Integrated Annual Report 2025: record strategic progress with +0.7 GW of new green capacities installed, completed mass smart meter roll-out, and Adjusted EBITDA beat
AB “Ignitis grupė” publishes its Integrated Annual Report 2025, which is attached to this notice.
Financial performance
Our Adjusted EBITDA for the full-year 2025 amounted to EUR 546.1 million (+3.4% YoY) and exceeded the upper end of our full-year guidance range of EUR 510–540 million. The growth was driven by the stronger performance of our two largest segments: Green Capacities and Networks.
In 2025, our Investments amounted to EUR 720.3 million (-11.3% YoY), within our full-year guidance range of EUR 700–800 million. 53.1% of the total Investments were made in the Networks segment and 39.7% in the Green Capacities segment, primarily to new solar, onshore wind and Kruonis PSHP expansion projects. With several projects reaching the COD, the total Investments have decreased compared to 2024.
Due to continued significant Investments in Networks and Green Capacities, our Net Debt increased to EUR 1,912.0 million as of 31 December 2025 (+18.6% compared to EUR 1,612.3 million as of 31 December 2024). Together with a decrease in FFO, driven by the temporary regulatory differences specific to the regulated activities, this resulted in a decrease in our FFO/Net Debt to 21.0% (compared to 29.7% as of 31 December 2024). Despite that, following a regular review in September 2025, S&P Global Ratings reaffirmed our ‘BBB+’ (stable outlook) credit rating.
Business development
Green Capacities: Installed Capacity increased to 2.1 GW (from 1.4 GW).
Key milestones:
– reached COD at Kelmė WF (313.7 MW) in Lithuania;
– reached COD at Silesia WF II (136.8 MW) in Poland;
– reached COD at Varme SF (94 MW) in Latvia;
– reached COD at Stelpe SF I (72.5 MW) in Latvia;
– reached COD at Stelpe SF II (72.5 MW) in Latvia;
– reached COD at Polish solar portfolio (24 MW) in Poland;
– made Final Investment Decisions for Kelmė (147.4 MW), Kruonis (99.2 MW), and Mažeikiai (45.1 MW) BESS projects in Lithuania;
– reached an agreement with Quaero Capital to dispose a 49% stake in Vilnius CHP.
Networks: 3.5 EURb (+40%) Investments set in the 10-year (2024–2033) Investment Plan aligned with the regulator (NERC) on 23 January 2025; 2026 total RAB set at 1.9 EURbn (+0.1 EURbn), WACC (weighted average) at 5.74% (-0.05 pp), and additional tariff component at 51.8 EURm (+38.1%); completed the mass smart meter roll-out with 1.3 million of smart meters installed.
Reserve Capacities: won a Polish capacity mechanism auction for ensuring 381 MW capacity availability in Q1 2026, 484 MW – in Q4 2026, and 148 MW – in 2030.
Customers & Solutions: signed a 7-year PPA with Lithuanian TSO (Litgrid) at a fixed price of EUR 74.5/MWh for up to 160 GWh/year, effective from January 2026; signed a grant agreement of up to 3.8 EURm to develop EV charging infrastructure in the Baltics; 1,799 (+708 since 31 December 2024) EV charging points installed.
Sustainability
Our Green Share of Generation amounted to 70.2% (-11.3 pp YoY). The decrease was driven by the proportionally higher electricity generation at Elektrėnai Complex (Reserve Capacities) in relation to the new services provided.
In 2025, our total GHG emissions amounted to 4.49 million t CO2-eq (+10.1% YoY). The new services provided by Elektrėnai Complex (Reserve Capacities) led to a 54.7% YoY increase in Scope 1 emissions. Scope 2 emissions decreased by 4.0% YoY, and Scope 3 emissions increased by 4.4% YoY due to a higher share of natural gas attributed to Networks for distribution-related emissions.
Carbon intensity (Scope 1 & 2) amounted to 248 g CO2-eq/kWh (+24.5% YoY). The increase was driven by the intensified electricity generation from natural gas at Elektrėnai Complex.
In 2025, no fatal accidents were recorded. Our employee TRIR stood at 0.72 (-0.40 YoY) and contractor TRIR at 0.72 (-0.12 YoY), both well below the targeted threshold. Our eNPS remained at a high level of 65.6 (+0.4 YoY). 29.4% of the top management positions were held by women (+1.7% YoY).
