Q2 2026 Ignitis Grupe AB Earnings Call Transcript
Key Points
- Adjusted EBITDA grew 2% year-over-year to EUR306 million, driven by strong performance in networks and customers and solutions.
- Green capacities portfolio delivery remains disciplined, with 2.1 GW installed and 0.7 GW under construction, including a new FID for the Tume BESS project.
- Balance sheet remains stable with net debt to adjusted EBITDA at 3.5 times and FFO to net debt improved to 22.2%, with S&P reaffirming BBB+ credit rating.
- Dividend per share increased 3.1% year-over-year to EUR17.4, in line with the dividend policy.
- Networks segment EBITDA grew 15% year-over-year, supported by a higher regulated asset base and continued investments in the electricity network.
- Operational efficiency program is yielding results, with lower development expenses in green capacities expected to be a more accurate run rate going forward.
- Adjusted net profit decreased 21% year-over-year to EUR116 million, due to higher depreciation and lower financial activity results.
- Green capacities EBITDA fell 10% year-over-year, driven by lower captured prices (hedge price down from EUR130 to EUR82) and weak wind speeds.
- Reserve capacities segment saw a 38% year-over-year decrease, due to lower balancing capacity service results as the market matures and becomes more competitive.
- Electricity generation decreased 23% to 1.7 TWh, due to lower balancing capacity services and a planned major overhaul of Unit 7 at the Elektronai complex.
- Prosumer impact remains a drag on customers and solutions EBITDA, with losses expected to increase in 2026 and only 60-70% of losses covered by new legislation.
- Adjusted ROCE declined 1.9 percentage points to 6.7%, nearing the lower end of the target range, with no clear timeline for recovery.
Good afternoon and welcome to the presentation of Ignitis Group's results for the first half of 2026. Thank you for joining us today.
During today's call, Ignitis Group's CEO and CFO will present the group's strategic and financial highlights for the period. This will be followed by a question-and-answer session.
Before we begin, I would like to remind you that today's presentation contains forward-looking statements that are subject to risks and uncertainties. These statements are based on management current beliefs, expectations and assumptions and actual results may differ materially from those expressed or implied.
With that, I will now hand over to Darius to walk you through the key strategic highlights.
Good afternoon all and thank you for joining our results call. Over the first six months of 2026, we sustained strategic progress and consistent financial performance with key highlights as follows.
First, our adjusted
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