In the fourth quarter of 2025, Ignitis Group’s revenue from customer contracts remained largely in line with the previous year. Due to growth in the first half of the year, total revenue for 2025 was 8% higher than in 2024, reaching €2.473bn. The fourth-quarter results were positively impacted by €19M higher other operating income.

Compared to 2024, the fastest-growing revenue was from reserve capacity, which increased by 52% YoY, although it declined by 32% YoY in the fourth quarter of 2025. In absolute terms, the green capacity segment saw the largest revenue increase over 2025, rising by €105M (25% YoY), though growth slowed towards the end of the year.

Results by segments in 2025

EBITDA for the fourth quarter of 2025 was 5% lower, and annual EBITDA was 10% lower compared to 2024. In 2025, employee and repair costs grew significantly faster than revenue – by around 16% – and in the fourth quarter, repair costs were twice as high as a year earlier.

Due to significant investments in long-term assets, depreciation in 2025 was 23% higher than the previous year. Consequently, the company’s annual operating profit declined more than EBITDA – by 28% – and even adjusted operating profit showed a 9% decrease.

Operating profit

No free cash flow was generated in 2025. Funds form operations was 8% lower than the previous year, amounting to €463M. Around €90M was additionally released from working capital. Meanwhile, investments in long-term assets totaled approximately €700M. The company’s financial debt increased by a further €328M during 2025, and net debt reached €1.8bn at year-end.

Funds from operations