interim report First nine months 2024

Our purpose is to create a 100% green and secure energy ecosystem for current and future generations

GREEN	FLEXIBLE	INTEGRATED	SUSTAINABLE
Growing green generation and green flexibility capacity: Installed Green Capacities 4–5 GW by 2030	Creating a flexible system that can operate on 100% green energy in the short, medium, and long term	Utilising the integrated business model to enable Installed Green Capacities build-out	Maximising sustainable value: Net zero by 2040–2050

MANAGEMENT REPORT

1.	Overview .	4
	1.1 CEO's statement.	5
	1.2 Business highlights.	8
	1.3 Performance highlights. .	11
	1.4 Outlook. .	13
	1.5 Sustainability highlights. .	14
	1.6 Investor information. .	16
2.	Business overview	18
	2.1 Integrated business model and strategy. .	19
	2.2 Investment program. .	20
	2.3 Business environment. .	25
3.	Results. .	27
	3.1 Results 9M. .	28
	3.2 Results Q3. .	40
	3.3 Quarterly summary. .	42
	3.4 Results by business segments. .	44

4.	Governance	53
	4.1 Governance update. . 4.2 Risk management update. .	54 57
5.	Additional information	58
	5.1 Other statutory information. .	59
	5.2 Legal notice. .	61

5.3 Terms and abbreviations. . 62

FINANCIAL STATEMENTS

6. Consolidated financial statements. . 64 6.1 Interim condensed consolidated statement of profit or loss . 65 6.2 Interim condensed consolidated statement of comprehensive income . 66 6.3 Interim condensed consolidated statement of financial position . 67 6.4 Interim condensed consolidated statement of changes in equity . 68 6.5 Interim condensed consolidated statement of cash flows . 69 6.6 Notes. . 70

7. Parent company's financial statements . . 82

	7.1 Interim condensed statement of profit or loss
	and other comprehensive income 83
	7.2 Interim condensed statement of financial position .	84
	7.3 Interim condensed statement of changes in equity. .	85
	7.4 Interim condensed statement of cash flows. .	86
	7.5 Notes. .	87

Responsibility statement. . . 90

Overview

1.1 CEO's statement	5
1.2 Business highlights	8
1.3 Performance highlights	11
1.4 Outlook	13
1.5 Sustainability highlights	14
1.6 Investor information	16

1.1 CEO's statement

Highlights

Performance

In 9M 2024 our Adjusted EBITDA amounted to EUR 397.0 million (+15.0% YoY). The growth was driven by better results in the Green Capacities and Networks segments. The Green Capacities segment remains the largest contributor with a 45.6% share of our total Adjusted EBITDA.

We invested EUR 583.7 million and directed EUR 335.2 million, or 57.4%, of it towards the Green Capacities segment (-7.4% YoY), the majority going to new onshore wind farms in Lithuania. 85.4% of the total Investments were made in Lithuania.

S&P Global Ratings reaffirmed the Group's 'BBB+' (stable outlook) credit rating.

In line with our Dividend Policy, a dividend of EUR 0.663 per share, corresponding to EUR 48.0 million, was distributed for H1 2024.

Following the strong performance of the Green Capacities segment in 9M 2024, we increase our full-year 2024 Adjusted EBITDA guidance to EUR 480–500 million (previously EUR 450–480 million). Also, we update our Investments guidance for 2024 to EUR 750–900 million (previously EUR 850–1,000 million).

Business development

In 9M 2024, we increased our Green Capacities Portfolio to 7.7 GW (from 7.1 GW), Installed Capacity to 1.4 GW (from 1.3 GW), and Secured Capacity increased to 3.1 GW (from 2.9 GW).

We reached a number of significant milestones in the expansion and development of our Green Capacities Portfolio, including the following:

we, together with our partner CIP, won the second seabed site (Liivi 1) in the Estonian offshore wind tender and see the site as a natural extension of the Liivi 2 seabed site (secured in December 2023);
Silesia WF I (50 MW) in Poland has reached COD;
Vilnius CHP biomass unit in Lithuania has reached full COD (71 MWe, 170 MWth);
Tauragė SF (22.1 MW) in Lithuania has reached COD;
we made a Final Investment Decision regarding Tume SF (174 MW) in Latvia;
Kelmė WF (300 MW) in Lithuania supplied first power to the grid;
Silesia WF II (137 MW) in Poland supplied first power to the grid;
we have secured land for the development of hybrid projects (314 MW), i.e., we are planning to develop wind farms near our Latvian solar farms;
we have secured grid connection capacity for our first BESS projects (<290 MW) in Lithuania;
we took decisions to participate in Lithuania's second 700 MW offshore wind tender and seek partners;
we signed a 4-year PPA with Akmenės Cementas, (owned by Schwenk Zement Beteiligungen), which will receive electricity from Mažeikiai WF (63 MW).

Darius Maikštėnas Chair of the Management Board and CEO

In Networks, we submitted the updated 10-year Investment Plan (2024–2033) to the regulator (NERC) for public consultation and coordination. The plan foresees a 40% increase in Investments to EUR 3.5 billion (from EUR 2.5 billion over the period of 2022–2031 provided for in the previously submitted Draft). Furthermore, after the reporting period, the regulator (NERC) has set the income levels for 2025 at EUR 321.6 million for electricity distribution and EUR 57.1 million for natural gas distribution. The resolutions on setting the levels for 2025 of RAB, WACC, and additional tariff component were also passed. In addition, the total number of installed smart meters reached 968 thousand.

In Customers & Solutions, we continued to expand the EV charging network in the Baltics and have now installed a total of 867 EV charging points (+491 since 31 December 2023).

Sustainability

Our Green Share of Generation amounted to 83.6% and decreased by 5.4 pp YoY due to proportionally higher electricity generation in CCGT (Reserve Capacities).

We reduced our GHG emissions by 34.5% in Scope 2, while our Scope 1 and Scope 3 emissions increased by 21.1% and 12.9% respectively compared to 9M 2023. The total emissions amounted to 4.39 million t CO2-eq and increased by 19.7% YoY.

Carbon intensity of our Scope 1 & 2 GHG emissions decreased by 23.5% YoY to 270 g CO2-eq/kWh due to higher electricity generation from renewables and the reduction of Scope 2 emissions.

No fatal accidents were recorded, with employee and contractor TRIR standing at 1.18 and 0.37 respectively, both below the targeted threshold.

Our employee net promoter score (eNPS) remained high at 67.0 (increased by 15.1 YoY).

Strong performance and continued project delivery. Full-year Adjusted EBITDA guidance increased

Performance

Our Adjusted EBITDA amounted to EUR 397.0 million in 9M 2024 and was EUR 51.7 million, or 15.0%, higher compared to 9M 2023. The growth was driven by better results in our two largest segments – Green Capacities and Networks.

Our Green Capacities segment's Adjusted EBITDA has increased as we launched new assets (Mažeikiai WF, Silesia WF I and Vilnius CHP biomass unit) and captured higher electricity prices, mainly due to the flexibility of our assets. Furthermore, the Green Capacities segment remains the largest contributor to Adjusted EBITDA with a 45.6% share of our total result.

Our Networks segment's Adjusted EBITDA increased mainly due to higher RAB, as a result of continued Investments into the distribution network and higher WACC set by the regulator.

Next, we recorded a Customers & Solutions segment's Adjusted EBITDA decrease, which was driven by lower results in B2B natural gas supply activities, mainly due to a significant positive inventory write-down reversal effect in 9M 2023. The decrease was partly offset by lower loss from B2C electricity supply activities and better B2B electricity supply results in Latvia and Poland.

Finally, we recorded a strong performance of the Reserve Capacities segment during both 9M 2024 and 9M 2023 periods, driven by the utilised option to earn additional return in the market on top of regulated return. However, considering the extraordinary market conditions in the beginning of 2023, which allowed to earn additional return, the YoY result has decreased.

In 9M 2024 we invested EUR 583.7 million (-7.9% YoY) with 85.4% of the Investments made in Lithuania. We continued to invest heavily in renewable energy projects. More than half of the Investments were made in the Green Capacities segment (57.4% of the total Investments), with the majority going to new onshore wind farms in Lithuania.

Regarding the balance sheet's strength, despite the 10.0% increase in the Group's Net Debt (EUR 1,448.8 million as of 30 September 2024 compared to EUR 1,317.5 million as of 31 December 2023), our leverage metrics remained strong. Our FFO LTM/Net Debt ratio improved to 34.2% (compared to 29.4% as of 31 December 2023) as the FFO growth rate exceeded the growth of Net Debt.

Lastly, in line with our Dividend Policy, the Extraordinary General Meeting of Shareholders held on 11 September 2024 made a decision to distribute a dividend of EUR 0.663 per share, corresponding to EUR 48.0 million, for H1 2024, which was distributed in October 2024.

850–1,000 million). The update mainly relates to the timing effects of our Green Capacities Investments.

Business development

Since the beginning of 2024, we have continued to expand and develop our Green Capacities Portfolio.

We also increased our Installed Capacity to 1.4 GW (from 1.3 GW) as Silesia WF I (50 MW) in Poland has reached COD in March, Vilnius CHP biomass unit in Lithuania has reached full COD for the remaining 21 MWth and 21 MWe capacities in May, and Tauragė SF 22.1 MW has reached COD in July. Our Secured Capacity increased by 0.2 GW to 3.1 GW (from 2.9 GW) as Tume SF (173.6 MW) in Latvia has reached the construction phase. The implementation of other projects in the Green Capacities Portfolio is progressing as planned with no significant changes since Q2 2024.

I would like to highlight the development we have made on the largest wind farm under construction in the Baltics – Kelmė WF (300 MW) in Lithuania. In Q2 we managed to install the first wind turbine,

while in Q3 the first power to the grid was supplied. By now, we have successfully installed 28/44 wind turbines. Additionally, after the reporting period, Silesia WF II (137 MW) in Poland supplied the first power to the grid. All turbines have been erected, installed and fully prepared for operation. Both projects are expected to reach COD in 2025.

Furthermore, we have made a Final Investment Decision regarding a 174 MW Tume SF located in Tukums municipality, Tume parish, Latvia. This will be our first project to employ a tracking technology, which automatically follows the sun's movement, thereby increasing the generation efficiency of the solar panels and the electricity output. As our third solar project under construction in Latvia, it underscores our commitment to accelerating the region's transition towards a greener and more sustainable future. The solar farm is expected to reach COD in 2026 and it will be able to meet the electricity needs of 85,000 households in Latvia.

It's worth noting that we signed a 4-year PPA with one of the largest industrial companies and electricity consumers in Lithuania, Akmenės Cementas, a Lithuanian cement producer owned by a German building materials producer, Schwenk Zement Beteiligungen. The company will receive electricity from Mažeikiai WF (63 MW), with power supply starting in 2026.

After the reporting period, we took decisions to participate in Lithuania's second 700 MW offshore wind tender and seek partners. Previously, tender did not convene due to the limited number of participants. The second tender is set to begin on 18 November 2024, and the National Energy Regulatory Council (NERC) should announce the winner by the end of April 2025.

On the Networks front, we have updated our 10-year (2024–2033) Investment Plan for the

distribution networks and submitted it to the regulator (NERC) for public consultation and coordination. The Draft Investment Plan foresees a 40% increase in Investments (to EUR 3.5 billion) compared to the previous 10-year Investment Plan submitted to NERC (EUR 2.5 billion, 2022–2031). We are also successfully continuing the smart meter roll-out. The total number of installed smart meters has reached 968 thousand, out of more than 1.2 million smart meters to be installed in 2026.

After the reporting period, the regulator (NERC) has set the income levels for 2025 for electricity and gas distribution services. The allowed income level for electricity distribution services was set to EUR 321.6 million, an increase of 4.0% from 2024, while the income level for gas distribution services was set to EUR 57.1 million, a decrease of 11.6%. The resolutions on setting the levels for 2025 of RAB, WACC, and additional tariff component were also passed.

And on the Customers & Solutions front, we continue expanding the EV charging network in the Baltics, with a total of 867 EV charging points (+491 since 31 December 2023) already installed across Lithuania, Latvia and Estonia.

Sustainability

In 9M 2024, we continued to build a resilient and robust organisation by adhering to the highest ESG principles and retaining our commitment to the principles of the UN Global Compact.

We continued our efforts to minimise our environmental impact and contribute to reaching ambitious climate targets. In early 2024, we signed a letter urging the EU to set a reduction target of 90% by 2040 for greenhouse gas emissions. More information is available here.

Our Green Share of Generation amounted to 83.6% (-5.4 pp YoY) due to of proportionally higher electricity generation in CCGT(Reserve Capacities).

We reduced our GHG emissions by 34.5% in Scope 2, while our Scope 1 and Scope 3 emissions increased by 21.1% and 12.9% respectively compared to 9M 2023. Our total emissions amounted to 4.39 million t CO2-eq (+19.7% YoY).

In 9M 2024, the carbon intensity of our Scope 1 and 2 emissions decreased by 23.5% YoY to 270 g CO2-eq/kWh due to higher electricity generation from renewables and the reduction of Scope 2 emissions.

Our top priority remains occupational health and safety (OHS), thus we continue our initiatives with the goal of educating our employees and contractors and preventing any OHS issues.

We are continuing the OHS programme 'Is it safe?' to promote the safety culture. No fatal accidents were recorded, with employee and contractor TRIR standing at 1.18 and 0.37 respectively, both below the targeted threshold.

The significance of scoring high (67.0) in the employee overall experience survey (eNPS) and receiving the Top Employer certificate for the third consecutive year cannot be overstated. These accolades are a testament to our successful implementation and maintenance of a holistic employee wellbeing approach.

Darius Maikštėnas

Chair of the Management Board and CEO

1.2 Business highlights

January

Green Capacities:

– We, together with our partner CIP, won the second seabed site (Liivi 1) in the Estonian offshore wind tender and see the site as a natural extension of the Liivi 2 seabed site secured in December 2023), which will allow for greater synergy and optimisation in developing the sites as a single offshore wind project. The actual capacity of the offshore wind farm is expected to be 1–1.5 GW.

Networks:

– ESO has agreed with the regulator (NERC) to amend the repayment schedule of the EUR 160 million regulatory difference to 2024–2031 (from 2024–2036). In this regard, NERC updated the methodology for calculating the additional tariff component and linked it to the leverage level cap of 5.5x (ESO net debt/ESO adjusted EBITDA, both calculated based on the methodology approved by NERC), which means that, if ESO's leverage level exceeds the predetermined cap, the additional tariff component will increase proportionally.

Reserve Capacities:

– For the first time, all three units in Elektrėnai Complex were operating simultaneously in commercial mode (link in Lithuanian).

Customers & Solutions:

– We have signed an agreement with OG Elektra AS to install EV charging points in the car parks of 25 Grossi stores across Estonia.

Governance:

– For the third year in a row, we were awarded the international Top Employer 2024 Lithuania Certificate for applying the highest HR management standards (link in Lithuanian).

Green Capacities:

February

– We have launched an environmental impact assessment for the Curonian Nord project.

Customers & Solutions:

– We have signed an agreement with the municipality of Marijampolė, Lithuania, to install 22 EV charging points throughout the city.

Green Capacities:

Silesia WF I (50 MW) in Poland has reached COD.
We have started taking wind and meteorological measurements in the Baltic Sea for the Curonian Nord project.

Finance:

March

We concluded a EUR 105 million long-term financing agreement with EIB for the 110 MW Kruonis PSHP expansion project.
We replaced a corporate finance loan with a project finance loan of EUR 82 million with EIB and NIB for Pomerania WF (94 MW) in Poland.

Governance:

The AGM was held on 27 March, where the decision, among others, on the allocation of profit for 2023 (EUR 1.286 DPS, or EUR 93.1 million, in total) was made.
A. Sungailienė was appointed as the new CEO of AB "Ignitis gamyba" (Reserve Capacities).

April

Green Capacities:

– We submitted a bid in the tender for the second 700 MW Lithuanian offshore wind project. However, due to the limited number of participants, the tender did not convene.

Customers & Solutions:

– We have signed an agreement with Baltic Shopping Centers to install 20 EV charging points in the car park of Mega, a shopping and leisure centre in Kaunas, Lithuania.

