Eesti Energia Group’s sales revenue increased in the first half of the year, while profitability declined

The sales revenue of the Eesti Energia Group rose to €939.9 million (+4%) in the first half of 2026. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €175 million (-8%). Profitability was mainly affected by a decrease in revenue from services relating to participation in the frequency market – compared with last year, this market has stabilised and the profitability of this business has returned to its usual level.

The main business areas of the Group continued to grow and total investments in the first half of the year amounted to €116.8 million, the largest share of which – €65.8 million – was invested in improving the reliability of the electricity network.

The sales revenue for the second quarter amounted to €374 million (-2%), while EBITDA was €56 million (-28%). The decline in profitability was mainly affected by the stabilisation of frequency services markets. The liquid fuels segment delivered a weaker result than last year, as the average sales price of production, including the impact of hedging transactions, decreased slightly.

The profitability of the renewable energy and electricity sales business area increased by 90% year on year, reaching €24.1 million – this growth was driven by synergies arising from the integration of the electricity business, which were reflected in improved margins, more effective risk management and lower fixed costs.

EBITDA for the non-renewable electricity generation segment remains negative, as oil shale-fired electricity generation continues to be unprofitable at current market prices; the loss of the segment decreased to €3.8 million thanks to the reserve capacity charge (€14.9 million per quarter) introduced at the start of 2026, which covers the fixed costs of maintaining the oil shale-fired units.

In the second quarter, Estonian consumers also benefited from the widening gap in electricity prices between the Baltic states – due to limited transmission capacity, the average electricity price in Estonia (€59.7/MWh; -1.9%) remained significantly lower throughout the quarter than in Latvia (€77.4/MWh; +23.2%) and Lithuania (€78.2/MWh; +26.5%).

‘The results for the first half of the year confirm the strength of our integrated business model – all of the Group’s main business areas saw an increase in sales revenue. The benefits of our integrated electricity business were particularly evident in the second quarter: the profitability of the renewable energy and electricity sales business area increased significantly thanks to improved margins, more effective risk management and lower fixed costs.

Results for the second and third quarters have traditionally been seasonally weaker in our business, as warmer weather reduces electricity consumption and summer electricity prices are lower. This year, an additional one-off factor also had an impact – last year’s exceptionally high reference base for system services normalised as the relevant market stabilised over the course of the year.

The strong investor interest in the green bond issued in May, which was oversubscribed by nearly 6.3 times, also confirms confidence in the long-term strategy of Eesti Energia,’ commented Marlen Tamm, CFO of Eesti Energia.

In the second quarter, the Group generated 74% of its electricity from renewable sources (472 GWh, including 378 GWh from wind farms), while non-renewable electricity generation fell by almost half to 165 GWh, as market prices were not favourable enough for the production of oil shale-fired electricity, which involves high variable costs.

In June, Enefit commissioned an energy storage facility with a capacity of 4.4 MW and a storage capacity of 9.8 MWh at the Purtse hybrid park in Ida-Viru County, complementing the existing wind and solar park at the site. It is one of the first integrated renewable energy solutions in the Baltics, combining a wind farm, a solar park and an energy storage facility under a single connection. The storage facility helps balance renewable energy generation by storing electricity during periods of high generation and feeding it into the network when demand increases.

In the second quarter, Enefit reached a significant technological milestone by starting to offer upward regulation services through its wind and solar parks on the frequency containment reserve market. This makes the company one of the first in Europe to use wind and solar parks in the flexibility market for both upward and downward regulation. In Estonia, Enefit has qualified up to 150 MW of upward regulation capacity from its wind and solar parks for the frequency containment reserve market. In Lithuania, the same service is offered by wind farms, totalling 86 MW.

The electric vehicle charging network of Enefit also continued to grow, with electricity consumption in the public charging network increasing by 35% in the first half of the year compared with the same period last year. This corresponds to approximately 2.5 million additional kilometres driven using electricity. At the same time, the expansion of the network continued, including co-operation with Olerex to install new fast chargers across Estonia.

The commissioning programme for the new Enefit 280-2 oil plant, which produced its first batch of shale oil in May, is progressing according to plan, and by the end of July it will have produced more than 6,000 tonnes of shale oil. The aim is to achieve a stable production regime at close to full capacity by September.

The liquid fuel production volume of the Group increased by 18% during the quarter, reaching 120,400 tonnes. Sales volume rose by 17% over the same period, reaching 123,800 tonnes, and sales revenue amounted to €47.0 million (+10%), while profitability fell by 40% to €10.1 million due to a lower average selling price.

Enefit Industry also signed a contract with the consortium constructing the Tootsi–Pärnu section of Rail Baltica to supply 800,000 tonnes of crushed stone produced from gangue from the Estonia mine over the next two years. Regular deliveries from Väike-Pungerja to Pärnu began in mid-June.

Elektrilevi uses the revenue generated from network charges to maintain and develop the electricity network of Estonia and to invest in improving its reliability and resilience to weather conditions. During the first half of the year, Elektrilevi maintained 3,851 km of line corridors and expanded them by 381 km. In June, the average network service price of Elektrilevi increased by 3.4%, mainly due to the increase in the cost of the transmission network service and general inflation.

Sales revenue from network services increased by 5% during the quarter to €77.5 million, while profitability increased by 21% to €34.4 million, supported by higher margins and lower maintenance costs. Investment in the network amounted to €37.7 million in the second quarter, with the share of the weather-resilient low-voltage network increasing to 97.50% and 77.5% of the entire network now being weather-resilient.

From April, it has once again been possible to submit applications on Hiiumaa for electricity generation connections of up to 1 MW following the completion of the Saaremaa–Hiiumaa submarine cable. In spring, Elektrilevi and the Estonian Rescue Services Agency also drew attention to electrical safety at home through a prevention campaign – 91 electricity-related fires were recorded in the first four months of the year (compared with 58 the previous year).