Lithuanian energy company Ignitis Grupe has posted a 15% year-on-year increase in adjusted EBITDA for the first nine months of 2024, reaching EUR 397 million (USD 421.9 million).
The growth was driven by strong performance in the Green Capacities and Networks segments. Green Capacities contributed 45.6% of the total adjusted EBITDA, with a 17.2% increase in earnings to EUR 180.9 million.
During the period, Ignitis expanded its Green Capacities portfolio from 7.1 GW to 7.7 GW, including a rise in installed capacity from 1.3 GW to 1.4 GW and secured capacity growth from 2.9 GW to 3.1 GW.
However, the company reported a slight decline in the green share of its total electricity production, which decreased by 5.4 percentage points to 83.6%. This was attributed to a higher proportion of electricity generation from combined-cycle gas turbine (CCGT) plants, classified as Reserve Capacities.
Ignitis made investments totaling EUR 583.7 million during the period, a decrease of 7.9% from the previous year. Of this, EUR 335.2 million (57.4%) was allocated to Green Capacities, primarily onshore wind farms in Lithuania.
