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Eesti Energia AS
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31.07.2025 09:03:24
Pealkiri
Eesti Energia auditeerimata 2025. aasta II kvartali tulemused
Teade
Müügitulu ja kasumlikkus
2025. aasta II kvartalis, mida iseloomustas väljakutsuv energiaturg ja langevad
elektri- ning õlihinnad, ulatus Eesti Energia kontserni müügitulu 388 miljoni
euroni. Kontserni EBITDA langes 80 miljoni euroni, korrigeeritud EBITDA* oli 83
miljonit eurot. Kvartali puhaskasumiks kujunes 30 miljonit eurot, korrigeeritud
puhaskasum oli 33 miljonit eurot.
Kvartali tulemusi mõjutasid enim põlevkiviõli ja elektri madalad hinnad. 2025.
aasta II kvartaliks on Baltikumi energiahinnad langenud tagasi
energiakriisieelsele tasemele ehk tasemele, mis oli enne 2022. aastat.
Kasumlikkuse poolelt toetasid 2024. aasta II kvartalit ühekordne CO?-ga seotud
kasum, mis andis toona finantstulemustele olulise positiivse mõju. 2025. aasta
II kvartal peegeldab taastumist tavapärasele tasemele, mis seetõttu viis
kasumlikkuse vähenemiseni võrreldes eelmise aastaga. Positiivsena näitas ?Muu"
segment - eriti sagedusteenused - tugevat kasvu nii müügitulu kui EBITDA osas.
*?Korrigeeritud EBITDA ja korrigeeritud puhaskasum välistavad pikaajaliste
elektrienergia ostulepingute (PPA) tuletisinstrumentide õiglase väärtuse
ajutised kõikumised, et tagada parem võrreldavus perioodide lõikes.
--------------------------------------------------------------------------------
Finantsjuht Marlen Tamme kommentaar:
?Kvartali tulemusi mõjutasid enim arengud energiaturul. Tänu viimase aasta
jooksul valminud uutele tuule- ja päikeseparkidele tootsime rohkem
taastuvelektrit kui mullu. See aitab kaasa elektrihindade langusele ja mõjub
positiivselt tarbijatele.
Samas tähendab madalam hind energiaturul väiksemaid tulusid energiaettevõtetele,
mis piirab tulevasi investeeringuid - näiteks uute tootmisvõimsuste arendamist.
Madalad hinnad ja suured hinnakõikumised on kujunenud uueks normaalsuseks, mis
tõenäoliselt kestab ka lähiaastatel.
Selles keskkonnas edukaks toimetamiseks tuleb energiaettevõtetel kohaneda. Eesti
Energia on juba astunud samme integreeritud energiaettevõtte suunas. Ühildades
taastuvenergia, juhitava tootmise, akulahendused ja kliendiportfelli ühe katuse
alla, tugevdame oma konkurentsivõimet muutuvas turuolukorras."
*?Korrigeeritud EBITDA ja korrigeeritud puhaskasum välistavad pikaajaliste
elektrienergia ostulepingute (PPA) tuletisinstrumentide õiglase väärtuse
ajutised kõikumised, et tagada parem võrreldavus perioodide lõikes.
--------------------------------------------------------------------------------
Taastuvelektri tootmine ja elektrimüük
Segmendi müügitulu langes aastases võrdluses 26% ja oli 170 miljonit eurot.
Taastuvelektri tootmine kasvas 27%, ulatudes 0,6 TWh-ni, mida toetasid uued
tuulepargid, eelkõige Sopi-Tootsi park, mis kasvatab kogu Eesti Energia ja Eesti
riigi portfelli tootmisvõimekust 255 MW võrra. Jaemüügimahud vähenesid 7%,
ulatudes 2,1 TWh-ni.
Segmendi EBITDA langes 64%, jäädes 13 miljoni euro tasemele. Peamiseks mõjuriks
oli madalam müügihind (-29,9 miljonit eurot), kuna Nord Pool Eesti piirkonna
keskmine hind langes 2024. aasta II kvartaliga võrreldes 20%. Madalam müügimaht
vähendas tulemusi veel -7,4 miljoni euro võrra, kuigi seda leevendasid madalamad
elektri tagasiostukulud (+17,8 miljonit eurot). Korrigeeritud EBITDA langes 62%
ehk 25 miljoni euro võrra.
--------------------------------------------------------------------------------
Elektritootmine mitte-taastuvatest allikatest
Segmendi müügitulu kasvas aastaga 6%, ulatudes 37,1 miljoni euroni. Tootmismaht
suurenes 2%, ulatudes 0,3 TWh-ni, mis tulenes peamiselt EstLink2 kaabli
jätkuvast rikkest, mistõttu suurenes vajadus kohaliku juhitava elektritootmise
järele. Kaabel, mis sai 2024. aasta detsembris tugevalt kahjustada ja mille
tõttu katkes ~650 MW ühendus Eesti ja Soome vahel, ühendati tagasi võrku 20.
juunil.
