For investors 2023-2026

Elering’s shares are 100% owned by the Republic of Estonia, and the shares are administered by the Ministry of Climate. The company’s strategic goal is to create positive economic value added for the owner and maintain a strong credit rating, ensuring dividend income for the owner.

Credit rating

Announcement of Periodic Review 17.01.2025 (24.01.2025)

Moody's Rating Action 19.02.2024 (19.02.2024)

Elering Credit Opinion 16.08.2021 (31.08.2021)

Elering Credit Opinion 24.08.2020 (25.08.2020)

Moody's Periodic Review 04.03.2020 (06.03.2020)

Elering Credit Opinion 08.07.2019 (07.01.2020)

Elering Credit Opinion 16.04.2018 (07.01.2020)

Elering Credit Opinion 07.09.2017 (07.01.2020)

Elering_CO_10-Aug-16.pdf (07.01.2020)

Elering_CO_11.Sep_.15.pdf (07.01.2020)

Elering_Credit_Opinion_14.04.2015.pdf (07.01.2020)

Credit Opinion 24.08.2020 (19.10.2020)

Elering’s long-term debt obligation rating	Date	Currency
Moodys: A2/Stable	19.02.2024	EUR

Bonds

The bonds have been redeemed on time (3 May 2023)

Attachments:

Bond 2 prospectus (7 January 2020)

Bond 1 prospectus (7 January 2020) (in estonian)

Bond 2 terms and conditions (7 January 2020)

Bond 1 terms and conditions (7 January 2020) (in estonian)

Type	ISIN	Volume	Coupon	Maturity	Quotation
Eurobond	XS1713464102	225 MEUR	0,875 %	03.05.2023	London Stock Exchange

Corporate governance

Elering is committed to complying with good corporate governance practices, and we want to continuously improve in this area. We consider this a prerequisite for achieving our strategic goals and shaping our organisational culture.

We assure you that:

the company’s risk management and internal control system are functional and effective;
the company’s financial reporting and annual report are based on an effective risk management and internal control system.

The full texts of the corporate governance practices and the report are available in the attachment.

Attachments:

Good corporate governance practices (7 January 2020) (in estonian)

Declaration of compliance with good corporate governance practices 2022 (18 April 2023)

Declaration of compliance with good corporate governance practices 2021 (18 April 2023) (in estonian)

Declaration of compliance with good corporate governance practices 2019 (27 February 2020) (in estonian)

Declaration of compliance with good corporate governance practices 2018.doc (7 January 2020) (in estonian)

Good corporate governance practices 2016 (7 January 2020) (in estonian)

Resolutions of the general meeting and reports of the supervisory board

Members of the supervisory board

Contact details of members of the supervisory board

Remuneration of members of the supervisory board

Remuneration of the chairman of the supervisory board 1,500 euros

Remuneration of a member of the supervisory board 750 euros

Key financial indicators

Ratios

	2025	2024	2023	2022	2021
ROE	5%	3,8%	7,1%	4,5%	1,3%
Equity/Assets	27%	25%	28%	27%	32%
Net Charged/EBITDA	-0,2	-0,4	0,1	1,2	4,8

Financial indicators

in million euros

	2025	2024	2023	2022	2021
Revenue	328,5	225,9	254,8	398,1	208,1
Business expenditure	303,3	208,2	226,5	378,2	199,1
Business profit	25,2	17,6	28,3	19,9	9,0
Net finance income / - cost (net)	0,9	2,3	2,0	-2,5	-2,3
Income tax	-4,4	-4,3	2,3	0,0	1,6
Net profit	21,7	15,7	28,0	17,5	5,1

Loans	56	66,7	77,5	314,0	322,7
Equity	460,8	409,7	414,0	399,5	382,1
Assets	1696,7	1619,2	1467,8	1460,9	1182,9

EBITDA	80,5	70,8	81,8	67,5	54,6
Investment in fixed assets	182,5	233,1	183,8	118,8	78,8
Dividends	15,7	20,0	13,5	0,0	10,0

The data is presented as at the last date of the financial year.

Calendar for publishing reports

30 January 2026	31 March 2026	30 April 2026	31 July 2026	30 October 2026
Unaudited financial results for the fourth quarter of 2025	Audited annual report for 2025	Unaudited financial results for the first quarter of 2026	Unaudited financial results for the second quarter of 2026	Unaudited financial results for the third quarter of 2026

Quarterly Reports 2026

I quarter 2026 (unaudited)

Overview

Total revenue in the first quarter of 2026 increased by 30.7%, amounting to EUR 93.5 million. The main driver of the increase was balancing energy, which accounted for 69% of the total revenue growth and was driven by both higher volumes and higher prices.

The cold winter also contributed to higher gas network service revenues, which increased by EUR 3.7 million. This was due to a 39.0% increase in gas volumes in the first three months of 2026, rising by 493 GWh from 1,264 GWh to 1,758 GWh. Revenue growth was also supported by electricity transit revenues under the ITC mechanism, which increased compared to the same period in 2025 by EUR 0.8 million.

The increase in balancing energy revenue was accompanied by a corresponding increase in balancing energy costs, as balancing energy is neutral to Elering AS’s income statement.

Network losses increased by EUR 5.2 million in the first quarter of 2026, driven by 34.1% higher quantities and 24.4% higher electricity prices.

Due to additional investments, depreciation costs increased by EUR 0.8 million in the first quarter of 2026. Overall, operating costs increased by 35.2%, totalling EUR 85.7 million. Of this increase, 76% was related to balancing energy costs.

Net profit for the first quarter amounted to EUR 8.0 million, representing a 4% decline compared to the same period in 2025. Cash flow from operating activities was positive at EUR 31.5 million, while EUR 32.6 million was invested in non-current assets. In addition, EUR 12.0 million of CEF funding was received, and the company repaid loans in the amount of EUR 2.6 million.

At the end of the reporting period, the company’s total assets stood at EUR 1.8 billion, total liabilities at EUR 1.3 billion, and owner’s equity at EUR 468.8 million.

Income statement

In EUR thousands

	1st Quarter	1st Quarter	Year
	2026	2025	2025
Net sales	88,611	68,146	300,514
Other income	4,870	3,361	27,968
Goods, raw materials and services	63,593	42,411	218,658
Other miscellaneous operating expenses	2,244	2,223	10,284
Staff costs	5,317	4,933	18,863
Depreciation and amortisation	14,571	13,808	55,316
Other operating expenses	23	26	147
OPERATING PROFIT	7,733	8,105	25,214
Financial income	476	797	2,106
Financial expenses	168	513	1,161
PROFIT BEFORE TAX	8,041	8,388	26,159
Income tax	0	0	4,417
NET PROFIT	8,041	8,388	21,742

Statement of financial position

	31.03.25	31.03.25	31.12.24
Assets
Current assets
Cash and cash equivalents	84,607	54,902	75,700
Short-term financial investments	60,000	80,000	20,000
Accounts receivables and other receivables	68,973	55,417	53,203
Inventories	19,989	20,519	20,050
Total current assets	233,569	210,839	168,953
Investment into associated company	114	135	77
Long term receivables	1,116	1,366	1,116
Non-current assets	1,534,322	1,418,408	1,526,523
Total non-current assets	1,535,553	1,419,909	1,527,716
TOTAL ASSETS	1,769,121	1,630,747	1,696,669
Liabilities
Current liabilities
Borrowings	8,585	10,512	0
Trade and other payables	124,759	106,185	120,297
Total current liabilities	133,344	116,697	120,297
Non-current liabilities
Borrowings	44,833	53,003	47,468
Other long-term liabilities	0	1,251	1,026
Deferred revenue	1,122,122	1,041,710	1,067,096
Total non-current liabilities	1,166,955	1,095,964	1,115,590
TOTAL LIABILITIES	1,300,299	1,212,661	1,235,887
Equity
Share capital	274,890	229,890	274,890
Statutory reserve capital	20,906	20,123	20,906
Retained earnings	173,026	168,074	164,985
TOTAL OWNER’S EQUITY	468,822	418,087	460,782
TOTAL LIABILITIES AND OWNER’S EQUITY	1,769,121	1,630,748	1,696,669

Cash flow statement

In EUR thousands

	1st Quarter	1st Quarter	Year
	2025	2024	2024
Cash flows from operating activities
Profit/loss before income tax	8,041	8,388	26,159
Adjustments for
Depreciation, amortisation and impairment	14,571	13,808	55,317
Change in current assets involved in operating activities	-15,713	4,357	2,603
Change in liabilities involved in operating activities	30,310	11,672	16,440
Paid interest	-449	-1,488	-2,380
Income tax on dividends	0	0	-4,417
Other adjustments	-5,303	-2,018	-5,266
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	31,457	34,720	88,457
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-32,649	-38,616	-180,973
Foreign grants for acquisition of non-current assets	12,000	12,000	27,837
Net change in deposits at banks with maturity of more than 3 months	-40,000	-40,000	20,000
Proceeds from congestion income	40,741	-4,594	6,687
Investments in an affiliate	0	0	53
Proceeds from sale of property, plant and equipment	0	176	526
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-19,908	-71,035	-125,870
Cash flows from financing activities
Repayment of bank loans	-2,635	-3,113	-10,558
Repayable finance lease liabilities	-7	0	0
Contribution to share capital	0	0	45,000
Paid dividends	0	0	-15,659
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,642	-3,113	18,783

Cash and cash equivalents at the beginning of the quarter	75,700	94,330	94,330
Cash and cash equivalents at the end of the quarter	84,607	54,902	75,700
Change in cash and cash equivalents	8,907	-39,428	-18,630

Quarterly reports 2025

IV quarter of 2025 (unaudited)

Overview

Elering operating profit decreased in 2025

In 2025, Elering’s sales revenue increased by €107.1 million, reaching €326.6 million. The growth was primarily driven by energy market-related revenues, which rose by €91.2 million. At the same time, energy market-related expenses increased by a similar amount, reflecting higher system service and balancing costs. In February 2025, Estonia joined the Continental European frequency area, and new markets and services were introduced in connection with this development, affecting both the revenue and cost structure.

