Litgrid (LGD1L) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was EUR 108.7 million, down 4% year-over-year, with a net loss of EUR 27.0 million compared to a profit of EUR 21.5 million in Q1 2024.

• EBITDA dropped to negative EUR 27.8 million from EUR 29.4 million, but adjusted EBITDA rose to EUR 14.2 million from EUR 12.5 million, reflecting regulatory adjustments.

• The company operates as Lithuania's electricity transmission system operator, with 97.5% of shares held by EPSO-G UAB, ultimately controlled by the Ministry of Energy.

Financial highlights

• Revenue from electricity transmission and related services decreased 14% year-over-year, mainly due to a 45% drop in balancing/imbalance energy sales and a 4% decline in transmitted quantity.

• Expenses for purchase of electricity and related services rose 69% to EUR 124.3 million, driven by a threefold increase in ancillary services costs.

• Operating loss (EBIT) was EUR 33.6 million, compared to a profit of EUR 23.8 million in Q1 2024.

• Net financial debt at period end was EUR 33.1 million, down from EUR 39.7 million a year earlier.

• Cash and cash equivalents stood at EUR 84 thousand at quarter end.

Outlook and guidance

• Adjusted EBITDA, which excludes regulatory and non-typical items, improved year-over-year, indicating underlying operational stability despite headline losses.