Segmendi EBITDA vähenes 18 miljoni euro võrra, peamiselt suuremate CO? kulude
(-8,3 miljonit eurot), kõrgemate püsikulude (-4,0 miljonit eurot) ja madalamate
tuletistehingute kasumite (-5,3 miljonit eurot) tõttu.
Hoolimata nõrgemast finantstulemusest on fossiilkütustel töötavad tootmisüksused
endiselt strateegiliselt olulised, osaledes nii elektritootmise kui ka
sagedusteenuste turul. Eestis on tänini puudunud kompensatsioonimehhanism
strateegiliste reservvõimsuste hoidmiseks, mistõttu on Eesti Energia pakkunud
neid teenuseid tasuta. Alates 1. jaanuarist 2026 jõustub uus regulatsioon, mis
võimaldab süsteemihalduril Eleringil reservvõimsusi hankida, et tagada jätkuvalt
piirkonna varustuskindlus - see loob antud tootmisvõimsustele uue
tulupotentsiaali.
--------------------------------------------------------------------------------
Jaotusvõrk
Jaotussegmendi müügitulu kasvas 9%, ulatudes 73,7 miljoni euroni, millele
aitasid kaasa kõrgemad tariifid ja 2% suurem jaotusmaht. Võrgukaod ja
planeeritud katkestused vähenesid, plaanivälised katkestused püsisid madalal
tasemel.
Segmendi EBITDA kasvas aastaga 35%. Marginaali mõju oli +5,1 miljonit eurot tänu
kõrgemale keskmisele müügihinnale ja madalamatele muutuvkuludele. Jaotusmahtude
suurenemine lisas +0,8 miljonit eurot ning edasilükkunud hoolduskulud vähendasid
püsikulusid 1,4 miljoni euro võrra.
--------------------------------------------------------------------------------
Põlevkiviõli segment
Segmendi müügitulu langes 17%, ulatudes 43 miljoni euroni, peamiselt 15%
väiksema müügimahu ja 20% madalama keskmise müügihinna tõttu
(tuletisinstrumentide mõju välja arvatud). Koos tuletistehingutega oli
realiseeritud keskmine hind 405,5 EUR/t ehk vaid 3% madalam aastatagusega
võrreldes. See peegeldab grupi uuendatud riskimaandusstrateegia tõhusust, mis
tugineb finantsoptsioonidele varasemalt kasutatud swap'ide asemel. See
strateegia pakub kaitset languse vastu, säilitades tõusupotentsiaal, ja seda
turuolukorras, mis tavapäraselt kaupleb backwardation'is.
Põlevkiviõli tootmismaht oli 103 tuhat tonni (-7%). Segmendi EBITDA vähenes 64
miljoni euro võrra, kuna 2024. aasta II kvartalis toimunud erakorraline CO?
kvootide tehing (64,5 miljonit eurot) tänavu ei kordunud. Ilma selleta mõjutasid
EBITDA-t hinnalangus (-9,6 miljonit eurot) ja väiksem tootmismaht (-5,7 miljonit
eurot). Positiivsena andsid tuletistehingute kasumid +10,0 miljonit eurot,
kinnitades uu riskimaandusstrateegia tulemuslikkust.
--------------------------------------------------------------------------------
Muud tooted ja teenused
Müügitulu muudest toodetest ja teenustest peaaegu kahekordistus (+97%), ulatudes
32 miljoni euroni, peamiselt sagedusteenuste tugeva kasvu tõttu. Pärast Balti
riikide desünkroniseerimist Venemaa võrgust käivitati sagedusturg, mille esimesi
kuid iseloomustas tugev hinnakõikumine. Eesti Energia oli hästi ette valmistunud
- olemas olid nii akud kui ka erinevad tootmisvõimsused - mistõttu saavutati
selles valdkonnas tugev kasumlikkus. Sagedusteenuste müügitulu oli 27,0 miljonit
eurot ning EBITDA 31,3 miljonit eurot. Soojuse ja gaasi tulud kasvasid
mõõdukalt, kuid maagaasi EBITDA vähenes 2,3 miljonit eurot. Kokku kasvas
segmendi EBITDA 23 miljoni euro võrra.
Tulevikku vaadates eeldame, et sagedusteenuste turg Baltikumis stabiliseerub.
Ehkki tegemist on jätkuvalt perspektiivika ärisuunaga, ei ole edaspidised tulud
ja kasumid tõenäoliselt nii erakordsed kui 2025. aasta II kvartalis.
--------------------------------------------------------------------------------
Investeeringud
Kontserni kapitaliinvesteeringud ulatusid 2025. aasta II kvartalis 120 miljoni
euroni, langedes aastases võrdluses 43%. Suurim osa (51,3 miljonit eurot)
suunati peatselt valmivatesse taastuvenergia projektidesse - peamiselt Leedus
asuvasse Kelme tuuleparki (35,3 miljonit eurot), mille tootmine algab kõigi
eelduste kohaselt 2025. aasta IV kvartalis. Investeeringud elektrijaotusvõrku
kasvasid 7%, ulatudes 40,2 miljoni euroni - eesmärgiga vähendada katkestuste
riski ja tõsta võrgu töökindlust eri ilmastikutingimustes. Enefit-280
põlevkiviõlitehase investeeringud olid 13,8 miljonit eurot, projekt on jõudmas
lõppfaasi.