Electricity transmission revenues increased by €6.6 million to €91.9 million. Considering the additional investment needs, growth in electricity transmission revenues is unavoidable; new tariffs will enter into force from May 2026. Gas transmission revenues decreased by €2.9 million to €25.1 million. The decline remains linked to lower transmission volumes and underlines the need to adjust the pricing structure to ensure sustainable network financing regardless of volume fluctuations.

Due to additional investments and rising contractual prices, maintenance expenses increased by €2.8 million, while depreciation rose by €2.2 million.

Operating profit amounted to €25.2 million, an increase of €7.6 million year-on-year. However, the growth in operating profit was significantly influenced by a one-off insurance compensation payment of €13.6 million. Net profit reached €21.7 million (2024: €15.7 million). Excluding the one-off income, Elering’s profit from core operations decreased by 48%.

Cash flow from operating activities remained strong at €88.5 million (2024: €66.3 million). Investments in property, plant and equipment totalled €181.0 million, of which €27.8 million was received as co-financing from the European Union. In December 2025, the share capital was increased by €45 million through a cash contribution, strengthening the company’s capital base and supporting its investment capacity.

Cash and cash equivalents decreased by €18.6 million, amounting to €75.7 million at year-end. As of 31 December 2025, Elering’s total assets amounted to €1.7 billion and equity totalled €460.8 million.

The year 2025 confirmed Elering’s transition from a traditional transmission system operator to a provider of system-wide security of supply. The growing share of renewable energy, procurement of frequency reserves and changes in the regional energy market are increasing the cost base and require a long-term and stable revenue framework.

The company’s strategic priority remains to ensure security of supply at all times, while keeping tariffs and the revenue base aligned with actual costs and investment needs.

Income statement

In EUR thousands

	IV Quater	IV Quater	January - December	January - December
	2025	2024	2025	2024
Net sales	71,960	53,018	300,514	214,283
Other income	3,981	3,208	27,968	11,605
Goods, raw materials and services	51,511	27,981	218,658	128,044
Other miscellaneous operating expenses	3,055	2,704	10,284	9,986
Staff costs	4,986	4,663	18,863	16,932
Depreciation and amortisation	14,079	14,276	55,316	53,112
Other operating expenses	57	64	147	160
OPERATING PROFIT	2,254	6,538	25,214	17,654
Financial income	430	719	2,106	4,564
Financial expenses	94	456	1,161	2,242
PROFIT BEFORE TAX	2,591	6,801	26,159	19,976
Income tax	0	0	4,417	4,317
NET PROFIT	2,591	6,801	21,742	15,659

III quarter of 2025 (unaudited)

Overview

Elering 2025 nine-month results

During the first nine months of 2025, Elering’s sales revenue amounted to €228.6 million, increasing by €67.3 million year-on-year. The growth was mainly driven by energy market-related revenues, which rose by €70.1 million.

Alongside revenue growth, energy market-related expenses also increased, rising by €71.2 million. This reflects changes in market arrangements as well as higher system service and balancing costs.

Electricity transmission revenues increased by €6.7 million to €67.9 million. However, considering the growth in the cost base and the need for continued investments, increasing the revenue base of electricity network services is essential to ensure sustainable development.

Gas transmission revenues decreased by €2.6 million to €17.1 million, which remains linked to lower transmission volumes.

Operating profit amounted to €23.0 million, an increase of €11.8 million compared to the previous year. Net profit reached €19.2 million (2024: €8.9 million). Profitability was influenced by higher market-based revenues as well as increased costs, including depreciation, which rose by €2.4 million.

Cash flow from operating activities was positive at €52.4 million (2024: €42.4 million), demonstrating solid cash generation from core operations.

Investments in property, plant and equipment totalled €119.4 million, reflecting the continued high level of investment to strengthen network reliability and security of supply.

As of 30 September 2025, Elering’s total assets amounted to €1.65 billion and equity totalled €413.2 million.

Income statement

In EUR thousands

	III Quarter	III Quarter	January–September	January–September	Year
	2025	2024	2025	2024	2024
Net sales	73,768	45,423	228,554	161,263	214,282
Other income	16,962	2,974	23,987	8,398	11,606
Goods, raw materials and services	57,479	31,465	167,147	100,063	128,044
Other miscellaneous operating expenses	2,626	2,807	7,228	7,282	9,986
Staff costs	4,213	3,826	13,877	12,268	16,932
Depreciation and amortisation	13,847	13,102	41,238	38,836	53,112
Other operating expenses	44	18	91	96	160
OPERATING PROFIT	12,522	-2,820	22,960	11,116	17,654
Financial income	544	1,545	1,676	3,845	4,564
Financial expenses	206	451	1,068	1,786	2,242
PROFIT BEFORE TAX	12,860	-1,727	23,568	13,175	19,976
Income tax	0	0	4,417	4,317	4,317
NET PROFIT	12,860	-1,727	19,151	8,858	15,659

Statement of financial position

In EUR thousands

	30.09.25	30.09.24	31.12.24
Assets
Current assets
Cash and cash equivalents	44,547	61,002	94,330
Short-term financial investments	20,000	20,000	40,000
Accounts receivables and other receivables	67,056	49,377	65,785
Inventories	20,068	20,121	20,537
Total current assets	151,670	150,500	220,652
Investment into associated company	138	173	99
Long term receivables	1,116	1,366	1,366
Non-current assets	1,495,092	1,362,619	1,397,105
Total non-current assets	1,496,346	1,364,158	1,398,570
TOTAL ASSETS	1,648,016	1,514,658	1,619,222
Liabilities
Current liabilities
Borrowings	8,048	11,175	11,124
Trade and other payables	136,724	82,444	103,616
Total current liabilities	144,772	93,619	114,740
Non-current liabilities
Borrowings	50,103	57,801	55,637
Other long-term liabilities	2,166	1,252	1,251
Deferred revenue	1,037,783	959,088	1037,896
Total non-current liabilities	1,090,053	1,018,141	1,094,784
TOTAL LIABILITIES	1,234,825	1,111,761	1,209,524
Equity
Share capital	229,890	229,890	229,890
Statutory reserve capital	20,906	20,123	20,123
Retained earnings	162,395	152,884	159,685
TOTAL OWNER’S EQUITY	413,191	402,897	409,698
TOTAL LIABILITIES AND OWNER’S EQUITY	1,648,016	1,514,658	1,619,222

Cash flow statement

In EUR thousands

	III Quarter	III Quarter	January–September	Year
	2025	2024	2025	2024	2024
Cash flows from operating activities
Profit/loss before income tax	12,860	-1,727	23,568	13,174	19,975
Adjustments for
Depreciation, amortisation and impairment	13,846	13,102	41,238	38,837	53,113
Change in current assets involved in operating activities	-26,292	7,372	-4,062	1,464	-2,395
Change in liabilities involved in operating activities	32,896	-17,287	22,255	4,323	10,165
Paid interest	-254	-1,478	-1,292	-5,253	-3,586
Income tax on dividends	0	-4,317	-4,417	-4,317	-4,317
Other adjustments	-3,971	3,786	-24,877	-5,782	-6,633
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	29,085	-549	52,414	42,446	66,322
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-43,557	-75,113	-119,435	-194,203	-240,842
Foreign grants for acquisition of non-current assets	8,704	6,592	20,704	32,837	83,026
Net change in deposits at banks with maturity of more than 3 months	40,000	60,000	20,000	90,000	70,000
Proceeds from congestion income	4,059	19,315	0	52,784	80,825
Received dividends	0	0	53	0	0
Proceeds from sale of property, plant and equipment	342	4	526	4	31
CASH FLOWS USED IN INVESTMENT ACTIVITIES	9,548	10,798	-78,152	-18,578	-6,960
Cash flows from financing activities
Received bank loans	0	0	19,837	0	0
Repayment of bank loans	-3,111	-3,113	-28,223	-8,392	-10,558
Repayable finance lease liabilities	0	0	0	-7	-7
Paid dividends	0	-20,000	-15,659	-20,000	-20,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-3,111	-23,113	-24,045	-28,399	-30,565

Cash and cash equivalents at the beginning of the quarter	9,025	73,866	94,330	65,533	65,533
Cash and cash equivalents at the end of the quarter	44,547	61,002	44,547	61,002	94,330
Change in cash and cash equivalents	35,522	-12,864	-49,783	-4,531	28,797

II quarter of 2025 (unaudited)

Overview

Elering earned a net profit of 6.3 million euros in the first half of 2025, compared to 10.6 million euros during the same period last year. The decline reflects, among other factors, reduced profitability in the electricity network service segment.

The financial results mirror a broader trend observed in recent years, where rising costs related to ensuring energy security have been accompanied by an overall increase in the cost of living. In this context, it becomes increasingly important to review and adjust network tariffs to maintain the long-term sustainability and reliability of supply.