Finance:

In line with our Dividend Policy, a dividend of EUR 0.643 per share, corresponding to EUR 46.5 million, was distributed for H2 2023.
Norne Securities has initiated the coverage of Ignitis Group's stock.

Governance:

– M. Kowalski, who has been leading Ignitis Renewables in Poland since February, also became the CEO of Ignitis Polska.

May

Strategy:

– We announced our Strategic Plan 2024–2027.

Green Capacities:

Vilnius CHP biomass unit has reached full COD (71 MWe, 170 MWth).
We have secured grid connection capacity for our first BESS projects (<260 MW) in Lithuania.
The first wind turbine has been erected at the largest wind farm under construction in the Baltics at Kelmė WF (300 MW) in Lithuania. The project is expected to reach COD in 2025.

Customers & Solutions:

– A fast charging hub with the ability to charge 20 EVs at once has been opened in Palanga, Lithuania.

Governance:

– The Ministry of Finance, authority implementing the rights and obligations of the majority shareholder, has announced a selection of an independent member of AB "Ignitis grupė" Supervisory Board.

Networks:

June

– We have updated our 10-year (2024–2033) investment plan for the distribution networks and submitted it for public consultation and coordination to the regulator (NERC). It foresees a 40% increase in Investments (to EUR 3.5 billion). The previous 10-year investment plan submitted to NERC projected EUR 2.5 billion in Investments for 2022–2031.

Business environment:

– The updated National Energy Independence Strategy was adopted by the Lithuanian Parliament. The strategy aims to make Lithuania a fully energy independent country by 2050 that produces energy for its own needs and exports it.

Green Capacities:

July

Tauragė SF (22.1 MW) in Lithuania has reached COD.
We have secured additional grid connection capacity for a 38 MW BESS project in Lithuania.
Moray West offshore WF project (882 MW), which is owned by Ocean Winds and us (a minority shareholder of 5%), has successfully supplied its first power to the grid.

Reserve Capacities:

Ignitis Gamyba signed an agreement to donate the equipment from its old Combined Heat and Power Plant (CHP-3), which was mothballed since 2015, to Ukraine. The equipment will be used to assist the rebuilding of the destroyed energy infrastructure in Ukraine.
Final Investment Decision regarding the refurbishment of Unit no. 7 in Elektrėnai power plant was made at the end of July. The refurbishment will be finished in Q2 of 2026.

Customers & Solutions:

– A fast charging hub with the ability to charge 10 EVs at once has been opened in Riga, Latvia.

August

Finance:

– S&P Global Ratings reaffirmed the Group's 'BBB+' (stable outlook) credit rating.

September

Green Capacities:

Kelmė WF (300 MW) in Lithuania supplied first power to the grid.
We made a Final Investment Decision regarding a 174 MW Tume SF in Latvia.

Networks:

– The total number of installed smart meters has reached 968 thousand (out of more than 1.2 million smart meters to be installed in 2026).

Customers & Solutions:

– We signed a 4-year PPA with Akmenės Cementas, a Lithuanian cement producer (owned by Schwenk Zement Beteiligungen), which will receive electricity from Mažeikiai WF (63 MW). The power supply will start in 2026.

Governance:

An EGM was held on 11 September, where decisions, among others, on the allocation of dividends for H1 2024 (EUR 0.663 DPS, or EUR 48.0 million in total) and the new version of the Articles of Associations, were made.
On 13–14 September, we invited our retail shareholders to an exclusive international event, Investor Day 2024, which took place for the first time.
S. L. Rees has been appointed as an Independent Supervisory Board Member of the Group. She will supervise the areas of strategic management and international development.
T. Tatar has been appointed to lead the Group's activities in Estonia.
For the fifth consecutive year, we have been awarded the highest 'A+' governance rating in Lithuania and acknowledged as the leader in the category of larges SOEs in the Good Corporate Governance Index.

Business environment:

We and our partners have signed a Letter of Intent with the Research Council of Lithuania to launch MIT's MISTI programme to strengthen the engineering studies in Lithuania.
Litgrid made final investment decision regarding Harmony Link interconnector. The project should be finalized by 30 June 2031.

After the reporting period

October

Green Capacities:

– We took decisions to participate in Lithuania's second 700 MW offshore wind tender and seek partners.

Networks:

– The regulator NERC has set the income levels for 2025 at EUR 321.6 million for electricity distribution and EUR 57.1 million for natural gas distribution. The resolutions on setting the levels for 2025 of RAB, WACC, and additional tariff component were also passed.

Finance:

In line with our Dividend Policy, a dividend of EUR 0.663 per share, corresponding to EUR 48.0 million, was distributed for H1 2024.
Following a decision made by the AGM held on 30 March 2023, we have provided EUR 4 million in financial humanitarian aid to Ukraine. These funds will be used to acquire equipment that will provide additional 120 MW of electricity generation capacity and will ensure electricity supply to approximately 420 thousand Ukrainian households. It will also contribute to the restoration of vital functions of the energy sector.
We signed a EUR 20.7 million financing agreement with Swedbank, these funds will be used to refinance the liabilities our subsidiary of EURAKRAS, which operates a 24 MW wind farm in the Jurbarkas district.

Business environment:

Baltic states joined the Manually Activated Reserves Initiative (MARI) platform, which enables the exchange of Manual Frequency Restoration Reserve (mFRR) balancing energy between interconnected European TSOs. Estonia, Latvia and Lithuania became the fourth, fifth and sixth country to join the MARI platform. The Czech Republic and Germany joined the MARI platform in October 2022, followed by Austria in June 2023. Other European countries will join the platform in 2025.
The European Commission approved a EUR 180 million Lithuanian scheme to support electricity storage. The aid will take form of direct grants to support the construction of 1,200 MWh of new battery energy storage systems.

November

Green Capacities:

– Silesia WF II (137 MW) in Poland supplied first power to the grid.

1.3 Performance highlights

Financial

EBITDA EURm 9M 2023 9M 2024 348.2 397.8 345.3 397.0 +15.0% Reported Adjusted

Adjusted EBITDA growth was influenced by better Green Capacities' and Networks' results. The Green Capacities segment remains the largest contributor to Adjusted EBITDA (EUR 180.9 million, or 45.6% of the Group's total).

Net profit EURm

Adjusted Net Profit was 10.5% higher than in 9M 2023. The increase is related to the positive EBIT impact, which was partly offset by higher finance activity expenses, mainly driven by higher Net Debt.

ROCE LTM

9M 2023 9M 2024

Adjusted ROCE LTM increased to 10.3% mainly due to the growth in Adjusted EBIT (LTM) (an increase of 21.0%, from EUR 299.5 million to EUR 362.5 million), while average Capital Employed remained relatively flat (an increase of 1.1%, from EUR 3,477.9 million to EUR 3,517.9 million)

Investments

In 9M 2024, we continued to invest heavily in renewable energy projects. More than half of the Investments were made in the Green Capacities segment (57.4% of the total Investments). However, due to successful completion of several major projects, Investments into Green Capacities decreased by 7.4% and amounted to EUR 335.2 million, with the majority of the Investments directed to onshore wind farms.

Net Working Capital EURm

31 Dec 2023 30 Sep 2024

Net Working Capital decreased by 33.7%. The main drivers behind the changes were lower trade receivables as a result of the decrease in gas related revenue.

Net Debt

EURm

31 Dec 2023 30 Sep 2024

Net Debt increased by 10.0%, driven by negative FCF and dividends paid. The negative FCF is related to considerable Investments made.

Net Debt/Adjusted EBITDA LTM FFO LTM/Net Debt Times, %

31 Dec 2023 30 Sep 2024

FFO LTM/Net Debt ratio increased by 4.8 pp as the FFO LTM growth rate exceeded the growth of Net Debt.

Outlook for 2024

Adjusted EBITDA , EURm

Guidance 2024 (13 Nov 2024)	480–500
Guidance 2024 (14 Aug 2024)	450–480
Guidance 2024 (15 May 2024)	440–470
Guidance 2024 (28 Feb 2024)	440–470
2023 actual result	484.7

Following the strong performance of the Green Capacities segment in 9M 2024, we increase our fullyear 2024 Adjusted EBITDA guidance to EUR 480–500 million (previously EUR 450–480 million). Also, we update our Investments guidance for 2024 to EUR 750–900 million (previously EUR 850–1,000 million).

ESG

Electricity Generated (net), Green Share of Generation TWh, %

A 0.49 TWh, or 35.0%, increase in Electricity Generated (net) continues to be driven by the generation of new assets (Green Capacities), including Mažeikiai WF and Silesia WF I as well as Vilnius CHP biomass unit. The Green Share of Generation decreased by 5.3 pp to 83.6%, due to proportionally higher electricity generation in Elektrėnai Complex (Reserve Capacities).

Secured Capacity increased to 3.1 GW (from 2.9 GW) as the Group made the Final Investment Decision regarding Tume SF (173.6 MW), which has now reached the construction phase. Installed Capacity increased to 1.4 GW (from 1.3 GW), as Silesia WF I (50 MW) has reached COD in March, Vilnius CHP biomass unit reached full COD for the remaining 21 MWe and 21 MWth capacity in May and Tauragė SF (22.1 MW) has reached COD in July.

The Group's market-based GHG emissions increased by 19.7% compared to 9M 2023, mainly due to a 238% increase in out of scope (biogenic) emissions from Vilnius CHP biomass unit's operations. Higher electricity emissions factors led to a 12.9% increase in Scope 3 emissions. Despite the higher emissions factors, Scope 2 emissions dropped by 34.5% due to the use of renewable energy guarantees of origin for a share of Kruonis PSHP's electricity consumption and a share of the electricity distribution network's losses. Scope 1 emissions increased by 21.1% due to higher electricity generation in Elektrėnai Complex (Reserve Capacities).

Electricity quality indicators were impacted by natural phenomena, including heavy snowfall in Q2 and strong winds and local storms in Q3, leading to an increase in SAIFI and SAIDI indicators. Specifically, in July 2024, Lithuania experienced the largest storm since 2020, resulting in extensive power outages across all 60 municipalities. Energijos Skirstymo Operatorius (ESO) mobilized over 300 brigades, along with additional support staff, to assess the damage and restore electricity to 460,000 affected customers.

Safety TRIR 9M 2023 9M 2024 9M 2023 9M 2024 1.18 0.373 Employees Contractors 0.89 1.092

Employee total recordable injury rate (TRIR) was recorded at 1.18 and increased compared to the same period last year as the number of safety incidents rose from 5 to 7. A total of 3 contractor incidents were recorded during 9M 2024.

The Group's headcount increased by 259, or 5.9%. The employee growth was driven by the Green Capacities segment in order to facilitate the growing renewables Portfolio.

Supervisory and Management Boards Nationality and gender diversity

As of 30 September 2024, the main governing bodies of the Group were represented by 50% female and 42% international members. Sian Lloyd Rees has been appointed as a new independent member of the Supervisory Board at Ignitis Group, replacing Bent Christensen.

1 9M 2023 data was revised after the inclusion of additional emissions categories in quarterly assessments (previously, only the main categories were included on a quarterly basis). The change does not affect the total 2023 emissions. 2 Contractor TRIR only includes contracts above 0.5 EURm/year. 3 Part of the total hours worked for contracts below 0.5 EURm/year may not be included in Contractor TRIR calculations, while all recordable incidents are included.

1.4 Outlook

Adjusted EBITDA guidance

Following the strong performance of the Green Capacities segment in 9M 2024, we increase our full-year 2024 Adjusted EBITDA guidance to EUR 480–500 million (previously EUR 450–480 million). Directional guidance for business segments remains the same as the one provided in our Integrated Annual Report 2023.

The guidance does not include any gains from asset rotation.

For 2024, we assume the results of our largest segments, Green Capacities and Networks, to be higher compared to 2023. The Green Capacities segment's Adjusted EBITDA is expected to increase due to new projects reaching COD in 2024 (Silesia WF I and Vilnius CHP biomass unit) and the full-year effect of Mažeikiai WF. The results should be partly offset by lower power prices. The Networks segment's Adjusted EBITDA is expected to increase because a higher WACC was approved and because of higher RAB due to continued Investments into the distribution network. Adjusted EBITDA of Reserve Capacities and Customers & Solutions segments are expected to be lower due to better-than-usual results in 2023.

Investments guidance

We update our Investments guidance for 2024 to EUR 750–900 million (previously EUR 850–1,000 million). The update mainly relates to the timing effects of our Green Capacities Investments.

Forward-looking statements

This report contains forward-looking statements. For further information, see section '5.2 Legal notice'.

Adjusted EBITDA guidance for 20241 EURm

480–500 2023 Adjusted EBITDA 2024 Adjusted EBITDA guidance Green Networks Capacities Reserve Capacities Customers & Solutions 49.9 30.4 180.0 222.6 484.7

guidance

1 Adjusted EBITDA indication for the Group is the prevailing guidance, whereas directional effect per business segment serves as a mean to support it. Higher/stable/lower indicates the direction of the business segment's change in 2024 relative to the actual results for 2023.

1.5 Sustainability highlights

9M 2024 highlights

Greener and more efficient energy

We reduced our GHG emissions by 34.5% in Scope 2, while Scope 1 and Scope 3 emissions increased by 21.1% and 12.9%, respectively, compared to 9M 2023. The total emissions amounted to 4.39 million t CO2-eq and increased by 19.7% YoY.
Carbon intensity of our Scope 1 & 2 GHG emissions decreased by 23.5% YoY to 270 g CO2 eq/kWh due to higher electricity generation from renewables and reduction of Scope 2 emissions.
Our Secured Capacity increased to 3.1 GW (2.9 GW as of 30 June 2024).
As of 30 September 2024, the total number of installed EV charging points at the Ignitis ON network reached 867 (655 charging points were installed by 30 June 2024).
The total number of installed smart meters has reached 968 thousand as of 30 September 2024 (over 905 thousand units were installed by 30 June 2024). They enable more efficient energy consumption and accounting practices.
Ignitis Renewables (Green Capacities) has completed the construction of the first hybrid wind and solar project near an operating Tauragė wind farm, which enables a more effective utilisation of the land and infrastructure managed by the company.

Safer and more pleasant working environment

The number of safety incidents in the Group was well below the targeted threshold, with employee and contractor TRIR standing at 1.18 and 0.37 respectively (0.89 and 1.09 in 9M 2023).
After the reporting period, the overall employee experience (eNPS) survey was conducted, and eNPS remained high at 67.0 (51.9 in 9M 2023).
Focusing on preparation for and response to emergencies, workplace ergonomics and employee well-being, the Group continues its efforts to create a culture of safety and has produced and launched a series of short videos on health and safety.

Emphasis on equality, current and future employees

As of 30 September 2024, 26.7% of the top management positions were held by women (23.9% as of 30 September 2023). A total of 31.4% of Group employees are women (compared to 30.5% as of 30 September 2023).
4.7 hours per employee were devoted to employee training in 9M 2024 (4.5 hours per employee in 9M 2023).
EnergySmartSTART programme has partnered with an online learning platform, Digiklasė. We have already handed out memberships to 177 schools to help students prepare for exams and achieve the highest possible results. In total, 550 memberships will be distributed throughout Lithuania.
The Group with partners from various sectors and scientific institutions signed a Letter of Intent at the Research Council of Lithuania (RCL) to launch the Massachusetts Institute of Technology's (MIT) International Science and Technology Initiatives (MISTI) programme in Lithuania. This momentous agreement allows Lithuania to become a part of the global technology and innovation ecosystem and transform its STEAM education.

Ratings and rankings for sustainability excellence

In September 2024, Sustainalytics changed the Group's ESG Risk Rating score to 21.0 'medium' (previously 18.2 'low').
The Group's MSCI ESG Rating score changed to 7.3 'AA' (previously 7.5 'AA').
From 2024, The Group is evaluated by EcoVadis. The assessment includes all subsidaries, while previously the assessment included only the Group's subsidiary Ignitis (Customers & Solutions). In September 2024 the Group's score was set as 68 'Silver'.
In Q3 2024, we submitted the CDP questionnaire, which will serve as an additional comprehensive disclosure of our environmental performance as well as the alignment of our strategy and risk management with climate-related issues. We expect to receive updated score by the end of 2024.

