🇱🇻 Latvenergo 9M 2025 — revenue down 11%
Core facts:
• Turnover in 9M 2025 fell –11.1% to €1.16bn; profit –37.3% to €164m.
• Main cause — low Daugava inflow → hydro output –20% YoY → total production –15.3%.
• EBITDA down –28%, energy sales in Baltics –6.4%, gas sales –10%.
• RES portfolio jumps to 374 MW in operation + 770 MW in pipeline (= 1.14 GW), plus 5 BESS projects.
• Investments doubled to €614m, of which €447m went into new solar/wind.
• Elektrum customer base still grows (power +2.9%, gas +17.7%).
• Green bond issue (€400m) oversubscribed ×5.5.
New signal:
For the first time Latvenergo’s report makes it clear why the company rushed the €400m green bond issuance:
→ covering a sharp ramp-up of CAPEX into RES (almost half a billion in 9 months) and securing financing for the 1.1 GW project pipeline + BESS.
This scale cannot be financed from operating cashflow, which fell due to low hydro production and lower market prices.
Context (Baltic significance):
Latvenergo’s 11% revenue drop is not fully explained by hydrology — the region is shifting to high-CAPEX energy infrastructure, and public utilities are moving from “cash-rich” to “investment-heavy” mode.
The +5.5× oversubscription shows European money actively flows into Baltic energy assets, even as profits fall.
Source: Latvenergo, Nasdaq Riga.
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