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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-467": { "value": "24886000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-468": { "value": "-30638000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-469": { "value": "1911000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-470": { "value": "-90000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-471": { "value": "31000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-472": { "value": "121000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-473": { "value": "1942000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:097900BGMP0000061061", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-474": { "value": "31000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-1": { "value": "
1.
General information
Amber Grid AB (hereinafter the \u201cCompany\u201d) is a public limited liability company registered in the Republic of Lithuania.
registered office address:
Laisv\u0117s ave. 10,
LT \u2013 04215, Vilnius,
Lithuania.
Amber Grid AB was registered on 25 June 2013 as a result of unbundling of natural gas transmission activity (including assets, rights and obligations attributed thereto) from Lietuvos Dujos AB. The Company has been actively operating since 1 August 2013. After obtaining a favourable decision from the European Commission, on 10 April 2015 the National Control Commission for Prices and Energy (the National Energy Regulatory Council (NERC) as from 1 July 2019) granted to the Company an energy operator licence No L2-3 (GDP) to engage in natural gas transmission activities for indefinite term in the territory of Lithuania.
Acting as a natural gas transmission system operator, the Company provides the following services to the system users, other operators and gas market participants:
\uf0b7
natural gas transmission in the territory of Lithuania;
\uf0b7
natural gas flow balancing within the transmission system;
\uf0b7
administration of funds intended to compensate the construction and fixed operating expenses of the liquefied natural gas terminal (hereinafter - \u201cLNGT\u201d), its infrastructure, connector, and the reasonable supply costs of the required quantity of liquefied natural gas incurred by the designated supplier;
\uf0b7
administration of the register of guarantees of origin of gas produced from renewable energy sources.
All the shares of the Company are ordinary registered shares with the nominal value of EUR 0.29 each. As at 31 December 2025 and 31 December 2024, all the shares had been fully paid. The Company had no its own shares. Since 1 August 2013, the Company\u2019s shares have been traded on stock exchange and have been quoted on the Baltic Secondary List of NASDAQ Vilnius. (ISIN \u2013 LT0000128696, LEI code 097900BGMP0000061061, ticker AMG1L).
As at 31 December 2025 and 31 December 2024, the Company\u2019s shareholders were as follows:
Number of shares held
Ownership interest,
(%)
EPSO-G UAB (company code 302826889, Laisv\u0117s ave. 10, Vilnius)
172.279.125
96.58
Other shareholders
6.103.389
3.42
178.382.514
100
EPSO-G UAB (hereinafter \u201cEPSO-G\u201d) is a state-owned group of energy transmission and exchange companies (www.epsog.lt). The rights and duties of the sole shareholder of the holding company EPSO-G UAB are exercised by the Ministry of Energy of the Republic of Lithuania (www.enmin.lt).
On 10 October 2025, the Company disposed the remaining shareholding in the associate GET Baltic UAB (hereinafter \u201cGET Baltic\u201d). Until 31 May 2023, GET Baltic was the subsidiary of the Company. On 31 May 2023, upon sale of 66% shares in GET Baltic, the Company lost control in GET Baltic. For more information on the disposal of remaining shareholding in GET Baltic see Note\u00a031.
Information on the shareholding of GET Baltic as at 31 December 2025 and 31 December 2024 is presented below:
Company name
Company\u2019s registered office
Shareholding
Profile of activities
As at 31 December 2025
As at 31 December 2024
GET Baltic UAB
Gele\u017einio Vilko st. 18A, LT-08104 Vilnius, the Republic of Lithuania
0%
34%
Licensed activities of natural gas market operator trading natural gas short-term and long-term products.
As at 31 December 2025, the number of employees on payroll at the Company was 368 (31 December 2024: 352).
The Company\u2019s financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, and are in compliance thereof.
The financial statements have been prepared on a historical cost basis, except for property, plant and equipment which is recorded at revalued amount, less estimated impairment loss, and derivatives accounted for at fair value.
In accordance with the accounting principles of non-current assets of EPSO\u2013G UAB group companies, the non-current assets are accounted at revalued amount less accumulated depreciation and impairment losses, whereas grants are accounted for by reducing the carrying amount of the related asset.
The Company\u2019s financial year coincides with the calendar year.
The Company\u2019s management approved these financial statements on 24 March 2026. The shareholders of the Company have a statutory right to approve or not to approve these financial statements and require that management prepare a new set of financial statements.
2.2
Presentation currency
All amounts in these financial statements have been measured and presented in the euros (EUR), which is an official currency of the Republic of Lithuania. These financial statements are presented in EUR \u2018000 unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Amber Grid AB", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Laisv\u0117s ave. 10, LT \u2013 04215, Vilnius", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Acting as a natural gas transmission system operator, the Company provides the following services to the system users, other operators and gas market participants:\uf0b7natural gas transmission in the territory of Lithuania;\uf0b7natural gas flow balancing within the transmission system;\uf0b7administration of funds intended to compensate the construction and fixed operating expenses of the liquefied natural gas terminal (hereinafter - \u201cLNGT\u201d), its infrastructure, connector, and the reasonable supply costs of the required quantity of liquefied natural gas incurred by the designated supplier;\uf0b7administration of the register of guarantees of origin of gas produced from renewable energy sources.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "EPSO-G UAB", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "the Ministry of Energy of the Republic of Lithuania", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "
As at 31 December 2025, the number of employees on payroll at the Company was 368 (31 December 2024: 352).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "
2.
Summary of material accounting policies
The principal accounting policies applied in the preparation of the Company\u2019s financial statements for the year ended 31 December 2025 are set out below:
2.1
Basis of preparation
The Company\u2019s financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, and are in compliance thereof.
The financial statements have been prepared on a historical cost basis, except for property, plant and equipment which is recorded at revalued amount, less estimated impairment loss, and derivatives accounted for at fair value.
In accordance with the accounting principles of non-current assets of EPSO\u2013G UAB group companies, the non-current assets are accounted at revalued amount less accumulated depreciation and impairment losses, whereas grants are accounted for by reducing the carrying amount of the related asset.
The Company\u2019s financial year coincides with the calendar year.
The Company\u2019s management approved these financial statements on 24 March 2026. The shareholders of the Company have a statutory right to approve or not to approve these financial statements and require that management prepare a new set of financial statements.
Accounting policies adopted in the preparation of the financial statements are consistent with those of the previous financial year except as follows:
a.
Adoption of new and/or amended IFRSs and interpretations of the International Financial Reporting Interpretations Committee (IFRIC)
In the year ended 31 December 2025, the following IFRSs, amendments and IFRIC interpretations were adopted by the Company:
Amendments to IAS 21: Lack of Exchangeability (issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). Amendments to IAS 21 to help entities assess exchangeability between two currencies and determine the spot exchange rate, when exchangeability is lacking. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. The amendments to IAS 21 do not provide detailed requirements on how to estimate the spot exchange rate. Instead, they set out a framework under which an entity can determine the spot exchange rate at the measurement date. When applying the new requirements, it is not permitted to restate comparative information. It is required to translate the affected amounts at estimated spot exchange rates at the date of initial application, with an adjustment to retained earnings or to the reserve for cumulative translation differences. The amendments had no impact on the Company\u2019s financial statements.
b.
The following standards, amendments and interpretations endorsed by the European Union, but have not been early adopted by the Company:
Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026).
On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to:
(a) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
(b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
(c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and
(d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
Based on the Company\u2019s assessment, these amendments will not have significant impact on the financial statements.
Annual Improvements to IFRS Accounting Standards (issued in July 2024, effective for annual reporting periods beginning on or after 1 January 2026). IFRS 1 was clarified that a hedge should be discontinued upon transition to IFRS Accounting Standards if it does not meet the \u2018qualifying criteria\u2019, rather than \u2018conditions\u2019 for hedge accounting. IFRS 7 requires disclosures about a gain or loss on derecognition relating to financial assets in which the entity has a continuing involvement, including whether fair value measurements included \u2018significant unobservable inputs\u2019. This new phrase replaced reference to \u2018significant inputs that were not based on observable market data\u2019. IFRS 16 was amended to clarify that when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply IFRS 9 guidance to recognise any resulting gain or loss in profit or loss. This clarification applies to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment. In order to resolve an inconsistency between IFRS 9 and IFRS 15, trade receivables are now required to be initially recognised at \u2018the amount determined by applying IFRS 15\u2019 instead of at \u2018their transaction price (as defined in IFRS 15)\u2019. IFRS 10 was amended to use less conclusive language when an entity is a \u2018de-facto agent\u2019 and to clarify that the relationship described in paragraph B74 of IFRS 10 is just one example of a circumstance in which judgement is required to determine whether a party is acting as a de-facto agent. IAS 7 was corrected to delete references to \u2018cost method\u2019 that was removed from IFRS Accounting Standards in May 2008 when the IASB issued amendment Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate.
The Company is currently assessing the impact of these amendments on its financial statements.
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (issued on 18 December 2024 and effective for annual periods beginning on or after 1 January 2026). The IASB issued amendments to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Current accounting requirements may not adequately capture how these contracts affect a company\u2019s performance. To allow companies to better reflect these contracts in the financial statements, the IASB issued the related amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments. Disclosure. The targeted amendments include: (a) clarifying the application of the \u2018own-use\u2019 requirements; (b) permitting hedge accounting if these contracts are used as hedging instruments; and (c) adding new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows.
Based on the Company\u2019s assessment, these amendments will not have significant impact on the financial statements.
c.
Standards, interpretations and amendments thereto that have not been endorsed by the European Union and early adopted by the Company:
IFRS 18 Presentation and Disclosures in Financial Statements (issued on 9 April 2024 and effective for annual periods beginning on or after 1 January 2027). In April 2024, the IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
-
the structure of the statement of profit or loss;
-
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures);
-
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its \u2018operating profit or loss\u2019. IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information.
The Company\u2019s management is currently assessing the impact of IFRS 18 on the financial statements.
2.2
Presentation currency
All amounts in these financial statements have been measured and presented in the euros (EUR), which is an official currency of the Republic of Lithuania. These financial statements are presented in EUR \u2018000 unless otherwise stated.
2.3
Intangible assets
The Company\u2019s intangible assets are recognised if it is probable that future economic benefits associated with the asset will flow to the Company and the cost of the asset can be measured reliably. Intangible assets are carried at cost, see Note 6.
The useful lives of intangible assets other than those with indefinite useful lives are 4 to 8 years.
After initial recognition, intangible assets are stated at cost less accumulated amortisation and impairment losses, if any.
Intangible assets mainly consist of software, licences and other intangible assets used in the Company\u2019s activities.
Special land use conditions (protected areas)
In its financial statements for the year ended 31 December 2020, the Company recognised as intangible assets a commitment to register and a right to use the land parcels of third parties on the basis of the special land use conditions. The special land use conditions mean conditions involving certain restrictions or limitations on the activities carried out on the land parcel, which depend on the geographic location, the principal purpose of use, the method of use of the land parcel, and on the environmental and public health needs. The special land use conditions apply for as long as there is an object, in respect of which the protected areas have been established, irrespective of the physical condition of such object; or the special land use conditions may be established when there is an intention to implement a project. The special land use conditions remain in force for indefinite period. Since the useful life of the intangible assets is indefinite, such assets are not amortised. The useful life is not limited because the special land use conditions are established for the land parcels for indefinite period.
A provision for non-current liabilities in relation to the commitment to register the special land use conditions (protected areas) has been formed under IAS 37 (see Note 22).
Maintenance costs and other subsequent expenditures of intangible assets
Maintenance costs of intangible assets are recognised as expenses in the reporting period when they are incurred. Updating and development costs of intangible assets incurred subsequent to their acquisition or creation are recognised as expenses in the reporting period when they are incurred, except for software updating, modification, upgrading or new version installation costs that are capitalised by adding them to the cost of that software or recognising as a separate item of non-current intangible assets. In such case, the remaining useful life of the former software is re-measured and impairment is recognised for the remaining net book amount, if any.
2.4
Property, plant and equipment
Assets with a useful life longer than one year are classified as property, plant and equipment.
The Company\u2019s items of property, plant and equipment are stated at revalued amounts, based on periodic (at least every 5 years) valuations performed by independent valuers, less accumulated depreciation and impairment losses (Note 7).
Any accumulated depreciation and impairment losses at the date of revaluation are eliminated against gross carrying amount of the asset and net amount is restated to the revalued amount of the assets.
Increases in the carrying amount arising on the first revaluation of property, plant and equipment are credited to revaluation reserve directly in equity and decreases are recognised in the profit and loss account. Decreases in the carrying amount arising on the subsequent revaluation of property, plant and equipment that offset previous increases of the same asset are charged against revaluation reserve directly in equity, whereas all other decreases are charged to the profit and loss account. Revaluation increases in property plant and equipment value that offset previous decreases are taken to the profit and loss account. All other increases in the carrying amount arising on subsequent revaluations of property, plant and equipment are credited to revaluation reserve. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the statement of comprehensive income and depreciation based on the asset\u2019s original cost is transferred from revaluation reserve to retained earnings, after considering the effect of deferred income tax. Upon the sale or write-off of an asset item, any balance related to these assets is transferred from revaluation reserve to retained earnings.
Interest and other borrowing costs (the bank\u2019s administration charges, etc.) are included in the acquisition cost of property, plant and equipment if they are directly attributable to the acquisition of a qualifying asset. A qualifying asset is asset that is developed on the basis of a project with the value of not less than EUR 1 million and that necessarily takes no less than 12 months to get ready for its intended use or sale.
Variable payments for the separate acquisition of property, plant and equipment that are dependent on future performance (such as revenues or profits) are accounted for in the cost of property, plant and equipment and liabilities, when the variable payment can be estimated reliably and the asset is able to operate in the manner intended by the Company\u2019s management. After initial recognition, value changes of variable payments are recognised in profit or loss.
Property, plant and equipment also includes the minimum quantity of natural gas contained in the gas pipelines (line pack) which is necessary to ensure a stable functioning of the transmission system. This part of property, plant and equipment is not depreciated, because the Company will be able to sell such natural gas at the end of the useful life of the gas transmission pipeline, and accordingly, the value of such natural gas represents the residual value of the gas transmission pipeline.
Emergency reserve inventories meeting the criteria of non-current assets are classified as property, plant and equipment. The carrying amount of inventories written off during repair, technical maintenance and emergency liquidation are recorded in the statement of profit or loss or added to the carrying amount of assets under maintenance.
Depreciation is calculated on a straight-line basis over the following estimated useful lives:
Land
-
Buildings
25 - 60
years.
Other structures and engineering networks
18 \u2013 25
years.
Gas pipelines and associated equipment
55 \u2013 70
years.
Plant and machinery
5-25
years.
Motor vehicles
7
years.
Other PP&E
4-10
years.
The useful lives, residual values and depreciation method are reviewed annually to ensure that they are consistent with the expected pattern of economic benefits from items of property, plant and equipment.
The Company has land with indefinite useful life, which is not depreciated.
Construction work in progress includes items of property, plant and equipment that are under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs. Construction work in progress is not depreciated until the construction of asset is completed and the asset is put into operation. Prepayments for non-current assets are classified as non-current assets because they are used in long-term activities and are presented in the balance sheet line item \u201cconstruction work in progress\u201d.
Maintenance, repair, reconstruction and other subsequent costs of property, plant and equipment
Maintenance costs of property, plant and equipment are recognised as expenses of the reporting period when they are incurred. The costs of the day-to-day servicing of an item of PP&E are not included in the cost of that item. Rather, these costs are recognised as expenses when they are incurred. The purpose of these expenditures is often described as for the \u2018repairs and maintenance\u2019 of the property, plant and equipment. When property, plant and equipment is subject to reconstruction (major enhancement), such reconstruction/major enhancement works are recognised as a separate component of PP&E and the net book amount of the component of the replaced part of assets is written off. A condition of continuing to operate an item of property, plant and equipment may be performing regular major inspections for faults regardless of whether parts of the item are replaced, its cost is recognized in the carrying amount of the item of property, plant and equipment as a separate component if the recognition criteria are satisfied and the costs of such inspection are material. Any remaining carrying amounts of the cost of previous inspection (as distinct from physical parts) are written-off to operating expenses of the reporting period in the statements of profit or loss and other comprehensive income.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable value. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a decrease of revaluation reserve.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
Right-of-use assets are assets that the Company has the right to manage during the lease term. The Company recognises right-of-use assets for all types of leases, including the lease of a right-of-use asset in case of sublease, but excluding leases of intangible assets, short-term leases and leases of low value assets.
Initial measurement of right-of-use assets
At the commencement date, the Company measures right-of-use assets at cost, which consists of: the present value of the initial measurement of the lease liability, initial costs incurred directly attributable to the underlying asset, any lease payments at the commencement date, less any lease incentives.
Subsequent measurement of right-of-use assets
After the initial recognition, the Company applies a cost method for right-of-use assets: the carrying amount of the asset at the respective date is calculated as the difference between the acquisition cost and the accumulated depreciation, plus any subsequent adjustments for the remeasurement of lease liability.
The calculation of depreciation of right-of-use assets is started from the date on which the assets are transferred for the use (the commencement date) until the earlier of these dates: the end of the lease term and the end of the useful life.
The Company calculates depreciation of right-of-use assets using the following rates:
Land*
99
years.
Buildings
from 5 to 10
years.
Motor vehicles
from 3 to 4
years.
* The Company applies the portfolio method for the land lease agreements concluded with the municipalities not by auction, i.e. a set of the agreements of the Company is accounted for as a single agreement due to similar criteria. Regardless of the remaining term of the land lease agreement, in accordance with the requirements of the legal acts, the agreements must be extended for as long as the facilities of the Company exist on the land plots. When assessing the flow generated by the infrastructure assets of the Company (for the calculation of the recoverable amount of assets), an infinite flow is projected as the ongoing reconstruction and repair works allow using the assets for a longer period than the established original depreciation rates. For this reason, the lease of land is subject to a substantially infinite rate corresponding to the original term of the agreement \u2013 99 years.
2.6
Financial assets and liabilities
The Company recognises a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised on the date of purchase/sale.
At initial recognition, the Company measures the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Company accounts for financial assets subsequently measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Company does not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Company seeks to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.). Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account of allowance for doubtful trade receivables.
The Company derecognises loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
Trade payables and other financial liabilities, borrowings
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is less than one year; otherwise, they are recognised as non-current liabilities.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as derecognition of the original liability and the recognition of a new liability. The difference in the respective amounts of financial liabilities is recognised in the statement of comprehensive income.
2.7
Inventories
Inventories consist of spare parts, consumables, and natural gas contained in the gas pipelines used in the activities and for provision of services. Inventories also include spare parts or metal scrap which is fit for use and was retrieved from written off items of property, plant and equipment.
Inventories are initially recorded at acquisition cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value.
The cost of inventories includes acquisition price and related taxes that are not subsequently recovered from tax administration authorities and costs associated with bringing inventory into their current condition and location. Other costs are included in the cost of inventories to the extent they are related to bringing inventory into their current condition and location. The cost of inventories is determined net of trade discounts.
The cost of inventories, except for natural gas, is determined using the first-in, first-out (FIFO) method, according to which write-offs are firstly carried out in respect of the same type of inventories that were acquired first.
The cost of inventories which consist of natural gas contained in the gas pipelines is determined using the weighted average costing method. The cost of one unit of energy of natural gas (kWh) is determined by applying the weighted average costing method using the following formula:
The cost of one energy unit of natural gas (kWh) = (opening balance of natural gas (quantity * price) + purchases of natural gas over the period (quantity * price)) / quantity of natural gas (opening balance + purchases of natural gas over the period).
Purchases of natural gas from 1 March 2022 exclude gas purchased for the balancing of the system user.
2.8
Cash and cash equivalents
Cash includes cash at banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
If there are indications that cash and cash equivalents may not be recoverable, impairment is accounted for. Impairment is recorded in the statement of profit or loss within operating expenses for the period during which it occurred.
2.9
Grants
Grants are recognised when the Company complies with all the conditions attached to the grants, as set out in the respective grant agreement, and when there is a reasonable assurance that the grant will be received.
Government grants or grants received from the EU in a form of non-current assets or intended for purchase of non-current assets are considered as grants related to assets.
At the Company level, grants are recognised by deducting them from the asset\u2019s carrying amount. For the purpose of the statement of profit or loss and other comprehensive income, grants are recognised over the useful life of the related asset as a deduction from depreciation expenses.
Accumulated grants receivable are classified as other current assets when, according to the agreement, the European Commission undertakes a commitment to fund strategic projects and there is strong evidence that the funding will be received.
Grants received as a compensation for the expenses or unearned income in the current or previous reporting periods, also all grants other than grants related to assets, are considered as grants related to income. Income-related grants are recognised as utilised to the extent of the expenses incurred during the reporting period or unearned income to be compensated by that grant.
For the purpose of the statement of profit or loss, income-related grants are recognised when related costs are incurred, for which the grant was intended to compensate, by adding them to other income. If no connection can be established between the grants and incurred costs or deferred expenses, they are recognised as income during the period they are received or when the Company meets all the conditions attached to grants, as established in the respective grant agreement, and there is a reasonable assurance that the grant will be received.
2.10
Lease liabilities
Initial measurement of the lease liability
The amount of the initial measurement of lease liability is calculated as the present value of lease payments not paid at the commencement date.
The lease payments are discounted using the incremental borrowing rate. The incremental borrowing rate is determined as the rate at which the Company would be able to borrow funds for the purpose of acquiring certain assets for a respective period.
At the commencement date, the lease payments included in the measurement of lease liability comprise the following payments:
\uf02d
fixed payments, less any lease incentives receivable;
\uf02d
variable lease payments that depend on an index or a rate;
\uf02d
amounts expected to be payable by the Company under residual value guarantees;
\uf02d
the exercise price of a purchase option if the Company are reasonably certain to exercise that option;
\uf02d
payments of penalties for terminating the lease, if the lease term reflects the Company exercising an option to terminate the lease.
Subsequent measurement of lease liability
Subsequent to initial recognition, the Company recognise a change in the value of the lease liability by:
\uf02d
increasing the carrying amount to reflect interest on the lease liability;
\uf02d
reducing the carrying amount to reflect the lease payments made; and
\uf02d
remeasuring the carrying amount to reflect any lease modifications or revised lease payments.
For a lease modification that is not accounted for as a separate lease, the Company account for the remeasurement of the lease liability by:
\uf02d
decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease. The Company recognise in profit or loss any gain or loss relating to the partial or full termination of the lease;
\uf02d
making a corresponding adjustment to the right-of-use asset for all other lease modifications.
The Company classifies assets as right-of-use assets by recognising under non-current assets in the statement of financial position, if the asset and lease contract meet all of the following criteria:
\uf02d
the lease is not a short-term (12 months or more) or short-term lease with a purchase option;
\uf02d
value of the leased item or group of items/underlying asset is not less than EUR 4,000 and therefore does not qualify as a lease of a low-value asset;
\uf02d
if the contract conveys the right to control the use of an identified asset for a period of time, i.e. to obtain economic benefits from use of the identified asset and to direct the use of the identified asset.
The Company present its lease liabilities separately from other liabilities in the statement of financial position. Interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use assets. The interest expense on the lease liability is a component of finance costs recognised in the statement of comprehensive income.
2.11
Long-term employee benefits
Each employee in the Company of retirement age who terminates his/her employment with the Company, upon retirement receives defined benefit in the amount established by the Lithuanian and the Company\u2019s internal legislation. A benefit liability is recognised in the statement of financial position and reflects the present value of such benefits at the reporting date. The non-current benefit liability at the reporting date is estimated with reference to actuary valuations, using the projected relative unit method. The present value of the defined non-current benefit liability is determined by discounting the estimated future cash flows using the effective interest rates as set for government debentures denominated in a currency in which employee benefits are expected to be made and with maturity similar to that of the related liability.
2.12
Provisions, contingent assets and liabilities
Provisions are recognised when the Company has a legal obligation or irrevocable commitment, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the estimate of the expenditure required to settle the obligation (the expected value). Where the effect of the time value of money is material, the amount of a provision is discounted using a pre-tax effective interest rate that, if necessary, reflects the risks specific to the liability. Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the changes in circumstances. If the amount of the provision is discounted, the amount reversed at each reporting period is equal to the discounting effect (interest expenses). If circumstance change and the provision is no longer necessary, the provision is reversed in the statement of profit or loss and other comprehensive income through the expense line item where it has been recorded initially at the time of establishment.
