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Eesti Energia AS
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5493005044RTLQ5RZU70
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Elektrienergia, gaasi, auru ja konditsioneeritud õhuga varustamine, Elektroonilise side teenus, programmeerimine, konsultatsioonid, andmetöötlustaristu ja muu infoalane tegevus, Kinnisvaraalane tegevus, Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
17924
Manused
Esitamise kuupäev ja aeg
07.11.2025 09:00:01
Teate sisu eesti keeles
Pealkiri
Eesti Energia kontserni auditeerimata 2025. aasta III kvartali tulemused
Teade
Müügitulu ja kasumlikkus
III kvartalit iseloomustas jätkuvalt keeruline energiaturg, mida mõjutasid
langevad elektri- ja põlevkiviõli hinnad ning hooldus- ja tehnilistest
piirangutest tulenev põlevkivipõhiste tootmisvarade piiratud kasutusvõimalus.
Selle tulemusel vähenes kontserni müügitulu III kvartalis 282,7 miljoni euroni,
mis on 27% vähem kui aasta varem. EBITDA langes 27,9 miljoni euroni (-31%),
korrigeeritud EBITDA* oli 32,5 miljonit eurot (-25%). Kvartali puhaskahjumiks
kujunes 66,0 miljonit eurot, korrigeeritud puhaskahjum oli 61,4 miljonit eurot.
Aruandeperioodi kahjum sisaldas 39 miljoni euro suuruseid allahindlusi, mis olid
seotud põlevkiviõli tootmisvaradega.
Kasumlikkuse langus tulenes peamiselt elektrihindade langusest Baltikumis ning
erakordselt madalatest põlevkiviõli müügimahtudest, mille põhjuseks olid
pikaajalised õlitehaste remondid. Samal ajal näitas võrguteenuse segment tugevat
ja stabiilset kasvu.
*?Korrigeeritud EBITDA ja korrigeeritud puhaskasum välistavad pikaajaliste
elektrienergia ostulepingute (PPA) tuletisinstrumentide õiglase väärtuse
ajutised kõikumised, et tagada parem võrreldavus perioodide lõikes.
Finantsjuhi Marlen Tamme kommentaar:
?Vaatamata keerulisele energiaturule on 2025. aasta toonud Balti energiasektoris
kaasa olulisi arenguid. Märtsis toimunud desünkroniseerimine Venemaa
elektrivõrgust tähistas suurt sammu energiasõltumatuse suunas. Uues
turukeskkonnas kasvab vajadus juhitava tootmisvõimsuse ja süsteemse paindlikkuse
järele, mis loob uusi võimalusi Eesti Energiale.
Eelnevate aastate rekordiliste investeeringute järel keskendume 2025. aastal
olemasolevate arendusprojektide lõpetamisele ja efektiivsuse suurendamisele. Et
tugevdada kasumlikkust ja lihtsustada tegevusmudelit, valmistatakse ette
struktuurimuudatused, mis jõustuvad 2026. aastal, kus koondatakse praegused
ärivaldkonnad kolme valdkonda: jaotusvõrk, elekter ja tööstus. See muudatus
võimaldab kujundada selgema ja tõhusama organisatsiooni, mis on paremini valmis
ellu viima meie strateegilisi eesmärke. Peatselt valmivad taastuvenergia
projektid ja uue vedelkütuse tehase käivitumine annavad täiendava aluse
tulevikutulude kasvuks.
Ehkki elektrihinnad püsivad madalad ja volatiilsed, liigume edasi
tasakaalustatud tootmisportfelli suunas, mis ühendab taastuvenergia, juhitava
tootmise ja paindlikkusteenused. Selline lähenemine tagab meie klientidele
usaldusväärse energiavarustuse ja loob pikaajalist väärtust investoritele."
Taastuvelektri tootmine ja elektrimüük
Taastuvenergia tootmise ja elektrimüügi müügitulu ulatus 152,6 miljoni euroni,
langedes aastases võrdluses 31%. Langus tulenes peamiselt turuhindade olulistest
langustest, kuigi müügimahud püsisid eelmise aastaga võrreldes sarnasel tasemel.
Taastuvelektri tootmine kasvas 5% ehk 16 GWh võrra, ulatudes 369 GWh-ni.
Tootmise kasvu vedasid eelkõige uued tuulepargid - Sopi-Tootsi Eestis ning Kelm?
I ja II Leedus, mis andsid kokku 107 GWh lisatoodangut (+93 GWh võrreldes
eelmise aastaga). Jaemüügimahud vähenesid 6%.
Segmendi EBITDA oli 8,9 miljonit eurot (-72%). Tulemust mõjutasid eelkõige
madalamad hinnad ja lisaks suured bilansikulud, mis on tingitud sagedusturgude
ebaküpsusest.
Elektritootmine mitte-taastuvatest allikatest
Mitte-taastuvatel allikatel põhineva elektritootmise müügitulu langes aastaga
60%, ulatudes 15,4 miljoni euroni. Languse peamiseks põhjuseks oli tootmismahu
vähenemine. Põlevkivi- ja muudel fossiilkütustel töötavate tootmisüksuste
toodang vähenes 57 GWh-ni (-83% aastavõrdluses), kuna Auvere elektrijaam läbis
põhjaliku hooldustöö ning madalad turuhinnad piirasid juhitava tootmise turule
toomist.
