Slide 1: Investor presentation: 9M 2025 results
Investor presentation: 9M 2025 results 12 November 2025
Slide 2: Legal notice
Investor presentation / Legal notice Legal notice This document has been prepared by AB “Ignitis grupė” (hereinafter – Ignitis Group) solely for informational purposes and must not be relied upon, disclosed or published, or used in part for any other purpose. The document should not be treated as in
Slide 3: Agenda
Investor presentation / Agenda Agenda 1. Strategic highlights 4 2. Financial highlights 9 3. Outlook 2025 19 Darius Maikštėnas, CEO 4. Supplementary information 23 Jonas Rimavičius, CFO 3 / 38
Slide 4: Strategic highlights
Investor presentation / Strategic highlights Strategic highlights 4 / 38
Slide 5: Highlights
Investor presentation / Strategic highlights Highlights Strong earnings and business plan delivery with +0.7 GW installed green capacities. Full-year 2025 guidance for Adjusted EBITDA and Investments updated Strong results driven by Strategic growth enabled Robust balance sheet, Dividends in line op
Slide 6: Green Capacities: portfolio update
Investor presentation / Strategic highlights Green Capacities: portfolio update Secured Capacity Installed Capacity increased to 2.1 GW, Secured Capacity – to 3.4 GW portfolio split By technology Biomass & WtE BESS 0.1 GW 0.3 GW Secured Capacity portfolio Solar Hydro GW 0.5 GW 3.4 1.1 GW GW Offshore
Slide 7: Business segment highlights – Q3 2025
Investor presentation / Strategic highlights Business segment highlights – Q3 2025 Green Capacities Networks Reserve Capacities Customers & Solutions COD reached at: Tender for the Installed smart meters: Major overhaul of: Increase in EV Silesia WF (136.8 MW) Lithuanian 700 MW 1.24 million – target
Slide 8: Sustainability initiatives update
Investor presentation / Strategic highlights Sustainability initiatives update Growing Green capacities with health and safety at the core Electricity Generated (net), Climate action Safety Green Share of Generation GHG emissions, million t CO2 -eq TRIR TWh, % 4.00 83.6% 85.0% 4.00 3.48 75.0% 66.0%
Slide 9: Financial highlights
Investor presentation / Financial highlights Financial highlights 9 / 38
Slide 10: Financial performance overview
Investor presentation / Financial highlights Financial performance overview Adjusted EBITDA, 2.0% Financial KPIs1, EURm 9M 2025 9M 2024 Δ driven by stronger performance in Green Capacities and Networks Adjusted EBITDA 405.1 397.0 2.0% Adjusted net profit, 16.7% Adjusted net profit 177.6 213.3 (16.7%
Slide 11: Adjusted EBITDA
Investor presentation / Financial highlights Adjusted EBITDA Growth driven by Green Capacities and Networks Development across business segments Adjusted EBITDA APM +34.5 EURm New assets launched, and EURm +19.1% new services provided. 405.1 397.0 +2.0% +27.2 EURm Higher RAB and WACC. 215.4 +16.4% 1
Slide 12: Green Capacities
Investor presentation / Financial highlights Secured Capacity Green Electricity Generated (net), GW Green Share of Generation Green Capacities TWh, % +0,3 GW 3.4 83.6% 66.0% 3.00 3.1 2.50 60.0% 0.7 2.01 Increase due to new assets launched, and new services provided 0.7 0.6 2.00 1.58 0.09 0.20 10.0%
Slide 13: Networks
Investor presentation / Financial highlights Distribution volumes Technological losses TWh % Networks +1.6% 6.0% 5.0% -0.2 pp 7.34 7.46 4.9% Better results driven by higher RAB and WACC -2.1% 4.0% 4.7% 3.0% 4.69 4.59 -0.6 pp 2.0% 1.0% 1.8% 1.2% 0.0% 9M 2024 9M 2025 9M 2024 9M 2025 Electricity Natura
Slide 14: Reserve Capacities
