Slides
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12 November 2025 Investor presentation: 9M 2025 results
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Investor presentation / Legal notice This document has been prepared by AB “Ignitis grupė” (hereinafter – Ignitis Group) solely for informational purposes and must not be relied upon, disclosed or published, or used in part for any other purpose. The document should not be treated as investment advice or provide basis for valuation of Ignitis Group’s securities and should not be considered as a recommendation to buy, hold, or sell of any of its securities, or any of the businesses or assets referenced in the document. The information in this document may comprise information which is neither audited nor reviewed by independent third parties and should be considered as preliminary and potentially subject to change. This document may also contain certain forward-looking statements, including but not limited to, the statements and expectations regarding anticipated financial and operational performance. These statements are based on the management's current views, expectations, assumptions, and information as of the date of this document announcement as well as the information that was accessible to the management at that time. Statements herein, other than the statements of historical fact, regarding Ignitis Group’s future results of operations, financials, business strategy, plans and future objectives are forward-looking statements. Words such as “forecast”, “expect”, “intend”, “plan”, “will”, “may”, “should”, “continue”, “predict” or variations of these words, as well as other statements regarding the matters that are not a historical fact or regarding future events or prospects, constitute forward-looking statements. Ignitis Group bases its forward-looking statements on its current views, which involve a number of risks and uncertainties, which may be beyond Ignitis Group’s control or difficult to predict, and could cause the actual results to differ materially from those predicted and from the past performance of Ignitis Group. The estimates and projections reflected in the forward-looking statements may prove materially incorrect and the actual results may materially differ due to a variety of factors, including, but not limited to, legislative and regulatory factors, geopolitical tensions, economic environment and industry development, commodity and market factors, environmental factors, finance-related risks as well as expansion and operation of generation assets. Therefore, a person should not rely on these forward-looking statements. For further risk-related information, please see section ‘4.2 Risk management update’ of this report and ‘4.7 Risk management’ section of our Integrated Annual Report 2024, all available at https://ignitisgrupe.lt/en/reports-presentations-and-fact-sheets. Certain financial and statistical information presented in this document is subject to rounding adjustments. Accordingly, any discrepancies between the listed totals and the sums of the amounts are due to rounding. Certain financial information and operating data relating to Ignitis Group presented in this document has not been audited and, in some cases, is based on the management’s information and estimates, and is subject to change. This document may also include certain non-IFRS measures (e.g., Alternative Performance Measures, described at https://ignitisgrupe.lt/en/reports-presentations- and-fact-sheets), which have not been subjected to a financial audit for any period. In the event of any discrepancy between the Lithuanian and the English versions of the document, the English version shall prevail. No responsibility or liability will be accepted by Ignitis Group, its affiliates, officers, employees, or agents for any loss or damage resulting from the use of forward-looking statements in this document. Unless required by the applicable law, Ignitis Group is under no duty and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2 / 38 Legal notice
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Agenda Investor presentation / Agenda 3 / 38 1. Strategic highlights 4 2. Financial highlights 9 3. Outlook 2025 19 4. Supplementary information 23 Darius Maikštėnas, CEO Jonas Rimavičius, CFO
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Strategic highlights Investor presentation / Strategic highlights 4 / 38
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Strong results driven by operational discipline 5 / 38 Installed Capacity 2.1 GW +0.7 GW in 9M 2025 Strategic growth enabled by resilient execution Net Debt/ Adjusted EBITDA LTM 3.33x +9.2% vs 2024 year-end Robust balance sheet, backed by ‘BBB+‘ rating DPS 0.683 EUR +3.0% YoY Dividends in line with the policy Highlights Strong earnings and business plan delivery with +0.7 GW installed green capacities. Full-year 2025 guidance for Adjusted EBITDA and Investments updated Investor presentation / Strategic highlights Adjusted EBITDA 405.1 EURm +2.0% YoY