Provisions are classified as non-current liabilities, if the Company\u2019s management expect to settle them after twelve months from the date of the statement of financial position, and as current liabilities, if the Company\u2019s management expect to settle them within twelve months from the date of the statement of financial position.
A contingent liability is a liability that may arise from past events, or a present obligation that arises from past events, when it is not probable that resources embodying economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.
Contingent liabilities are not accounted for, but are disclosed in the notes to the financial statements unless the probability of the loss of resources embodying economic benefits is remote.
A contingent asset is an asset that may arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, that are not wholly within the Company's control.
Contingent assets are not recognised in the financial statements, but are described in the notes to the financial statements when it is probable that income or economic benefits will be received.
2.13
Income tax
Income tax expense for the period comprises current and deferred income tax.
Income tax
The income tax expense for the current year is calculated on the current year\u2019s profit before tax, as adjusted for certain non-deductible expenses/non-taxable income and losses of previous tax periods. Income tax is calculated using the tax rate effective as at the date of issue of the financial statements. The applicable income tax rate was 16% in 2025, and 15% in 2024. Current year income tax may be reduced by tax losses carried forward. In addition, the Company can take over tax losses from the Group companies, provided it meets the requirements laid down in the Law on Corporate Income Tax.
Deferred tax
Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income
tax purposes. Deferred income tax liability is recognised for all temporary differences that will increase taxable profit in the future, and deferred tax asset is recognised only to the extent it is likely to reduce the taxable income in the future.
Deferred tax assets are reviewed at each financial reporting date, and if it is not probable that the Company will generate sufficient taxable profit to realize these assets, they are reduced to an amount which is likely to reduce the taxable profit in future. Deferred income tax assets and liabilities are estimated using the tax rate that has been applied when calculating income tax for the year when the related temporary differences are to be realised or settled.
Deferred tax assets and liabilities are offset only where they relate to income tax assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in net profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognized directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and other comprehensive income respectively.
2.14
Revenue recognition
Recognition and measurement of the Company\u2019s revenue is based on a five-step revenue recognition model which is applied to all contracts with customers. The Company\u2019s revenue is recognised at a point in time or over time, during which the performance obligation is settled, i.e. the control of services or goods is transferred to the customer.
The Company\u2019s revenue includes as follows:
\uf02d
revenue from natural gas transmission and related services;
\uf02d
revenue from administration of the LNG terminal funds;
\uf02d
other income;
\uf02d
finance income.
Revenue from natural gas transmission and related services
Revenue from transmission services
Revenue from system users for natural gas transmission services is recognised over time, based on the reported data on natural gas quantities, distributed to the system users connected to the distribution system, and based on the statements of transmitted natural gas that were signed with the system users directly connected to the transmission system.
Revenue from balancing services
The Company\u2019s revenue from system balancing products consists of operational balancing revenue, transit flow balancing revenue, and system users balancing revenue.
In providing operational balancing and transit flow balancing services, the Company acts as principal. In providing system user\u2019s balancing services, the Company acts as an agent.
The concept of steering difference is defined in the European Commission Regulation (EU) 2015/703 establishing a network code on interoperability and data exchange rules of 30 April 2015.\u00a0
Steering difference means the difference between the quantity of gas that the transmission system operators had scheduled to flow and the measured quantity for an interconnection point.\u00a0
In other words, steering difference is the difference between commercial and physical gas flow. The agreement between two adjacent operators to apply steering difference enables to ensures that, when organising gas transportation, system users are allocated the gas quantity they have nominated, and the resulting difference is accounted for by the adjacent system operators.
Revenue from operational balancing is recognised when the physical gas flow exceeds the commercial gas flow, and the other system operator compensates the Company, as the transmission system operator, for the difference in the quantity of gas.
Below is described the revenue recognition for the provision of system user\u2019s balancing services.
Based on the EC regulation establishing a network code on gas balancing of transmission networks (the \u201cRegulation\u201c), the system users bear the responsibility of balancing their inputs against their off-takes. If the system users fail to balance gas at the entry/exit points, the Company is entitled to undertake the balancing actions as set forth in the Regulation. In accordance with the Regulation, the Company undertakes the balancing actions in respect of the system users with reference to measures on each gas day.
Revenue from balancing services is recognised when the transmission system user\u2018s imbalance quantity becomes negative, thereby causing natural gas shortfall. Expenses from balancing services are recognised when the transmission system user\u2018s imbalance quantity becomes positive, thereby causing natural gas surplus. As the Company seeks to ensure financial neutrality, it levies a neutrality charge for each reporting month with effect from 1 March 2022. Neutrality charge means a charge payable to/by the transmission system operator due to performance of its balancing activities. The neutrality charge represents the difference between the expenses and revenue of the transmission system operator from the balancing activities. The neutrality charge may be both positive and negative. When the neutrality charge is negative, the transmission system operator pays the neutrality charge to the system users. When the neutrality charge is positive, the system users pay the neutrality charge to the transmission system operator. The purpose of the neutrality charge is to ensure financial neutrality of the transmission system operator.
Due to amendments introduced in regulation of balancing activities with effect from 1 March 2022, the Company acts as an agent in its gas purchase/sale transactions and reports net result of balancing activities in the financial statements. The neutrality charge is expected to ensure a zero gain/(loss) from balancing activities. Acting as an agent in balancing gas purchase/sale transactions is explained by limited control of the balancing services and purchases of gas, absence of economic benefits, no discretion in establishing the price for the balancing services since the pricing is governed by law, no discretion in choosing a counterparty and inability to regulate demand. In addition, the activities of the Company, as the transmission system operator, are not associated with trade in natural gas, and the regulated balancing actions are performed for the benefit of all system users rather than for the benefit of a specific system user.
Revenue from administration of the LNG terminal funds
Based on the provisions of Article 5(2) of the Republic of Lithuania Law on Liquefied Natural Gas Terminal, the Company carries out the function of administration of the LNG terminal funds. The administration of the LNG terminal funds is performed in accordance with the Description of the procedure for the administration of funds intended to compensate for the construction and fixed operating expenses of the liquefied natural gas terminal, its infrastructure and connector, including subsequent amendments and supplements thereto (the title was changed on 18 December 2015 under the Council\u2019s Resolution No 03-653 of 17 December 2015), as approved by the Council\u2019s Resolution No. O3-294 of 9 October 2012. The Company collects/pays and administers the LNG terminal funds and acts as an intermediary on behalf of the State, and such activities do not generate any revenue/profit for the Company in the ordinary course of business. The LNG terminal funds are collected/repaid and transferred to the recipients/payers of the LNG terminal funds. The share of the LNG terminal funds intended solely to cover the administration expenses of the LNG terminal funds is considered as the Company\u2019s revenue. The amount of administration of the LNG terminal funds is calculated as the amount of costs that are expected to be incurred, by taking into account the actual costs incurred in the previous periods, and such amount is specified in the Council\u2019s certificate. The LNG terminal funds are not treated as the Company's revenue/expenses, but they are rather accounted for as other receivables/other payables and other financial assets.
Other income
Connection fees on connection of new consumers and producers to the gas transmission network
The connection \"service\" is considered as a single performance obligation together with the future gas transmission services, as defined in IFRS 15 Revenue from contracts with customers, because the pricing of the connection fee is directly linked to the pricing of the transmission services. Therefore revenue (including the compensation for the connection to the grid) are recognised in profit or loss over time during the useful life (or lives) of the connection assets constructed / built by Company and compensated by a consumer.
Accounting for the connection fees on connection of new producers is based on the accounting policies for grants (IAS 20 Accounting for government grants and disclosure of government assistance), and the acquisition cost of the assets is reduced by the amount of the connection fee.
Relocation (reconstruction) of infrastructure facilities owned under the title by the Company upon a customer\u2019s request
Upon a customer\u2019s request, the Company carries out relocation or reconstruction of infrastructure facilities and incurs related expenses. Such relocation work does not give rise to any economic benefits for the Company, and all expenses related to such work are compensated in full by a customer through acquisition of energy facility relocation service from the Company.
Based on IFRS and the Company\u2019s accounting policies, there are two approaches for recognition of such transactions:
1.
When relocation of assets involves substantial improvement of assets. Under IAS 16 Property, plant and equipment, the relocation expenses incurred by the Company are added to the acquisition cost of the related assets. Accounting for the compensation (i.e. relocation fee) due from a customer is based on the accounting policies for grants (IAS 20 Government grants and disclosure of government assistance) and the acquisition cost of the assets is reduced by the amount of the relocation fee. Since all relocation costs are compensated in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. the Company neither incurs additional expenses nor earns additional revenue from such transaction.
2.
When relocation of assets does not involve substantial improvement of assets. Under IFRS 15 Revenue from contracts with customers, the Company earns revenue from relocation service (i.e. revenue is recognised at the time of rendering the service) and incurs relocation service expenses (i.e. all costs incurred on relocation of assets are recognised as expenses in the same period as revenue from relocation service). Since all relocation costs are covered in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. revenue earned by the Company equals expenses incurred.
Gain from disposal of property, plant and equipment, lease income, income from sale of other goods and provision of other services, income from default charges and fines collected from the contractors as a result of late fulfilment of work, income-related grants are recognised by the Company as other income.
2.15
Expense recognition
Expenses incurred in relation to revenue earned during the reporting period are recognised by the Company on an accrual basis, and based on the following principles: 1) the costs are recognised as expenses to the extent of the value of goods sold or services rendered, since the criterion for recognition of expenses is that they have been incurred to earn revenue of the reporting period; 2) the costs incurred by the Company during the reporting period are recognised as expenses of the reporting period immediately, unless they can be linked to earning of the specific revenue, and no income is expected to be earned in relation to such expenses in the next periods.
The Company uses expense classification by type.
Taxes such as real estate tax, land tax, land rent tax, taxes related to environmental pollution, non-deductible value added tax, etc. are recognized as expenses.
2.16
Finance income and costs
Finance income
Finance income includes income earned by the Company from financing activities, such as foreign exchange gain, when cash balances are translated into the functional currency euro, interest income on cash balance.
The Company\u2018s finance costs include as follows:
\uf02d
foreign exchange loss from financing transactions;
\uf02d
interest on borrowings.
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
2.17
Cash flows
The Company reports cash flows using the indirect method. Reporting of cash flows from operating activities based on the indirect method means that net profit/(loss) for the reporting period is presented as cash inflows or outflows from operating activities of
the Company for the reporting period. Cash inflows and outflows from investing and financing activities for the reporting period are presented separately unless cash flows are presented on a net basis.
For the purpose of the Company\u2018s financial statements, dividends paid are reported as cash flows of financing activities, whereas dividends received are reported as cash flows of investing activities.
For the purpose of the Company\u2018s financial statements, interest paid is reported as cash flows of financing activities, whereas interest received is reported as cash flows of investing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "
2.1
Basis of preparation
The Company\u2019s financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union, and are in compliance thereof.
The financial statements have been prepared on a historical cost basis, except for property, plant and equipment which is recorded at revalued amount, less estimated impairment loss, and derivatives accounted for at fair value.
In accordance with the accounting principles of non-current assets of EPSO\u2013G UAB group companies, the non-current assets are accounted at revalued amount less accumulated depreciation and impairment losses, whereas grants are accounted for by reducing the carrying amount of the related asset.
The Company\u2019s financial year coincides with the calendar year.
The Company\u2019s management approved these financial statements on 24 March 2026. The shareholders of the Company have a statutory right to approve or not to approve these financial statements and require that management prepare a new set of financial statements.
Accounting policies adopted in the preparation of the financial statements are consistent with those of the previous financial year except as follows:
a.
Adoption of new and/or amended IFRSs and interpretations of the International Financial Reporting Interpretations Committee (IFRIC)
In the year ended 31 December 2025, the following IFRSs, amendments and IFRIC interpretations were adopted by the Company:
Amendments to IAS 21: Lack of Exchangeability (issued on 15 August 2023 and effective for annual periods beginning on or after 1 January 2025). Amendments to IAS 21 to help entities assess exchangeability between two currencies and determine the spot exchange rate, when exchangeability is lacking. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. The amendments to IAS 21 do not provide detailed requirements on how to estimate the spot exchange rate. Instead, they set out a framework under which an entity can determine the spot exchange rate at the measurement date. When applying the new requirements, it is not permitted to restate comparative information. It is required to translate the affected amounts at estimated spot exchange rates at the date of initial application, with an adjustment to retained earnings or to the reserve for cumulative translation differences. The amendments had no impact on the Company\u2019s financial statements.
b.
The following standards, amendments and interpretations endorsed by the European Union, but have not been early adopted by the Company:
Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026).
On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to:
(a) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
(b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
(c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and
(d) update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
Based on the Company\u2019s assessment, these amendments will not have significant impact on the financial statements.
Annual Improvements to IFRS Accounting Standards (issued in July 2024, effective for annual reporting periods beginning on or after 1 January 2026). IFRS 1 was clarified that a hedge should be discontinued upon transition to IFRS Accounting Standards if it does not meet the \u2018qualifying criteria\u2019, rather than \u2018conditions\u2019 for hedge accounting. IFRS 7 requires disclosures about a gain or loss on derecognition relating to financial assets in which the entity has a continuing involvement, including whether fair value measurements included \u2018significant unobservable inputs\u2019. This new phrase replaced reference to \u2018significant inputs that were not based on observable market data\u2019. IFRS 16 was amended to clarify that when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply IFRS 9 guidance to recognise any resulting gain or loss in profit or loss. This clarification applies to lease liabilities that are extinguished on or after the beginning of the annual reporting period in which the entity first applies that amendment. In order to resolve an inconsistency between IFRS 9 and IFRS 15, trade receivables are now required to be initially recognised at \u2018the amount determined by applying IFRS 15\u2019 instead of at \u2018their transaction price (as defined in IFRS 15)\u2019. IFRS 10 was amended to use less conclusive language when an entity is a \u2018de-facto agent\u2019 and to clarify that the relationship described in paragraph B74 of IFRS 10 is just one example of a circumstance in which judgement is required to determine whether a party is acting as a de-facto agent. IAS 7 was corrected to delete references to \u2018cost method\u2019 that was removed from IFRS Accounting Standards in May 2008 when the IASB issued amendment Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate.
The Company is currently assessing the impact of these amendments on its financial statements.
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (issued on 18 December 2024 and effective for annual periods beginning on or after 1 January 2026). The IASB issued amendments to help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs). Current accounting requirements may not adequately capture how these contracts affect a company\u2019s performance. To allow companies to better reflect these contracts in the financial statements, the IASB issued the related amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments. Disclosure. The targeted amendments include: (a) clarifying the application of the \u2018own-use\u2019 requirements; (b) permitting hedge accounting if these contracts are used as hedging instruments; and (c) adding new disclosure requirements to enable investors to understand the effect of these contracts on a company\u2019s financial performance and cash flows.
Based on the Company\u2019s assessment, these amendments will not have significant impact on the financial statements.
c.
Standards, interpretations and amendments thereto that have not been endorsed by the European Union and early adopted by the Company:
IFRS 18 Presentation and Disclosures in Financial Statements (issued on 9 April 2024 and effective for annual periods beginning on or after 1 January 2027). In April 2024, the IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
-
the structure of the statement of profit or loss;
-
required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures);
-
enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its \u2018operating profit or loss\u2019. IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information.
The Company\u2019s management is currently assessing the impact of IFRS 18 on the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "
2.2
Presentation currency
All amounts in these financial statements have been measured and presented in the euros (EUR), which is an official currency of the Republic of Lithuania. These financial statements are presented in EUR \u2018000 unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "
2.3
Intangible assets
The Company\u2019s intangible assets are recognised if it is probable that future economic benefits associated with the asset will flow to the Company and the cost of the asset can be measured reliably. Intangible assets are carried at cost, see Note 6.
The useful lives of intangible assets other than those with indefinite useful lives are 4 to 8 years.
After initial recognition, intangible assets are stated at cost less accumulated amortisation and impairment losses, if any.
Intangible assets mainly consist of software, licences and other intangible assets used in the Company\u2019s activities.
Special land use conditions (protected areas)
In its financial statements for the year ended 31 December 2020, the Company recognised as intangible assets a commitment to register and a right to use the land parcels of third parties on the basis of the special land use conditions. The special land use conditions mean conditions involving certain restrictions or limitations on the activities carried out on the land parcel, which depend on the geographic location, the principal purpose of use, the method of use of the land parcel, and on the environmental and public health needs. The special land use conditions apply for as long as there is an object, in respect of which the protected areas have been established, irrespective of the physical condition of such object; or the special land use conditions may be established when there is an intention to implement a project. The special land use conditions remain in force for indefinite period. Since the useful life of the intangible assets is indefinite, such assets are not amortised. The useful life is not limited because the special land use conditions are established for the land parcels for indefinite period.
A provision for non-current liabilities in relation to the commitment to register the special land use conditions (protected areas) has been formed under IAS 37 (see Note 22).
Maintenance costs and other subsequent expenditures of intangible assets
Maintenance costs of intangible assets are recognised as expenses in the reporting period when they are incurred. Updating and development costs of intangible assets incurred subsequent to their acquisition or creation are recognised as expenses in the reporting period when they are incurred, except for software updating, modification, upgrading or new version installation costs that are capitalised by adding them to the cost of that software or recognising as a separate item of non-current intangible assets. In such case, the remaining useful life of the former software is re-measured and impairment is recognised for the remaining net book amount, if any.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable value. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a decrease of revaluation reserve.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
2.4
Property, plant and equipment
Assets with a useful life longer than one year are classified as property, plant and equipment.
The Company\u2019s items of property, plant and equipment are stated at revalued amounts, based on periodic (at least every 5 years) valuations performed by independent valuers, less accumulated depreciation and impairment losses (Note 7).
Any accumulated depreciation and impairment losses at the date of revaluation are eliminated against gross carrying amount of the asset and net amount is restated to the revalued amount of the assets.
Increases in the carrying amount arising on the first revaluation of property, plant and equipment are credited to revaluation reserve directly in equity and decreases are recognised in the profit and loss account. Decreases in the carrying amount arising on the subsequent revaluation of property, plant and equipment that offset previous increases of the same asset are charged against revaluation reserve directly in equity, whereas all other decreases are charged to the profit and loss account. Revaluation increases in property plant and equipment value that offset previous decreases are taken to the profit and loss account. All other increases in the carrying amount arising on subsequent revaluations of property, plant and equipment are credited to revaluation reserve. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the statement of comprehensive income and depreciation based on the asset\u2019s original cost is transferred from revaluation reserve to retained earnings, after considering the effect of deferred income tax. Upon the sale or write-off of an asset item, any balance related to these assets is transferred from revaluation reserve to retained earnings.
Interest and other borrowing costs (the bank\u2019s administration charges, etc.) are included in the acquisition cost of property, plant and equipment if they are directly attributable to the acquisition of a qualifying asset. A qualifying asset is asset that is developed on the basis of a project with the value of not less than EUR 1 million and that necessarily takes no less than 12 months to get ready for its intended use or sale.
Variable payments for the separate acquisition of property, plant and equipment that are dependent on future performance (such as revenues or profits) are accounted for in the cost of property, plant and equipment and liabilities, when the variable payment can be estimated reliably and the asset is able to operate in the manner intended by the Company\u2019s management. After initial recognition, value changes of variable payments are recognised in profit or loss.
Property, plant and equipment also includes the minimum quantity of natural gas contained in the gas pipelines (line pack) which is necessary to ensure a stable functioning of the transmission system. This part of property, plant and equipment is not depreciated, because the Company will be able to sell such natural gas at the end of the useful life of the gas transmission pipeline, and accordingly, the value of such natural gas represents the residual value of the gas transmission pipeline.
Emergency reserve inventories meeting the criteria of non-current assets are classified as property, plant and equipment. The carrying amount of inventories written off during repair, technical maintenance and emergency liquidation are recorded in the statement of profit or loss or added to the carrying amount of assets under maintenance.
Depreciation is calculated on a straight-line basis over the following estimated useful lives:
Land
-
Buildings
25 - 60
years.
Other structures and engineering networks
18 \u2013 25
years.
Gas pipelines and associated equipment
55 \u2013 70
years.
Plant and machinery
5-25
years.
Motor vehicles
7
years.
Other PP&E
4-10
years.
The useful lives, residual values and depreciation method are reviewed annually to ensure that they are consistent with the expected pattern of economic benefits from items of property, plant and equipment.
The Company has land with indefinite useful life, which is not depreciated.
Construction work in progress includes items of property, plant and equipment that are under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs. Construction work in progress is not depreciated until the construction of asset is completed and the asset is put into operation. Prepayments for non-current assets are classified as non-current assets because they are used in long-term activities and are presented in the balance sheet line item \u201cconstruction work in progress\u201d.
Maintenance, repair, reconstruction and other subsequent costs of property, plant and equipment
Maintenance costs of property, plant and equipment are recognised as expenses of the reporting period when they are incurred. The costs of the day-to-day servicing of an item of PP&E are not included in the cost of that item. Rather, these costs are recognised as expenses when they are incurred. The purpose of these expenditures is often described as for the \u2018repairs and maintenance\u2019 of the property, plant and equipment. When property, plant and equipment is subject to reconstruction (major enhancement), such reconstruction/major enhancement works are recognised as a separate component of PP&E and the net book amount of the component of the replaced part of assets is written off. A condition of continuing to operate an item of property, plant and equipment may be performing regular major inspections for faults regardless of whether parts of the item are replaced, its cost is recognized in the carrying amount of the item of property, plant and equipment as a separate component if the recognition criteria are satisfied and the costs of such inspection are material. Any remaining carrying amounts of the cost of previous inspection (as distinct from physical parts) are written-off to operating expenses of the reporting period in the statements of profit or loss and other comprehensive income.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable value. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a decrease of revaluation reserve.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "
Property, plant and equipment also includes the minimum quantity of natural gas contained in the gas pipelines (line pack) which is necessary to ensure a stable functioning of the transmission system. This part of property, plant and equipment is not depreciated, because the Company will be able to sell such natural gas at the end of the useful life of the gas transmission pipeline, and accordingly, the value of such natural gas represents the residual value of the gas transmission pipeline.
Emergency reserve inventories meeting the criteria of non-current assets are classified as property, plant and equipment. The carrying amount of inventories written off during repair, technical maintenance and emergency liquidation are recorded in the statement of profit or loss or added to the carrying amount of assets under maintenance.
Depreciation is calculated on a straight-line basis over the following estimated useful lives:
Land
-
Buildings
25 - 60
years.
Other structures and engineering networks
18 \u2013 25
years.
Gas pipelines and associated equipment
55 \u2013 70
years.
Plant and machinery
5-25
years.
Motor vehicles
7
years.
Other PP&E
4-10
years.
The useful lives, residual values and depreciation method are reviewed annually to ensure that they are consistent with the expected pattern of economic benefits from items of property, plant and equipment.
The Company has land with indefinite useful life, which is not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
Construction work in progress includes items of property, plant and equipment that are under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs. Construction work in progress is not depreciated until the construction of asset is completed and the asset is put into operation. Prepayments for non-current assets are classified as non-current assets because they are used in long-term activities and are presented in the balance sheet line item \u201cconstruction work in progress\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
Maintenance, repair, reconstruction and other subsequent costs of property, plant and equipment
Maintenance costs of property, plant and equipment are recognised as expenses of the reporting period when they are incurred. The costs of the day-to-day servicing of an item of PP&E are not included in the cost of that item. Rather, these costs are recognised as expenses when they are incurred. The purpose of these expenditures is often described as for the \u2018repairs and maintenance\u2019 of the property, plant and equipment. When property, plant and equipment is subject to reconstruction (major enhancement), such reconstruction/major enhancement works are recognised as a separate component of PP&E and the net book amount of the component of the replaced part of assets is written off. A condition of continuing to operate an item of property, plant and equipment may be performing regular major inspections for faults regardless of whether parts of the item are replaced, its cost is recognized in the carrying amount of the item of property, plant and equipment as a separate component if the recognition criteria are satisfied and the costs of such inspection are material. Any remaining carrying amounts of the cost of previous inspection (as distinct from physical parts) are written-off to operating expenses of the reporting period in the statements of profit or loss and other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable value. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a decrease of revaluation reserve.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
At each reporting date, the Company review the carrying amounts of their property, plant and equipment to determine whether there are any indications that those assets have suffered an impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable value is the higher of an asset\u2019s fair value less costs to sell and the value in use. In assessing the value in use, the expected future cash flows are discounted to their present value using the discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable value. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a decrease of revaluation reserve.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as an increase in revaluation reserve (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
2.5
Right of use assets
Right-of-use assets are assets that the Company has the right to manage during the lease term. The Company recognises right-of-use assets for all types of leases, including the lease of a right-of-use asset in case of sublease, but excluding leases of intangible assets, short-term leases and leases of low value assets.