Segmendi EBITDA oli -6,6 miljonit eurot (võrreldes -5,1 miljoni euroga aasta
varem). 2025. aasta III kvartalis kasutatud põlevkivi kogus oli kontserni ajaloo
madalaim.
Vaatamata nõrgematele tulemustele jäävad fossiilkütustel põhinevad
tootmisüksused kontserni jaoks strateegiliselt olulisteks - need pakuvad nii
elektritootmist kui ka sagedusteenuseid. Märkimisväärne on, et Eestis puudub
hetkel mehhanism strateegiliste reservvõimsuste kompenseerimiseks, mistõttu on
Eesti Energia pakkunud neid teenuseid tasuta. Alates 1. jaanuarist 2026 jõustub
uus regulatsioon, mis võimaldab süsteemihalduril Eleringil reservvõimsusi
hankida, et tagada piirkonna varustuskindlus - see loob tootmisüksustele uue
tuluvõimaluse.
Võrguteenus
2025. aasta III kvartalis suurenes võrguteenuse müügitulu 12% ja müügimaht
suurenes 4%. Võrguteenuse müügituluks kujunes 73,1 miljonit eurot (+8,1 mln
eurot) ja müügimahuks 1 411 GWh (+55 GWh).
Segmendi EBITDA kasvas märgatavalt, ulatudes 27,4 miljoni euroni (+55%), mida
toetasid kõrgem marginaal ja kasvav müügimaht.
Vedelkütused
Vedelkütuste segmenti mõjutasid peamiselt õlitehaste pikaajalised remondid -
vedelkütuste tootmismaht jäi sel perioodil alla ootuspärase taseme ning see
vähendas ka müügivõimalusi. Müügitulu oli 11,6 miljonit eurot, langedes aastases
võrdluses 69%, kuna müügimaht vähenes 60% võrra, ulatudes 37,4 tuhande tonnini.
Keskmine müügihind langes aastaga 16%, jõudes 347,7 euroni tonni kohta. Arvesse
võttes positiivset tuletistehingute tulemust (+64,9 EUR/t), kujunes realiseeritud
keskmiseks hinnaks 412,6 EUR/t, mis on 11% kõrgem kui eelmisel aastal.
Tootmismaht oli 42 tuhat tonni (-52%). Toodangumahu langus oli enamasti seotud
Enefit 280-1 õlitehase kapitaalremondiga.
Segmendi EBITDA oli -6,2 miljonit eurot (-10,7 miljonit eurot). Tulemust
mõjutasid peamiselt madalamad marginaalid (-3,6 miljonit eurot) ja oluliselt
väiksem müügimaht (-13,1 miljonit eurot), mille mõju leevendasid madalamad
püsikulud (+6,5 miljonit eurot) ja paranenud realiseeritud tuletistehingute
kasum (+6,1 miljonit eurot).
Muud tooted ja teenused
Muude toodete ja teenuste müügitulu kasvas aastaga 11%, ulatudes 30.0 miljoni
euroni. Tulude kasv on seotud peamiselt paindlikkusteenuste müügiga, mille tulud
ulatusid 2025. aasta III kvartalis 8,3 miljoni euroni (+7,0 mln eurot). Gaasi
müügitulud vähenesid 3.9 miljoni eurot võrra ning soojuse müügitulud 0,5 miljoni
euro võrra.
Segmendi EBITDA tõusis 4,3 miljoni euroni, kasvades aastaga 13,2 miljonit eurot.
Maagaasi EBITDA kasvas aastavõrdluses 5,0 miljoni euro võrra. 2024. aasta III
kvartalit iseloomustasid väga kõrged muutuvkulud, tänaseks on kasum
normaliseerunud. Soojuse EBITDA kahanes võrreldes eelmise aastaga 3,0 miljoni
euro võrra. Paindlikkusteenuste EBITDA kasvas 11,3 miljoni euro võrra.
Investeeringud
Kontserni investeeringud ulatusid 2025. aasta III kvartalis 104,4 miljoni
euroni, mis on 37% ehk 60 miljonit eurot vähem kui aasta varem. Langus tulenes
eelkõige taastuvenergia projektide valmimisest. Taastuvenergia arendusse
investeeriti 27,8 miljonit eurot (-64%). Taastuvenergia mahtude kasvatamiseks
investeerisime 14,4 mln eurot Leedus, 1,2 mln eurot Eestis ja 0,5 mln eurot
Poolas asuvate tuuleparkide arendamisse.
Elektrivõrgu investeeringud ulatusid 40,7 miljoni euroni (+6 miljonit eurot
aastaga), toetades ilmastikukindlate kaablite osakaalu suurenemist ja
varustuskindluse parandamist. Investeeringud uude vedelkütuste tehasesse
moodustasid III kvartalis 5,4 miljonit eurot. Tehase rajamine on jõudmas
lõppfaasi.