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6 / 38 Secured Capacity portfolio split 1.4 1.8 2.1 1.0 1.0 0.6 0.7 0.7 0.7 3.1 3.4 3.4 31 Dec 2024 30 Jun 2025 30 Sep 2025 +0.3 GW Secured Capacity Secured Capacity portfolio GW Under Construction Awarded / Contracted Installed Capacity +0.7 GW Installed Capacity 3.4 GW Lithuania 2.7 GW By technology By geography By type 3.4 GW 3.4 GW Onshore wind 0.7 GW Offshore wind 0.7 GW Solar 0.5 GW Hydro 1.1 GW Biomass & WtE 0.1 GW Latvia 0.4 GW Estonia 0.02 GW Poland 0.3 GW Generation 2.2 GW Flexibility 1.2 GW BESS 0.3 GW Green Capacities: portfolio update Installed Capacity increased to 2.1 GW, Secured Capacity – to 3.4 GW Investor presentation / Strategic highlights
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Installed smart meters: 1.24 million – target of over 1.2 million meters installed by 2026 achieved, programme continues. NERC set 2026 regulatory parameters: RAB set at 1.9 EURbn (+0.1 EURbn), WACC (weighted average) at 5.74% (-0.05 pp), and additional tariff component at 51.8 EURm (+38.1%). State aid awarded to: Kelmė BESS (147.4 MW) and Kruonis BESS (99.2 MW) – 12.6 EURm in total. Comments submitted: for a public consultation, initiated by the Lithuanian Ministry of Energy regarding prosumer model update. Major overhaul of: Unit 7 of Elektrėnai Complex – turbine and transformer overhaul is ongoing, completion estimated by mid-2026. Reserve Capacities Increase in EV charging points: 1,558 installed (+178 in Q3 2025). Customers & SolutionsGreen Capacities COD reached at: Silesia WF (136.8 MW) in Poland. Networks COD reached at: Stelpe SF II (72.5 MW) in Latvia. Note: “ARP” indicates an update after the reporting period. 7 / 38 Long-term financing secured for: Kelmė WF (313.7 MW) – 318 EURm from EIB, Swedbank, EBRD and NIB. ARP Tender for the Lithuanian 700 MW offshore wind project with State support: bid submitted; tender did not take place (only one participant; ≥ 2 required). Curonian Nord: full control taken – 49% stake acquired from Ocean Winds. ARP ARP ARP Business segment highlights – Q3 2025 Investor presentation / Strategic highlights
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8 / 38 1.18 0.97 0.372 0.71 9M 2024 9M 2025 Green Capacities Reserve Capacities Climate action GHG emissions, million t CO2 -eq Electricity Generated (net), Green Share of Generation TWh, % Safety TRIR Employees Contractors Scope 2 Scope 3 Scope 1 +1.15 TWh +22.5% 1.58 2.01 0.31 1.03 1.89 3.04 83.6% 66.0% -85.0% -75.0% -65.0% -55.0% -45.0% -35.0% -25.0% -15.0% -5. 0% 5.0% 15. 0% 25. 0% 35. 0% 45. 0% 55. 0% 65. 0% 75. 0% 85. 0% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 9M 2024 9M 2025 Green Share of Generation +0.43 TWh 2.43 2.78 0.09 0.090.32 0.612.841 3.48 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 9M 2024 9M 2025 1. These figures have been restated compared to the First nine months 2024 interim report. For more information, see section '5. 2 Notes of restated figures' of our First nine months 2025 interim report. 2. A part of the total hours worked for contracts below 0.5 EURm/year may not be included in Contractor TRIR calculations, while all recordable incidents are included. Sustainability initiatives update Growing Green capacities with health and safety at the core Investor presentation / Strategic highlights
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9 / 38 Financial highlights Investor presentation / Financial highlights
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10 / 38 Strong leverage metrics reaffirmed ‘BBB+’ (stable outlook) credit rating by S&P Dividends in line with the policy Adjusted EBITDA, 2.0% driven by stronger performance in Green Capacities and Networks Adjusted net profit, 16.7% driven by higher depreciation and amortisation expenses and lower financial activity results Investments, 9.2% 51.3% of the total were made in the Networks, and 41.4% into Green Capacities. YoY Investments decrease driven by projects reaching COD Adjusted ROCE LTM, 2.2 pp due to the lower result of the Customers & Solutions segment Financial KPIs1, EURm 9M 2025 9M 2024 Δ Adjusted EBITDA 405.1 397.0 2.0% Adjusted net profit 177.6 213.3 (16.7%) Adjusted ROCE LTM 8.1% 10.3% (2.2 pp) Investments 529.9 583.7 (9.2%) FCF (122.6) (124.5) 1.5% DPS2 0.683 0.663 3.0% 30 Sep 2025 31 Dec 2024 Δ Net Working Capital 31.8 102.6 (70.8) Net Debt 1,782.7 1,612.3 10.6% Net Debt/Adjusted EBITDA LTM 3.33 x 3.05 x 9.2% FFO LTM/Net Debt 23.4% 29.7% (6.3 pp) 1. All KPIs are Alternative Performance Measures (APMs). 2. The GM, held on 10 September 2025, made a decision to distribute a dividend of EUR 0.683 per share, corresponding to EUR 49.4 million, for H1 2025, which was paid in October 2025. Investor presentation / Financial highlights Financial performance overview