Initial measurement of right-of-use assets
At the commencement date, the Company measures right-of-use assets at cost, which consists of: the present value of the initial measurement of the lease liability, initial costs incurred directly attributable to the underlying asset, any lease payments at the commencement date, less any lease incentives.
Subsequent measurement of right-of-use assets
After the initial recognition, the Company applies a cost method for right-of-use assets: the carrying amount of the asset at the respective date is calculated as the difference between the acquisition cost and the accumulated depreciation, plus any subsequent adjustments for the remeasurement of lease liability.
The calculation of depreciation of right-of-use assets is started from the date on which the assets are transferred for the use (the commencement date) until the earlier of these dates: the end of the lease term and the end of the useful life.
The Company calculates depreciation of right-of-use assets using the following rates:
Land*
99
years.
Buildings
from 5 to 10
years.
Motor vehicles
from 3 to 4
years.
* The Company applies the portfolio method for the land lease agreements concluded with the municipalities not by auction, i.e. a set of the agreements of the Company is accounted for as a single agreement due to similar criteria. Regardless of the remaining term of the land lease agreement, in accordance with the requirements of the legal acts, the agreements must be extended for as long as the facilities of the Company exist on the land plots. When assessing the flow generated by the infrastructure assets of the Company (for the calculation of the recoverable amount of assets), an infinite flow is projected as the ongoing reconstruction and repair works allow using the assets for a longer period than the established original depreciation rates. For this reason, the lease of land is subject to a substantially infinite rate corresponding to the original term of the agreement \u2013 99 years.
2.10
Lease liabilities
Initial measurement of the lease liability
The amount of the initial measurement of lease liability is calculated as the present value of lease payments not paid at the commencement date.
The lease payments are discounted using the incremental borrowing rate. The incremental borrowing rate is determined as the rate at which the Company would be able to borrow funds for the purpose of acquiring certain assets for a respective period.
At the commencement date, the lease payments included in the measurement of lease liability comprise the following payments:
\uf02d
fixed payments, less any lease incentives receivable;
\uf02d
variable lease payments that depend on an index or a rate;
\uf02d
amounts expected to be payable by the Company under residual value guarantees;
\uf02d
the exercise price of a purchase option if the Company are reasonably certain to exercise that option;
\uf02d
payments of penalties for terminating the lease, if the lease term reflects the Company exercising an option to terminate the lease.
Subsequent measurement of lease liability
Subsequent to initial recognition, the Company recognise a change in the value of the lease liability by:
\uf02d
increasing the carrying amount to reflect interest on the lease liability;
\uf02d
reducing the carrying amount to reflect the lease payments made; and
\uf02d
remeasuring the carrying amount to reflect any lease modifications or revised lease payments.
For a lease modification that is not accounted for as a separate lease, the Company account for the remeasurement of the lease liability by:
\uf02d
decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease. The Company recognise in profit or loss any gain or loss relating to the partial or full termination of the lease;
\uf02d
making a corresponding adjustment to the right-of-use asset for all other lease modifications.
The Company classifies assets as right-of-use assets by recognising under non-current assets in the statement of financial position, if the asset and lease contract meet all of the following criteria:
\uf02d
the lease is not a short-term (12 months or more) or short-term lease with a purchase option;
\uf02d
value of the leased item or group of items/underlying asset is not less than EUR 4,000 and therefore does not qualify as a lease of a low-value asset;
\uf02d
if the contract conveys the right to control the use of an identified asset for a period of time, i.e. to obtain economic benefits from use of the identified asset and to direct the use of the identified asset.
The Company present its lease liabilities separately from other liabilities in the statement of financial position. Interest expense on the lease liability is presented separately from the depreciation charge for the right-of-use assets. The interest expense on the lease liability is a component of finance costs recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "
2.6
Financial assets and liabilities
The Company recognises a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised on the date of purchase/sale.
At initial recognition, the Company measures the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Company accounts for financial assets subsequently measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Company does not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Company seeks to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.). Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account of allowance for doubtful trade receivables.
The Company derecognises loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
Trade payables and other financial liabilities, borrowings
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is less than one year; otherwise, they are recognised as non-current liabilities.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as derecognition of the original liability and the recognition of a new liability. The difference in the respective amounts of financial liabilities is recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "
The Company recognises a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised on the date of purchase/sale.
At initial recognition, the Company measures the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Company accounts for financial assets subsequently measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Company does not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Company seeks to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.). Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account of allowance for doubtful trade receivables.
The Company derecognises loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
The Company recognises a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised on the date of purchase/sale.
At initial recognition, the Company measures the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Company accounts for financial assets subsequently measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Company does not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Company seeks to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.). Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account of allowance for doubtful trade receivables.
The Company derecognises loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
The Company recognises a financial asset in the statement of financial position only when they become a party to the contractual provisions of the financial instrument, the purchase or sale of the financial asset is recognised or derecognised on the date of purchase/sale.
At initial recognition, the Company measures the financial assets at fair value, except for trade receivables that do not include a significant component of financing. Initial measurement of financial assets other than those measured at fair value through profit or loss, includes the fair value of the instrument and transaction costs directly attributable to the acquisition of the financial asset.
Transaction costs include all fees and commissions that the Company would not have paid if they had not entered into a financial instrument contract.
Financial assets measured at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are recognised as current assets, except for the loans and receivables with maturity term of more than 12 months after the date of the statement of financial position, in which case they are recognised as non-current assets.
Loans and receivables are initially recognised at cost (fair value of the amount receivable) and subsequently amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the assets are derecognised or impaired, as well as through the amortisation process.
Financial assets measured at fair value through profit or loss
The Company accounts for financial assets subsequently measured at fair value through profit or loss using a business model, the goal of which is achieved through the collection of contractual cash flows and the sale of financial assets.
The Company does not have financial assets held for trading that are acquired for the purpose of selling in the near future, and within such category only classify the financial asset that arises on disposal of a business or investment and that represents a non-equity contingent consideration.
Expected credit losses
The Company seeks to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.). Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account of allowance for doubtful trade receivables.
The Company derecognises loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
Expected credit losses
The Company seeks to recognise the expected credit losses for the period before the financial instrument becomes past due. Normally, credit risk increases significantly before a financial instrument becomes past due or other delay factors are observed from the debtor (such as restructuring, bankruptcy, other economic difficulties of a client, etc.). Therefore, if there is a considerable amount of cost or effort to obtain reasonable and reliable information that is more forward-looking than past due payments, it should be based on the assessment of credit risk changes.
Expected credit losses are recognised based on individually or collectively assessed credit risk of loans and trade receivables, the assessment of which is based on all reasonable and supportable information, including forward-looking information.
Lifetime expected credit losses of trade receivables are assessed taking into consideration the level of credit risk. The individual assessment basis is applied to debts with a high level of credit risk concentration or when there is a significant increase in the probability of credit losses. During the individual assessment, information on the credit history of a particular borrower, its financial position as at the date of assessment is analysed, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling making judgement on the recognition of lifetime expected credit losses in respect of that particular borrower.
Lifetime expected credit losses for loans receivable and trade receivables are accounted for through profit or loss using the contra account of allowance for doubtful trade receivables.
The Company derecognises loans receivable and trade receivables when it loses the right to receive contractual cash flows from financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "
Trade payables and other financial liabilities, borrowings
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is less than one year; otherwise, they are recognised as non-current liabilities.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as derecognition of the original liability and the recognition of a new liability. The difference in the respective amounts of financial liabilities is recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method.
If a financing agreement concluded before the date of the statement of financial position proves that the liability was non-current as of the date of the statement of financial position, such financial liability is classified as non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
Trade payables
Trade payables represent commitments to pay for goods and services acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if the term of their settlement is less than one year; otherwise, they are recognised as non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is settled, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as derecognition of the original liability and the recognition of a new liability. The difference in the respective amounts of financial liabilities is recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
2.7
Inventories
Inventories consist of spare parts, consumables, and natural gas contained in the gas pipelines used in the activities and for provision of services. Inventories also include spare parts or metal scrap which is fit for use and was retrieved from written off items of property, plant and equipment.
Inventories are initially recorded at acquisition cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value.
The cost of inventories includes acquisition price and related taxes that are not subsequently recovered from tax administration authorities and costs associated with bringing inventory into their current condition and location. Other costs are included in the cost of inventories to the extent they are related to bringing inventory into their current condition and location. The cost of inventories is determined net of trade discounts.
The cost of inventories, except for natural gas, is determined using the first-in, first-out (FIFO) method, according to which write-offs are firstly carried out in respect of the same type of inventories that were acquired first.
The cost of inventories which consist of natural gas contained in the gas pipelines is determined using the weighted average costing method. The cost of one unit of energy of natural gas (kWh) is determined by applying the weighted average costing method using the following formula:
The cost of one energy unit of natural gas (kWh) = (opening balance of natural gas (quantity * price) + purchases of natural gas over the period (quantity * price)) / quantity of natural gas (opening balance + purchases of natural gas over the period).
Purchases of natural gas from 1 March 2022 exclude gas purchased for the balancing of the system user.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
2.7
Inventories
Inventories consist of spare parts, consumables, and natural gas contained in the gas pipelines used in the activities and for provision of services. Inventories also include spare parts or metal scrap which is fit for use and was retrieved from written off items of property, plant and equipment.
Inventories are initially recorded at acquisition cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value.
The cost of inventories includes acquisition price and related taxes that are not subsequently recovered from tax administration authorities and costs associated with bringing inventory into their current condition and location. Other costs are included in the cost of inventories to the extent they are related to bringing inventory into their current condition and location. The cost of inventories is determined net of trade discounts.
The cost of inventories, except for natural gas, is determined using the first-in, first-out (FIFO) method, according to which write-offs are firstly carried out in respect of the same type of inventories that were acquired first.
The cost of inventories which consist of natural gas contained in the gas pipelines is determined using the weighted average costing method. The cost of one unit of energy of natural gas (kWh) is determined by applying the weighted average costing method using the following formula:
The cost of one energy unit of natural gas (kWh) = (opening balance of natural gas (quantity * price) + purchases of natural gas over the period (quantity * price)) / quantity of natural gas (opening balance + purchases of natural gas over the period).
Purchases of natural gas from 1 March 2022 exclude gas purchased for the balancing of the system user.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
2.8
Cash and cash equivalents
Cash includes cash at banks. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.
If there are indications that cash and cash equivalents may not be recoverable, impairment is accounted for. Impairment is recorded in the statement of profit or loss within operating expenses for the period during which it occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
2.9
Grants
Grants are recognised when the Company complies with all the conditions attached to the grants, as set out in the respective grant agreement, and when there is a reasonable assurance that the grant will be received.
Government grants or grants received from the EU in a form of non-current assets or intended for purchase of non-current assets are considered as grants related to assets.
At the Company level, grants are recognised by deducting them from the asset\u2019s carrying amount. For the purpose of the statement of profit or loss and other comprehensive income, grants are recognised over the useful life of the related asset as a deduction from depreciation expenses.
Accumulated grants receivable are classified as other current assets when, according to the agreement, the European Commission undertakes a commitment to fund strategic projects and there is strong evidence that the funding will be received.
Grants received as a compensation for the expenses or unearned income in the current or previous reporting periods, also all grants other than grants related to assets, are considered as grants related to income. Income-related grants are recognised as utilised to the extent of the expenses incurred during the reporting period or unearned income to be compensated by that grant.
For the purpose of the statement of profit or loss, income-related grants are recognised when related costs are incurred, for which the grant was intended to compensate, by adding them to other income. If no connection can be established between the grants and incurred costs or deferred expenses, they are recognised as income during the period they are received or when the Company meets all the conditions attached to grants, as established in the respective grant agreement, and there is a reasonable assurance that the grant will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
2.11
Long-term employee benefits
Each employee in the Company of retirement age who terminates his/her employment with the Company, upon retirement receives defined benefit in the amount established by the Lithuanian and the Company\u2019s internal legislation. A benefit liability is recognised in the statement of financial position and reflects the present value of such benefits at the reporting date. The non-current benefit liability at the reporting date is estimated with reference to actuary valuations, using the projected relative unit method. The present value of the defined non-current benefit liability is determined by discounting the estimated future cash flows using the effective interest rates as set for government debentures denominated in a currency in which employee benefits are expected to be made and with maturity similar to that of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
2.11
Long-term employee benefits
Each employee in the Company of retirement age who terminates his/her employment with the Company, upon retirement receives defined benefit in the amount established by the Lithuanian and the Company\u2019s internal legislation. A benefit liability is recognised in the statement of financial position and reflects the present value of such benefits at the reporting date. The non-current benefit liability at the reporting date is estimated with reference to actuary valuations, using the projected relative unit method. The present value of the defined non-current benefit liability is determined by discounting the estimated future cash flows using the effective interest rates as set for government debentures denominated in a currency in which employee benefits are expected to be made and with maturity similar to that of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
2.12
Provisions, contingent assets and liabilities
Provisions are recognised when the Company has a legal obligation or irrevocable commitment, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the estimate of the expenditure required to settle the obligation (the expected value). Where the effect of the time value of money is material, the amount of a provision is discounted using a pre-tax effective interest rate that, if necessary, reflects the risks specific to the liability. Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the changes in circumstances. If the amount of the provision is discounted, the amount reversed at each reporting period is equal to the discounting effect (interest expenses). If circumstance change and the provision is no longer necessary, the provision is reversed in the statement of profit or loss and other comprehensive income through the expense line item where it has been recorded initially at the time of establishment.
Provisions are classified as non-current liabilities, if the Company\u2019s management expect to settle them after twelve months from the date of the statement of financial position, and as current liabilities, if the Company\u2019s management expect to settle them within twelve months from the date of the statement of financial position.
A contingent liability is a liability that may arise from past events, or a present obligation that arises from past events, when it is not probable that resources embodying economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.
Contingent liabilities are not accounted for, but are disclosed in the notes to the financial statements unless the probability of the loss of resources embodying economic benefits is remote.
A contingent asset is an asset that may arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, that are not wholly within the Company's control.
Contingent assets are not recognised in the financial statements, but are described in the notes to the financial statements when it is probable that income or economic benefits will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
2.12
Provisions, contingent assets and liabilities
Provisions are recognised when the Company has a legal obligation or irrevocable commitment, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the estimate of the expenditure required to settle the obligation (the expected value). Where the effect of the time value of money is material, the amount of a provision is discounted using a pre-tax effective interest rate that, if necessary, reflects the risks specific to the liability. Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the changes in circumstances. If the amount of the provision is discounted, the amount reversed at each reporting period is equal to the discounting effect (interest expenses). If circumstance change and the provision is no longer necessary, the provision is reversed in the statement of profit or loss and other comprehensive income through the expense line item where it has been recorded initially at the time of establishment.
Provisions are classified as non-current liabilities, if the Company\u2019s management expect to settle them after twelve months from the date of the statement of financial position, and as current liabilities, if the Company\u2019s management expect to settle them within twelve months from the date of the statement of financial position.
A contingent liability is a liability that may arise from past events, or a present obligation that arises from past events, when it is not probable that resources embodying economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.
Contingent liabilities are not accounted for, but are disclosed in the notes to the financial statements unless the probability of the loss of resources embodying economic benefits is remote.
A contingent asset is an asset that may arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, that are not wholly within the Company's control.
Contingent assets are not recognised in the financial statements, but are described in the notes to the financial statements when it is probable that income or economic benefits will be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
2.13
Income tax
Income tax expense for the period comprises current and deferred income tax.
Income tax
The income tax expense for the current year is calculated on the current year\u2019s profit before tax, as adjusted for certain non-deductible expenses/non-taxable income and losses of previous tax periods. Income tax is calculated using the tax rate effective as at the date of issue of the financial statements. The applicable income tax rate was 16% in 2025, and 15% in 2024. Current year income tax may be reduced by tax losses carried forward. In addition, the Company can take over tax losses from the Group companies, provided it meets the requirements laid down in the Law on Corporate Income Tax.
Deferred tax
Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income
tax purposes. Deferred income tax liability is recognised for all temporary differences that will increase taxable profit in the future, and deferred tax asset is recognised only to the extent it is likely to reduce the taxable income in the future.
Deferred tax assets are reviewed at each financial reporting date, and if it is not probable that the Company will generate sufficient taxable profit to realize these assets, they are reduced to an amount which is likely to reduce the taxable profit in future. Deferred income tax assets and liabilities are estimated using the tax rate that has been applied when calculating income tax for the year when the related temporary differences are to be realised or settled.
Deferred tax assets and liabilities are offset only where they relate to income tax assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in net profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognized directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and other comprehensive income respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
Deferred tax
Deferred taxes are calculated using the balance sheet liability method. Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income
tax purposes. Deferred income tax liability is recognised for all temporary differences that will increase taxable profit in the future, and deferred tax asset is recognised only to the extent it is likely to reduce the taxable income in the future.
Deferred tax assets are reviewed at each financial reporting date, and if it is not probable that the Company will generate sufficient taxable profit to realize these assets, they are reduced to an amount which is likely to reduce the taxable profit in future. Deferred income tax assets and liabilities are estimated using the tax rate that has been applied when calculating income tax for the year when the related temporary differences are to be realised or settled.
Deferred tax assets and liabilities are offset only where they relate to income tax assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in net profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognized directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and other comprehensive income respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
2.14
Revenue recognition
Recognition and measurement of the Company\u2019s revenue is based on a five-step revenue recognition model which is applied to all contracts with customers. The Company\u2019s revenue is recognised at a point in time or over time, during which the performance obligation is settled, i.e. the control of services or goods is transferred to the customer.
The Company\u2019s revenue includes as follows:
\uf02d
revenue from natural gas transmission and related services;
\uf02d
revenue from administration of the LNG terminal funds;
\uf02d
other income;
\uf02d
finance income.
Revenue from natural gas transmission and related services
Revenue from transmission services
Revenue from system users for natural gas transmission services is recognised over time, based on the reported data on natural gas quantities, distributed to the system users connected to the distribution system, and based on the statements of transmitted natural gas that were signed with the system users directly connected to the transmission system.
Revenue from balancing services
The Company\u2019s revenue from system balancing products consists of operational balancing revenue, transit flow balancing revenue, and system users balancing revenue.
In providing operational balancing and transit flow balancing services, the Company acts as principal. In providing system user\u2019s balancing services, the Company acts as an agent.
The concept of steering difference is defined in the European Commission Regulation (EU) 2015/703 establishing a network code on interoperability and data exchange rules of 30 April 2015.\u00a0
Steering difference means the difference between the quantity of gas that the transmission system operators had scheduled to flow and the measured quantity for an interconnection point.\u00a0
In other words, steering difference is the difference between commercial and physical gas flow. The agreement between two adjacent operators to apply steering difference enables to ensures that, when organising gas transportation, system users are allocated the gas quantity they have nominated, and the resulting difference is accounted for by the adjacent system operators.
Revenue from operational balancing is recognised when the physical gas flow exceeds the commercial gas flow, and the other system operator compensates the Company, as the transmission system operator, for the difference in the quantity of gas.
Below is described the revenue recognition for the provision of system user\u2019s balancing services.
Based on the EC regulation establishing a network code on gas balancing of transmission networks (the \u201cRegulation\u201c), the system users bear the responsibility of balancing their inputs against their off-takes. If the system users fail to balance gas at the entry/exit points, the Company is entitled to undertake the balancing actions as set forth in the Regulation. In accordance with the Regulation, the Company undertakes the balancing actions in respect of the system users with reference to measures on each gas day.
Revenue from balancing services is recognised when the transmission system user\u2018s imbalance quantity becomes negative, thereby causing natural gas shortfall. Expenses from balancing services are recognised when the transmission system user\u2018s imbalance quantity becomes positive, thereby causing natural gas surplus. As the Company seeks to ensure financial neutrality, it levies a neutrality charge for each reporting month with effect from 1 March 2022. Neutrality charge means a charge payable to/by the transmission system operator due to performance of its balancing activities. The neutrality charge represents the difference between the expenses and revenue of the transmission system operator from the balancing activities. The neutrality charge may be both positive and negative. When the neutrality charge is negative, the transmission system operator pays the neutrality charge to the system users. When the neutrality charge is positive, the system users pay the neutrality charge to the transmission system operator. The purpose of the neutrality charge is to ensure financial neutrality of the transmission system operator.
Due to amendments introduced in regulation of balancing activities with effect from 1 March 2022, the Company acts as an agent in its gas purchase/sale transactions and reports net result of balancing activities in the financial statements. The neutrality charge is expected to ensure a zero gain/(loss) from balancing activities. Acting as an agent in balancing gas purchase/sale transactions is explained by limited control of the balancing services and purchases of gas, absence of economic benefits, no discretion in establishing the price for the balancing services since the pricing is governed by law, no discretion in choosing a counterparty and inability to regulate demand. In addition, the activities of the Company, as the transmission system operator, are not associated with trade in natural gas, and the regulated balancing actions are performed for the benefit of all system users rather than for the benefit of a specific system user.
Revenue from administration of the LNG terminal funds
Based on the provisions of Article 5(2) of the Republic of Lithuania Law on Liquefied Natural Gas Terminal, the Company carries out the function of administration of the LNG terminal funds. The administration of the LNG terminal funds is performed in accordance with the Description of the procedure for the administration of funds intended to compensate for the construction and fixed operating expenses of the liquefied natural gas terminal, its infrastructure and connector, including subsequent amendments and supplements thereto (the title was changed on 18 December 2015 under the Council\u2019s Resolution No 03-653 of 17 December 2015), as approved by the Council\u2019s Resolution No. O3-294 of 9 October 2012. The Company collects/pays and administers the LNG terminal funds and acts as an intermediary on behalf of the State, and such activities do not generate any revenue/profit for the Company in the ordinary course of business. The LNG terminal funds are collected/repaid and transferred to the recipients/payers of the LNG terminal funds. The share of the LNG terminal funds intended solely to cover the administration expenses of the LNG terminal funds is considered as the Company\u2019s revenue. The amount of administration of the LNG terminal funds is calculated as the amount of costs that are expected to be incurred, by taking into account the actual costs incurred in the previous periods, and such amount is specified in the Council\u2019s certificate. The LNG terminal funds are not treated as the Company's revenue/expenses, but they are rather accounted for as other receivables/other payables and other financial assets.
Other income
Connection fees on connection of new consumers and producers to the gas transmission network
The connection \"service\" is considered as a single performance obligation together with the future gas transmission services, as defined in IFRS 15 Revenue from contracts with customers, because the pricing of the connection fee is directly linked to the pricing of the transmission services. Therefore revenue (including the compensation for the connection to the grid) are recognised in profit or loss over time during the useful life (or lives) of the connection assets constructed / built by Company and compensated by a consumer.
Accounting for the connection fees on connection of new producers is based on the accounting policies for grants (IAS 20 Accounting for government grants and disclosure of government assistance), and the acquisition cost of the assets is reduced by the amount of the connection fee.
Relocation (reconstruction) of infrastructure facilities owned under the title by the Company upon a customer\u2019s request
Upon a customer\u2019s request, the Company carries out relocation or reconstruction of infrastructure facilities and incurs related expenses. Such relocation work does not give rise to any economic benefits for the Company, and all expenses related to such work are compensated in full by a customer through acquisition of energy facility relocation service from the Company.
Based on IFRS and the Company\u2019s accounting policies, there are two approaches for recognition of such transactions:
1.
When relocation of assets involves substantial improvement of assets. Under IAS 16 Property, plant and equipment, the relocation expenses incurred by the Company are added to the acquisition cost of the related assets. Accounting for the compensation (i.e. relocation fee) due from a customer is based on the accounting policies for grants (IAS 20 Government grants and disclosure of government assistance) and the acquisition cost of the assets is reduced by the amount of the relocation fee. Since all relocation costs are compensated in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. the Company neither incurs additional expenses nor earns additional revenue from such transaction.
2.
When relocation of assets does not involve substantial improvement of assets. Under IFRS 15 Revenue from contracts with customers, the Company earns revenue from relocation service (i.e. revenue is recognised at the time of rendering the service) and incurs relocation service expenses (i.e. all costs incurred on relocation of assets are recognised as expenses in the same period as revenue from relocation service). Since all relocation costs are covered in full for the Company by a customer, such transaction results in a zero impact on the Company\u2019s profit or loss, i.e. revenue earned by the Company equals expenses incurred.