“Until now, we have been able to offset the growing revenue gap using EU funding and congestion income. However, going forward, we can no longer count on these sources to the same extent,” said Kalle Kilk, Chairman of the Board at Elering. “We must ensure that our revenues are sufficient to cover the costs of essential investments and ongoing operations. Our commitment remains firm — to secure energy supply at all times as efficiently as possible. But to do so sustainably, network fees may need to be adjusted more proactively to avoid losses in electricity transmission services.”

Elering’s total revenue in the first half of the year amounted to 160.2 million euros. Nearly 60 million euros came from core electricity and gas transmission services, falling short of expectations. The majority — nearly 90 million euros — was earned from energy market-related services provided on a financially neutral basis, without profit.

Operating cash flow was negative, at -10.8 million euros, mainly due to the cost of frequency reserves — an expense not incurred last year. This year, the cost is covered using capacity allocation income, with the consent of the Competition Authority.

In the first half of 2025, Elering invested 75.5 million euros in fixed assets and received 12 million euros in targeted financing. Dividends paid for 2024 amounted to 15.7 million euros. During the six-month period, the company’s cash and cash equivalents declined from 94 million to 9 million euros.

As of 30 June 2025, Elering’s total assets stood at 1.6 billion euros. Equity amounted to 400 million euros, and liquid assets — including cash and short-term deposits — totaled 69 million euros.

Income statement

In EUR thousands

	II Quarter	II Quarter	II half-year	II half-year	Year
	2025	2024	2025	2024	2024
Net sales	86,640	45,998	154,786	115,840	214,282
Other income	3,664	2,707	7,025	5,424	11,606
Goods, raw materials and services	67,257	29,278	109,668	68,598	128,044
Other miscellaneous operating expenses	2,379	2,625	4,603	4,475	9,986
Staff costs	4,731	3,986	9,664	8,442	16,932
Depreciation and amortisation	13,583	12,647	27,391	25,735	53,112
Other operating expenses	20	45	46	78	160
OPERATING PROFIT	2,333	125	10,438	13,936	17,654
Financial income	335	1,641	1,132	2,300	4,564
Financial expenses	348	688	862	1,335	2,242
PROFIT BEFORE TAX	2,320	1,078	10,708	14,901	19,976
Income tax	4,417	4,317	4,417	4,317	4,317
NET PROFIT	-2,097	-3,239	6,291	10,584	15,659

Statement of financial position

In EUR thousands

	30.06.25	30.06.25	31.12.24
Assets
Current assets
Cash and cash equivalents	9,025	73,866	94,330
Short-term financial investments	60,000	80,000	40,000
Accounts receivables and other receivables	41,268	56,642	65,785
Inventories	20,095	20,227	20,537
Total current assets	130,387	230,736	220,652
Investment into associated company	101	170	99
Long term receivables	1,366	1,366	1,366
Non-current assets	1,443,943	1,309,273	1,397,105
Total non-current assets	1,445,410	1,310,809	1,398,570
TOTAL ASSETS	1,575,797	1,541,544	1,619,222
Liabilities
Current liabilities
Borrowings	9,757	11,241	11,124
Trade and other payables	80,208	133,161	103,616
Total current liabilities	89,965	144,402	114,740
Non-current liabilities
Borrowings	51,553	60,912	55,637
Other long-term liabilities	1,251	1,819	1,251
Deferred revenue	1,032,697	929,787	1,037,896
Total non-current liabilities	1,085,501	992,518	1,094,784
TOTAL LIABILITIES	1,175,466	1,136,921	1,209,524
Equity
Share capital	229,890	229,890	229,890
Statutory reserve capital	20,906	20,123	20,123
Retained earnings	149,535	154,611	159,685
TOTAL OWNER’S EQUITY	400,331	404,624	409,698
TOTAL LIABILITIES AND OWNER’S EQUITY	1,575,797	1,541,544	1,619,222

Cash flow statement

In EUR thousands

	II Quater	II Quater	II half-year	II half-year	Year
	2025	2024	2025	2024	2024
Cash flows from operating activities
Profit/loss before income tax	2,320	1,078	10,708	14,901	19,975
Adjustments for
Depreciation, amortisation and impairment	13,583	12,647	27,391	25,735	53,113
Change in current assets involved in operating activities	17,869	-15,226	22,226	-5,908	-2,395
Change in liabilities involved in operating activities	-24,962	20,172	-13,290	21,610	10,165
Paid interest	-1,230	-2,857	-2,719	-3,775	-3,586
Income tax on dividends	-4,417	0	-4,417	0	-4,317
Other adjustments	-39,092	-14,336	-50,710	-18,001	-6,633
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	-35,929	1,478	-10,810	34,562	66,322
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-36,915	-68,154	-75,531	-119,090	-240,842
Foreign grants for acquisition of non-current assets	0	26,245	12,000	26,245	83,026
Net change in deposits at banks with maturity of more than 3 months	20,000	40,000	-20,000	30,000	70,000
Proceeds from congestion income	24,731	22,864	29,737	41,902	80,825
Received dividends	53	0	53	0	0
Proceeds from sale of property, plant and equipment	8	0	183	0	31
CASH FLOWS USED IN INVESTMENT ACTIVITIES	7,876	20,955	-53,558	-20,943	-6,960
Cash flows from financing activities
Repayment of bank loans	-2,166	-2,166	-5,279	-5,279	-10,558
Repayable finance lease liabilities	0	0	0	-7	-7
Paid dividends	-15,659	0	-15,659	0	-20,000
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-17,825	-2,166	-20,938	-5,286	-30,565

Cash and cash equivalents at the beginning of the quarter	54,902	53,599	94,330	65,533	65,533
Cash and cash equivalents at the end of the quarter	9,025	73,866	9,025	73,866	94,330
Change in cash and cash equivalents	-45,877	20,267	-85,305	8,333	28,797

I quarter of 2025 (unaudited)

Overview

Total revenue in the 1st quarter of 2025 remained relatively flat, amounting to EUR 70,8 million. The decline in gas network revenues as a result of lower volumes by 20,2% or EUR 2,4 million and the decline in other network services EUR 3 million was balanced by higher electricity network revenues of 6,7% or EUR 1,5 million and 12,9% higher balancing energy sales of 12,9% or EUR 3.6 million.

Network losses in the 1st quarter of 2025 showed an increase of EUR 0.7 million, as a result of higher electricity prices. Balancing energy costs were also higher, in line with reduced balancing energy revenues. Due to additional investments, depreciation costs increased by EUR 0.7 million in the 1st quarter of 2025. Overall, operating costs increased by 10.2%, totalling EUR 62,7 million.

Due to changes in the interest environment, financial income increased to EUR 0.8 million, while financial expenses fell by EUR 0.1 million, totalling EUR 0.5 million.

The net profit in the 1st quarter was EUR 8.3 million. Cash flows from operating activities were positive at EUR 34.7 million, with EUR 38.6 million invested into non-current assets. 12.0 million euros CEF funding was collected. The company repaid loans amounting to EUR 3.1 million.

The total assets of the company stood at EUR 1.6 billion, with total liabilities at EUR 1.2 billion and owner’s equity at EUR 418.1 million.

Income statement

In thousands of euros

	I quarter	I quarter	Year
	2025	2024	2024
Return on sales	68 146	69 842	214 282
Other business revenue	3 361	2 718	11 606
Goods, raw materials, materials and services	42 411	39 321	128 044
Miscellaneous operating expenses	2 223	1 850	9 986
Labour costs	4 933	4 456	16 932
Depreciation of fixed assets	13 808	13 088	53 112
Other business expenditure	26	34	160
BUSINESS PROFIT	8 105	13 811	17 654
Financial income	797	659	4 564
Financial expenditure	513	647	2 242
PROFIT BEFORE TAX	8 388	13 823	19 976
Income tax	0	0	4 317
NET PROFIT	8 388	13 823	15 659

Statement of financial position

In thousands of euros

	31.03.25	31.03.24	31.12.24
Assets
Current assets
Cash and cash equivalents	54 902	53 599	94 330
Short-term financial investments	80 000	120 000	40 000
Trade receivables and other receivables	55 417	41 734	65 785
Inventories	20 519	20 068	20 537
Total current assets	210 839	235 401	220 652
Investment in related companies	135	109	99
Long-term receivables	1 366	1 366	1 366
Tangible and intangible fixed assets	1 418 408	1 249 498	1 397 105
Total fixed assets	1 419 909	1 250 972	1 398 570
TOTAL ASSETS	1 630 747	1 486 373	1 619 222
Liabilities
Current liabilities
Debt obligations	10 512	11 260	11 124
Other current liabilities	106 185	88 417	103 616
Total current liabilities	116 696	99 677	114 740
Non-current liabilities
Debt obligations	53 003	63 076	55 637
Other non-current liabilities	1 251	1 705	1 251
Deferred income	1 041 710	894 052	1 037 896
Total non-current liabilities	1 095 964	958 833	1 094 784
Total liabilities	1 212 660	1 058 510	1 209 524
Equity
Auxiliary capital	229 890	229 890	229 890
Legal reserve	20 123	18 721	20 123
Undistributed equity	168 074	179 252	159 685
Total equity	418 087	427 863	409 698
TOTAL LIABILITIES AND EQUITY	1 630 747	1 486 373	1 619 222