Finantseerimine ja likviidsus
2025. aasta III kvartali lõpu seisuga ulatus kontserni laenukohustuste maht
1 637 miljoni euroni (2025. aasta II kvartali lõpus: 1 731 miljonit eurot).
Laenukohustused jagunesid emaettevõtte laenude (875 miljonit eurot) ja
tütarettevõtte Enefit Green laenude (736 miljonit eurot) vahel.
Kontserni likviidsuspositsioon oli kvartali lõpu seisuga tugev - kokku 644
miljonit eurot, sealhulgas raha ja raha ekvivalendid summas 224 miljonit eurot
ning kasutamata laenulepingud mahus 420 miljonit eurot. Viimastest kuulus 270
miljonit eurot emaettevõttele ja 150 miljonit Enefit Green AS-ile.
Kvartali olulisemad finantssündmused:
* 2025. aasta III kvartali esimeses pooles omandas Eesti Energia järelejäänud
2,8% Enefit Green aktsiatest. Selle tulemusel eemaldati Enefit Green AS
aktsiad Nasdaq Tallinna börsilt 4. augustil 2025.
* 2025. aasta septembris lõpetas Eesti Energia krediidireitingu lepingu
S&P'ga.
Krediidireitingud seisuga 30. september 2025:
* Fitch: BBB-, väljavaade: stabiilne
* Moody's: Baa3, väljavaade: negatiivne
Väljavaade
Kontserni strateegiline fookus on jätkuvalt suunatud taastuvenergia projektide
lõpuleviimisele, Enefit 280-2 valmimisele ning investeeringutele jaotusvõrku.
Tuleviku vaates on märkimisväärne, et 2025. aasta mais vastu võetud
elektrituruseaduse muutmise seadus loob regulatiivse raamistiku
saartalitlusvõime tagamise teenusele, mis võimaldab alates 2026. aastast saada
katte põlevkivielektrijaamade püsikuludele.
Tulevikku vaadates valmistub Eesti Energia uueks arenguetapiks, kus alates
2026. aastast koondab Eesti Energia enda äritegevusi kolme äriliini -
jaotusvõrk, elekter ja tööstus -, luues lihtsustatud ja integreeritud
struktuuri.
Eesti Energia piirkonna juhtivaks energiakontserniks kujunemisel on oluline
tõsta konkurentsivõimet ning tagada, et kontserni tegevus oleks selgelt juhitav
ja tulemuslik. Uute juhtimisstruktuuride rakendamisega saavutatakse selgem
vastutuse ja juhtimise jaotus ning vähendatakse keerukust, suurendades samas
ärisuundade iseseisvust.
Kolm iseseisvalt tugevat äriliini ja nendevaheline tulemuslik koostöö loovad
eeldused suurema kasumlikkuse saavutamiseks ja efektiivsema koostöö tagamiseks
kogu kontserni ulatuses. Ümberkorraldus koos Enefit Greeni täieliku ülevõtmisega
2025. aastal võimaldab paremat koordineeritust tootmise, kauplemise ja jaemüügi
vahel ning suuremat efektiivsust tööstusüksustes, toetades kontserni
strateegilist eesmärki olla piirkonna juhtiv energiakontsern.
Finantsaruanded
Lühendatud konsolideeritud kasumiaruanne
+------------------------------------------+-----------------+-----------------+
|? | III kvartal | 9 kuud |
+------------------------------------------+--------+--------+--------+--------+
|Miljonites eurodes | 2025 | 2024 |9k 2025 |9k 2024 |
+------------------------------------------+--------+--------+--------+--------+
|Müügitulu | 282.7 | 387.6 |1,184.4 |1,303.0 |
+------------------------------------------+--------+--------+--------+--------+
|Muud äritulud | 4.2 | 33.6 | 46.2 | 126.8 |
+------------------------------------------+--------+--------+--------+--------+
|Valmis- ja lõpetamata toodangu varude | | | | |
|jääkide muutus | 22.0 | (0.5) | 13.1 | 6.8 |
+------------------------------------------+--------+--------+--------+--------+
|Kaubad, toore, materjal ja teenused |(207.4) |(306.3) |(789.9) |(836.7) |
+------------------------------------------+--------+--------+--------+--------+
|Tööjõukulud |(46.3) |(45.9) |(146.1) |(142.9) |
+------------------------------------------+--------+--------+--------+--------+
|Põhivara kulum, amortisatsioon ja | | | | |
|allahindlus |(81.8) |(41.5) |(163.6) |(120.7) |
+------------------------------------------+--------+--------+--------+--------+
|Muud tegevuskulud |(27.3) |(27.9) |(89.0) |(135.5) |
+------------------------------------------+--------+--------+--------+--------+
|ÄRIKASUM/(-KAHJUM) |(53.9) | (0.9) | 55.1 | 200.8 |
+------------------------------------------+--------+--------+--------+--------+
|Finantstulud | 2.2 | 2.4 | 7.5 | 5.4 |
+------------------------------------------+--------+--------+--------+--------+
|Finantskulud |(15.9) |(10.8) |(45.7) |(35.1) |
+------------------------------------------+--------+--------+--------+--------+
|Neto finantskulud |(13.7) | (8.4) |(38.2) |(29.7) |
+------------------------------------------+--------+--------+--------+--------+
|? | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Kasum/(-kahjum) kapitaliosaluse meetodil | | | | |
|investeeringutelt sidusettevõtjatesse | (5.5) | 0.7 | 1.0 | 3.8 |
+------------------------------------------+--------+--------+--------+--------+
|KASUM/(-KAHJUM) ENNE TULUMAKSUSTAMIST |(73.1) | (8.6) | 17.9 | 174.9 |
+------------------------------------------+--------+--------+--------+--------+
|Tulumaksukulu | 7.1 | 0.2 | 13.1 | (1.6) |
+------------------------------------------+--------+--------+--------+--------+
|ARUANDEPERIOODI KASUM/(-KAHJUM) |(66.0) | (8.4) | 31.0 | 173.3 |