Gain from disposal of property, plant and equipment, lease income, income from sale of other goods and provision of other services, income from default charges and fines collected from the contractors as a result of late fulfilment of work, income-related grants are recognised by the Company as other income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
2.15
Expense recognition
Expenses incurred in relation to revenue earned during the reporting period are recognised by the Company on an accrual basis, and based on the following principles: 1) the costs are recognised as expenses to the extent of the value of goods sold or services rendered, since the criterion for recognition of expenses is that they have been incurred to earn revenue of the reporting period; 2) the costs incurred by the Company during the reporting period are recognised as expenses of the reporting period immediately, unless they can be linked to earning of the specific revenue, and no income is expected to be earned in relation to such expenses in the next periods.
The Company uses expense classification by type.
Taxes such as real estate tax, land tax, land rent tax, taxes related to environmental pollution, non-deductible value added tax, etc. are recognized as expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
Taxes such as real estate tax, land tax, land rent tax, taxes related to environmental pollution, non-deductible value added tax, etc. are recognized as expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
2.16
Finance income and costs
Finance income
Finance income includes income earned by the Company from financing activities, such as foreign exchange gain, when cash balances are translated into the functional currency euro, interest income on cash balance.
The Company\u2018s finance costs include as follows:
\uf02d
foreign exchange loss from financing transactions;
\uf02d
interest on borrowings.
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
2.16
Finance income and costs
Finance income
Finance income includes income earned by the Company from financing activities, such as foreign exchange gain, when cash balances are translated into the functional currency euro, interest income on cash balance.
The Company\u2018s finance costs include as follows:
\uf02d
foreign exchange loss from financing transactions;
\uf02d
interest on borrowings.
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
Interest income and expenses are recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
2.17
Cash flows
The Company reports cash flows using the indirect method. Reporting of cash flows from operating activities based on the indirect method means that net profit/(loss) for the reporting period is presented as cash inflows or outflows from operating activities of
the Company for the reporting period. Cash inflows and outflows from investing and financing activities for the reporting period are presented separately unless cash flows are presented on a net basis.
For the purpose of the Company\u2018s financial statements, dividends paid are reported as cash flows of financing activities, whereas dividends received are reported as cash flows of investing activities.
For the purpose of the Company\u2018s financial statements, interest paid is reported as cash flows of financing activities, whereas interest received is reported as cash flows of investing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "3.Accounting estimates and assumptionsThe preparation of financial statements in conformity with International Financial Reporting Standards requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and disclosure of contingencies. The significant areas of estimation used in the preparation of these financial statements relate to the disposal of investments in associate and derivatives (Notes 3.1, 31), provisions (Notes 3.2, 22), and the review of the fair value measurement of property, plant and equipment (Notes 3.3, 7). Future events may occur which may cause the assumptions used in arriving at the estimates to change. The effect of any changes in estimates will be recorded in the financial statements, when determinable.3.1Disposal of the investment in the associate GET BalticOn 10 October 2025, the Company disposed the remaining 34% shareholding in its associate GET Baltic. On 31 May 2023, the Company issued the put option enabling the Company to sell the remaining shareholding in GET Baltic at a fixed price and the call option for the investor to purchase the remaining shares of GET Baltic at a fixed price, which, in the Company management\u2019s opinion, were designated as derivatives related to the sale transaction of remaining shares, therefore had an impact on the net transaction gain/loss. Before exercise of the put and call options, they were measured at fair value. For more information on the share options and the disposal of investment in associate see Note 31. 3.2ProvisionsThe Company has a legal dispute with a construction contractor over the non-performance or improper performance of warranty obligations regarding the defects identified in the works during the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), which the contractor refuses to remedy. As a result of the non-performance or improper performance of the guarantee obligations, in 2024, the Company lodged claims for payment of the guarantee funds, and has guarantee funds received in the amount of EUR 5,815 thousand. The lawfulness of the claims for payment of the guarantee funds is being challenged by the contractor in court. In view of the uncertainty surrounding the outcome of the legal proceedings, as at 31 December 2024, the Company recognised a provision for the potential repayment of the guarantee funds. As at 31 December 2025, there were no changes in the parties\u2019 financial claims in litigation, and no new circumstances or assumptions had arisen, affecting the position reflected in the financial statements. For more information on the provision and legal dispute see Notes 22 and 37.3.3Valuation of property, plant and equipmentBased on the Company\u2019s assessment, the carrying amount of property, plant and equipment as at 31 December 2025 approximated the fair value of the assets, as there were no changes that could have a material effect on the changes in the fair value, the impairment of non-current assets, or the changes in useful life. The remaining useful life of property, plant and equipment and the depreciation method used reflect the actual period during which the asset will provide economic benefit. No indications of impairment were identified. The last revaluation of property, plant and equipment was carried out as at 31 December 2023. For more information on the results of impairment review see Note\u00a07. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
3.
Accounting estimates and assumptions
The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and disclosure of contingencies. The significant areas of estimation used in the preparation of these financial statements relate to the disposal of investments in associate and derivatives (Notes 3.1, 31), provisions (Notes 3.2, 22), and the review of the fair value measurement of property, plant and equipment (Notes 3.3, 7). Future events may occur which may cause the assumptions used in arriving at the estimates to change. The effect of any changes in estimates will be recorded in the financial statements, when determinable.
3.1
Disposal of the investment in the associate GET Baltic
On 10 October 2025, the Company disposed the remaining 34% shareholding in its associate GET Baltic. On 31 May 2023, the Company issued the put option enabling the Company to sell the remaining shareholding in GET Baltic at a fixed price and the call option for the investor to purchase the remaining shares of GET Baltic at a fixed price, which, in the Company management\u2019s opinion, were designated as derivatives related to the sale transaction of remaining shares, therefore had an impact on the net transaction gain/loss. Before exercise of the put and call options, they were measured at fair value. For more information on the share options and the disposal of investment in associate see Note 31.
3.2
Provisions
The Company has a legal dispute with a construction contractor over the non-performance or improper performance of warranty obligations regarding the defects identified in the works during the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), which the contractor refuses to remedy. As a result of the non-performance or improper performance of the guarantee obligations, in 2024, the Company lodged claims for payment of the guarantee funds, and has guarantee funds received in the amount of EUR 5,815 thousand. The lawfulness of the claims for payment of the guarantee funds is being challenged by the contractor in court. In view of the uncertainty surrounding the outcome of the legal proceedings, as at 31 December 2024, the Company recognised a provision for the potential repayment of the guarantee funds. As at 31 December 2025, there were no changes in the parties\u2019 financial claims in litigation, and no new circumstances or assumptions had arisen, affecting the position reflected in the financial statements. For more information on the provision and legal dispute see Notes 22 and 37.
3.3
Valuation of property, plant and equipment
Based on the Company\u2019s assessment, the carrying amount of property, plant and equipment as at 31 December 2025 approximated the fair value of the assets, as there were no changes that could have a material effect on the changes in the fair value, the impairment of non-current assets, or the changes in useful life. The remaining useful life of property, plant and equipment and the depreciation method used reflect the actual period during which the asset will provide economic benefit. No indications of impairment were identified. The last revaluation of property, plant and equipment was carried out as at 31 December 2023. For more information on the results of impairment review see Note\u00a07.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
4.
Reclassification of comparative figures in the financial statements
In 2025, the Company made changes to the classification of items of non-current and current financial assets at amortised cost in the statement of financial position, presenting them separately from the items of non-financial assets. Accordingly, non-current and current financial liabilities at amortised cost are presented separately from non-financial liabilities. Based on the Company\u2019s assessment, such reclassification of asset and liability items will be more consistent with the requirements of International Financial Reporting Standards and the information needs of users of financial information.
Below is the effect of reclassification on the items of the Company\u2019s statement of comprehensive income for 2024:
31/12/2024
Reclassification
31/12/2024
before reclassification
after reclassification
Current assets
Inventories
4,761
-
4,761
Prepayments
865
(865)
-
Contract assets
-
1,220
1,220
Trade receivables
9,763
-
9,763
Other receivables
13,152
(13,152)
-
Other financial assets at amortised cost
-
6,820
6,820
Other non-financial assets
-
12,712
12,712
Prepaid income tax
-
-
-
Other financial assets
6,735
(6,735)
-
Cash and cash equivalents
31
-
31
Total current assets:
35,307
-
35,307
Non-current liabilities
Borrowings
55,312
-
55,312
Lease liabilities
3,492
-
3,492
Contract liabilities
1,700
-
1,700
Provisions
937
-
937
Total non-current liabilities:
61,441
-
61,441
Current liabilities
Current borrowings
23,563
(23,563)
-
Current portion of non-current borrowings
5,919
(5,919)
-
Borrowings
-
5,919
5,919
Financial borrowings from group companies
-
23,563
23,563
Lease liabilities
986
-
986
Trade payables
6,384
(17)
6,367
Other financial liabilities at amortised cost
-
29,300
29,300
Prepayments received and contract liabilities
1,036
(1,036)
-
Income tax liability
1,071
-
1,071
Derivative liability at FVTPL
-
654
654
Other payables and current liabilities
45,197
(45,197)
-
Provisions
5,971
-
5,971
Other non-financial liabilities
-
16,296
16,296
Total current liabilities:
90,127
-
90,127
During the reclassification, EUR 865 thousand of prepayments, as a non-financial item, was transferred to other non-financial assets.
Reclassification of other receivables:
\uf02d
taxes receivable from the State budget, grants receivable and LNGT funds receivable totalled EUR 11,847 thousand were reclassified to other non-financial assets;
\uf02d
contract assets of EUR 1,220 thousand were presented as a separate item;
\uf02d
interest receivable on term deposits and other receivables totalled EUR 85 thousand and were reclassified to financial assets at amortised cost.
Term deposits, security deposits and LNGT funds totalled EUR 6,735 thousand and were also recognised as financial assets at amortized cost, by reclassifying them from financial assets.
The reclassification of other payables and current liabilities:
\uf02d
employment-related liabilities, taxes payable to the State budget, LNGT funds accrued and payable totalled EUR 15,900 thousand and were reclassified to other non-financial liabilities;
\uf02d
fee payable to the regulator totalled EUR 278 thousand was reclassified from accrued expenses to other non-financial liabilities;
\uf02d
dividends payable, CBCA contribution payable, accrued expenses and other payables totalled EUR 28,365 thousand and were reclassified to financial liabilities measured at amortised cost;
\uf02d
EUR 654 thousand of derivative liabilities were presented as a separate item;
Prepayments received, current contract liabilities totalled EUR 118 thousand and were reclassified to other non-financial liabilities.
Security deposits received totalled EUR 918 thousand and were reclassified to other financial liabilities at amortised cost.
The effect of reclassification on the items of the Company\u2019s statement of comprehensive income for 2023:
01/01/2024
Reclassification
01/01/2024
before reclassification
after reclassification
Current assets
Inventories
4,874
-
4,874
Prepayments
794
(794)
-
Contract assets
-
1,798
1,798
Trade receivables
9,030
-
9,030
Other receivables
19,074
(19,074)
-
Other financial assets at amortised cost
-
1,030
1,030
Other non-financial assets
-
17,568
17,568
Prepaid income tax
-
-
-
Other financial assets
528
(528)
-
Cash and cash equivalents
121
-
121
Total current assets:
34,421
-
34,421
Non-current liabilities
Borrowings
60,962
-
60,962
Lease liabilities
2,933
-
2,933
Contract liabilities
1,530
-
1,530
Provisions
667
-
667
Total non-current liabilities:
66,092
-
66,092
Current liabilities
Current borrowings
25,435
(25,435)
-
Current portion of non-current borrowings
5,649
(5,649)
-
Borrowings
-
5,988
5,988
Financial borrowings from group companies
-
25,096
25,096
Lease liabilities
317
317
Trade payables
5,335
(18)
5,317
Other financial liabilities at amortised cost
-
28,820
28,820
Prepayments received and contract liabilities
622
(622)
-
Income tax liability
-
-
Derivative liability at FVTPL
-
364
364
Other payables and current liabilities
41,950
(41,950)
-
Provisions
463
-
463
Other non-financial liabilities
-
13,406
13,406
Total current liabilities:
79,771
-
79,771
The prepayments, as a non-financial item, totalled EUR 865 thousand was transferred to other non-financial assets.
Reclassification of other receivables:
\uf02d
taxes receivable from the State budget, grants receivable and LNGT funds receivable totalled EUR 16,774 thousand were reclassified to other non-financial assets;
\uf02d
contract assets of EUR 1,798 thousand were presented as a separate item;
\uf02d
interest receivable on term deposits and other receivables totalled EUR 502 thousand and were reclassified to financial assets at amortised cost.
Term deposits, security deposits and LNGT funds totalled EUR 528 thousand and were also recognised as financial assets at amortized cost, by reclassifying them from financial assets.
The reclassification of other payables and current liabilities:
\uf02d
employment-related liabilities, taxes payable to the State budget, LNGT funds accrued and payable totalled EUR 12,981 thousand and were reclassified to other non-financial liabilities;
\uf02d
fee payable to the regulator totalled EUR 330 thousand was reclassified from accrued expenses to other non-financial liabilities;
\uf02d
dividends payable, CBCA contribution payable, accrued expenses and other payables totalled EUR 28,275 thousand and were reclassified to financial liabilities measured at amortised cost;
\uf02d
EUR 354 thousand of derivative liabilities were presented as a separate item;
Prepayments received, current contract liabilities totalled EUR 95 thousand and were reclassified to other non-financial liabilities.
Security deposits received totalled EUR 527 thousand and were reclassified to other financial liabilities at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "
5.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Company\u2019s chief operating decision-maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors that makes strategic decisions.
The Company has one operating segment, which is consistent with the Company\u2019s activity, i.e. the natural gas transmission segment.
The Company has a single geographical segment \u2013 the Republic of Lithuania. All non-current assets of the Company are domiciled in Lithuania, where the Company operates.
The Board as the main decision-making body monitors the results with reference to the financial reports that have been prepared using the same accounting policies as those used for the preparation of the financial statements, i.e., information on profit or loss, including the reported amounts of income and expenses.
Key performance indicators are net profit and profit before interest, taxes, depreciation and amortisation, loss on revaluation, impairment and write-off of property, plant and equipment (EBITDA, which is non-GAAP performance indicator). These indicators are calculated on the basis of data reported in the financial statements.
EBIT, which is non-GAAP performance indicator, represent profit before interest and taxes.
The Board also monitors adjusted performance indicators, particularly the adjusted EBITDA. Adjusted EBITDA ratio is EBITDA ratio further adjusted by adding management\u2019s adjustments. That is non-IFRS alternative performance measure. Management\u2019s adjustments include temporary regulatory differences resulting from the Council\u2019s decisions. Management\u2019s adjustments may have both positive and negative impact on the adjusted ratios for the period. In management\u2019s view, adjusted EBITDA ratio more accurately presents results of the operations and allows for an objective comparison of the results between the periods as revenue and costs have been adjusted due to the regulator\u2019s decisions or are of a one-off nature.
Management also analyses investments and net debt of segment.
The table below contains information on the natural gas transmission segment for the period ended 31 December 2025:
Transmission of natural gas
Revenue and other income
69,716
Operating expenses, excl. depreciation, write-off and impairment
(52,397)
EBITDA
17,319
Adjusted EBITDA
27,436
Temporary regulatory differences for previous periods
4,621
Temporary regulatory differences for reporting period
5,496
Overall effect of management\u2019s adjustments on EBITDA
10,117
EBITDA (under IFRS) reconciliation to Net profit/loss
(15,959)
Depreciation and amortisation
(14,669)
Loss on impairment and write-off of property, plant and equipment
(23)
Finance costs, net
(2,064)
Income tax
195
Other gain (loss)
178
Share of net profit of associates
424
Net profit (loss)
1,360
Total assets
324,739
Net debt
(125,224)
Investments (additions of property, plant and equipment and intangible assets)
21,782
The table below contains information on the natural gas transmission segment for the period ended 31 December 2024:
Transmission of natural gas
Revenue and other income
74,583
Operating expenses, excl. depreciation, write-off and impairment
(48,063)
EBITDA
26,520
Adjusted EBITDA
27,366
Temporary regulatory differences for previous periods
2,006
Temporary regulatory differences for reporting period
(1,160)
Overall effect of management\u2019s adjustments on EBITDA
846
EBITDA (under IFRS) reconciliation to Net profit/loss
(18,214)
Depreciation and amortisation
(14,932)
Loss on impairment and write-off of property, plant and equipment
(43)
Finance costs, net
(2,159)
Income tax
(1,196)
Other gain (loss)
(364)
Share of net profit of associates
480
Net profit (loss)
8,306
Total assets
327,196
Net debt
(82,534)
Investments (additions of property, plant and equipment and intangible assets)
6,405
As at 31 December 2025, there were three customers of the Company each generating over 10% of the Company\u2019s total revenue. Revenue from customers totalled EUR 38,812 thousand, whereof:
Customer A \u2013 EUR 23,128 thousand;
Customer B \u2013 EUR 8,460 thousand;
Customer C \u2013 EUR 7,224 thousand.
As at 31 December 2024, there were three customers of the Company each generating over 10% of the Company\u2019s total revenue. Revenue from customers totalled EUR 45,730 thousand, whereof:
Customer A \u2013 EUR 25,257 thousand;
Customer B \u2013 EUR 11,120 thousand;
Customer C \u2013 EUR 9,353 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Company\u2019s chief operating decision-maker, who is responsible for allocating resources and assessing performance, has been identified as the Board of Directors that makes strategic decisions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
6.
Intangible assets
Movements on intangible assets account during the current and previous reporting period were as follows:
Patents and licences
Computer software
Other
intangible
assets
Protected areas
Total
As at 31 December 2023
7
1,526
-
1,026
2,559
Cost (revalued amount)
55
5,571
5
1,026
6,657
Accumulated amortisation
(48)
(4,045)
(5)
-
(4,098)
Net book value as at 31 December 2023
7
1,526
-
1,026
2,559
Additions
-
460
-
-
460
Write-offs
-
(12)
-
-
(12)
Adjustment for changes in assumptions
-
-
-
(48)
(48)
Amortisation charge
(3)
(746)
-
-
(749)
As at 31 December 2024
4
1,228
-
978
2,210
Acquisition/revaluation amount
55
6,019
5
978
7,057
Accumulated amortisation
(51)
(4,791)
(5)
-
(4,847)
Net book value as at 31 December 2024
4
1,228
-
978
2,210
Net book value as at 31 December 2024
4
1,228
-
978
2,210
Additions
-
1,415
-
-
1,415
Write-offs
-
(89)
-
-
(89)
Adjustment for changes in assumptions
-
-
-
(14)
(14)
Amortisation charge
(3)
(413)
-
-
(416)
As at 31 December 2025
1
2,141
-
964
3,106
Acquisition/revaluation amount
55
7,345
5
964
8,369
Accumulated amortisation
(54)
(5,204)
(5)
-
(5,263)
Net book value as at 31 December 2025
1
2,141
-
964
3,106
The Company\u2019s intangible assets with the acquisition cost of EUR 50 thousand as at 31 December 2025 (EUR 63 thousand as at 31 December 2024) was fully amortised but still in use.
Depreciation of grants in amount of EUR 70 thousand as at 31 December 2025 (31 December 2024: EUR 177 thousand) was reported in the statement of profit or loss as an offsetting of depreciation of related assets against proceeds from grants.
Taking into account changes in the regulatory framework, the scope of services for establishing protection zones and classes of the areas planned to be purchased, each year, the Company reviews the estimated cost of establishing special land use conditions. Due to changes in assumptions, the value of provision and related intangible assets was reduced by EUR 14 thousand as at 31 December 2025 (by EUR 48 thousand as at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
Movements on intangible assets account during the current and previous reporting period were as follows:
Patents and licences
Computer software
Other
intangible
assets
Protected areas
Total
As at 31 December 2023
7
1,526
-
1,026
2,559
Cost (revalued amount)
55
5,571
5
1,026
6,657
Accumulated amortisation
(48)
(4,045)
(5)
-
(4,098)
Net book value as at 31 December 2023
7
1,526
-
1,026
2,559
Additions
-
460
-
-
460
Write-offs
-
(12)
-
-
(12)
Adjustment for changes in assumptions
-
-
-
(48)
(48)
Amortisation charge
(3)
(746)
-
-
(749)
As at 31 December 2024
4
1,228
-
978
2,210
Acquisition/revaluation amount
55
6,019
5
978
7,057
Accumulated amortisation
(51)
(4,791)
(5)
-
(4,847)
Net book value as at 31 December 2024
4
1,228
-
978
2,210
Net book value as at 31 December 2024
4
1,228
-
978
2,210
Additions
-
1,415
-
-
1,415
Write-offs
-
(89)
-
-
(89)
Adjustment for changes in assumptions
-
-
-
(14)
(14)
Amortisation charge
(3)
(413)
-
-
(416)
As at 31 December 2025
1
2,141
-
964
3,106
Acquisition/revaluation amount
55
7,345
5
964
8,369
Accumulated amortisation
(54)
(5,204)
(5)
-
(5,263)
Net book value as at 31 December 2025
1
2,141
-
964
3,106
The Company\u2019s intangible assets with the acquisition cost of EUR 50 thousand as at 31 December 2025 (EUR 63 thousand as at 31 December 2024) was fully amortised but still in use.
Depreciation of grants in amount of EUR 70 thousand as at 31 December 2025 (31 December 2024: EUR 177 thousand) was reported in the statement of profit or loss as an offsetting of depreciation of related assets against proceeds from grants.
Land
Buildings
Structures and equip-
ment
Plant and machinery
Vehicles
Other
PP&E
Constru-
ction work in progress
Total
As at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Acquisition/revaluation amount
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Accumulated depreciation
-
-
-
-
-
-
-
-
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Additions
-
-
(2)
191
3
165
5,588
5,945
Write-offs
-
-
(441)
-
(2)
(1)
(29)
(473)
Sales
-
-
-
-
-
(2)
-
(2)
Impairment (reversal) of assets
-
-
-
-
-
-
-
-
Reclassification from/to inventories
-
-
(7)
77
(40)
-
-
30
Reclassifications between categories
-
1,278
6,064
259
-
1,344
(8,945)
-
Depreciation charge
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Reversal of grants recognised
-
34
193
77
-
27
(170)
161
As at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Acquisition/revaluation amount
136
8,959
233,996
38,306
96
6,201
2,320
290,014
Accumulated depreciation
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Additions
-
-
705
251
552
288
18,571
20,367
Write-offs
-
-
-
-
-
(1)
(27)
(28)
Disposals
-
-
-
-
-
-
-
-
Impairment (reversal) of assets
-
-
-
-
-
-
17
17
Reclassification from/to inventories
-
-
(20)
99
-
(1)
-
78
Reclassifications between categories
-
1,561
2,851
518
-
1,243
(6,173)
-
Depreciation charge
-
(458)
(7,201)
(3,674)
(8)
(1,923)
-
(13,264)
Off-set of grants against non-current assets
-
-
-
-
-
-
-
-
As at 31 December 2025
136
9,711
223,476
31,511
548
3,834
14,708
283,924
Acquisition/revaluation amount
136
10,520
237,532
39,174
648
7,730
14,708
310,448
Accumulated depreciation
-
(809)
(14,056)
(7,663)
(100)
(3,896)
-
(26,524)
Net book value as at 31 December 2025
136
9,711
223,476
31,511
548
3,834
14,708
283,924
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
131,827
137,169
Grants used for the acquisition of fixed assets
-
(161)
Depreciation charge
(5,129)
(5,181)
Write-offs
-
-
Carrying amount at the end of the period
126,698
131,827
Buildings
Land
Vehicles
Total
Net book value at 31 December 2023
1,346
1,462
292
3,100
New leases
-
-
2,076
2,076
Indexation
28
-
-
28
Write-offs
-
-
-
-
Depreciation charge
(184)
(16)
(723)
(923)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
Initial cost
1,775
1,534
2,399
5,708
Accumulated depreciation
(585)
(88)
(754)
(1,427)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
-
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
New leases
-
-
-
-
Indexation
12
-
-
12
Write-offs
-
-
-
-
Depreciation charge
(185)
(15)
(789)
(989)
Net book value as at 31 December 2025
1,017
1,431
856
3,304
Initial cost
1,787
1,534
2,399
5,720
Accumulated depreciation
(770)
(103)
(1,543)
(2,416)
Net book value as at 31 December 2025
1,017
1,431
856
3,304
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
7.
