For investors

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)

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)

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 ordinary general meetings

Resolution of ordinary general meeting of 27 June 2024 (in estonian)
Resolution of ordinary general meeting of 29 May 2023 (in estonian)
Resolution of ordinary general meeting of 11 July 2022 (in estonian)
Resolution of ordinary general meeting of 17 June 2022 (in estonian)
Resolution of ordinary general meeting of 27 December 2021 (in estonian)
Resolution of ordinary general meeting of 14 May 2021 (in estonian)
Resolution of ordinary general meeting of 26 March 2021 (in estonian)
Resolution of ordinary general meeting of 1 July 2020 (in estonian)

Approvals of owner’s expectations

Approval of owner’s expectations of 18 November 2022 (in estonian)
Approval of owner’s expectations of 3 August 2022 (in estonian)
Approval of owner’s expectations of 21 April 2022 (in estonian)

Appointment of an auditor

Appointment of an auditor, 28 March 2022 (in estonian)

Supervisory board reports on annual reports

Supervisory board report on annual report for 2023 (in estonian)
Supervisory board report on annual report for 2022 (in estonian)
Supervisory board report on annual report for 2021 (in estonian)
Supervisory board report on annual report for 2020 (in estonian)
Supervisory board report on annual report for 2019 (in estonian)

Changes in the composition of the supervisory board

Change in the composition of the supervisory board, 8 October 2024 (in estonian)
Change in the composition of the supervisory board, 9 February 2024 (in estonian)
Change in the composition of the supervisory board, 21 May 2023 (in estonian)
Change in the composition of the supervisory board, 14 March 2023 (in estonian)
Change in the composition of the supervisory board, 31 May 2022 (in estonian)
Change in the composition of the supervisory board, 2 March 2022 (in estonian)

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

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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 second quarter.

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.

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Finantsseisundi aruanne

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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.

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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.

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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.

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II quarter of 2023 (unaudited)

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.

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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.

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The revenue for the fourth quarter of 2022 increased by 71.5%, amounting to 143.6 million euros. 66.0% of the increase was related to the fact that excessive loss electricity costs and part of the operating expenses could be covered from capacity distribution revenue with the approval of the Competition Authority.

Compared to the fourth quarter of 2021, electricity transmission volumes decreased by 8.3% and gas transmission volumes by 36.9%. New electricity transmission fees came into effect on 1 April 2022, partly due to which there was an increase in electricity transmission revenues. In total, electricity transmission revenues increased by 10.3%, i.e. 2.9 million euros, compared to the fourth quarter of the previous year. The decrease in gas transmission revenues amounted to 36.9%, i.e. 2.1 million euros. From 1 July 2022, congestion income is partially recognised as revenue to compensate for the sudden increase in electricity losses due to electricity prices. In the fourth quarter, congestion income in the amount of 38.5 million euros was recognised in the income statement to cover electricity losses. Revenues not related to energy markets increased by a total of 50.4 million euros.

As Elering is the largest electricity buyer in Estonia, high electricity prices have a significant negative impact on Elering’s cost base. In the fourth quarter of 2022, network losses were 12.2 million euros higher due to higher electricity prices. The increase in wage costs in the amount of 0.8 million euros was related to both the recruitment of additional people and a partial wage adjustment. Additional investments increased the depreciation expenditure of fixed assets by 0.3 million. Total operating expenses increased by 29.2%, amounting to 105.2 million euros.

Financial expenditure increased by 0.3 million euros to 0.9 million euros.

In total, net profit for the fourth quarter amounted to 37.6 million euros.

Cash flows from operating activities amounted to 22.7 million euros, 36.8 million euros were invested in fixed assets, and congestion income was received in the amount of 47.9 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.45 billion euros. Total liabilities amounted to 1.1 billion euros, and equity amounted to 399.5 million euros.

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The revenue for the third quarter of 2022 increased by 208.8%, amounting to 115.4 million euros. 71.1% of the increase was related to balancing energy revenues, which increased by 54.6 million euros.

Compared to the third quarter of 2021, electricity transmission volumes decreased by 4.9% and gas transmission volumes by 16.9%. New electricity transmission fees came into effect from 1 April 2022, which is why electricity transmission revenues increased by 5.8%, i.e. 0.7 million euros, compared to the third quarter of the previous year. The decrease in gas transmission revenues amounted to 33.4%, i.e. 0.8 million euros. From 1 July 2022, congestion income is partially recognised as revenue to compensate for the sudden increase in electricity losses due to electricity prices. In the third quarter, congestion income in the amount of 22.2 million euros was recognised in the income statement to cover electricity losses. Revenues not related to energy markets increased by a total of 22.2 million euros.