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+2.0% 11.1 (43.0) 36.7 34.7 165.6 192.8 180.9 215.4 397.0 405.1 9M 2024 9M 2025 Development across business segments Networks Green Capacities Customers & Solutions Reserve Capacities Other activities and eliminations 11 / 38 (54.1) EURm (n/a) (2.0) EURm (5.4%) +27.2 EURm +16.4% +34.5 EURm +19.1% Lower natural gas B2B supply results and adverse effect of prosumers under the current net-metering scheme. Lower captured gross profit margin. Higher RAB and WACC. New assets launched, and new services provided. Growth driven by Green Capacities and Networks Adjusted EBITDA APM EURm Adjusted EBITDA Investor presentation / Financial highlights
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28.0% 23.4% 9M 2024 9M 2025 1.4 2.1 1.0 0.60.7 0.7 3.1 3.4 31 Dec 2024 30 Sep 2025 86.5 80.491.9 99.7 9M 2024 9M 2025 +8.0% -7.0% Green Capacities Increase due to new assets launched, and new services provided 12 / 38 +19.0% – Commissioning: new assets launched (Silesia WF II, Kelmė WF, Stelpe SF I and II, Varme SF). – Price: stronger performance from flexible assets. – Volume: generation decrease in hydro assets partly offset by improved performance of CHPs. – Other: driven by balancing capacity services offset by continued expansion. Hedged volume Secured Capacity GW Green Electricity Generated (net), Green Share of Generation TWh, % Availability factor % 94.4% 93.0% 9M 2024 9M 2025 Load factor % Market electricity price EUR/MWh Hedge price, hedged volume EUR/MWh, %1 138.6 118.3 73.1% 50.9% 0 20 40 60 80 100 120 140 160 180 200 9M 2024 9M 2025 Awarded / Contracted Under Construction Onshore wind Waste Hydro Green Share of Generation Onshore wind Onshore wind Lithuania Poland Hedge price -4.5 pp -1.5 pp Installed Capacity +0,3 GW Biomass 0.71 0.54 0.52 0.96 0.21 0.210.14 0.200.01 0.091.58 2.01 83.6% 66.0% -140.0% -90.0% -40.0% 10. 0% 60. 0% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 9M 2024 9M 2025 Solar Adjusted EBITDA development APM EURm 1. Some of the PPAs are internal, the graph illustrates secured generation part of the Green Capacities segment excl. Kruonis PSHP. 28.3 7.7 (23.9) 22.3 180.9 215.3 9M 2024 Commiss- ioning Price Volume Other 9M 2025 Investor presentation / Financial highlights
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1,032 1,241 31 Dec 2024 30 Sep 2025 4.9% 4.7% 1.8% 1.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 9M 2024 9M 2025 7.34 7.46 4.69 4.59 9M 2024 9M 2025 +16.4% Networks Better results driven by higher RAB and WACC 13 / 38 – RAB: +13.3% from 1,584 EURm in 2024 to 1,795 EURm in 2025. – WACC: +0.71 pp in weighted average (electricity and natural gas) from 5.08% in 2024 to 5.79% in 2025. Adjusted EBITDA development APM EURm SAIFI SAIDI +1.6% -2.1% -0.2 pp -0.6 pp +209 thousand 1. Numbers approved and published by the regulator (NERC). Distribution volumes TWh Technological losses % Electricity Natural gas SAIFI, SAIDI (electricity) Times, minutes 1.13 0.82 356 57 -1400 -1200 -1000 -800 -600 -400 -200 0 200 400 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 9M 2024 9M 2025 RAB1 EURm Electricity Natural gas Natural gasElectricity Weighted average 1,332 1,541 1,655 252 254 251 1,584 1,795 1,906 2024 2025 2026 Number of smart meters installed Thousand WACC1 % 5.09% 5.82% 5.77% 5.03% 5.64% 5.56% 5.08% 5.79% 5.74% 2024 2025 2026 Investor presentation / Financial highlights 23.3 8.1 3.2 (7.4)165.6 192.8 9M 2024 RAB WACC Other Temporary volumes effect 9M 2025
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Reserve Capacities Decrease driven by lower captured gross profit margin 14 / 38 4.5% 15.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 9M 2024 9M 2025 Capacity of services provided MW Electricity Generated (net) TWh 0.31 1.03 9M 2024 9M 2025 Load factor % +233.4% +10.5 pp 891 891 164 164 1,055 1,055 0 200 400 600 800 1000 1200 31 Dec 2024 30 Sep 2025 Remaining capacity Isolated regime services 0.0% (5.4%) – Market premium: driven by lower captured gross profit margin in relation to lower captured electricity prices and higher natural gas prices. The decrease was partly offset by higher volumes generated and new services provided. – Regulated activities: decrease due to lower compensated interest expenses and lower availability in relation to maintenance works. Adjusted EBITDA development APM EURm Investor presentation / Financial highlights (0.1) (1.9) 36.7 34.7 9M 2024 Market premium Regulated activities 9M 2025
