In This Article:
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Adjusted EBITDA: EUR188.5 million, a 3.7% year-over-year increase.
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Net Debt to Adjusted EBITDA Ratio: 2.98 times.
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Adjusted Net Profit: EUR107.8 million, a 4.3% decrease due to higher interest expenses.
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Investments: EUR146.5 million, with 48.7% in green capacity and 44.7% in the network segment.
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Return on Capital Employed: 8.9%, a decrease of 2.2 percentage points.
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FFO to Net Debt Ratio: 28.8%.
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Dividend Paid: 66.3 cents per share for the second half of 2024.
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Green Capacity EBITDA: EUR109.3 million, a 41.8% increase.
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Network EBITDA: EUR74.1 million, an 8.6% increase.
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Reserve Capacities EBITDA: EUR17.4 million, a decrease of EUR2.6 million.
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Customers and Solutions EBITDA: Negative EUR14.2 million, a decrease of EUR31.6 million.
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Free Cash Flow: EUR16.7 million.
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Net Debt: EUR1.6 billion, a 1.2% decrease.
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2025 Adjusted EBITDA Guidance: EUR500 million to EUR540 million.
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2025 Investment Guidance: EUR700 million to EUR900 million.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Ignitis Group AB (STU:IGV0) reported a 3.7% year-over-year increase in adjusted EBITDA, reaching EUR188.5 million.
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The company expanded its green capacity portfolio by 0.5 gigawatts to 8.5 gigawatts, including significant acquisitions in Lithuania and Estonia.
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Ignitis Group AB maintained a robust balance sheet with a net debt to adjusted EBITDA ratio of 2.98 times.
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The company successfully executed several projects, including the first Kermia wind farm and progress in its solar portfolio in Latvia.
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The strategic plan for 2025-2028 aims to invest EUR3 billion to EUR4 billion, focusing on green capacity and network expansion, with a target of 4 to 5 gigawatts of installed green capacities by 2030.
Negative Points
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Adjusted net profit decreased by 4.3% to EUR107.8 million, primarily due to higher interest expenses.
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The green share of generation decreased by 19.3 percentage points to 68.7%, attributed to higher electricity generation at the Elektryna complex.
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Total greenhouse gas emissions increased by 22.8% year-over-year, driven by new services at the Elektryna complex.
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The customers and solutions segment reported a negative EBITDA of EUR14.2 million, impacted by natural gas supply results and lower electricity supply results.
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Return on capital employed decreased by 2.2 percentage points to 8.9%, due to the lag between capital deployment and returns realization.
Q & A Highlights
Q: Did power price volatility in Q1 significantly contribute to strong EBITDA growth in green capacities? A: Yes, the flexibility of our assets benefited from the volatile environment, achieving strong results even in historically low wind quarters. This flexibility is incorporated not only in our hydro assets but also in biomass and waste energy. - Jonas Rimavicius, CFO