Cash flow statement

In thousands of euros

	I quarter	I quarter	Year
	2025	2024	2024
Cash flow from operating activities
Profit/loss before tax	8 388	13 823	19 975
Adjustments
Depreciation	13 808	13 088	53 113
Total net change in current assets	4 357	9 318	-2 395
Total net change in operating liabilities	11 672	1 438	10 165
Interest paid	-1 488	-918	-3 586
Income tax on dividends	0	0	-4 317
Other adjustments	-2 019	1 507	-6 633
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	34 719	38 256	66 322
Cash flow from investment activities
Paid upon acquisition of fixed assets	-38 616	-50 936	-240 842
Foreign aid received for targeted financing of fixed assets	12 000	0	83 026
Net change in deposits with a maturity of over 3 months	-40 000	-10 000	70 000
Proceeds from congestion income	-4 593	13 866	80 825
Proceeds from sale of fixed assets	176	0	31
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	-71 034	-47 070	-6 960
Cash flow from financing activities
Repaid bank loans	-3 113	-3 113	-10 558
Financial lease payments paid	0	-7	-7
Dividends paid	0	0	-20 000
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-3 113	-3 120	-30 565

Cash and cash equivalents at the beginning of the accounting period	94 330	65 533	65 533
Cash and cash equivalents at the end of the accounting period	54 902	53 599	94 330
Net change in cash and cash equivalents	-39 428	-11 934	28 797

Quarterly reports 2024

IV quarter of 2024 (unaudited)

Overview

Elering’s revenue for the fourth quarter of 2024 decreased by 25.6%, amounting to 56.2 million euros. The majority of the decrease was related to a decrease in electricity network revenues by 22.6%, i.e. 7.4 million euros. As of the beginning of 2024, Elering changed its tariff packages, as a result of which 34.8% of tariffs were linked to a fixed share in the fourth quarter, while the rest depended on consumption volumes. In 2023, all clients had a consumption-based package.

The electricity transmission volume also decreased by 5.1%. The decrease in electricity revenues was partially offset by the increase in gas transmission revenues, which increased by 28.1%, i.e. 1.8 million euros. Although gas volumes decreased by 12.4% compared to the fourth quarter of 2023, revenues were positively affected by tariff changes that entered into force on 4 December 2023. Balancing energy revenues decreased by 32.7%, i.e. 7.2 million euros.

Compared to 2022, energy prices have stabilised and decreased somewhat. In the fourth quarter of 2024, electricity network losses decreased by 1.7 million euros compared to the same period in 2023. Balancing energy expenditure decreased in the same order of magnitude as balancing energy revenues. Due to additional investments, depreciation expenditure increased by 1.3 million euros in the fourth quarter. In total, operating expenditure decreased by 20.4%, amounting to 49.7 million euros.

Due to changes in the interest environment, financial revenue decreased to 0.7 million euros, while financial expenditure decreased by 0.3 million euros, totalling 0.5 million euros.

The net profit for the fourth quarter was 6.8 million euros. Cash flows from operating activities were positive in the amount of 23.1 million euros, and 46.6 million euros were invested in fixed assets. 28.0 million euros were collected from the capacity allocation fee, and 50.2 million euros were received from CEF funding. The company repaid loans in the amount of 2.2 million euros.

The company’s total assets amounted to 1.6 billion euros, total liabilities to 1.2 billion euros, and equity to 409.7 million euros.

Statement of financial position

In thousands of euros

	31.12.24	31.12.23
Assets
Current assets
Cash and cash equivalents	94 330	65 533
Short-term financial investments	40 000	110 000
Trade receivables and other receivables	65 785	51 790
Inventories	20 537	20 247
Total current assets	220 652	247 570
Investment in related companies	99	73
Long-term receivables	1 366	3 610
Tangible and intangible fixed assets	1 397 105	1 216 513
Total fixed assets	1 398 570	1 220 196
TOTAL ASSETS	1 619 222	1 467 766
Liabilities
Current liabilities
Debt obligations	11 124	11 323
Other current liabilities	103 616	93 613
Total current liabilities	114 740	104 936
Non-current liabilities
Debt obligations	55 637	66 186
Other non-current liabilities	1 251	1 705
Deferred income	1 037 896	880 900
Total non-current liabilities	1 094 784	948 791
Total liabilities	1 209 524	1 053 727
Equity
Auxiliary capital	229 890	229 890
Legal reserve	20 123	18 721
Undistributed equity	159 685	165 428
Total equity	409 698	414 039
TOTAL LIABILITIES AND EQUITY	1 619 222	1 467 766

Income statement

In thousands of euros

	IV quarter	IV quarter	January–September	January–September
	2024	2023	2024	2023
Return on sales	53 018	69 403	214 281	244 748
Other business revenue	3 208	3 232	5 516	10 053
Goods, raw materials, materials and services	27 981	39 681	121 953	149 907
Miscellaneous operating expenses	2 704	2 462	9 986	7 792
Labour costs	4 663	4 616	16 931	15 050
Depreciation of fixed assets	14 276	15 657	53 113	53 445
Other business expenditure	64	23	160	259
BUSINESS PROFIT	6 538	10 196	17 654	28 348
Financial income	719	2 184	4 564	5 444
Financial expenditure	456	725	2 242	3 415
PROFIT BEFORE TAX	6 801	11 655	19 976	30 377
Income tax	0	0	4 317	2 340
NET PROFIT	6 801	11 655	15 659	28 037

Cash flow statement

In thousands of euros

	IV quarter	IV quarter	Jaanuar-Detsember	Jaanuar-Detsember
	2024	2023	2024	2023
Cash flow from operating activities
Profit/loss before tax	6 801	11 655	19 975	30 377
Adjustments
Depreciation	14 276	15 657	53 113	53 445
Total net change in current assets	-6 103	4 309	-2 395	23 833
Total net change in operating liabilities	8 692	1 650	10 165	1 100
Interest paid	-811	-943	-3 586	-4 312
Income tax on dividends	0	0	-4 317	-2 340
Other adjustments	209	-405	-6 633	54 353
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	23 064	31 923	66 322	156 456
Cash flow from investment activities
Paid upon acquisition of fixed assets	-46 640	-61 432	-240 842	-167 875
Foreign aid received for targeted financing of fixed assets	-20 000	-20 000	70 000	-60 000
Net change in deposits with a maturity of over 3 months	50 181	0	83 026	38 254
Proceeds from congestion income	28 042	18 478	80 825	118 420
Proceeds from sale of fixed assets	28	7	31	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	11 611	-62 947	-6 960	-71 067
Cash flow from financing activities
Redeemed bonds	0	0	0	-225 000
Repaid bank loans	-2 166	-2 642	-10 558	-10 558
Financial lease payments paid	0	-18	-7	-84
Dividends paid	0	0	-20 000	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-2 166	-2 660	-30 565	-249 143

Cash and cash equivalents at the beginning of the accounting period	61 002	98 273	65 533	229 287
Cash and cash equivalents at the end of the accounting period	94 330	65 533	94 330	65 533
Net change in cash and cash equivalents	33 328	-32 740	28 797	-163 754

III quarter of 2024 (unaudited)

Overview

In the third quarter of 2024, Elering’s return on sales decreased by 17.5%, i.e. 9.6 million euros, amounting to 45.4 million euros. The decrease was largely due to the change in ITC (Inter-Transmission System Operator Compensation) revenues. Unlike 2023, when Elering received ITC revenue in the amount of 18.2 million euros in the third quarter, Elering was a net payer in 2024, which in turn has a significant impact on the company’s return on sales.

The electricity network’s return on sales increased by 39.5% (5.5 million euros), amounting to 19.4 million euros. Gas network revenues also increased by 102.9% (1.5 million euros), amounting to 2.9 million euros.

The increase in network fees was due to changes in fees. The change in gas network fees, which came into effect in December 2023, was necessary to cover costs related to the gas sector. Two different tariff packages were introduced in the electricity sector, one of which includes only a fixed fee and the other includes a fixed fee component in addition to the transmission fee. The transition to the new tariff structure resulted in a decrease in the return on sales in the first quarter, as some clients made package choices that had not been taken into account in the initial tariff calculations. The updated fees, which took into account clients’ choices, took effect from May 2024, resulting in a smaller impact on the results of the third quarter.

While energy prices remained high at the beginning of 2023, the subsequent stabilisation of energy prices was also reflected in Elering’s network loss costs, which were 0.6 euros lower in the third quarter of 2024 compared to 2023. Costs related to balancing energy decreased along with the corresponding revenues.

Elering’s operating expenses for the third quarter decreased by 22.5%, amounting to 48.4 million euros. The loss before tax in the third quarter decreased by 65.0% to 1.7 million euros.

Cash flow from operating activities amounted to 0.5 million euros. The company invested 75.1 million euros in fixed assets and received 19.3 million euros in capacity distribution revenue. Loans were repaid in the amount of 3.1 million euros. At the end of the quarter, the company’s assets amounted to 1.5 billion euros, liabilities to 1.1 billion euros, and equity to 402.9 million euros.

