For investors
Financial statements
- The sales revenues of Eesti Energia Group amounted to EUR 282.7 million in the third quarter of 2025
-27% compared to Q3 2024 - Group EBITDA was EUR 27.9 million
-31% compared to Q3 2024 - Group adjusted EBITDA was EUR 32.5 million
-25% compared to Q3 2024 - Group’s net loss was EUR 66.0 million
EUR -57.7 million compared to Q3 2024 - Group’s adjusted net loss was EUR 61.4 million
EUR -55.8 million compared to Q3 2024
Upcoming important dates
27 February 2026
- 2025 unaudited annual report
Credit ratings and analyses
Moody's – 08.04.2025
Outlook negative
Fitch – 22.07.2025
BBB-
Outlook stable
Financing
As of 30 September 2025, Eesti Energia's debt obligations amounted to EUR 1,637 million and the net debt to EBITDA ratio stood at 4.8x. Eesti Energia’s debt consisted of a syndicated loan of EUR 471.4 million, loans received from the European Investment Bank with a nominal value of EUR 383.4 million, loans from the Nordic Investment Bank with a nominal value of EUR 149.6 million, a loan from the European Bank for Reconstruction and Development with a nominal value of EUR 5 million, loans from commercial banks with a nominal value of EUR 551.7 million, and bonds traded on the Baltic Exchange in the amount of EUR 50 million. As of the end of September 2025, loans of the Group’s subsidiary Enefit Green AS accounted for EUR 736 million of the Group’s total debt.
The Group’s liquidity buffer includes both liquid financial assets and undrawn loan facilities. As of 30 September 2025, undrawn loan facilities amounted to EUR 420 million. Of this, the parent company Eesti Energia AS accounted for EUR 270 million, consisting of revolving credit facilities totalling EUR 270 million with maturities between September 2026 and September 2028. Enefit Green’s undrawn loans amounted to EUR 150 million as of 30 September 2025. More information can be found in Eesti Energia AS’s quarterly report.
ESG
As of 7 November 2025
Bonds
| Bond | Eurobond | EUR 5.00% 3Y bond |
|---|---|---|
| Type | Perpetual Sub-ordinated Capital Securities | Senior unsecured bond |
| ISIN | XS2824761188 | EE0000001303 |
| Volume | 400 mln euros | 50 mln euros |
| Coupon rate | 7,875% | 5% |
| Coupon payment | Annually | Quarterly |
| Issue date | 15.07.2024 | 04.06.2025 |
| Maturity | Perpetual, first call date 15.07.2029 | 04.06.2028 |
| Organizers | Goldman Sachs Bank Europe SE and AS LHV Pank | AS LHV Pank |
| Listed | London Stock Exchange | Nasdaq Baltic regulated market |
Additional documents
Contact
Danel Freiberg
Head of Treasury and Financial Risk Management
Phone:
+372 5594 3838