+------------------------------------------+--------+--------+--------+--------+
Condensed Consolidated Interim Statement of Financial Position
+--------------------------------------------------------+----------+----------+
|Miljonites eurodes |30.09.2025|31.12.2024|
+--------------------------------------------------------+----------+----------+
|Põhivara | ? | ? |
+--------------------------------------------------------+----------+----------+
|Materiaalne põhivara | 3,716.3 | 3,563.8 |
+--------------------------------------------------------+----------+----------+
|Varade kasutusõigus | 27.8 | 27.9 |
+--------------------------------------------------------+----------+----------+
|Immateriaalne põhivara | 95.4 | 93.5 |
+--------------------------------------------------------+----------+----------+
|Ettemaksed põhivara eest | 60.5 | 61.1 |
+--------------------------------------------------------+----------+----------+
|Edasilükkunud tulumaksuvara | 6.0 | 4.2 |
+--------------------------------------------------------+----------+----------+
|Tuletisinstrumendid | 159.1 | 213.3 |
+--------------------------------------------------------+----------+----------+
|Investeeringud sidusettevõtjatesse | 67.8 | 74.9 |
+--------------------------------------------------------+----------+----------+
|Muud aktsiad ja osad | 0.3 | 0.3 |
+--------------------------------------------------------+----------+----------+
|Pikaajalised nõuded | 3.6 | 3.3 |
+--------------------------------------------------------+----------+----------+
|Kokku põhivara | 4,136.8 | 4,042.3 |
+--------------------------------------------------------+----------+----------+
|? | | |
+--------------------------------------------------------+----------+----------+
|Käibevara | | |
+--------------------------------------------------------+----------+----------+
|Varud | 168.2 | 172.0 |
+--------------------------------------------------------+----------+----------+
|Kasvuhoonegaaside lubatud heitkoguse ühikud ja | | |
|päritolutunnistused | 37.2 | 74.5 |
+--------------------------------------------------------+----------+----------+
|Nõuded ostjate vastu ja muud nõuded | 222.9 | 282.2 |
+--------------------------------------------------------+----------+----------+
|Tuletisinstrumendid | 50.5 | 90.0 |
+--------------------------------------------------------+----------+----------+
|Raha ja raha ekvivalendid | 223.5 | 468.9 |
+--------------------------------------------------------+----------+----------+
|Kokku käibevara | 702.3 | 1,087.6 |
+--------------------------------------------------------+----------+----------+
|Kokku varad | 4,839.1 | 5,129.9 |
+--------------------------------------------------------+----------+----------+
+--------------------------------------------------------+----------+----------+
|Miljonites eurodes |30.09.2025|31.12.2024|
+--------------------------------------------------------+----------+----------+
|OMAKAPITAL | ? | ? |
+--------------------------------------------------------+----------+----------+
|Emaettevõtja omanikule kuuluv kapital ja reservid | ? | ? |
+--------------------------------------------------------+----------+----------+
|Aktsiakapital | 846.6 | 746.6 |
+--------------------------------------------------------+----------+----------+
|Ülekurss | 259.8 | 259.8 |
+--------------------------------------------------------+----------+----------+
|Kohustuslik reservkapital | 75.0 | 75.0 |
+--------------------------------------------------------+----------+----------+
|Hübriidvõlakirjad | 422.1 | 398.5 |
+--------------------------------------------------------+----------+----------+
|Muud reservid | 102.7 | 160.2 |
+--------------------------------------------------------+----------+----------+
|Jaotamata kasum | 504.9 | 565.5 |
+--------------------------------------------------------+----------+----------+
|Kokku emaettevõtja omanikule kuuluv kapital ja reservid | 2,211.1 | 2,205.6 |
+--------------------------------------------------------+----------+----------+
|Mittekontrolliv osalus | 2.3 | 177.8 |
+--------------------------------------------------------+----------+----------+
|Kokku omakapital | 2,213.4 | 2,383.4 |
+--------------------------------------------------------+----------+----------+
| | ? | ? |
+--------------------------------------------------------+----------+----------+
|LIABILITIES | ? | ? |
+--------------------------------------------------------+----------+----------+
|Non-current liabilities | ? | ? |
+--------------------------------------------------------+----------+----------+
|Võlakohustised | 1,429.0 | 1,498.7 |
+--------------------------------------------------------+----------+----------+
|Edasilükkunud tulumaksukohustised | 13.3 | 28.0 |
+--------------------------------------------------------+----------+----------+
|Muud võlad ja ettemaksud | 8.8 | 8.0 |
+--------------------------------------------------------+----------+----------+
|Tuletisinstrumendid | 3.9 | 4.4 |