Statement of financial position

In thousands of euros

	30.09.24	30.09.23	31.12.23
Assets
Current assets
Cash and cash equivalents	61 002	98 273	65 533
Short-term financial investments	20 000	90 000	110 000
Trade receivables and other receivables	49 377	58 233	51 790
Inventories	20 121	21 639	20 247
Total current assets	150 500	268 145	247 570
Investment in related companies	173	183	73
Long-term receivables	1 366	0	3 610
Tangible and intangible fixed assets	1 362 619	1 163 853	1 216 513
Total fixed assets	1 364 158	1 164 036	1 220 196
TOTAL ASSETS	1 514 658	1 432 181	1 467 766
Liabilities
Current liabilities
Debt obligations	11 175	11 334	11 323
Other current liabilities	82 444	101 692	93 613
Total current liabilities	93 619	113 026	104 936
Non-current liabilities
Debt obligations	57 801	68 826	66 186
Other non-current liabilities	1 252	1 705	1 705
Deferred income	959 089	846 240	880 900
Total non-current liabilities	1 018 142	916 771	948 791
Total liabilities	1 111 761	1 029 797	1 053 727
Equity
Auxiliary capital	229 890	229 890	229 890
Legal reserve	20 123	18 721	18 721
Undistributed equity	152 884	153 773	165 428
Total equity	402 897	402 384	414 039
TOTAL LIABILITIES AND EQUITY	1 514 658	1 432 181	1 467 766

Income statement

In thousands of euros

	III quarter	III quarter	January–September	January–September	Year
	2024	2023	2024	2023	2023
Return on sales	45 423	55 038	161 263	175 344	244 748
Other business revenue	200	2 434	2 308	6 822	10 053
Goods, raw materials, materials and services	28 691	44 981	93 972	110 226	149 907
Miscellaneous operating expenses	2 807	2 074	7 282	5 330	7 792
Labour costs	3 826	3 115	12 268	10 434	15 050
Depreciation of fixed assets	13 102	12 373	38 837	37 788	53 445
Other business expenditure	18	35	96	236	259
BUSINESS PROFIT	-2 821	-5 106	11 116	18 152	28 348
Financial income	1 545	930	3 845	3 260	5 444
Financial expenditure	451	755	1 786	2 690	3 415
PROFIT BEFORE TAX	-1 727	-4 931	13 175	18 722	30 377
Income tax	0	0	4 317	2 340	2 340
NET PROFIT	-1 727	-4 931	8 858	16 382	28 037

Cash flow statement

In thousands of euros

	III quarter	III quarter	January–September	January–September	Year
	2024	2023	2024	2023	2023
Cash flow from operating activities
Profit/loss before tax nne maksustamist	-1 727	-4 932	13 174	18 722	30 377
Adjustments
Depreciation	13 102	12 373	38 837	37 788	53 445
Total net change in current assets	7 372	-2 835	1 464	16 741	24 659
Total net change in operating liabilities	-17 287	1 776	4 323	2 537	59 951
Interest paid	-1 478	-868	-5 253	-868	-4 570
Income tax on dividends	-4 317	-2 340	-4 317	-2 340	-2 340
Other adjustments	3 786	8 436	-5 782	50 689	-5 504
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	-549	11 610	42 446	123 269	156 018
Cash flow from investment activities
Paid upon acquisition of fixed assets	-75 113	-44 518	-194 203	-106 395	-167 826
Foreign aid received for targeted financing of fixed assets	6 592	-50 000	32 837	-36 655	38 644
Net change in deposits with a maturity of over 3 months	60 000	25 162	90 000	35 162	-60 000
Proceeds from congestion income	19 315	46 865	52 784	99 941	118 418
Proceeds from sale of fixed assets müügist	4	0	4	127	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	10 798	-22 491	-18 578	-7 820	-70 630
Cash flow from financing activities
Redeemed bonds	0	0	0	-225 000	-225 000
Repaid bank loans	-3 113	-2 637	-8 392	-7 916	-10 558
Financial lease payments paid	0	-15	-7	-47	-84
Dividends paid	-20 000	0	-20 000	-13 500	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-23 113	-2 652	-28 399	-246 463	-249 142

Cash and cash equivalents at the beginning of the accounting period	73 866	111 806	65 533	229 287	229 287
Cash and cash equivalents at the end of the accounting period	61 002	98 273	61 002	98 273	65 533
Net change in cash and cash equivalents	-12 864	-13 533	-4 531	-131 014	-163 754

II quarter of 2024 (unaudited)

Overview

In the second quarter of 2024, Elering’s return on sales decreased by 13.5%, i.e. 7.2 million euros, amounting to 46.0 million euros. The decrease was largely related to the ITC (Inter-Transmission System Operator Compensation) revenues. Unlike 2023, when Elering received ITC revenue in the amount of 16 million euros in the second quarter, Elering was a net payer in 2024, which in turn had a significant impact on the return on sales.

Elering’s electricity network return on sales increased by 51.1% (6.3 million euros) in the second quarter, amounting to 18.6 million euros, while gas network revenues also increased by 134.2% (2.8 million euros), amounting to 4.8 million euros.

While energy prices remained high at the beginning of 2023, the stabilisation of energy prices was also reflected in Elering’s network loss costs, which were 2.0 euros lower in the second quarter of 2024 compared to 2023. Costs related to balancing energy increased in line with revenues.

Elering’s operating expenses for the second quarter increased by 4.9%, amounting to 47.1 million euros. The increase in expenses was also related to the higher depreciation expenditure of 0.4 million euros associated with additional investments. The profit before tax in the second quarter decreased by 90.6% to 1.1 million euros.

Cash flow from operating activities amounted to 4.7 million euros. The company invested 68.2 million euros in fixed assets and received 19.6 million euros in congestion fees. Loans were repaid in the amount of 2.2 million euros. At the end of the quarter, the company’s assets amounted to 1.5 billion euros, liabilities to 1.1 billion euros, and equity to 404.6 million euros.

Statement of financial position

In thousands of euros

	30.06.24	30.06.23	31.12.23
Assets
Current assets
Cash and cash equivalents	73 866	111 806	65 533
Short-term financial investments esteeringud	80 000	40 000	110 000
Trade receivables and other receivables	56 643	54 059	51 790
Inventories	20 227	21 986	20 247
Total current assets	230 736	227 851	247 570
Investment in related companies	170	133	73
Long-term receivables	1 366	0	3 610
Tangible and intangible fixed assets	1 309 273	1 128 686	1 216 513
Total fixed assets	1 310 809	1 128 819	1 220 196
TOTAL ASSETS	1 541 545	1 356 670	1 467 766
Liabilities
Current liabilities
Debt obligations	11 241	10 605	11 323
Other current liabilities	133 161	82 783	93 613
Total current liabilities	144 402	93 388	104 936
Non-current liabilities
Debt obligations	60 912	71 473	66 186
Other non-current liabilities	1 819	9 078	1 705
Deferred income	929 788	775 414	880 900
Total non-current liabilities	992 519	855 965	948 791
Total liabilities	1 136 921	949 353	1 053 727
Equity
Auxiliary capital tsiakapital	229 890	229 890	229 890
Legal reserve	20 123	18 721	18 721
Undistributed equity	154 611	158 706	165 428
Total equity	404 624	407 317	414 039
TOTAL LIABILITIES AND EQUITY	1 541 545	1 356 670	1 467 766

Income statement

In thousands of euros

	II quarter	II quarter	I half-year	I half-year	Year
	2024	2023	2024	2023	2023
Return on sales	45 998	53 197	115 840	120 307	244 748
Other business revenue	1 256	2 363	2 107	4 388	10 053
Goods, raw materials, materials and services	27 827	27 178	65 281	65 245	149 907
Miscellaneous operating expenses	2 625	1 920	4 475	3 256	7 792
Labour costs	3 986	3 583	8 442	7 319	15 050
Depreciation of fixed assets	12 647	12 213	25 735	25 415	53 445
Other business expenditure	45	50	79	200	259
BUSINESS PROFIT	124	10 616	13 935	23 260	28 348
Financial income	1 641	1 729	2 300	2 330	5 444
Financial expenditure	688	878	1 335	1 935	3 415
PROFIT BEFORE TAX	1 077	11 467	14 900	23 655	30 377
Income tax	4 317	2 340	4 317	2 340	2 340
NET PROFIT	-3 240	9 127	10 583	21 315	28 037

Cash flow statement

In thousands of euros

	II quarter	II quarter	I half-year	I half-year	Year
	2024	2023	2024	2023	2023
Cash flow from operating activities
Profit/loss before tax	1 078	11 465	14 901	23 654	30 377
Korrigeerimised
Depreciation	12 647	12 213	25 735	25 415	53 445
Total net change in current assets	-15 226	-509	-5 908	19 576	24 659
Total net change in operating liabilities	20 172	6 416	21 610	761	59 951
Interest paid	918	379	0	0	-4 570
Income tax on dividends	0	0	0	0	-2 340
Other adjustments	-14 850	39 501	-13 343	42 253	-5 504
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	4 739	69 465	42 995	111 659	156 018
Cash flow from investment activities
Paid upon acquisition of fixed assets	-68 154	-34 869	-119 090	-61 877	-167 826
Foreign aid received for targeted financing of fixed assets	26 245	13 345	26 245	13 345	38 644
Net change in deposits with a maturity of over 3 months	40 000	-25 000	30 000	10 000	-60 000
Proceeds from congestion income	19 603	29 625	33 469	53 076	118 418
Proceeds from sale of fixed assets	0	93	0	127	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	17 694	-16 806	-29 376	14 671	-70 630
Cash flow from financing activities
Redeemed bonds	0	-225 000	0	-225 000	-225 000
Repaid bank loans	-2 166	-2 642	-5 279	-5 279	-10 558
Financial lease payments paid	0	-16	-7	-32	-84
Dividends paid	0	-13 500	0	-13 500	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-2 166	-241 158	-5 286	-243 811	-249 142