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(n/a) Customers & Solutions Decrease driven by lower electricity and natural gas supply activities results 15 / 38 – Electricity: lower result driven by prosumers under the current net-metering scheme and negative effect from increased imbalance prices. – Natural gas: lower natural gas B2B supply result mainly because more favourable margins were secured in 2024. Adjusted EBITDA development APM EURm 4.68 4.82 1.26 0.83 9M 2024 9M 2025 4.84 5.31 9M 2024 9M 2025 1,091 1,558 31 Dec 2024 30 Sep 2025 1.4 1.4 0.6 0.6 31 Dec 2024 30 Sep 2025 Electricity retail sales TWh Number of customers Million EV charging points Units Retail Wholesale Electricity Natural gas +9.7% -34.3% +3.0% +42.8% -0.1% -0.5% Natural gas sales TWh Investor presentation / Financial highlights (23.7) (21.2) (9.2) 11.1 (43.0) 9M 2024 Electricity Natural gas Other 9M 2025
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Key drivers 16 / 38 +54.5 EURm +25.1% Decline due to several projects reaching COD. Partly offset by ongoing Investments in new solar, onshore wind and Kruonis PSHP expansion projects. (116.0) EURm (34.6%) Networks Green Capacities Customers & Solutions Reserve Capacities Other activities and eliminations (9.2%) Investments APM EURm 17.1 18.82.3 7.5 217.1 271.6 335.2 219.2 583.7 529.9 9M 2024 9M 2025 Increase due to higher Investments into the expansion of the electricity distribution network mainly due to the higher number of new connection points and upgrades as well as higher cost to connect new customers as they are located more remotely. Investor presentation / Financial highlights Investments YoY decrease driven by several projects reaching COD
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17 / 38 +1.5%(124.5) (122.6) 9M 2024 9M 2025 FCF APM EURm Key drivers Adjusted EBITDA (+405.1 EURm). Change in Net Working Capital (+70.8 EURm). Investments (-529.9 EURm). Free cash flow Investor presentation / Financial highlights Negative FCF due to the Investments made
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1,612.3 (405.1) (70.8) (42.5) 530.0 60.4 42.2 56.2 1,782.7 31 Dec 2024 Adjusted EBITDA NWC change Investments covered by customers and grants received Investments Dividends paid Interest paid Other 30 Sep 2025 Net Debt/Adjusted EBITDA LTM APM FFO LTM/Net Debt APM times, % Decrease in FFO LTM and higher Net Debt: FFO LTM (-62.2 EURm) due to lower EBITDA LTM (-43.4 EURm) and more income tax paid (- 15.4 EURm). Higher Net Debt (+170.4 EURm) due to negative FCF (-122.6 EURm) and dividends paid (60.4 EURm). Net Debt/Adjusted EBITDA LTM FFO LTM/Net Debt 18 / 38 3.05 3.33 29.7% 23.4% -100.0% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 31 Dec 2024 30 Sep 2025 Net Debt development APM EURm Investor presentation / Financial highlights Leverage metrics Strong leverage metrics despite higher Net Debt and lower FFO LTM
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Outlook 2025 Investor presentation / Outlook 2025 19 / 38
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262.4 219.9 42.0 527.9 500–540 510–540 2024 actual 2025 guidance (13 August) 2025 guidance (12 November) Adjusted EBITDA APM EURm Investments APM EURm Main drivers: – Green Capacities: new projects of +700 MW capacity reaching COD in 2025; – Networks: higher RAB and WACC; – Reserve Capacities: higher electricity generation volumes from new services provided; – Customers & Solutions: further negative result in B2C electricity supply, including adverse prosumer effects under the current net-metering scheme. Main drivers: – Green Capacities: Kelmė WF, Stelpe SF I and II, Varme SF, Tume SF, and Kruonis PSHP expansion project; – Networks: expansion and maintenance of electricity distribution network. NetworksGreen Capacities Reserve Capacities Customers & Solutions 20 / 38 Guidance Note: Adjusted EBITDA indication for the Group is the prevailing guidance, whereas directional effect per business segment serve s as a mean to support it. Higher/stable/lower indicates the direction of expected business segment’s change in 2025 relative to the actual results for 2024. Investor presentation / Outlook 2025 Guidance 2025 Narrowed Adjusted EBITDA guidance to 510–540 EURm, driven by strong 9M 2025 results; Updated Investments guidance to 700–800 EURm 434.5 700–900 700–800 337.0 25.2 812.0 2024 actual 2025 guidance (13 August) 2025 guidance (12 November)