--------------------------------------------------------------------------------
Finantseerimine ja likviidsus
30. juuni 2025 seisuga oli Eesti Energial 619 miljonit eurot likviidseid
vahendeid ning koos kõigi vabade likviidsus-liinidega ulatus maht 1 019 miljoni
euroni (sh 400 miljonit eurot kasutamata krediidilimiite). Kontserni koguvõlg
oli 1 731 miljonit eurot ning netovõlg 1 113 miljonit eurot, mis on 271 miljonit
eurot vähem kui aasta tagasi.
Olulisemad finantssündmused kvartalis:
* 2025. aasta aprillis omandas Eesti Energia vabatahtliku ülevõtupakkumisega
~20% Enefit Green AS-i börsil noteeritud aktsiatest, suurendades osaluse
97,2%-ni. Kohustuslik ülevõtt toimub 1. augustil 2025, mille järel kuuluvad
kõik aktsiad Eesti Energiale. Nasdaqi otsuse kohaselt denoteeritakse aktsiad
börsilt 4. augustil 2025
* Mais 2025 sai kontsern Eesti riigilt 100 miljoni euro suuruse omakapitali
sissemakse
* Juunis 2025 emiteeriti Nasdaq Balti börsil 50 miljoni euro väärtuses
tagamata seenior-võlakirju
* Juulis 2025 andis Fitch Ratings Eesti Energiale esmakordse pikaajalise
krediidireitingu BBB- (väljavaade: stabiilne)
Krediidireitingud seisuga 30. juuni 2025:
* Fitch: BBB-, väljavaade: stabiilne
* Moody's: Baa3, väljavaade: negatiivne
* S&P: BB+, väljavaade: negatiivne
Väljavaade
Juhtkonna hinnangul jäävad 2025. aasta müügitulu ja EBITDA eelmise aasta
tasemele, samas kui investeeringud vähenevad. Strateegiline fookus on endiselt
suunatud võtmeprojektide - uute taastuvenergia parkide ja Enefit-280-2
põlevkiviõlitehase - lõpuleviimisele ning elektrijaotusvõrgu jätkuvale
arendamisele.
Finantsaruanded
Lühendatud konsolideeritud kasumiaruanne
+----------------------------+---------------+---------------+--------+--------+
|miljonites eurodes |2.kvartal 2025 |2.kvartal 2024 |6k 2025 |6k 2024 |
+----------------------------+---------------+---------------+--------+--------+
|Müügitulu | 387,8 | 415,1 | 917,9 | 915,4 |
+----------------------------+---------------+---------------+--------+--------+
|Muud äritulud | 14,7 | 42,7 | 42,1 | 93,2 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|Valmis- ja lõpetamata | | | | |
|toodangu varude jääkide | | | | |
|muutus | -1,0 | 2,8 | -8,9 | 7,2 |
+----------------------------+---------------+---------------+--------+--------+
|Kaubad, toore, materjal ja | | | | |
|teenused | -247,3 | -210,6 |-582,5 |-530,4 |
+----------------------------+---------------+---------------+--------+--------+
|Tööjõukulud | -51,1 | -48,8 | -99,9 | -97,0 |
+----------------------------+---------------+---------------+--------+--------+
|Põhivara kulum, | | | | |
|amortisatsioon ja | | | | |
|allahindlus | -41,3 | -40,3 | -81,8 | -79,1 |
+----------------------------+---------------+---------------+--------+--------+
|Muud tegevuskulud | -23,5 | -47,7 | -67,1 |-107,6 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|ÄRIKASUM | 38,3 | 113,2 | 119,8 | 201,7 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|Finantstulud | 2,1 | 1,5 | 5,3 | 3,0 |
+----------------------------+---------------+---------------+--------+--------+
|Finantskulud | -17,1 | -11,3 | -29,8 | -24,3 |
+----------------------------+---------------+---------------+--------+--------+
|Neto finantstulud (-kulud) | -15,0 | -9,8 | -24,5 | -21,3 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|Kasum/kahjum kapitaliosaluse| | | | |
|meetodil investeeringutelt | | | | |
|sidusettevõtjatesse | 4,6 | 1,2 | 6,5 | 3,0 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|KASUM ENNE TULUMAKSUSTAMIST | 27,9 | 104,6 | 101,8 | 183,4 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|Tulumaksukulu | 2,1 | -1,5 | 6,0 | -1,7 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|ARUANDEPERIOODI KASUM | 30,0 | 103,1 | 107,8 | 181,7 |
+----------------------------+---------------+---------------+--------+--------+
|? | ? | ? | ? | ? |
+----------------------------+---------------+---------------+--------+--------+
|sh emaettevõtja omaniku osa | | | | |
|kasumist | 28,1 | 102,9 | 100,9 | 172,4 |
+----------------------------+---------------+---------------+--------+--------+
|sh mittekontrolliva osaluse | | | | |
|osa kasumist | 1,9 | 0,2 | 6,9 | 9,3 |
+----------------------------+---------------+---------------+--------+--------+
Lühendatud konsolideeritud finantsseisundi aruanne
+------------------------------------------------------+-----------+-----------+
|miljonites eurodes |30.06.2025 |31.12.2024 |
+------------------------------------------------------+-----------+-----------+
|Põhivara | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Materiaalne põhivara | 3 698,5 | 3 563,8 |
+------------------------------------------------------+-----------+-----------+
|Varade kasutusõigus | 27,8 | 27,9 |
+------------------------------------------------------+-----------+-----------+
|Immateriaalne põhivara | 93,8 | 93,5 |
+------------------------------------------------------+-----------+-----------+
|Ettemaksed põhivara eest | 60,4 | 61,1 |
+------------------------------------------------------+-----------+-----------+
|Edasilükkunud tulumaksuvara | 5,7 | 4,2 |
+------------------------------------------------------+-----------+-----------+
|Tuletisinstrumendid | 195,3 | 213,3 |
+------------------------------------------------------+-----------+-----------+
|Investeeringud sidusettevõtjatesse | 79,3 | 74,9 |
+------------------------------------------------------+-----------+-----------+
