First nine months 2026 interim report: robust financial performance, continued strategic progress and a 10% intended dividend increase supported by asset rotation gain
Summary by AI BETAClose X
AB “Ignitis grupė” publishes its First nine months 2026 interim report, which is attached to this notice.
Financial performance
Our Adjusted EBITDA for the first nine months of 2026 amounted to EUR 430.4 million (+6.2% YoY). The growth was primarily driven by the stronger performance of the Customers & Solutions and Networks business segments.
In 9M 2026, our Investments amounted to EUR 432.4 million (-18.4% YoY). Networks accounted for 65.4% of the total Investments, and Green Capacities for 28.6%. Despite higher Investments in Networks, primarily driven by higher Investments in the electricity distribution network maintenance, total Investments declined YoY, mainly due to lower Investments in the Green Capacities segment, as several projects reached COD in 2025.
As of 30 September 2026, Net Debt stood at EUR 1,960.6 million, up 2.5% from year-end 2025, mainly reflecting continued Investments. FFO LTM/Net Debt improved to 21.4% from 21.0%, supported by higher FFO LTM on the back of EBITDA growth. Also, S&P Global Ratings reaffirmed our ‘BBB+’ (stable outlook) and Moody’s assigned the inaugural ‘Baa1’ rating (stable outlook). Finally, we successfully issued our inaugural EUR 300 million 5-year European Green Bond (EuGB), carrying a fixed annual coupon of 4.500%.
Business development
Networks:
- 2027–2031 electricity regulatory period: no significant changes;
- 2027 regulatory parameters set: total RAB at 2.2 EURbn (+0.3 EURbn), WACC (weighted average) at 5.83% (+0.09 pp) and additional tariff component at 29.7 EURm (-42.6%);
- 4.4 EURbn (+26%) of Investments proposed under the updated 10-year Investment Plan (2026–2035).
Green Capacities:
- Installed Capacity stands at 2.1 GW (2.3 GW post-reporting);
- capacity Under Construction increased by 0.1 GW to 0.7 GW (from 0.6 GW);
- reached COD at Tume SF (174 MW) in Latvia;
- Final Investment Decision made for the Tume BESS (107 MW / 215 MWh) project in Latvia;
- debut asset rotation transaction completed.
Customers & Solutions:
- entered into a long-term LNG purchase agreement for 2027–2036, securing 10 cargoes annually (approx. 1 TWh/year);
- 2,004 (+205 since 31 December 2025) EV charging points installed.
Sustainability
Protecting the health and safety of our employees and contractors is a top priority for the Group. Despite our efforts, one contractor fatality occurred during the reporting period. We are committed to implementing all possible measures to prevent similar incidents in the future. Employee TRIR stood at 1.60 (+0.63 YoY) and contractor TRIR at 0.63 (-0.08 YoY). The increase in employee TRIR was partly driven by extensive network restoration works following the severe storm in Lithuania in August.
Our carbon intensity (Scope 1 & 2) amounted to 172 g CO2-eq/kWh (-22.6% YoY). The decrease was driven by lower electricity generation from natural gas at Elektrėnai Complex.
Shareholder returns and 2026 outlook
Supported by the Group’s asset rotation gain realised from the partial disposal of Vilnius CHP in Q1 2026 and in accordance with our Dividend Policy, we intend to increase the dividend for 2026 by 10% compared with 2025, to EUR 1.504 per share, or EUR 108.9 million in total. This would raise the DPS floor across the 2026–2029 strategic period. As part of the above, for the nine-month period ended 30 September 2026, we propose to distribute a dividend of EUR 0.400 per share, or EUR 29.0 million in total, subject to the decision of our EGM to be held on 10 December 2026.
Following strong 9M 2026 results, we narrow our full-year 2026 Adjusted EBITDA guidance range to EUR 575–600 million (previously EUR 550–600 million) and reiterate Investments guidance of EUR 590–690 million.
Key financial indicators (APM1)
| EUR, millions | 9M 2026 | 9M 2025 | Change | |
| Adjusted EBITDA | 430.4 | 405.1 | 6.2% | |
| Networks | 206.4 | 192.8 | 7.1% | |
| Green Capacities | 196.4 | 215.4 | (8.8%) | |
| Reserve Capacities | 21.0 | 34.7 | (39.5%) | |
| Customers & Solutions | 12.5 | (43.0) | n/a | |
| Other activities and eliminations2 | (5.9) | 5.2 | n/a | |
| Adjusted EBITDA Margin | 20.4% | 21.9% | (1.5 pp) | |
| EBITDA | 448.8 | 354.4 | 26.6% | |
| Adjusted EBIT | 233.7 | 245.1 | (4.7%) | |
| Operating profit (EBIT) | 252.1 | 194.4 | 29.7% | |
| Adjusted Net Profit | 145.5 | 177.6 | (18.1%) | |
| Net profit | 160.8 | 132.4 | 21.5% | |
| Investments | 432.4 | 529.9 | (18.4%) | |
| Networks | 283.0 | 271.6 | 4.2% | |
| Green Capacities | 123.8 | 219.2 | (43.5%) | |
| Customers & Solutions | 13.9 | 18.8 | (26.1%) | |
| Reserve Capacities | 3.6 | 7.5 | (52.0%) | |
| Other activities and eliminations2 | 8.1 | 12.8 | (36.7%) | |
| FFO | 308.5 | 290.8 | 6.1% | |
| FCF | (34.5) | (122.6) | 71.9% | |
| Adjusted ROE LTM | 7.6% | 10.0% | (2.4 pp) | |
| ROE LTM | 7.5% | 8.1% | (0.6 pp) | |
| Adjusted ROCE LTM | 6.9% | 8.1% | (1.2 pp) | |
| ROCE LTM | 7.0% | 6.9% | 0.1 pp | |
| EPS | 2.24 | 1.83 | 22.4% | |
| DPS | 0.704 | 0.683 | 3.1% | |
| 30 Sep 2026 | 31 Dec 2025 | Change | ||
| Net Debt | 1,960.6 | 1,912.0 | 2.5% | |
| Net Working Capital | 66.3 | 43.6 | 52.1% | |
| Net Debt/Adjusted EBITDA LTM, times | 3.43 | 3.50 | (2.0%) | |
| FFO LTM/Net Debt | 21.4% | 21.0% | 0.4 pp | |
1. All, except ‘Net profit’, are Alternative Performance Measures (APMs). Definitions and formulas of the financial indicators are available on our website.
2. ‘Other activities and eliminations’ includes consolidation adjustments, related-party transactions and financial results of the parent company.
Earnings call
In relation to the publication of the 9M 2026 results, an earnings call for investors and analysts will be held on Wednesday, 11 November 2026, at 1:00 pm Vilnius / 11:00 am London time.
To join the earnings call online, please register at:
https://edge.media-server.com/mmc/go/Ignitis9M2026results/
It will be also possible to join the earnings call by phone. To access the dial-in details, please register here. 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 automatically as the earnings call starts.
All questions of interest can be directed to the Group’s Investor Relations team in advance, after registering, or live during the earnings call.
Presentation slides are available for download prior to the call at:
https://ignitisgrupe.lt/en/reports-presentations-and-fact-sheets
The First nine months 2026 interim report, Fact Sheet (in Excel) and other published documents are available for download at:
https://ignitisgrupe.lt/en/reports-presentations-and-fact-sheets
Communications
Valdas Lopeta
+370 621 77993
valdas.lopeta@ignitis.lt
Investor Relations
Ainė Riffel-Grinkevičienė
+370 643 14925
aine.riffel-grinkeviciene@ignitis.lt
Attachment
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