ESG ratings and rankings

Sustainability is at the core of the Group's Strategy. Hence, we take a holistic approach that involves all levels and functions in applying the key principles of sustainability across the Group. Our daily actions lead to sustainability excellence, which is reflected in the recognitions detailed below, placing the Group among the top utility peers globally.

ESG ratings and rankings

1 Based on publicly available data. 2 MSCI utilities rank and average based on utilities included in the MSCI ACWI index. 3 MSCI Industry-Adjusted Score. 4 Amongst 37% of companies that reached Management level in Energy utility networks. 5 In energy utility networks activity group. 6 In electricity, gas, steam and air conditioning supply industry. 7 Assessment of AB "Ignitis grupė" (the whole Group), while previously the assessment included only the Group's subsidiary UAB "Ignitis" (Customers & Solutions).

Contributing to global initiatives

We are committed to adhering to the principles of the United Nations Global Compact

Through our activities, we aim to contribute to the achievement of the Sustainable Development Goals of the United Nations

We are committed to reduce our net GHG emissions to zero by 2040–2050 and have our targets validated by the SBTi

We signed the Women's Empowerment Principles to advance gender equality and women's empowerment

1.6 Investor information

Overview

In 9M 2024, the Group's ordinary registered shares (ORS) and global depositary receipts (GDRs) have generated a total shareholder return (TSR) of 6.1% and 4.6% respectively. During the same period, the TSR of our benchmark index (Euro Stoxx Utilities) equalled to 10.1%.

In 9M 2024, the total (ORS and GDRs) turnover was EUR 65.26 million (EUR 46.63 million on Nasdaq Vilnius and EUR 18.63 million on London Stock Exchange, LSE), whereas the average daily turnover totalled to EUR 0.37 million (EUR 0.25 million on Nasdaq Vilnius and EUR 0.12 million on LSE).

At the end of the reporting period, the Group's market capitalisation was EUR 1.4 billion.

Currently, the Group is covered by 6 equity research analysts. Their recommendations and price targets are available on our website.

Dividends

The Extraordinary General Meeting of Shareholders held on 11 September 2024 made a decision to distribute a dividend of EUR 0.663 per share, corresponding to EUR 48.0 million, for H1 2024. Dividends in line with our Dividend Policy were distributed in October 2024.

Price development in 9M 20241 , EUR

Performance information in 9M 2024, EUR

	Nasdaq Vilnius	LSE	Combined
Period opening2 , EUR	18.98	18.80	-
Period high2 (date), EUR	19.34 (3 Jan)	20.00 (4 Feb)	20.00
Period low2 (date), EUR	17.90 (24 Apr)	17.30 (23 Apr)	17.30
Period VWAP3 , EUR	18.61	18.40	18.51
Period end2 , EUR	18.78	18.30	-
Period turnover (average daily)4 , EURm	46.63 (0.25)	18.63 (0.12)	65.26 (0.37)
Market capitalisation, period end2 , EURbn	-	-	1.4

1 Indexed at 100.

2 Closing price.

3 VWAP – volume-weighted average price.

4 In 9M 2023, the total (ORS and GDRs) turnover was EUR 57.11 million (EUR 44.30 million on Nasdaq Vilnius exchange and EUR 12.81 million on LSE), whereas the average daily turnover totalled EUR 0.33 million (EUR 0.23 million on Nasdaq Vilnius exchange and EUR 0.10 million on LSE).

Selected investor-related events and financial calendar

12 August 2024	S&P Global Ratings reaffirmed 'BBB+' (stable outlook) credit rating
13–14 September 2024	Investor Day 2024
26 February 2025	(i) Integrated Annual Report 2024 assessed by auditors with limited assurance report on sustainability information, audited annual financial statements for 2024, and proposed allocation of profit (loss) (ii) Twelve months 2024 interim report
26 March 2025	Annual General Meeting of Shareholders
8 April 2025	Expected Ex-Dividend Date (for ordinary registered shares)
9 April 2025	Expected Record Date for dividend payments (for ordinary registered shares)
14 May 2025	First three months 2025 interim report
13 August 2025	First six months 2025 interim report
10 September 2025	Extraordinary General Meeting of Shareholders (regarding the potential allocation of dividends for the six-month period ended on 30 June 2025)
23 September 2025	Expected Ex-Dividend Date (for ordinary registered shares)
24 September 2025	Expected Dividend Record Date (for ordinary registered shares)
12 November 2025	First nine months 2025 interim report

Financial calendar is available on our website and is immediately updated if there are any changes.

Selected relevant information

Investor relations webpage Dividend Policy

General Meetings of Shareholders

Credit rating

Financial calendar

Shareholders composition (at the end of the reporting period)1

Parameters of the securities issues

	Nasdaq Vilnius	LSE	Combined
Type	Ordinary registered shares (ORS)	Global Depositary Receipts (GDR)	-
ISIN-code	LT0000115768	Reg S: US66981G2075 Rule 144A: US66981G1085	-
Ticker	IGN1L	IGN	-
Nominal value, EUR	-	-	22.33 per share
Number of shares (share class)2	-	-	72,388,960 (one share class)
Number of treasury shares (%)	-	-	-
Free float, shares (%)	-	-	18,105,203 (25.01%)
ORS vs GDRs split	76.25%	23.75%	100%

1 No other parties besides the Majority Shareholder (Ministry of Finance of the Republic of Lithuania) holds more than 5% of the parent company's share capital.

2 They are all the same class of shares, each entitled to equal voting and dividend rights, specifically – one vote at the General Meetings of Shareholders, and to equal dividend.

Business overview

2.1 Integrated business model and strategy 19 2.2 Investment program 20 2.3 Business environment 25

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2.1 Integrated business model and strategy

Ignitis Group is a renewables-focused integrated utility, benefiting from the largest customer portfolio, energy storage facility and network in the Baltics. The Group is active in the Baltic states, Poland and Finland.

In 2023, we updated our Strategy to strengthen our contribution to the decarbonisation and energy security in our region by accelerating the green transition and electrification in the Baltics and Poland while creating a purely green energy system. We aim to increase our Green Capacities by around 4 times, from 1.3 GW in 2023 to 4–5 GW by 2030, and target to reach net zero emissions by 2040–2050.

We are focusing on our purpose-driven priorities defined in the Strategy. Every year we publish a 4-year strategic plan. It defines our strategic priorities, our focus areas and key targets. Please visit our Strategy page of the Group's website to get acquainted with the latest Strategic Plan 2024–2027 and other related information.

Our purpose is to create a 100% green and secure energy ecosystem for current and future generations

Adjusted EBITDA 2023

Based on installed capacity. Based on the network size and the number of customers. Based on the number of customers. Note: 30 September 2024 data, except for Adjusted EBITDA.

Green Capacities

Installed capacity: 1.4 GW Pipeline: 6.3 GW Total portfolio: 7.7 GW

#1 in Lithuania1 #2 in the Baltics1

Strategic focus

Delivering 4–5 GW of installed green generation and green flexibility capacity by 2030

Networks

Fully regulated country-wide natural monopoly

Regulated asset base (RAB): EUR 1.6 bn

Strategic focus Expanding a resilient and efficient network that enables electrification

Customers & Solutions

The largest customer portfolio in the Baltics: 1.4 million customers

Strategic focus

Utilising customer portfolio to enable Green Capacities build-out

Reserve Capacities

Highly regulated gas-fired power plants mainly operating as system reserve

1 in Lithuania1 #2 in the Baltics1

Strategic focus

Contributing to the security of the energy system

2.2 Investment program

Overview

The Group makes investment decisions based on a four-year investment plan. Over the period of 2024– 2027, the Group targets to invest EUR 3.0–4.0 billion, or around EUR 750–1,000 million annually, primarily towards sustainable growth in the Green Capacities and Networks business segments. Out of the total, around 61% of the Investments are directed towards the Green Capacities expansion, while around 33% of the Investments are focused on the Networks segment, its maintenance and expansion.

To successfully implement our investment plan while achieving financial targets, including our commitment to increase dividends annually, we have established and apply a disciplined investment policy. The latest information on the key ongoing investment projects is presented below. More information on the investment program, including the investment strategy, is available in the Strategy page on our website.

Green Capacities

Overview

In 9M 2024, we increased our Green Capacities Portfolio by 0.6 GW to 7.7 GW (from 7.1 GW). This is mainly a result of greenfield capacity additions as we secured land for the development of hybrid projects (314 MW), i.e., we are planning to develop wind farms near our Latvian solar projects, and secured grid connection capacity for our first BESS projects (<290 MW) in Lithuania. We also increased our Installed Capacity to 1.4 GW (from 1.3 GW) as Silesia WF I (50 MW) in Poland has reached COD in March, Vilnius CHP biomass unit in Lithuania reached full COD for the remaining 21 MWth and 21 MWe capacities in May, and Tauragė SF (22.1 MW) has reached COD in July. Our Secured Capacity increased by 0.2 GW to 3.1 GW (from 2.9 GW) as Tume SF (173.6 MW) in Latvia has reached the construction phase.

The implementation of the Green Capacities Portfolio is progressing as planned with no significant changes since Q2 2024.

Key Green Capacities Portfolio development milestones

During the reporting period

– We, together with our partner CIP, won the second seabed site (Liivi 1) in the Estonian offshore wind tender and see the site as a natural extension of the Liivi 2 seabed site (secured in December 2023). This will allow us to capture greater synergies and optimise the projects by developing the sites as a single offshore wind project. The actual capacity of the offshore wind farm is expected to be 1–1.5 GW.

Silesia WF I (50 MW) in Poland has reached COD.
We have launched an environmental impact assessment for the Curonian Nord project.
We have started taking wind and meteorological measurements in the Baltic Sea for the Curonian Nord project.

Q3

Tauragė SF (22.1 MW) in Lithuania has reached COD.
Kelmė WF (300 MW) in Lithuania supplied the first power to the grid.
We made a Final Investment Decision regarding a 174 MW Tume SF in Latvia.
We signed a 4-year PPA with Akmenės Cementas, a Lithuanian cement producer (owned by Schwenk Zement Beteiligungen), which will receive electricity from Mažeikiai WF (63 MW). The power supply will start in 2026.
We have secured additional grid connection capacity for a 38 MW BESS project in Lithuania.
Q2
- Vilnius CHP biomass unit has reached full COD (71 MWe, 170 MWth).
- The first wind turbine has been erected in the largest wind farm under construction in the Baltics at Kelmė WF (300 MW) in Lithuania.
- We have secured land for the development of hybrid projects (314 MW), i.e., we are planning to develop wind farms near our Latvian solar projects.
We have secured grid connection capacity for our first BESS projects (<260 MW) in Lithuania.
We submitted a bid in the tender for the second 700 MW Lithuanian offshore wind project. However, due to the limited number of participants, the tender did not convene.

Construction of the Kelmė WF in Lithuania

After the reporting period

Silesia WF II (137 MW) in Poland supplied first power to the grid.
We took decisions to participate in Lithuania's second 700 MW offshore wind tender and seek partners.

Status of key investment projects / UNDER CONSTRUCTION

Project name	Silesia WF II	Polish solar portfolio3	Moray West offshore wind project4	Stelpe SF5	Vārme SF5	Kelmė WF I	Kelmė WF II	Tume SF	Kruonis PSHP expansion	TOTAL
Country	Poland	Poland	The United Kingdom	Latvia	Latvia	Lithuania	Lithuania	Latvia	Lithuania
Technology	Onshore wind	Solar	Offshore wind	Solar	Solar	Onshore wind	Onshore wind	Solar	Hydro
Capacity	137 MW	24 MW	882 MW	145 MW	94 MW	105.4 MW	194.6 MW	173.6 MW	110 MW	1.0 GW
Turbine / module / other type of unit manufacturer	38 x 3.6 MW Nordex	17 MW Jinko Solar; 7 MW JA Solar	60 x 14.7 MW Siemens Gamesa	145 MW Trina Solar	94 MW Trina Solar	16 x 6.6 MW Nordex	28 x 7.0 MW Nordex	173.6 MW TBD	1 x 110 MW Voith Hydro
Investment	~EUR 240 million2	~EUR 19 million	Not disclosed	~EUR 112 million2	~EUR 66 million2	~EUR 190 million2	~EUR 360 million2	~EUR 105.8 million ~EUR 150 million		~EUR 1.2 billion6
Investments made by 30 September 2024	~EUR 235 million	~EUR 14 million	Not disclosed	~EUR 30 million	~EUR 24 million	~EUR 161 million	~EUR 273 million	~EUR 2 million	~EUR 32 million	~EUR 0.8 billion6
Proportion of secured revenue1	100%	100%	85%	50%	50%	65%	65%	51%	0%
Type of secured revenue	CfD / PPA	CfD	CfD / PPA	PPA	PPA	PPA	PPA	PPA	-
Ownership	100%	100%	5%4	100%	100%	100%	100%	100%	100%
Partnership	n/a	n/a	Ocean Winds	n/a	n/a	n/a	n/a	n/a	n/a
Progress
FID made	+	+	+	+	+	+	+	+	+
WTGs erected (units) / Solar modules & inverters installed (MW) / Other type of turbines or units installed (units)	38 / 38	14 / 24	50 / 60	0 / 145	0 / 94	16 / 16	12 / 28	0 / 173.6	0 / 1
First power / heat to the grid supplied	+	+	+	-	-	-	-	-	-
Expected COD	Q1 2025	H1 2025	2025	2025	2025	2025	2025	2026	2026
Status	On track	Time delay	On track	On track	On track	On track	On track	On track	On track

1 Secured revenue timeframe differs on a project-by-project basis.

2 Including project acquisition and construction works.

3 In order to ensure the Group's target return, the scope of the project has been reassessed. As a result, the capacity, investment and COD date have been updated.

4 As the Group owns a minority stake of 5%, the project's capacity is not consolidated and is not reflected in the data of Green Capacities Portfolio.

5 Previously reported Latvian solar portfolio I was split into two projects – Vārme solar farm and Stelpe solar farm.

6 Excluding not disclosed investments.

Status of key investment projects / AWARDED / CONTRACTED

Project name	Curonian Nord
Country	Lithuania
Technology	Offshore wind
Capacity	700 MW
Investment	Not disclosed
Proportion of secured revenue1	0%
Type of secured revenue	-
Ownership	51%
Partnership	Ocean Winds
Progress
Seabed secured	+
Grid connection capacity secured	+
EIA completed	-
Expected COD	~2030
Status	On track

1 Secured revenue timeframe differs on a project-by-project basis.

Local community education about Curonian Nord offshore wind park

Networks

Since the end of 2023, we have successfully continued working on grid maintenance and expansion, including the smart meter roll-out. Smart meter installation for private and business customers whose energy consumption exceeds 1,000 kWh a year began in July 2022 and smoothly continues today. Over 9M 2024, around 239 thousand smart meters were installed, reaching 968 thousand installed smart meters in total (out of more than 1.2 million smart meters to be installed in 2026). The smart metering system was successfully deployed at the end of 2023. In 2024, we are enhancing current and developing new features. The integration of the smart meter information system with the distribution management system is underway, with complete integration estimated by mid-2025. Readings HUB, a cloud-based big data platform for smart meters, was successfully launched in June 2024. We are now integrating data into it and setting up analytical algorithms. Additionally, a project to calculate electricity network losses using smart meter data has been initiated.

We have updated our 10-year (2024–2033) investment plan for the distribution networks and have submitted it for public consultation and coordination to NERC. It foresees a 1.4-times increase in Investments to EUR 3.5 billion. The previous 10-year investment plan submitted to NERC projected EUR 2.5 billion in Investments for 2022–2031. The planned Investments continue to focus on the two main areas: improving the network resiliency and efficiency (~38% of the planned Investments) as well as expanding the electricity network and facilitating the market (~57%). The maintenance of the natural gas network represents ~5% of the total planned Investments.

