Litgrid (LGD1L) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 28% year-over-year to €267.5 million, driven by higher transmission and balancing energy revenues.

• Net profit reached €39 million, reversing a €41.9 million loss in H1 2025, mainly due to improved ancillary services results.

• Adjusted EBITDA increased 11.6% year-over-year to €29.9 million, with adjusted ROE rising to 18.5%.

• Major strategic projects advanced, including Harmony Link, Baltic-German PowerLink, and significant grid reinforcement.

Financial highlights

• Transmission revenue up 21% to €79.9 million; balancing energy revenue up 102% to €97.2 million.

• Operating expenses fell 13% to €227.2 million, with ancillary services costs down 51%.

• Net financial debt decreased to €24.4 million; net financial debt/adjusted EBITDA ratio improved to 0.4.

• Investments totaled €61 million, mainly in grid reconstruction and strategic projects.

Outlook and guidance

• Strategic plan through 2035 targets €2.5 billion in grid investments, focusing on reliability, renewables integration, and cross-border interconnections.

• Ongoing projects aim to further synchronize with Continental Europe and expand renewable capacity.