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Eesti Energia Group Unaudited Results for Q1 2026

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Sales Revenues and Profitability

In Q1 2026, the Baltic electricity market prices notably increased from the low-
price environment over Q2-Q4 2025. Cold weather across the Nordics and Baltics
in January and February drove higher electricity consumption, which in
combination with modest wind conditions, lifted regional spot prices materially
year-on-year. Furthermore, the introduction of the strategic reserve capacity
fee mechanism on 1 January 2026 provided an additional source of revenue for
Eesti Energia's oil shale-based reserve power fleet. The shale oil segment
experienced a mixed pricing environment during the quarter, as average fuel oil
prices declined year-on-year. Prices were weighed down by weak global liquid
fuel market conditions in January-February, partially offset by a sharp rally in
March driven by the Strait of Hormuz crisis.

Eesti Energia Group's sales revenue in Q1 2026 totalled EUR 566 million, an 8%
increase year-on-year. Group EBITDA rose by 5% to EUR 119 million. Net profit
for the period amounted to EUR 49 million, a decrease of 30% year-on-year,
primarily reflecting one-off higher net financial expenses.

The non-renewable electricity segment and the distribution segment were the
primary drivers of EBITDA growth, underpinned by higher electricity prices,
consumption and the new reserve capacity fee. These gains were partly offset by
lower profitability in renewable energy and shale oil, the latter reflecting
planned maintenance and weaker fuel oil market prices during the quarter.

CFO Marlen Tamm commentary:

"The dynamics of energy markets have become significantly more complex - price
levels are simultaneously shaped by weather conditions, geopolitical risks, and
a volatile CO? price. This market environment makes investment decision-making
very challenging.

Within Eesti Energia Group's integrated portfolio, the combination of different
generation methods helped balance risks and stabilise performance. Cold weather
in January and February, and the resulting high electricity demand, kept prices
elevated. Conversely, in March, demand fell and renewable electricity generation
increased, causing market prices to drop. The lower price level also reduced the
competitiveness of dispatchable generation. Such price dynamics are not an
exception, they are the new normal. The growing share of renewables makes
portfolio management through storage increasingly important."

Renewable Energy and Electricity Sales Segment

Sales revenue from the renewable energy and electricity sales segment amounted
to EUR 243 million in Q1 2026, a 12% increase year-on-year. The revenue growth
was driven by higher electricity prices across all Baltic markets despite a
slight decline in renewable generation volumes. Retail electricity sales volume
was 2.7 TWh, broadly stable year-on-year. Total renewable electricity generation
amounted to 0.7 TWh, down 4% year-on-year, primarily due to the divestment of
the Tolpanvaara wind farm in Finland at the end of 2025 and lower than
anticipated output at the Sopi-Tootsi wind farm. Offsetting these headwinds,
Kelm? I was already operating at full capacity and Kelm? II reached full
operational capacity during the quarter, marking a significant milestone in the
Group's wind farm portfolio.

Segment EBITDA decreased by 23% to EUR 16 million. The total margin impact was
negative EUR 17 million, as higher sales prices and renewable subsidies were
more than offset by significantly higher electricity purchasing costs, primarily
reflecting the Group's retail portfolio consumption exceeding its own renewable
generation. However, the negative margin impact in this segment and this quarter
is partly offset by the positive non-renewable electricity margin impact, since
fossil-based assets were the main market makers due to cold and modest wind
conditions.

Non-Renewable Electricity Production Segment

Sales revenue from non-renewable electricity production increased by 32% to EUR
121 million in Q1 2026. The principal drivers were higher realised electricity
prices and the introduction of the strategic reserve capacity fee mechanism,
which generated approximately EUR 14.2 million in the quarter and is expected to
contribute approximately EUR 60 million on an annualised basis. Electricity
generation from non-renewable sources amounted to 0.6 TWh, down 6%, primarily
due to year-over-year lower average electricity prices in March.

Segment EBITDA increased by 72% to EUR 39 million. The margin impact contributed
a positive EUR 13 million, reflecting higher electricity prices, especially
during January-February, and above-mentioned favourable interaction between the
non-renewable fleet's dispatch and the Group's retail client portfolio hedging
strategy. Lower generation volumes, higher fixed costs, and the absence of
derivative gains were partial offsets.

Estonia's energy supply security continues to depend on oil shale power plants
as dispatchable backup capacity. The reserve capacity mechanism provides
appropriate compensation for the cost of maintaining this national energy
security role.

Distribution Segment

Distribution sales revenue grew 12% to EUR 99 million in Q1 2026, driven by
higher electricity distribution volumes. Distribution volume increased to 2.1
TWh (+12% year-on-year), reflecting elevated electricity consumption in the
Estonian market during the cold months of January and February. The average
distribution sales price was broadly stable year-on-year.