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21 / 38 Investor presentation / Outlook 2025 Highlights Strong earnings and business plan delivery with +0.7 GW installed green capacities. Full-year 2025 guidance for Adjusted EBITDA and Investments updated Strong results driven by operational discipline Installed Capacity 2.1 GW +0.7 GW in 9M 2025 Strategic growth enabled by resilient execution Net Debt/ Adjusted EBITDA LTM 3.33x +9.2% vs 2024 year-end Robust balance sheet, backed by ‘BBB+‘ rating DPS 0.683 EUR +3.0% YoY Dividends in line with the policy Adjusted EBITDA 405.1 EURm +2.0% YoY
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Q&A Investor presentation / Q&A 22 / 38
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Supplementary information Investor presentation / Supplementary information 23 / 38
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24 / 38 EURm 9M 2025 9M 2024 Δ% Revenue from contracts with customers 1,793.6 1,610.0 11.4% Other income 5.1 11.1 (54.1%) Total revenue 1,798.7 1,621.1 11.0% Purchase of electricity, natural gas and other services (1,166.2) (982.9) 18.6% Salaries and related expenses (136.9) (120.1) 14.0% Repair and maintenance expenses (52.8) (54.1) (2.4%) Other expenses (88.4) (66.2) 33.5% Total expenses (1,444.3) (1,223.3) 18.1% EBITDA 354.4 397.8 (10.9%) Depreciation and amortisation (156.8) (131.9) 18.9% Write-offs, revaluation and impairment losses of property, plant and equipment and intangible assets (3.2) (1.1) 190.9% Operating profit (EBIT) 194.4 264.8 (26.6%) Finance income 8.4 16.2 (48.1%) Finance expenses (51.9) (42.2) 23.0% Finance activity, net (43.5) (26.0) 67.3% Profit (loss) before tax 150.9 238.8 (36.8%) Income tax (expenses)/benefit (18.5) (24.8) (25.4%) Net profit for the period 132.4 214.0 (38.1%) Investor presentation / Supplementary information Statement of profit or loss
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25 / 38 EURm 30 Sep 2025 31 Dec 2024 Δ% Assets Intangible assets 304.5 305.8 (0.4%) Property, plant and equipment 4,547.9 4,027.4 12.9% Right-of-use assets 112.9 77.6 45.5% Prepayments for non-current assets 77.4 236.1 (67.2%) Investment property 4.4 6.6 (33.3%) Non-current receivables 27.9 27.4 1.8% Other financial assets 35.8 35.2 1.7% Other non-current assets 6.0 4.0 50.0% Deferred tax assets 44.7 31.9 40.1% Non-current assets 5,161.5 4,752.0 8.6% Inventories 262.7 247.7 6.1% Prepayments and deferred expenses 19.2 17.1 12.3% Trade receivables 234.3 294.0 (20.3%) Other receivables 150.2 145.2 3.4% Other current assets 5.5 9.4 (41.5%) Prepaid income tax 3.1 5.5 (43.6%) Cash and cash equivalents 234.3 234.5 (0.1%) Assets held for sale 3.9 0.6 550.0% Current assets 913.2 954.0 (4.3%) Total assets 6,074.7 5,706.0 6.5% EURm 30 Sep 2025 31 Dec 2024 Δ% Equity and liabilities Share capital 1,616.4 1,616.4 0.0% Reserves 264.7 258.7 2.3% Retained earnings 580.3 561.7 3.3% Equity attributable to shareholders in AB “Ignitis grupė” 2,461.4 2,436.8 1.0% Non-controlling interests - - - Equity 2,461.4 2,436.8 1.0% Non-current loans and bonds 1,739.9 1,711.6 1.7% Non-current lease liabilities 92.5 68.1 35.8% Grants and subsidies 276.7 287.5 (3.8%) Deferred tax liabilities 86.0 84.7 1.5% Provisions 46.5 100.5 (53.7%) Deferred income 326.9 289.9 12.8% Other non-current liabilities 23.6 18.2 29.7% Non-current liabilities 2,592.1 2,560.5 1.2% Loans 175.5 61.1 187.2% Lease liabilities 9.1 6.0 51.7% Trade payables 182.1 246.1 (26.0%) Advances received 69.7 75.5 (7.7%) Income tax payable 29.4 16.1 82.6% Provisions 195.5 28.5 586.0% Deferred income 21.9 20.6 6.3% Other current liabilities 338.0 254.8 32.7% Current liabilities 1,021.2 708.7 44.1% Total liabilities 3,613.3 3,269.2 10.5% Total equity and liabilities 6,074.7 5,706.0 6.5% Investor presentation / Supplementary information Statement of financial position
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26 / 38 EURm 9M 2025 9M 2024 Δ% Cash flows from operating activities Net profit for the period 132.4 214.0 (38.1%) Adjustments for non-monetary expenses (income) 275.0 174.8 57.1% Elimination of results of investing activities 5.9 1.5 293.3% Elimination of results of financing activities 40.7 26.5 53.6% Changes in working capital 63.8 115.3 (44.6%) Income tax (paid)/received (21.4) (6.0) 256.7% Net cash flows from operating activities 496.4 526.1 (5.6%) Cash flows from investing activities Acquisition of property, plant and equipment and intangible assets (535.3) (560.3) (4.5%) Proceeds from sale of property, plant and equipment, assets held for sale and intangible assets 2.9 2.6 11.5% Loans granted (2.5) - n/a Grants received 2.4 3.5 (31.4%) Interest received 0.6 5.7 (89.5%) Finance lease payments received 1.2 1.4 (14.3%) (Increase)/decrease of deposits - 109.0 n/a (Investments in)/return from investment funds (3.3) (2.9) 13.8% Net cash flows from investing activities (534.0) (441.0) 21.1% EURm 9M 2025 9M 2024 Δ% Cash flows from financing activities Loans received 28.2 70.9 (60.2%) Repayments of loans (38.6) (36.5) 5.8% Loans assumed through business combination 0.5 - n/a Overdrafts net change 157.3 (12.5) n/a Lease payments (7.4) (5.4) 37.0% Interest paid (42.2) (38.8) 8.8% Dividends paid (48.0) (46.5) 3.2% Dividends paid to non-controlling interest (12.4) (11.8) 5.1% Other increases/(decreases) in cash flows from financing activities - (0.1) n/a Net cash flows from financing activities 37.4 (80.7) (146.3%) Increase/(decrease) in cash and cash equivalents (0.2) 4.4 (104.5%) Cash and cash equivalents at the beginning of the period 234.5 205.3 14.2% Cash and cash equivalents at the end of the period 234.3 209.7 11.7% Investor presentation / Supplementary information Statement of cash flows
