Ignitis grupe (IGN1L) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for H1 2026 reached EUR 306.6–307 million, up 1.9–2% year-over-year, with stable financial performance and strategic progress in green energy projects.

• Installed green capacity stands at 2.1 GW, with 0.6–0.7 GW under construction and additional capacity added post-period via battery storage investments.

• Dividend of EUR 0.704 per share proposed for H1 2026, a 3.1% year-over-year increase.

• Net debt to adjusted EBITDA remains stable at 3.49–3.5x; S&P reaffirmed BBB+ credit rating with stable outlook.

• Major green projects (solar, hydro, BESS) are on track and within budget.

Financial highlights

• Adjusted EBITDA grew 1.9–2% year-over-year to EUR 306.6 million, driven by Networks and Customers & Solutions.

• Adjusted net profit fell 20.8–21% to EUR 115.8–116 million due to higher depreciation/amortization and lower financial activity results.

• Investments totaled EUR 306.1 million, down 10.8–11% year-over-year, with 68% allocated to Networks and 26–26.3% to Green Capacities.

• Free cash flow was EUR 5.3 million, down from EUR 64 million YoY, with investments fully covered by adjusted EBITDA.

• Total revenue for 6M 2026 was EUR 1,497.5 million, up 15.4% YoY, mainly from Customers & Solutions and Networks.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance reiterated at EUR 550–600 million; investments guidance at EUR 590–690 million.

• Strategic focus remains on green flexibility and Networks, targeting 4–5 GW Green Capacities by 2029.

• Networks expected to benefit from higher RAB, while Green Capacities face lower captured prices but gain from new assets.

• Reserve Capacities expected to remain stable; Customers & Solutions may see lower losses due to regulatory changes.

• Return on capital employed decreased by 1.9 percentage points to 6.7%, but management aims to stay within the 6.5–7.5% target range.