Segment EBITDA increased by 20% to EUR 44 million, largely driven by cold
weather in January-February, and therefore increased electricity consumption.
Importantly, the distribution segment continues to be the most resilient and
predictable contributor to Group earnings, and stable profitability trends are
expected to continue.

Shale Oil Segment

Shale oil sales revenue decreased by 27% to EUR 40 million in Q1 2026. The
average shale oil sales price, including hedge settlements, fell to EUR 352 per
tonne (Q1 2025: EUR 425 per tonne), a 17% decline year-on-year, reflecting the
lower fuel oil market environment that prevailed in the quarter prior to the
escalation of geopolitical tensions in the Middle East. Shale oil sales volumes
declined by 12% year-on-year, and production amounted to 118 thousand tonnes,
down 3%, primarily due to maintenance of the Enefit 280-1 oil plant.

Segment EBITDA decreased by 44% to EUR 11 million. The margin impact was broadly
flat. The 12% fall in sales volumes reduced EBITDA by EUR -4 million. Gain on
derivatives declined by EUR 2 million year-on-year, and other movements,
primarily the revaluation of unrealised derivative instruments, contributed a
negative EUR 3 million.

The Q1 2026 results do not fully reflect the benefit of the heightened fuel oil
price environment that emerged from geopolitical tensions in the Middle East. We
expect the impact of current elevated fuel prices to flow through to Profit &
Loss over the next two to seven quarters. Additionally, the newly constructed
Enefit 280-2 oil facility commenced its first production output in April 2026
and is expected to reach full production capacity by Q3 2026. Combined, these
factors are expected to support improved shale oil segment performance in the
periods ahead.

Other Products and Services Segment

Sales revenue from other products and services decreased by EUR -7 million to
EUR 64 million in Q1 2026. The segment includes gas, heat, frequency services,
and other items.

Segment EBITDA decreased by EUR -5.5 million to EUR 10 million. Natural gas and
heat combined improved by EUR +5 million in EBITDA, while frequency services
which is essential for maintaining 50-hertz grid stability, declined by EUR -5.5
million in EBITDA year-on-year. The decline in frequency services revenue
reflects the normalisation of ancillary service prices following an exceptional
base period last year. Frequency markets in Estonia had opened in early 2025,
driving unusually high and volatile prices in the first half of that year. As
the market has since stabilised, frequency services now generate reliable,
recurring additional income from the Group's existing asset base. This is a
sustainable contribution, albeit at more moderate levels than the exceptional
returns recorded in Q1 2025.

Investments

Group capital expenditure in Q1 2026 totalled EUR 51 million, a 47% decrease
year-on-year, reflecting the Group's deliberate transition past the peak of its
heavy investment cycle. The heavy CAPEX cycle of recent years is now over, and
the Group's strategic focus has shifted to unlocking greater returns from the
existing asset base.

Investments in the renewable energy and electricity sales segment amounted to
EUR 13 million (Q1 2025: EUR 39 million, -67%), primarily comprising final
additions to the Kelm? wind farm and the Strza?kowo solar farm. Distribution
network investments were EUR 27 million (Q1 2025: EUR 29 million, -6%), focused
on network maintenance and grid connections. Shale oil investments amounted to
EUR 7 million (Q1 2025: EUR 18 million, -61%), principally reflecting the final
construction costs for the Enefit 280-2 oil facility, which is now commissioned.

Financing and Liquidity

As of 31 March 2026, Eesti Energia had EUR 170 million in liquid assets and EUR
520 million in total available liquidity, including EUR 350 million in undrawn
credit facilities. Net debt stood at EUR 1,283 million.

Key financing events during Q1 2026 included the full repayment of the syndicate
loan on 16 February 2026. The Group's Hybrid Bond of EUR 400 million, issued in
2024, remains outstanding with a first call date in 2029.

The Group's net debt-to-EBITDA ratio stood at 3.98x at the end of Q1 2026. Eesti
Energia is fully committed to reducing this ratio towards 3.5x through strict
capital discipline, including the reduction of capital expenditure, alongside a
continued focus on internal efficiencies and cost reduction. The Group's
financing policy remains focused on maintaining investment-grade credit ratings.

Current credit ratings (as of 30 April 2026):

Fitch: BBB-, Outlook: Stable
Moody's: Baa3, Outlook: Stable (affirmed 8 April 2026)

Outlook

Eesti Energia reaffirms its full-year 2026 guidance. Sales revenue and EBITDA
are expected to increase compared to 2025 levels. Capital expenditure is planned
to decrease by approximately 50% compared with 2025.

The primary drivers of the expected improvement are: a) the full operational
contribution of the new Lithuanian wind assets throughout 2026; b) the strategic
reserve power capacity subsidy of approximately EUR 60 million per annum; c)
somewhat higher fuel prices driven by developments in the Middle East; d) the
ramp-up of the new Enefit 280-2 shale oil facility towards full production
capacity by Q3 2026; and e) additional efficiencies from integrating the retail
client portfolio, renewable electricity assets, and energy trading into one
unit.