Property, plant and equipment
Movements on the property, plant and equipment account during the current and previous reporting period were as follows:
Land
Buildings
Structures and equip-
ment
Plant and machinery
Vehicles
Other
PP&E
Constru-
ction work in progress
Total
As at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Acquisition/revaluation amount
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Accumulated depreciation
-
-
-
-
-
-
-
-
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Additions
-
-
(2)
191
3
165
5,588
5,945
Write-offs
-
-
(441)
-
(2)
(1)
(29)
(473)
Sales
-
-
-
-
-
(2)
-
(2)
Impairment (reversal) of assets
-
-
-
-
-
-
-
-
Reclassification from/to inventories
-
-
(7)
77
(40)
-
-
30
Reclassifications between categories
-
1,278
6,064
259
-
1,344
(8,945)
-
Depreciation charge
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Reversal of grants recognised
-
34
193
77
-
27
(170)
161
As at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Acquisition/revaluation amount
136
8,959
233,996
38,306
96
6,201
2,320
290,014
Accumulated depreciation
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Additions
-
-
705
251
552
288
18,571
20,367
Write-offs
-
-
-
-
-
(1)
(27)
(28)
Disposals
-
-
-
-
-
-
-
-
Impairment (reversal) of assets
-
-
-
-
-
-
17
17
Reclassification from/to inventories
-
-
(20)
99
-
(1)
-
78
Reclassifications between categories
-
1,561
2,851
518
-
1,243
(6,173)
-
Depreciation charge
-
(458)
(7,201)
(3,674)
(8)
(1,923)
-
(13,264)
Off-set of grants against non-current assets
-
-
-
-
-
-
-
-
As at 31 December 2025
136
9,711
223,476
31,511
548
3,834
14,708
283,924
Acquisition/revaluation amount
136
10,520
237,532
39,174
648
7,730
14,708
310,448
Accumulated depreciation
-
(809)
(14,056)
(7,663)
(100)
(3,896)
-
(26,524)
Net book value as at 31 December 2025
136
9,711
223,476
31,511
548
3,834
14,708
283,924
The part of the Company\u2019s property, plant and equipment, with the acquisition/revaluation cost of EUR 266 thousand as at 31 December 2025 (EUR 196 thousand as at 31 December 2024), was fully depreciated but still in use.
The Company\u2019s property, plant and equipment are stated at revalued amount, less the amounts of accumulated depreciation, recognised grants and impairment losses.
The cost of PP&E as at 31 December 2025 included: the prepayment for gas compressor during the Jani\u016bnai GCS extension project amounting to EUR 12,465 thousand; the reconstruction of the main gas pipelines based on diagnostics results amounting to EUR
1,580 thousand; the installation of launching and receiving chambers, and the replacement of shot-off devices and connection to SCADA amounting to EUR 745 thousand; the reconstruction of the Elektr\u0117nai GDS amounting to EUR 512 thousand; the renovation of cathodic protection systems amounting to EUR 479 thousand; the reconstruction of the Dispatching Building and the connection of rainwater collection networks to the city\u2019s network amounting to EUR 562 thousand; the upgrade of the GDS and GMS automation and electrical systems amounting to EUR 299 thousand.
In 2025, completed projects and PP&E put into operation amounted to EUR 6,173 thousand, of which the reconstruction of the Dispatching Building and the connection of rainwater collection networks to the city\u2019s network - EUR 1,969 thousand, the reconstruction of the main gas pipelines - EUR 1,845 thousand, the renovation of cathodic protection systems - EUR 547 thousand, the upgrade of perimeter, access, video, and security systems - EUR 547 thousand, the upgrade of automation and telemetry systems - EUR 545 thousand, the upgrade of other equipment - EUR 251 thousand, the installation of electricity supply and reserve power sources - EUR 218 thousand, the upgrade of pressure regulators in GDS and GMS - EUR 142 thousand, and the installation of electric car charging stations - EUR 109 thousand.
PP&E planned to be put into operation during 2026, 2027 and 2029 was recorded under construction work in progress at the amount of EUR 1,456 thousand, EUR 451 thousand and EUR 12,801 thousand, respectively.
Prepayments for PP&E, reflected under construction in progress:
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
20
48
Prepayment for PP&E during the period
12,017
269
Moved to construction in progress
(20)
(297)
Carrying amount at the end of the period
12,017
20
Depreciation of grants in amount of EUR 5,129 thousand as at 31 December 2025 (31 December 2024: EUR 5,181 thousand) was reported in the statement of profit or loss as an offsetting of depreciation of related assets against proceeds from grants.
As at 31 December 2025, the Company capitalised EUR 79 thousand of borrowing costs (interest) in the property, plant, and equipment, whereas, as at 31 December 2024, there were no any borrowing costs (interest) capitalised.
Fair value test of property, plant, and equipment
At least once a year, the Company assesses whether there is any indication that the carrying amount of property, plant and equipment recorded at revalued amount could materially differ from its fair value and performs the impairment test. The last revaluation of the Company\u2019s property, plant and equipment was carried out in 2023.
In 2025, the Company\u2019s management assessed external and internal factors that could have an impact on the impairment of property, plant and equipment. During the reporting period, no significant negative changes in the economic, market, or regulatory environment were identified. Also, no any other significant internal or external circumstances were identified that could indicate potential impairment of property, plant and equipment.
Nonetheless, the Company determine the asset\u2019s recoverable amount using a discounted cash flow technique. The test was performed at the level of cash generating unit (CGU), includes all natural gas transmission assets managed by the Company.
The test identified that the carrying amount of the assets within the materiality limits corresponds to their value in use, therefore, as at 31 December 2025, no adjustment were made to the value of property, plant, and equipment.
The following key assumptions were used in the impairment test:
\uf02d
a post-tax discount rate of 4.8% that correspond to the pre-tax discount rate of 5.7% and is close to the return on investments set by NERC for 2025;
\uf02d
cash flows projected until 2030 in accordance with the Methodology for Determining Revenue From and Prices for Regulated Natural Gas Transmission Activities approved by NERC, and the financial plans approved by management;
\uf02d
capital investments assessed under the updated Company\u2019s 10-Year Investment Plan;
\uf02d
a terminal value was calculated at a 0% growth rate, which is considered reasonable due to the nature of the regulated activity, and its stability.
The table below presents the net book values of property, plant and equipment, which would have been recognised had the historical cost method been used, less grants received and negative revaluations that would be treated as an impairment equivalent, as at 31 December 2025 and 31 December 2024:
Land
Buildings
Structures and equipment
Plant and machinery
Vehicles
Other PP&E
Construction work in progress
Total
As at 31 December 2025
125
9,628
222,046
30,330
548
3,833
14,708
281,218
As at 31 December 2024
125
8,519
225,655
32,958
4
4,225
2,320
273,806
Had the value of the Company\u2018s PP&E been not reduced by the amount of grants, the carrying amount of PP&E as at 31 December 2025 would be higher by EUR 126,698 thousand (31 December 2024: EUR 131,827 thousand). Information on grants received/receivable used to reduce the value of property, plant and equipment:
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
131,827
137,169
Grants used for the acquisition of fixed assets
-
(161)
Depreciation charge
(5,129)
(5,181)
Write-offs
-
-
Carrying amount at the end of the period
126,698
131,827
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
Land
Buildings
Structures and equip-
ment
Plant and machinery
Vehicles
Other
PP&E
Constru-
ction work in progress
Total
As at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Acquisition/revaluation amount
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Accumulated depreciation
-
-
-
-
-
-
-
-
Net book value as at 31 December 2023
136
7,647
228,189
37,702
135
4,668
5,876
284,353
Additions
-
-
(2)
191
3
165
5,588
5,945
Write-offs
-
-
(441)
-
(2)
(1)
(29)
(473)
Sales
-
-
-
-
-
(2)
-
(2)
Impairment (reversal) of assets
-
-
-
-
-
-
-
-
Reclassification from/to inventories
-
-
(7)
77
(40)
-
-
30
Reclassifications between categories
-
1,278
6,064
259
-
1,344
(8,945)
-
Depreciation charge
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Reversal of grants recognised
-
34
193
77
-
27
(170)
161
As at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Acquisition/revaluation amount
136
8,959
233,996
38,306
96
6,201
2,320
290,014
Accumulated depreciation
-
(351)
(6,855)
(3,989)
(92)
(1,973)
-
(13,260)
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Net book value as at 31 December 2024
136
8,608
227,141
34,317
4
4,228
2,320
276,754
Additions
-
-
705
251
552
288
18,571
20,367
Write-offs
-
-
-
-
-
(1)
(27)
(28)
Disposals
-
-
-
-
-
-
-
-
Impairment (reversal) of assets
-
-
-
-
-
-
17
17
Reclassification from/to inventories
-
-
(20)
99
-
(1)
-
78
Reclassifications between categories
-
1,561
2,851
518
-
1,243
(6,173)
-
Depreciation charge
-
(458)
(7,201)
(3,674)
(8)
(1,923)
-
(13,264)
Off-set of grants against non-current assets
-
-
-
-
-
-
-
-
As at 31 December 2025
136
9,711
223,476
31,511
548
3,834
14,708
283,924
Acquisition/revaluation amount
136
10,520
237,532
39,174
648
7,730
14,708
310,448
Accumulated depreciation
-
(809)
(14,056)
(7,663)
(100)
(3,896)
-
(26,524)
Net book value as at 31 December 2025
136
9,711
223,476
31,511
548
3,834
14,708
283,924
As at 31 December 2025
As at 31 December 2024
Spare parts and other inventories
1,260
1,245
Natural gas
3,456
3,908
Assets held for sale
-
40
Inventories, gross
4,716
5,193
Less: impairment
(591)
(432)
Total inventories
4,125
4,761
As at 31 December 2025
As at 31 December 2024
I. Trade receivables under contracts with customers
I.1 Receivables after one year
-
-
Net book of receivables after one year:
-
-
I.2. Current trade receivables
Receivables for transmission of natural gas
8,327
8,103
Receivables for natural gas
6
112
Receivables for balancing of transmission system
1,861
1,564
Receivables for other services
10
4
Less: expected credit losses for trade receivables
(10)
(23)
Trade receivables under contracts with customers
10,194
9,760
II. Trade receivables under other contracts
Other trade receivables
2
3
Less: impairment of trade receivables
-
-
Total trade receivables under other contracts
2
3
Total trade receivable
10,196
9,763
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
23
19
Impairment (reversal of impairment)
(13)
4
Carrying amount at the end of the period
10
23
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
Fair value test of property, plant, and equipment
At least once a year, the Company assesses whether there is any indication that the carrying amount of property, plant and equipment recorded at revalued amount could materially differ from its fair value and performs the impairment test. The last revaluation of the Company\u2019s property, plant and equipment was carried out in 2023.
In 2025, the Company\u2019s management assessed external and internal factors that could have an impact on the impairment of property, plant and equipment. During the reporting period, no significant negative changes in the economic, market, or regulatory environment were identified. Also, no any other significant internal or external circumstances were identified that could indicate potential impairment of property, plant and equipment.
Nonetheless, the Company determine the asset\u2019s recoverable amount using a discounted cash flow technique. The test was performed at the level of cash generating unit (CGU), includes all natural gas transmission assets managed by the Company.
The test identified that the carrying amount of the assets within the materiality limits corresponds to their value in use, therefore, as at 31 December 2025, no adjustment were made to the value of property, plant, and equipment.
The following key assumptions were used in the impairment test:
\uf02d
a post-tax discount rate of 4.8% that correspond to the pre-tax discount rate of 5.7% and is close to the return on investments set by NERC for 2025;
\uf02d
cash flows projected until 2030 in accordance with the Methodology for Determining Revenue From and Prices for Regulated Natural Gas Transmission Activities approved by NERC, and the financial plans approved by management;
\uf02d
capital investments assessed under the updated Company\u2019s 10-Year Investment Plan;
\uf02d
a terminal value was calculated at a 0% growth rate, which is considered reasonable due to the nature of the regulated activity, and its stability.
The table below presents the net book values of property, plant and equipment, which would have been recognised had the historical cost method been used, less grants received and negative revaluations that would be treated as an impairment equivalent, as at 31 December 2025 and 31 December 2024:
Land
Buildings
Structures and equipment
Plant and machinery
Vehicles
Other PP&E
Construction work in progress
Total
As at 31 December 2025
125
9,628
222,046
30,330
548
3,833
14,708
281,218
As at 31 December 2024
125
8,519
225,655
32,958
4
4,225
2,320
273,806
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Company's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings and finance lease.
The following methods and assumptions are used by the Company to estimate the fair value of each class of financial instruments:
a.
The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.
The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Company estimated that the carrying amount of interest-bearing long-term loans received was EUR 9,052 thousand as at 31 December 2025 (EUR 9,512 thousand as at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
8.
Right-of-use assets
As described below, the Company has taken on lease office premises, motor vehicles, and land. Lease periods for premises, motor vehicles and land are 5-10 years, 3 - 4 years, and 99 years, respectively. The Company assessed the probability of exercising the lease extension option when recognising right-of-use assets and lease liabilities, and when determining the lease periods.
From 1 January 2025 the Company has reviewed the value of right of use assets (office premises) for rent indexation. The rent for the office premises may be revalued based on the average change in the consumer price index in line with inflation, but may not exced 2 per cent.
Buildings
Land
Vehicles
Total
Net book value at 31 December 2023
1,346
1,462
292
3,100
New leases
-
-
2,076
2,076
Indexation
28
-
-
28
Write-offs
-
-
-
-
Depreciation charge
(184)
(16)
(723)
(923)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
Initial cost
1,775
1,534
2,399
5,708
Accumulated depreciation
(585)
(88)
(754)
(1,427)
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
-
Net book value as at 31 December 2024
1,190
1,446
1,645
4,281
New leases
-
-
-
-
Indexation
12
-
-
12
Write-offs
-
-
-
-
Depreciation charge
(185)
(15)
(789)
(989)
Net book value as at 31 December 2025
1,017
1,431
856
3,304
Initial cost
1,787
1,534
2,399
5,720
Accumulated depreciation
(770)
(103)
(1,543)
(2,416)
Net book value as at 31 December 2025
1,017
1,431
856
3,304
20.
Lease liabilities
Lease liabilities and their movement were as follows:
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
4,478
3,250
Indexation
11
28
Concluded lease contracts
-
2,076
Terminated lease contracts (write-off of debt and accrued interest)
-
-
Interest charged
84
103
Lease payments (principal and interest)
(1,073)
(979)
Carrying amount at the end of the period
3,500
4,478
Non-current lease liabilities
2,485
3,492
Current lease liabilities
1,015
986
Future rental payments under non-cancellable lease agreements:
Lease liabilities
As at 31 December 2025
As at 31 December 2024
Current portion
1,015
986
Maturity of non-current liabilities:
2,485
3,492
Between 1 and 2 years
316
1,013
Between 2 and 3 years
196
314
Between 3 and 5 years
396
390
After 5 years
1,577
1,775
Interest charged on lease liabilities and included in the Company\u2019s finance costs amounted to EUR 84 thousand as at 31 December 2025 (31 December 2024: EUR 103 thousand).
The Company has a lease contract for office premises with variable lease payments not included in the value of lease liabilities. As from 1 January 2025, the lease rate for office premises is indexed in view of changes the average consumer price index up to a maximum of per cent. As at 31 December 2025, the Company\u2019s lease payments (principal amount) totalled EUR 989 thousand (as at 31 December 2024: EUR 876 thousand).
Company had no short-term lease contracts. In 2025, the EUR 160 thousand lease payments were recognised as expenses under low-value leases which are not part of the lease liabilities (2024: EUR 154 thousand).
21.
Net debt
Net debt balances:
As at 31 December 2025
As at 31 December 2024
Cash and cash equivalents
1,942
31
Other liquid assets
-
6,707
Non-current borrowings
(50,000)
(55,312)
Lease liabilities
(2,485)
(3,492)
Current portion of non-current borrowings
(55,312)
(5,649)
Current borrowings
(17,845)
(23,482)
Accrued interest payable
(509)
(351)
Current portion of lease liabilities
(1,015)
(986)
Net debt
(125,224)
(82,534)
Reconciliation of net debt balances and cash flows from financing activities:
Cash
Other liquid assets
Borrowings
Lease liabilities
Total
Net debt as at 31 December 2023
121
-
(92,046)
(3,250)
(95,175)
Changes in cash and cash equivalents
(90)
-
-
-
(90)
Increase (decrease) in other liquid assets*
-
6,707
-
-
6,707
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
1,526
-
1,526
Lease payments
-
-
-
876
876
Concluded lease contracts
-
-
-
(2,076)
(2,076)
Indexation
-
-
-
(28)
(28)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(103)
(2,338)
Interest paid
-
-
2,312
103
2,415
Net debt as at31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Net debt as at 31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Changes in cash and cash equivalents
1,911
-
-
-
1,911
Increase (decrease) in other liquid assets*
-
(6,707)
-
-
(6,707)
Loans (received)
-
-
(50,000)
-
(50,000)
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
5,638
-
5,638
Lease payments
-
-
-
989
989
Concluded lease contracts
-
-
-
-
-
Indexation
-
-
-
(11)
(11)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(84)
(2,319)
Interest paid
-
-
2,076
84
2,160
Net debt as at 31 December 2025
1,942
-
(123,666)
(3,500)
(125,224)
* In the Company\u2019s management's opinion, when analysing the net debt level for management purposes, financial debt in the calculation formula is reduced not only by cash and cash equivalents, but also by liquid assets (Note 12) consisting of highly liquid and low-risk instruments, i.e. deposits with a maturity of more than 90 days or government securities of countries with high credit ratings with a maturity of up to 360 days. The composition of the components used in the calculation of the indicator was chosen taking into account the fact that these financial instruments can be converted into cash within a very short period of time and without incurring any or insignificant financial losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "
9.
Inventories
As at 31 December 2025
As at 31 December 2024
Spare parts and other inventories
1,260
1,245
Natural gas
3,456
3,908
Assets held for sale
-
40
Inventories, gross
4,716
5,193
Less: impairment
(591)
(432)
Total inventories
4,125
4,761
As at 31 December 2025, the carrying amount of inventories decreased by 13%, compared to 31 December 2024. The decrease in carrying amount of inventories as at 31 December 2025, compared to 31 December 2024, was attributable to the following:
\uf02d
a 12% reduction in value of natural gas inventories due to changes in natural gas prices;
\uf02d
a 37% higher reduction in value of inventories made to write down the carrying amount of inventories to their net realizable value.
The acquisition cost of the Company\u2019s inventories accounted for at net realisable value as at 31 December 2025, amounted to EUR 924 thousand (31 December 2024: EUR 794 thousand). Inventory write-down allowance was included in other expenses. Inventories recognised as expenses during the reporting period amounted to EUR 15,875 thousand as at 31 December 2025 (31 December 2024: EUR 17,740 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
10.
Contract assets
As at 31 December 2025
As at 31 December 2024
Accrued revenue from natural gas transmission and related services
3,663
1,220
Accrued other income
-
-
Total inventories
3,663
1,220
As at 31 December 2025 contract assets comprised accrued revenue from transmission services rendered, of which EUR 3,408 thousand was accrued revenue under the terms of the contract, obliging the buyer to pay for the committed volume of natural gas to be transmitted. As at 31 December 2024, accrued revenue from natural gas transmission and related services amounted to EUR 1,220 thousand.
The Company assessed the credit risk of the contracts, taking into account the creditworthiness of customers and historical data. Expected credit losses are considered immaterial, therefore were not recognised.
26.
Revenue
The Company\u2019s revenue comprises as follows:
2025
2024
Revenue under contracts with customers
Transmission of natural gas in the territory of Lithuania
59,426
61,195
Revenue from system balancing products
9,869
12,879
Revenue from connection of new consumers (deferred revenue)
108
76
Other income
64
35
Total revenue from contracts with customers
69,467
74,185
Revenue other than under contracts with customers
-
-
Revenue from administration of LNG terminal funds
111
125
Total revenue other than under contracts with customers
111
125
Total revenue
69,578
74,310
2025
2024
Revenue recognised over the period
Transmission of natural gas in the territory of Lithuania
59,426
61,195
Revenue from system balancing products
9,869
12,879
Other income
283
236
Total revenue recognised over the period
69,578
74,310
Revenue recognised at a point in time, upon provision of services
-
-
Total revenue recognised at a point in time, upon provision of services:
-
-
Total revenue under contracts with customers
69,578
74,310
Compared to 2024, revenue from natural gas transmission and related services decreased by 6% in 2025. This drop was due to the lower natural gas transmission price. Compared to 2024, revenue from system balancing were lower by 23% due to a 35% decrease in the demand for balancing gas.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
10.
Contract assets
As at 31 December 2025
As at 31 December 2024
Accrued revenue from natural gas transmission and related services
3,663
1,220
Accrued other income
-
-
Total inventories
3,663
1,220
As at 31 December 2025 contract assets comprised accrued revenue from transmission services rendered, of which EUR 3,408 thousand was accrued revenue under the terms of the contract, obliging the buyer to pay for the committed volume of natural gas to be transmitted. As at 31 December 2024, accrued revenue from natural gas transmission and related services amounted to EUR 1,220 thousand.
The Company assessed the credit risk of the contracts, taking into account the creditworthiness of customers and historical data. Expected credit losses are considered immaterial, therefore were not recognised.
12.
Other financial assets at amortised cost
The Company\u2019s other financial assets comprise the following:
As at 31 December 2025
As at 31 December 2024
Term deposits and short-term investments
-
5,815
Interest on deposits and short-term investments
-
51
Funds deposited for guarantees and deposits
750
918
Administered LNG terminal funds
-
3
Other receivables
180
33
Less: expected credit losses of other receivables
(94)
-
Total other financial assets
836
6,820
As at 31 December 2025 the Company\u2019s other financial assets comprised funds deposited for guarantees and safety deposits, and other receivables. As at 31 December 2025 EUR 94 thousand of expected credit loss were recognised for other receivables.
As at 31 December 2024 security deposits collected from the system users amounted to EUR 918 thousand, of which EUR 892 thousand was held in the form of term bank deposits. On 20 December 2024, three fixed-term deposit agreements with different maturities were concluded for storage of the deposits: EUR 575 thousand (12-month), EUR 140 thousand (6-month), and EUR 177 thousand (4-month).
The Company keeps security deposits collected from the system users, fixed term deposits and LNGT funds with credit institutions that are rated by international rating agencies as having high investment-grade ratings for long-term obligations, not lower than: Standard & Poors (A+), Moody\u2019s (Aa3) and Fitch (AA-). Given that these funds are held with reliable financial institutions and the credit risk is minimal, consequently, ECLs were not recognised for these financial assets.
13.
Other non-financial assets
As at 31 December 2025
As at 31 December 2024
Administered LNG terminal funds receivable
8,262
11,626
Grants receivable
4
-
Taxes receivable
-
221
Prepayments
1
5
Deferred expenses
805
860
Other receivables
-
-
Total other receivables
9,072
12,712
As at 31 December 2025 the administered LNGT funds receivable included an overdue amount of EUR 7,519 thousand due from Achema AB. As at 31 December 2024, the administered LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, of which EUR 7,439 thousand was due from Achema AB.
The decrease in the administered LNGT funds receivable at 31 December 2025, compared to 31 December 2024, was caused by the significantly lower extra charge related to natural gas supply security and added to the natural gas transmission tariff applicable as of 1 January 2025. In 2024, an extra charge related to natural gas supply security added to the natural gas transmission tariff was 205.93 Eur/MWh. As of 1 January 2025, an extra charge related to natural gas supply security was negative, which was set at -25.55 Eur/MWh for the period until 30 June 2025, and at -43 Eur/MWh for the period from 1 July 2025 to 31 December 2025.
The Company does not recognise impairment for the LNGT funds receivable as the Company, acting as administrator of the LNGT funds, is not exposed to credit risk. In accordance with the Description of the Procedure for Administration of LNGT funds, the LNGT funds shall not be treated as assets of the administrator of LNGT funds based, therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of LNGT funds that are not related to the administration of LNGT funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
10.
Contract assets
As at 31 December 2025
As at 31 December 2024
Accrued revenue from natural gas transmission and related services
3,663
1,220
Accrued other income
-
-
Total inventories
3,663
1,220
As at 31 December 2025 contract assets comprised accrued revenue from transmission services rendered, of which EUR 3,408 thousand was accrued revenue under the terms of the contract, obliging the buyer to pay for the committed volume of natural gas to be transmitted. As at 31 December 2024, accrued revenue from natural gas transmission and related services amounted to EUR 1,220 thousand.
