The unaudited interim condensed consolidated financial statements of the Latvenergo Group for the first 6 months of 2026 are published today, on 31 August.
Latvenergo is continuing to develop, maintaining its position among the leading energy companies in the Baltic States with a diversified generation portfolio, growing renewable electricity generation capacities and extensive operations in neighbouring markets.
In the first half of the year, the Latvenergo Group generated 3.3 TWh of electricity, which is 28% more than in the corresponding period last year. A significant contribution to the increase in generation came from the new solar and wind power plants – in the first 6 months of the year, solar and wind power plants generated 0.6 TWh, or approximately 18% of the total electricity generated by the Latvenergo Group. Overall, 66% of the electricity generated at the Group’s facilities came from renewable energy sources (RES).
Increased electricity generation, larger volumes of natural gas, electricity and thermal energy sold at the beginning of the year due to colder weather, as well as increased electricity consumption, had a positive impact on financial results as the Latvenergo Group’s revenue reached EUR 941.8 million, which is 11% more than in the corresponding period last year; EBITDA increased by 5% to EUR 284.6 million, while profit for the reporting period rose by 7% to EUR 144.6 million.
The first half of 2026 confirms the importance of new electricity generation capacities within the Group: it has already significantly enhanced Latvenergo's generation portfolio and made a major contribution to the Group’s total electricity generation. Latvenergo operates the most diverse and balanced generation portfolio in the Baltics, ensuring continuous, sustainable and secure electricity generation in every season by combining the advantages of combined heat and power plants (CHPPs), hydroelectric power plants (HPPs), solar power plants (SPPs) and wind power plants (WPPs).
In the first half of 2026, the Latvenergo Group generated 3.3 TWh of electricity, which is 28% more than in the corresponding period last year and accounts for 27% of the electricity generated in the Baltics in the first half of the year. Generation at the new solar and wind power plants in the first half of the year increased almost 11-fold, reaching 602 GWh; solar power plants generated 356 GWh, while wind power plants generated 246 GWh of electricity. The HPPs on the River Daugava generated 1.6 TWh, while Latvenergo’s CHPPs generated 1.1 TWh of electricity.
Solar and wind capacities are a relatively new and important direction in the Group’s generation business – at the end of the reporting period, the Group’s newly built RES capacities in the Baltics reached 937 MW. A further 207 MW of capacity is under construction, bringing the total approved portfolio of new RES projects to 1,144 MW. It is expected that, once all new RES assets have been completed, the annual volume of electricity generation in the Group will increase by approximately 2.2 TWh; 66% of all electricity in the Group is already generated from RES, and this also includes HPPs on the Daugava.
With new electricity generation capacities expanding, in the first half of 2026, the Latvenergo Group invested a total of EUR 256 million, more than half of which (EUR 134 million) was invested in new wind generation capacities. The development of previously launched solar and wind park projects is approaching the final stage, and these are expected to gradually be placed into operation in 2026–2027. During the reporting period, the Laflora Energy wind project in Latvia (109 MW) commenced electricity generation. Meanwhile, at the largest wind park in Latvia – Pienava Wind (147 MW) – construction of all foundations has been completed, substations and electrical infrastructure has been built, and the delivery and installation of wind turbine components has commenced. During the reporting period, the construction of the largest Latvenergo solar power plant in Latvia – DSE Aizpute Solar (265 MW) – was completed, and the park has started generating electricity.
At the same time as developing new RES capacities, Latvenergo is continuing to build a battery energy storage system (BESS) portfolio. During the reporting period, seven projects with a total capacity of 233.4 MW and storage capacity of 551.2 MWh were under development, while two BESS projects with a total capacity of 10.6 MW and installed storage capacity of 21.9 MWh were completed. The volume of investments made during the reporting period amounts to EUR 21 million.
In order to finance the Group’s investments, including RES electricity generation projects, on 25 June 2026 Latvenergo carried out a EUR 300 million European green bond issue under its Euro Medium-Term Note Programme.
In the first half of 2026, the Latvenergo Group sold 4.6 TWh of electricity to retail customers in the Baltic States, which is a 12% increase over the corresponding period last year. The number of electricity customers exceeded 918 000, more than one third of whom, or 313 000, are outside Latvia. The number of natural gas customers reached approximately 81 000 at the end of June.