As Elering is the largest electricity buyer in Estonia, high electricity prices have a significant negative impact on Elering’s cost base. In the third quarter of 2022, network losses were 19.9 million euros higher due to higher electricity prices. Total operating expenses increased by 165.4%, amounting to 124,9 million euros. 70.2% of the increase was related to an increase in balancing energy costs.

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

In total, net profit for the third quarter amounted to 10.0 million euros.

Cash flows from operating activities were negative at 40.0 million euros, 28.9 million euros were invested in fixed assets, and congestion income was received in the amount of 102.3 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets amounted to 1.4 billion euros. Total liabilities amounted to 1,017.3 million euros, and equity amounted to 361.9 million euros.

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Elering’s total expenses for the second quarter of 2022 increased by 97.6%, amounting to 62.4 million euros. 93.1% of the increase was related to balancing energy revenues, which increased by 28.2 million euros.

Compared to the second quarter of 2021, electricity transmission volumes decreased by 4.9% and gas transmission volumes by 16.9%. New electricity transmission tariffs came into effect from 1 April 2022, as a result of which electricity transmission revenues increased by 11.4%, i.e. 1.5 million euros, in the second quarter, while gas transmission revenues decreased by 16.9%, i.e. 0.5 million euros. Revenues not related to energy markets increased by 10.1%, i.e. a total of 2.1 million euros.

As Elering is the largest electricity buyer in Estonia, high electricity prices significantly affect Elering’s financial results. The higher electricity price in 2022 negatively affected network losses by 10.2 million euros. Due to larger investments, depreciation expenditure increased by 0.4 million euros in the second quarter of 2022. Total operating expenses increased by 114.3%, amounting to 76,4 million euros. 69.1% of the increase was related to an increase in balancing energy costs.

Financial expenditure was stable at 0.5 million euros.

The total net profit for the second quarter was 14.5 million euros.

Cash flows from operating activities were positive at 13.8 million euros, 35.2 million euros were invested in fixed assets, and congestion income was received in the amount of 34.8 million euros. The company repaid loans in the amount of 2.6 million euros.

The company’s total assets exceeded 1.2 billion euros. Total liabilities amounted to 902.1 million euros, and equity amounted to 371.9 million euros.

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Elering’s business revenue for the first quarter of 2022 increased by 42.8% compared to the same quarter of 2021, amounting to 76.7 million euros. The increase is mainly related to balancing energy revenues, which increased by 24.6 million euros. Compared to the first quarter of 2021, electricity transmission volumes decreased by 8.1% and gas transmission volumes by 18.1%. Total transmission revenues decreased by 10.5% to 33.7 million euros. Higher electricity prices negatively affected the cost of electricity network losses by 10.9 million euros. Due to extensive investments, depreciation in the first quarter of 2022 increased by 1.3 million euros. In total, business expenditure increased by 105.0% to 71.8 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter.

In total, Elering earned a net profit of 4.3 million euros.

Elering’s cash flows from operating activities amounted to 16.9 million euros in the first quarter. Elering invested 16.9 million euros in fixed assets and received 43.8 million euros in congestion income. The company repaid previously taken loans in the amount of 2.6 million euros in the first quarter of 2022.

As at the end of March, Elering’s assets amounted to 1.2 billion euros, liabilities to 845.8 million euros, and equity to 386.4 million euros.

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Revenue of Elering AS not related to energy markets for the fourth quarter of 2021 amounted to 40.9 million euros. Profit before tax was 1.7 million euros.

Compared to 2020, revenues not related to energy markets increased by 2.3 million euros, including electricity and gas transmission revenues that increased by 1.3 million euros.

Revenues not related to energy markets increased by 14.4 million euros. The main increase is related to higher energy network losses. Due to the increase in electricity prices, the expenditure of Elering AS on electricity increased by 12.7 million euros.

In total, Elering AS earned 2.3 million euros in business profit, which is 11.9 million less than in the same period in 2020.

Cash flows from operating activities amounted to 12.9 million euros in the fourth quarter. Elering invested 22.1 million euros in fixed assets, received 19.6 million euros from European Union aid funding, and received 34.7 million euros in revenue from trading cross-border transmission capacities.

As at the end of December, Elering’s assets amounted to 1,182.4 million euros and equity to 381.6 million euros.

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Elering’s business revenue for the third quarter of 2021 increased by 55.3% compared to the same quarter of 2020, amounting to 38.7 million euros. The increase is mainly related to balancing energy revenues, which increased by 11.2 million euros. Electricity transmission volumes were relatively stable, increasing by only 0.6%. The growth in gas transmission volumes reached 5.3%. Total transmission revenues increased by 1.3% to 14.9 million euros. The higher electricity price negatively affected the cost of electricity network losses by 7.7 million euros. Due to extensive investments, depreciation in the second quarter of 2021 increased by 1.8 million euros. In total, business expenditure increased by 78.6% to 47.1 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter. In total, Elering earned a net profit of 9.0 million euros.

