Feb 27, 2026 (MarketLine via COMTEX) --
Eesti Energia Group issued a correction to its unaudited financial results for 2025.
Sales revenue and profitability
In 2025, the Baltic energy sector experienced significant developments and challenges that significantly impacted energy security and prices. The once stable energy market has in recent years become a rapidly changing market with volatile prices.
The Group's sales revenue in 2025 was 1,646.9 million euros, down 8% year-on-year. EBITDA fell to 317.2 million euros (-20% year-on-year). The net loss for the reporting year was 82.6 million euros (-95.5 million euros year-on-year). The net profit for 2025 includes asset impairments of 197.6 million euros, of which 194.5 million euros are related to oil production assets. Without the impairment related to oil production assets, the profit would have been 111.9 million euros, which indicates the profitability of the Group's core business.
The decline in profitability was mainly due to lower market prices. At the same time, the network service segment continued to deliver strong and stable results.
Comment from CFO Marlen Tamme:
In the changed environment, we adapted our business model and group structure to the market situation in 2025. In the new financial year, we can focus on restoring investment capacity to ensure the necessary developments in production capacities and security of supply of the energy system in the long term.
The competitiveness of fossil fuel-based production is increasingly influenced by CO2 price levels, energy policy directions and capital market expectations. When assessing the book value of production assets, we base our assessment on long-term forecasts that take into account the uncertainty related to global liquid fuel prices.
Eesti Energia started 2026 with a renewed management structure. Business activities have been consolidated into three subsidiaries: Enefit, which combines the electricity business, Enefit Industry, the industrial business, and Elektrilevi, the distribution network business. The changes aim to increase flexibility, clarity, and accountability, and to strengthen the group's position as a regional energy company.
Renewable electricity production and electricity sales
Sales revenue from renewable energy production and electricity sales amounted to 751.5 million euros, decreasing by 17% year-on-year, mainly due to the decline in market prices, despite stable sales volumes.
Renewable electricity production increased by 6% (128 GWh) to 2.3 TWh in 2025. The largest share of renewable energy was provided by wind farms, which produced 1.8 TWh of electricity (+8% compared to the previous year or +128 GWh). The main growth drivers were Sopi-Tootsi in Estonia and Kelme I and Kelme II in Lithuania, which contributed a total of 704 GWh of wind energy during the year (+503 GWh). Retail electricity sales volumes decreased by 5% (478 GWh) to 9.4 TWh.
The segment's EBITDA amounted to EUR 87.2 million in 2025 (-46% year-on-year or EUR -73.1 million). The main impact factor was the lower margin, which reduced EBITDA by EUR 102.6 million compared to 2024. The average selling price decreased by EUR 21/MWh, while average variable costs decreased by EUR 9/MWh due to lower electricity purchase costs.
The year 2025 was characterized by high price volatility in the electricity market and a record number of very low and near-zero price hours, influenced by strong renewable energy production and regional transmission capacity constraints. This increased price pressure especially during periods of high renewable energy production. Going forward, we expect the market to gradually stabilize, supported by developments in system services markets and a more active addition of energy storage solutions, including batteries. This should reduce the number of very low price hours and improve the market access and revenue stability of the renewable energy generation portfolio.
Electricity generation from non-renewable sources
Sales revenue from non-renewable electricity generation decreased by 15% (-30.4 million euros) to 174.8 million euros over the year, mainly due to lower market prices and production volumes.
In 2025, 1.4 TWh of non-renewable electricity was produced, which is 18% (295 GWh) less than in 2024. The decrease in non-renewable electricity production was due to lower market prices.
The segment's EBITDA was -13.3 million euros in 2025, compared to 18.0 million euros a year earlier. The main reason was the lower margin, which reduced EBITDA by 22.3 million euros (-12 EUR/MWh) compared to 2024. Average variable costs remained stable and the margin decrease was due to a decrease in the average selling price.
Despite the weaker results, the fossil fuel-based generation units remain strategically important for the group – they provide both ongoing electricity generation capacity and frequency services. As of 1 January 2026, new regulations came into force that allow the system operator, Elering, to procure reserve capacities to ensure security of supply in the region. This means that Eesti Energia will receive approximately 59.5 million euros per year in compensation for ensuring system stability, which was previously covered by Eesti Energia's own funds.
Network service
Network service revenue increased by 5% (+15.8 million euros) to 321.5 million euros year-on-year, while sales volume remained stable (+0.6%), reaching 6.6 TWh (+41 GWh). The moderate growth in sales volume was supported by the improvement in the economic environment, which increased sales to business customers (+0.9%).
Network EBITDA improved to EUR 132.3 million (+23% compared to the previous year), mainly due to a higher margin, which increased EBITDA by EUR 17.5 million. EBITDA was also supported by a decrease in fixed costs, which had a positive impact of EUR 5.7 million. The impact was primarily due to lower repair and maintenance costs - more specifically, we have reduced the volume of outsourced work and increased the participation of our employees in repair and maintenance work on the distribution network, which has improved efficiency.
Liquid fuels
In 2025, the shale oil segment was affected by unexpected maintenance outages and lower fuel market prices. Sales revenue amounted to 150 million euros, down 16% year-on-year, as sales volume decreased to 393.8 thousand tons (-9.5% compared to the previous year). The decline in sales revenue and volumes was primarily affected by long-term repair work at oil plants, which reduced shale oil production volume and sales opportunities.