Status of key investment projects

Project name	Electricity network expansion and facilitation of energy market	Maintenance and other	TOTAL
Country	Lithuania	Lithuania	–
Investments 2024–2033 (10-year investment plan)1	~EUR 1.9 billion	~EUR 1.6 billion	~EUR 3.5 billion
Investments 2024–2027 (Strategic plan)	~EUR 620–750 million	~EUR 480–580 million	~EUR 1.1–1.3 billion
Investments covered by customers and grants (3-year average)	31.0% (covered by customers' fees)	10.7% (covered on a project-by-project basis by EU funds and customer's fees)	21.7%
Ownership	100%	100%	100%
Progress	In 9M 2024, 30,735 new electricity customers were connected and 14,324 capacity upgrades were carried out. It resulted in around 2,348 km of new power lines (286 km in Q3 2024).	In 9M 2024, around 569 km of power lines were reconstructed (240 km in Q3 2024). Around 95% of the reconstructed power lines were replaced with underground cables.
Status	On track	On track

1 The figures represent the latest 10-year (2024–2033) investment plan submitted to the regulator (NERC) for approval.

2.3 Business environment

The Group's performance continues to be affected by macroeconomic and industry dynamics, particularly in the specific markets in which it operates. In order to assess the business environment and identify potential opportunities and challenges, we closely monitor economic indicators and industry developments. Our commitment to providing a comprehensive overview extends to highlighting relevant changes in the regulatory framework, ensuring a nuanced understanding of the markets in which we operate.

Macroeconomic environment

GDP

In 9M 2024, GDP in the euro area and European Union (EU) has increased compared to the same period of 2023. Looking ahead, the GDP in the euro area is expected to slow down a bit and increase by 0.8% in 2024 and 1.4% in 2025. On a similar note, the EU's GDP is expected to grow by 1.0% and 1.6% respectively. In 9M 2024 Lithuania's GDP increased by 2.3% YoY. It is expected to slow down a bit and increase by 2.0% in 2024 and increase by 2.9% in 2025. According to Eurostat's spring forecast, our home markets' GDP growth prospects for 2024 and 2025 surpass the EU and the euro area, except for Estonia in 2024 and Finland in 2024 and 2025.

Inflation

In 9M 2024 the annual inflation rate in the euro area settled around 2.1%, down from 2.4% in June 2024. Among our home market countries, Poland recorded the highest inflation rate reaching 4.2% in June 2024, exceeding both the euro area and EU averages. Poland is also projected to maintain the highest harmonised CPI levels throughout 2024 and 2025. On the other hand, Lithuania, which has the lowest inflation rate among our home markets, is expected to increase it in 2024 and 2025 to reach the EU and euro area averages. All other home market countries are expected to have inflation rates either slightly below or similar to the EU and euro area.

GDP change, %

	9M 2024 vs 9M 2023	2024F	2025F
Lithuania	+2.3	+2.0	+2.9
Latvia	(1.4)	+1.7	+2.6
Estonia	- 1	(0.5)	+3.1
Finland	- 1	+0.0	+1.4
Poland	-1	+2.8	+3.4
Euro area	+0.9	+0.8	+1.4
EU	+0.9	+1.0	+1.6

Source: Eurostat. 1 No data is released yet.

Inflation rate change measured by harmonised CPI, %

	9M 2024	2024F	2025F
Lithuania	+0.4	+2.4	+2.4
Latvia	+1.6	+2.2	+2.2
Estonia	+3.2	+3.2	+1.9
Finland	+1.0	+1.4	+1.5
Poland	+4.2	+5.2	+4.7
Euro area	+1.7	+2.7	+2.2
EU	+2.1	+3.0	+2.5

Source: Eurostat.

Industry environment

Overview of energy industry trends

The prices in the wholesale electricity market, Nord Pool, fell in 9M 2024 across all the bidding areas compared to the same period in 2023. This was a result of normal hydro balances in Scandinavia, lower gas prices and significant growth in renewables generation, driven by favourable weather as well as wind and solar capacity additions. The maintenance of the power lines related to the preparations for the synchronisation with the EU power grid caused price differences between the Scandinavian and Baltic regions. Additionally, the periods with negative prices have increased, highlighting the need for flexible solutions, such as BESS and hydrogen, to reduce the market volatility.
Electricity generation has increased, mostly in Lithuania, which generated 43.9% more electricity compared to 9M 2023, thanks to higher wind (increased by 44.5%) and solar (increased by 116.1%) generation levels. Thermal generation has also increased due to lower imports from Finland. Electricity demand in 9M 2024 has increased due to colder weather in Q1 and heat waves in Q3, which increased the cooling demand by 5.3%.
The pressure on the wholesale natural gas market has eased a bit due to healthy storage levels, expanded LNG import capacities and reduced consumption, but geopolitical risks may still drive potential fluctuations. The natural gas demand in the Baltics remains up year-on-year, with the Baltics and Finland tracking a 22% increase (2% decrease in Europe), though it still remains below the 5-year average at -34% (-20% in Europe).

Electricity

Consumption, TWh
	9M 2024	9M 2023	∆, %
Lithuania	8.9	8.5	4.8%
Latvia	5.1	4.7	8.5%
Estonia	5.8	5.8	0.8%
Finland	60.0	56.2	6.9%
Poland	121.5	122.1	(0.5%)
Total	201.3	197.3	2.0%

Generation, TWh

	9M 2024	9M 2023	∆, %
Lithuania	6.2	4.3	43.9%
Latvia	4.9	4.4	12.7%
Estonia	3.6	3.5	4.8%
Finland	55.1	53.4	3.0%
Poland	111.2	108.5	2.6%
Total	181.0	174.1	4.0%

Natural gas

Consumption, TWh

	9M 2024	9M 2023	∆, %
Lithuania	12.4	9.3	33.0%
Latvia	6.3	5.3	18.9%
Estonia	2.6	2.2	21.7%
Finland	10.6	9.3	14.1%
Poland	135.8	123.4	10.1%
Total	167.7	149.5	12.2%

Consolidated statement of profit or loss, EURm 3.1 Results 9M

Revenue

In 9M 2024, total revenue decreased by EUR 220.5 million compared to 9M 2023 and amounted to EUR 1,621.1 million. The main reason for the decrease was lower revenue in the Customers & Solutions segment, which outweighed the increase of revenue in all the remaining segments. A more detailed information is provided in section '6 Consolidated financial statements', note '6 Revenue'.

The Customers & Solutions segment's revenue was 28.5%, or EUR 343.7 million, lower than in 9M 2023. The YoY decrease in revenue was recorded in both natural gas and electricity activities. Revenue from natural gas activities decreased the most (EUR -273.3 million), mainly due to the lower average TTF gas price index (-37.0%) and lower volume supplied (-10.6%).

The Networks segment's revenue was 20.3%, or EUR 86.3 million, higher compared to 9M 2023. The increase was mainly driven by higher revenue from electricity transmission activities (EUR +108.0 million). The result was partly offset by lower revenue from electricity distribution activities (EUR -17.7 million) due to the lower tariffs set by the regulator. The decrease in electricity distribution tariffs was mainly caused by lower expenses from electricity distribution technological losses, which have decreased due to lower electricity purchase prices.

	9M 2024	9M 2023	∆	∆, %	9M 2024	9M 2023	∆	∆, %
	Adjusted			Reported
Total revenue	1,620.3	1,838.7	(218.4)	(11.9%)	1,621.1	1,841.6	(220.5)	(12.0%)
Purchase of electricity, natural gas and other services	(982.9)	(1,300.2)	317.3	(24.4%)	(982.9)	(1,300.2)	317.3	(24.4%)
Ineffective energy hedging expenses	-	(6.0)	6.0	(100.0%)	-	(6.0)	6.0	(100.0%)
OPEX	(240.4)	(187.2)	(53.2)	28.4%	(240.4)	(187.2)	(53.2)	28.4%
Salaries and related expenses	(120.1)	(96.6)	(23.5)	24.3%	(120.1)	(96.6)	(23.5)	24.3%
Repair and maintenance expenses	(54.1)	(37.8)	(16.3)	43.1%	(54.1)	(37.8)	(16.3)	43.1%
Other OPEX	(66.2)	(52.8)	(13.4)	25.4%	(66.2)	(52.8)	(13.4)	25.4%
EBITDA	397.0	345.3	51.7	15.0%	397.8	348.2	49.6	14.2%
Depreciation and amortization	(131.9)	(112.4)	(19.5)	17.3%	(131.9)	(112.4)	(19.5)	17.3%
Write-offs, revaluation and impairment losses of property, plant and equipment and intangible assets	(1.1)	(1.9)	0.8	(42.1%)	(1.1)	(1.9)	0.8	(42.1%)
Operating profit (EBIT)	264.0	231.0	33.0	14.3%	264.8	233.9	30.9	13.2%
Finance activity, net	(26.0)	(18.0)	(8.0)	44.4%	(26.0)	2.2	(28.2)	n/a
Income tax (expenses)/benefit	(24.7)	(20.0)	(4.7)	23.5%	(24.8)	(23.5)	(1.3)	5.5%
Net profit	213.3	193.0	20.3	10.5%	214.0	212.6	1.4	0.7%
Basic earnings per share (in EUR)	n/a	n/a	n/a	n/a	2.96	2.94	0.02	0.7%
Revenue, EURm
	9M 2024	9M 2023	∆	∆, %

	9M 2024	9M 2023
Customers & Solutions	860.8	1,204.5	(343.7)	(28.5%)
Networks	511.7	425.4	86.3	20.3%
Green Capacities	284.9	237.3	47.6	20.1%
Reserve Capacities	96.7	85.6	11.1	13.0%
Other activities and eliminations	(133.1)	(111.2)	(21.9)	(19.7%)
Total revenue	1,621.1	1,841.6	(220.5)	(12.0%)

The Green Capacities segment's revenue was 20.1%, or EUR 47.6 million, higher compared to 9M 2023. The segment's revenue increased primarily as a result of the launch of new assets (Mažeikiai WF, Silesia WF I and Vilnius CHP biomass unit) and higher captured electricity prices, mainly due to the flexibility of the assets.

The Reserve Capacities segment's revenue was 13.0%, or EUR 11.1 million, higher than in 9M 2023. The increase was mainly related to favourable market conditions and utilisation of all three units in Elektrėnai Complex.

EBITDA

In 9M 2024, Adjusted EBITDA amounted to EUR 397.0 million and was EUR 51.7 million, or 15.0%, higher than in 9M 2023.

The Green Capacities segment's Adjusted EBITDA was 17.2%, or EUR 26.5 million, higher compared to 9M 2023. Adjusted EBITDA increased primarily as a result of the launch of new assets (Mažeikiai WF, Silesia WF I and Vilnius CHP biomass unit) and higher captured electricity prices, mainly due to the flexibility of the assets.

The Networks segment's Adjusted EBITDA was EUR 36.9 million higher than in 9M 2023, mainly due to the higher RAB effect and higher WACC. Also, the Adjusted EBITDA increase was partly related to the higher share of allowed return, D&A and additional tariff component recognised in 9M 2024 vs 9M 2023 due to the temporary volume effect. This effect will level off over the course of the year as annual ROI, compensated depreciation and amortisation and additional tariff component are fixed for the year but allocated between the months based on the distributed volumes.

The Reserve Capacities segment's Adjusted EBITDA was 4.2%, or EUR 1.6 million, lower than in 9M 2023. Strong performance during both periods was driven by the utilised option to earn additional return in the market on top of the regulated return. However, the YoY decrease is related to the fact that in Q1 2023 the conditions to earn additional return in the market were extraordinary.

The Customers & Solutions segment's Adjusted EBITDA was EUR 9.8 million lower than in 9M 2023. The decrease was driven by lower B2B natural

	9M 2024	9M 2023	∆	∆, %
Green Capacities	180.9	154.4	26.5	17.2%
Networks	165.6	128.7	36.9	28.7%
Reserve Capacities	36.7	38.3	(1.6)	(4.2%)
Customers & Solutions	11.1	20.9	(9.8)	(46.9%)
Other activities and eliminations	2.7	3.0	(0.3)	(10.0%)
Adjusted EBITDA	397.0	345.3	51.7	15.0%

EBITDA, EURm

Green Capacities
Networks
Customers & Solutions
Other activities and eliminations

gas supply results, mainly due to larger reduction of COGS in 9M 2023 from inventory write down reversal. The decrease was partly offset by lower loss from B2C electricity supply activities and better B2B electricity supply results in Latvia and Poland.

Operating profit (EBIT)

In 9M 2024, Adjusted EBIT amounted to EUR 264.0 million and was EUR 33.0 million, or 14.3%, higher than in 9M 2023. The main effect of the increase was higher Adjusted EBITDA (EUR +51.7 million) (the reasons behind the increase are described in the 'EBITDA' section above), which was partly offset by higher depreciation and amortisation expenses (EUR -19.5 million).

Net profit

In 9M 2024, Adjusted Net Profit amounted to EUR 213.3 million and was EUR 20.3 million, or 10.5%, higher than in 9M 2023 . The increase is related to the positive EBIT impact (EUR +33.0 million), which was partly offset by higher interest (EUR -8.6 million) and income tax (EUR -4.7 million) expenses.

Operating profit (EBIT), EURm
-------------------------------	--	--	--

	9M 2024	9M 2023	∆	∆, %
Green Capacities	148.2	132.7	15.5	11.7%
Networks	82.3	52.2	30.1	57.7%
Reserve Capacities	28.6	30.2	(1.6)	(5.3%)
Customers & Solutions	9.1	18.6	(9.5)	(51.1%)
Other activities and eliminations	(4.2)	(2.7)	(1.5)	(55.6%)
Adjusted EBIT	264.0	231.0	33.0	14.3%

Investments

In 9M 2024, Investments amounted to EUR 583.7 million and were EUR 50.0 million, or 7.9%, lower compared to 9M 2023. The decrease was driven by lower Investments into Green Capacities and Networks segments.

The largest share of Investments was made in the Green Capacities segment (57.4% of the total Investments). The total Investments in the Green Capacities segment decreased by EUR 26.7 million, totalling EUR 335.2 million. The main reason for the decrease was successful completion of several major projects. During the last twelve months, Silesia WF I and Vilnius CHP biomass unit have reached COD, while Silesia WF II has reached its final development stage, with COD expected in Q1 2025.

Investments in the Networks segment in 9M 2024 amounted to EUR 217.1 million and were 12.0%, or EUR 29.5 million, lower compared to 9M 2023. The decrease is mainly related to lower Investments in the smart meters which have decreased by EUR 13.8 million, or 42.2%, as the majority of smart meters

were installed last year, causing a gradual decline in the number of smart meters being installed over the 9M 2024 period.

In 9M 2024, grants and Investments covered by customers amounted to EUR 52.6 million and accounted for 9.0% of the total Investments. A part of the Investments into the Networks segment that are related to new connections, upgrades and infrastructure equipment transfers were covered by customers (EUR 49.1 million). Also, in 9M 2024 the Group has received EUR 3.5 million in grants for Investments which are related to the maintenance of electricity and natural gas distribution networks.

In 9M 2024, EUR 498.4 million were invested in Lithuania. This amount represents 85.4% of the total Investments.

Investments by segment, EURm

	9M 2024	9M 2023	∆	∆, %
Green Capacities	335.2	361.9	(26.7)	(7.4%)
Onshore wind	246.5	229.3	17.2	7.5%
Solar	48.3	35.7	12.6	35.3%
Offshore wind	16.1	28.0	(11.9)	(42.5%)
Hydro	13.5	23.1	(9.6)	(41.6%)
Biomass/WtE	10.1	45.2	(35.1)	(77.7%)
Other	0.7	0.6	0.1	16.7%
Networks	217.1	246.6	(29.5)	(12.0%)
Total electricity network investments:	201.9	228.5	(26.6)	(11.6%)
Expansion of electricity distribution network (excl. smart meters)	126.7	132.9	(6.2)	(4.7%)
Expansion of electricity distribution network (smart meters)	18.9	32.7	(13.8)	(42.2%)
Maintenance of the electricity distribution network	56.3	62.9	(6.6)	(10.5%)
Total gas network investments:	9.7	9.8	(0.1)	(1.0%)
Expansion of gas distribution network	4.7	5.5	(0.8)	(14.5%)
Maintenance of the gas distribution network	5.0	4.3	0.7	16.3%
Other	5.5	8.3	(2.8)	(33.7%)
Customers & Solutions	17.1	5.4	11.7	216.7%
Reserve Capacities	2.3	2.3	-	-%
Other activities and eliminations	12.0	17.5	(5.5)	(31.4%)
Investments	583.7	633.7	(50.0)	(7.9%)
Total grants and Investments covered by customers:	(52.6)	(56.0)	3.4	(6.1%)
Grants	(3.5)	(14.5)	11.0	(75.9%)
Investments covered by customers1	(49.1)	(41.5)	(7.6)	18.3%
Investments (excl. grants and investments covered by customers)	531.1	577.7	(46.6)	(8.1%)

Distribution of Investments, %

Green Capacities
Networks
Customers & Solutions
Other activities and eliminations

Investments by countries, EURm

	9M 2024		9M 2023 9M 2024 , %	9M 2023 , %
Lithuania	498.4	434.3	85.4%	68.5%
Other countries2	85.3	199.4	14.6%	31.5%
Total Investments:	583.7	633.7	100.0%	100.0%

1 Investments covered by customers include new connections and upgrades, and infrastructure equipment transfers. 2 Other countries mainly represent investments in Latvia, Poland and the United Kingdom.

