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Litgrid (LGD1L) investor relations material
Litgrid Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved synchronization of Baltic power systems with continental Europe on February 9, 2025, marking a major milestone for energy independence and market integration.
Revenue increased 5.7% year-over-year to EUR 209 million in H1 2025, driven by ancillary services, while net profit turned negative due to surging costs.
Major strategic infrastructure projects, including new synchronous condensers and transmission lines, were completed or advanced, supporting system reliability.
Investments focused on grid modernization, resilience, and integration of renewables, with significant EU funding and congestion management revenues utilized.
Board and management structure aligned with state ownership, emphasizing transparency, sustainability, and strategic project delivery.
Financial highlights
Total revenue for H1 2025 was EUR 209 million, up EUR 11.3 million (5.7%) from H1 2024.
EBITDA dropped to EUR -40.3 million from EUR 40.6 million year-over-year; adjusted EBITDA rose to EUR 26.8 million.
Net profit fell to EUR -41.9 million from EUR 28.1 million in H1 2024; adjusted net profit stable at EUR 14.4 million.
Operating expenses surged 55.2% to EUR 261 million, mainly due to a 2.7x increase in ancillary services costs.
Investments totaled EUR 73.3 million, down from EUR 90.2 million, reflecting completion of major projects.
Outlook and guidance
Strategic focus on completing synchronization projects and expanding grid capacity for renewables.
Ongoing resilience program worth over EUR 140 million to protect critical infrastructure.
Anticipated reduction in ancillary services expenses in H2 2025 following regulatory price cap changes.
Targeting 8.4 GW of RES generation capacity connected by 2028, supporting Lithuania's green transition.
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