First three months 2025 interim report: strong performance and strategic plan execution marked by the launch of Kelmė wind farm I. Full-year 2025 Adjusted EBITDA and Investments guidance reiterated
AB “Ignitis grupė” publishes its First three months 2025 interim report, which is attached to this notice.
Financial performance
Our Adjusted EBITDA for the first three months of 2025 amounted to EUR 188.5 million (+3.7% YoY). The growth was driven by the stronger performance of our two largest segments: Green Capacities and Networks. The Green Capacities segment remained the largest contributor with a 58.0% share of our total Adjusted EBITDA.
In 3M 2025, our Investments amounted to EUR 146.5 million (-30.1% YoY). In total, around half (48.7%) of the Investments were made in the Green Capacities segment, mainly for new solar and onshore wind farms. With several projects reaching COD or nearing completion, total Investments decreased compared to 3M 2024.
Our leverage metrics remained strong. The FFO LTM/Net Debt ratio remained robust with a 0.9 pp decrease to 28.8% (compared to 29.7% as of 31 December 2024).
Business development
Green Capacities: Portfolio increased to 8.4 GW (from 8.0 GW), Secured Capacity stands at 3.1 GW, Installed Capacity at 1.4 GW.
Key milestones: – finished construction works at Kelmė WF I (114.1 MW) in Lithuania; COD reached after the reporting period; – acquired a hybrid development project (285 MW) in Lithuania, which includes a 200 MW WF, a 65 MW SF and a 20 MW (80 MWh) BESS (Advanced Development Pipeline); – acquired co-development wind farm projects (204 MW) in Estonia (Early Development Pipeline); – received the first segments for the new 840 m penstock at Kruonis PSHP expansion project (fifth unit, 110 MW).
Networks: 3.5 EURb (+40%) Investments set in the 10-year (2024–2033) Investment Plan aligned with the regulator (NERC) on 23 January 2025; installed smart meters exceeded 1.1 million.
Reserve Capacities: won a Polish capacity mechanism auction for ensuring 381 MW and 484 MW capacity availability in Q1 and Q4 2026.
Customers & Solutions: 1,286 (+195 since 31 December 2024) EV charging points installed.
Sustainability
Our Green Share of Generation amounted to 60.7% (-19.3 pp YoY) due to proportionally higher electricity generation in CCGT (Reserve Capacities).
In 3M 2025, our total GHG emissions amounted to 1.43 million t CO2-eq (+22.8% YoY). Our Scope 2 emissions decreased by 4.5% YoY due to the use of renewable energy guarantees of origin for energy consumption at Kruonis PSHP. Scope 1 emissions increased by 103.6% YoY as a result of new services provided by Elektrėnai Complex, and Scope 3 emissions increased by 13.6% YoY due to higher electricity sales in Poland and an increase in overall gas sales.
Carbon intensity (Scope 1 and 2) emissions amounted to 244 g CO2-eq/kWh (+20.9% YoY), primarily due to the new services provided by Elektrėnai complex.
In 3M 2025, no fatal accidents were recorded. Employee TRIR stood at 1.41 (+0.29 since 31 December 2024) and contractor TRIR at 0.46 (-0.38 since 31 December 2024). Our eNPS remained stable at 65.1 (-0.4 YoY), and 27.7% of the top management positions were held by women, with no changes since 31 December 2024.
Shareholder returns and 2025 outlook
In line with our Dividend Policy, a dividend of EUR 0.663 per share, corresponding to EUR 48.0 million, was paid for H2 2024.
We reiterate our full-year 2025 Adjusted EBITDA guidance of EUR 500–540 million, and Investments guidance of EUR 700–900 million.
Key financial indicators (APM1)
EUR, millions
3M 2025
3M 2024
Change
Adjusted EBITDA
188.5
181.7
3.7%
Green Capacities
109.3
77.1
41.8%
Networks
74.1
65.5
13.1%
Reserve Capacities
17.4
20.0
(13.0%)
Customers & Solutions
(14.2)
17.4
n/a
Other activities and eliminations2
1.9
1.7
11.8%
Adjusted EBITDA Margin
23.5%
28.1%
(4.6 pp)
EBITDA
160.1
188.9
(15.2%)
Adjusted EBIT
138.4
140.3
(1.4%)
Operating profit (EBIT)
110.0
147.5
(25.4%)
Adjusted Net Profit
107.8
112.6
(4.3%)
Net profit
83.9
118.7
(29.3%)
Investments
146.5
209.5
(30.1%)
Green Capacities
71.4
138.9
(48.6%)
Networks
65.5
63.7
2.8%
Reserve Capacities
0.5
0.2
150.0%
Customers & Solutions
5.2
2.6
100.0%
Other activities and eliminations2
3.9
4.1
(4.9%)
FFO
149.2
169.5
(12.0%)
FCF
16.7
5.0
234.0%
Adjusted ROE LTM
11.3%
14.2%
(2.9 pp)
ROE LTM
10.0%
14.2%
(4.2 pp)
Adjusted ROCE LTM
8.9%
11.1%
(2.2 pp)
ROCE LTM
8.1%
10.7%
(2.6 pp)
EPS
1.16
1.64
(29.3%)
31Mar2025
31 Dec 2024
Change
Net Debt
1,593.3
1,612.3
(1.2%)
Net Working Capital
97.5
102.6
(5.0%)
Net Debt/Adjusted EBITDA LTM, times
2.98
3.05
(2.3%)
FFO LTM/Net Debt
28.8%
29.7%
(0.9 pp)
1 All, except ‘Net profit’, are Alternative Performance Measures (APMs). Definitions and formulas of the financial indicators are availableonourwebsite. 2‘Other activities and eliminations’includesconsolidation adjustments,related-party transactions andfinancial results of the parent company.
Earnings call
In relation to the announcement of the First three months 2025 interim report and Strategic Plan 2025–2028, an earnings call for investors and analysts will be held on Wednesday, 14 May 2025, at 1:00 pm Vilnius / 11:00 am London time.
It will be also possible to join the earnings call by phone. To access the dial-in details, please register here. After completing the registration, you will receive dial-in details on screen and via email. You will be able to dial in using the provided numbers and a unique pin or by selecting ‘Call me’ option and providing your phone details for the system to connect you automatically as the earnings call starts.
All questions of interest can be directed to the Group’s Investor Relations team in advance, after registration or live during the earnings call.
