Slide 1: Investor presentation: full-year 2024 results
Investor presentation: full-year 2024 results 26 February 2025
Slide 2: Legal notice
Investor presentation / Full-year 2024 results 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 tre
Slide 3: Agenda
Investor presentation / Full-year 2024 results Agenda 1. Strategic highlights 4 2. Financial highlights 12 3. Outlook 2025 24 Darius Maikštėnas, CEO 4. Supplementary information 26 Jonas Rimavičius, CFO 3 /43
Slide 4: Strategic highlights
Investor presentation / Strategic highlights Strategic highlights 4 /43
Slide 5: Highlights 2024
Investor presentation / Strategic highlights Highlights 2024 Continued strategy delivery with strong underlying results. Full-year Adjusted EBITDA guidance beat Another strong year with Continued accelerated Robust balance sheet Dividends in line guidance beat expansion maintained with the policy Gr
Slide 6: Green Capacities Portfolio
Investor presentation / Strategic highlights Green Capacities Portfolio Portfolio increase to 8.0 GW, Secured Capacity – to 3.1 GW, Installed Capacity – to 1.4 GW Green Capacities Portfolio split By technology Green Capacities Portfolio BESS 0.3 GW Biomass & WtE 0.1 GW GW Hydro 8.0 1.1 GW 7.1 +0.8 G
Slide 7: Green Capacities projects update
Investor presentation / Strategic highlights Green Capacities projects update 3 CODs reached and 1 FID made ONSHORE WIND OFFSHORE WIND SOLAR BESS Completed the First power to the grid Lithuania’s second 700 MW offshore wind project CfD tender: +22.1 MW Installed <290 MW grid construction of and and
Slide 8: Networks
Investor presentation / Strategic highlights Networks Expanding electricity distribution grid and facilitating the energy market 1. 10-year investment plan 2. Tariff components 3. Smart meters installed EURbn # RAB WACC Additional tariff 1.2 million by 2026 EURbn % component EURm +40% +13% +0.71pp -
Slide 9: Customers & Solutions
Investor presentation / Strategic highlights Customers & Solutions Continue to build a leading fast charging EV network in the Baltics EV charging points units 3x Top 6 in EU 1,091 in terms of receipt of potential funding (16 EURm) for charging 376 infrastructure. 31 Dec 2023 31 Dec 2024 Existing ch
Slide 10: Reserve Capacities: regional energy security
Investor presentation / Strategic highlights FI Reserve Capacities Significant contribution to regional energy security 1,016 MW EE 9 February 2025 1,259 MW RU Successful 1,447 MW synchronisation of the SE 1,334 MW LV 970 MW Baltic electricity grids with continental 700 MW 1,201 MW Europe. BL LT 600
Slide 11: Ongoing sustainability priorities
Investor presentation / Strategic highlights Ongoing sustainability priorities Focus in GHG emissions management and TRIR below target Electricity Generated (net), Climate action Safety Green Share of Generation GHG emissions, million t CO2 -eq TRIR TWh, % 100.0% 85.0% 4.00 4.361 5.00 81.5% 90.0% 4.
Slide 12: Financial highlights
Investor presentation / Financial highlights Financial highlights 12 /43
Slide 13: Adjusted EBITDA guidance beat, Investments within expected range
Investor presentation / Financial highlights Adjusted EBITDA guidance beat, Investments within expected range Adjusted EBITDA APM Investments APM EURm EURm 937.1 4.9 750–900 812.0 25.0 2.6 527.9 346.8 25.2 484.7 480–500 Realised 7.1 337.0 30.4 42.0 49.9 219.9 180.0 Guidance 542.7 434.5 222.6 262.4 2
Slide 14: Financial performance overview
Investor presentation / Financial highlights Financial performance overview Adjusted EBITDA growth driven by better results in Green Financial KPIs1, EURm 2024 2023 ∆ Capacities and Networks segments. Adjusted EBITDA 527.9 484.7 8.9% Adjusted Net Profit 277.5 286.6 (3.2%) Adjusted Net Profit decreas
Slide 15: Adjusted EBITDA
Investor presentation / Financial highlights Adjusted EBITDA Growth driven by Green Capacities and Networks Adjusted EBITDA APM EURm Development across business segments 527.9 484.7 +8.9% +39.8 EURm Launch of new assets and higher captured electricity prices, mainly due to the flexibility of +17.9%
Slide 16: Green Capacities
Investor presentation / Financial highlights Secured Capacity Green Electricity Generated (net), Green Capacities GW Green Share of Generation TWh, % Remains the largest contributor to the Group‘s Adjusted EBITDA +0.2 GW 85.0% 81.5% 3.00 80.0% 4.0 3.5 2.9 3.1 2.30 2.50 0.24 60.0% 3.0 0.7 0.7 2.00 1.
