AB “Ignitis grupė” (hereinafter – the Group) publishes its interim report for the first nine months of 2024, which is attached to this announcement, and announces that adjusted EBITDA amounted to EUR 397.0 million (+15.0% YoY) . The increase was driven by better results in the Green Capacities and Networks segments The Green Capacities segment remains the largest contributor at 45.6%. share of total adjusted EBITDA.

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

Our leverage remained strong, with our FFO LTM/Net Debt ratio improving to 34.2% (compared to 29.4% at December 31, 2023). S&P Global Ratings has also reaffirmed the Group’s “BBB+” (stable outlook) credit rating.

Business development

In 9M 2024, we increased our green capacity portfolio to 7.7 GW (from 7.1 GW), installed capacity to 1.4 GW (from 1.3 GW) and secured capacity to 3.1 GW ( from 2.9 GW).

We have achieved a number of significant milestones in expanding and developing our portfolio of green capabilities, including the following:

– we, together with our partner CIP, won the second seabed site (Liivi 1) in the Estonian offshore wind auction and see the site as a natural extension of the Liivi 2 seabed site (secured in December 2023);

– Silesia WF I (50 MW) from Poland reached COD;

– Vilnius CHP biomass unit in Lithuania reached full COD (71 MWe, 170 MWth);

– Tauragė SF (22.1 MW) from Lithuania reached COD;

– we took a Final Investment Decision regarding Tume SF (174 MW) in Latvia;

– Kelmė WF (300 MW) in Lithuania supplied the first energy to the grid;

– Silesia WF II (137 MW) in Poland supplied the first energy to the grid;

– we secured land for the development of hybrid projects (314 MW), i.e. we intend to develop wind farms near our solar farms in Latvia;

– we secured grid connection capacity for our first BESS projects (<290 MW) in Lithuania;

– we made the decisions to participate in the second offshore wind auction of 700 MW in Lithuania and looked for partners;

– we signed a 4-year PPA with Akmenės Cementas (owned by Schwenk Zement Beteiligungen), which will receive electricity from Mažeikiai WF (63 MW).

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 the previously presented Project of EUR 2.5 billion in the period 2022-2031). In addition, after the reporting period, the regulator (NERC) set the revenue levels for 2025 at €321.6 million for electricity distribution and €57.1 million for natural gas distribution. Resolutions on setting 2025 levels of RAB, WACC and additional tariff component were also adopted. In addition, the total number of installed smart meters reached 968 thousand.

In Customers and Solutions, we continue to expand the electric vehicle charging network in the Baltic States and have installed 867 electric vehicle charging points (+491 as of December 31, 2023).

Sustainability

Our green share of production stood at 83.6% and decreased by 5.4pp per year due to proportionally higher electricity production in CCGT (Standby 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. Total emissions were of 4.39 million t CO2-eq and increased by +19.7% YoY.

The carbon intensity of our Scope 1 and 2 GHG emissions fell by 23.5% per year to 270 g CO2-eq/kWh, thanks to higher renewable electricity production and reductions in Scope 2 emissions.

There were no fatal accidents, with employee and contractor TRIRs of 1.18 and 0.37 respectively, both below the target threshold. Our Net Employee Promotion Score (eNPS) remained high at 67.0 (up 15.1 from last year).

The shareholder also returns 2024 perspective

In accordance with our Dividend Policy, a dividend of EUR 0.663 per share was distributed for the first half of 2024, corresponding to EUR 48.0 million.

Following the strong performance of the Green Capacities segment in 9M 2024, we are raising our full-year 2024 adjusted EBITDA guidance to EUR 480-500 million (previously EUR 450-480 million). We are also updating our investment guidance for 2024 to EUR 750-900 million (previously EUR 850-1,000 million). The update mainly relates to the timing effects of our investments in green capabilities.

Key financial indicators (APM¹)

^{1All but ‘Netc advantage‘, are alternative measures of performance (APMs). Definitions and fFinancial indicators are available on our website.}

^{2 ‘Other activities and eliminations‘ include consolidation adjustments, RELATED-part transactions and the financial results of the parent company.}

Winning call

In connection with the announcement of the 9M 2024 results, an earnings call will be held on Wednesday 13 November 2024 at 13:00 Vilnius / 11:00 London time.

To participate in the earnings call, please register at:

https://edge.media-server.com/mmc/go/Ignitis9M2024results

It will also be possible to join the earnings call by phone. To access call details, please register Here. After registration is complete, you will receive call details on screen and by email. You will be able to call using the numbers provided and a unique PIN or by selecting the ‘Call me’ option and providing your phone details for the system to automatically connect you as the revenue call begins.

All questions can be directed to the Group’s Investor Relations team in advance, after recording the earnings call or live during the call.

Presentation slides will be available prior to the call:

https://ignitisgrupe.lt/en/reports-and-presentations

The interim report, including the fact sheet (in Excel), will be available for download at:

https://ignitisgrupe.lt/en/reports-and-presentations

(email protected)

Investor Relations

Ainė Riffel-Grinkevičienė

+370 643 14925

(email protected)

Attachment

• First nine months 2024 interim report