The average selling price of shale oil fell by 17% to 360.9 euros per tonne. By contrast, the average effective selling price of liquid fuels, including derivatives, was 381.0 euros per tonne in 2025, reflecting the effectiveness of the new hedging principles, which rely more on financial options than before.
Production volume reached 378.4 thousand tons in 2025, which is 16% (73.0 thousand tons) less than in 2024. The decrease in production volume was related to restrictions on the utilization of flue gas in power plants and the overhaul of the Enefit 280-1 oil refinery.
Segment EBITDA was EUR 47.3 million, down 59% year-on-year, mainly due to lower sales prices and lower sales volumes. The average sales price decreased by EUR 75 per tonne, reducing EBITDA by EUR 30.3 million, while a 9% decrease in sales volumes (to 394 thousand tonnes) reduced EBITDA by an additional EUR 11.8 million. EBITDA was positively impacted by the change in realised gains from derivative transactions (+EUR 27.8 million) and a decrease in fixed costs (+EUR 9.7 million). The decrease in fixed costs for liquid fuels is mainly related to lower labour and maintenance costs.
Other impacts on EBITDA were -63.7 million euros, most of which are related to a one-off impact in the previous comparison period. The 2024 profit included a +64.8 million euros impact related to the introduction of additional free CO2 allowances.
Other products and services
In 2025, we earned 249.1 million euros in revenue from the sale of other services and products, which is 28% or 54.7 million euros more than in the same period last year. The increase in revenue is mainly related to the sale of frequency services, the revenue of which reached 54.3 million euros in 2025 (+45.3 million euros). Gas sales revenue decreased by 16.2 million euros, while heat energy sales revenue increased by 4.2 million euros.
EBITDA from other products and services increased to EUR 63.7 million in 2025, with the main impact being the increase in EBITDA from frequency services (+EUR 57.0 million). The profitability of frequency services was significantly affected by the exceptional market situation in the first half of 2025 due to the connection of the transmission grid to the Continental European grid. In the second half of the year, the mentioned market stabilized. In summary, frequency services remain an important part of the electricity system and the group's revenues, but profitability will remain more modest compared to the first half of 2025.
Investments
We invested a total of 459.2 million euros in 2025, which is 37% less than in 2024 (-264.4 million euros). We invested 144.8 million euros in the development of renewable energy, which is 63% less than in 2024 (-244.8 million euros). The investments were primarily directed towards the development of the Kelme II wind farm in Lithuania, the Sopi-Tootsi wind farm in Estonia, and the Strzalkowo solar farm in Poland.
To increase the reliability of the network, we invested 102.6 million euros in 2025 (60.9 million euros in 2024) and directed 65.2 million euros to connection projects (73.7 million euros in 2024). We built 395 substations and 1,299 km of lines (363 substations and 1,237 km of lines in 2024).
We invested 47.5 million euros in the construction of a new liquid fuels plant in 2025. The construction of the plant is in the final phase. The installation of equipment has been completed and the plant is mechanically ready. The plant, operating at full capacity, will employ approximately 150 people in the future.
Financing and liquidity
As of the end of 2025, the group's loan liabilities amounted to 1,612 million euros (1,670 million euros in 2024). The loan liabilities were divided between loans of the parent company of 865 million euros and loans of the subsidiary Enefit OÜ (formerly Enefit Green AS) of 726 million euros.
As of the end of 2025, the group had liquid funds (cash and cash equivalents) of 358 million euros. In addition, the group had unused credit limits totaling 520 million euros, of which 370 million euros belonged to the parent company and 150 million euros to the subsidiary Enefit OÜ (formerly Enefit Green AS).
Key financial events of 2025:
In May 2025, Eesti Energia conducted a public bond issue with a total volume of 50 million euros. The three-year bonds have a fixed interest rate of 5% per annum and the offering was aimed at Estonian retail investors. The bonds were listed on the Nasdaq Baltic Stock Exchange in June 2025.In May 2025, the sole shareholder of Eesti Energia, the Government of the Republic of Estonia, approved a share capital increase of 100 million euros to support the group's strategic investment plan.In July 2025, Fitch Ratings assigned Eesti Energia AS a long-term issuer credit rating of BBB- with a stable outlook for the first time.In the first half of the third quarter of 2025, Eesti Energia acquired the remaining 2.8% of Enefit Green shares. As a result, Enefit Green AS shares were delisted from the Nasdaq Baltic Stock Exchange on August 4, 2025.In September 2025, Eesti Energia terminated its credit rating agreement with S&P.In November 2025, Eesti Energia's subsidiary Enefit Power signed a public procurement contract to secure up to 1,036 MW of reserve generation capacity for up to 59.5 million euros per year.Credit ratings as of December 31, 2025:
Fitch : BBB–, outlook: stableMoody's : Baa3, outlook: negativeOutlook
Eesti Energia's financial results for 2026 will continue to be affected by changes in energy markets, possible regulatory changes, the general economic environment both in Estonia and internationally, and geopolitical events.
Following the extensive investment period of the past years, Eesti Energia's focus in 2026 will be on completing existing development projects and ensuring the reliability and stability of the energy system. Although investments in 2026 will be more modest than before, improving the customer experience will remain a key priority to strengthen our value proposition. The implementation of this focus is supported by the updated management structure implemented at the beginning of the year, which more clearly distinguishes core activities and streamlines daily operations.
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COMTEX_478270429/2227/2026-04-30T15:30:23
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