Slide 17: Networks
Investor presentation / Financial highlights Distribution volumes Technological losses Networks TWh % Better results driven by higher RAB, WACC +3.5% 6.0% 10.0 5.0% +0.9 pp 9.7 10.1 5.0% 8.0 +9.3% 4.0% 4.1% 6.9 6.0 3.0% 6.3 -0.3 pp Adjusted EBITDA development APM 4.0 2.0% 2.0 1.8% 1.5% EURm 1.0% 0.0
Slide 18: Reserve Capacities
Investor presentation / Financial highlights Capacity of services provided Reserve Capacities MW 0.0% 1,055 Decrease due to lower market premium earned 1,055 164 164 Adjusted EBITDA development APM 891 891 EURm 31 Dec 2023 31 Dec 2024 Remaining capacity Isolated regime services 49.9 1.0 42.0 (15.8%)
Slide 19: Customers & Solutions
Investor presentation / Financial highlights Customers & Solutions EBITDA decrease driven by natural gas result Adjusted EBITDA development APM Electricity retail sales Natural gas sales TWh TWh EURm +0.7% +4.4% 6.65 6.70 6.58 6.86 30.4 (70.1) -32.1% 2.71 48.6 (1.8) 7.1 1.84 (76.6%) 2023 2024 2023 2
Slide 20: Investments
Investor presentation / Financial highlights Investments Continuous large Investments into Green Capacities and Networks Investments APM EURm Key drivers 937.1 812.0 Decrease driven by successful completion of (13.3%) (108.2) EURm several major projects (COD of Silesia WF I , Vilnius (19.9%) CHP bio
Slide 21: Net Working Capital
Investor presentation / Financial highlights Net Working Capital Decrease driven by higher trade payables due to increased balance of trade financing facilities used to purchase natural gas Key drivers Net Working Capital APM EURm (41.4%) Decrease due to: – higher trade payables (+68.9 EURm), due to
Slide 22: Free cash flow
Investor presentation / Financial highlights Free cash flow Negative FCF driven by Investments Key drivers FCF APM EURm 130 110 90 70 50 2023 Adjusted EBITDA (+527.9 EURm). 30 10 2024 -10 -30 Net Working Capital change (+72.6 EURm). -50 Investments (-812.0 EURm). -70 -90 -110 -130 -150 -170 -190 +18
Slide 23: Leverage metrics
Investor presentation / Financial highlights Leverage metrics Strong leverage metrics including FFO growth rate exceeding the growth of Net Debt Net Debt/Adjusted EBITDA APM Net Debt development APM FFO/Net Debt APM EURm times, % 812.0 5.0 50.0% 46.3 7.8 94.5 29.4% 29.7% 4.0 30.0% 1,612.3 (527.9) 3.
Slide 24: Outlook 2025
Investor presentation / Outlook 2025 Outlook 2025 24 /43
Slide 25: Guidance 2025
Investor presentation / Financial highlights Guidance 2025 Adjusted EBITDA of 500–540 EURm, Investments of 700–900 EURm Adjusted EBITDA APM Investments APM EURm EURm 812.0 700–900 527.9 500–540 25.2 42.0 Guidance 337.0 219.9 434.5 262.4 2024 2025 2024 2025 actual guidance actual guidance Green Netwo
Slide 26: Highlights 2024
Investor presentation / Full-year 2024 results Highlights 2024 Continued strategy delivery with strong underlying results. Full-year Adjusted EBITDA guidance beat Another strong year with Continued accelerated Robust balance sheet Dividends in line guidance beat expansion maintained with the policy
Slide 27: Q&A
Investor presentation / Full-year 2024 results Q&A 27 /43
Slide 28: Supplementary information
Investor presentation / Supplementary information Supplementary information 28 /43
Slide 29: Statement of profit or loss
Investor presentation / Supplementary information Statement of profit or loss EURm 2024 2023 Δ% Q4 2024 Q4 2023 Δ% Revenue from contracts with customers 2,295.6 2,542.4 (9.7%) 685.6 705.1 (2.8%) Other income 11.4 6.7 70.1% 0.3 2.4 (87.5%) Total revenue 2,307.0 2,549.1 (9.5%) 685.9 707.5 (3.1%) Purch
Slide 30: Statement of financial position
Investor presentation / Supplementary information Statement of financial position EURm 31 Dec 2024 31 Dec 2023 Δ% EURm 31 Dec 2024 31 Dec 2023 Δ% Assets Equity and liabilities Intangible assets 305.8 315.4 (3.0%) Share capital 1,616.4 1,616.4 - Property, plant and equipment 4,027.4 3,362.5 19.8% Res
Slide 31: Statement of cash flows