|Muud aktsiad ja osad | 0,2 | 0,3 |
+------------------------------------------------------+-----------+-----------+
|Pikaajalised nõuded | 3,4 | 3,3 |
+------------------------------------------------------+-----------+-----------+
|Kokku põhivara | 4 164,4 | 4 042,3 |
+------------------------------------------------------+-----------+-----------+
|? | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Käibevara | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Varud | 145,8 | 172,0 |
+------------------------------------------------------+-----------+-----------+
|Kasvuhoonegaaside lubatud heitkoguse ühikud ja | | |
|päritolusertifikaadid | 76,0 | 74,5 |
+------------------------------------------------------+-----------+-----------+
|Nõuded ostjate vastu ja muud nõuded | 206,6 | 282,2 |
+------------------------------------------------------+-----------+-----------+
|Tuletisinstrumendid | 48,5 | 90,0 |
+------------------------------------------------------+-----------+-----------+
|Raha ja raha ekvivalendid | 618,5 | 468,9 |
+------------------------------------------------------+-----------+-----------+
|Kokku käibevara | 1 095,4 | 1 087,6 |
+------------------------------------------------------+-----------+-----------+
|Kokku varad | 5 259,8 | 5 129,9 |
+------------------------------------------------------+-----------+-----------+
+------------------------------------------------------+-----------+-----------+
|miljonites eurodes |30.06.2025 |31.12.2024 |
+------------------------------------------------------+-----------+-----------+
|OMAKAPITAL | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Emaettevõtja omanikule kuuluv kapital ja reservid | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Aktsiakapital | 746,6 | 746,6 |
+------------------------------------------------------+-----------+-----------+
|Registreerimata aktsiakapital | 100,0 | - |
+------------------------------------------------------+-----------+-----------+
|Ülekurss | 259,8 | 259,8 |
+------------------------------------------------------+-----------+-----------+
|Kohustuslik reservkapital | 75,0 | 75,0 |
+------------------------------------------------------+-----------+-----------+
|Hübriidvõlakirjad | 414,2 | 398,5 |
+------------------------------------------------------+-----------+-----------+
|Muud reservid | 119,1 | 160,2 |
+------------------------------------------------------+-----------+-----------+
|Jaotamata kasum | 623,3 | 565,5 |
+------------------------------------------------------+-----------+-----------+
|Kokku emaettevõtja omanikule kuuluv kapital ja | | |
|reservid | 2 338,0 | 2 205,6 |
+------------------------------------------------------+-----------+-----------+
|Mittekontrolliv osalus | 3,7 | 177,8 |
+------------------------------------------------------+-----------+-----------+
|Kokku omakapital | 2 341,7 | 2 383,4 |
+------------------------------------------------------+-----------+-----------+
|? | ? | ? |
+------------------------------------------------------+-----------+-----------+
|KOHUSTISED | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Pikaajalised kohustised | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Võlakohustised | 1 540,5 | 1,498,7 |
+------------------------------------------------------+-----------+-----------+
|Edasilükkunud tulumaksukohustised | 23,2 | 28,0 |
+------------------------------------------------------+-----------+-----------+
|Muud võlad ja ettemaksud | 7,9 | 8,0 |
+------------------------------------------------------+-----------+-----------+
|Tuletisinstrumendid | 9,5 | 4,4 |
+------------------------------------------------------+-----------+-----------+
|Lepingulised kohustised ja sihtfinantseerimine | 493,3 | 467,9 |
+------------------------------------------------------+-----------+-----------+
|Eraldised | 39,9 | 39,0 |
+------------------------------------------------------+-----------+-----------+
|Kokku pikaajalised kohustised | 2 114,3 | 2 046,0 |
+------------------------------------------------------+-----------+-----------+
|Lühiajalised kohustised | ? | ? |
+------------------------------------------------------+-----------+-----------+
|Võlakohustised | 210,7 | 197,0 |
+------------------------------------------------------+-----------+-----------+
|Likviidsusswap | 112,3 | 79,8 |
+------------------------------------------------------+-----------+-----------+
|Võlad hankijatele ja muud võlad | 255,7 | 267,5 |
+------------------------------------------------------+-----------+-----------+
|Tuletisinstrumendid | 22,7 | 22,6 |
+------------------------------------------------------+-----------+-----------+
|Lepingulised kohustised ja sihtfinantseerimine | 3,1 | 2,0 |
+------------------------------------------------------+-----------+-----------+
|Eraldised | 199,3 | 131,6 |
+------------------------------------------------------+-----------+-----------+
|Kokku lühiajalised kohustised | 803,8 | 700,5 |
+------------------------------------------------------+-----------+-----------+
|Kokku kohustised | 2 918,1 | 2 746,5 |
+------------------------------------------------------+-----------+-----------+
|Kokku kohustised ja omakapital | 5 259,8 | 5 129,9 |
+------------------------------------------------------+-----------+-----------+
Eesti Energia avaldab oma auditeerimata 2025. aasta II kvartali tulemused 31.
