Ignitis Group delivers robust 9M 2026 financial performance, continues strategic progress and intends a 10% dividend increase supported by asset rotation gain

• Adjusted EBITDA amounted to 430.4 million euros, a 6.2% increase year-over-year 
• Investments totalled 432.4 million euros, with 65.4% allocated to Networks
• S&P reaffirmed ‘BBB+’ and Moody’s assigned inaugural ‘Baa1’ credit rating, both with stable outlooks
• Intend to increase the dividend for 2026 by 10% compared with 2025, to EUR 1.504 per share, or EUR 108.9 million in total
• A long-term LNG purchase agreement was signed for 2027–2036, securing 10 LNG cargoes (approx. 1 TWh/year)

Ignitis Group, a leading integrated energy company in the Baltics, reported robust financial performance for the first nine months of 2026, reflecting continued progress in executing its strategy.

Financial performance

Ignitis Group’s adjusted EBITDA for 9M 2026 amounted to 430.4 million euros, a 6.2% increase year-over-year, primarily driven by the stronger performance in its Customers & Solutions and Networks business segments. 

The Customers & Solutions segment’s adjusted EBITDA increased significantly, driven by stronger performance in electricity supply business, mainly due to accrued compensation for prosumer-related losses, lower imbalance costs and higher volumes supplied. The Networks segment’s adjusted EBITDA increased mainly due to higher RAB, reflecting higher investments in the distribution network. 

Investments totalled 432.4 million euros, with 65.4% allocated to Networks and 28.6% to Green Capacities business segments. Higher investments in the Networks segment were primarily driven by increased investments in the electricity distribution network maintenance. Total investments declined year-over-year, mainly due to lower investments in the Green Capacities segment, as several projects reached COD in 2025. Investments in the Green Capacities segment amounted to 123.8 million euros and were mainly directed towards the expansion of Kruonis Pumped Storage Hydroelectric Power Plant (Kruonis PSHP), battery energy storage systems (BESS) as well as other ongoing projects. 

“Our solid results for the first nine months of 2026 demonstrate the resilience of our integrated business model and our continued focus on disciplined strategy execution. We are maintaining strong momentum in delivering our strategic priorities, while directing the largest share of our investments towards strengthening and modernising the distribution network. These investments are essential to improve network resilience, support the electrification of the economy and enable the region’s energy transition,” states Darius Maikštėnas, CEO of Ignitis Group.

As of 30 September 2026, the Group’s net debt amounted to 1,960.6 million euros, a 2.5% increase compared to 31 December 2025. The growth was mainly driven by continued investments. 

S&P Global Ratings reaffirmed Ignitis Group’s credit rating of ‘BBB+’ (stable outlook) and Moody’s assigned it inaugural credit rating of ‘Baa1’ (stable outlook). 

Also, the Group successfully issued a EUR 300 million inaugural European Green Bond (EuGB). The notes carry a fixed annual coupon of 4.500% and have a maturity date of 27 October 2031. The final order book exceeded EUR 1.0 billion, representing an oversubscription ratio of 3.3 times. The transaction supports financing and/or refinancing, in whole or in part, fixed assets, capital and operating expenditures in accordance with the gradual approach referred to in Article 4(1) of the E.U. Green Bond Regulation and the European Green Bond Factsheet, as well as the refinancing of existing indebtedness.

Business development

During the reporting period, Ignitis Group continued to develop projects in the Green Capacities segment, and by the end of the period, its installed capacity stood at 2.1 GW. Its capacity under construction increased from 0.6 GW to 0.7 GW following the final investment decision the Group has made on the Tume BESS project of 107 MW / 215 MWh in Latvia. After the reporting period, Tume SF (174 MW) in Latvia reached COD, increasing the Group’s Installed Capacity by 0.2 GW to 2.3 GW (from 2.1 GW). With total investments of up to EUR 106 million, the project is one of the largest solar farms in the Baltics and is expected to meet the electricity demand of around 85 thousand households annually. 

Meanwhile, across the Group’s BESS portfolio in Lithuania, all battery and inverter deliveries have been completed, and the main inverter equipment has been erected as planned. In addition, cold commissioning activities commenced at Mažeikiai BESS (45 MW / 90 MWh) and, after the reporting period, at Kelmė BESS (147 MW / 295 MWh). The construction of the fifth unit (110 MW) at Kruonis PSHP is also approaching completion, with approximately 90% of the strategic project already complete. The project will increase the plant's total capacity to 1,010 MW and significantly enhance the flexibility and reliability of the Baltic energy grid.

Looking at the Networks segment, on 22 August 2026, Lithuania experienced the most severe storm since records began in the 1970s, causing significant disruption to ESO’s electricity distribution network, which resulted in over 11 thousand network incidents and affecting more than 680 thousand customers. Preliminary customer compensation amounts to approximately EUR 6.5 million. NERC launched an inspection of ESO’s preparedness, response and restoration activities, while the Group initiated an internal audit to assess ESO’s response to the storm and identify opportunities for further improvements. After the reporting period, the Group proposed 4.4 billion euros (+26%) of investments in the Networks segment under the updated 10-year Investment Plan (2026–2035). Furthermore, after the reporting period, the regulator (NERC) adopted resolutions for the upcoming 2027–2031 electricity regulatory period. Continuity and stability of the regulatory framework have been maintained, as no significant changes to the Methodology were adopted. The regulator also adopted resolutions setting the total 2027 RAB at EUR 2.2 billion (+EUR 0.3 billion), WACC (weighted average) at 5.83% (+0.09 pp), and the additional tariff component at EUR 29.7 million (-42.6%).

At the Customers & Solutions segment, Ignitis Group has entered into a long-term liquified natural gas (LNG) purchase agreement for the 2027–2036 period with a subsidiary of EQT Corporation, securing 10 LNG cargoes annually (approx. 1 terawatt-hours (TWh) per year). The agreement further strengthens the diversification and long-term security of the company’s gas supply portfolio. 

In addition, the expansion of Ignitis ON EV charging network across the Baltics remains on track, with a total of 2,004 (+205 since 31 December 2025) EV charging points now installed across Lithuania, Latvia and Estonia.

Shareholder returns and 2026 outlook 

Supported by the Group’s asset rotation gain realised from the partial disposal of Vilnius CHP in Q1 2026 and in accordance with our Dividend Policy, we intend to increase the dividend for 2026 by 10% compared with 2025, to EUR 1.504 per share, or EUR 108.9 million in total. This would raise the DPS floor across the 2026–2029 strategic period. As part of the above, for the nine-month period ended 30 September 2026, we propose to distribute a dividend of EUR 0.400 per share, or EUR 29.0 million in total, subject to the decision of our EGM to be held on 10 December 2026.

Following strong 9M 2026 results, we narrow our full-year 2026 Adjusted EBITDA guidance range to EUR 575–600 million (previously EUR 550–600 million) and reiterate Investments guidance of EUR 590–690 million.