In the first half of 2026, the Latvenergo Group’s revenues reached EUR 941.8 million, which is 11% more than in the corresponding period last year. The Group’s EBITDA increased by 5%, reaching EUR 284.6 million, while profit for the reporting period rose by 7% to EUR 144.6 million. EBITDA growth was mainly driven by an elevenfold increase in electricity generation at the new solar and wind power plants, 28% higher electricity generation at Latvenergo thermal power plants, especially in co-generation mode, at the beginning of the year due to colder weather conditions, as well as 8% higher electricity consumption in the Baltic States. Meanwhile, a negative impact resulted from 4% lower generation at the Daugava hydro power plants due to lower water inflow.
LATVENERGO GROUP KEY PERFORMANCE INDICATORS
Operational figures
| 1H 2026 | 1H 2025 | ||
| Electricity customers | thsd. | 918 | 911 |
| Total electricity sales | GWh | 4,868 | 4,522 |
| Retail* | GWh | 3,141 | 3,182 |
| Wholesale** | GWh | 1,727 | 1,340 |
| Natural gas customers | thsd. | 81 | 70 |
| Total natural gas sales | GWh | 3,550 | 1,287 |
| Retail | GWh | 1,409 | 892 |
| Wholesale | GWh | 2,141 | 394 |
| Electricity generation | GWh | 3,336 | 2,603 |
| Thermal energy generation | GWh | 1,198 | 916 |
| Number of employees | 3,368 | 3,400 | |
| Moody’s credit rating | Baa2 (stable) | Baa2 (stable) | |
* Including operating consumption
** Including sale of energy purchased within the mandatory procurement on the Nord Pool
Financial figures*
million EUR
| 1H 2026 | 1H 2025 | ||
| Revenue | 941.8 | 847.1 | |
| EBITDA | 284.6 | 271.7 | |
| Profit for the period | 144.6 | 135.3 | |
| Assets | 5,259.6 | 4,471.3 | |
| Equity | 3,035.9 | 2,969.5 | |
| Net debt | 1,372.1 | 843.1 | |
| Adjusted funds from operations (FFO) | 210.6 | 177.7 | |
| Capital expenditure | 255.5 | 391.8 |
* Information about the financial indicators and coefficients used by the Latvenergo Group is available in the Latvenergo Group's consolidated and Latvenergo AS Unaudited Condensed Interim Financial Statements for the first 6 months of 2026 – see the section “Formulas”.
Financial ratios*
| 1H 2026 | 1H 2025 | ||
| Return on equity (ROE) | 6.9% | 5.2% | |
| Adjusted FFO / net debt | 35% | 57% | |
| Net debt / EBITDA | 2.4 | 1.5 | |
| EBITDA margin | 27% | 29% | |
| Return on assets (ROA) | 4.3% | 3.6% | |
| Net debt / equity | 45% | 28% |
* Information about the financial indicators and coefficients used by the Latvenergo Group is available in the Latvenergo Group's consolidated and Latvenergo AS Unaudited Condensed Interim Financial Statements for the first 6 months of 2026 – see the section “Formulas”.