+--------------------------------------------------------+----------+----------+
|Lepingulised kohustised ja sihtfinantseerimine | 507.7 | 467.9 |
+--------------------------------------------------------+----------+----------+
|Eraldised | 40.3 | 39.0 |
+--------------------------------------------------------+----------+----------+
|Kokku pikaajalised kohustised | 2,003.0 | 2,046.0 |
+--------------------------------------------------------+----------+----------+
|Lühiajalised kohustised | | ? |
+--------------------------------------------------------+----------+----------+
|Võlakohustised | 219.6 | 197.0 |
+--------------------------------------------------------+----------+----------+
|Likviidsusswap | 31.0 | 79.8 |
+--------------------------------------------------------+----------+----------+
|Võlad hankijatele ja muud võlad | 271.9 | 267.5 |
+--------------------------------------------------------+----------+----------+
|Tuletisinstrumendid | 9.9 | 22.6 |
+--------------------------------------------------------+----------+----------+
|Lepingulised kohustised ja sihtfinantseerimine | 3.0 | 2.0 |
+--------------------------------------------------------+----------+----------+
|Eraldised | 87.3 | 131.6 |
+--------------------------------------------------------+----------+----------+
|Kokku lühiajalised kohustised | 622.7 | 700.5 |
+--------------------------------------------------------+----------+----------+
|Kokku kohustised | 2,625.7 | 2,746.5 |
+--------------------------------------------------------+----------+----------+
|Kokku kohustised ja omakapital | 4,839.1 | 5,129.9 |
+--------------------------------------------------------+----------+----------+
Eesti Energia avaldab oma auditeerimata 2025. aasta III kvartali tulemused
7.novembril 2025. III kvartali vahearuanne ja investorite esitlus on
kättesaadavad Eesti Energia veebilehel
(https://www.enefit.com/et/ettevottest/investorile). III kvartali
majandustulemusi käsitlev investorikõne toimub 7. novembril 2025 kell 11:00
Londoni aja järgi, 12:00 Frankfurdi aja järgi ja 13:00 Tallinna aja järgi.
Osalemiseks palume kasutada antud linki (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_ZWI3N2NlYTctZTA4YS00ZGU2LTkyOGUtZmI0NmZmOWMxYmFh%40thread.v2/0
?context=%7B%22Tid%22%3A%2215cd778b-2b28-4ebc-956c-
b5977a36cd28%22%2C%22Oid%22%3A%22775ae01b-e561-
4cc9-8790-1290c7b28035%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%
22%7D&btype=a&role=a).
Lisainfo:
Danel Freiberg
Treasury ja finantsriskijuhtimise osakonna juht
Eesti Energia AS
Tel: +372 5594 3838
Email: [email protected] (mailto:[email protected])
Teate sisu inglise keeles
Pealkiri
Eesti Energia Group Unaudited Results for Q3 2025
Teade
Sales Revenues and Profitability
The energy market remained challenging in Q3 2025, reflecting falling
electricity and shale oil prices. Availability of oil-shale-based assets was
also limited due to maintenance and technical restrictions. As a result, in Q3
2025 sales revenue totalled EUR 282.7 million, a 27% decrease year-on-year.
EBITDA declined to EUR 27.9 million (-31% year-on-year), while adjusted EBITDA,
excluding temporary fair-value changes of long-term PPA derivatives, totalled
EUR 32.5 million (-25% year-on-year). Reported net loss for the quarter was EUR
66.0 million, with adjusted net loss at EUR 61.4 million, including impairments
of EUR 39 million recognised for shale oil production assets.
Lower profitability mainly reflected the decline in electricity prices across
the Baltics and the exceptionally low shale-oil sales volumes caused by
maintenance shutdown. At the same time, the distribution segment continued to
demonstrate strong and stable performance.
*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:
?Despite a challenging energy market, the year 2025 has brought significant
developments to the Baltic energy sector. The desynchronisation from the Russian
grid marked a major step towards energy independence. In the new market
environment, the need for dispatchable capacity and system flexibility is
increasing, creating new opportunities for Eesti Energia.
Following record-high investment levels in previous years, our focus throughout
2025 remains on completing ongoing developments and improving efficiency. To
further strengthen profitability and streamline operations, structural changes
are being prepared that will take effect from 2026, introducing three business
lines - Distribution, Electricity, and Industry. This transformation will create
a more focused and efficient organisation, better positioned to deliver on our
strategic goals. Near completion renewable energy projects and the launch of the
new liquid fuels plant will provide an additional layer for future earnings.
Although electricity prices remain low and volatile, our strategic direction
remains on establishing a balanced portfolio combining renewable generation,
dispatchable power and flexibility services. This approach ensures reliable
service for our customers and long-term value creation for our investors."
