Eesti Energia Group’s financial results for Q1: Eesti Energia increased sales revenue and profit in the first quarter

Eesti Energia Group’s sales revenue amounted to 566 million euros (+8%) in the first quarter of 2026, and EBITDA totalled 119 million euros (+5%).

The growth in EBITDA reflects the strength of ongoing operations – higher market prices in January and February enabled more profitable electricity generation, and in addition to renewable energy, oil shale units also entered the market. Although EBITDA increased, net profit decreased year on year to 49 million euros (–30%). The result was mainly affected by higher interest expenses and one-off effects arising from the timing of financial costs.

‘The dynamics of the energy markets have become significantly more complex – price levels are shaped simultaneously by weather conditions, geopolitical risks and fluctuating CO₂ prices. Such a market situation makes investment decisions more difficult,’ commented CFO Marlen Tamm.

‘The energy sector is undergoing a pivotal period – decisions taken in the coming years on shaping the investment environment will determine the future energy system, price levels and security of supply in the region over the next decade. ‘For us, it is important that sufficient revenue certainty is created to enable investments also in Estonia,’ said Andrus Durejko, Chairman of the Management Board of Eesti Energia.

The first quarter also included the drone incident at the Auvere power plant, which served as a reminder that, as a critical infrastructure company, we must increasingly take security risks into account. ‘We are updating both business continuity and crisis plans, and are also strengthening physical security measures,’ added Durejko.

The first quarter was characterised by very high price volatility in the Baltic electricity market. Within the integrated portfolio of the Eesti Energia Group, the combination of different generation methods helped to balance risks and stabilise results. Cold weather in January and February, and the resulting high electricity demand, kept prices high. Although such a price level was favourable from the producers’ perspective, it also meant higher costs for customers. In March, demand fell and renewable electricity generation increased, and prices declined rapidly. The lower price level also reduced the competitiveness of dispatchable generation. ‘Such price dynamics are not an exception, but the new normal. The growing share of renewable energy makes portfolio management through storage increasingly important,’ commented Marlen Tamm.

To this end, Enefit made an investment decision in the first quarter to build three new battery storage facilities in Lithuania, with a total capacity of 46 MW and a capacity of 184 MWh. Upon completion of the project, the company’s storage portfolio will increase to 75 MW.

Enefit Industry reached an important milestone at the turn of the quarter, completing the cold commissioning of the Enefit 280-2 oil plant and beginning hot commissioning with fuel in mid-April. The first commissioning was successful, and the plant produced its first batch of oil. By the end of August, the plant will reach its expected stable production regime.

At the beginning of April, Enefit Industry began transferring oil shale mining activities to the Estonia mine, as a result of which the Narva quarry will be closed. ‘Every change in the organisation of work also affects people. ‘We are offering colleagues at the Narva quarry the opportunity to take up work at the Estonia mine, and we are supporting employees with retraining and adaptation,’ said Tamm.

Eesti Energia Group’s sales revenue amounted to 566 million euros (+8%) in the first quarter of 2026, and EBITDA totalled 119 million euros (+5%). Although EBITDA increased, net profit decreased year on year to 49 million euros (–30%) for the quarter, mainly due to a higher interest rate environment and one-off effects related to the timing of financial costs.

In the first quarter, the Eesti Energia Group generated 1,261 GWh of electricity, which is five per cent less than last year. Renewable electricity accounted for 54% of total electricity production, ie 680 GWh. In January and February, dispatchable generation capacity entered the market in higher volumes than usual due to high electricity prices, whereas in March prices declined. As a result, dispatchable generation capacity produced 581 GWh during the quarter, which is 6% less than in the same period last year.

Liquid fuel production volume in the first quarter was 118.1 thousand tonnes (–3%), and sales volume amounted to 112.6 thousand tonnes (–12%). Volumes decreased mainly due to maintenance at the oil plants, as a result of which liquid fuel production fell below the expected level, which in turn reduced sales opportunities.

The volume of network services delivered by Elektrilevi increased by 12% to 2,134 GWh, and sales revenue grew to 98.7 million euros (+12%), primarily driven by a colder-than-usual winter and the resulting higher electricity consumption.

The Group invested 51.1 million euros (–47%) in the first quarter, of which the largest share, 27 million euros, was invested in the electricity network.