Investor presentation / Supplementary information Statement of cash flows EURm 2024 2023 Δ% EURm 2024 2023 Δ% Cash flows from operating activities Cash flows from financing activities Net profit for the period 276.2 320.2 (13.7%) Loans received 110.9 285.9 (61.2%) Adjustments for non-monetary expens
Slide 32: Reconciliations
Investor presentation / Supplementary information Reconciliations Reconciliation of Adjusted EBITDA EURm (4.8) EURm 532.7 17.3 527.9 (11.2) (0.2) (0.9) (9.8) Reported Temporary Temporary Temporary Temporary Significant Adjusted EBITDA regulatory regulatory regulatory regulatory one-offs EBITDA diffe
Slide 33: EBITDA and Net profit adjustments
Investor presentation / Supplementary information EBITDA and Net profit adjustments EBITDA adjustments Net profit adjustments EURm EURm 2024 2023 ∆ ∆, % 2024 2023 ∆ ∆, % EBITDA APM 532.7 507.4 25.3 5.0% Net profit 276.2 320.2 (44.0) (13.7%) Adjustments Adjustments Temporary regulatory differences1 5
Slide 34: EU Taxonomy KPIs
Investor presentation / Supplementary information EU Taxonomy KPIs Increase in Taxonomy-aligned share of Adjusted EBITDA and Revenue, with Taxonomy CAPEX and OPEX remained constant Taxonomy- Taxonomy-eligible aligned3 Taxonomy CAPEX APM 4.1 Electricity generation using solar Adjusted EBITDA APM Yes
Slide 35: 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 21 (Medium risk) 18th percentile D
Slide 36: Financing
Investor presentation / Supplementary information Financing Debt maturity schedule1 Liquidity reserve EURm EURm 873.3 110.4 669.2 300.0 300.0 300.0 557.6 434.7 269.7 149.3 76.4 84.3 80.1 205.3 234.5 56.9 58.1 56.6 56.4 50.5 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 31 Dec 2023 31 Dec 2024 L
Slide 37: Generation mix and potential synergies
Investor presentation / Supplementary information Generation mix and potential synergies Electricity generated1 vs supplied in 2024 TWh 6.7 Gap enough to cover ~2.2 GW2 of new Green Capacities 1.8 Generated Electricity Supply Portfolio 1. Excluding opportunistic assets (Elektrėnai, which accounted f
Slide 38: Hedging levels
Investor presentation / Supplementary information Hedging levels1 Generation Portfolio hedging levels1 100% 0 Hedge price2, EUR/MWh 90% 143 80% 136 -50 70% -100 60% 121 81 80 50% -150 40% 81% 30% 72% -200 54% 53% 53% Volumes hedged3,4, 20% -250 % 10% 0% -300 2023 2024 2025 2026 2027 1. Hedging level
Slide 39: Strategic plan 2024–2027: summary
Investor presentation / Supplementary information Strategic plan 2024–2027: summary Strategic ambitions and financial guidance Our strategic performance KPIs Green generation and green flexibility capacity installed: Total Investments, 2024–2027 3.0–4.0 EURbn - 2027 2.4–2.6 GW - of which share of In
Slide 40: Industry overview
Investor presentation / Supplementary information Industry overview Electricity Consumption, TWh Generation, TWh Finland 45.6 EUR/MWh (-19.3%) TWh 2024 2023 ∆, % TWh 2024 2023 ∆, % Nord Pool system 42.1 EUR/MWh (-16.9%) Lithuania Lithuania 36.1 EUR/MWh (-36.1%) 12.2 11.7 3.7% 8.4 6.2 43.9% Latvia TT
Slide 41: Glossary
Investor presentation / Supplementary information Glossary Advanced Development Pipeline Projects which have access to the electricity grid secured through preliminary grid connection agreement (agreement signed and grid connection fee has been paid) Projects with one of the following: (i) awarded i
Slide 42: Abbreviations
Investor presentation / Supplementary information Abbreviations APM Alternative performance measures (link) YoY Year over year B2B Business to business kWh Kilowatt-hour B2C Business to consumer LTM Last twelve months BESS Battery energy storage system m Million CCGT Combined Cycle Gas Turbine Plant
Slide 43: More about Ignitis Group Contacts
Investor presentation / Full-year 2024 results More about Contacts Ignitis Group Reports, presentations & IR@ignitis.lt fact sheets Sustainability Strategy 43 /43