Renewable Generation and Electricity Sales Segment
Sales revenue from renewable generation and electricity sales amounted EUR
152.6 million, a 31% decrease year-on-year, mainly due to a substantial decline
in market prices despite relatively stable sales volumes.
Renewable electricity output increased by 5% (16 GWh) to 369 GWh, driven
primarily by the new Sopi-Tootsi wind farm in Estonia and Kelm? I and II wind
farms in Lithuania, which together contributed 107 GWh of additional generation
(+93 GWh year-on-year). Retail electricity sales volumes decreased by 6%
indicating a mild dip in customer demand. EBITDA from renewable energy and
electricity sales amounted EUR 8.9 million (-72% year-on-year). The decrease
mainly resulted from lower electricity prices and significantly higher balancing
costs, which reflected the immaturity of the frequency markets.
Non-Renewable Electricity Production
Revenue from non-renewable electricity production declined by 60% year-on-year
to EUR 15.4 million, mainly due to the decrease in production volume. Production
from oil-shale-based and other fossil-fuel units totalled 57 GWh, down 83% year-
on-year, as the Auvere power plant underwent a major overhaul and market
conditions limited dispatchable generation due to low market prices.
Segment EBITDA was EUR -6.6 million, compared to EUR -5.1 million a year
earlier. The amount of oil shale used in the third quarter of 2025 was the
lowest in the Group's history.
Despite weaker results this quarter, 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
Distribution service revenue increased by 12% year-on-year to EUR 73.1 million,
supported by a 4% increase in sales volume to 1.41 TWh and higher average
network charges.
Distribution EBITDA improved strongly to EUR 27.4 million (+55% year-on-year),
driven by a higher margin and increased sales volume. Variable costs declined
thanks to lower electricity purchase prices and reduced network losses, which
stood at 4.2% of distributed electricity.
Shale Oil Segment
The shale-oil segment was heavily affected by unexpected maintenance outages and
lower fuel market prices. Sales revenue amounted to EUR 11.6 million, a 69%
decrease year-on-year, as sales volume decreased by 60% to 37 thousand tonnes.
The average sales price fell by 16% year-on-year to EUR 347.7 per tonne. When
including the impact of positive derivative results (EUR 64.9 per tonne), the
effective sales price averaged EUR 412.6 per tonne, representing an 11% increase
compared to last year.
Production reached 42 thousand tonnes (-52% year-on-year), reflecting the
general overhaul of Enefit 280-1. Segment EBITDA was EUR -6.2 million (EUR -10.7
million year-on-year), as lower margins (EUR -3.6 million) and significantly
lower sales volumes (EUR -13.1 million) outweighed the positive impact from
lower fixed costs (EUR +6.5 million) and improved realised derivative gains (EUR
+6.1 million).
Other Products and Services
Revenue from other products and services increased by 11% year-on-year to EUR
30.0 million, mainly driven by strong growth in flexibility and frequency-
reserve services (EUR +7.0 million year-on-year).
EBITDA for the segment increased to EUR 4.3 million, up EUR 13.2 million year-
on-year. Compared to the same period in 2024, natural gas EBITDA increased by
EUR 5.0 million. The main factor was variable costs, which were very high in the
third quarter of 2024 but normalised in 2025. Heat EBITDA decreased by EUR 3.0
million. EBITDA from flexibility services increased by EUR 11.3 million.
Investments
The Group's investments in Q3 2025 totalled EUR 104.4 million, -37% (EUR -60.0
million year-on-year), as large renewable projects are nearing its completion.
Investments in renewable energy amounted to EUR 27.8 million (-64% year-on-
year), focusing on wind-farms in Estonia and Lithuania and the Strza?kowo solar
project in Poland.
Distribution-network investments reached EUR 40.7 million (EUR +6.1 million
year-on-year), supporting the continued conversion to weatherproof cabling and
reliability upgrades. Investments into the new shale-oil plant (Enefit 280-2)
totalled 5.4 million. The plant is expected to be operational by 26Q1.
Financing and Liquidity
The Group's borrowings at the end of the third quarter of 2025 amounted to EUR
1.637 million (end of Q2 2025: EUR 1.731 million). The Group's borrowings
consisted of borrowings of the parent company of EUR 875 million and those of
the subsidiary Enefit Green of EUR 736 million. At the end of the 25Q3, the
Group had strong liquidity buffer of EUR 644 million. Group had EUR 224 in cash,
undrawn loans of EUR 420 million, of which EUR 270 million was attributable to
the parent company and EUR 150 million to Enefit Green AS.
Key financing developments during the quarter included:
* The remaining 2.8% stake in Enefit Green was acquired in the first half of
the third quarter of 2025. As a result, Enefit Green AS was delisted on 4
August 2025.
* In September 2025, Eesti Energia has withdrawn its rating with S&P.
Current credit ratings:
* Fitch: BBB-, Outlook: Stable
* Moody's: Baa3, Outlook: Negative
Outlook
The Group continues to focus on completing key renewable projects, finalising
the Enefit 280-2 plant and investing in the distribution network, which remains
the Group's most resilient business line. The Electricity Market Amendment Act,
effective from 2026, will further support dispatchable generation to ensure
region's energy security. That will provide a mechanism to cover the fixed costs
of oil-shale-based power plants from 2026 onwards.