Consolidated Statement of Profit or Loss*
EUR'000
| 01/01-30/06/2026 | 01/01-30/06/2025 | |
| Revenue | 941,810 | 847,068 |
| Other income | 19,851 | 15,711 |
| Raw materials and consumables | (561,218) | (477,369) |
| Personnel expenses | (84,090) | (80,934) |
| Other operating expenses | (31,748) | (32,820) |
| EBITDA | 284,605 | 271,656 |
| Depreciation, amortisation and impairment of intangible assets, property, plant and equipment (PPE) and right–of–use assets | (97,923) | (88,636) |
| Operating profit | 186,682 | 183,020 |
| Finance income | 3,913 | 5,257 |
| Finance costs | (13,588) | (9,412) |
| Profit before tax | 177,007 | 178,865 |
| Income tax | (32,432) | (43,598) |
| Profit for the period | 144,575 | 135,267 |
| Profit attributable to: | ||
| – Equity holder of the Parent Company | 143,736 | 134,281 |
| – Non–controlling interests | 839 | 986 |
* The Latvenergo Consolidated Unaudited Condensed Interim Financial Statements for the first 6 months of 2026 are prepared in accordance with the IFRS Accounting Standards as adopted by the European Union
Consolidated Statement of Financial Position*
EUR'000
| 30/06/2026 | 31/12/2025 | |||
| ASSETS | ||||
| Non–current assets | ||||
| Intangible assets | 141,085 | 124,816 | ||
| Property, plant, and equipment | 4,246,024 | 4,106,391 | ||
| Right–of–use assets | 44,730 | 44,104 | ||
| Investment property | 1,756 | 2,332 | ||
| Non–current financial investments | 40 | 40 | ||
| Other non–current receivables | 1,835 | 1,855 | ||
| Deferred income tax assets | 1,271 | 2,037 | ||
| Derivative financial instruments | 1,932 | 1,688 | ||
| Total non–current assets | 4,438,673 | 4,283,263 | ||
| Current assets | ||||
| Inventories | 115,929 | 163,960 | ||
| Current intangible assets | 33,646 | 51,668 | ||
| Receivables from contracts with customers | 117,242 | 169,877 | ||
| Other current receivables | 20,200 | 14,358 | ||
| Deferred expenses | 5,040 | 3,169 | ||
| Prepayment for income tax | 1,128 | 1,736 | ||
| Derivative financial instruments | 5,019 | 11,818 | ||
| Other current financial investments | 364,921 | 149,915 | ||
| Cash and cash equivalents | 157,815 | 117,755 | ||
| Total current assets | 820,940 | 684,256 | ||
| TOTAL ASSETS | 5,259,613 | 4,967,519 | ||
| EQUITY AND LIABILITIES | ||||
| EQUITY | ||||
| Share capital | 1,076,324 | 1,076,324 | ||
| Unregistered share capital | 80,066 | – | ||
| Reserves | 1,662,557 | 1,664,563 | ||
| Retained earnings | 209,794 | 283,826 | ||
| Equity attributable to equity holder of the Parent Company | 3,028,741 | 3,024,713 | ||
| Non–controlling interests | 7,162 | 6,814 | ||
| Total equity | 3,035,903 | 3,031,527 | ||
| LIABILITIES | ||||
| Non–current liabilities | ||||
| Borrowings | 1,338,093 | 1,179,715 | ||
| Lease liabilities | 44,531 | 43,514 | ||
| Deferred income tax liabilities | 6,673 | 10,168 | ||
| Provisions | 23,063 | 20,595 | ||
| Deferred income from contracts with customers and advances received | 158,369 | 156,640 | ||
| Other deferred income | 130,861 | 123,085 | ||
| Other non–current liabilities | 2,790 | 2,790 | ||
| Total non–current liabilities | 1,704,380 | 1,536,507 | ||
| Current liabilities | ||||
| Borrowings | 191,828 | 90,727 | ||
| Lease liabilities | 3,193 | 2,944 | ||
| Trade and other payables | 221,945 | 171,650 | ||
| Deferred income from contracts with customers and advances received | 39,746 | 47,274 | ||
| Other deferred income | 26,963 | 27,142 | ||
| Provisions | 35,227 | 51,281 | ||
| Derivative financial instruments | 428 | 8,467 | ||
| Total current liabilities | 519,330 | 399,485 | ||
| Total liabilities | 2,223,710 | 1,935,992 | ||
| TOTAL EQUITY AND LIABILITIES | 5,259,613 | 4,967,519 |
* The Latvenergo Consolidated Unaudited Condensed Interim Financial Statements for the first 6 months of 2026 are prepared in accordance with the IFRS Accounting Standards as adopted by the European Union
Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv
About Latvenergo
Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas, development of solar and wind parks in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas, development of solar and wind parks in Lithuania), Elektrum Next SIA (development of solar and wind parks), Laflora Energy SIA (development of wind park), DSE Aizpute Solar SIA (development of solar park), Latvijas vēja parki SIA (development of wind parks), Telšiu vejo parkas, UAB (development of wind park in Lithiania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.