Cash and cash equivalents at the beginning of the accounting period	53 599	300 305	65 533	229 287	229 287
Cash and cash equivalents at the end of the accounting period	73 866	111 806	73 866	111 806	65 533
Net change in cash and cash equivalents	20 267	-188 499	8 333	-117 481	-163 754

I quarter of 2024 (unaudited)

Overview

Elering’s total expenses for the first quarter of 2024 increased by 2.3%, amounting to 70.7 million euros. Electricity transmission revenues decreased by 30.3%, i.e. 9.9 million euros, to 22.8 million euros, while gas transmission revenues increased by 174.0%, i.e. 7.6 million euros, to 12.0 million euros. Both changes were related to changes in transmission tariffs. New gas network fees came into effect in December 2023. Two different tariff packages were introduced in the electricity sector, one of which includes only a fixed fee and the other includes a fixed fee component in addition to the transmission fee. During the transition period, the decline was expected, as prices were calculated based on clients’ known package choices, while some clients decided to choose a fixed-fee package in places that were not taken into account when setting tariffs. Tariffs were recalculated in December 2023, and the new tariffs, based on clients’ actual package selection, will take effect from the beginning of May 2024. Changes in the energy sector further emphasise Elering’s main task of ensuring security of supply, which in turn must also be reflected in fees, meaning that the importance of the fixed component in fees increases.

While energy prices remained high at the beginning of 2023, the stabilisation of energy prices was also reflected in Elering’s network loss costs, which were 34.5%, i.e. 4.1 euros, lower in the first quarter of 2024 than in the same period in 2023. As a result of additional investments, depreciation costs increased by 0.1 million euros in the first quarter of 2024. Costs related to balancing energy increased in line with revenues. Total operating expenses increased by 1.3%, amounting to 56.9 million euros.

In total, net profit in the first quarter of 2024 increased by 13.4%, amounting to 13.8 million euros.

Cash flows from operating activities amounted to 38.3 million euros, 50.9 million euros were invested in fixed assets, and congestion income was received in the amount of 13.9 million euros. The company repaid loans in the amount of 3.1 million euros.

The company’s total assets amounted to 1.5 billion euros. Total liabilities amounted to 1.1 billion euros, and equity amounted to 427.9 million euros.

Statement of financial position

In thousands of euros

	31.03.24	31.03.23	31.12.23
Assets
Current assets
Cash and cash equivalents	53 599	300 305	65 533
Short-term financial investments	120 000	15 000	110 000
Trade receivables and other receivables	41 734	53 101	51 790
Inventories	20 068	22 492	20 247
Total current assets	235 401	390 898	247 570
Investment in related companies	109	86	73
Long-term receivables	1 366	0	3 610
Tangible and intangible fixed assets	1 249 498	1 096 928	1 216 513
Total fixed assets	1 250 973	1 097 014	1 220 196
TOTAL ASSETS	1 486 374	1 487 912	1 467 766
Liabilities
Current liabilities
Debt obligations	11 260	237 952	11 323
Other current liabilities	88 417	64 872	93 613
Total current liabilities	99 677	302 824	104 936
Non-current liabilities
Debt obligations	63 076	74 126	66 186
Other non-current liabilities	2 063	1 238	1 705
Deferred income	893 694	698 034	880 900
Total non-current liabilities	958 833	773 398	948 791
Total liabilities	1 058 510	1 076 222	1 053 727
Equity
Auxiliary capital	229 890	229 890	229 890
Legal reserve	18 721	17 850	18 721
Undistributed equity	179 253	163 950	165 428
Total equity	427 864	411 690	414 039
TOTAL LIABILITIES AND EQUITY	1 486 374	1 487 912	1 467 766

Income statement

In thousands of euros

	II quarter	II quarter	I half-year
	2024	2023	2024
Return on sales	69 842	67 110	244 748
Other business revenue	851	2 025	10 053
Goods, raw materials, materials and services	37 454	38 067	149 907
Miscellaneous operating expenses	1 850	1 336	7 792
Labour costs	4 456	3 736	15 050
Depreciation of fixed assets	13 088	13 202	53 445
Other business expenditure	34	150	259
BUSINESS PROFIT	13 811	12 644	28 348
Financial income	659	601	5 444
Financial expenditure	647	1 057	3 415
PROFIT BEFORE TAX	13 823	12 188	30 377
Income tax	0	0	2 340
NET PROFIT	13 823	12 188	28 037

Cash flow statement

In thousands of euros

	I quarter	I quarter	Year
	2024	2023	2023
Cash flow from operating activities
Profit/loss before tax	13 823	12 189	30 377
Adjustments
Depreciation	13 088	13 202	53 445
Total net change in current assets	9 318	20 085	24 659
Total net change in operating liabilities	1 438	-5 655	59 951
Interest paid	-918	-379	-4 570
Income tax on dividends	0	0	-2 340
Other adjustments	1 507	2 752	-5 504
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	38 256	42 194	156 018
Cash flow from investment activities
Paid upon acquisition of fixed assets	-50 936	-27 008	-167 826
Foreign aid received for targeted financing of fixed assets	0	0	38 644
Net change in deposits with a maturity of over 3 months	-10 000	35 000	-60 000
Proceeds from congestion income	13 866	23 451	118 418
Proceeds from sale of fixed assets	0	34	134
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	-47 070	31 477	-70 630
Cash flow from financing activities
Redeemed bonds	0	0	-225 000
Repaid bank loans	-3 113	-2 637	-10 558
Financial lease payments paid	-7	-16	-84
Dividends paid	0	0	-13 500
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-3 120	-2 653	-24 142

Cash and cash equivalents at the beginning of the accounting period	65 533	229 287	229 287
Cash and cash equivalents at the end of the accounting period	53 599	300 305	65 533
Net change in cash and cash equivalents	-11 934	71 018	-163 754

Quarterly reports 2023

IV quarter of 2023 (unaudited)

Overview

Elering’s revenue for the fourth quarter of 2023 decreased by 49.2%, amounting to 72.6 million euros. The majority of the decrease was related to lower energy prices and the associated compensation from capacity distribution revenues. Balancing energy revenues also decreased significantly, with the respective revenues falling by 54.7%, i.e. 28.7 million euros. Compared to the fourth quarter of 2022, electricity transmission volumes increased by 5.3% and gas transmission volumes by 29.9%. Electricity transmission revenues increased by 2.2%, i.e. 0.7 million euros, to 31.5 million euros, while gas transmission revenues increased by 84.5%, i.e. 3.0 million euros, due to both volume growth and new tariffs that came into effect on 4 December 2023.

In 2022, energy prices were at historically high levels. In the fourth quarter of 2023, electricity prices were lower and, as a result, network losses in 2023 were 64.9%, i.e. 18.8 million euros, lower than in the comparison period in 2022. Due to additional investments, depreciation expenditure increased by 2.7 million euros in the fourth quarter of 2023. Costs related to balancing energy decreased similarly to the corresponding revenues. Total operating expenses decreased by 13.9%, amounting to 61.7 million euros.

Due to changes in the interest environment, financial revenue increased to 2.2 million euros, and financial expenditure decreased by 0.2 million euros, amounting to 0.7 million euros.

The total net profit for the fourth quarter was 11.7 million euros.

Cash flows from operating activities were positive at 32.9 million euros, 61.4 million euros were invested in fixed assets, and congestion income was received in the amount of 18.5 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.5 billion euros.

Total liabilities amounted to 1.1 billion euros and equity amounted to 414.0 million euros.

Statement of financial position

		31.12.23	31.12.22
Assets
Current assets
Cash and cash equivalents	65 533	229 287
Short-term financial investments	110 000	50 000
Trade receivables and other receivables	51 790	73 280
Inventories	20 247	22 398
Total current assets	247 570	374 965
Investment in related companies	73	53
Long-term receivables	3 610	0
Tangible and intangible fixed assets	1 216 513	1 085 925
Total fixed assets	1 220 196	1 085 978
TOTAL ASSETS	1 467 766	1 460 943
Liabilities
Current liabilities
Debt obligations	11 323	237 265
Other current liabilities	93 613	70 906
Total current liabilities	104 936	308 171
Non-current liabilities
Debt obligations	66 186	76 759
Deferred income	882 604	676 511
Total non-current liabilities	948 790	753 270
Total liabilities	1 053 726	1 061 441
Equity
Auxiliary capital	229 890	229 890
Legal reserve	18 721	17 850
Undistributed equity	165 429	151 762
Total equity	414 040	399 502
TOTAL LIABILITIES AND EQUITY	1 467 766	1 460 943

Income statement

In thousands of euros

	IV quarter	IV quarter	January–December	January–December
	2023	2022	2023	2022
Return on sales	69 403	138 056	244 748	386 975
Other business revenue	3 232	5 548	10 053	11 146
Goods, raw materials, materials and services	39 681	87 357	149 907	309 692
Miscellaneous operating expenses	2 462	1 749	7 791	7 528
Labour costs	4 616	3 832	15 050	13 304
Depreciation of fixed assets	15 657	12 215	53 445	47 675
Other business expenditure	23	32	260	60
BUSINESS PROFIT	10 196	38 418	28 348	19 861
Financial income	2 184	35	5 444	197
Financial expenditure	725	878	3 415	2 644
PROFIT BEFORE TAX	11 656	37 575	30 378	17 414
Income tax	0	0	2 340	0
NET PROFIT	11 655	37 575	28 037	17 414