juulil 2025. II kvartali vahearuanne ja investorite esitlus on
kättesaadavad Eesti Energia veebilehel
(https://www.enefit.com/et/ettevottest/investorile). II kvartali
majandustulemusi käsitlev investorikõne toimub 31. juulil 2025 kell 11:00
Londoni aja järgi, 12:00 Frankfurdi aja järgi ja 13:00 Tallinna aja järgi.
Osalemiseks palume end registreerida
(https://events.teams.microsoft.com/event/b524e711-a0fe-4bfd-ac1c-
192d81c455db@15cd778b-2b28-4ebc-956c-b5977a36cd28). Pärast registreerumist
saadetakse teile konverentsikõnega liitumiseks vajalikud andmed.
Lisainfo:
Danel Freiberg
Treasury- ja finantsriskijuhtimise osakonna juht
Eesti Energia AS
Tel: +372 5594 3838
Email: [email protected]
Pealkiri
Eesti Energia Group Unaudited Results for Q2 2025
Teade
Sales Revenues and Profitability
In a challenging energy market marked by declining electricity and oil prices,
Eesti Energia Group's sales revenue in Q2 2025 totalled EUR 388 million. Group
EBITDA declined to EUR 80 million, while adjusted EBITDA* reached EUR 83
million. Reported net profit for the quarter was EUR 30 million, with adjusted
net profit at EUR 33 million.
This quarter's performance was mainly driven by falling shale oil and
electricity prices. In fact, as of 25Q2, Baltic energy prices have returned to
pre-energy crisis levels seen before 2022. Additionally, the 24Q2 benefited from
one-off CO?-related gains, which provided an exceptional gain to financial
results at that time. In contrast, 25Q2 reflects a return to normal, resulting
in lower profitability compared to 24Q2. Despite this, the 'Other'
segment-particularly frequency services-showed strong growth in both revenue and
EBITDA.
*Adjusted EBITDA and adjusted net profit exclude temporary fluctuations in the
fair value of long-term Power Purchase Agreement (PPA) derivatives to enable
better period-to-period comparability.
--------------------------------------------------------------------------------
CFO Marlen Tamm commentary:
?This quarter's financial results were primarily influenced by shifts in the
energy market. Thanks to the new wind and solar parks established over the past
year, we generated more renewable energy than the year before. This helps reduce
electricity prices and has a positive effect on consumers' bills.
However, lower market prices also mean decreased revenues for energy companies,
which in turn limits future investments-such as the development of new
generation capacities. Low prices and significant price fluctuations have become
the new normal in the energy market, a trend expected to continue in the coming
years.
To navigate this environment, energy companies must adapt. That's why Eesti
Energia has already taken steps to build an integrated energy group. By bringing
together renewable energy, dispatchable generation, battery solutions, and a
customer portfolio under one umbrella, we are strengthening our competitiveness
in this evolving market landscape."
--------------------------------------------------------------------------------
Renewable Generation and Electricity Sales Segment
Sales revenue from the renewable generation and electricity sales segment
decreased by 26% year-on-year to EUR 170 million. Renewable electricity
production rose by 27% to 0.6 TWh, driven by new wind farms such as the Sopi-
Tootsi facility, which contributes 255 MW of additional capacity compared to the
previous year. Retail electricity sales volumes, however, declined by 7% to 2.1
TWh.
Segment EBITDA dropped by 64% to EUR 13 million. The main impact came from lower
sales prices (EUR -29.9 million), partly due to a 20% drop in the Nord Pool
Estonia area's average price compared to Q2 2024. Lower sales volumes (EUR -7.4
million) also weighed on performance, though partially offset by reduced
electricity purchasing costs (EUR +17.8 million). Adjusted EBITDA declined by
62% (EUR -25 million).