Looking ahead, Eesti Energia is preparing for a new phase of transformation that
will further strengthen profitability and competetiveness. Starting from 2026,
the Group will operate under three business lines - Distribution, Electricity,
and Industry - within the Enefit brand, creating a simplified and integrated
structure. This reorganisation, together with the full acquisition of Enefit
Green in 2025, will enable stronger coordination of generation, trading and
retail activities, as well as efficiency gains across industrial operations.
These strategic and structural changes lay the foundation for a more resilient,
efficient and profitable business. From 2026 onward, these changes are expected
to drive earnings growth, strengthen cash flows and support the Group's
investment-grade credit profile while advancing the region's transition to a
carbon-neutral energy system.
Key financial information
Condensed Consolidated Interim Income Statement
+------------------------------------------+-----------------+-----------------+
|? | 3rd Quarter | 9 months |
+------------------------------------------+--------+--------+--------+--------+
|in million EUR | 2025 | 2024 |9m 2025 |9m 2024 |
+------------------------------------------+--------+--------+--------+--------+
|Revenue | 282.7 | 387.6 |1,184.4 |1,303.0 |
+------------------------------------------+--------+--------+--------+--------+
|Other operating income | 4.2 | 33.6 | 46.2 | 126.8 |
+------------------------------------------+--------+--------+--------+--------+
|Change in inventories of finished goods | | | | |
|and work-in-progress | 22.0 | (0.5) | 13.1 | 6.8 |
+------------------------------------------+--------+--------+--------+--------+
|Raw materials and consumables used |(207.4) |(306.3) |(789.9) |(836.7) |
+------------------------------------------+--------+--------+--------+--------+
|Payroll expenses |(46.3) |(45.9) |(146.1) |(142.9) |
+------------------------------------------+--------+--------+--------+--------+
|Depreciation, amortisation and impairment |(81.8) |(41.5) |(163.6) |(120.7) |
+------------------------------------------+--------+--------+--------+--------+
|Other operating expenses |(27.3) |(27.9) |(89.0) |(135.5) |
+------------------------------------------+--------+--------+--------+--------+
|OPERATING PROFIT/(LOSS) |(53.9) | (0.9) | 55.1 | 200.8 |
+------------------------------------------+--------+--------+--------+--------+
|Financial income | 2.2 | 2.4 | 7.5 | 5.4 |
+------------------------------------------+--------+--------+--------+--------+
|Financial expenses |(15.9) |(10.8) |(45.7) |(35.1) |
+------------------------------------------+--------+--------+--------+--------+
|Net financial income (expense) |(13.7) | (8.4) |(38.2) |(29.7) |
+------------------------------------------+--------+--------+--------+--------+
|? | | | | |
+------------------------------------------+--------+--------+--------+--------+
|Profit from associates under the equity | | | | |
|method | (5.5) | 0.7 | 1.0 | 3.8 |
+------------------------------------------+--------+--------+--------+--------+
|PROFIT/(LOSS) BEFORE TAX |(73.1) | (8.6) | 17.9 | 174.9 |
+------------------------------------------+--------+--------+--------+--------+
|Corporate income tax expense | 7.1 | 0.2 | 13.1 | (1.6) |
+------------------------------------------+--------+--------+--------+--------+
|PROFIT/(LOSS) FOR THE PERIOD |(66.0) | (8.4) | 31.0 | 173.3 |
+------------------------------------------+--------+--------+--------+--------+
Condensed Consolidated Interim Statement of Financial Position
+-------------------------------------------+-----------------+----------------+
|in million EUR |30 September 2025|31 December 2024|
+-------------------------------------------+-----------------+----------------+
|Non-current assets | ? | ? |
+-------------------------------------------+-----------------+----------------+
|Property, plant and equipment | 3,716.3 | 3,563.8 |
+-------------------------------------------+-----------------+----------------+
|Right-of-use assets | 27.8 | 27.9 |
+-------------------------------------------+-----------------+----------------+
|Intangible assets | 95.4 | 93.5 |
+-------------------------------------------+-----------------+----------------+
|Prepayments for non-current assets | 60.5 | 61.1 |
+-------------------------------------------+-----------------+----------------+
|Deferred tax assets | 6.0 | 4.2 |
+-------------------------------------------+-----------------+----------------+
|Derivative financial instruments | 159.1 | 213.3 |
+-------------------------------------------+-----------------+----------------+
|Investments in associates | 67.8 | 74.9 |
+-------------------------------------------+-----------------+----------------+
|Other shares and holdings | 0.3 | 0.3 |
+-------------------------------------------+-----------------+----------------+
|Non-current receivables | 3.6 | 3.3 |
+-------------------------------------------+-----------------+----------------+
|Total non-current assets | 4,136.8 | 4,042.3 |
+-------------------------------------------+-----------------+----------------+
|? | | |
+-------------------------------------------+-----------------+----------------+
|Current assets | | |
+-------------------------------------------+-----------------+----------------+
|Inventories | 168.2 | 172.0 |
+-------------------------------------------+-----------------+----------------+
|Greenhouse gas allowances and certificates | | |