Capital Employed

As of 30 September 2024, the Group's Capital Employed amounted to EUR 3,820.9 million and increased by EUR 240.0 million compared to 31 December 2023, mainly due to significant Investments made.

Equity

As of 30 September 2024, Equity increased by EUR 108.7 million, or 4.8%, compared to 31 December 2023, mostly due to the net profit earned in 9M 2024 (EUR +214.0 million). The increase was partly offset by the dividends declared (EUR -94.5 million). A more detailed description is provided in section '6 Consolidated financial statements', note '14 Equity'.

Net Working Capital

As of 30 September 2024, Net Working Capital amounted to EUR 116.2 million and decreased by EUR 59.0 million compared to 31 December 2023. The main drivers behind the changes were lower trade receivables (EUR -37.3 million), mainly in the Customers & Solutions segment, due to lower energy prices and lower volumes sold.

Capital employed, EURm

	30 Sep 2024	31 Dec 2023	∆	∆, %
Non-current assets	4,553.7	4,216.9	336.8	8.0%
Net Working Capital	116.2	175.2	(59.0)	(33.7%)
Other assets	67.0	15.4	51.6	335.1%
Grants and subsidies	(291.0)	(300.1)	9.1	(3.0%)
Deferred income	(273.5)	(241.6)	(31.9)	13.2%
Deferred tax liabilities	(80.3)	(87.4)	7.1	(8.1%)
Non-current provisions	(63.1)	(60.7)	(2.4)	4.0%
Other assets and liabilities	(208.1)	(136.8)	(71.3)	52.1%
Capital Employed	3,820.9	3,580.9	240.0	6.7%
Equity	2,372.1	2,263.4	108.7	4.8%
Net Debt	1,448.8	1,317.5	131.3	10.0%
Adjusted ROCE LTM	10.3%	9.8%	0.5 pp	n/a

Financing

Net Debt

As of 30 September 2024, Net Debt amounted to EUR 1,448.8 million and was 10.0%, or EUR 131.3 million, higher compared to 31 December 2023, mainly due to negative FCF and dividends paid. FFO LTM/ Net Debt ratio increased to 34.2% as the FFO LTM growth rate exceeded the growth of Net Debt. A more detailed description is provided in section '6 Consolidated financial statements', note '15 Financing'.

Interest rate

As of 30 September 2024, financial liabilities amounting to EUR 1,321.5 million were subject to a fixed interest rate (79.7% of Gross Debt), and the remaining amount of financial liabilities were subject to a floating interest rate with an effective interest rate of 2.61%.

Currency rate

As of 30 September 2024, 94.8% of the total debt is in EUR, and 5.2% in PLN.

Maturities

Bonds maturing in 2027 (EUR 300.0 million, green), in 2028 (EUR 300.0 million, green) and in 2030 (EUR 300.0 million) comprise the largest portion of the Group's financial liabilities. The average maturity of financial liabilities as of 30 September 2024 was 4.9 years (5.8 years on 31 December 2023).

Cash and cash equiv.	(209.7)	(205.3)	(4.4)	2.1%
Net Debt	1,448.8	1,317.5	131.3	10.0%
Net Debt / Adjusted EBITDA LTM	2.70	2.72	(0.02)	(0.7%)
Net Debt / EBITDA LTM	2.60	2.60	-	-%
FFO LTM / Net Debt	34.2%	29.4%	4.8 pp	n/a

Debt summary, EURm

Net debt, EURm

	Outstanding as of 30 Sep 2024	Effective interest rate (%)	Average time to maturity (years)	Fixed interest rate	Euro currency
Bonds (incl. interest)	897.8	1.96	4.0	100.0%	100.0%
Non-current loans including current portion of non-current loans	630.8	3.23	6.5	67.2%	87.6%
Bank overdrafts, credit lines, and current loans	75.0	5.27	1.6	0.0%	100.0%
Lease liabilities	54.9	-	5.9	0.0%	84.5%
Gross Debt	1,658.5	2.61	4.9	79.7%	94.8%

30 Sep 2024 31 Dec 2023

Gross Debt 1,658.5 1,633.2 25.3 1.5% Short-term deposits (including accrued interests) - (110.4) 110.4 (100.0%)

As of 30 September 2024, one loan with a floating interest rate (with an outstanding debt of EUR 95.3 million) was reclassified as a fixed interest rate loan because an interest rate swap was carried out for this loan.

∆ ∆, %

Bond issues

The Group has three bond issues with a total nominal outstanding amount of EUR 900.0 million. Two of them are green bonds (EUR 600.0 million).

During the reporting period, there have been no material changes regarding the bonds. The related information, including the structure of the bondholders as of the issue date, is available in section '7.1 Further investor related information' of our Integrated Annual Report 2023.

Outstanding bond issues

	2017 issue	2018 issue	2020 issue
ISIN-code	XS1646530565	XS1853999313	XS2177349912
Currency	EUR	EUR	EUR
Nominal amount	300,000,000	300,000,000	300,000,000
Coupon	2.000	1.875	2.000
Maturity	17 July 2027	10 July 2028	21 May 2030
Credit rating	BBB+	BBB+	BBB+

1 The nominal value of the issued bonds amounts to EUR 900 million. As of 30 September 2024, bonds accounted for EUR 893.1 million in the Consolidated statement of financial position as the nominal remaining capital will be capitalised until maturity according to IFRS.

Cash flows

CFO

Net cash flows from operating activities (CFO) in 9M 2024 amounted to EUR 526.1 million. Compared to 9M 2023, CFO decreased by EUR 23.4 million, mainly due to the lower cash inflow from changes in the working capital (EUR 115.3 million in 9M 2024 compared to EUR 340.6 million in 9M 2023). The decrease was partly offset by the lower reversal of inventory write down to net realisable value (EUR -13.4 million in 9M 2024 compared to the reversal of write down to net realisable value of EUR -99.0 million in 9M 2023).

CFI

Net cash flows from investing activities (CFI) amounted to EUR -441.0 million in 9M 2024. The CFI indicator was less negative (EUR +183.2 million), mainly due to the withdrawal of deposits in the amount of EUR +109.0 million, while in 9M 2023 the Group made a deposit in the amount of EUR -50.0 million.

CFF

Net cash flows from financing activities (CFF) amounted to EUR -80.7 million in 9M 2024. CFF was negative mainly due to the dividends (EUR -46.5 million) and interest (EUR -38.8 million) paid. In comparison, CFF in 9M 2023 amounted to EUR -166.5 million and was negative due to the repaid credit lines and overdrafts (EUR -342.3 million), which was partly offset by additional loans received in the amount of EUR 275.8 million.

A more detailed information is provided in section '6.5 Interim condensed consolidated statement of cash flows'.

FFO

In 9M 2024, the Group's FFO increased by 44.4% (EUR +108.6 million) and amounted to EUR 353.0 million. The main reasons for the increase were higher EBITDA and lower income tax paid.

FCF

In 9M 2024, the Group's FCF amounted to EUR -124.5 million. The main reason for the negative FCF was significant Investments made. Negative FCF was partially offset by FFO and the positive changes in the Net Working Capital.

Cash flows, EURm

	9M 2024	9M 2023	∆	∆, %
Cash and cash equiv. at the beginning of the period	205.3	694.1	(488.8)	(70.4%)
CFO	526.1	549.5	(23.4)	(4.3%)
CFI	(441.0)	(624.2)	183.2	29.3%
CFF	(80.7)	(166.5)	85.8	51.5%
Increase (decrease) in cash and cash equiv.	4.4	(241.2)	245.6	n/a
Cash and cash equiv. at the end of period	209.7	452.9	(243.2)	(53.7%)

FFO and FCF, EURm

	9M 2024	9M 2023	∆	∆, %
EBITDA	397.8	348.2	49.6	14.2%
Interest paid	(38.8)	(32.2)	(6.6)	20.5%
Income tax paid	(6.0)	(71.5)	65.5	(91.6%)
FFO	353.0	244.4	108.6	44.4%
Interests received	5.7	8.4	(2.7)	(32.1%)
Investments	(583.7)	(633.7)	50.0	(7.9%)
Grants received	3.5	14.6	(11.1)	(76.0%)
Cash effect of new connection points and upgrades	35.7	23.3	12.4	53.2%
Proceeds from sale of PPE and intangible assets1	2.3	1.2	1.1	91.7%
Change in Net Working Capital	59.0	226.5	(167.5)	(74.0%)
FCF	(124.5)	(115.3)	(9.2)	(8.0%)

1 Cash inflow indicated in the statement line 'Proceeds from sale of PPE and intangible assets' exclude the gain or loss which is already included in FFO.

Key operating indicators

In 9M 2024, the Green Capacities Portfolio increased to 7.7 GW, up from 7.1 GW on 31 December 2023. This growth is primarily attributed to greenfield capacity additions, including the plots of land secured for the development of hybrid projects, i.e., wind farms near our Latvian solar parks, totalling 314 MW. Additionally, grid connection capacity was secured for the first BESS projects (<290 MW) in Lithuania. The Secured Capacity increased by 0.2 GW to 3.1 GW (from 2.9 GW) as Tume SF (173.6 MW) has reached the construction phase.

Electricity Generated (net) increased by 0.49 TWh, or 35.0%, YoY and in 9M 2024 amounted to 1.89 TWh. The increase in Electricity Generated (net) was driven by the generation of new assets (Green Capacities), including Mažeikiai WF, Silesia WF I and Vilnius CHP biomass unit.

The electricity sales were at a similar level as last year, amounting to 5.01 TWh.

The total distributed electricity volume rose by 0.31 TWh, or 4.4%, YoY, driven by higher consumption among B2B customers.

In 9M 2024, Heat Generated (net) amounted to 1.07 TWh and increased by 0.39 TWh, or 58.6%, YoY due to higher generation at Vilnius CHP.

The natural gas sales decreased by 0.70 TWh, or 10.6%, driven by lower wholesale volumes sold over 9M 2024 compared to the same period in 2023.

The natural gas distribution volume in Lithuania has increased by 0.63 TWh, or 15.5%, driven by rising production volumes in industrial companies.

Key operating indicators
		30 Sep 2024	31 Dec 2023	∆	∆, %
Electricity
Green Capacities Portfolio	GW	7.7	7.1	0.5	7.7%
Secured Capacity	GW	3.1	2.9	0.2	5.8%
Installed Capacity	GW	1.4	1.3	0.1	7.0%
Under Construction	GW	1.0	0.9	0.1	8.6%
Awarded / Contracted	GW	0.7	0.7	-	-%
Advanced Development Pipeline	GW	0.8	1.0	(0.2)	(18.8%)
Early Development Pipeline	GW	3.8	3.3	0.6	17.1%
Heat
Heat Generation Capacity	GW	0.4	0.3	0.0	0.3%
Installed Capacity	GW	0.4	0.3	0.0	6.4%
Under Construction	GW	-	0.0	(0.0)	(100.0%)
		9M 2024	9M 2023	∆	∆, %
Electricity
Electricity Generated (net)	TWh	1.89	1.40	0.49	35.0%
Green Electricity Generated (net)

	TWh	1.58	1.25	0.34	26.9%
Green Share of Generation	%	83.6%	89.0%	(5.3 pp)	n/a
Electricity sales	TWh	5.01	5.00	0.01	0.1%
Electricity distributed	TWh	7.34	7.03	0.31	4.4%
SAIFI	units	1.13	0.96	0.18	18.4%
SAIDI	min.	356	75	282	377.5%
Heat Heat Generated (net)	TWh	1.07	0.67	0.39	58.6%
Natural gas
Natural gas sales	TWh	5.94	6.64	(0.70)	(10.6%)

Generation Portfolio hedging levels1

1 Hedging levels are provided for the duration of the strategic period. 2 Most PPAs are concluded for the base load, therefore, the actual effective hedge price can differ from the price in the contract due to the profile effect. 3 Generation Portfolio includes the total electricity generation of Secured Capacity projects, excluding Kruonis PSHP as well as units 7, 8 and CCGT at Elektrėnai Complex. 4 Some of the PPAs are internal, the graph above illustrates the Green Capacities segment's outlook (generated volumes).

Installed Capacity and generation mix overview

Key financial indicators

		9M 2024	9M 2023	9M 2024 ∆ 9M 2023	∆, %
Total revenue	EURm	1,621.1	1,841.6	(220.5)	(12.0%)
Adjusted EBITDA	EURm	397.0	345.3	51.7	15.0%
Green Capacities	EURm	180.9	154.4	26.5	17.2%
Networks	EURm	165.6	128.7	36.9	28.7%
Reserve Capacities	EURm	36.7	38.3	(1.6)	(4.2%)
Customers & Solutions	EURm	11.1	20.9	(9.8)	(46.9%)
Other activities and eliminations	EURm	2.7	3.0	(0.3)	(10.0%)
Adjusted EBITDA margin	%	24.5%	18.8%	5.7 pp	n/a
EBITDA	EURm	397.8	348.2	49.6	14.2%
EBITDA margin	%	24.5%	18.9%	5.6 pp	n/a
Adjusted EBIT	EURm	264.0	231.0	33.0	14.3%
Operating profit (EBIT)	EURm	264.8	233.9	30.9	13.2%
EBIT margin	%	16.3%	12.7%	3.6 pp	n/a
Adjusted Net profit	EURm	213.3	193.0	20.3	10.5%
Net profit	EURm	214.0	212.6	1.4	0.7%
Net profit margin	%	13.2%	11.5%	1.7 pp	n/a
Investments	EURm	583.7	633.7	(50.0)	(7.9%)
Green Capacities	EURm	335.2	361.9	(26.7)	(7.4%)
Networks	EURm	217.1	246.6	(29.5)	(12.0%)
Reserve Capacities	EURm	2.3	2.3	-	-%
Customers & Solutions	EURm	17.1	5.4	11.7	216.7%
Other activities and eliminations	EURm	12.0	17.5	(5.5)	(31.4%)
FFO	EURm	353.0	244.4	108.6	44.4%
FCF	EURm	(124.5)	(115.3)	(9.2)	(8.0%)
Adjusted ROE LTM	%	13.7%	11.4%	2.3 pp	n/a
ROE LTM	%	14.4%	14.8%	(0.4 pp)	n/a
Adjusted ROCE LTM	%	10.3%	8.6%	1.7 pp	n/a
ROCE LTM	%	10.9%	11.4%	(0.5 pp)	n/a
ROA LTM	%	6.1%	6.2%	(0.1 pp)	n/a
Basic earnings per share	EUR	2.96	2.94	0.02	0.7%

Key financial indicators (cont.)

