- EL5-Energo demonstrates strong financial results for 2025: revenues increased by more than 18%, EBITDA - more than 31% and net ordinary income - more than 10%. The company's operational and financial results continue to show positive dynamics thanks to revenue growth from capacity sales, as well as to increase of electricity sales volumes and prices.
- In December 2025 turbine unit No. 6 at Sredneuralskaya GRES was put into operation after modernization under KOMMod program. Work continues on power unit No. 9 modernization project at Sredneuralskaya GRES.
- The company is actively working on net debt reduction, inter alia by optimizing net working capital through trade finance instruments. Net debt by the end of the year decreased to RUB 19.4 billion, and the leverage indicator - to 1.1x. In accordance with its financial policy, the company continues to allocate free cash flow to debt reduction.
Moscow, March 24, 2026 - EL5-Energo PJSC publishes its audited financial results for 2025 full year in accordance with the International Financial Reporting Standards (IFRS).
MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
2025 | 2024 | Change | |
Revenues | 81,081 | 68,557 | +18.3% |
EBITDA | 17,775 | 13,529 | +31.4% |
EBIT | 18,691 | 9,489 | +97.0% |
Ordinary EBIT | 12,624 | 10,847 | +16.4% |
Net income | 10,693 | 4,542 | +135.4% |
Ordinary net income | 6,143 | 5,560 | +10.5% |
Net debt at the end of the period | 19,360 | 25,353 | -23.6% |
- Revenue for 2025 increased by 18% y-o-y driven mainly by the following factors:
- Revenue from electricity sales increased by 19% thanks to higher market electricity (DAM) prices, tariffs indexation for electricity under regulated contracts, as well as increased volumes of electricity sales.
- Revenue from capacity sales increased by 17% thanks to the growth of revenue from the renewable CSA program, KOM and KOMMod prices in the context of increased OFZ yields and inflation, as well as indexation of regulated tariffs.
- Revenue from heat sales increased by 13% thanks to regulated tariffs indexation and an increase of share of heat sold at higher free unregulated prices.
- EBITDA increased by 31% due to faster growth of gross margin from the capacity, electricity and heat sales, compared to fixed costs, particularly allocated to operation and maintenance.
- Ordinary EBIT increased by 16%, which is below EBITDA dynamic, mainly due to a significant increase in depreciation charges following the introduction of new fixed assets and revision of useful lives, as well as due to the 'high base' effect of the previous year when bad debt reserves were partially recovered.
- Ordinary net income increased by more than twofold to RUB 10.7 billion due to the reversal of impairment previously made on the basis of the results of a standard impairment test.
- Net income increased by more than twofold to RUB 10.7 billion due to the reversal of impairment previously made on the basis of the results of a standard impairment test.
- Net debt decreased by 24% to RUB 19.4 billion due to the positive free cash flow, as well as optimization of net working capital.
KEY STAGES OF REORGANIZATION
On December 26, 2025, the company concluded absentee voting to adopt decision of General Shareholders Meeting to reorganize PJSC EL5-Energo through a merger with JSC VDK-Energo and LLC LUKOIL-Ecoenergo. More than 99% of shareholders who participated in the vote voted positively on this issue.
From December 29, 2025, to February 9, 2026, the company accepted 373 share repurchase requests from shareholders, totaling 966 million shares. PJSC EL5-Energo's expenses for the share repurchase amounted to RUB 546 million. The number of shares submitted for repurchase was nine times less than the legally permitted maximum of 10% of PJSC EL5-Energo's net assets. Funds were transferred to shareholders, who submitted repurchase requests.
On March 13, 2026, the Bank of Russia registered two additional issues of ordinary shares of PJSC EL5-Energo in the amount of 13,118,752,459 shares and 13,839,992,781 shares, by converting 100% of the shares of JSC VDK-Energo into them and exchanging 100% of the shares of LLC LUKOIL-Ecoenergo.
PJSC EL5-Energo is planning to maintain its public status and, upon completion of the reorganization process, will adhere to a balanced development strategy aimed at increasing the company's value, as well as maintaining stable growth of financial and operational indicators.