On the investment side, the Group will continue to focus on completing major
ongoing projects and making essential network upgrades, rather than initiating
new discretionary investments. The Group's strategic emphasis is firmly on
maximising returns from the already existing asset base.

Key Financial Information

Condensed Consolidated Interim Income Statement

+--------------------------------------------+---------+---------+
| EUR million                                | Q1 2026 | Q1 2025 |
+--------------------------------------------+---------+---------+
| Sales revenues                             |   566.3 |   522.0 |
+--------------------------------------------+---------+---------+
| Other revenues                             |    62.0 |    27.3 |
+--------------------------------------------+---------+---------+
| Expenses (excl. depreciation)              | (509.3) | (435.5) |
+--------------------------------------------+---------+---------+
| - Electricity purchasing costs             | (226.6) | (185.3) |
+--------------------------------------------+---------+---------+
| - Environmental fees                       |   (8.7) |  (10.6) |
+--------------------------------------------+---------+---------+
| - CO? emission costs                       |  (36.9) |  (41.6) |
+--------------------------------------------+---------+---------+
| - Change in inventories                    |   (4.4) |   (8.0) |
+--------------------------------------------+---------+---------+
| - Other                                    | (232.7) | (190.0) |
+--------------------------------------------+---------+---------+
| EBITDA                                     |   119.0 |   113.8 |
+--------------------------------------------+---------+---------+
| Depreciation                               |  (45.7) |  (40.4) |
+--------------------------------------------+---------+---------+
| EBIT                                       |    73.2 |    73.4 |
+--------------------------------------------+---------+---------+
| Net financial income / (expenses)          |  (25.2) |   (9.5) |
+--------------------------------------------+---------+---------+
| Net profit from associates (equity method) |     1.9 |     2.0 |
+--------------------------------------------+---------+---------+
| Earnings before tax                        |    49.9 |    65.9 |
+--------------------------------------------+---------+---------+
| Income tax expense                         |   (0.8) |     3.9 |
+--------------------------------------------+---------+---------+
| Net profit                                 |    49.1 |    69.8 |
+--------------------------------------------+---------+---------+

Condensed Consolidated Interim Statement of Financial Position

+------------------------------------+---------------+---------------+
| EUR million                        | 31 March 2026 | 31 March 2025 |
+------------------------------------+---------------+---------------+
| Assets                             |       4,665.9 |       5,164.4 |
+------------------------------------+---------------+---------------+
| Current assets                     |         717.0 |       1,072.4 |
+------------------------------------+---------------+---------------+
| - Cash and cash equivalents        |         169.6 |         477.0 |
+------------------------------------+---------------+---------------+
| - Trade receivables                |         227.6 |         246.0 |
+------------------------------------+---------------+---------------+
| - Inventories and prepaid expenses |         192.8 |         178.3 |
+------------------------------------+---------------+---------------+
| - Other current assets             |         127.0 |         171.0 |
+------------------------------------+---------------+---------------+
| Non-current assets                 |       3,949.0 |       4,092.0 |
+------------------------------------+---------------+---------------+
| Liabilities and equity             |       4,665.9 |       5,164.4 |
+------------------------------------+---------------+---------------+
| Liabilities                        |       2,598.3 |       2,741.4 |
+------------------------------------+---------------+---------------+
| - Trade payables                   |         126.4 |         146.6 |
+------------------------------------+---------------+---------------+
| - Borrowings                       |       1,460.5 |       1,641.8 |
+------------------------------------+---------------+---------------+
| - Provisions                       |         189.5 |         213.1 |
+------------------------------------+---------------+---------------+
| - Deferred income                  |         544.5 |         484.1 |
+------------------------------------+---------------+---------------+
| - Other liabilities                |         277.5 |         255.8 |
+------------------------------------+---------------+---------------+
| Equity                             |       2,067.6 |       2,423.0 |
+------------------------------------+---------------+---------------+

Eesti  Energia published its unaudited Q1  2026 results on 30 April 2026. The Q1
2026 interim  report and investor presentation  are available on Eesti Energia's
website  (https://www.enefit.com/en/ettevottest/investorile).  An  investor call
discussing  the  Q1  2026 financial  results  is  scheduled for 30 April 2026 at
11:00 London time, 12:00 Frankfurt time, and 13:00 Tallinn time. Please join the
conference call using the following link. (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NmMwOGE1ODAtYTI2NS00ZTgyLWExZjktNTNmYjU4N2ZiMGI0%40thread.v2/0
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Further Information:

Danel Freiberg
Head of Treasury and Financial Risk Management
Eesti Energia AS
Tel: +372 5594 3838
Email: [email protected] (mailto:[email protected])