Litgrid (LGD1L) Q3 2025 earnings summary

Executive summary

• For the nine months ended 30 September 2025, revenue reached €305.4 million, a 9% increase year-over-year, but the period ended with a net loss of €35.2 million compared to a €31.7 million profit in the prior year.

• The loss was primarily driven by a 48% surge in expenses for electricity and related services, especially ancillary services, which more than doubled.

• Adjusted EBITDA was €39.4 million, up from €37.0 million, reflecting regulatory adjustments, but reported EBITDA was negative at €26.4 million.

Financial highlights

• Revenue from electricity transmission and related services was €304.5 million, with ancillary services revenue up 28% and balancing/imbalance energy sales down 8%.

• Total expenses rose to €331.8 million, mainly due to higher ancillary service costs and increased balancing energy purchases.

• EBITDA dropped to -€26.4 million from €48.6 million year-over-year; EBIT was -€44.4 million versus €31.5 million.

• Basic and diluted EPS was -€0.070, down from €0.063.

• Cash flow from operations was negative at -€25.7 million, but investing activities generated €54.1 million net inflow, mainly from grants and congestion management revenue.

Outlook and guidance

• Temporary regulatory differences and pricing adjustments are expected to impact future profitability, with balancing and imbalance energy pricing changes likely to be neutralized over time.