Elering’s cash flows from operating activities amounted to 8.5 million euros in the second quarter. Elering invested 21.5 million euros in fixed assets. The company repaid previously taken loans in the amount of 2.6 million euros in the third quarter of 2021.

As at the end of March, Elering’s assets amounted to 1.1 billion euros, liabilities to 749.2 million euros, and equity to 367.6 million euros.

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The business revenue for the second quarter of 2021 increased by 14.6% compared to the second quarter of 2020, amounting to 32.0 million euros. The increase is mainly related to balancing energy revenues, which increased by 49.9% to 11.3 million euros.

Both electricity and gas transmission volumes remained relatively stable. Electricity transmission volumes increased by 2.1% and gas transmission volumes decreased by 0.9%, respectively, resulting in a total increase in transmission revenues of 1.5% to 16.2 million euros. The higher electricity price negatively affected the cost of electricity network losses by 1.7 million euros.

Due to extensive investments, depreciation in the second quarter of 2021 increased by 1.8 million euros. In total, business expenditure increased by 35.2% to 35.6 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter. In total, Elering earned a net profit of 4.1 million euros.

Elering’s cash flows from operating activities amounted to 10.8 million euros in the second quarter. Elering invested 21.7 million euros in fixed assets and received 11.9 million euros from the European Union to finance the investments. The company repaid previously taken loans in the amount of 2.6 million euros in the second quarter of 2021.

As at the end of March, Elering’s assets amounted to 1.1 billion euros, liabilities to 731.1 million euros, and equity to 376.6 million euros.

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Elering’s total expenses for the first quarter of 2021 increased by 2.5%, amounting to 18.7 million euros.

Compared to the first quarter of 2020, the company’s business revenue increased by 25.7%. Balancing energy revenues remained stable in the comparison of years. Physical transmission volumes of electricity and gas increased by 9.0% and 24.5%, respectively, resulting in corresponding revenues increasing by 8.6% and 24.5%. The higher electricity price negatively affected the cost of electricity network losses by 3.1 million euros. Due to extensive investments, depreciation in the first quarter of 2021 increased by 1.1 million euros. In total, business expenditure increased by 24.7% to 23.4 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the first quarter.

In total, Elering earned a net profit of 18.1 million euros.

Elering’s cash flows from operating activities amounted to 36.1 million euros in the first quarter. Elering invested 10.2 million euros in fixed assets and 10 million euros were placed in short-term deposits with a maturity exceeding three months. The company also repaid previously taken loans in the amount of 2.6 million euros.

As at the end of March, Elering’s assets amounted to 1.1 billion euros, liabilities to 698.6 million euros, and equity to 405.1 million euros.

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IV quarter of 2020 (unaudited)

Elering’s business revenue for the fourth quarter of 2020 was 46.8 million euros and net profit was 13.7 million euros.

Compared to 2019, the business revenue for the fourth quarter increased by 7.6 per cent, i.e. 3.3 million euros.

Total business expenditure increased by 1.6 million euros. The principal increase is related to additional depreciation due to additional investments and somewhat higher energy network losses.

In total, Elering earned 14.2 million euros in business profit, which is 1.7 million more than in the same period in 2019.

Cash flows from operating activities amounted to 17.9 million euros in the fourth quarter. Elering invested 20.7 million euros in fixed assets, received 46.9 million euros from European Union aid funding, and received 8.6 million euros in revenue from trading cross-border transmission capacities.

As at the end of December, Elering’s assets amounted to 1,075.7 million euros and equity to 387.0 million euros.

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Elering’s revenue decreased by 6.6% to 24.9 million euros in the third quarter compared to the same period of the previous year. The main reason for the decrease was the decrease in balancing energy volumes. The decrease in revenue resulting from the decrease in electricity transmission volumes was offset by higher revenue from gas transmission.

The decrease in balancing energy volume also affected the company’s expenses to the same extent as its revenues. Due to extensive investments, depreciation in the third quarter increased by 0.8 million euros. In total, business expenditure decreased by 3.2 per cent, amounting to 26.4 million euros.

Elering’s financial expenditure remained stable at 0.6 million euros in the third quarter.

In the third quarter, the company’s loss before tax amounted to 2.0 million euros. The result was affected by both seasonality and a decrease in electricity transmission volumes due to warmer outdoor temperatures.

