2025 Annual Financial Report

PJSC National Power Co. Ukrenergo

22 May 2026

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE SUCH PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

22 May 2026

ANNOUNCEMENT of PUBLICatioN

of the Consolidated Financial Statements and

Independent Auditor's Report for the Year Ended 31 December 2025

by

PRIVATE JOINT STOCK COMPANY "NATIONAL POWER COMPANY "UKRENERGO" ("Ukrenergo")

in respect of

U.S.$825,000,000 6.875 per cent. Guaranteed Sustainability-Linked Green Notes due 2028, issued by Ukrenergo (Regulation S ISIN: XS2404309754, Common Code: 240430975; Rule 144A ISIN: US63718LAA26, CUSIP: 63718LAA2)

Ukrenergo announced today its consolidated financial statements as of and for the year ended 31 December 2025 and independent auditors' report thereon.

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The full-scale war launched by the Russian Federation against Ukraine on 24 February 2022 continues to have a significant impact on Ukrenergo's operating activities. The key factors that impacted Ukrenergo's operations in 2025 include:

• Decrease in electricity transmission volumes primarily attributable to large-scale attacks on Ukraine's energy infrastructure, which resulted in a significant power deficit in the Integrated Power System of Ukraine throughout 2025.
• Deterioration in the financial result from operations in the balancing market and an increase in system constraints costs, primarily attributable to the growing number of attacks on energy infrastructure facilities, which in turn has led to significant volumes of forced consumption curtailment and system constraints within the power system.
• Depreciation of Ukrainian hryvnia against foreign currencies (the US dollar and the euro), in which substantial portion of Ukrenergo's loans and borrowings is denominated.
• Increase of impairment losses on non-current assets, driven by significant damage to Ukrenergo's assets as a result of large-scale attacks on Ukraine's energy infrastructure at the end of 2025.

Despite significant challenges and the unpredictability of hostilities, Ukrenergo continues to fully maintain its operations and remains committed to ensuring the sustainable provision of electricity transmission and dispatch (operational and technological) control services, performing power system balancing activities, and implementing measures aimed at enhancing its future resilience. This includes further integration into ENTSO-E operational processes and maximising the utilisation of electricity import and export opportunities between Ukraine and the EU.

Ukrenergo

Ukraine, 01032 Kyiv,

25 Symona Petliury Street

 

END