		30 Sep 2024	31 Dec 2023	2024 ∆ 2023	∆, %
Total assets	EURm	5,459.1	5,244.4	214.7	4.1%
Equity	EURm	2,372.1	2,263.4	108.7	4.8%
Net Debt	EURm	1,448.8	1,317.5	131.3	10.0%
Net Working Capital	EURm	116.2	175.2	(59.0)	(33.7%)
Net Working Capital/Revenue LTM	%	5.0%	6.9%	(1.9 pp)	n/a
Capital Employed	EURm	3,820.9	3,580.9	240.0	6.7%
Equity Ratio	times	0.43	0.43	-	-%
Net Debt/EBITDA LTM	times	2.60	2.60	-	-%
Net Debt/Adjusted EBITDA LTM	times	2.70	2.72	(0.02)	(0.7%)
Gross Debt/Equity	times	0.70	0.72	(0.02)	(2.8%)
FFO LTM/Net Debt	%	34.2%	29.4%	4.8 pp	n/a
Current Ratio	times	1.24	1.55	(0.31)	(20.0%)
Asset Turnover LTM	times	0.44	0.48	(0.04)	(8.3%)

3.2 Results Q3

Financial results

Revenue

Revenue in Q3 2024 increased by EUR 57.6 million, or 12.2%, in comparison to Q3 2023. The increase was mainly related to the higher revenue recorded in the Networks segment, which was mainly driven by the higher revenue from electricity transmission activities. Additionally, the increase is related to the higher revenue recorded in the Customers & Solutions segment, which was mainly driven by the natural gas supply activities.

Adjusted EBITDA

Adjusted EBITDA in Q3 2024 increased by EUR 15.4 million, or 16.8%, in comparison to Q3 2023. The increase was mainly related to the better results of the Networks segment, due to the higher RAB effect and higher WACC, and better results of the Reserve Capacities segment, due to favourable market conditions and utilisation of CCGT.

Key financial indicators, EURm

		Q3 2024	Q3 2023	∆	∆, %
Total revenue	EURm	528.8	471.2	57.6	12.2%
Adjusted EBITDA	EURm	107.2	91.8	15.4	16.8%
Adjusted EBITDA Margin	%	20.1%	20.2%	(0.1 pp)	n/a
EBITDA	EURm	103.6	108.3	(4.7)	(4.3%)
Adjusted EBIT	EURm	60.6	52.7	7.9	15.0%
Operating profit (EBIT)	EURm	56.9	69.1	(12.2)	(17.7%)
Adjusted Net Profit	EURm	48.7	42.9	5.8	13.5%
Net Profit	EURm	45.6	56.8	(11.2)	(19.7%)
Investments	EURm	161.4	231.1	(69.7)	(30.2%)
FFO	EURm	127.6	82.8	44.8	54.1%
FCF	EURm	(19.5)	(165.5)	146.0	88.2%

Adjusted Net Profit

In Q3 2024, Adjusted Net Profit increased by EUR 5.8 million, or 13.5%, in comparison to Q3 2023. The increase in Adjusted EBITDA (EUR +15.4 million) was partly offset by higher depreciation and amortisation expenses (EUR -7.5 million) and finance expenses (EUR -1.7 million).

Investments

Compared to Q3 2023, Investments have decreased following the successful completion of several major Green Capacities projects. During the last twelve months, Silesia WF I and Vilnius CHP biomass unit have reached COD, and Silesia WF II has reached its final development stage, with COD expected in Q1 2025.

Operating performance

As of 30 September 2024, the Green Capacities Portfolio remained flat at (7.7 GW). Secured Capacity increased to 3.1 GW (from 2.9 GW) as Tume SF (173.6 MW) has reached the construction phase.

Electricity Generated (net) increased by 0.14 TWh, or 31.3%. The increase was driven by higher generation at Vilnius CHP biomass unit and further supported by Kruonis PSHP, due to a greater number of days with favourable conditions for generation. Electricity sales increased by 0.07 TWh, or 4.6%, compared to Q3 2023. The increase was driven by higher electricity sales to B2B customers.

The electricity distribution quality indicator SAIFI increased to 0.56 interruptions (compared to 0.37 in Q3 2023), and electricity SAIDI increased to 307 minutes (compared to 42 minutes in Q3 2023). The quarterly quality indicators deteriorated due to natural phenomena, primarily strong winds and local storms, including the storm in July, which was the largest storm in Lithuania since 2020.

Heat Generated (net) in Q3 2024 amounted to 0.24 TWh and was 0.04 TWh, or 20.6%, higher compared to Q3 2023. The increase was driven by generation at Vilnius CHP biomass unit, which reached full COD for the remaining 21 MWth capacity in May 2024.

Natural gas sales increased by 0.49 TWh, or 36.7%. The growth was driven by both higher retail sales (0.24 TWh), mainly in Lithuania and Finland, and higher wholesale sales (0.25 TWh).

Key operating indicators
		30 Sep 2024	30 Jun 2024	∆	∆, %
Electricity
Green Generation Portfolio	GW	7.7	7.7	(0.0)	(0.2%)
Secured Capacity	GW	3.1	2.9	0.2	5.9%
Installed Capacity	GW	1.4	1.4	0.0	1.6%
Under Construction	GW	1.0	0.8	0.2	18.1%
Awarded / Contracted	GW	0.7	0.7	-	-%
Advanced Development Pipeline	GW	0.8	0.9	(0.2)	(18.1%)
Early Development Pipeline	GW	3.8	3.8	(0.0)	(0.5%)
Heat
Heat Generation Capacity	GW	0.4	0.4	-	-%
Installed Capacity	GW	0.4	0.4	-	-%
Under Construction	GW	-	-	-	-%
		Q3 2024	Q3 2023	∆	∆, %
Electricity
Electricity Generated (net)	TWh	0.58	0.44	0.14	31.3%
Green Electricity Generated (net)	TWh	0.47	0.36	0.11	31.0%
Green Share of Generation	%	80.8%	81.1%	(0.2 pp)	n/a
Electricity sales	TWh	1.63	1.56	0.07	4.6%
Electricity distributed	TWh	2.30	2.22	0.08	3.6%
SAIFI	units	0.56	0.37	0.19	49.9%
SAIDI	min.	307	42	265	638.1%
Heat
Heat Generated (net)	TWh	0.24	0.20	0.04	20.6%
Natural gas
Natural gas sales	TWh	1.83	1.34	0.49	36.7%
Natural gas distributed	TWh	0.89	0.78	0.11	14.5%

In Lithuania, the natural gas distribution volumes increased by 0.11 TWh, or 14.5%. The increase was driven by rising production volumes in industrial companies.

3.3 Quarterly summary

Key financial indicators

		Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Total revenue	EURm	528.8	438.8	653.5	707.5	471.2	442.1	928.3	1,359.1	1,294.7	741.9	991.2	733.2
Adjusted EBITDA	EURm	107.2	108.0	181.7	139.4	91.8	103.6	149.9	112.1	150.8	95.1	111.4	111.8
Adjusted EBITDA Margin	%	20.1%	24.5%	28.1%	20.3%	20.2%	20.7%	17.0%	8.9%	11.4%	13.3%	11.0%	14.7%
EBITDA	EURm	103.6	105.3	188.9	159.2	108.3	44.6	195.3	206.2	122.1	119.8	91.6	88.0
Adjusted EBIT	EURm	60.6	63.2	140.3	98.5	52.7	67.1	111.3	68.5	112.0	60.0	76.9	78.0
Operating profit (EBIT)	EURm	56.9	60.4	147.5	118.3	69.1	8.2	156.6	162.6	83.3	84.7	57.2	29.5
Adjusted Net Profit	EURm	48.7	52.0	112.6	93.5	42.9	61.4	88.7	53.7	94.4	46.8	61.1	70.2
Net Profit	EURm	45.6	49.7	118.7	107.6	56.8	28.6	127.2	108.5	70.1	68.0	46.8	47.9
Investments	EURm	161.4	212.8	209.5	303.4	231.1	281.8	120.8	154.0	188.1	117.5	62.0	103.1
FFO	EURm	127.6	55.9	169.5	142.9	82.8	(23.7)	185.3	197.2	101.4	96.2	89.3	82.9
FCF	EURm	(19.5)	(110.0)	5.0	(97.1)	(165.5)	(157.8)	208.0	652.9	(385.5)	(92.8)	(157.2)	(278.5)
Adjusted ROE LTM	%	13.7%	13.5%	14.2%	13.1%	11.4%	14.2%	13.9%	12.9%	13.7%	10.7%	10.0%	8.9%
ROE LTM	%	14.4%	15.0%	14.2%	14.6%	14.8%	15.9%	18.4%	14.7%	11.5%	10.8%	8.6%	8.7%
Adjusted ROCE LTM	%	10.3%	10.4%	11.1%	9.8%	8.6%	11.3%	12.1%	10.7%	10.7%	9.1%	8.8%	7.9%
ROCE LTM	%	10.9%	11.6%	10.7%	10.5%	11.4%	13.0%	16.7%	13.1%	8.3%	7.9%	7.1%	7.3%
		30 Sep 2024		30 Jun 2024 31 Mar 2024 31 Dec 2023 30 Sep 2023			30 Jun 2023		31 Mar 2023 31 Dec 2022 30 Sep 2022		30 Jun 2022		31 Mar 2022 31 Dec 2021
Total assets	EURm	5,459.1	5,366.0	5,327.5	5,244.4	5,067.9	5,049.7	4,928.2	5,271.6	5,304.7	4,614.5	4,623.0	4,258.1
Equity	EURm	2,372.1	2,369.5	2,321.4	2,263.4	2,100.9	2,083.6	2,060.3	2,125.6	2,228.2	2,127.8	2,005.3	1,855.9
Net Debt	EURm	1,448.8	1,411.0	1,287.8	1,317.5	1,114.1	966.7	762.9	986.9	1,512.8	1,156.2	1,000.7	957.2
Net Working Capital	EURm	116.2	113.7	144.4	175.2	216.8	191.0	314.8	443.3	1,030.0	717.4	633.6	438.7
Capital Employed	EURm	3,820.9	3,780.5	3,609.2	3,580.9	3,214.8	3,050.1	2,823.3	3,112.5	3,741.0	3,284.0	3,006.0	2,813.2
Net Debt/EBITDA LTM	times	2.60	2.51	2.57	2.60	2.01	1.70	1.19	1.83	3.65	3.08	2.95	2.79
Net Debt/Adjusted EBITDA LTM	times	2.70	2.71	2.49	2.72	2.44	1.87	1.50	2.10	3.23	2.96	2.73	2.88
FFO LTM /Net Debt	%	34.2%	32.0%	28.9%	29.4%	39.6%	47.6%	76.0%	49.1%	23.9%	28.4%	29.7%	31.3%

Key operating indicators		30 Sep 2024			30 Jun 2024 31 Mar 2024 31 Dec 2023 30 Sep 2023				30 Jun 2023 31 Mar 2023 31 Dec 2022 30 Sep 2022			30 Jun 2022 31 Mar 2022 31 Dec 2021
Electricity
Green Capacities Portfolio	GW	7.7	7.7	7.4	7.1	6.3	5.7	5.3	5.1	3.6	3.0	2.7	2.6
Secured Capacity	GW	3.1	2.9	2.9	2.9	2.5	1.8	1.6	1.6	1.4	1.4	1.4	1.4
Installed Capacity	GW	1.4	1.4	1.4	1.3	13	1.2	1.2	1.2	1.2	1.2	1.2	1.2
Under Construction	GW	1.0	0.8	0.9	0.9	0.5	0.6	0.4	0.4	0.2	0.1	0.1	0.1
Awarded / Contracted	GW	0.7	0.7	0.7	0.7	0.7	-	-	-	-	-	-	-
Advanced Development Pipeline	GW	0.8	0.9	0.7	1.0	1.4	1.3	0.9	0.7	0.1	0.3	0.2	0.1
Early Development Pipeline	GW	3.8	3.8	3.8	3.3	2.4	2.6	2.8	2.8	2.1	1.4	1.1	1.1
Heat
Heat Generation Capacity	GW	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Installed Capacity	GW	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Under Construction	GW	-	-	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
		Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Electricity
Electricity Generated (net)	TWh	0.58	0.55	0.77	0.67	0.44	0.41	0.55	0.56	0.37	0.41	0.59	0.61
Green Electricity Generated (net)	TWh	0.47	0.50	0.61	0.51	0.36	0.36	0.53	0.42	0.31	0.37	0.55	0.52
Green Share of Generation	%	80.8%	91.7%	79.9%	76.6%	81.1%	88.4%	95.6%	75.7%	83.3%	90.9%	93.8%	84.4%
Electricity sales	TWh	1.63	1.54	1.84	1.88	1.56	1.56	1.89	1.91	1.81	2.07	2.19	1.97
Electricity distributed	TWh	2.30	2.27	2.78	2.70	2.22	2.22	2.60	2.51	2.29	2.44	2.77	2.77
SAIFI	units	0.56	0.36	0.21	0.40	0.37	0.31	0.26	0.31	0.28	0.31	0.62	0.35
SAIDI	min.	307	36	14	46	41	14	19	34	19	20	105	29
Heat
Heat Generated (net)	TWh	0.24	0.37	0.46	0.40	0.20	0.20	0.28	0.25	0.16	0.18	0.30	0.28
Natural gas
Natural gas sales	TWh	1.83	1.27	2.84	2.65	1.34	1.45	3.86	3.83	2.52	2.44	4.01	2.85
Natural gas distributed	TWh	0.89	1.11	2.68	2.26	0.78	0.97	2.31	2.02	0.77	1.21	2.68	2.74

3.4 Results by business segments

Indicators provided in this page (except Revenue) are considered as Alternative Performance Measures .

Green Capacities

Q3 2024 highlights

In July 2024, Tauragė SF (22.1 MW) in Lithuania has reached COD.
In July 2024, we have secured additional grid connection capacity for a 38 MW BESS project in Lithuania.
In July 2024, Moray West offshore WF project (882 MW), which is owned by Ocean Winds and us (a minority shareholder of 5%), has successfully supplied its first power to the grid. The project's COD is expected in 2025.
In September 2024, Kelmė WF (300 MW) in Lithuania supplied the first power to the grid.
In September 2024, we made a Final Investment Decision regarding a 174 MW Tume SF in Latvia.

After the reporting period:

In October 2024, we took decisions to participate in Lithuania's second 700 MW offshore wind tender and seek partners.
In November 2024, Silesia WF II (137 MW) in Poland supplied the first power to the grid.

Financial results

Q3 results

The Green Capacities segment's revenue was 13.7%, or EUR 10.1 million, higher compared to Q3 2023. The segment's revenue increased primarily as a result

				Key financial indicators, EURm
--	--	--	--	--------------------------------	--

	9M 2024	9M 2023	∆	∆, %	Q3 2024	Q3 2023	∆	∆, %
Total revenue	284.9	237.3	47.6	20.1%	84.0	73.9	10.1	13.7%
Adjusted EBITDA	180.9	154.4	26.5	17.2%	46.4	45.3	1.1	2.4%
EBITDA	180.9	154.4	26.5	17.2%	46.4	45.3	1.1	2.4%
Adjusted EBIT	148.2	132.7	15.5	11.7%	34.4	37.9	(3.5)	(9.2%)
Operating profit (EBIT)	148.2	132.7	15.5	11.7%	34.4	37.9	(3.5)	(9.2%)
Investments	335.2	361.9	(26.7)	(7.4%)	65.6	127.9	(62.3)	(48.7%)
Adjusted EBITDA Margin	63.5%	65.1%	(1.6 pp)	n/a	55.2%	61.3%	(6.1 pp)	n/a
	30 Sep 2024	31 Dec 2023	∆	∆, %	30 Sep 2024	30 Jun 2024	∆	∆, %
PPE, intangible and right-of-use assets	1,640.3	1,325.3	315.0	23.8%	1,640.3	1,582.7	57.6	3.6%

of the launch of new assets (Silesia WF I and Vilnius CHP biomass unit) and higher captured electricity prices, mainly due to the flexibility of the assets.

The Green Capacities segment's Adjusted EBITDA was 2.4%, or EUR 1.1 million, higher compared to Q3 2023. The segment's Adjusted EBITDA increased primarily as a result of the launch of new assets (Silesia WF I and Vilnius CHP biomass unit) and higher captured electricity prices, mainly due to the flexibility of the assets.

Compared to Q3 2023, Investments in the Green Capacities segment have decreased following the successful completion of several major projects. During the last twelve months, Silesia WF I and Vilnius CHP biomass unit have reached COD, while Silesia WF II has reached its final development stage, with COD expected in Q1 2025.