--------------------------------------------------------------------------------
Non-Renewable Electricity Production
Sales revenue from non-renewable electricity increased by 6% year-on-year to EUR
37.1 million. Generation rose by 2% to 0.3 TWh, largely due to the continued
outage of the EstLink2 transmission cable, which required increased domestic
generation. The cable, severely damaged in December 2024, had caused the loss of
~650 MW of transmission capacity between Estonia and Finland. It was reconnected
on 20 June.
Segment EBITDA declined by EUR 18 million. This was driven by higher CO? costs
(EUR -8.3 million), increased fixed costs (EUR -4.0 million), and lower
derivative gains (EUR -5.3 million).
Despite weaker results, fossil-based generation facilities remain critical
strategic assets, providing both power generation and frequency services.
Notably, Estonia currently lacks a compensation mechanism for maintaining
strategic reserve power services, meaning Eesti Energia has been providing this
functionality at no cost. However, a new regulation effective 1 January 2026
will enable the Transmission System Operator (TSO), Elering, to procure reserves
to ensure region's energy security, creating a new revenue opportunity.
--------------------------------------------------------------------------------
Distribution Segment
Sales revenue from the distribution segment increased by 9% to EUR 73.7 million,
supported by higher tariffs and a 2% increase in distributed volumes. Network
losses and planned outages declined, while unplanned outages remained stable at
a low level.
Segment EBITDA grew by 35% year-on-year. The margin impact was EUR +5.1 million,
driven by a higher average sales price and lower variable costs. Increased
distributed volumes contributed EUR +0.8 million, while deferred maintenance led
to a EUR 1.4 million reduction in fixed costs.
--------------------------------------------------------------------------------
Shale Oil Segment
Sales revenue in the shale oil segment fell by 17% to EUR 43 million, mainly due
to a 15% drop in sales volumes and a 20% decrease in average sales price
(excluding derivatives). Including derivative gains, the average realised price
was EUR 405.5/t, down just 3% year-on-year. This result reflects the
effectiveness of the Group's updated hedging strategy, which now favours
financial options over swaps-providing downside protection with upside
potential, especially for the commodity mainly trading in backwardation.
Shale oil production totalled 103 thousand tonnes (-7%). Segment EBITDA declined
by EUR 64 million, due to the exceptional one-off benefit recorded in Q2 2024 -
EUR 64.5 million in free CO? allowances - which did not recur this year.
Excluding this, lower prices impacted EBITDA by EUR -9.6 million and lower
volumes by EUR -5.7 million. On the positive side, derivative gains contributed
EUR +10.0 million, highlighting the positive impact of the revised hedging
strategy.
--------------------------------------------------------------------------------
Other Products and Services
Sales revenue from other products and services nearly doubled year-on-year
(+97%) to EUR 32 million, mainly due to the strong performance of frequency
services. After the Baltic region desynchronized from the Russian grid, new
frequency markets were established - bringing significant price volatility
during the first months. Eesti Energia was well prepared, with both battery and
generation assets in place, and consequently achieved strong profitability from
mentioned area. Frequency services contributed EUR 27.0 million in revenue and
EUR 31.3 million in EBITDA. Heat and gas revenues also grew modestly, while
natural gas EBITDA declined by EUR 2.3 million. Overall, segment EBITDA rose by
EUR 23 million.
Looking ahead, we expect frequency services to normalize due to new market
dynamics in Baltics' frequency markets. While frequency services remain a
promising and profitable business segment, forward-looking returns are likely to
be less exceptional compared to Q2 2025.
--------------------------------------------------------------------------------
Investments
Group capital expenditure amounted to EUR 120 million in Q2 2025, down 43% year-
on-year. The largest share (EUR 51.3 million) was directed toward near-
completion renewable energy projects-primarily the Kelme wind farm in Lithuania
(EUR 35.3 million), expected to begin production in Q4 2025. Investments in the
electricity distribution network increased by 7% to EUR 40.2 million, aimed at
reducing the risk of outages and making the network more resilient to various
weather conditions. Investments in the Enefit-280 shale oil plant totalled EUR
13.8 million as the project entered its final construction phase.
--------------------------------------------------------------------------------
Financing and Liquidity
As of 30 June 2025, Eesti Energia held EUR 619 million in liquid assets, with
total available liquidity of EUR 1,019 million (including EUR 400 million in
undrawn credit lines). Total debt stood at EUR 1,731 million, and net debt
amounted to EUR 1,113 million, down EUR 271 million from a year earlier.
Key financing developments during the quarter included:
* In April 2025, Eesti Energia acquired approximately 20% of publicly traded
Enefit Green AS shares through a voluntary takeover bid, increasing its
total ownership to 97.2%. A mandatory takeover will follow on 1 August
2025, after which Eesti Energia will hold 100% of Enefit Green AS shares.