The Company assessed the credit risk of the contracts, taking into account the creditworthiness of customers and historical data. Expected credit losses are considered immaterial, therefore were not recognised.
11.
Trade receivables
As at 31 December 2025
As at 31 December 2024
I. Trade receivables under contracts with customers
I.1 Receivables after one year
-
-
Net book of receivables after one year:
-
-
I.2. Current trade receivables
Receivables for transmission of natural gas
8,327
8,103
Receivables for natural gas
6
112
Receivables for balancing of transmission system
1,861
1,564
Receivables for other services
10
4
Less: expected credit losses for trade receivables
(10)
(23)
Trade receivables under contracts with customers
10,194
9,760
II. Trade receivables under other contracts
Other trade receivables
2
3
Less: impairment of trade receivables
-
-
Total trade receivables under other contracts
2
3
Total trade receivable
10,196
9,763
Current trade receivables are interest free and their settlement term is typically between 7 and 30 calendar days. As at 31 December 2025, compared to 31 December 2024, trade receivables increased by 4%. Compared to December 2024, the main contributor to the increase in trade receivables in December 2025 was a 16% growth in the volume of gas transmitted.
Impairment allowance of EUR 10 thousand was established for trade receivables as at 31 December 2025 (31 December 2024: EUR 23 thousand).
The Company applies a simplified credit risk assessment approach, as required by IFRS 9, and accounts for loss allowances for lifetime credit losses from initial recognition of receivables.
To determine credit losses for receivables, the Company applies an individual assessment and a provision matrix. The loss ratio matrix is based on historical data for a period exceeding 36 months on settlements by customers. The loss ratios may be adjusted in view of macroeconomic forecasts. The loss ratios are classified into separate groups of receivables on the basis of credit risk
characteristics and overdue period. Debts of entities undergoing or in bankruptcy/liquidation are subject to a 100% expected credit loss ratio.
Expected credit losses of trade receivables as at 31 December 2025 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
4,123
-
-
-
4,123
Expected credit losses
(3)
-
-
-
-
(3)
Trade receivables assessed collectively
State-owned companies
2,044
-
-
-
-
2,044
Loss ratio
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,868
170
-
1
-
4,039
Loss ratio
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(2)
(5)
-
-
-
(7)
Total trade receivables
10,035
170
-
1
-
10,206
Total expected credit losses
(5)
(5)
-
-
-
(10)
Expected credit losses of trade receivables as at 31 December 2024 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
3,619
-
-
-
3,619
Expected credit losses
(15)
-
-
-
-
(15)
Trade receivables assessed collectively
State-owned companies
2,673
-
-
-
-
2,673
Loss ratio
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,273
221
-
-
-
3,494
Loss ratio
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(1)
(7)
-
(8)
Total trade receivables
9,565
221
-
-
-
9,786
Total expected credit losses
(16)
(7)
(23)
For the purpose of the individual assessment, in 2025, the range of expected credit losses was 0-1%, and in 2024, was 0-2.0%.
Change in allowance accounted for the Company\u2019s receivables was as follows:
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
23
19
Impairment (reversal of impairment)
(13)
4
Carrying amount at the end of the period
10
23
12.
Other financial assets at amortised cost
The Company\u2019s other financial assets comprise the following:
As at 31 December 2025
As at 31 December 2024
Term deposits and short-term investments
-
5,815
Interest on deposits and short-term investments
-
51
Funds deposited for guarantees and deposits
750
918
Administered LNG terminal funds
-
3
Other receivables
180
33
Less: expected credit losses of other receivables
(94)
-
Total other financial assets
836
6,820
As at 31 December 2025 the Company\u2019s other financial assets comprised funds deposited for guarantees and safety deposits, and other receivables. As at 31 December 2025 EUR 94 thousand of expected credit loss were recognised for other receivables.
As at 31 December 2024 security deposits collected from the system users amounted to EUR 918 thousand, of which EUR 892 thousand was held in the form of term bank deposits. On 20 December 2024, three fixed-term deposit agreements with different maturities were concluded for storage of the deposits: EUR 575 thousand (12-month), EUR 140 thousand (6-month), and EUR 177 thousand (4-month).
The Company keeps security deposits collected from the system users, fixed term deposits and LNGT funds with credit institutions that are rated by international rating agencies as having high investment-grade ratings for long-term obligations, not lower than: Standard & Poors (A+), Moody\u2019s (Aa3) and Fitch (AA-). Given that these funds are held with reliable financial institutions and the credit risk is minimal, consequently, ECLs were not recognised for these financial assets.
13.
Other non-financial assets
As at 31 December 2025
As at 31 December 2024
Administered LNG terminal funds receivable
8,262
11,626
Grants receivable
4
-
Taxes receivable
-
221
Prepayments
1
5
Deferred expenses
805
860
Other receivables
-
-
Total other receivables
9,072
12,712
As at 31 December 2025 the administered LNGT funds receivable included an overdue amount of EUR 7,519 thousand due from Achema AB. As at 31 December 2024, the administered LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, of which EUR 7,439 thousand was due from Achema AB.
The decrease in the administered LNGT funds receivable at 31 December 2025, compared to 31 December 2024, was caused by the significantly lower extra charge related to natural gas supply security and added to the natural gas transmission tariff applicable as of 1 January 2025. In 2024, an extra charge related to natural gas supply security added to the natural gas transmission tariff was 205.93 Eur/MWh. As of 1 January 2025, an extra charge related to natural gas supply security was negative, which was set at -25.55 Eur/MWh for the period until 30 June 2025, and at -43 Eur/MWh for the period from 1 July 2025 to 31 December 2025.
The Company does not recognise impairment for the LNGT funds receivable as the Company, acting as administrator of the LNGT funds, is not exposed to credit risk. In accordance with the Description of the Procedure for Administration of LNGT funds, the LNGT funds shall not be treated as assets of the administrator of LNGT funds based, therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of LNGT funds that are not related to the administration of LNGT funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
11.
Trade receivables
As at 31 December 2025
As at 31 December 2024
I. Trade receivables under contracts with customers
I.1 Receivables after one year
-
-
Net book of receivables after one year:
-
-
I.2. Current trade receivables
Receivables for transmission of natural gas
8,327
8,103
Receivables for natural gas
6
112
Receivables for balancing of transmission system
1,861
1,564
Receivables for other services
10
4
Less: expected credit losses for trade receivables
(10)
(23)
Trade receivables under contracts with customers
10,194
9,760
II. Trade receivables under other contracts
Other trade receivables
2
3
Less: impairment of trade receivables
-
-
Total trade receivables under other contracts
2
3
Total trade receivable
10,196
9,763
Current trade receivables are interest free and their settlement term is typically between 7 and 30 calendar days. As at 31 December 2025, compared to 31 December 2024, trade receivables increased by 4%. Compared to December 2024, the main contributor to the increase in trade receivables in December 2025 was a 16% growth in the volume of gas transmitted.
Impairment allowance of EUR 10 thousand was established for trade receivables as at 31 December 2025 (31 December 2024: EUR 23 thousand).
The Company applies a simplified credit risk assessment approach, as required by IFRS 9, and accounts for loss allowances for lifetime credit losses from initial recognition of receivables.
To determine credit losses for receivables, the Company applies an individual assessment and a provision matrix. The loss ratio matrix is based on historical data for a period exceeding 36 months on settlements by customers. The loss ratios may be adjusted in view of macroeconomic forecasts. The loss ratios are classified into separate groups of receivables on the basis of credit risk
characteristics and overdue period. Debts of entities undergoing or in bankruptcy/liquidation are subject to a 100% expected credit loss ratio.
Expected credit losses of trade receivables as at 31 December 2025 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
4,123
-
-
-
4,123
Expected credit losses
(3)
-
-
-
-
(3)
Trade receivables assessed collectively
State-owned companies
2,044
-
-
-
-
2,044
Loss ratio
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,868
170
-
1
-
4,039
Loss ratio
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(2)
(5)
-
-
-
(7)
Total trade receivables
10,035
170
-
1
-
10,206
Total expected credit losses
(5)
(5)
-
-
-
(10)
Expected credit losses of trade receivables as at 31 December 2024 were as follows:
Not past due
1-30 days
31-90 days
91-180 days
181 and more days
Total:
Trade receivables assessed individually
3,619
-
-
-
3,619
Expected credit losses
(15)
-
-
-
-
(15)
Trade receivables assessed collectively
State-owned companies
2,673
-
-
-
-
2,673
Loss ratio
0%
0%
0%
0%
0%
Expected credit losses
-
-
-
-
-
-
Other entities
3,273
221
-
-
-
3,494
Loss ratio
0,04%
2,99%
5,83%
17,55%
100%
Expected credit losses
(1)
(7)
-
(8)
Total trade receivables
9,565
221
-
-
-
9,786
Total expected credit losses
(16)
(7)
(23)
For the purpose of the individual assessment, in 2025, the range of expected credit losses was 0-1%, and in 2024, was 0-2.0%.
Change in allowance accounted for the Company\u2019s receivables was as follows:
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
23
19
Impairment (reversal of impairment)
(13)
4
Carrying amount at the end of the period
10
23
12.
Other financial assets at amortised cost
The Company\u2019s other financial assets comprise the following:
As at 31 December 2025
As at 31 December 2024
Term deposits and short-term investments
-
5,815
Interest on deposits and short-term investments
-
51
Funds deposited for guarantees and deposits
750
918
Administered LNG terminal funds
-
3
Other receivables
180
33
Less: expected credit losses of other receivables
(94)
-
Total other financial assets
836
6,820
As at 31 December 2025 the Company\u2019s other financial assets comprised funds deposited for guarantees and safety deposits, and other receivables. As at 31 December 2025 EUR 94 thousand of expected credit loss were recognised for other receivables.
As at 31 December 2024 security deposits collected from the system users amounted to EUR 918 thousand, of which EUR 892 thousand was held in the form of term bank deposits. On 20 December 2024, three fixed-term deposit agreements with different maturities were concluded for storage of the deposits: EUR 575 thousand (12-month), EUR 140 thousand (6-month), and EUR 177 thousand (4-month).
The Company keeps security deposits collected from the system users, fixed term deposits and LNGT funds with credit institutions that are rated by international rating agencies as having high investment-grade ratings for long-term obligations, not lower than: Standard & Poors (A+), Moody\u2019s (Aa3) and Fitch (AA-). Given that these funds are held with reliable financial institutions and the credit risk is minimal, consequently, ECLs were not recognised for these financial assets.
13.
Other non-financial assets
As at 31 December 2025
As at 31 December 2024
Administered LNG terminal funds receivable
8,262
11,626
Grants receivable
4
-
Taxes receivable
-
221
Prepayments
1
5
Deferred expenses
805
860
Other receivables
-
-
Total other receivables
9,072
12,712
As at 31 December 2025 the administered LNGT funds receivable included an overdue amount of EUR 7,519 thousand due from Achema AB. As at 31 December 2024, the administered LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, of which EUR 7,439 thousand was due from Achema AB.
The decrease in the administered LNGT funds receivable at 31 December 2025, compared to 31 December 2024, was caused by the significantly lower extra charge related to natural gas supply security and added to the natural gas transmission tariff applicable as of 1 January 2025. In 2024, an extra charge related to natural gas supply security added to the natural gas transmission tariff was 205.93 Eur/MWh. As of 1 January 2025, an extra charge related to natural gas supply security was negative, which was set at -25.55 Eur/MWh for the period until 30 June 2025, and at -43 Eur/MWh for the period from 1 July 2025 to 31 December 2025.
The Company does not recognise impairment for the LNGT funds receivable as the Company, acting as administrator of the LNGT funds, is not exposed to credit risk. In accordance with the Description of the Procedure for Administration of LNGT funds, the LNGT funds shall not be treated as assets of the administrator of LNGT funds based, therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of LNGT funds that are not related to the administration of LNGT funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "
13.
Other non-financial assets
As at 31 December 2025
As at 31 December 2024
Administered LNG terminal funds receivable
8,262
11,626
Grants receivable
4
-
Taxes receivable
-
221
Prepayments
1
5
Deferred expenses
805
860
Other receivables
-
-
Total other receivables
9,072
12,712
As at 31 December 2025 the administered LNGT funds receivable included an overdue amount of EUR 7,519 thousand due from Achema AB. As at 31 December 2024, the administered LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, of which EUR 7,439 thousand was due from Achema AB.
The decrease in the administered LNGT funds receivable at 31 December 2025, compared to 31 December 2024, was caused by the significantly lower extra charge related to natural gas supply security and added to the natural gas transmission tariff applicable as of 1 January 2025. In 2024, an extra charge related to natural gas supply security added to the natural gas transmission tariff was 205.93 Eur/MWh. As of 1 January 2025, an extra charge related to natural gas supply security was negative, which was set at -25.55 Eur/MWh for the period until 30 June 2025, and at -43 Eur/MWh for the period from 1 July 2025 to 31 December 2025.
The Company does not recognise impairment for the LNGT funds receivable as the Company, acting as administrator of the LNGT funds, is not exposed to credit risk. In accordance with the Description of the Procedure for Administration of LNGT funds, the LNGT funds shall not be treated as assets of the administrator of LNGT funds based, therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of LNGT funds that are not related to the administration of LNGT funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
13.
Other non-financial assets
As at 31 December 2025
As at 31 December 2024
Administered LNG terminal funds receivable
8,262
11,626
Grants receivable
4
-
Taxes receivable
-
221
Prepayments
1
5
Deferred expenses
805
860
Other receivables
-
-
Total other receivables
9,072
12,712
As at 31 December 2025 the administered LNGT funds receivable included an overdue amount of EUR 7,519 thousand due from Achema AB. As at 31 December 2024, the administered LNG terminal funds receivable included an overdue amount of EUR 7,632 thousand, of which EUR 7,439 thousand was due from Achema AB.
The decrease in the administered LNGT funds receivable at 31 December 2025, compared to 31 December 2024, was caused by the significantly lower extra charge related to natural gas supply security and added to the natural gas transmission tariff applicable as of 1 January 2025. In 2024, an extra charge related to natural gas supply security added to the natural gas transmission tariff was 205.93 Eur/MWh. As of 1 January 2025, an extra charge related to natural gas supply security was negative, which was set at -25.55 Eur/MWh for the period until 30 June 2025, and at -43 Eur/MWh for the period from 1 July 2025 to 31 December 2025.
The Company does not recognise impairment for the LNGT funds receivable as the Company, acting as administrator of the LNGT funds, is not exposed to credit risk. In accordance with the Description of the Procedure for Administration of LNGT funds, the LNGT funds shall not be treated as assets of the administrator of LNGT funds based, therefore, they cannot be subject to debt recovery procedures based on the obligations of the administrator of LNGT funds that are not related to the administration of LNGT funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
As at 31 December 2025
As at 31 December 2024
Administered LNG terminal funds receivable
8,262
11,626
Grants receivable
4
-
Taxes receivable
-
221
Prepayments
1
5
Deferred expenses
805
860
Other receivables
-
-
Total other receivables
9,072
12,712
25.
Other non-financial liabilities
As at 31 December 2025
As at 31 December 2024
Employment-related liabilities
2,504
1,952
Accrued expenses relating to vacation reserve
1,583
1,525
Administered LNGT funds payable
8,146
10,794
Accrued administered LNGT funds
116
833
Taxes payable to the State budget
1,118
796
Fee payable to the regulator
255
278
Other prepayments received
4
29
Contract liabilities
145
89
Total other liabilities
13,871
16,296
As at 31 December 2025, other current liabilities were by 15% lower than as at 31 December 2024 due to decrease in LNGT funds payable and receivable caused by a lower extra charge related to natural gas supply security and added to the natural gas transmission tariff. Further information is disclosed for in Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
14.
Cash and cash equivalents
As at 31 December 2025
As at 31 December 2024
Cash at bank
1,942
31
Total cash and cash equivalents
1,942
31
The Company keeps its cash balances on bank accounts. The cash balance as at 31 December 2025 comprised EUR 750 thousand in the account dedicated to the natural gas exchange used to pay for natural gas. The balance of cash held in bank accounts, amounting to EUR 1,178 thousand, consisted of deposits received from system users. Since the Company did not have any valid term deposit agreements as of 31 December 2025, and the use of deposit funds is not restricted for the Company, these funds are recognized as cash and cash equivalents.
The table below lists the long-term foreign currency credit ratings of the banks with which the Company kept its cash balances as at 31 December 2025:
Bank
Cash at bank at
31 December 2025
Cash at bank at
31 December 2024
Credit rating agency
Moody\u2018s
Standart&Poor\u2018s
Fitch Ratings
Bank No.11)
9
5
Aa3
AA-
AA
Bank No.21)
1,933
26
Aa2
AA-
AA
1) The ratings assigned to the parent banks as at 31 December 2025.
21.
Net debt
Net debt balances:
As at 31 December 2025
As at 31 December 2024
Cash and cash equivalents
1,942
31
Other liquid assets
-
6,707
Non-current borrowings
(50,000)
(55,312)
Lease liabilities
(2,485)
(3,492)
Current portion of non-current borrowings
(55,312)
(5,649)
Current borrowings
(17,845)
(23,482)
Accrued interest payable
(509)
(351)
Current portion of lease liabilities
(1,015)
(986)
Net debt
(125,224)
(82,534)
Reconciliation of net debt balances and cash flows from financing activities:
Cash
Other liquid assets
Borrowings
Lease liabilities
Total
Net debt as at 31 December 2023
121
-
(92,046)
(3,250)
(95,175)
Changes in cash and cash equivalents
(90)
-
-
-
(90)
Increase (decrease) in other liquid assets*
-
6,707
-
-
6,707
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
1,526
-
1,526
Lease payments
-
-
-
876
876
Concluded lease contracts
-
-
-
(2,076)
(2,076)
Indexation
-
-
-
(28)
(28)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(103)
(2,338)
Interest paid
-
-
2,312
103
2,415
Net debt as at31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Net debt as at 31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Changes in cash and cash equivalents
1,911
-
-
-
1,911
Increase (decrease) in other liquid assets*
-
(6,707)
-
-
(6,707)
Loans (received)
-
-
(50,000)
-
(50,000)
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
5,638
-
5,638
Lease payments
-
-
-
989
989
Concluded lease contracts
-
-
-
-
-
Indexation
-
-
-
(11)
(11)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(84)
(2,319)
Interest paid
-
-
2,076
84
2,160
Net debt as at 31 December 2025
1,942
-
(123,666)
(3,500)
(125,224)
* In the Company\u2019s management's opinion, when analysing the net debt level for management purposes, financial debt in the calculation formula is reduced not only by cash and cash equivalents, but also by liquid assets (Note 12) consisting of highly liquid and low-risk instruments, i.e. deposits with a maturity of more than 90 days or government securities of countries with high credit ratings with a maturity of up to 360 days. The composition of the components used in the calculation of the indicator was chosen taking into account the fact that these financial instruments can be converted into cash within a very short period of time and without incurring any or insignificant financial losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
15.
Issued capital
The Company\u2018s share capital amounted to EUR 51,731 thousand and it is divided into 178,382,514 ordinary registered shares with par value of EUR 0.29 each. All shares were fully paid as at 31 December 2025 and 31 December 2024.
16.
Dividends
During the Company\u2018s Ordinary General Meeting of Shareholders held on 30 April 2025, the decision was made to pay dividends in total amount of EUR 10,685 thousand, i.e. EUR\u00a00.0599 per share.
During the Company\u2018s Ordinary General Meeting of Shareholders held on 30 April 2024, the decision was made to pay dividends in total amount of EUR 20,174 thousand, i.e. EUR\u00a00.1131 per share.
17.
Reserves
Legal reserve
A legal reserve is a compulsory reserve under the laws of the Republic of Lithuania. Annual transfers of not less than 5% of net profit are compulsory until the reserve reaches 10% of the authorised share capital.
The Company\u2019s legal reserve amounts to EUR 5,173 thousand and represents 10% of its authorised share capital.
Other reserves
Other reserves are formed by the decision of the Annual General Meeting of Shareholders regarding the proposed appropriation of profit.
When approving the proposed appropriation of profit for 2024, an unutilised reserves EUR 403 thousand were transferred back to retained earnings, a EUR 500 thousand share of profit allocated to a target reserve for support.
When approving the proposed appropriation of profit for 2023, an unutilised reserves EUR 114,430 thousand were transferred back to retained earnings, a EUR 403 thousand share of profit allocated to a target reserve for support.
The Company\u2019s profit for the development of its operations and for the implementation of strategic projects, temporarily restricting the use of profits, was accrued in other reserves. Reserves were cancelled following the achievement of the objectives for which the restrictions on the use of profits were imposed.
Revaluation reserve
Below are presented the changes in the revaluation reserve:
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
2,479
2,767
PP&E revaluation impact
-
-
Transfer of revaluation reserve to retained earnings
(244)
(304)
Effect of deferred income tax
39
46
Impact of a change in income tax tariff
(27)
(30)
Carrying amount at the end of the period
2,247
2,479
Pursuant to Articles 39, 42, 51 and 59 of the Law on Companies of the Republic of Lithuania, no part of the revaluation reserve may be distributed, either directly or indirectly, it may be used only to increase the issued capital. The general meeting of shareholders may not adopt a decision to pay dividends if the equity capital of the company is lower or upon payment of dividends would become lower than the revaluation reserve, i.e. the use of the revaluation reserve for profit/loss allocation is prohibited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
15.
Issued capital
The Company\u2018s share capital amounted to EUR 51,731 thousand and it is divided into 178,382,514 ordinary registered shares with par value of EUR 0.29 each. All shares were fully paid as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
16.
Dividends
During the Company\u2018s Ordinary General Meeting of Shareholders held on 30 April 2025, the decision was made to pay dividends in total amount of EUR 10,685 thousand, i.e. EUR\u00a00.0599 per share.
During the Company\u2018s Ordinary General Meeting of Shareholders held on 30 April 2024, the decision was made to pay dividends in total amount of EUR 20,174 thousand, i.e. EUR\u00a00.1131 per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "0.0599", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-72": { "value": "0.1131", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:097900BGMP0000061061", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-73": { "value": "
17.
Reserves
Legal reserve
A legal reserve is a compulsory reserve under the laws of the Republic of Lithuania. Annual transfers of not less than 5% of net profit are compulsory until the reserve reaches 10% of the authorised share capital.
The Company\u2019s legal reserve amounts to EUR 5,173 thousand and represents 10% of its authorised share capital.
Other reserves
Other reserves are formed by the decision of the Annual General Meeting of Shareholders regarding the proposed appropriation of profit.
When approving the proposed appropriation of profit for 2024, an unutilised reserves EUR 403 thousand were transferred back to retained earnings, a EUR 500 thousand share of profit allocated to a target reserve for support.
When approving the proposed appropriation of profit for 2023, an unutilised reserves EUR 114,430 thousand were transferred back to retained earnings, a EUR 403 thousand share of profit allocated to a target reserve for support.
The Company\u2019s profit for the development of its operations and for the implementation of strategic projects, temporarily restricting the use of profits, was accrued in other reserves. Reserves were cancelled following the achievement of the objectives for which the restrictions on the use of profits were imposed.
Revaluation reserve
Below are presented the changes in the revaluation reserve:
As at 31 December 2025
As at 31 December 2024
Carrying amount at the beginning of the period
2,479
2,767
PP&E revaluation impact
-
-
Transfer of revaluation reserve to retained earnings
(244)
(304)
Effect of deferred income tax
39
46
Impact of a change in income tax tariff
(27)
(30)
Carrying amount at the end of the period
2,247
2,479
Pursuant to Articles 39, 42, 51 and 59 of the Law on Companies of the Republic of Lithuania, no part of the revaluation reserve may be distributed, either directly or indirectly, it may be used only to increase the issued capital. The general meeting of shareholders may not adopt a decision to pay dividends if the equity capital of the company is lower or upon payment of dividends would become lower than the revaluation reserve, i.e. the use of the revaluation reserve for profit/loss allocation is prohibited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
18.
Grants
Grants comprise EU support for the acquisition of non-current assets and compensation of expenses. As at 31 December 2025 and 31 December 2024 movements in grants were as follows:
Opening balance
As at 31 December 2025
As at 31 December 2024
Grants receivable (Note 13)
-
7,360
Grants received in advance (current liabilities)
-
(10)
-
7,350
Recognised grants
Transfer to property, plant and equipment (Note 7)
-
-
Transfer to intangible assets (Note 6)
-
-
Write-off
-
(161)
Grants used for compensation of expenses
4
3
4
(158)
Grants received
Grants received as cash
-
7,192
-
7,192
Grants received in the form of assets
-
-
Closing balance
Grants receivable (Note 13)
4
-
Grants received in advance (current liabilities)
-
-
4
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "
19.