Operating performance Key operating indicators

Q3 results

As of 30 September 2024, the Green Capacities Portfolio remained flat at (7.7 GW). Secured Capacity increased to 3.1 GW (from 2.9 GW) as Tume SF (173.6 MW) has reached the construction phase.

Electricity Generated (net) increased by 0.11 TWh, or 31.0%, in Q3 2024 compared to Q3 2023. The growth was driven by generation at Vilnius CHP biomass unit, which achieved the full COD for the remaining 21 MWe and 21 MWth capacity in May 2024. The increase was also supported by Kruonis PSHP, due to a greater number of days with favourable conditions for generation, and by Silesia WF I, which reached COD in March 2024.

Heat Generated (net) in Q3 2024 amounted to 0.24 TWh and was 0.04 TWh, or 20.6%, higher compared to Q3 2023. The increase was driven by generation at Vilnius CHP biomass unit.

		30 Sep 2024	31 Dec 2023	∆	∆, %	30 Sep 2024	30 Jun 2024	∆	∆, %
Electricity
Green Capacities Portfolio	GW	7.69	7.14	0.55	7.7%	7.69	7.71	(0.02)	(0.2%)
Secured Capacity	GW	3.11	2.94	0.17	5.8%	3.11	2.94	0.17	5.9%
Installed Capacity	GW	1.42	1.33	0.09	7.0%	1.42	1.40	0.02	1.6%
Onshore wind	GW	0.28	0.23	0.05	21.4%	0.28	0.28	-	-%
Solar	GW	0.02	-	0.02	-%	0.02	-	0.02	-%
Hydro	GW	1.00	1.00	-	-%	1.00	1.00	-	-%
Pumped-storage	GW	0.90	0.90	-	-%	0.90	0.90	-	-%
Run-of-river	GW	0.10	0.10	-	-%	0.10	0.10	-	-%
Waste	GW	0.04	0.04	-	-%	0.04	0.04	-	-%
Biomass	GW	0.07	0.05	0.02	42.0%	0.07	0.07	-	-%
Under Construction	GW	0.99	0.91	0.08	8.6%	0.99	0.84	0.15	18.1%
Onshore wind	GW	0.44	0.49	(0.05)	(10.3%)	0.44	0.44	-	-%
Solar	GW	0.44	0.29	0.15	52.1%	0.44	0.29	0.15	52.1%
Hydro	GW	0.11	0.11	-	-%	0.11	0.11	-	-%
Biomass	GW	-	0.02	(0.02)	(100.0%)	-	-	-	-%
Awarded / Contracted	GW	0.70	0.70	-	-%	0.70	0.70	-	-%
Advanced Development Pipeline	GW	0.77	0.95	(0.18)	(18.8%)	0.77	0.95	(0.17)	(18.1%)
Early Development Pipeline	GW	3.81	3.25	0.56	17.1%	3.81	3.83	(0.02)	(0.5%)
Heat
Heat Generation Capacity	GW	0.35	0.35	0.00	0.3%	0.35	0.35	-	-%
Installed Capacity	GW	0.35	0.33	0.02	6.4%	0.35	0.35	-	-%
Under Construction	GW	-	0.02	(0.02)	(100.0%)	-	-	-	-%
		9M 2024	9M 2023	∆	∆, %	Q3 2024	Q3 2023	∆	∆, %
Electricity
Electricity Generated (net)	TWh	1.58	1.25	0.34	26.9%	0.47	0.36	0.11	31.0%
Onshore wind	TWh	0.52	0.37	0.14	38.5%	0.14	0.12	0.02	18.9%
Solar	TWh	0.01	-	0.01	-%	0.01	-	0.01	-%
Hydro	TWh	0.71	0.67	0.03	4.8%	0.21	0.17	0.04	24.5%
Pumped-storage	TWh	0.40	0.38	0.03	7.5%	0.16	0.13	0.04	29.8%
Run-of-river	TWh	0.30	0.30	0.00	1.4%	0.05	0.05	0.01	10.5%
Waste	TWh	0.21	0.20	0.01	4.0%	0.06	0.06	(0.00)	(5.4%)
Biomass	TWh	0.14	-	0.14	-%	0.04	-	0.04	-%
Onshore wind farms availability factor	%	94.4%	95.2%	(0.8 pp)	n/a	93.4%	96.2%	(2.8 pp)	n/a
Onshore wind farms load factor	%	28.0%	27.3%	0.7 pp	n/a	22.4%	21.2%	1.3 pp	n/a
Wind speed	m/s	6.6	6.5	0.1	1.4%	6.0	5.8	0.2	4.2%
Heat
Heat Generated (net)	TWh	1.07	0.67	0.39	58.6%	0.24	0.20	0.04	20.6%
Waste1	TWh	0.56	0.58	(0.03)	(4.4%)	0.14	0.16	(0.02)	(12.2%)
Biomass	TWh	0.51	0.09	0.42	456.9%	0.10	0.04	0.06	153.9%

Vilnius CHP and Kaunas CHP can use natural gas for starting/stopping the plant, running tests, etc., which is included in the reported values of 'Waste'. 46 / 91

Networks

Q3 2024 highlights

– In September 2024, the total number of installed smart meters has reached 968 thousand (out of more than 1.2 million smart meters to be installed in 2026).

After the reporting period:

– In October 2024, the regulator (NERC) has set the income levels for 2025 at EUR 321.6 million for electricity distribution and EUR 57.1 million for natural gas distribution. The resolutions on setting the levels for 2025 of RAB, WACC, and additional tariff component were also passed.

Financial results

Q3 results

The Networks segment's revenue in Q3 2024 was 21.1%, or EUR 27.4 million, higher than in Q3 2023. The increase was mainly driven by higher revenue from electricity transmission activities (EUR +30.4 million). The result was partly offset by lower revenue from electricity distribution activities (EUR -2.7 million) due to lower tariffs set by the regulator. The decrease in electricity distribution tariffs was mainly caused by lower expenses from electricity distribution technological losses, which have decreased due to lower electricity purchase prices.

In Q3 2024, the Networks segment's Adjusted EBITDA was EUR 9.9 million higher than in Q3 2023, mainly due to the higher RAB effect and higher WACC. Also, the Adjusted EBITDA increase was partly related to the higher share of allowed return, D&A and additional tariff component recognised in Q3 2024 vs Q3 2023, due to the temporary volume effect. This effect will level off over the course of the year as annual ROI, compensated depreciation and amortisation and additional tariff component are fixed for the year but allocated between the months based on the distributed volumes.

In Q3 2024, Investments decreased by 4.0%, or EUR 3.4 million, due to lower Investments made in smart meters (EUR -5.5 million) as the majority of smart meters were installed last year, causing gradual decline in the number of smart meters being installed over the Q3 2024 period.

Key financial indicators, EURm	9M	9M	∆	∆, %	Q3	Q3	∆	∆, %
	2024	2023			2024	2023
Total revenue	511.7 165.6	425.4 128.7	86.3 36.9	20.3% 28.7%	157.3 49.9	129.9 40.0	27.4 9.9	21.1% 24.8%
Adjusted EBITDA EBITDA	145.5	218.4		(72.9) (33.4%)	42.6	61.8	(19.2)	(31.1%)
Adjusted EBIT	82.3	52.2	30.1	57.7%	20.6	13.9	6.7	48.2%
Operating profit (EBIT)	62.3	142.0		(79.7) (56.1%)	13.4	35.8	(22.4)	(62.6%)
Investments	217.1	246.6		(29.5) (12.0%)	81.3	84.7	(3.4)	(4.0%)
Adjusted EBITDA Margin	31.1%	38.3% (7.2 pp)		n/a	30.3%		36.9% (6.6 pp)	n/a
	30 Sep	31 Dec			30 Sep	30 Jun
	2024	2023	∆	∆, %	2024	2024	∆	∆, %
PPE, intangible and right-of-use assets		2,177.0 2,046.5	130.5		6.4% 2,177.0 2,127.1		49.9	2.3%
Key regulatory indicators

		20251	2024	2023
Regulated activity share in Adjusted EBITDA in 9M	%	100.00	100.00	100.00
Total
RAB3	EURm	1,795	1,584	1,429
WACC (weighted average)	%	5.79	5.08	4.14
D&A (regulatory)	EURm	99.5	79.3	74.9
Additional tariff component	EURm	37.5	40.0	28.0
Deferred part of investments covered by clients and electricity	EURm	n/a	16.0	16.4
equipment transfer2
Electricity distribution
RAB3	EURm	1,541	1,332	1,183
WACC	%	5.82	5.09	4.17
D&A (regulatory)	EURm	88.6	67.6	64.5
Additional tariff component	EURm	37.5	40.0	28.0
Deferred part of investments
covered by clients and electricity equipment transfer2	EURm	n/a	14.8	15.2
Natural gas distribution
RAB3	EURm	254	252	246
WACC	%	5.64	5.03	3.99
D&A (regulatory)	EURm	11.0	11.7	10.4
Deferred part of investments
covered by clients and electricity equipment transfer2	EURm	n/a	1.2	1.2

1 Numbers approved and published by the regulator (NERC).

Actual numbers from the Networks segment's Statement of Profit or Loss for the reporting period. RAB number at the beginning of the period. 47 / 91

Operating performance

Q3 results

The electricity distributed has increased by 0.08 TWh, or 3.6%, in Q3 2024 compared to Q3 2023. The increase was mainly driven by higher consumption among B2B customers.

In Q3 2024, the electricity distribution quality indicator SAIFI increased to 0.56 interruptions (compared to 0.37 in Q3 2023), and electricity SAIDI increased to 307 minutes (compared to 42 minutes in Q3 2023). The quarterly quality indicators deteriorated due to natural phenomena, primarily strong winds and local storms. Specifically, in July 2024, Lithuania experienced the largest storm since 2020, resulting in extensive power outages across all 60 municipalities. Energijos Skirstymo Operatorius (ESO) mobilized over 300 brigades, along with additional support staff, to assess the damage and restore electricity to 460,000 affected customers.

In Lithuania, the distributed natural gas volume in Q3 2024 increased by 0.11 TWh, or 14.5%, amounting to 0.89 TWh. The growth was driven by rising production volumes in industrial companies.

Key operating indicators
		30 Sep 2024	31 Dec 2023	∆	∆, %	30 Sep 2024	30 Jun 2024	∆	∆, %
Electricity
Distribution network	thousand km	131	128	2	1.8%	131	130	0	0.2%
Number of customers	thousand	1,863	1,851	13	0.7%	1,863	1,859	5	0.2%
of which prosumers and producers	thousand	85	65	20	30.1%	85	77	7	9.5%
admissible power of prosumers and producers	MW	1,440	1,117	323	28.9%	1,440	1,313	127	9.7%
Number of smart meters installed	thousand	968	729	239	32.7%	968	905	63	7.0%
Natural gas
Distribution network	thousand km	10	10	0	0.2%	10	10	0	0.1%
Number of customers	thousand	626	626	0	0.0%	626	626	0	0.0%
			9M 2024 9M 2023	∆	∆, %		Q3 2024 Q3 2023	∆	∆, %
Electricity
Electricity distributed	TWh	7.34	7.03	0.31	4.4%	2.30	2.22	0.08	3.6%
of which B2C	TWh	2.35	2.31	0.04	1.7%	0.69	0.70	(0.01)	(1.2%)
of which B2B	TWh	4.99	4.72	0.27	5.8%	1.61	1.52	0.09	5.9%
Technological losses	%	4.9%	3.7%	1.2 pp	n/a	4.7%	3.6%	1.2 pp	n/a
New Connection Points	thousand	30.7	41.5	(10.7)	(25.9%)	11.5	11.6	(0.1)	(0.7%)
Connection Point Upgrades	thousand	14.3	19.6	(5.3)	(27.0%)	4.7	6.3	(1.6)	(24.7%)
Admissible power of new connection points and upgrades	MW	301	430	(130)	(30.1%)	101	141	(40)	(28.4%)
Time to connect (average)	c. d.	38	43	(5)	(12.5%)	43	35	9	24.6%
SAIFI	units	1.13	0.96	0.18	18.4%	0.56	0.37	0.19	49.9%
SAIDI	min.	356	75	282	377.5%	307	42	265	638.1%
Supply of Last Resort	TWh	0.17	0.17	0.00	0.4%	0.05	0.05	0.00	1.9%
Natural gas
Natural gas distributed	TWh	4.69	4.06	0.63	15.5%	0.89	0.78	0.11	14.5%
of which B2C	TWh	1.43	1.42	0.02	1.2%	0.13	0.13	(0.00)	(1.1%)
of which B2B	TWh	3.26	2.64	0.61	23.2%	0.76	0.65	0.11	17.8%
New connection points and upgrades	thousand	1.5	1.9	(0.4)	(19.2%)	0.6	0.7	(0.1)	(7.9%)
Technological losses	%	1.8%	2.0%	(0.1 pp)	n/a	1.9%	2.4%	(0.5 pp)	n/a
Time to connect (average)	c. d.	59	55	4	7.1%	63	54	9	16.2%
SAIFI	units	0.004	0.003	0.002	62.9%	0.001	0.001	(0.000)	(33.1%)
SAIDI	min.	0.43	0.25	0.17	68.6%	0.12	0.13	(0.01)	(8.6%)
Customer experience
NPS (Transactional)	%	56.9%	51.2%	5.7 pp	n/a	52.4%	57.4%	(5.0 pp)	n/a

Reserve Capacities

Q3 2024 highlights

In July 2024, Ignitis Gamyba signed an agreement to donate the equipment from its old Combined Heat and Power Plant (CHP-3), which was mothballed since 2015, to Ukraine. The equipment will be used to assist the rebuilding of the destroyed energy infrastructure in Ukraine.
In July 2024, final Investment Decision regarding the refurbishment of Unit no. 7 in Elektrėnai power plant was made. The refurbishment will be finished in Q2 2026.

Financial results

Q3 results

The segment's revenue was 34.3%, or EUR 8.4 million, higher compared to Q3 2023. The increase was mainly driven by favourable market conditions and utilisation of CCGT.

The segment's Adjusted EBITDA was 88.5%, or EUR 5.4 million, higher compared to Q3 2023. The increase was driven by the better result of commercial activities due to favourable market conditions and utilisation of CCGT.

Key financial indicators, EURm
	9M 2024	9M 2023	∆	∆, %	Q3 2024	Q3 2023	∆	∆, %
Total revenue	96.7	85.6	11.1	13.0%	32.9	24.5	8.4	34.3%
Adjusted EBITDA	36.7	38.3	(1.6)	(4.2%)	11.5	6.1	5.4	88.5%
EBITDA	36.7	38.3	(1.6)	(4.2%)	11.5	6.1	5.4	88.5%
Adjusted EBIT	28.6	30.2	(1.6)	(5.3%)	9.2	3.7	5.5	148.6%
Operating profit (EBIT)	28.6	30.2	(1.6)	(5.3%)	9.2	3.7	5.5	148.6%
Investments	2.3	2.3	-	-%	1.8	1.0	0.8	80.0%
Adjusted EBITDA Margin	38.0%	44.8%	(6.8 pp)	n/a	34.9%	24.9%	10.0 pp	n/a

	30 Sep 2024	31 Dec 2023	∆	∆, %	30 Sep 2024	30 Jun 2024	∆	∆, %
PPE, intangible and right-of-use assets	256.7	278.6	(21.9)	(7.9%)	256.7	260.7	(4.0)	(1.5%)

Key regulatory indicators			20241		20231		∆	∆, %
Regulated activity share in Adjusted EBITDA in 9M	%		24.8		21.7	3.1 pp		n/a
Total
D&A (regulatory)	EURm		11.2		10.6		0.6	5.7%
CCGT
D&A (regulatory)	EURm		7.2		7.6		(0.4)	(5.3%)
Units 7 and 8

D&A (regulatory) EURm 4.0 3.0 1.0 33.3%

Numbers approved and published by the regulator (NERC).

Operating performance

Q3 results

In Q3 2024, Electricity Generated (net) at CCGT as well as units 7 and 8 at Elektrėnai Complex amounted to 0.11 TWh and was 32.8% higher compared to Q3 2023, due to more favourable Clean Spark Spread over Q3 2024. Accordingly, it resulted in a 1.2 pp higher load factor in Q3 2024. The availability of Elektrėnai Complex remained high at 99.1%.

