Ignitis’ earnings rise 21% in Q1 2024

Wind turbine in the Taurage region, Lithuania: Image source: Ignitis Renewables (handout)

Lithuanian energy company Ignitis Grupe AB (VSE:IGN1L) on Wednesday reported a 21.2% year-on-year increase in adjusted EBITDA for the first quarter, with growth across all business segments apart from Reserve Capacities.

The Vilnius-based firm booked adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 181.7 million (USD 196.1m) in the first three months of the year. About EUR 77.1 million of the total amount came from Green Capacities which alone saw 10.1% year-on-year earnings increase.

Adjusted EBITDA (in EUR millions)	Q1 2024	Q1 2024
Green Capacities	77.1	70.0
Networks	65.5	48.7
Reserve Capacities	20.0	28.6
Customers & Solutions	17.4	0.9
Other activities and eliminations	1.7	1.7

In January-March 2024, Ignitis’ adjusted net profit rose by 26.9% to EUR 112.6 million, with a margin of 18.2%.

During the first quarter, Ignitis increased investments by 73.4% to EUR 209.5 million, with two-thirds, or EUR 138.9 million, allocated to the Green Capacities segment, and 90.5% to Lithuania.

The renewables-focused company expanded its Green Capacities portfolio to 7.4 GW from 7.1 GW. Installed capacity rose to 1.4 GW from 1.3 GW, while the secured capacity stood at 2.9 GW.

The green share in the group’s total electricity production, however, decreased by 15.7 percentage points to 79.9% due to proportionally higher electricity generation at combined-cycle gas turbine (CCGT) power plants (Reserve Capacities).

(EUR 1 = USD 1.080)

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