According to Nasdaq's decision, the shares will be delisted on 4 August 2025
* EUR 100 million equity injection from the Government of Estonia in May 2025
* EUR 50 million senior unsecured bond issuance listed on Nasdaq Baltic in
June 2025
* In July 2025, Fitch Ratings assigned Eesti Energia a first-time long-term
issuer default rating of BBB- with a stable outlook
Current credit ratings:
* Fitch: BBB-, Outlook: Stable
* Moody's: Baa3, Outlook: Negative
* S&P: BB+, Outlook: Negative
Outlook
Management expects full-year 2025 sales revenue and EBITDA to remain broadly in
line with 2024, while capital expenditure is expected to decline. The Group's
strategic focus remains on finalising key projects-including new renewable
energy parks and the Enefit-280-2 shale oil facility-as well as continued
enhancements to the electricity distribution network.
Key financial information
Condensed Consolidated Interim Income Statement
+----------------------------------------------+---------------+---------------+
|? | 2nd Quarter | Half year |
+----------------------------------------------+-------+-------+-------+-------+
|in million EUR | 2025 | 2024 |6m 2025|6m 2024|
+----------------------------------------------+-------+-------+-------+-------+
|Revenue | 387.8 | 415.1 | 917.9 | 915.4 |
+----------------------------------------------+-------+-------+-------+-------+
|Other operating income | 14.7 | 42.7 | 42.1 | 93.2 |
+----------------------------------------------+-------+-------+-------+-------+
|Change in inventories of finished goods and | | | | |
|work-in-progress | (1.0) | 2.8 | (8.9) | 7.2 |
+----------------------------------------------+-------+-------+-------+-------+
|Raw materials and consumables used |(247.3)|(210.6)|(582.5)|(530.4)|
+----------------------------------------------+-------+-------+-------+-------+
|Payroll expenses |(51.1) |(48.8) |(99.9) |(97.0) |
+----------------------------------------------+-------+-------+-------+-------+
|Depreciation, amortisation and impairment |(41.3) |(40.3) |(81.8) |(79.1) |
+----------------------------------------------+-------+-------+-------+-------+
|Other operating expenses |(23.5) |(47.7) |(67.1) |(107.6)|
+----------------------------------------------+-------+-------+-------+-------+
|OPERATING PROFIT | 38.3 | 113.2 | 119.8 | 201.7 |
+----------------------------------------------+-------+-------+-------+-------+
|Financial income | 2.1 | 1.5 | 5.3 | 3.0 |
+----------------------------------------------+-------+-------+-------+-------+
|Financial expenses |(17.1) |(11.3) |(29.8) |(24.3) |
+----------------------------------------------+-------+-------+-------+-------+
|Net financial income (expense) |(15.0) | (9.8) |(24.5) |(21.3) |
+----------------------------------------------+-------+-------+-------+-------+
|? | ? | ? | ? | ? |
+----------------------------------------------+-------+-------+-------+-------+
|Profit from associates under the equity | | | | |
|method | 4.6 | 1.2 | 6.5 | 3.0 |
+----------------------------------------------+-------+-------+-------+-------+
|PROFIT BEFORE TAX | 27.9 | 104.6 | 101.8 | 183.4 |
+----------------------------------------------+-------+-------+-------+-------+
|Corporate income tax expense | 2.1 | (1.5) | 6.0 | (1.7) |
+----------------------------------------------+-------+-------+-------+-------+
|PROFIT FOR THE PERIOD | 30.0 | 103.1 | 107.8 | 181.7 |
+----------------------------------------------+-------+-------+-------+-------+
Condensed Consolidated Interim Statement of Financial Position
+------------------------------------------------+------------+----------------+
|in million EUR |30 June 2025|31 December 2024|
+------------------------------------------------+------------+----------------+
|Non-current assets | ? | ? |
+------------------------------------------------+------------+----------------+
|Property, plant and equipment | 3,698.5 | 3,563.8 |
+------------------------------------------------+------------+----------------+
|Right-of-use assets | 27.8 | 27.9 |
+------------------------------------------------+------------+----------------+
|Intangible assets | 93.8 | 93.5 |
+------------------------------------------------+------------+----------------+
|Prepayments for non-current assets | 60.4 | 61.1 |
+------------------------------------------------+------------+----------------+
|Deferred tax assets | 5.7 | 4.2 |
+------------------------------------------------+------------+----------------+
|Derivative financial instruments | 195.3 | 213.3 |
+------------------------------------------------+------------+----------------+
|Investments in associates | 79.3 | 74.9 |
+------------------------------------------------+------------+----------------+
|Other shares and holdings | 0.2 | 0.3 |
+------------------------------------------------+------------+----------------+
|Non-current receivables | 3.4 | 3.3 |
+------------------------------------------------+------------+----------------+
|Total non-current assets | 4,164.4 | 4,042.3 |
+------------------------------------------------+------------+----------------+
|? | | |
+------------------------------------------------+------------+----------------+
|Current assets | | |
+------------------------------------------------+------------+----------------+
|Inventories | 145.8 | 172.0 |
+------------------------------------------------+------------+----------------+
|Greenhouse gas allowances and certificates of | | |
|origin | 76.0 | 74.5 |
+------------------------------------------------+------------+----------------+