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Net profit adjustments EURm EBITDA adjustments EURm 1. Temporary regulatory differences. The difference between the actual profit earned during the reporting period and the profit approved by the regulator (NERC) is eliminated. 2. One-off financial activity adjustments for 2025 include elimination of investment funds’ decrease in fair value (EUR 2.8 million). 3. An additional income tax adjustment of 16% (statutory income tax rate in Lithuania) is applied to all of the above net profit adjustments except decrease in fair value of Smart Energy Fund (EUR 1.6 million). 27 / 38 9M 2025 9M 2024 Δ Δ% EBITDA APM 354.4 397.8 (43.4) (10.9%) Adjustments Temporary regulatory differences1 50.7 (0.8) 51.5 n/a Networks 46.1 20.1 26.0 129.4% Customers & Solutions 4.6 (20.9) 25.5 n/a Total EBITDA adjustments 50.7 (0.8) 51.5 n/a Adjusted EBITDA APM 405.1 397.0 8.1 2.0% 9M 2025 9M 2024 Δ Δ% Net profit 132.4 214.0 (81.6) (38.1%) Adjustments Total EBITDA adjustments 50.7 (0.8) 51.5 n/a One-off financial activity adjustments 2 2.8 - 2.8 100.0% Adjustments’ impact on income tax3 (8.3) 0.1 (8.4) n/a Total net profit adjustments 45.2 (0.7) 45.9 n/a Adjusted Net Profit APM 177.6 213.3 (35.7) (16.7%) Investor presentation / Supplementary information EBITDA and Net profit adjustments
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Key drivers (30 Sep 2025 vs 31 Dec 2024): 28 / 38 Decrease in trade receivables (-59.8 EURm) as a result of lower electricity and gas related revenue due to lower volumes supplied and lower market prices. The increase in temporary regulatory liabilities related to new services provided (-56.6 EURm). The decrease was partly offset by higher trade payables (+64.0 EURm). Net Working Capital APM EURm 102.6 (53.7) 31.8 31 Dec 2024 30 Jun 2025 30 Sep 2025 (69.0%) +159.2% Investor presentation / Supplementary information Net Working Capital Decrease in trade receivables as a result of lower electricity and gas related revenue and increase in regulatory liabilities, partly offset by higher trade payables
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Kruonis PSHP, Kaunas HPP Elektrėnai Complex Services regulated Manual frequency restoration reserve services (mFFR) Isolated system operation services Total profit retained “Ignitis gamyba” accepted bid and 30% of difference between highest accepted bid and “Ignitis gamyba” bid (in case of a positive difference) 50% of regulated return (WACC) and 50% of market premium (gross profit) (in case market premium is higher than regulated return (WACC)) Other material provisions Share returned to consumers could increase if: 2025 EBITDA > 2024 EBITDA + previous year’s result increase (+12.4%) If market premium (gross profit) < regulated return (WACC), full market premium (gross profit) is retained Regulatory period1 2025 2025–2026 Illustrative example 3 3 6 6 6 9 12 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 Regulated return (WACC) Market premium (gross profit) Total profit retained by "Ignitis gamyba" 29 / 38 6 1.8 7.8 12 4.2 "Ignitis gamyba" bid Highest accepted bid in the market Sharing proportion Total profit retained by "Ignitis gamyba" EUR/MWh 70% returned 30% retained EURm 1. It may be extended by a decision of the regulator (NERC). 2. AB “Ignitis gamyba” WACC set by the regulator (NERC) for 2025 is 7.3% ( link in Lithuanian). Investor presentation / Supplementary information Overview of introduced new regulation for AB “Ignitis gamyba” Ensures that the additional profit earned in the Baltic states is shared with Lithuanian consumers by reducing the regulated electricity tariff 50% returned 50% retained
