The adjusted EBITDA of the new energy group EPSO-G reached EUR 60.1 million in January-September 2025, while adjusted net profit amounted to EUR 24.9 million.
"Energy independence, reliable infrastructure, and resilience are long-term priorities, so we are investing purposefully in infrastructure that connects Lithuania with its neighbors – Poland, Latvia, and Germany. Together with our regional partners, we are actively developing both international electricity interconnections and hydrogen network projects, and strengthening our participation in the defense industry. These decisions ensure not only sustainable growth, but also greater resilience for the country," says Mindaugas Keizeris, CEO of EPSO-G.
According to M. Keizeris, in order to increase the Lithuania defense industry capabilities and contribute to national security, EPSO-G and Swedbank in Lithuania have signed a long-term loan agreement worth EUR 73 million. These funds will be used for investments by the Group's company EPSO-G Invest in an artillery ammunition factory project.
In October this year, the Group successfully completed the transfer of GET Baltic shares to its strategic partner, European Energy Exchange AG, which won an international public tender. During the transaction in 2023, 66% of GET Baltic shares were sold for EUR 6.5 million, and the remaining 34% sold this year were valued at EUR 3.8 million.
The Group's adjusted EBITDA amounted to EUR 60.1 million, i.e. 4% more than last year (EUR 57.8 million). This indicator was calculated after adjusting the results of transmission and energy storage system operators for temporary regulatory differences and eliminating the results of asset revaluation and atypical gains or losses. Although the Group's adjusted EBITDA increased, the Group's adjusted net profit for January-September 2025 decreased by 10.2% compared to the corresponding period in 2024 and amounted to EUR 24.9 million (EUR 27.7 million in 2024). In the comparable period of 2024, the Group's adjusted profit was higher due to better financial performance, as well as the application of investment incentives (in 2025, they will be applied at the end of the year) and other factors.
The unadjusted financial indicators were negative, with an unadjusted net loss of EUR 35.2 million due to temporary regulatory effects and unadjusted EBITDA of EUR -10.1 million. These results were mainly due to significantly higher costs of additional services in electricity transmission activities (Litgrid), in particular due to higher balancing reserve costs than those included in the tariff by the regulator. Temporary regulatory differences are compensated for in subsequent regulatory periods.
The EPSO-G Group's investments in energy infrastructure to strengthen the security, reliability, and resilience of transmission systems amounted to EUR 126 million, which is 15% less than in the first three quarters of 2024. This year, the Group's company EPSO-G Invest invested EUR 73.1 million in the defense industry – EUR 36.5 million in January–September and another EUR 36.6 million in November, paying for part of the share issue of Rheinmetall Defence Lietuva.
Litgrid's high-voltage networks transmitted 6.4 TWh of electricity in the first three quarters of this year, 5.6% less than in the same period last year. This change was mainly due to the rapid growth in the number of generating consumers in the distribution network and their increasing electricity production in the distribution network itself.
Between January and September, 7.4 TWh of electricity was generated in Lithuania, i.e. 32% more than a year ago. Local production met 77% of the country's demand, with renewable energy sources accounting for 52% of total consumption. According to M. Keizeris, local electricity production in Lithuania has grown particularly rapidly this year, already exceeding the entire 2024 level in terms of both total generation and electricity production from renewable energy sources.
The Lithuanian gas transmission system (excluding transit to Karaliaučius) transported 24 TWh of gas, which is 13% more than in the same period in 2024. Amber Grid transmitted 11 TWh of gas to Lithuanian consumers, which is almost 10% less than last year (12.2 TWh). The lower consumption was due to reduced demand in fertilizer production.
10 TWh of gas was transmitted to consumers in Latvia, Estonia, and Finland via the Lithuania-Latvia interconnector, which is 37% more than last year (7.3 TWh). The GIPL gas pipeline transported 0.6 TWh to Lithuania, or 62% less than in January–September 2024 (1.5 TWh).
By the end of September this year, 1.5 GW of new solar and wind power plants had been connected to the electricity transmission and distribution networks, bringing the total installed capacity to 5.3 GW (5.5 GW in November 2025). 179 GWh of biomethane was fed into the gas transmission system, which is twice as much as last year (89 GWh).
On the Baltpool exchange, heat supply and industrial companies in Lithuania, Latvia, and Estonia purchased 6.6 TWh of biomass in nine months 2025, or 10% more than last year. The growth in biomass trading was driven by increased demand both in Lithuania and abroad.
The EPSO-G group of companies consists of the holding company EPSO-G and its six direct subsidiaries: Amber Grid, Baltpool, Energy Cells, EPSO-G Invest, Litgrid and Tetas. EPSO-G and its Group companies also hold shares in Rheinmetall Defence Lietuva, Baltic RCC OÜ and TSO Holding AS. The rights and obligations of the sole shareholder of EPSO-G are exercised by the Ministry of Energy of the Republic of Lithuania.