|Trade and other receivables | 206.6 | 282.2 |
+------------------------------------------------+------------+----------------+
|Derivative financial instruments | 48.5 | 90.0 |
+------------------------------------------------+------------+----------------+
|Cash and cash equivalents | 618.5 | 468.9 |
+------------------------------------------------+------------+----------------+
|Total current assets | 1,095.4 | 1,087.6 |
+------------------------------------------------+------------+----------------+
|Total assets | 5,259.8 | 5,129.9 |
+------------------------------------------------+------------+----------------+
+------------------------------------------------+------------+----------------+
|in million EUR |30 June 2025|31 December 2024|
+------------------------------------------------+------------+----------------+
|EQUITY | ? | ? |
+------------------------------------------------+------------+----------------+
|Capital and reserves attributable to equity | | |
|holder of the Parent Company | ? | ? |
+------------------------------------------------+------------+----------------+
|Share capital | 746.6 | 746.6 |
+------------------------------------------------+------------+----------------+
|Unregistered share capital | 100.0 | |
+------------------------------------------------+------------+----------------+
|Share premium | 259.8 | 259.8 |
+------------------------------------------------+------------+----------------+
|Statutory reserve capital | 75.0 | 75.0 |
+------------------------------------------------+------------+----------------+
|Perpetual bond | 414.2 | 398.5 |
+------------------------------------------------+------------+----------------+
|Other reserves | 119.1 | 160.2 |
+------------------------------------------------+------------+----------------+
|Retained earnings | 746.6 | 565.5 |
+------------------------------------------------+------------+----------------+
|Total equity and reserves attributable to equity| | |
|holder of the Parent Company | 2,338.0 | 2,205.6 |
+------------------------------------------------+------------+----------------+
|Non-controlling interest | 3.7 | 177.8 |
+------------------------------------------------+------------+----------------+
|Total equity | 2,341.7 | 2,383.4 |
+------------------------------------------------+------------+----------------+
| | ? | ? |
+------------------------------------------------+------------+----------------+
|LIABILITIES | ? | ? |
+------------------------------------------------+------------+----------------+
|Non-current liabilities | ? | ? |
+------------------------------------------------+------------+----------------+
|Borrowings | 1,540.5 | 1,498.7 |
+------------------------------------------------+------------+----------------+
|Deferred tax liabilities | 23.2 | 28.0 |
+------------------------------------------------+------------+----------------+
|Other payables | 7.9 | 8.0 |
+------------------------------------------------+------------+----------------+
|Derivate financial instruments | 9.5 | 4.4 |
+------------------------------------------------+------------+----------------+
|Contract liabilities and government grants | 493.3 | 467.9 |
+------------------------------------------------+------------+----------------+
|Provisions | 39.9 | 39.0 |
+------------------------------------------------+------------+----------------+
|Total non-current liabilities | 2,114.3 | 2,046.0 |
+------------------------------------------------+------------+----------------+
|Current liabilities | | ? |
+------------------------------------------------+------------+----------------+
|Borrowings | 210.7 | 197.0 |
+------------------------------------------------+------------+----------------+
|Liquidity swap | 112.3 | 79.8 |
+------------------------------------------------+------------+----------------+
|Trade and other payables | 255.7 | 267.5 |
+------------------------------------------------+------------+----------------+
|Derivative financial instruments | 22.7 | 22.6 |
+------------------------------------------------+------------+----------------+
|Contract liabilities and government grants | 3.1 | 2.0 |
+------------------------------------------------+------------+----------------+
|Provisions | 199.3 | 131.6 |
+------------------------------------------------+------------+----------------+
|Total current liabilities | 803.8 | 700.5 |
+------------------------------------------------+------------+----------------+
|Total liabilities | 2,918.1 | 2,746.5 |
+------------------------------------------------+------------+----------------+
|Total liabilities and equity | 5,259.8 | 5,129.9 |
+------------------------------------------------+------------+----------------+
Eesti Energia will publish its unaudited Q2 2025 results on 31 July 2025. The Q2
2025 interim report and investor presentation are available on Eesti
Energia's website (https://www.enefit.com/en/ettevottest/investorile). An
investor call discussing the Q2 2025 financial results will take place on 31
July 2025 at 11:00 London time, 12:00 Frankfurt time, and 13:00 Tallinn time.
Please register to participate
(https://events.teams.microsoft.com/event/b524e711-a0fe-4bfd-ac1c-
192d81c455db@15cd778b-2b28-4ebc-956c-b5977a36cd28). After registration, you will
receive the details required to join the conference call.
Further Information:
Danel Freiberg
Head of Treasury and Financial Risk Management
Eesti Energia AS
Tel: +372 5594 3838
Email: [email protected] (mailto:[email protected])