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14.4 135.3 362.7 62.8 62.5 62.6 82.4 90.1 161.2 84.8 300.0 300.0 300.0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 234.5 234.3 539.7 521.7 774.2 756.0 31 Dec 2024 30 Sep 2025 Liquidity reserve2 EURm Debt maturity schedule1 EURm 30 / 38 Outstanding amount as of 30 Sep 2025 (EURm) Effective interest rate (%) Average time to maturity (years) Fixed interest rate Euro currency Bonds (incl. interest) 899.5 1.96 3.0 100.0% 100.0% Non-current loans including current portion of non-current loans 722.9 2.86 5.5 54.3% 90.0% Bank overdrafts, credit lines, and current loans 293.0 2.70 1.6 0.0% 100.0% Lease liabilities 101.6 - 5.9 0.0% 82.7% Gross Debt APM 2,017.0 2.41 3.9 64.0% 95.6% Cash Total unwithdrawn balances 1. The nominal value of issued bonds amounts to EUR 900 million. As of 30 September 2025, bonds accounted for EUR 894.8 million in the Consolidated statement of financial position as the remaining nominal capital will be capitalised until maturity according to IFRS. 2. Due to changes in loan contract usage internal assessment, balances for 31 December 2024 were adjusted to include additional EUR 105.0 million loan contract unwithdrawn balance. Refers to the green bond issuesBondsLoans and Leases Investor presentation / Supplementary information Financing
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Electricity generated1 vs supplied by Ignitis Group in 2024 TWh 6.7 Gap enough to cover ~2.4 GW2 of new Green Capacities Electricity supply portfolio Generated1 0.4 1.4 Externally–secured 31 / 38 1. Excluding opportunistic Green Capacities’ assets – Kruonis PSHP, which accounted for ~23% of the total electricity generated in the Green Capacities segment in 2024). 2. Assuming the whole surplus of electricity supply (5.3 TWh) can be utilised for new wind and solar generation offtake with a load factor of ~26% (59/41 split between wind and solar with load factors of ~35% and ~12% respectively). Investor presentation / Supplementary information Installed Capacity and generation mix overview
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Green generation Portfolio hedging levels1 1. Hedging levels are provided until the end of the strategic period. 2. Most PPAs are concluded for the base load, therefore, the actual effective hedge price can differ from the price in the contract due to the profile effect. 3. Generation Portfolio includes the total electricity generation of Secured Capacity projects, excluding Kruonis PSHP as well as units 7, 8 and CCGT at Elektrėnai Complex. 4. Some of the PPAs are internal, the graph above illustrates the Green Capacities segment’s outlook (generated volumes). 32 / 38 Hedge price2, EUR/MWh Volumes hedged3,4, % 72% 58% 71% 58% 55% 136 111 83 84 85 -300 -250 -200 -150 -100 -50 0 50 100 150 200 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2024 2025 2026 2027 2028 Investor presentation / Supplementary information Hedging levels
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Finland 39.2 EUR/MWh (-16.4%) 42.5 EUR/MWh (+2.7%) Estonia 78.4 EUR/MWh (-10.5%) 41.6 EUR/MWh (+19.2%) Latvia 81.0 EUR/MWh (-6.4%) 41.6 EUR/MWh (+19.2%) Poland 99.7 EUR/MWh (-7.0%) 42.2 EUR/MWh (+18.4%) Nord Pool system 35.5 EUR/MWh (-5.9%) TTF 39.7 EUR/MWh (+24.4%) Lithuania 80.4 EUR/MWh (-7.0%) 42.6 EUR/MWh (+18.4%) Average electricity price in 9M 2025 (vs 9M 2024) Average natural gas price in 9M 2025 (vs 9M 2024) Countries the Group is active in TWh 9M 2025 9M 2024 Δ% Lithuania 8.7 8.9 (1.7%) Latvia 4.8 5.1 (5.8%) Estonia 5.7 5.8 (1.3%) Finland 61.5 60.0 2.4% Poland 159.2 166.9 (4.6%) Total 239.9 246.7 (2.8%) Consumption, TWh Consumption, TWh Electricity Natural gas Generation, TWh 33 / 38 TWh 9M 2025 9M 2024 Δ% Lithuania 7.4 6.2 20.0% Latvia 4.4 5.0 (11.6%) Estonia 3.7 3.6 1.0% Finland 57.0 55.1 3.4% Poland 110.1 110.4 (0.2%) Total 182.6 180.3 1.3% TWh 9M 2025 9M 2024 Δ% Lithuania 11.0 12.4 (10.7%) Latvia 5.9 6.3 (6.1%) Estonia 2.3 2.6 (13.5%) Finland 2.1 2.7 (12.0%) Poland 143.6 135.8 5.7% Total 164.9 159.8 3.2% Investor presentation / Supplementary information Industry overview
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34 / 38 Leading to transparent ESG performance Rating provider Score range (minimum to maximum) Rank compared to utility peers B- Prime (Good) 2nd decile AA (Leader) Top 23% 24.2 (Medium risk) 27th percentile Climate C (Awareness) ND 68 (Advanced) Top 15% CCC AAA 100 D- A+ D- A 0 100 0 Investor presentation / Supplementary information Recent updates to ESG ratings
