Ignitis Group reports strong performance, beats EBITDA guidance and drives renewable energy and networks investments

AB “Ignitis grupė” (Ignitis Group), a renewables-focused integrated utility, delivered strong results in 2024 with an adjusted EBITDA of 527.9 million euros, marking an 8.9% year-on-year growth and exceeding the market guidance of 480–500 million euros. 

This growth was primarily driven by outstanding results in the Green Capacities and Networks segments. The Green Capacities segment remained the most significant contributor, accounting for 49.7% of the total adjusted EBITDA.

In 2024, Ignitis Group has reinforced its leadership in the Baltic region by focusing on green generation and green flexibility projects. The Group invested 812 euros million – within its market guidance of 750−900 million euros. Over half (53.5%) of these investments were allocated to the Green Capacities segment, primarily for new onshore wind farms.

"Ignitis Group has further solidified its role as a key player in the Baltic energy transition. Our strategic investments across Lithuania, Latvia, Estonia and Poland will enhance energy security, ensure competitive electricity prices for consumers, reduce emission levels, and support the sustainable long-term growth of regional economies," states Darius Maikštėnas, CEO of Ignitis Group.

Ignitis Group expanded its Green Capacities portfolio from 7.1 GW in 2023 to 8.0 GW in 2024. Compared to the previous year, secured capacity increased from 2.9 GW to 3.1 GW and installed capacity from 1.3 GW to 1.4 GW.

Key achievements of Ignitis Group in 2024 include reaching commercial operation dates at Silesia Wind Farm I in Poland (50 MW), Vilnius CHP in Lithuania (71 MWe and 170 MWth) and Tauragė Solar Farm in Lithuania (22.1 MW).

The Group completed construction and supplied the first power to the grid at Silesia Wind Farm II in Poland (137 MW). At Kelmė wind farm in Lithuania (300 MW), first power was supplied to the grid, and all 44 wind turbines have been installed at the largest wind farm under construction in the Baltics.

The Group continued the construction of the fifth unit of Kruonis pumped storage hydroelectric power plant in Lithuania, which will add 110 MW of capacity and is expected to be operational in 2026.

In Latvia, Ignitis Group made the final investment decision regarding Tume Solar Farm (174 MW). 

The company obtained grid connection capacity for its first battery energy storage systems in Lithuania (up to 290 MW). Ignitis Group also secured land for hybrid projects in Latvia, with a total capacity of 314 MW, where it plans to develop wind farms near existing solar farms.

In Estonia, Ignitis Group won the seabed site Liivi 1 in the offshore wind tender in partnership with CIP.

In the Customers & Solutions segment, Ignitis Group significantly expanded its electric vehicle charging network by installing 715 EV charging points over the year, totalling 1,091 charging points across the Baltics.

In the Networks segment’s 10-year investment plan, the Group increased its investments for the 2024−2033 period by 40% to 3.5 billion euros. For 2025, higher total regulatory asset base (RAB) was set at 1.8 billion euros (from 1.6 billion euros in 2024), with an increase in WACC (weighted average) to 5.79% (from 5.08% in 2024), while the additional tariff component was set at 37.5 million euros (from 40.0 million euros in 2024). By the end of last year, over one million smart meters were installed, covering about 85% of the total planned installations by 2026 as part of the Group’s network modernization efforts. 

Sustainability is a key part of the Group's strategy, focusing on decarbonisation, health, and safety. In 2024, green share of generation amounted to 81.5%, carbon intensity of Scope 1 and 2 emissions decreased by 18.4% YoY to 199 g CO2-eq/kWh, and there were no fatalities.

S&P Global Ratings reaffirmed Ignitis Group’s credit rating at ‘BBB+’ with a stable outlook, highlighting the Ignitis Group's financial stability and strong leverage metrics. The funds from operations to net debt ratio improved to 29.7% at the end of 2024 compared to 29.4% as of 31 December 2023.

In line with its Dividend Policy, Ignitis Group proposes to distribute a total dividend of 1.326 euros per share for 2024, amounting to 96.0 million euros. Based on year-end closing prices, this represents a 6.8–7.0% yield for ordinary shareholders and global depositary receipt holders. The total dividend per share for 2024 consists of 0.663 euros paid for the first half of 2024, and a proposed 0.663 euros for the second half, subject to approval at Ignitis Group's Annual General Meeting on 26 March 2025.

For 2025, Ignitis Group expects adjusted EBITDA to be in the range of 500–540 million euros and investments in the range of 700–900 million euros.