Ignitis grupe (IGN1L) H1 2025 earnings summary

Executive summary

• Adjusted EBITDA for H1/6M 2025 grew 3.8% year-over-year to EUR 300.8 million, led by Green Capacities and Networks, with installed capacity up by 0.3 GW to 1.8 GW and major projects reaching COD in Lithuania and Latvia.

• Dividend of EUR 0.683 per share proposed for H1 2025, 3% higher year-over-year, pending GM approval.

• Net debt-to-adjusted EBITDA ratio improved to 2.99x, reflecting a robust balance sheet and strong leverage metrics.

• Green share of generation fell to 63.8% due to higher output from Reserve Capacities; GHG emissions rose 26% year-over-year.

• Kelmė wind farm (313.7 MW), the largest in the Baltics, and two Latvian solar farms reached commercial operation.

Financial highlights

• Total revenue for H1/6M 2025 was EUR 1,298.0 million, up 18.8% year-over-year; adjusted net profit declined 11.2% to EUR 146.2 million.

• Investments totaled EUR 343.2 million, down 18.7% year-over-year, mainly as projects reached completion.

• Free cash flow was positive at EUR 64 million, supported by higher EBITDA and working capital changes.

• Return on capital employed decreased by 1.8 percentage points to 8.6%.

• Net profit was EUR 111.4 million, down 33.8% year-over-year; EPS at EUR 1.54.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance reiterated at EUR 500–540 million; investments guidance at EUR 700–900 million.

• No plans to narrow guidance despite strong H1 performance; main drivers include new Green Capacities projects, higher RAB and WACC in Networks, and higher Reserve Capacities volumes.

• H2 investments expected to accelerate but remain within guidance range.