The New Energy Group EPSO-G (company code 302826889, registered office address Laisvės pr. 10, Vilnius, Lithuania).
On March 31, the EPSO-G Board approved the EPSO-G and consolidated management report for 2024.
Financial results
The Group‘s adjusted EBITDA amounted to 73 million euros, an increase of 23% (59.2 million euros in 2023). The Group‘s Adjusted EBITDA increased due to the higher return on investment approved by the regulator (WACC for both the natural gas transmission operator and the electricity transmission operator increased by around 1 percentage point), as well as due to revenues of Energy cells recognised as grants, and due to the positive EBITDA of Group’s company Tetas (was -6.7 million euros in 2023).
The adjusted net profit of EPSO-G group amounted to 41.9 million, and increased by 56.4% (in 2023, it reached 26.8 million euros). The Group‘s adjusted net profit was boosted by the operating result of the associate companies (TSO Holding and GET Baltic) and by the corporate profit tax investment allowances applied to Litgrid.
The Group‘s investments amounted to 236.1 million euros and decreased by 2.9% compared to 2023. 96% of the investments (229.1 million euros) were made by Litgrid and were used for the implementation of strategic and nationally important electricity projects as well as for the reconstruction and development of the transmission network and supporting operations.
In 2024, the Group‘s adjusted ROE was 12.5%, compared to 10% in 2023.
On 24 July 2024, Moody‘s Ratings agency, following a periodic review of the credit rating, confirmed EPSO-G‘s Baa1 credit rating with a stable outlook.
Projects and important events
On 24 October, the EPSO-G Group‘s New Energy Strategy 2035 was publicly launched. The planned investments in existing and new energy activities over the next 10 years amount to 7-9 billion euros.
On 20 December, representatives of the German defence technology company Rheinmetall, EPSO-G Invest (which is a EPSO-G Group company), and of Giraitės ginkluotės gamykla officially signed a share purchase and shareholders‘ agreements of Rheinmetall Defence Lietuva, UAB, which will build a 155 mm artillery ammunition plant.
In July 2024, the electricity transmission system operators (TSO) of the Baltic States notified the Russian and Belarusian TSOs that they will no longer extend the BRELL agreement. Accordingly, on 8 February, 2025, the Lithuanian, Latvian and Estonian electricity systems desynchronised from the Russian and Belarusian electricity systems. On 9 February 2025, the Baltic electricity systems successfully synchronised with the continental European grid.
Sustainability and other operating indicators
EPSO-G group has joined the Science Based Targets initiative (SBTi) and committed to setting science-based targets for reducing greenhouse gas (GHG) emissions by 2030.
The Group's GHG Scope 1 and 2 emissions decreased by 16 percent compared to 2023. The aforementioned indicators increased by 6.1 percent compared to the base year 2019. The Group is committed to reducing its GHG Scope 1 and 2 emissions by 30% (compared to 2019) in 2026.
One serious injury suffered by an employee was recorded in the Group (an employee of Group’s company Tetas). No fatal accidents have been recorded in 2024.
The average interruption time (AIT) on the electricity grid was 1.04 minutes, and the total amount of electricity not supplied (ENS) was 29.64 MWh. Of these, the AIT due to the operator‘s responsibility was 0.51 minutes and the ENS was 14.37 MWh. The final AIT and ENS of 2024, stated by the National Energy Regulatory Council (NERC), are 0,855 min and 24,275 MWh respectively. They did not exceed the levels of reliability of energy transmission set by the NERC. (Must not exceed in 2022-2026: ENS - 27.251 MWh/year, AIT – 0,934 min/year).
In 2024, there were no unplanned gas transmission interuptions due to the operator's responsibility.
Key financial indicators for 2024:
| Key financial indicators | 2024 | 2023 | Change, % |
| Revenue, million euros | 480,9 | 478,9 | 0,4 |
| EBITDA, million euros | 85,2 | 101,3 | -15,9 |
| Net profit, million euros | 54,9 | 53,8 | 2,0 |
| Investments, million euros | 236,1 | 243,1 | -2,9 |
| ROE (of the last 12 months), % | 16,4 | 20,1 | - |
| Net debt, million euros | -64,9 | 83,5 | n/a |
| Adjusted* EBITDA, million euros | 73,0 | 59,2 | 23,4 |
| Adjusted* net profit, million euros | 41,9 | 26,8 | 56,4 |
| Adjusted* ROE (of the last 12 months), % | 12,5 | 10,0 | - |
| Net debt to Adjusted EBITDA ratio | n/a | 1,4 | n/a |
* Recalculation of the regulated revenue, cost and profitability ratios is carried out due to temporary regulatory deviations from the regulated profitability approved by the National Energy Regulatory Council. In calculating the adjusted indicators, the adjustment of revenue for prior periods is taken into account. This adjustment has already been approved by a NERC decision in setting regulated prices for transmission services for the reference period. And the deviation between the NERC approved (regulated) and actual profitability for the reference period, which will be taken into account by the NERC when setting transmission prices for the following period, shall be estimated.
The EPSO-G group consists of the management company EPSO-G and six directly owned subsidiaries - Amber Grid, Baltpool, Energy cells, EPSO-G Invest, Litgrid and Tetas. EPSO-G and its Group companies also hold shares in GET Baltic, Rheinmetall Defence Lietuva, Baltic RCC OÜ and TSO Holding AS. The rights and obligations of the sole shareholder of EPSO-G are exercised by the Ministry of Energy of the Republic of Lithuania.
Enclosed: integrated annual report of EPSO-G group (management, sustainability, consolidated and the Company’s financial statements), annual report and the independent auditor’s report, also press release.
For more information
Gediminas Petrauskas, Communications Partner at EPSO-G
Tel. +370 610 63306, e-mail gediminas.petrauskas@epsog.lt
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