Revenue of PJSC EL5-Energo for 9M 2025 increased by 20% while EBITDA by 22%. The company's operational and financial results continue to demonstrate positive dynamics thanks to revenue growth from capacity sales, as well as to the increase of sales volumes and prices for electricity.
TG6 modernization project at Sredneuralskaya GRES reached the final stage, commissioning is expected in November 2025.
In accordance with its financial policy, the company continues to allocate its free cash flow for debt reduction, which as of September 30, 2025 decreased to RUB 19 billion.
Moscow, October 30, 2025 - EL5-Energo PJSC publishes its audited financial results for the 9M 2024 in accordance with the International Financial Reporting Standards (IFRS).
MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
9M 2025 | 9M 2024 | Change | |
Revenue | 57,800 | 48,242 | +19.8% |
EBITDA | 12,196 | 10,009 | +21.9% |
EBIT | 8,471 | 8,082 | +4.8% |
Net income | 3,832 | 3,688 | +3.9% |
Net debt at the end of the period | 19,030 | 25,353 [1] | -24.9% |
Revenue for 9M 2025 increased by 20% y-o-y driven mainly by the following factors:
- Revenue from electricity sales increased by 23% 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 14% mainly thanks to the revenue growth under renewable CSA program, KOM and KOMMod in the context of increased OFZ yields and inflation, as well as indexation of regulated tariffs.
- Revenue from heat sales increased by 14% thanks to regulated tariffs indexation and an increase of share of heat sold at higher free unregulated prices.
EBITDA increased by 22% y-o-y following an increase in marginal profit from capacity sales, electricity and heat sales thanks to higher revenue growth compared to fixed costs, particularly for operation and maintenance, despite a 23% increase of variable costs primarily due to the annual indexation of wholesale gas prices.
EBITincreased by 5% due to a significant increase in depreciation charges following the introduction of new fixed assets and the revision of useful lives, as well as due to the 'high base' effect of the 9M 2024 indicator when bad debt reserves were partially recovered.
Net income increased by 4%, influenced by mixed dynamics of net financial charges, which reduced by 3% due to a decrease of net debt level, and the dynamics of tax deductions, which increased by 35% due to an income tax rate growth.
Net debt decreased to RUB 19 billion at the end of Q3 2025, or by 25% compared to the beginning of the year. The company continued to demonstrate strong positive free cash flow, which was allocated to debt repayment in line with its financial strategy.
MAIN OPERATIONAL HIGHLIGHTS
9M 2025 | 9M 2024 | Change | |
Net power output (GWh) | 17,033 | 15,957 | +6.7% |
including: | |||
- gas output | 16,585 | 15,382 | +7.8% |
- wind output | 449 | 575 | -22.0% |
Power sales (GWh) | 19,710 | 18,592 | +6.0% |
Heat sales (thousand Gcal) | 2,843 | 2,840 | +0.1% |
Net power output increased by almost 7% y-o-y. On the positive side, this indicator was influenced by high load of Konakovskaya GRES by the System Operator, as well as the 'low base' effect of the comparable period last year due to the scheduled capital repairs of the CCGTs at Nevinnomysskaya and Sredneuralskaya GRES. On the negative side, this indicator was influenced by general decline in demand for electricity in the regions of the company's presence, as well as an output decrease of the company's wind power plants.
Power sales increased by 6% y-o-y, mainly thanks to the positive dynamics of the net power output.
Heat sales remained almost unchanged: the increase in sales to industrial consumers was offset by a decrease in sales to the population due to higher average temperatures during the heating season in 9M 2025 compared to 9M 2024.
[1] As of December 31, 2024