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AB “Ignitis grupė” (hereinafter – the Group) publishes its first nine months 2024 interim report, which is attached to this notice, and announces that 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.

Our leverage metrics remained strong, with FFO LTM/Net Debt ratio improved to 34.2% (compared to 29.4% as of 31 December 2023). Also, S&P Global Ratings reaffirmed the Group’s ‘BBB+’ (stable outlook) credit rating.

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 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).

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 previously submitted Draft of EUR 2.5 billion over the period of 2022–2031). 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.