Borrowings
As at 31 December 2025, the Company had two long-term loan agreements with the Nordic Investment Bank and the European Investment Bank.
As at 31 December 2025, borrowings from the Nordic Investment Bank amounted to EUR 10,870 thousand (31 December 2024: EUR 13,043 thousand). As at 31 December 2025, borrowings from the European Investment Bank amounted to EUR 44,443 thousand (31 December 2024: EUR 47,918 thousand).
On 1 August 2025, the Company entered into the 5-year loan agreement with EPSO-G to refinance a prior short-term loan of EUR 50,000. The long-term loan will be repaid in full at the end of the period.
To balance its working capital, on 28 August 2025, the Company entered into a cash pool contract with EPSO-G and other Group companies, setting the maximum borrowing limit (overdraft) from EPSO-G at EUR 30,000 thousand. As at 31 December 2025, the Company\u2019s borrowings under this contract amounted to EUR 17,845 thousand (31 December 2024 under the short-term loan from EPSO-G in force at the time: EUR 23,482 thousand).
As at 31 December 2025, the weighted average interest rate on the Company\u2019s borrowings was 2.36% (as at 31 December 2024: 2.25%).
As at 31 December 2025, the EUR 85,534 thousand loan was subject to a variable interest rate (31 December 2024: EUR 43,870 thousand), and a EUR 37,623 thousand loan was subject to a fixed interest rate (31 December 2024: EUR 40,574 thousand). The variable interest rate is linked to 3- 6- and 12-month EURIBOR.
The long-term loan agreements with the Nordic Investment Bank and the European Investment Bank include financial covenants, to which the Company is subject to. In the loan agreement with the Nordic Investment Bank, the said financial covenants are defined by the following performance indicators: Financial debt-to-EBITDA ratio, Net debt to RAB ratio and Net Interest Coverage Ratio.
In the loan agreement with the European Investment Bank, the said financial covenants are defined by the following performance indicators: Net debt to RAB ratio and Net Interest Coverage Ratio.
As at 31 December 2025, the Company did not comply with the net interest coverage ratio and debt-to-EBITDA ratio.
The European Investment Bank has issued the waiver letter in respect of failure to comply with the Interest Coverage Ratio covenant.
On 22 December 2025, the Nordic Investment Bank, EPSO-G and the Company entered into a tripartite loan transfer agreement by which EPSO-G takes over the loan of EUR 10,870 thousand. In addition, the Company and EPSO-G entered into intercompany loan agreement substantially on the same terms as the original loan agreement with the Nordic Investment Bank, except for financial covenants. The tripartite agreement and the internal loan had not yet come into effect as at 31 December 2025, as the European Investment Bank had not made a decision to transfer the long-term loans of the EPSO-G Group companies to the parent company.
Upon entry into force of the tripartite agreement with the Nordic Investment Bank and EPSO-G, the Company will be no longer subject to the financial covenants. Considering that the Company failed to comply with financial covenants under the original loan agreement as at 31 December 2025, the creditor, under the agreement in force as at 31 December 2025, obtains the right to demand immediate payment of the loan, in whole or in part, together with any interest accrued. For this reason, the Company reclassified the non-current portion of the loan to a current financial liability as at the reporting date. Formal enforcement of the claim for failure to meet financial covenants is effective until the date of entry into force of the tripartite agreement signed on 22 December 2025, as described above.
In addition, the long-term loan agreements with Nordic Investment Bank and European Investment Bank provides for the cross-default covenants. For this reason, the Company reclassified the non-current portion of the loan of the European Investment Bank to a current financial liability as at the reporting date. Formal enforcement of the claim for failure to meet the cross-default covenants is effective until the date of entry into force of the tripartite agreement signed on 22 December 2025, as described above.
On 25 February 2026, the confirmation was received from the Nordic Investment Bank regarding the entry into force of the tripartite loan transfer agreement concluded on 22 December 2025, with the day of entry being 25 February 2026. Upon the entry into force of this agreement, EPSO-G takes over the loan, and the financial covenants cease to apply to the Company. Along with this agreement, an internal loan agreement concluded on 22 December 2025 with EPSO-G comes into force.
As at 31 December 2024, the Company complied with the covenants and obligations set forth in the loan agreements with the above-mentioned banks.
As at 31 December 2025
As at 31 December 2024
Non-current borrowings
50,000
55,312
Borrowings from financial institutions
-
55,312
Loan from parent
50,000
-
Current borrowings
73,666
29,482
Current borrowings from Group companies
17,845
23,482
Accrued interest on borrowings from Group (including non-current)
346
81
Current portion of non-current borrowings
55,312
5,649
Accrued interest on borrowings from financial institutions
163
270
Total borrowings
123,666
84,794
Non-current borrowings by maturity:
As at 31 December 2025
As at 31 December 2024
Between 1 and 2 years
-
5,649
Between 2 and 5 years
50,000
16,948
After 5 years
-
32,715
Total
50,000
55,312
Contractual maturity dates of non-current borrowings, broken down by borrowings subject to fixed and variable interest rates:
As at 31 December 2025
As at 31 December 2024
As at 31 December 2025
As at 31 December 2024
Borrowings with a fixed interest rate
Borrowings with a fixed interest rate
Borrowings with a variable interest rate
Borrowings with a variable interest rate
2025
2,951
2,699
2026
37,623
2,951
17,689
2,699
2027
2,951
2,699
2028
2,951
2,699
2029
2,951
2,699
2030
2,951
50,000
2,699
2031
2,951
525
2032
2,951
524
2033
2,951
524
2034
2,951
524
2035
2,951
524
2036
2,951
524
2037
2,951
524
2038
2,211
524
37,623
40,574
67,689
20,387
All borrowings of the Company were obtained in the euros, and therefore, the outstanding balances of borrowings were denominated in the euros for the period of 31 December 2025 and 31 December 2024, thereby resulting in no foreign exchange effect.
There are no third-party guarantees or assets pledged by the Company as a collateral for bank borrowings.
21.
Net debt
Net debt balances:
As at 31 December 2025
As at 31 December 2024
Cash and cash equivalents
1,942
31
Other liquid assets
-
6,707
Non-current borrowings
(50,000)
(55,312)
Lease liabilities
(2,485)
(3,492)
Current portion of non-current borrowings
(55,312)
(5,649)
Current borrowings
(17,845)
(23,482)
Accrued interest payable
(509)
(351)
Current portion of lease liabilities
(1,015)
(986)
Net debt
(125,224)
(82,534)
Reconciliation of net debt balances and cash flows from financing activities:
Cash
Other liquid assets
Borrowings
Lease liabilities
Total
Net debt as at 31 December 2023
121
-
(92,046)
(3,250)
(95,175)
Changes in cash and cash equivalents
(90)
-
-
-
(90)
Increase (decrease) in other liquid assets*
-
6,707
-
-
6,707
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
1,526
-
1,526
Lease payments
-
-
-
876
876
Concluded lease contracts
-
-
-
(2,076)
(2,076)
Indexation
-
-
-
(28)
(28)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(103)
(2,338)
Interest paid
-
-
2,312
103
2,415
Net debt as at31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Net debt as at 31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Changes in cash and cash equivalents
1,911
-
-
-
1,911
Increase (decrease) in other liquid assets*
-
(6,707)
-
-
(6,707)
Loans (received)
-
-
(50,000)
-
(50,000)
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
5,638
-
5,638
Lease payments
-
-
-
989
989
Concluded lease contracts
-
-
-
-
-
Indexation
-
-
-
(11)
(11)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(84)
(2,319)
Interest paid
-
-
2,076
84
2,160
Net debt as at 31 December 2025
1,942
-
(123,666)
(3,500)
(125,224)
* In the Company\u2019s management's opinion, when analysing the net debt level for management purposes, financial debt in the calculation formula is reduced not only by cash and cash equivalents, but also by liquid assets (Note 12) consisting of highly liquid and low-risk instruments, i.e. deposits with a maturity of more than 90 days or government securities of countries with high credit ratings with a maturity of up to 360 days. The composition of the components used in the calculation of the indicator was chosen taking into account the fact that these financial instruments can be converted into cash within a very short period of time and without incurring any or insignificant financial losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
21.
Net debt
Net debt balances:
As at 31 December 2025
As at 31 December 2024
Cash and cash equivalents
1,942
31
Other liquid assets
-
6,707
Non-current borrowings
(50,000)
(55,312)
Lease liabilities
(2,485)
(3,492)
Current portion of non-current borrowings
(55,312)
(5,649)
Current borrowings
(17,845)
(23,482)
Accrued interest payable
(509)
(351)
Current portion of lease liabilities
(1,015)
(986)
Net debt
(125,224)
(82,534)
Reconciliation of net debt balances and cash flows from financing activities:
Cash
Other liquid assets
Borrowings
Lease liabilities
Total
Net debt as at 31 December 2023
121
-
(92,046)
(3,250)
(95,175)
Changes in cash and cash equivalents
(90)
-
-
-
(90)
Increase (decrease) in other liquid assets*
-
6,707
-
-
6,707
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
1,526
-
1,526
Lease payments
-
-
-
876
876
Concluded lease contracts
-
-
-
(2,076)
(2,076)
Indexation
-
-
-
(28)
(28)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(103)
(2,338)
Interest paid
-
-
2,312
103
2,415
Net debt as at31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Net debt as at 31 December 2024
31
6,707
(84,794)
(4,478)
(82,534)
Changes in cash and cash equivalents
1,911
-
-
-
1,911
Increase (decrease) in other liquid assets*
-
(6,707)
-
-
(6,707)
Loans (received)
-
-
(50,000)
-
(50,000)
Repayment of borrowings
-
-
5,649
-
5,649
Change in overdraft
-
-
5,638
-
5,638
Lease payments
-
-
-
989
989
Concluded lease contracts
-
-
-
-
-
Indexation
-
-
-
(11)
(11)
Other changes:
Interest charges expensed and interest capitalised
-
-
(2,235)
(84)
(2,319)
Interest paid
-
-
2,076
84
2,160
Net debt as at 31 December 2025
1,942
-
(123,666)
(3,500)
(125,224)
* In the Company\u2019s management's opinion, when analysing the net debt level for management purposes, financial debt in the calculation formula is reduced not only by cash and cash equivalents, but also by liquid assets (Note 12) consisting of highly liquid and low-risk instruments, i.e. deposits with a maturity of more than 90 days or government securities of countries with high credit ratings with a maturity of up to 360 days. The composition of the components used in the calculation of the indicator was chosen taking into account the fact that these financial instruments can be converted into cash within a very short period of time and without incurring any or insignificant financial losses.
32.
Financing activities
2025
2024
Interest income
178
186
Other finance income
-
-
Total finance income
178
186
Interest costs
(2,154)
(2,345)
Other finance costs
(88)
-
Total finance costs
(2,242)
(2,345)
Total finance costs, net
(2,064)
(2,159)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
22.
Provisions
As at 31 December 2025
As at 31 December 2024
Provisions for pension benefits to employees
797
793
Provisions for registration of special land use conditions (protected areas)
255
300
Provisions for repayment of guarantee funds
5,815
5,815
Carrying amount
6,867
6,908
Non-current provisions
707
937
Current provisions
6,160
5,971
Dynamics of provisions were as follows:
Provisions for pension benefits to employees
Provisions for registration of protection zones
Provision for repayment of guarantee funds
Total
Carrying amount as at 31 December 2023
774
356
-
1,130
Calculated
19
-
5,815
5,834
Revised estimate
-
(49)
(49)
Payments made
-
(7)
(7)
Carrying amount as at 31 December 2024
793
300
5,815
6,908
Calculated
4
-
-
4
Revised estimate
-
(9)
-
(9)
Payments made
-
(36)
(36)
Carrying amount as at 31 December 2025
797
255
5,815
6,867
Provisions for pension benefits to employees
As at 31 December 2025, the Company\u2019s employee benefit obligations related to payment of one-off benefits to employees leaving the Company at retirement age amounted to EUR 797 thousand (31 December 2024: EUR 793 thousand). There are no other long-term employee benefit obligations for long-term service of employees as per the collective agreement.
The main assumptions applied for evaluation of the Company\u2019s obligations to non-current employee benefits are as follows:
As at 31 December 2025
As at 31 December 2024
Discount rate
1.27%
0.96%
Annual employee turnover rate
7.45%
7.12%
Annual salary growth
3.00%
2.80%
Average time to retirement (years)
20.27
19.84
Provisions for registration of protection zones
The Company has obligation to register special conditions for the use of land (protection zones). As at 31 December 2025 the Company\u2019s outstanding obligation to register special conditions for the use of land (protection zones) amounted to EUR 255 thousand (31 December 2024: EUR 300 thousand).
Provisions for repayment of guarantee funds
Following the contractor\u2019s failure to perform and/or improper performance of its warranty obligations under the contract for the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), the Company has received guarantee funds of EUR 5,815 thousand under the guarantee bank guarantees provided by the contractor Alvora UAB.
In the event the contractor challenges the non-performance or improper performance of its warranty obligations in court and requests to declare the Company\u2019s claims for payment of the guarantee funds unlawful, the Company has made a provision for the expected repayment of funds received under the guarantee. More information on the legal dispute with Alvora UAB see Note 37.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
22.
Provisions
As at 31 December 2025
As at 31 December 2024
Provisions for pension benefits to employees
797
793
Provisions for registration of special land use conditions (protected areas)
255
300
Provisions for repayment of guarantee funds
5,815
5,815
Carrying amount
6,867
6,908
Non-current provisions
707
937
Current provisions
6,160
5,971
Dynamics of provisions were as follows:
Provisions for pension benefits to employees
Provisions for registration of protection zones
Provision for repayment of guarantee funds
Total
Carrying amount as at 31 December 2023
774
356
-
1,130
Calculated
19
-
5,815
5,834
Revised estimate
-
(49)
(49)
Payments made
-
(7)
(7)
Carrying amount as at 31 December 2024
793
300
5,815
6,908
Calculated
4
-
-
4
Revised estimate
-
(9)
-
(9)
Payments made
-
(36)
(36)
Carrying amount as at 31 December 2025
797
255
5,815
6,867
Provisions for pension benefits to employees
As at 31 December 2025, the Company\u2019s employee benefit obligations related to payment of one-off benefits to employees leaving the Company at retirement age amounted to EUR 797 thousand (31 December 2024: EUR 793 thousand). There are no other long-term employee benefit obligations for long-term service of employees as per the collective agreement.
The main assumptions applied for evaluation of the Company\u2019s obligations to non-current employee benefits are as follows:
As at 31 December 2025
As at 31 December 2024
Discount rate
1.27%
0.96%
Annual employee turnover rate
7.45%
7.12%
Annual salary growth
3.00%
2.80%
Average time to retirement (years)
20.27
19.84
Provisions for registration of protection zones
The Company has obligation to register special conditions for the use of land (protection zones). As at 31 December 2025 the Company\u2019s outstanding obligation to register special conditions for the use of land (protection zones) amounted to EUR 255 thousand (31 December 2024: EUR 300 thousand).
Provisions for repayment of guarantee funds
Following the contractor\u2019s failure to perform and/or improper performance of its warranty obligations under the contract for the construction of the gas pipeline interconnection between Poland and Lithuania (GIPL), the Company has received guarantee funds of EUR 5,815 thousand under the guarantee bank guarantees provided by the contractor Alvora UAB.
In the event the contractor challenges the non-performance or improper performance of its warranty obligations in court and requests to declare the Company\u2019s claims for payment of the guarantee funds unlawful, the Company has made a provision for the expected repayment of funds received under the guarantee. More information on the legal dispute with Alvora UAB see Note 37.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
23.
Trade payables
As at 31 December 2025
As at 31 December 2024
Payables for property, plant and equipment
490
969
Payables for goods and services
3,204
1,585
Payables for repairs services
-
47
Payables for natural gas
4
1,513
Payables for balancing services
1,378
2,253
Carrying amount
5,076
6,367
Trade payables are non-interest bearing and are generally collectible within 30 days. As at 31 December 2025, trade payables were by 20% lower than as at 31 December 2024 due to the decrease in payables for natural gas, balancing services and property, plant and equipment. Payments for natural gas are made through the settlement account dedicated to the natural gas exchange, maintaining the required cash balance. Payments for gas purchased on the exchange are settled on the next working day.
24.
Financial liabilities at amortized cost
As at 31 December 2025
As at 31 December 2024
Financial liabilities
Security deposits received
1,178
918
Payable dividends
80
73
Payable CBCA contribution
-
27,450
Accrued expenses
1,524
842
Other payables
73
17
Total financial liabilities
2,855
29,300
As at 31 December 2025 financial liabilities were by 90% lower than as at 31 December 2024 due to the compensation paid to the Polish transmission system operator in 2025, as set in the Transmission System Operators Agreement (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) (hereinafter the \u201cCBCA contribution\u201d).
As at 31 December 2025, the financial liabilities comprised EUR 1,178 thousand (31 December 2024: EUR 918 thousand) as security deposits received from the system users as a contract enforcement measure. The system user, before entering into the transmission contract, must provide the Company with appropriate contract enforcement measures.
Accrued expenses grew as a result of higher emission allowance costs linked to a 97% increase in number of mandatory emission allowances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
24.
Financial liabilities at amortized cost
As at 31 December 2025
As at 31 December 2024
Financial liabilities
Security deposits received
1,178
918
Payable dividends
80
73
Payable CBCA contribution
-
27,450
Accrued expenses
1,524
842
Other payables
73
17
Total financial liabilities
2,855
29,300
As at 31 December 2025 financial liabilities were by 90% lower than as at 31 December 2024 due to the compensation paid to the Polish transmission system operator in 2025, as set in the Transmission System Operators Agreement (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) (hereinafter the \u201cCBCA contribution\u201d).
As at 31 December 2025, the financial liabilities comprised EUR 1,178 thousand (31 December 2024: EUR 918 thousand) as security deposits received from the system users as a contract enforcement measure. The system user, before entering into the transmission contract, must provide the Company with appropriate contract enforcement measures.
Accrued expenses grew as a result of higher emission allowance costs linked to a 97% increase in number of mandatory emission allowances.
25.
Other non-financial liabilities
As at 31 December 2025
As at 31 December 2024
Employment-related liabilities
2,504
1,952
Accrued expenses relating to vacation reserve
1,583
1,525
Administered LNGT funds payable
8,146
10,794
Accrued administered LNGT funds
116
833
Taxes payable to the State budget
1,118
796
Fee payable to the regulator
255
278
Other prepayments received
4
29
Contract liabilities
145
89
Total other liabilities
13,871
16,296
As at 31 December 2025, other current liabilities were by 15% lower than as at 31 December 2024 due to decrease in LNGT funds payable and receivable caused by a lower extra charge related to natural gas supply security and added to the natural gas transmission tariff. Further information is disclosed for in Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
24.
Financial liabilities at amortized cost
As at 31 December 2025
As at 31 December 2024
Financial liabilities
Security deposits received
1,178
918
Payable dividends
80
73
Payable CBCA contribution
-
27,450
Accrued expenses
1,524
842
Other payables
73
17
Total financial liabilities
2,855
29,300
As at 31 December 2025 financial liabilities were by 90% lower than as at 31 December 2024 due to the compensation paid to the Polish transmission system operator in 2025, as set in the Transmission System Operators Agreement (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) (hereinafter the \u201cCBCA contribution\u201d).
As at 31 December 2025, the financial liabilities comprised EUR 1,178 thousand (31 December 2024: EUR 918 thousand) as security deposits received from the system users as a contract enforcement measure. The system user, before entering into the transmission contract, must provide the Company with appropriate contract enforcement measures.
Accrued expenses grew as a result of higher emission allowance costs linked to a 97% increase in number of mandatory emission allowances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
24.
Financial liabilities at amortized cost
As at 31 December 2025
As at 31 December 2024
Financial liabilities
Security deposits received
1,178
918
Payable dividends
80
73
Payable CBCA contribution
-
27,450
Accrued expenses
1,524
842
Other payables
73
17
Total financial liabilities
2,855
29,300
As at 31 December 2025 financial liabilities were by 90% lower than as at 31 December 2024 due to the compensation paid to the Polish transmission system operator in 2025, as set in the Transmission System Operators Agreement (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) (hereinafter the \u201cCBCA contribution\u201d).
As at 31 December 2025, the financial liabilities comprised EUR 1,178 thousand (31 December 2024: EUR 918 thousand) as security deposits received from the system users as a contract enforcement measure. The system user, before entering into the transmission contract, must provide the Company with appropriate contract enforcement measures.
Accrued expenses grew as a result of higher emission allowance costs linked to a 97% increase in number of mandatory emission allowances.
25.
Other non-financial liabilities
As at 31 December 2025
As at 31 December 2024
Employment-related liabilities
2,504
1,952
Accrued expenses relating to vacation reserve
1,583
1,525
Administered LNGT funds payable
8,146
10,794
Accrued administered LNGT funds
116
833
Taxes payable to the State budget
1,118
796
Fee payable to the regulator
255
278
Other prepayments received
4
29
Contract liabilities
145
89
Total other liabilities
13,871
16,296
As at 31 December 2025, other current liabilities were by 15% lower than as at 31 December 2024 due to decrease in LNGT funds payable and receivable caused by a lower extra charge related to natural gas supply security and added to the natural gas transmission tariff. Further information is disclosed for in Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
24.
Financial liabilities at amortized cost
As at 31 December 2025
As at 31 December 2024
Financial liabilities
Security deposits received
1,178
918
Payable dividends
80
73
Payable CBCA contribution
-
27,450
Accrued expenses
1,524
842
Other payables
73
17
Total financial liabilities
2,855
29,300
As at 31 December 2025 financial liabilities were by 90% lower than as at 31 December 2024 due to the compensation paid to the Polish transmission system operator in 2025, as set in the Transmission System Operators Agreement (hereinafter the \u2018ITA Agreement\u2019) and imposed be the decision of the Agency for the Cooperation of Energy Regulators of the European Union (ACER) (hereinafter the \u201cCBCA contribution\u201d).
As at 31 December 2025, the financial liabilities comprised EUR 1,178 thousand (31 December 2024: EUR 918 thousand) as security deposits received from the system users as a contract enforcement measure. The system user, before entering into the transmission contract, must provide the Company with appropriate contract enforcement measures.
Accrued expenses grew as a result of higher emission allowance costs linked to a 97% increase in number of mandatory emission allowances.
25.
Other non-financial liabilities
As at 31 December 2025
As at 31 December 2024
Employment-related liabilities
2,504
1,952
Accrued expenses relating to vacation reserve
1,583
1,525
Administered LNGT funds payable
8,146
10,794
Accrued administered LNGT funds
116
833
Taxes payable to the State budget
1,118
796
Fee payable to the regulator
255
278
Other prepayments received
4
29
Contract liabilities
145
89
Total other liabilities
13,871
16,296
As at 31 December 2025, other current liabilities were by 15% lower than as at 31 December 2024 due to decrease in LNGT funds payable and receivable caused by a lower extra charge related to natural gas supply security and added to the natural gas transmission tariff. Further information is disclosed for in Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
26.
Revenue
The Company\u2019s revenue comprises as follows:
2025
2024
Revenue under contracts with customers
Transmission of natural gas in the territory of Lithuania
59,426
61,195
Revenue from system balancing products
9,869
12,879
Revenue from connection of new consumers (deferred revenue)
108
76
Other income
64
35
Total revenue from contracts with customers
69,467
74,185
Revenue other than under contracts with customers
-
-
Revenue from administration of LNG terminal funds
111
125
Total revenue other than under contracts with customers
111
125
Total revenue
69,578
74,310
2025
2024
Revenue recognised over the period
Transmission of natural gas in the territory of Lithuania
59,426
61,195
Revenue from system balancing products
9,869
12,879
Other income
283
236
Total revenue recognised over the period
69,578
74,310
Revenue recognised at a point in time, upon provision of services
-
-
Total revenue recognised at a point in time, upon provision of services:
-
-
Total revenue under contracts with customers
69,578
74,310
Compared to 2024, revenue from natural gas transmission and related services decreased by 6% in 2025. This drop was due to the lower natural gas transmission price. Compared to 2024, revenue from system balancing were lower by 23% due to a 35% decrease in the demand for balancing gas.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
27.
