Ignitis Group reported significant revenue and EBITDA growth in Q3. Revenue increased 25% YoY to €627M, while EBITDA surged 58% YoY to €145M. The increase in EBITDA was mainly driven by stronger results in the Reserve Capacities and Customers & Solutions segments. However, around €41M in profit came from emissions allowance (EUA) sales in Reserve Capacities. Adjusted EBITDA grew at a more moderate pace of 19% YoY to €124M.

Adjusted EBITDA

The Customers & Solutions segment's adjusted EBITDA swung from a €15.3M loss a year earlier to a €12.3M profit this year. The improvement was mainly driven by accrued compensation for a portion of prosumer-related losses, lower imbalance costs, and higher supply volumes. Adjusted EBITDA declined across all other segments in Q3.

Results by segments, Q3 2026

Repair and maintenance expenses stood out in Q3, rising 71% YoY, or approximately €15M. Costs associated with repairing storm damage contributed significantly to the increase.

Cash flow dynamics improved in Q3, with lower investments and higher funds from operations compared to a year earlier. However, investments still exceeded funds from operations over the last 12 months, leaving trailing 12-month free cash flow negative.

Funds from operations