Finally, we were recognised for our leadership in corporate transparency and performance on climate change by securing a place on Climate A List, which includes the top 4% of companies scored by CDP, a global environmental non-profit.
Shareholder returns and 2026 outlook
In line with our Dividend Policy, we propose to distribute a total dividend of EUR 1.366 per share (+3.0% YoY), amounting to EUR 98.9 million for 2025. Based on year-end closing prices, it represents a 6.2–6.4% yield for global depositary receipt holders and ordinary registered shareholders. The total dividend of EUR 1.366 per share consists of the EUR 0.683 dividend paid for H1 2025 and a proposed EUR 0.683 dividend for H2 2025, which is subject to the decision at our Annual General Meeting of Shareholders on 25 March 2026.
For 2026, we expect Adjusted EBITDA of EUR 550–600 million, Investments of EUR 590–690 million.
Key financial indicators (APM1)
| EUR, millions | 2025 | 2024 | Change |
| Adjusted EBITDA | 546.1 | 527.9 | 3.4% |
| Green Capacities | 291.5 | 262.4 | 11.1% |
| Networks | 263.4 | 219.9 | 19.8% |
| Reserve Capacities | 37.7 | 42.0 | (10.2%) |
| Customers & Solutions | (48.5) | 7.1 | n/a |
| Other activities and eliminations2 | 2.0 | (3.5) | n/a |
| Adjusted EBITDA Margin | 21.3% | 22.9% | (1.6 pp) |
| EBITDA | 482.1 | 532.7 | (9.5%) |
| Adjusted EBIT | 315.4 | 345.2 | (8.6%) |
| Operating profit (EBIT) | 251.4 | 350.0 | (28.2%) |
| Adjusted Net Profit | 225.7 | 277.5 | (18.7%) |
| Net profit | 163.9 | 276.2 | (40.7%) |
| Investments | 720.3 | 812.0 | (11.3%) |
| Networks | 382.5 | 337.0 | 13.5% |
| Green Capacities | 285.9 | 434.5 | (34.2%) |
| Customers & Solutions | 29.4 | 25.2 | 16.7% |
| Reserve Capacities | 10.7 | 2.6 | 311.5% |
| Other activities and eliminations2 | 11.8 | 12.7 | (7.1%) |
| FFO | 400.9 | 478.6 | (16.2%) |
| FCF | (192.0) | (193.9) | 1.0% |
| Adjusted ROE | 9.2% | 11.8% | (2.6 pp) |
| ROE | 6.6% | 11.8% | (5.2 pp) |
| Adjusted ROCE | 7.5% | 9.0% | (1.5 pp) |
| ROCE | 5.9% | 9.2% | (3.3 pp) |
| EPS | 2.26 | 3.82 | (40.8%) |
| DPS | 1.37 | 1.33 | 3.0% |
| 31 Dec 2025 | 31 Dec 2024 | Change | |
| Net Debt | 1,912.0 | 1,612.3 | 18.6% |
| Net Working Capital | 43.6 | 102.6 | (57.5%) |
| Net Debt/Adjusted EBITDA, times | 3.50 | 3.05 | 14.8% |
| FFO/Net Debt | 21.0% | 29.7% | (8.7 pp) |
1. All, except ‘Net profit’, are Alternative Performance Measures (APMs). Definitions and formulas of the financial indicators are available on our .
2. ‘Other activities and eliminations’ includes consolidation adjustments, related-party transactions and financial results of the parent company.
Earnings call
In relation to the announcement of the full-year 2025 results, an earnings call for investors and analysts will be held on Wednesday, 25 February 2026, at 1:00 pm Vilnius / 11:00 am London time.
To join the earnings call online or by phone, please register at:
It will be also possible to join the earnings call by phone. To access the dial-in details, please register . After completing the registration, you will receive dial-in details on screen and via email. You will be able to dial in using the provided numbers and the unique pin or by selecting ‘Call me’ option and providing your phone details for the system to connect you in automatically as the earnings call starts.
All questions of interest can be directed to our Investor Relations team in advance, after registering, or live during the earnings call.
Presentation slides will be available for download prior the call at:
The Integrated Annual Report 2025, Fact Sheet (in Excel) and other published documents together with the full-year results will be available for download at:
For additional information, please contact:
Communications
Valdas Lopeta
Investor Relations
Ainė Riffel-Grinkevičienė
+370 643 14925
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