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35 / 38 Strategic ambitions and financial guidance Installed green generation and green flexibility capacities: − 2028 − 2030 2.6–3.0 GW 4.0–5.0 GW Adjusted EBITDA, 2028 − of which a sustainable share, 2028 600–680 EURm ≥70–75% Average ROCE, 2025–2028 6.5–7.5% Net Debt/Adjusted EBITDA, 2025–2028 <5x Investment–grade rating, 2025–2028 BBB or above Dividend policy ≥3% annual growth rate − Minimum DPS 1, 2028 − Dividend yield2, 2025–2028 ≥1.49 EUR 6.4–7.0% GHG emissions reduction: − 2028: carbon intensity of scope 1 & 2 GHG emissions − (reducing by ~5% vs. 2024) − 2040–2050: aligning with the 1.5 °C scenario 190 g CO 2-eq/kWh Net zero Our strategic performance KPIs Total Investments, 2025–2028 − of which share of Investments aligned with the EU Taxonomy, 2025– 2028 3.0–4.0 EURbn ≥85–90% Green Capacities: Electricity Generated (net), excl. Kruonis PSHP, 2028 ~3.0–4.0 TWh Electricity SAIFI3, 2025–2028 average (per annum) ≤0.95 Electricity supply portfolio, 2028 ~9.0–11.0 TWh Average availability of Reserve Capacities, 2025–2028 >98% Safety at work, 2025–2028: − fatal accidents of own employees and contractors − TRIR of own employees − TRIR of contractors 0 ≤1.0 ≤1.7 Engaged employees, diverse and inclusive workplace: − employee net promoter score (eNPS), 2025–2028 ≥50 Diversity in top management: − Share of women in top management, 2028 ≥33% 1. Calculated based on the number of ordinary registered shares (ticker: IGN1L), totalling 72,388,960 as of 31 March 2025. 2. The implied annual dividend yield over the 2025–2028 period is calculated based on Ignitis Group’s ordinary registered share (ticker: IGN1L) closing price of EUR 21.25 as of 31 March 2025. 3. Assessed according to the principles used during the determination of the level and the NERC methodology in force according t o which the following cases are excluded from SAIFI: (1) outages caused by natural phenomena corresponding to the values of indicators of natural, catastrophic meteorological and hydrological phenomena – wind speed >28 m/s and by eliminating interruptions all country wise; (2) outages caused by faults in the transmission system operator's network. Investor presentation / Supplementary information Disclosure summary 2025–2028
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36 / 38 Investor presentation / Supplementary information Glossary Advanced Development Pipeline Green Capacities projects with secured access to the electricity grid through a preliminary grid connection agreement, where the agreement has been signed and the grid connection fee has been paid Installed Capacity The date on which all equipment of Green Capacities project is: (1) installed, (2) connected, (3) authorised by the competent authority to generate/store energy, and (4) commissioned. Performance testing may still be ongoing Awarded / Contracted Green Capacities projects that meet at least one of the following criteria: (i) awarded through government auctions or tenders, including mechanisms such as Contracts for Difference (CfD), Feed-in Premium (FiP), Feed-in Tariff (FiT), or seabed with grid connection, or (ii) secured offtake through Power Purchase Agreements (PPA) or similar instruments, where the total secured offtake covers at least 50% of the project’s expected annual generation volume Pipeline Green Capacities Portfolio, excluding Installed Capacity projects Commercial Operation Date (COD) Green Capacities projects that have achieved Installed Capacity Portfolio All Green Capacities projects, including: (i) Secured Capacity, (ii) Advanced Development Pipeline, and (iii) Early Development Pipeline Early Development Pipeline Green Capacities projects with: (i) a planned capacity exceeding 50 MW, and (ii) a substantial share of land rights secured Secured Capacity Green Capacities projects at the following stages: (i) Installed Capacity, (ii) Under Construction, or (iii) Awarded / Contracted Final Investment Decision (FID) A decision by a relevant governance body to make significant financial commitments related to the project Under Construction Green Capacities projects with building permits secured or permitting in process, and meeting at least one of the following criteria: (i) a notice to proceed has been given to the first contractor, or (ii) a Final Investment Decision has been made
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37 / 38 Investor presentation / Supplementary information Abbreviations B2B Business to business PPA Power purchase agreement B2C Business to consumer PSHP Pumped Storage Hydroelectric Power Plant BESS Battery energy storage system RAB Regulated asset base CCGT Combined Cycle Gas Turbine Plant SAIDI Average duration of unplanned interruptions in electricity or gas transmission CfD Contract for difference SAIFI The System Average Interruption Frequency Index CHP Combined heat and power SF Solar farm ESG Environmental, social and corporate governance TRIR Total Recordable Incident Rate EC European Commission TSO Transmission System Operator GHG Greenhouse Gas WACC Weighted average cost of capital OPEX Operating expenses WF Wind farm NERC National Energy Regulatory Council WtE Waste-to-energy
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More about Ignitis Group Sustainability Strategy Reports, presentations & fact sheets Contacts 38 / 38 IR@ignitis.lt Investor presentation / Supplementary information