Cash flow statement

In thousands of euros

	IV quarter	IV quarter	January–December	January–December
	2023	2022	2023	2022
Cash flow from operating activities
Profit/loss before tax	11 655	37 574	30 378	17 414
Adjustments
Depreciation	15 657	12 215	53 445	47 675
Total net change in current assets	4 309	-12 633	21 050	-18 740
Total net change in operating liabilities	1 650	19 060	4 186	14 775
Interest paid	-868	-57	-4 570	-2 056
Income tax on dividends	0	0	-2 340	-1 628
Other adjustments	464	-5 545	53 987	17 645
TOTAL CASH FLOW FROM OPERATING ACTIVITIES	32 867	50 614	156 136	75 085
Cash flow from investment activities
Paid upon acquisition of fixed assets	-61 432	-36 789	-167 827	-117 753
Foreign aid received for targeted financing of fixed assets	0	19 753	38 507	60 838
Net change in deposits with a maturity of over 3 months	-20 000	32 000	-60 000	-8 000
Proceeds from congestion income	18 478	19 940	118 419	167 009
Investments in related companies	0	0	0	-45
Proceeds from sale of fixed assets	7	84	134	114
TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES	-62 947	34 988	-70 767	102 163
Cash flow from financing activities
Redeemed bonds	0	0	-225 000	0
Repaid bank loans	-2 642	-2 642	-10 558	-10 558
Financial lease payments paid	-18	-46	-65	-71
Dividends paid	0	0	-13 500	0
TOTAL CASH FLOW FROM FINANCING ACTIVITIES	-2 660	-2 688	-249 123	-10 629

Cash and cash equivalents at the beginning of the accounting period	98 273	146 373	229 287	62 668
Cash and cash equivalents at the end of the accounting period	65 533	229 287	65 533	229 287

III quarter of 2023 (unaudited)

Overview

Elering’s revenue for the third quarter of 2023 decreased by 50.2%, amounting to 57.5 million euros. The majority of the decrease was related to balancing energy revenues, which decreased by 45.3 million euros.

Compared to the third quarter of 2022, electricity transmission volumes decreased by 6.5% and gas transmission volumes by 9.2%. Electricity transmission revenues increased by 4.2%, i.e. 0.6 million euros, to 13.9 million euros, while gas transmission revenues decreased by 9.2%, i.e. 0.2 million euros.

While energy prices were high in 2022 compared to historical levels, electricity prices were lower in the third quarter of 2023, and as a result, the cost of network losses in 2023 was 74.0%, i.e. 22.8 million euros, lower than in the comparison period in 2022.

Due to additional investments, depreciation expenditure increased by 0.7 million euros in the second quarter of 2023. Costs related to balancing energy decreased along with the corresponding revenues. Total operating expenses decreased by 13.0%, amounting to 62.6 million euros.

Changes in the interest environment increased financial income, which amounted to 0.9 million euros in the third quarter of 2023. Interest growth increased financial expenditure by 0.1 million euros to 0.8 million euros.

The total net loss for the third quarter was 4.9 million euros.

Cash flows from operating activities were positive at 11.6 million euros, 44.5 million euros were invested in fixed assets, and congestion income was received in the amount of 46.9 million euros. The company repaid loans and bonds in the amount of 2.6 million euros.

The company’s total assets amounted to 1.4 billion euros. Total liabilities amounted to 1.0 billion euros and equity amounted to 402.4 million euros.

Statement of financial position

	30.09.23	30.09.22	31.12.22
Assets
Current assets
Cash and cash equivalents	98,273	146,373	229,287
Short-term financial investments	90,000	82,000	50,000
Accounts receivables and other receivables	58,235	64,783	73,280
Inventories	21,637	22,736	22,398
Total current assets	268,145	315,892	374,965
Investment into associated company	184	168	53
Non-current assets	1,163,852	1,063,200	1,085,925
TOTAL ASSETS	1,432,181	1,379,260	1,460,943
Liabilities
Current liabilities
Borrowings	10,583	10,623	237,265
Trade and other payables	102,443	75,092	70,906
Total current liabilities	113,026	85,715	308,171
Non-current liabilities
Borrowings	68,826	304,304	76,759
Other non-current liabilities	847,945	627,313	676,511
Total non-current liabilities	916,771	931,617	753,270
TOTAL LIABILITIES	1,029,797	1,017,332	1,061,441
Equity
Share capital	229,890	229,890	229,890
Statutory reserve	18,721	17,850	151,762
Retained earnings	153,773	114,188	151,762
TOTAL OWNER’S EQUITY	402,384	361,928	399,502
TOTAL LIABILITIES AND OWNER’S EQUITY	1,432,181	1,379,260	1,460,943

Income statement

In thousands of euros

	3rd Quarter	3rd Quarter	January-september	January-september	Year
	2023	2022	2023	2022	2022
Net sales	55,038	113,557	175,345	248,919	386,975
Other income	2,434	1,884	6,822	5,778	7,589
Staff costs	3,115	2,827	10,434	9,472	13,304
Depreciation and amortisation	12,373	11,687	37,788	35,460	47,675
Other operating expenses	36	10	238	28	62
OPERATING PROFIT	-5,107	-9,466	18,152	-18,556	19,861
Financial income	930	112	3,260	162	197
Financial expenses	755	619	2,690	1,767	2,644
PROFIT BEFORE TAX	-4,932	-9,973	18,722	-20,161	17,414
Income tax	0	0	2,340	0	0
NET PROFIT	-4,932	-9,973	16,382	-20,161	17,414

Cash flow statement

In thousands of euros

	3rd Quarter	3rd Quarter	January-september	January-september	Year
	2023	2022	2023	2022	2022
Cash flows from operating activities
Profit/loss before income tax	-4,932	-9,973	18,723	-20,160	17,414
Adjustments for
Depreciation, amortisation and impairment	12,373	11,687	37,788	35,460	47,675
Change in current assets involved in operating activities	-2,835	-15,369	16,741	-6,107	-18,740
Change in liabilities involved in operating activities	1,776	-12,122	2,536	-4,285	14,775
Paid interest	-815	165	-3,702	-1,999	-2,056
Income tax on dividends	-2,340	0	-2,340	-1,628	-1,628
Other adjustments	8,383	-14,341	53,523	-10,618	17,645
TOTAL CASH FLOWS FROM OPERATING ACTIVITIES	11,610	-39,953	123,269	-9,337	75,085
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-44,518	-28,881	-106,395	-80,964	-117,753
Foreign grants for acquisition of non-current assets	25,162	27,503	38,507	41,085	60,838
Net change in deposits at banks with maturity of more than 3 months	-50,000	-15,000	-40,000	-40,000	-8,000
Proceeds from congestion income	46,865	102,276	99,941	180,877	167,009
Investments in an affiliate	0	0	0	-45	-45
Proceeds from sale of property, plant and equipment	0	3	127	30	114
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-22,491	85,901	-7,820	100,983	102,163
Cash flows from financing activities
Bonds repayment	0	0	-225,000	0	0
Repayment of bank loans	-2,637	-2,637	-7,916	-7,916	-10,558
Repayable finance lease liabilities	-15	-10	-47	-25	-71
Contribution to share capital	0	0	-13,500	0	0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,652	-2,647	-246,463	-7,941	-10,629

Change in cash and cash equivalents	-13,533	43,301	-131,014	83,705	166,619
Cash and cash equivalents at the beginning of the accounting period	111,806	103,072	229,287	62,668	62,668
Cash and cash equivalents at the end of the accounting period	98,273	146,373	98,273	146,373	229,287

II quarter of 2023 (unaudited)

Overview

Elering’s revenue for the second quarter of 2023 decreased by 10.9%, amounting to 55.6 million euros.

The majority of the decrease was related to balancing energy revenues, which decreased by 20.2 million euros. Compared to the second quarter of 2022, electricity transmission volumes decreased by 12.3% and gas transmission volumes by 18.9%. Electricity transmission revenues decreased by 12.4%, i.e. 1.8 million euros, to 12.8 million euros, while gas transmission revenues decreased by 18.9%, i.e. 0.5 million euros.

While energy prices were historically high in 2022, electricity prices were lower in the second quarter of 2023, and as a result, the cost of network losses in 2023 was 53.9%, i.e. 8.2 million euros, lower than in the comparison period in 2022.

Due to additional investments, depreciation expenditure increased by 0.4 million euros in the second quarter of 2023. Costs related to balancing energy decreased along with the corresponding revenues. Total operating expenses decreased by 41.1%, amounting to 44.9 million euros.

Due to changes in the interest environment, financial income increased to 1.7 million euros in the second quarter of 2023. Interest growth increased financial expenditure by 0.3 million euros to 0.9 million euros.

The total net profit for the second quarter was 9.1 million euros.

Cash flows from operating activities were positive at 69.5 million euros, 34.9 million euros were invested in fixed assets, and congestion income was received in the amount of 29.6 million euros. The company repaid loans and bonds in the amount of 227.6 million euros and paid dividends in the amount of 13.5 million euros.

The company’s total assets amounted to 1.4 billion euros. Total liabilities amounted to 0.9 billion euros and equity amounted to 407.3 million euros.