Elering’s cash flows from operating activities amounted to 9.3 million euros in the third quarter. The company invested 20.7 million euros in fixed assets, received 11.4 million euros from European Union aid funding, and received 4.8 million euros in revenue from trading cross-border transmission capacities. The company repaid previously taken loans in the amount of 2.6 million euros.

As at the end of September, Elering’s assets amounted to one billion euros, liabilities to 666.8 million euros, and equity to 374.3 million euros.

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Elering’s business revenue remained stable.

Elering’s business revenue was relatively stable compared to the second quarter of the previous year, amounting to 28.0 million euros. Revenues related to energy markets were 1.3 million lower in the comparison of the years, but the decrease was offset by an increase in revenues not related to energy markets. The decrease in electricity transmission services was offset by an increase in gas transmission service revenues. The dividend received from a financial investment in the amount of 0.9 million euros also had a positive impact on revenue.

Elering’s business expenditure decreased by 2.7 per cent in the comparison of the years to 26.3 million euros. Expenditure related to energy markets decreased at the same pace as the corresponding revenues, i.e. 1.3 million euros. The decrease in expenditure was further supported by lower network losses resulting from low electricity prices. Elering’s business profit for the second quarter was 0.6 million euros higher than the previous year, amounting to 1.6 million euros. As the decision on dividends to be paid was made in the third quarter, the net profit for the second quarter of the year was just over one million euros.

Elering’s cash flow from operating activities were 10.7 million euros in the second quarter, the company invested 23.4 million euros in fixed assets, and received 7.3 million euros in revenue from trading cross-border transmission capacities. The company repaid previously taken loans in the amount of 2.6 million euros.

Similarly to June of the previous year, the company’s assets amounted to more than a billion euros. Liabilities amounted to 619.2 million euros and equity to 406.9 million euros.

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Elering’s business profit for 2020, excluding the impact of extraordinary income in 2019, remained stable.

Elering’s total business revenue amounted to 43.0 million euros and net profit to 17.6 million euros in the first quarter.

Compared to 2019, the company’s business revenue decreased by 13.8 million euros. The principal source of the decrease in revenue was extraordinary income in the amount of 10.9 million euros received by Elering in the first quarter of 2019 as a result of a successful arbitration dispute.

The company’s return on sales decreased by 7.7%, i.e. 3.5 million. The decrease in electricity transmission volumes due to the warm weather was offset by higher revenue from gas transmission. The larger decrease was related to balancing energy volumes in the amount of 2.2 million euros. Because expenditure related to energy markets also decreased by the same amount, this has no impact on the company’s profit. Excluding extraordinary income, the decrease in revenue not related to energy markets was 2.2%, i.e. 842 thousand euros.

Total business expenditure decreased by 3.2 million euros. The principal decrease in the amount of 2.2 million was related to the decrease in balancing energy volumes. In business expenditure, the lower significantly lower expenses had the largest impact on losses in the amount of 2.8 million euros, which mainly resulted from cheaper electricity prices.

In total, Elering earned business profit in the amount of 18.2 million euros, which, excluding extraordinary income in 2019, remains at a level comparable to the previous period.

Elering’s cash flows from operating activities amounted to 23.1 million euros in the first quarter. Elering invested 35.4 million euros in fixed assets and received 3.4 million euros in revenue from trading cross-border transmission capacities. The company also repaid previously taken loans in the amount of 2.6 million euros.

As at the end of March, Elering’s assets amounted to 1,024.5 million euros and equity to 405.9 million euros.

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Elering’s business revenue for the fourth quarter of 2019 was 43.5 million euros and net profit was 12.0 million euros.

Compared to 2018, the business revenue for the fourth quarter decreased by 2.1 per cent, i.e. 1.0 million euros. The decrease is mainly due to a decrease in balancing energy volumes and also due to lower electricity and gas transmission volumes as a result of warmer weather.

Total business expenditure decreased by 0.8 million euros. The principal decrease was related to the decrease in balancing energy volumes. Miscellaneous operating expenses increased mainly due to research related to the network service model. The addition of investments increased depreciation by 0.6 million euros.

In total, Elering earned 12.5 million euros in business profit, which is slightly less than in the same period in 2018.

Cash flows from operating activities amounted to 26.1 million euros in the fourth quarter. Elering invested 36.7 million euros in fixed assets, received 6.0 million euros from European Union aid funding, and received 2.1 million euros in revenue from trading cross-border transmission capacities. The company took out a deposit of 30 million euros, repaid previously taken loans in the amount of 2.6 million euros, and paid 29.4 million in dividends.

As at the end of December, Elering’s assets amounted to 1,024.4 million euros and equity to 388.3 million euros.

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