|of origin | 37.2 | 74.5 |
+-------------------------------------------+-----------------+----------------+
|Trade and other receivables | 222.9 | 282.2 |
+-------------------------------------------+-----------------+----------------+
|Derivative financial instruments | 50.5 | 90.0 |
+-------------------------------------------+-----------------+----------------+
|Cash and cash equivalents | 223.5 | 468.9 |
+-------------------------------------------+-----------------+----------------+
|Total current assets | 702.3 | 1,087.6 |
+-------------------------------------------+-----------------+----------------+
|Total assets | 4,839.1 | 5,129.9 |
+-------------------------------------------+-----------------+----------------+
+-------------------------------------------+-----------------+----------------+
|in million EUR |30 September 2025|31 December 2024|
+-------------------------------------------+-----------------+----------------+
|EQUITY | ? | ? |
+-------------------------------------------+-----------------+----------------+
|Total equity and reserves attributable to | | |
|equity holder of the Parent Company | ? | ? |
+-------------------------------------------+-----------------+----------------+
|Share capital | 846.6 | 746.6 |
+-------------------------------------------+-----------------+----------------+
|Unregistered share capital | 259.8 | 259.8 |
+-------------------------------------------+-----------------+----------------+
|Share premium | 75.0 | 75.0 |
+-------------------------------------------+-----------------+----------------+
|Statutory reserve capital | 422.1 | 398.5 |
+-------------------------------------------+-----------------+----------------+
|Perpetual bond | 102.7 | 160.2 |
+-------------------------------------------+-----------------+----------------+
|Other reserves | 504.9 | 565.5 |
+-------------------------------------------+-----------------+----------------+
|Retained earnings | 846.6 | 746.6 |
+-------------------------------------------+-----------------+----------------+
|Total equity and reserves attributable to | | |
|equity holder of the Parent Company | 2,211.1 | 2,205.6 |
+-------------------------------------------+-----------------+----------------+
|Non-controlling interest | 2.3 | 177.8 |
+-------------------------------------------+-----------------+----------------+
|Total equity | 2,213.4 | 2,383.4 |
+-------------------------------------------+-----------------+----------------+
| | ? | ? |
+-------------------------------------------+-----------------+----------------+
|LIABILITIES | ? | ? |
+-------------------------------------------+-----------------+----------------+
|Non-current liabilities | ? | ? |
+-------------------------------------------+-----------------+----------------+
|Borrowings | 1,429.0 | 1,498.7 |
+-------------------------------------------+-----------------+----------------+
|Deferred tax liabilities | 13.3 | 28.0 |
+-------------------------------------------+-----------------+----------------+
|Other payables | 8.8 | 8.0 |
+-------------------------------------------+-----------------+----------------+
|Derivate financial instruments | 3.9 | 4.4 |
+-------------------------------------------+-----------------+----------------+
|Contract liabilities and government grants | 507.7 | 467.9 |
+-------------------------------------------+-----------------+----------------+
|Provisions | 40.3 | 39.0 |
+-------------------------------------------+-----------------+----------------+
|Total non-current liabilities | 2,003.0 | 2,046.0 |
+-------------------------------------------+-----------------+----------------+
|Current liabilities | | ? |
+-------------------------------------------+-----------------+----------------+
|Borrowings | 219.6 | 197.0 |
+-------------------------------------------+-----------------+----------------+
|Liquidity swap | 31.0 | 79.8 |
+-------------------------------------------+-----------------+----------------+
|Trade and other payables | 271.9 | 267.5 |
+-------------------------------------------+-----------------+----------------+
|Derivative financial instruments | 9.9 | 22.6 |
+-------------------------------------------+-----------------+----------------+
|Contract liabilities and government grants | 3.0 | 2.0 |
+-------------------------------------------+-----------------+----------------+
|Provisions | 87.3 | 131.6 |
+-------------------------------------------+-----------------+----------------+
|Total current liabilities | 622.7 | 700.5 |
+-------------------------------------------+-----------------+----------------+
|Total liabilities | 2,625.7 | 2,746.5 |
+-------------------------------------------+-----------------+----------------+
|Total liabilities and equity | 4,839.1 | 5,129.9 |
+-------------------------------------------+-----------------+----------------+
Eesti Energia will publish its unaudited Q3 2025 results on 7 November 2025. The
Q3 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 Q3 2025 financial results will take place on 7
November 2025 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_ZWI3N2NlYTctZTA4YS00ZGU2LTkyOGUtZmI0NmZmOWMxYmFh%40thread.v2/0
?context=%7B%22Tid%22%3A%2215cd778b-2b28-4ebc-956c-
b5977a36cd28%22%2C%22Oid%22%3A%22775ae01b-e561-
4cc9-8790-1290c7b28035%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%
22%7D&btype=a&role=a).
Further Information:
Danel Freiberg
Head of Treasury and Financial Risk Management
Eesti Energia AS
Tel: +372 5594 3838
Email: [email protected] (mailto:[email protected])