EL5-Energo 1H 2025 financial results continued to demonstrate positive dynamics both thanks to the growth of sales prices for capacity, electricity and heat, and growth in volumes of electricity sales. It has led to the increase of the company's revenue by 16% and EBITDA by 22% year-on-year.
The active stage of TG6 modernization project at Sredneuralskaya GRES is ongoing. Construction, installation and commissioning works are underway. The company has conducted advance payments for the main equipment for power unit No. 9 modernization project at Sredneuralskaya GRES.
The net debt of EL5-Energo at the end of the 1H 2025 decreased to RUB 21.8 billion, which together with the further EBITDA growth led to decrease in leverage level [1] to 1.4x. The company continues to allocate free cash flow for financial debt reduction.
Moscow, August 4, 2025 - EL5-Energo PJSC publishes its audited financial results for the 1H 2025 in accordance with the International Financial Reporting Standards (IFRS).
MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
1H 2025 | 1H 2024 | Change | |
Revenue | 37,757 | 32,614 | +15.8% |
EBITDA | 8,891 | 7,308 | +21.7% |
EBIT | 6,558 | 6,116 | +7.2% |
Net income | 3,186 | 3,166 | +0.6% |
Net debt at the end of the period | 21,832 | 25,353 [2] | -13.9% |
Revenue increased by 16% y-o-y driven mainly by the following factors:
- Revenue from capacity sales increased by 14% mainly thanks to the growth of revenue 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 electricity sales increased by 17% thanks to the growth of the market electricity (DAM) prices, indexation of the electricity tariffs under regulated contracts, and volumes of electricity sales.
- Revenue from heat sales increased by 11% thanks to the indexation of the regulated tariffs and an increase of share of the heat sold at higher free unregulated prices, which altogether overcompensated the decrease in the heat sales volumes.
EBITDA increased by 22% in the 1H 2025, following an increase in marginal profit from the sale of capacity, electricity and heat thanks to higher revenue margin growth compared to variable costs. Additionally, the increase of the indicator was positively influenced by the company's measures to contain fixed costs at the level below the revenue growth rate.
EBIT increased by 7% due to the 'high base' effect of the indicator in the 1H 2024, when bad debt reserves were partially recovered.
Net income increased by only 1%, impacted by a 7% increase in net financial expenses in the context of high interest rates in the financial market, as well as a 31% increase in tax deductions following increase in income tax rate.
Net debt decreased by 14% or RUB 3.5 billion compared to the beginning of the year due to the strong positive free cash flow, despite active investments into the modernization projects.
MAIN OPERATIONAL HIGHLIGHTS
1H 2025 | 1H 2024 | Change | |
Net power output (GWh) | 11,366 | 10,961 | +3.7% |
including: | |||
- gas output | 11,091 | 10,582 | +4.8% |
- wind output | 275 | 379 | -27.4% |
Power sales (GWh) | 13,111 | 12,737 | +2.9% |
Heat sales (thousand Gcal) | 2,225 | 2,268 | -1.9% |
- Net power output increased by almost 4% in the 1H 2025 despite the general decline in energy consumption in the European part of Russia and in the Urals. This was influenced by 'low base' effect of the company's net power output in the 1H 2024 due to the scheduled capital repairs of the CCGTs at Nevinnomysskaya and Sredneuralskaya GRES.
- Power sales increased by 3% thanks to the positive dynamics of the net power output.
Heat sales decreased by 2% due to higher average temperatures in the regions of the company's presence during the heating season in the 1H 2025.
[1] Net debt to EBITDA ratio
[2] As of December 31, 2024