue growth | 2.4% |
| 2025 net profit | €189,465 |
| Net profit margin | ~0.4% |
| Operating profit / finance costs | ~1.28x |
| DSCR covenant | 1.42 vs min. 1.4 |
| Net debt / EBITDA | 2.91 vs max. 3.0 |
| Bond | €5m, 8.5%, due Feb 2028 |
Sources:Nasdaq Riga announcements, Coffee Address Holding 2025 annual report, Nasdaq Riga and Nasdaq CSD bond data