Ignitis Group delivers strong 9M 2025 results, accelerating green capacities growth and completing major energy projects across the region

• 0.7 gigawatt (GW) additions brought installed green capacities to over 2 GW as six wind and solar farms reached commercial operation dates in Lithuania, Latvia and Poland.
• Investments totalled 529.9 million euros, with significant allocations to Networks and Green Capacities, supporting the green transition in the region.
• Earnings continued to grow, driven by strong performance in the Green Capacities and Networks segments.

AB “Ignitis grupė” (Ignitis Group), a renewables-focused integrated utility, reported solid financial and operational results for the first nine months of 2025, highlighting its progress towards delivering its business plan and advancing the green energy transition in the Baltic region.

Adjusted EBITDA for 9M 2025 amounted to 405.1 million euros, a 2.0% increase year-over-year, primarily driven by strong results in the Green Capacities and Networks segments. Green Capacities contributed 53.2% to the total adjusted EBITDA, reflecting the impact of new assets launched and services provided.  

Investments totalled 529.9 million euros, with 51.3% allocated to Networks and 41.4% to Green Capacities, primarily to new solar, onshore wind and Kruonis PSHP expansion projects. With several projects reaching COD, the total investments have decreased compared to 9M 2024.  

During the reporting period, Ignitis Group increased its installed green capacities by 0.7 GW to 2.1 GW as six projects reached commercial operation dates. Notable milestones included the launch of Kelmė wind farm (313.7 megawatts (MW)) in Lithuania – the largest onshore wind farm in the Baltics; Silesia wind farm II (136.8 MW) in Poland – one of the country’s largest onshore wind farms; and the largest solar farm cluster in Latvia, comprising Varme solar farm (94 MW), Stelpe solar farm I (72.5 MW) and Stelpe solar farm II (72.5 MW). These projects collectively added 450.5 MW of onshore wind and 263.0 MW of solar capacity in total, further strengthening the Group’s renewable energy portfolio.  

“The successful completion of several large-scale wind and solar farms across the Baltics and Poland represents a pivotal milestone for the green transition in our region. These projects not only boost renewable capacity but also strengthen energy independence and help us deliver more competitive electricity prices to our customers,” states Darius Maikštėnas, CEO of Ignitis Group.

Secured capacity increased by 0.3 GW to 3.4 GW following the final investment decisions made for battery energy storage systems in Lithuania at Kelmė (147.4 MW), Kruonis (99.2 MW) and Mažeikiai (45.1 MW).  

In the Networks segment, Ignitis Group continued to invest in modernising and expanding its distribution infrastructure. The updated 10-year Investment Plan (2024–2033) sets total investments at 3.5 billion euros, a 40% increase compared to the previous plan. The rollout of smart meters remains on track, with 1.24 million units installed, surpassing the Group’s target to install 1.2 smart meters by 2026. Furthermore, after the reporting period, the regulator (NERC) has adopted resolutions, setting 2026 RAB at EUR 1.9 billion (+EUR 0.1 billion), WACC (weighted average) – 5.74% (-0.05 pp), and additional tariff component – EUR 51.8 million (+38.1%).  

The Customers & Solutions segment saw further progress in supporting the region’s energy needs. A 7-year power purchase agreement was signed with Litgrid, the Lithuanian transmission system operator, to supply up to 160 GWh of renewable electricity annually at a fixed price of 74.5 euros/MWh, effective from January 2026. The Group has also expanded its EV charging network across the Baltics, reaching 1,558 charging points and securing up to 3.8 million euros in grant funding for further development.

Despite a 10.6% increase in net debt to 1,783 million euros, Ignitis Group’s leverage metrics remained strong and its ‘BBB+’ credit rating with a stable outlook was reaffirmed by S&P Global Ratings. After the reporting period, Ignitis Group secured EUR 318 million in financing for the 313.7 MW Kelmė wind farm. The syndicate of lenders includes both investment and commercial banks: the European Investment Bank, Swedbank, the European Bank for Reconstruction and Development, and the Nordic Investment Bank. This is the largest debt financing transaction ever concluded by Ignitis Group, marking an important milestone for the Group and also for the future of Lithuania’s energy sector.

In line with Group’s Dividend Policy, the General Meeting of Shareholders, held on 10 September 2025, made a decision to distribute a dividend of 0.683 euro per share, corresponding to 49.4 million euros, for H1 2025, which was paid in October 2025.  

Looking ahead, the Group expects its adjusted EBITDA for 2025 to be in the range of 510–540 million euros, with investments projected between 700–800 million euros.