The total Installed Capacity of Elektrėnai Complex is 1,055 MW, and, during the reporting period, 891 MW were used for isolated regime services, with 260 MW provided by unit 7, 260 MW by unit 8 and 371 MW by CCGT.

Key operating indicators
		30 Sep 2024	31 Dec 2023	∆	∆, %	30 Sep 2024	30 Jun 2024	∆	∆, %
Electricity
Installed Capacity	MW	1,055	1,055	-	-%	1,055	1,055	-	-%
Isolated system operation services	MW	891	891	-	-%	891	891	-	-%

		9M 2024	9M 2023	∆	∆, %	Q3 2024	Q3 2023	∆	∆, %
Electricity
Electricity Generated (net)	TWh	0.31	0.15	0.16	100.3%	0.11	0.08	0.03	32.8%
Availability factor1	%	99.7%	99.8%	(0.2 pp)	n/a	99.1%	99.7%	(0.6 pp)	n/a
Load factor	%	4.5%	2.2%	2.2 pp	n/a	4.7%	3.6%	1.2 pp	n/a

1 Excluding the planned overhaul works.

Customers & Solutions

Q3 2024 Highlights

In July 2024, a fast-charging hub with the ability to charge 10 EVs at once has been opened in Riga, Latvia.
In September 2024, we signed a 4-year PPA with Akmenės Cementas, a Lithuanian cement producer (owned by Schwenk Zement Beteiligungen), which will receive electricity from Mažeikiai WF (63 MW). The power supply will start in 2026.

Financial results

Q3 results

In Q3 2024, the Customers & Solutions segment's revenue was 6.8%, or EUR 18.4 million, higher than in Q3 2023. The increase in revenue was driven by natural gas supply business, mainly due to the higher volumes sold (36.7%) and higher average TTF gas price index (8.6%).

In Q3 2024, the Customers & Solutions segment's Adjusted EBITDA remained flat and amounted to EUR -0.7 million. The results of B2B natural gas supply activities were lower due to the normalised COGS levels in Q3 2024, while the results in Q3 2023 benefited from irregular extra-profits from one-off natural gas purchase deals. The result was partly offset by an increase in electricity supply results due to a more stable market compared to Q3 2023, when B2C customers were migrating to lower fixed-price plans, resulting in large losses.

	30 Sep 2024	31 Dec 2023	∆	∆, %	30 Sep 2024	30 Jun 2024	∆	∆, %
Adjusted EBITDA Margin	1.3%	1.6%	(0.3 pp)	n/a	(0.2%)	(0.3%)	0.1 pp	n/a
Investments	17.1	5.4	11.7	216.7%	9.3	3.3	6.0	181.8%
Operating profit (EBIT)	29.8	(68.2)	98.0	n/a	2.0	(6.8)	8.8	n/a
Adjusted EBIT	9.1	18.6	(9.5)	(51.1%)	(1.4)	(1.5)	0.1	6.7%
EBITDA	31.8	(66.0)	97.8	n/a	2.8	(6.1)	8.9	n/a
Adjusted EBITDA	11.1	20.9	(9.8)	(46.9%)	(0.7)	(0.8)	0.1	12.5%

9M 2024 9M 2023

Key financial indicators, EURm

∆

PPE, intangible and right-of-use assets 41.7 25.0 16.7 66.8% 41.7 32.0 9.7 30.3%

Total revenue 860.8 1,204.5 (343.7) (28.5%) 289.2 270.8 18.4 6.8%

∆, %

Q3 2024 Q3 2023

∆, %

∆

Operating performance

Q3 results

In Q3 2024, electricity sales increased by 0.07 TWh, or 4.7%, compared to Q3 2023. The increase was driven by higher sales to B2B customers, mainly in Poland and Latvia. The natural gas sales increased by 0.49 TWh, or 36.7%, in Q3 2024. The increase was driven by higher wholesale sales (0.25 TWh) as well as retail sales (0.24 TWh), primarily in Lithuania, due to lower natural gas market prices, and in Finland, where a rise in sales was recorded after the Balticconnector pipeline resumed its commercial operations in April 2024.

Key operating indicators

			30 Sep 2024 31 Dec 2023	∆	∆, %	30 Sep 2024	30 Jun 2024	∆	∆, %
Electricity
Number of customers	m	1.4	1.4	(0.0)	(0.4%)	1.4	1.4	0.0	0.3%
EV charging points	units	867	376	491	130.6%	867	655	212	32.4%
Natural gas
Number of customers	m	0.6	0.6	(0.0)	(0.3%)	0.6	0.6	0.0	0.0%
Gas inventory	TWh	2.3	1.7	0.5	31.8%	2.3	0.9	1.4	164.4%
		9M 2024	9M 2023	∆	∆, %	Q3 2024	Q3 2023	∆	∆, %
Electricity sales
Lithuania	TWh	3.67	3.81	(0.14)	(3.7%)	1.18	1.17	0.01	1.2%
Latvia	TWh	0.57	0.56	0.01	2.1%	0.18	0.16	0.02	13.0%
Estonia	TWh	0.00	0.00	(0.00)	(29.2%)	-	0.00	(0.00)	(100.0%)
Poland	TWh	0.61	0.47	0.14	28.8%	0.21	0.18	0.04	20.1%
Total retail	TWh	4.84	4.84	0.01	0.1%	1.58	1.51	0.07	4.7%
of which B2C	TWh	1.59	1.57	0.02	1.2%	0.48	0.48	0.00	0.6%
of which B2B	TWh	3.25	3.26	(0.01)	(0.4%)	1.10	1.03	0.07	6.6%
Natural gas sales	TWh	5.94	6.64	(0.70)	(10.6%)	1.83	1.34	0.49	36.7%
Lithuania	TWh	3.31	3.00	0.31	10.4%	0.62	0.49	0.13	27.0%
Latvia	TWh	0.23	0.23	(0.00)	(0.6%)	0.05	0.04	0.01	29.7%
Estonia	TWh	0.00	0.01	(0.01)	(99.1%)	-	0.00	(0.00)	(100.0%)
Poland	TWh	0.19	0.25	(0.06)	(25.3%)	0.05	0.06	(0.01)	(19.1%)
Finland	TWh	0.96	1.181	(0.22)	(18.7%)	0.36	0.251	0.11	43.2%
Total retail	TWh	4.68	4.671	0.02	0.3%	1.08	0.841	0.24	28.3%
of which B2C	TWh	1.47	1.45	0.02	1.3%	0.14	0.14	(0.00)	(1.2%)
of which B2B	TWh	3.22	3.221	(0.00)	(0.1%)	0.94	0.701	0.24	34.1%
Wholesale market	TWh	1.26	1.981	(0.72)	(36.3%)	0.75	0.501	0.25	50.9%
Customer experience
NPS (B2C – Transactional)	%	74.2%	66.8%	7.4 pp	n/a	76.9%	71.0%	5.9 pp	n/a
NPS (B2B – Transactional)	%	66.0%	77.0%	(11.0 pp)	n/a	65.0%	79.0%	(14.0 pp)	n/a

1 The reported values of gas sales volumes in both retail and wholesale markets in 9M 2023 and Q3 2023 have been revised after updated information was received from end users.

Governance

4.1 Governance update 54 4.2 Risk management update 57

4.1 Governance update

Overview

In this section, we highlight key changes, if any, related to the governance of the Group both during and after the reporting period.

Key changes during the reporting period

General Meeting of Shareholders

The Annual General Meeting of Shareholders (AGM) was held on 27 March 2024. The AGM agreed to the Group's consolidated annual report, approved the set of financial statements, cancelled the reserve for the acquisition of own ordinary registered shares, allocated the parent company's profit (loss), approved the Group's updated Remuneration Policy and determined the updated remuneration for the members of the Supervisory Board and the Audit Committee.

The Extraordinary General Meeting of Shareholders (EGM) was held on 11 September 2024. The EGM agreed to the Group's consolidated interim management report, approved the set of financial statements, allocated dividends to the shareholders, elected an independent member of the Supervisory Board, elected a consolidated sustainability reporting assurance service provider, approved the new version of the Articles of Association and the new version of the Regulations of the Audit Committee.

Collegial bodies of the Group companies carried out self-assessments

In line with the best corporate governance practices as well as the aim set out in the Letter of Expectations of the Majority Shareholder, and the Corporate Governance Code for the Companies Listed on Nasdaq Vilnius, the collegial bodies of the Group companies carried out self-assessments during the reporting period. Each year, in line with best practices and the Majority Shareholder's expectations, the Supervisory Board conducts a self-assessment on its own initiative and agrees on further actions to improve the functioning of the Supervisory Board. Additionally, the parent company contracts an independent external consultant to carry out an evaluation of the Supervisory Board's performance at least once every three years. The first such evaluation was conducted in 2021. In 2024, three years later, the parent company engaged an independent external consultant to conduct another external evaluation of the performance of the Supervisory Board and its committees, including the Audit Committee. This evaluation has been completed.

Changes in collegial bodies

– The composition of the Supervisory Board and the Nomination and Remuneration Committee of AB "Ignitis grupė" has changed. On 21 December 2023, the parent company received a Letter of Resignation from Bent Christensen,

an independent member of the Supervisory Board and the Nomination and Remuneration Committee. Bent Christensen's term as a member of the Supervisory Board and the Nomination and Remuneration Committee ended on 4 January 2024. The selection of a new Supervisory Board member was announced on 8 May 2024.

A new independent member of the Supervisory Board has been elected. On 11 September 2024, Sian Lloyd Rees was elected as an independent member of the Supervisory Board of the parent company in the competence area of strategic management and international development. By the decision of the Supervisory Board of 12 September 2024, Sian Lloyd Rees has been appointed to the Nomination and Remuneration Committee.
The CEO of AB "Ignitis gamyba" has changed. On 27 March 2024, Asta Sungailienė replaced the previous CEO of AB "Ignitis gamyba", Rimgaudas Kalvaitis, after his five-year term came to an end.
The CEO of UAB Elektroninių mokėjimų agentūra has announced her resignation. Gabrielė Lubytė, CEO of UAB Elektroninių mokėjimų agentūra, announced her resignation. Justina Charlamova has been appointed as Interim CEO from 27 February 2024.
The CEO of UAB "Transporto valdymas" has been appointed for a second term of office. On 28 February 2024, by the decision of the sole shareholder, Jurgita Navickaitė-Dedelienė was appointed as the CEO of UAB "Transporto valdymas" for a second five-year term.
The Board of Kaunas CHP has been appointed for a new four-year term of office. On 30 April 2024, the Board of Kaunas CHP started a new term. The Board comprises three members: an independent member, Mantas Bartuška, and two shareholders' representatives, Mantas Mikalajūnas (delegated by the parent company) and Vitalijus Žuta (delegated by UAB GREN Lietuva).
The composition of the Management Board of Ignitis Renewables Polska Sp. z o.o. has changed. On 31 January 2024, the General Meeting of Shareholders of Ignitis Renewables Polska Sp. z o.o. made a decision to appoint Maciej Kowalski as the new Member and Chair of the Management Board of Ignitis Renewables Polska Sp. z o.o. Therefore, Jacek Wojerz was dismissed as the Chair and Laurynas Jocys was dismissed as a Member of the Management Board.
The composition of the Boards of the subsidiaries of Ignitis Renewables has changed. In June, the composition of the Boards of the following subsidiaries of Ignitis Renewables changed, and the current Board members are indicated below:
- the Board of Ignitis renewables Latvia SIA: Garry Bills and Baiba Lāce;
the Board of IGN RES DEV1 SIA: Matthew Michael Charles Braund and Baiba Lāce;
the Board of IGN RES DEV2 SIA: Garry Bills and Baiba Lāce;
the Board of IGN RES DEV3 SIA: Matthew Michael Charles Braund and Baiba Lāce;
the Board of IGN RES DEV4 SIA: Matthew Michael Charles Braund and Baiba Lāce;
the Board of IGN RES DEV5 SIA: Matthew Michael Charles Braund and Baiba Lāce;
the Board of IGN RES DEV6 SIA: Matthew Michael Charles Braund and Baiba Lāce;
the Board of IGN RES DEV7 SIA: Matthew Michael Charles Braund and Baiba Lāce;
the Board of "SP Venta" SIA: Garry Bills and Baiba Lāce;
the Board of SIA BRVE: Matthew Michael Charles Braund and Baiba Lāce;
the Board of SIA CVE: Matthew Michael Charles Braund and Baiba Lāce.
The new CEO of UAB Elektroninių mokėjimų agentūra has been appointed. Following the selection of the CEO of UAB Elektroninių mokėjimų agentūra, which was announced after the resignation of the former CEO, on 9 July 2024 Jurgita Blažienė was appointed as the CEO.
The governance model of the subsidiaries of UAB "Ignitis" (Customers & Solutions) has changed. In July and August 2024, the governance model of Ignitis Polska Sp. z o.o. and Ignitis Latvija SIA (the subsidiaries of UAB "Ignitis" (Customers & Solutions)) has been optimised: a two-tier governance model (the Supervisory Board and the Management Board) was changed to a one-tier model (the Board), with the Supervisory Board being removed.

Changes in the Group's structure

In January 2024, AB "Ignitis gamyba" established a new subsidiary UAB "Ignitis gamyba projektai".
In April 2024, UAB "Ignitis renewables" established two new subsidiaries: UAB "Ignitis renewables projektai 9" and UAB "Ignitis renewables projektai 10".
In May 2024, UAB "Ignitis renewables" established a new subsidiary UAB "Ignitis renewables projektai 11".
In July 2024, UAB "Ignitis renewables" established two new subsidiaries: UAB "Ignitis renewables Estonia OÜ" and UAB "Ignitis renewables DevCo1 OÜ".
In August 2024, the names of two subsidiaries of UAB "Ignitis renewables" were changed: UAB "Ignitis renewables projektai 3" became UAB ARROW HOLDCO and UAB "Vėjo galia bendruomenei" was renamed to UAB ARROW CLUSTER.
In September 2024, the shareholder of UAB "Ignitis renewables projektai 6" has changed. 100% of the shares of UAB "Ignitis renewables projektai 6" were acquired by UAB "Ignitis renewables projektai 11" from UAB "Ignitis renewables".

Selected information is available in our Integrated Annual Report 2023 as well as

our website

Shareholder's competences

Information on the General Meetings of Shareholders

Functions, selection criteria, management of conflicts of interests as well as remuneration principles of collegial body members and CEOs, including the information on their education, competences, experience, place of employment and participation in the capital of the parent company or its subsidiaries

Information about Group's governance system

The Group's structure

Key changes after the reporting period

Changes in the Group's structure

– In October 2024, UAB "Ignitis renewables" acquired three special purpose vehicles (SPVs) in Poland: Sunrise 1 Sp. z o.o., Sunrise 2 Sp. z o.o. and Sunrise 4 Sp. z o.o.

Members of the Supervisory Board

Alfonso Faubel Chair, member since 26/10/2021 Independent Competence: renewable energy Term of office expires: 25/10/2025 Judith Buss Member since 12/11/2020 Re-elected on 26/10/2021 Independent Competence: financial management Term of office expires: 25/10/2025 Bent Christensen1 Member since 12/11/2020 Re-elected on 26/10/2021 Independent Competence: strategic management and international development Term of office ended on 04/01/2024. Tim Brooks Independent management 25/10/2025 Aušra Vičkačkienė Member since 30/08/2017 Re-elected on 26/10/2021 Majority Shareholder's representative Competence: public policy and governance Term of office expires: 25/10/2025. Lorraine Wrafter Member since 26/10/2021 Independent Competence: organisational development Term of office expires: 25/10/2025 Ingrida Muckutė Member since 26/10/2021 Majority Shareholder's representative Competence: public policy and governance Term of office expires: 25/10/2025 1 A new member has been elected.

Sian Lloyd Rees Member since 11/09/2024 Independent Competence: strategic management and international development

Term of office expires: 25/10/2025

Members of the Management Board

Darius Maikštėnas Chair, CEO since 01/02/2018 Re-elected on 18/02/2022 Competence: strategy and management, sustainability