Investor presentation / Financial highlights Capacity of services provided MW Reserve Capacities 0.0% 1200 1,055 1,055 164 164 1000 800 Decrease driven by lower captured gross profit margin 600 400 891 891 200 0 31 Dec 2024 30 Sep 2025 Adjusted EBITDA development APM Remaining capacity EURm Isolated
Slide 15: Customers & Solutions
Investor presentation / Financial highlights Customers & Solutions Decrease driven by lower electricity and natural gas supply activities results Electricity retail sales Natural gas sales TWh TWh +9.7% 5.31 +3.0% 4.84 Adjusted EBITDA development APM 4.68 4.82 EURm -34.3% 1.26 0.83 9M 2024 9M 2025 9
Slide 16: Investments
Investor presentation / Financial highlights Investments YoY decrease driven by several projects reaching COD Investments APM Key drivers EURm 583.7 529.9 Decline due to several projects reaching (9.2%) COD. Partly offset by ongoing (116.0) EURm (34.6%) Investments in new solar, onshore wind 335.2 2
Slide 17: Free cash flow
Investor presentation / Financial highlights Free cash flow Negative FCF due to the Investments made FCF APM Key drivers EURm Adjusted EBITDA (+405.1 EURm). 9M 2024 9M 2025 Change in Net Working Capital (+70.8 EURm). Investments (-529.9 EURm). +1.5% (124.5) (122.6) 17 / 38
Slide 18: Leverage metrics
Investor presentation / Financial highlights Leverage metrics Strong leverage metrics despite higher Net Debt and lower FFO LTM Net Debt/Adjusted EBITDA LTM APM FFO LTM/Net Debt APM times, % 29.7% 23.4% Net Debt development APM 4.50 EURm 4.00 3.33 20.0% 3.50 3.05 0.0% 3.00 -20.0% 1,782.7 2.50 42.2 5
Slide 19: Outlook 2025
Investor presentation / Outlook 2025 Outlook 2025 19 / 38
Slide 20: Guidance 2025
Investor presentation / Outlook 2025 Guidance 2025 Narrowed Adjusted EBITDA guidance to 510–540 EURm, driven by strong 9M 2025 results; Updated Investments guidance to 700–800 EURm Adjusted EBITDA APM Investments APM EURm EURm 812.0 700–900 700–800 527.9 500–540 510–540 25.2 Guidance 42.0 337.0 219.
Slide 21: Highlights
Investor presentation / Outlook 2025 Highlights Strong earnings and business plan delivery with +0.7 GW installed green capacities. Full-year 2025 guidance for Adjusted EBITDA and Investments updated Strong results driven by Strategic growth enabled Robust balance sheet, Dividends in line operationa
Slide 22: Q&A
Investor presentation / Q&A Q&A 22 / 38
Slide 23: Supplementary information
Investor presentation / Supplementary information Supplementary information 23 / 38
Slide 24: Statement of profit or loss
Investor presentation / Supplementary information Statement of profit or loss EURm 9M 2025 9M 2024 Δ% Revenue from contracts with customers 1,793.6 1,610.0 11.4% Other income 5.1 11.1 (54.1%) Total revenue 1,798.7 1,621.1 11.0% Purchase of electricity, natural gas and other services (1,166.2) (982.9
Slide 25: Statement of financial position
Investor presentation / Supplementary information Statement of financial position EURm 30 Sep 2025 31 Dec 2024 Δ% EURm 30 Sep 2025 31 Dec 2024 Δ% Assets Equity and liabilities Intangible assets 304.5 305.8 (0.4%) Share capital 1,616.4 1,616.4 0.0% Property, plant and equipment 4,547.9 4,027.4 12.9%
Slide 26: Statement of cash flows
Investor presentation / Supplementary information Statement of cash flows EURm 9M 2025 9M 2024 Δ% EURm 9M 2025 9M 2024 Δ% Cash flows from operating activities Cash flows from financing activities Net profit for the period 132.4 214.0 (38.1%) Loans received 28.2 70.9 (60.2%) Adjustments for non-monet
Slide 27: EBITDA and Net profit adjustments
Investor presentation / Supplementary information EBITDA and Net profit adjustments EBITDA adjustments Net profit adjustments EURm EURm 9M 2025 9M 2024 Δ Δ% 9M 2025 9M 2024 Δ Δ% EBITDA APM 354.4 397.8 (43.4) (10.9%) Net profit 132.4 214.0 (81.6) (38.1%) Adjustments Adjustments Temporary regulatory d
