Litgrid (LGD1L) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached €279.6 million, up slightly from €274.9 million year-over-year.

• Net profit for the period was €31.7 million, down from €43.3 million in the same period last year.

• Basic and diluted EPS for the nine months was €0.063, compared to €0.086 a year earlier.

• 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

• EBITDA for the nine months was €48.6 million, down from €62.2 million year-over-year.

• Operating profit (EBIT) was €31.5 million, compared to €47.4 million in the prior year.

• Total assets increased to €779.1 million from €677.4 million at year-end 2023.

• Net financial debt stood at €36.2 million at 30 September 2024, down from €43.0 million a year earlier.

• Dividends of €29.3 million were paid in 2024 for the 2023 financial year.

Outlook and guidance

• The company continues to focus on major infrastructure investments, including synchronization with continental European networks.

• Revenue from Lithuanian clients accounted for 86% of total revenue in the period.