Statement of financial position

In thousands of euros

	30.06.23	30.06.22	31.12.22
Assets
Current assets
Cash and cash equivalents	111,806	103,072	229,287
Short term financial instruments	40,000	67,000	50,000
Accounts receivables and other receivables	54,059	46,483	73,280
Inventories	21,986	17,879	22,398
Total current assets	227,851	234,434	374,965
Investment into associated company	132	45	53
Non-current assets	1,128,686	1,039,559	1,085,925
Total non-current assets	1,128,818	1,039,604	1,085,978
TOTAL ASSETS	1,356,669	1,274,038	1,460,943
Liabilities
Current liabilities
Borrowings	10,605	10,651	237,265
Trade and other payables	82,783	66,992	70,906
Total current liabilities	93,388	77,643	308,171
Non-current liabilities
Borrowings	71,473	306,907	76,759
Other non-current liabilities	784,492	517,587	676,511
Total non-current liabilities	855,965	824,494	753,270
TOTAL LIABILITIES	949,353	902,137	1061,441
Owner's equity
Share capital	229,890	229,890	229,890
Statutory reserve	18,721	17,850	17,850
Retained earnings	158,705	124,161	151,762
Total owner’s equity	407,316	371,901	399,502
TOTAL LIABILITIES AND OWNER’S EQUITY	1,356,669	1,274,038	1,460,943

Income statement

In thousands of euros

	2nd Quarter	2nd Quarter	1st half-year	1st half-year	Year
	2023	2022	2023	2022	2022
Net sales	53,197	60,513	120,307	135,363	386,975
Other income	2,363	1,865	4,388	3,714	11,146
Goods, raw materials and services	27,178	59,016	65,244	114,093	309,630
Other miscellaneous operating expenses	1,920	2,264	3,256	3,637	7,589
Staff costs	3,583	3,246	7,319	6,645	13,304
Depreciation and amortisation	12,213	11,821	25,415	23,773	47,675
Other operating expenses	51	8	201	17	62
OPERATING PROFIT	10,615	-13,977	23,260	-9,088	19,861
Financial income	1,729	49	2,330	50	2,644
Financial expenses	878	578	1,935	1,148	2,644
PROFIT BEFORE TAX	11,466	-14,506	23,655	-10,186	17,414
Income tax	2,340	0	2,340	0	0
NET PROFIT	9,126	-14,506	21,315	-10,186	17,414

Cash flow statement

In thousands of euros

	2nd Quarter	2nd Quarter	1st half-year	1st half-year	Year
	2023	2022	2023	2022	2022
Cash flows from operating activities
Profit before income tax	11,466	-14,506	23,655	-10,187	17,414
Adjustments for
Depreciation	12,213	11,821	25,415	23,773	47,675
Change in current assets involved in operating activities	-452	6,134	19,576	9,263	-18,740
Change in liabilities involved in operating activities	7,296	9,366	760	7,837	14,775
Paid interest	-2,334	-2,157	-2,887	-2,164	-2,056
Income tax on dividends	0	0	0	-1,628	-1,628
Other adjustments	41,277	3,106	45,140	3,723	17,645
Total cash flows from operating activities	69,466	13,764	111,659	30,617	75,085
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-34,869	-35,235	-61,877	-52,084	-117,753
Foreign grants for acquisition of non-current assets	13,345	13,582	13,345	13,582	60,838
Net change in deposits at banks with maturity of more than 3 months	-25,000	-10,000	10,000	-25,000	-8,000
Proceeds from congestion income	29,625	34,774	53,076	78,601	167,009
Investments in an affiliate	0	-45	0	-45	-45
Proceeds from sale of property, plant and equipment	93	20	127	27	114
CASH FLOWS USED IN INVESTMENT ACTIVITIES	-16,806	3,096	14,671	15,081	102,163
Cash flows from financing activities
Bonds repayment	-225,000	0	-225,000	0	0
Repayment of bank loans	-2,642	-2,642	-5,279	-5,279	-10,558
Repayable finance lease liabilities	-16	-13	-32	-15	-71
Paid dividends	-13,500	0	-13,500	0	0
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-241,158	-2,655	-243,811	-5,294	-10,629

Change in cash and cash equivalents	-188,499	14,205	-117,481	40,404	166,619
Cash and cash equivalents at the beginning of the quarter	300,305	88,867	229,287	62,668	62,668
Cash and cash equivalents at the end of the quarter	111,806	103,072	111,806	103,072	229,287

I quarter of 2023 (unaudited)

Overview

Elering’s revenue for the first quarter of 2023 decreased by 9.9%, amounting to 69.1 million euros. The majority of the decrease was related to balancing energy revenues, which decreased by 12.3 million euros. Compared to the first quarter of 2022, electricity transmission volumes decreased by 3.3% and gas transmission volumes by 27.7%.

Due to the increase in electricity transmission tariffs, electricity transmission revenues increased by 18.3%, i.e. 5.0 million euros, while gas transmission revenues decreased by 27.7%, i.e. 1.7 million euros. While energy prices were at a historically high level in 2022, electricity prices were slightly lower in the first quarter of 2023, and as a result, the cost of network losses in 2023 was 29,6%, i.e. 4.9 million euros, lower than in the comparison period in 2022.

As a result of extensive investments, depreciation expenditure increased by 1.3 million euros in the first quarter of 2023, while expenses related to balancing energy decreased by 34.4%, i.e. 12.4 million euros, similar to the corresponding revenues. Total operating expenses decreased by 21.3%, amounting to 56.5 million euros.

Financial expenditure decreased by 0.1 million euros to 0.5 million euros.

The total net profit for the first quarter was 12.2 million euros.

Cash flows from operating activities were positive at 42.2 million euros, 27.0 million euros were invested in fixed assets, and congestion income was received in the amount of 23.5 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.5 billion euros. Total liabilities amounted to 1.1 billion euros, and equity amounted to 411.7 million euros.

Statement of financial position

In thousands of euros

	31.03.23	31.03.22	31.12.22
Assets
Current assets
Cash and cash equivalents	300,305	88,867	229,287
Short term financial instruments	15,000	57,000	50,000
Accounts receivables and other receivables	53,101	56,964	73,280
Inventories	22,492	11,236	22,398
Total current assets	390,898	214,067	374,965
Investment into associated company	86	0	53
Non-current assets	1,096,928	1,018,099	1,085,925
Total non-current assets	1,097,014	1,018,099	1,085,978
TOTAL ASSETS	1,487,912	1,232,166	1,460,943
Liabilities
Current liabilities
Borrowings	237,952	12,507	237,265
Trade and other payables	64,872	54,678	70,906
Total current liabilities	302,824	67,185	308,171
Non-current liabilities
Borrowings	74,115	309,493	76,759
Other non-current liabilities	699,283	469,080	676,511
Total non-current liabilities	773,398	778,573	753,269
TOTAL LIABILITIES	1,076,222	845,758	1,061,441
Owner's equity
Share capital	229,890	229,890	229,890
Statutory reserve	17,850	17,595	17,850
Retained earnings	163,950	138,923	151,762
Total owner’s equity	411,690	386,408	399,502
TOTAL LIABILITIES AND OWNER’S EQUITY	1,487,912	1,232,166	1,460,943

Income statement

In thousands of euros

	1st Quarter	1st Quarter	Year
	2023	2022	2022
Net sales	67,110	74,850	386,975
Other income	2,025	1,850	11,146
Goods, raw materials and services	38,066	55,077	309,630
Miscellaneous operating expenses	1,336	1,373	7,589
Staff costs	3,736	3,399	13,304
Depreciation and amortisation	13,202	11,952	47,675
Other operating expenses	150	11	62
OPERATING PROFIT	12,645	4,888	19,861
Financial income	601	1	197
Financial expenses	1,057	570	2,644
NET PROFIT	12,189	4,319	17,414

Cash flow statement

In thousands of euros

	1st Quarter	1st Quarter	Year
	2023	2022	2022
Cash flows from operating activities
Profit before income tax	12,189	4,319	17,414
Adjustments for
Depreciation	13,202	11,952	47,675
Change in current assets involved in operating activities	20,085	3,129	-18,740
Change in liabilities involved in operating activities	-5,655	-1,529	14,775
Paid interest	-379	-7	-2,056
Income tax on dividends	0	-1,628	-1,628
Other adjustments	2,751	617	17,645
Total cash flows from operating activities	42,193	16,853	75,085
Cash flows from/used in investment activities
Acquisition of property, plant and equipment and intangible assets	-27,008	-16,849	-117,753
Foreign grants for acquisition of non-current assets	0	0	60,838
Net change in deposits at banks with maturity of more than 3 months	35,000	-15,000	-8,000
Proceeds from congestion income	23,451	43,827	167,009
Investments in an affiliate	0	0	-45
Proceeds from sale of property, plant and equipment	34	7	114
CASH FLOWS USED IN INVESTMENT ACTIVITIES	31,477	11,985	102,163
Cash flows from financing activities
Repayment of bank loans	-2,637	-2,637	-10,558
Repayable finance lease liabilities	-16	-2	-71
TOTAL CASH FLOWS USED IN FINANCING ACTIVITIES	-2,653	-2,639	-10,629

Change in cash and cash equivalents	71,018	26,199	166,619
Cash and cash equivalents at the beginning of the quarter	229,287	62,668	62,668
Cash and cash equivalents at the end of the quarter	300,305	88,867	229,287