Slide 28: Net Working Capital
Investor presentation / Supplementary information Net Working Capital Decrease in trade receivables as a result of lower electricity and gas related revenue and increase in regulatory liabilities, partly offset by higher trade payables Net Working Capital APM Key drivers (30 Sep 2025 vs 31 Dec 2024)
Slide 29: Overview of introduced new regulation for AB Ignitis gamyba
Investor presentation / Supplementary information Overview of introduced new regulation for AB “Ignitis gamyba” Ensures that the additional profit earned in the Baltic states is shared with Lithuanian consumers by reducing the regulated electricity tariff Kruonis PSHP, Kaunas HPP Elektrėnai Complex
Slide 30: Financing
Investor presentation / Supplementary information Financing Debt maturity schedule1 Liquidity reserve2 EURm EURm 774.2 756.0 300.0 539.7 521.7 362.7 300.0 300.0 135.3 161.2 234.5 234.3 14.4 62.8 62.5 62.6 82.4 90.1 84.8 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 31 Dec 2024 30 Sep 2025 Loans
Slide 31: Installed Capacity and generation mix overview
Investor presentation / Supplementary information Installed Capacity and generation mix overview Electricity generated1 vs supplied by Ignitis Group in 2024 TWh 6.7 Gap enough to cover ~2.4 GW2 of new Green Capacities 1.4 Externally–secured 0.4 Generated1 Electricity supply portfolio 1. Excluding op
Slide 32: Hedging levels
Investor presentation / Supplementary information Hedging levels Green generation Portfolio hedging levels1 136 100% 200 111 Hedge price2, 83 84 85 90% 150 80% EUR/MWh 100 70% 50 60% 0 50% -50 40% -100 72% 71% 30% 58% 58% 55% -150 Volumes hedged3,4, 20% -200 10% % -250 0% -300 2024 2025 2026 2027 20
Slide 33: Industry overview
Investor presentation / Supplementary information Industry overview Nord Pool system Electricity 35.5 EUR/MWh (-5.9%) Consumption, TWh Generation, TWh TTF 39.7 EUR/MWh (+24.4%) TWh 9M 2025 9M 2024 Δ% TWh 9M 2025 9M 2024 Δ% Finland 39.2 EUR/MWh (-16.4%) Lithuania 8.7 8.9 (1.7%) Lithuania 7.4 6.2 20.0
Slide 34: Recent updates to ESG ratings
Investor presentation / Supplementary information Recent updates to ESG ratings Leading to transparent ESG performance Rank compared to utility Rating provider Score range (minimum to maximum) peers D- A+ B- Prime (Good) 2nd decile CCC AAA AA (Leader) Top 23% 100 0 24.2 (Medium risk) 27th percentile
Slide 35: Disclosure summary 2025–2028
Investor presentation / Supplementary information Disclosure summary 2025–2028 Strategic ambitions and financial guidance Our strategic performance KPIs Installed green generation and green flexibility capacities: Total Investments, 2025–2028 2.6–3.0 GW 3.0–4.0 EURbn − 2028 − of which share of Inves
Slide 36: Glossary
Investor presentation / Supplementary information Glossary Advanced Development Green Capacities projects with secured access to the electricity grid Installed Capacity The date on which all equipment of Green Capacities project is: Pipeline through a preliminary grid connection agreement, where the
Slide 37: Abbreviations
Investor presentation / Supplementary information Abbreviations B2B Business to business PPA Power purchase agreement B2C Business to consumer PSHP Pumped Storage Hydroelectric Power Plant BESS Battery energy storage system RAB Regulated asset base CCGT Combined Cycle Gas Turbine Plant SAIDI Average
Slide 38: More about Ignitis Group Contacts
Investor presentation / Supplementary information More about Contacts Ignitis Group Reports, presentations & fact IR@ignitis.lt sheets Sustainability Strategy 38 / 38