Other income
The Company\u2018s other income includes as follows:
2025
2024
Grants recognised as income
4
4
Income from sales of inventories and reversible substances
23
4
Rental income
11
8
Gain on disposal of PP&E
1
2
Interest on late payment
57
39
Other income
42
216
Total other income
138
273
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
28.
Purchases of natural gas
Natural gas costs comprised the following:
2025
2024
Expenses for natural gas system balancing products
(9,869)
(13,079)
Expenses for natural gas technological needs
(5,183)
(3,430)
Total*
(15,052)
(16,509)
* Expenses include impact of changes in gas inventory balances.
In 2025, compared to 2024, expenses for natural gas decreased by 9%. In 2025, expenses for balancing products decreased by 25% due to a lower demand for balancing gas. In 2025, expenses for technical needs increased by 51% due to a 38% higher volume of gas for technological needs and cost of gas.
29.
Wages and salaries, and related expenses
Wages and salaries, and related expenses comprised the following:
2025
2024
Wages and salaries
16,985
15,227
Social security contributions
305
274
Total wages and related costs:
17,290
15,501
30.
Other expenses
The Company\u2019s other expenses comprised the following:
2025
2024
Telecommunications and IT system expenses
(2,557)
(2,263)
Business trips
(364)
(304)
Consulting services
(92)
(334)
Expenses of governing bodies
(117)
(104)
Management services
(767)
(760)
Personnel development
(269)
(222)
Public relations
(240)
(177)
Premise expenses
(779)
(740)
Transport
(856)
(791)
Council fee
(1,018)
(1,111)
Taxes (charges payable to the State and Municipal budgets)
(3,488)
(3,314)
Business protection
(817)
(583)
Membership fees
(296)
(258)
Insurance
(499)
(532)
Change in value of variable payments
(1,304)
-
Emission allowances
(1,289)
(533)
Occupational health and safety expenses
(173)
(154)
Other expenses
(1,605)
(1,261)
In total:
(16,530)
(13,441)
The CBCA contribution, calculated in accordance with cross-border cost allocation principles, was recognized as a variable payment. Upon initial recognition, the CBCA contribution was included in the acquisition cost of the PPE. The additional portion of the CBCA contribution, representing a change in the value of variable payments, was recognized in the statement of comprehensive income under other expenses at the time of payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
30.
Other expenses
The Company\u2019s other expenses comprised the following:
2025
2024
Telecommunications and IT system expenses
(2,557)
(2,263)
Business trips
(364)
(304)
Consulting services
(92)
(334)
Expenses of governing bodies
(117)
(104)
Management services
(767)
(760)
Personnel development
(269)
(222)
Public relations
(240)
(177)
Premise expenses
(779)
(740)
Transport
(856)
(791)
Council fee
(1,018)
(1,111)
Taxes (charges payable to the State and Municipal budgets)
(3,488)
(3,314)
Business protection
(817)
(583)
Membership fees
(296)
(258)
Insurance
(499)
(532)
Change in value of variable payments
(1,304)
-
Emission allowances
(1,289)
(533)
Occupational health and safety expenses
(173)
(154)
Other expenses
(1,605)
(1,261)
In total:
(16,530)
(13,441)
The CBCA contribution, calculated in accordance with cross-border cost allocation principles, was recognized as a variable payment. Upon initial recognition, the CBCA contribution was included in the acquisition cost of the PPE. The additional portion of the CBCA contribution, representing a change in the value of variable payments, was recognized in the statement of comprehensive income under other expenses at the time of payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
Other gain (loss) consisted of the following:
Other gain (loss)
2025
2024
Gain/loss on disposal of associate, net
1,051
-
Change in fair value of options
(873)
(363)
Other gain (loss)
178
(363)
Disposal of investments in associate
On 31 May 2023, following the sale of 66% shares in GET Baltic and transfer of the control in GET Baltic, the remaining 34% of the investment in GET Baltic was measured at fair value before the disposal, and subsequently accounted for using the equity method. Upon fulfillment of contract liabilities by the strategic investor, on 10 October 2025, the Company disposed the remaining 34% shareholding in GET Baltic, thereby losing significant influence over the associate. As of the date, the equity method is no longer applied to the investment in the associate.
The carrying amount of investments in associate at the time when the disposal was EUR 3,147 thousand. The following are the changes in carrying amount of the investment in associate:
As at 10 October 2025
As at 31 December 2024
Opening carrying amount
3,560
3,644
Acquisition
-
-
Associate\u2019s net profit (loss)
424
480
Associate\u2019s other comprehensive income
-
-
Dividends received
(837)
(564)
Write off on disposal
(3,147)
Closing carrying amount
-
3,560
The share purchase/sale agreement of 31 May 2023 comprised share options that are designated as a financial instrument. Before exercise of the options, they were measured at fair value. Upon satisfying the terms of the option contract, the Company disposed the remaining portion of the investment. The fair value of the options was incorporated in the gain (loss) on disposal of investment. After exercising options, the Company has no rights or obligations under the option contracts.
The following is the impact of individual items on the assessment of the net result of the share disposal transaction:
Gain/loss on disposal of associate, net
Consideration from disposal of investment in associate
3,824
Carrying amount of investment in associate
(3,147)
Impact of options exercised
374
Gain (loss) on disposal of associate
1,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
Other gain (loss)
2025
2024
Gain/loss on disposal of associate, net
1,051
-
Change in fair value of options
(873)
(363)
Other gain (loss)
178
(363)
Derivatives
On 10 October 2025, upon fulfillment of contract liabilities by the investor, GET Baltic\u2019s share options were exercised. The options were related to the disposal of the remaining shareholding and had impact on the final transaction price. The options give the right to sell/buy the remaining shares in GET Baltic at a fixed price, by managing price risk due to potential value changes of the associate prior to closing. The options were recognised as stand-alone derivatives and, given the likely option exercise period, were classified as assets or liabilities of particular duration. The share options were measured at fair value.
Information on the changes in fair value of derivatives:
2025
2024
Non-current assets
Opening carrying amount
1,153
1,226
Change in fair value
(1,143)
(73)
Included in net gain (loss) on disposal
(10)
Closing carrying amount
-
1,153
2025
2024
Current liabilities
Opening carrying amount
(654)
(364)
Change in fair value
270
(290)
Included in net gain (loss) on disposal
384
Closing carrying amount
-
(654)
Changes in the fair value of options before their exercise were recognised in the statement of profit or loss under gain (loss) on derivatives. Before exercise of the options, the change in the fair value of derivatives of EUR 873 thousand was recognised in the statement of profit or loss for 2025 (the EUR 1,143 thousand loss due to decrease in value of put option, and the EUR 270 thousand gain due to decrease in value of call option). The change in the fair value of derivatives of EUR 363 thousand was recognised in the statement of profit or loss for 2024 (the EUR 73 thousand loss due to decrease in value of put option, and the EUR 290 thousand loss due to increase in value of call option). The value of options which increased a net gain or loss on disposal was EUR 374 thousand.
Financial assets
Note
As at 31 December 2025
As at 31 December 2024
Financial assets at fair value through profit or loss
-
1,153
Derivatives
31
-
1,153
Financial assets at amortised cost
12,974
16,614
Trade receivables
11
10,196
9,763
Cash and cash equivalents
14
1,942
31
Other financial assets at amortised cost
12
836
6,820
Total financial assets:
12,974
17,767
Financial liabilities
Note
As at 31 December 2025
As at 31 December 2024
Financial liabilities at fair value through profit or loss
-
654
Derivatives
31
-
654
Financial liabilities measured at amortised cost
135,097
124,939
Borrowings
19
123,666
84,794
Lease liabilities
20
3,500
4,478
Trade payables
23
5,076
6,367
Other financial liabilities at amortised cost
24
2,855
29,300
Total financial liabilities:
135,097
125,593
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Company's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings and finance lease.
The following methods and assumptions are used by the Company to estimate the fair value of each class of financial instruments:
a.
The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.
The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Company estimated that the carrying amount of interest-bearing long-term loans received was EUR 9,052 thousand as at 31 December 2025 (EUR 9,512 thousand as at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
Disposal of investments in associate
On 31 May 2023, following the sale of 66% shares in GET Baltic and transfer of the control in GET Baltic, the remaining 34% of the investment in GET Baltic was measured at fair value before the disposal, and subsequently accounted for using the equity method. Upon fulfillment of contract liabilities by the strategic investor, on 10 October 2025, the Company disposed the remaining 34% shareholding in GET Baltic, thereby losing significant influence over the associate. As of the date, the equity method is no longer applied to the investment in the associate.
The carrying amount of investments in associate at the time when the disposal was EUR 3,147 thousand. The following are the changes in carrying amount of the investment in associate:
As at 10 October 2025
As at 31 December 2024
Opening carrying amount
3,560
3,644
Acquisition
-
-
Associate\u2019s net profit (loss)
424
480
Associate\u2019s other comprehensive income
-
-
Dividends received
(837)
(564)
Write off on disposal
(3,147)
Closing carrying amount
-
3,560
The share purchase/sale agreement of 31 May 2023 comprised share options that are designated as a financial instrument. Before exercise of the options, they were measured at fair value. Upon satisfying the terms of the option contract, the Company disposed the remaining portion of the investment. The fair value of the options was incorporated in the gain (loss) on disposal of investment. After exercising options, the Company has no rights or obligations under the option contracts.
The following is the impact of individual items on the assessment of the net result of the share disposal transaction:
Gain/loss on disposal of associate, net
Consideration from disposal of investment in associate
3,824
Carrying amount of investment in associate
(3,147)
Impact of options exercised
374
Gain (loss) on disposal of associate
1,051
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "
Derivatives
On 10 October 2025, upon fulfillment of contract liabilities by the investor, GET Baltic\u2019s share options were exercised. The options were related to the disposal of the remaining shareholding and had impact on the final transaction price. The options give the right to sell/buy the remaining shares in GET Baltic at a fixed price, by managing price risk due to potential value changes of the associate prior to closing. The options were recognised as stand-alone derivatives and, given the likely option exercise period, were classified as assets or liabilities of particular duration. The share options were measured at fair value.
Information on the changes in fair value of derivatives:
2025
2024
Non-current assets
Opening carrying amount
1,153
1,226
Change in fair value
(1,143)
(73)
Included in net gain (loss) on disposal
(10)
Closing carrying amount
-
1,153
2025
2024
Current liabilities
Opening carrying amount
(654)
(364)
Change in fair value
270
(290)
Included in net gain (loss) on disposal
384
Closing carrying amount
-
(654)
Changes in the fair value of options before their exercise were recognised in the statement of profit or loss under gain (loss) on derivatives. Before exercise of the options, the change in the fair value of derivatives of EUR 873 thousand was recognised in the statement of profit or loss for 2025 (the EUR 1,143 thousand loss due to decrease in value of put option, and the EUR 270 thousand gain due to decrease in value of call option). The change in the fair value of derivatives of EUR 363 thousand was recognised in the statement of profit or loss for 2024 (the EUR 73 thousand loss due to decrease in value of put option, and the EUR 290 thousand loss due to increase in value of call option). The value of options which increased a net gain or loss on disposal was EUR 374 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
32.
Financing activities
2025
2024
Interest income
178
186
Other finance income
-
-
Total finance income
178
186
Interest costs
(2,154)
(2,345)
Other finance costs
(88)
-
Total finance costs
(2,242)
(2,345)
Total finance costs, net
(2,064)
(2,159)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "
32.
Financing activities
2025
2024
Interest income
178
186
Other finance income
-
-
Total finance income
178
186
Interest costs
(2,154)
(2,345)
Other finance costs
(88)
-
Total finance costs
(2,242)
(2,345)
Total finance costs, net
(2,064)
(2,159)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "
32.
Financing activities
2025
2024
Interest income
178
186
Other finance income
-
-
Total finance income
178
186
Interest costs
(2,154)
(2,345)
Other finance costs
(88)
-
Total finance costs
(2,242)
(2,345)
Total finance costs, net
(2,064)
(2,159)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "
32.
Financing activities
2025
2024
Interest income
178
186
Other finance income
-
-
Total finance income
178
186
Interest costs
(2,154)
(2,345)
Other finance costs
(88)
-
Total finance costs
(2,242)
(2,345)
Total finance costs, net
(2,064)
(2,159)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
32.
Financing activities
2025
2024
Interest income
178
186
Other finance income
-
-
Total finance income
178
186
Interest costs
(2,154)
(2,345)
Other finance costs
(88)
-
Total finance costs
(2,242)
(2,345)
Total finance costs, net
(2,064)
(2,159)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
32.
Financing activities
2025
2024
Interest income
178
186
Other finance income
-
-
Total finance income
178
186
Interest costs
(2,154)
(2,345)
Other finance costs
(88)
-
Total finance costs
(2,242)
(2,345)
Total finance costs, net
(2,064)
(2,159)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
33.
Current and deferred income tax
Income tax expenses include as follows:
2025
2024
Current income tax expense for the reporting year
380
1,071
Deferred income tax expenses (benefit)
(575)
125
Income tax expenses/(benefit) for the reporting period
(195)
1,196
The movement in deferred tax assets and liabilities prior to offsetting the assets and liabilities balances with the same fiscal authority was as follows:
Deferred tax asset
PP&E revaluation
(impairment)
Fees on connection of new consumers
Impairment of inventories and receivables
Accrued expenses
Unutilised investment incentive
Lease liabilities
Other
Total
As at 31 December 2023
3,410
240
80
364
448
465
201
5,208
Recognised in profit or loss
190
5
(7)
7
(448)
220
106
73
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2024
3,600
245
73
371
-
685
307
5,281
Recognised in profit or loss
181
3
30
34
-
(90)
279
437
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2025
3,781
248
103
405
-
595
586
5,718
Deferred tax liabilities
Effect of capitalisation of interest
PP&E depreciation
PP&E revaluation
Right-of-use assets
Total
As at 31 December 2023
(169)
-
(488)
(465)
(1,122)
Recognised in profit or loss
(7)
(17)
46
(220)
(198)
Recognised in other comprehensive income
-
(30)
-
(30)
As at 31 December 2024
(176)
(17)
(472)
(685)
(1,350)
Recognised in profit or loss
(20)
(4)
39
123
138
Recognised in other comprehensive income
-
-
(27)
-
(27)
As at 31 December 2025
(196)
(21)
(460)
(562)
(1,239)
As at 31 December 2025
As at 31 December 2024
Deferred tax asset before offset
5,718
5,281
Less: deferred tax liabilities
(1,239)
(1,350)
Deferred tax asset, net
4,479
3,931
Deferred income tax, net, as at 31 December 2023
4,086
Deferred income tax, net, as at 31 December 2024
3,931
Deferred income tax, net, as at 31 December 2025
4,479
Under the assessment of the Company EUR 314 thousand net deferred income tax will be realized within 12 months, EUR 4,165 thousand over a period of more than 12 months.
When estimating the components of deferred tax assets and liabilities as at 31 December 2025 the Company applied income tax rate of 17 % and 16% as at 31 December 2024.
Deferred tax assets and deferred tax liabilities were offset in the Company\u2019s statement of financial position, as they were related to the same tax authority.
The reported amount of current income tax expense can be reconciled to the income tax expense that would result from applying statutory income tax rates to profit before taxation:
2025
2024
Profit (loss) before tax
1,165
9,502
Income tax at the effective income tax rate
186
1,425
Effect of non-taxable income
(288)
(65)
Effects of non-deductible expenses
186
121
Investment incentive utilised during the reporting period
-
(10)
Impact of a change in the corporate income tax rate
(291)
(275)
Other
(50)
-
Adjustments to previous year income tax
62
-
Income taxe expense (benefit)
(195)
1,196
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "
33.
Current and deferred income tax
Income tax expenses include as follows:
2025
2024
Current income tax expense for the reporting year
380
1,071
Deferred income tax expenses (benefit)
(575)
125
Income tax expenses/(benefit) for the reporting period
(195)
1,196
The movement in deferred tax assets and liabilities prior to offsetting the assets and liabilities balances with the same fiscal authority was as follows:
Deferred tax asset
PP&E revaluation
(impairment)
Fees on connection of new consumers
Impairment of inventories and receivables
Accrued expenses
Unutilised investment incentive
Lease liabilities
Other
Total
As at 31 December 2023
3,410
240
80
364
448
465
201
5,208
Recognised in profit or loss
190
5
(7)
7
(448)
220
106
73
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2024
3,600
245
73
371
-
685
307
5,281
Recognised in profit or loss
181
3
30
34
-
(90)
279
437
Recognised in other comprehensive income
-
-
-
-
-
-
-
-
As at 31 December 2025
3,781
248
103
405
-
595
586
5,718
Deferred tax liabilities
Effect of capitalisation of interest
PP&E depreciation
PP&E revaluation
Right-of-use assets
Total
As at 31 December 2023
(169)
-
(488)
(465)
(1,122)
Recognised in profit or loss
(7)
(17)
46
(220)
(198)
Recognised in other comprehensive income
-
(30)
-
(30)
As at 31 December 2024
(176)
(17)
(472)
(685)
(1,350)
Recognised in profit or loss
(20)
(4)
39
123
138
Recognised in other comprehensive income
-
-
(27)
-
(27)
As at 31 December 2025
(196)
(21)
(460)
(562)
(1,239)
As at 31 December 2025
As at 31 December 2024
Deferred tax asset before offset
5,718
5,281
Less: deferred tax liabilities
(1,239)
(1,350)
Deferred tax asset, net
4,479
3,931
Deferred income tax, net, as at 31 December 2023
4,086
Deferred income tax, net, as at 31 December 2024
3,931
Deferred income tax, net, as at 31 December 2025
4,479
Under the assessment of the Company EUR 314 thousand net deferred income tax will be realized within 12 months, EUR 4,165 thousand over a period of more than 12 months.
When estimating the components of deferred tax assets and liabilities as at 31 December 2025 the Company applied income tax rate of 17 % and 16% as at 31 December 2024.
Deferred tax assets and deferred tax liabilities were offset in the Company\u2019s statement of financial position, as they were related to the same tax authority.
The reported amount of current income tax expense can be reconciled to the income tax expense that would result from applying statutory income tax rates to profit before taxation:
2025
2024
Profit (loss) before tax
1,165
9,502
Income tax at the effective income tax rate
186
1,425
Effect of non-taxable income
(288)
(65)
Effects of non-deductible expenses
186
121
Investment incentive utilised during the reporting period
-
(10)
Impact of a change in the corporate income tax rate
(291)
(275)
Other
(50)
-
Adjustments to previous year income tax
62
-
Income taxe expense (benefit)
(195)
1,196
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "
34.
Basic and diluted earnings per share
Basic and diluted earnings (loss) per share reflect net profit (loss) divided by the weighted average number of shares. There are no diluting instruments, therefore, the basic and diluted earnings (loss) per share are the same. Calculation of basic and diluted earnings (loss) per share is presented below:
2025
2024
Net profit attributable to equity holders of the Company (EUR \u2019000)
1,360
8,306
Weighted average number of shares (\u2019000 units)
178,383
178,383
Basic and diluted earnings (loss) per share (EUR)
0.01
0.05
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "Basic and diluted earnings (loss) per share reflect net profit (loss) divided by the weighted average number of shares. There are no diluting instruments, therefore, the basic and diluted earnings (loss) per share are the same.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "
35.
Financial assets and liabilities and risk management
The Company is exposed to financial risks in its operations. In managing these risks, the\u00a0Company seeks to mitigate the effect of factors that might have negative impact on its financial performance. The Company follows the Group\u2018s Treasury and Financial Risk Management Policy.
Financial instruments by category based on the items of the statement of financial position:
Financial assets
Note
As at 31 December 2025
As at 31 December 2024
Financial assets at fair value through profit or loss
-
1,153
Derivatives
31
-
1,153
Financial assets at amortised cost
12,974
16,614
Trade receivables
11
10,196
9,763
Cash and cash equivalents
14
1,942
31
Other financial assets at amortised cost
12
836
6,820
Total financial assets:
12,974
17,767
Financial liabilities
Note
As at 31 December 2025
As at 31 December 2024
Financial liabilities at fair value through profit or loss
-
654
Derivatives
31
-
654
Financial liabilities measured at amortised cost
135,097
124,939
Borrowings
19
123,666
84,794
Lease liabilities
20
3,500
4,478
Trade payables
23
5,076
6,367
Other financial liabilities at amortised cost
24
2,855
29,300
Total financial liabilities:
135,097
125,593
Liquidity risk
Liquidity risk is managed continuously by making short-term and long-term cash flow forecasts of the Company. Where necessary, the Company relies on the forecasts to make decisions aimed at ensuring its solvency, i.e. to balance its working capital, the Company uses the borrowing limit set under the cash pool agreement with the EPSO-G Group companies participating in the cash pooling arrangement. Balance of undrawn credit limit as at 31 December 2025 was EUR 12,155 thousand (as at 31 December 2024, EUR 46,518 thousand).
The Company does not guarantee obligations of other parties.
The Company\u2019s liquidity ratios as at 31 December 2025 and 2024, respectively, were as follows:
As at 31 December 2025
As at 31 December 2024
Current ratio
0,29/(0,56*)
0.39
Quick ratio
0,25/(0,48*)
0.34
The decrease in liquidity ratios was due to an increase in current liabilities as a result of the Company's reclassification of long-term loans from the Nordic Investment Bank and the European Investment Bank into current financial liabilities during the reporting period. More detailed information on the reclassification of loans is provided in Notes 19 and 40.
* When preparing the financial statements, the long-term portion of Nordic Investment Bank and the European Investment Bank loans was temporarily classified as short-term financial debt. Therefore, we present a restated figure assuming that the portions of Nordic Investment Bank and the European Investment Bank loans temporarily reclassified as current loans are treated as long-term financial liabilities.
The table below presents the Company\u2019s financial liabilities grouped by maturity as at 31 December 2025 and 2024, based on the undiscounted contractual payments (scheduled payments including interest):
Up to 3 months
Between 3 and 12 months
Between 1 and 5 years
After 5 years
Total
Interest-bearing borrowings and liabilities
2,575
28,143
25,200
34,080
89,998
Lease liabilities
267
803
1,835
2,873
5,778
Other financial liabilities
29,300
-
654
-
29,954
Trade payables
6,367
-
-
-
6,367
Balance as at 31 December 2024
38,509
28,946
27,689
36,953
132,097
Interest-bearing borrowings and liabilities
73,381
1,699
56,367
-
131,447
Lease liabilities
261
802
998
2,655
4,716
Other financial liabilities
1,485
1,289
81
-
2,855
Trade payables
5,076
-
-
-
5,076
Balance as at 31 December 2025
80,203
3,790
57,446
2,655
144,094
Credit risk
The table below summarises credit risk exposures related to the balance sheet items:
As at 31 December 2025
As at 31 December 2024
Financial assets at fair value through profit or loss
-
1,153
Financial assets at amortised cost
11,032
16,583
Cash and cash equivalents
1,942
31
Contract assets
3,663
1,220
16,637
18,987
The maximum exposure to credit risk is equal to the amount of trade receivables, other receivables (except for receivable LNG terminal funds), cash and other financial assets, less recognised impairment losses. Delays in settlement of trade receivables may affect the Company\u2019s ordinary course of business and lead to search of additional financing sources. Credit risk is managed through regular monitoring procedures (individual supervision of debtors, monitoring and analysis of customers in order to identify potential solvency issues that may arise in the future, etc.). The Company has approved the Description of Administration of Payments for the Transmission Services, which stipulates the specific actions and deadlines to be followed in order to reduce the outstanding balance of trade receivables. Creditworthiness of all customers is assessed, and in case of any deviations from the criteria set out in the Description of Administration of Payments for the Transmission Services, the risk is assessed individually in respect of creditworthiness of each customer, and, if necessary, additional credit enhancements are ensured to eliminate such risk.
The credibility of the selected partners is assessed according to the procedure established at the Company. The system users assigned with the highest risk level are assessed by engaging an entity that provides specialised creditworthiness assessment services.
The Company is exposed to significant concentration of credit risk. The credit risk exposure is distributed among the Company\u2019s 10 major customers with trade receivables from them representing 83% of the Company\u2019s total trade receivables as at 31 December 2025 (31 December 2024: 86%).
The Company\u2019s exposure to credit risk arises from cash at bank. The level of exposure depends on the credibility of the selected bank (Note 14). The Group has an effective treasury and financial risk management policy in place. The policy establishes the credibility level of the banks selected for partnership; the diversification limits for funds kept as deposits or invested in the investment products of banks or their subsidiaries, other securities, etc.
Interest rate risk
The Company is exposed to interest rate risk arising mainly non-current and current borrowings from the parent EPSO-G, as well as non-current borrowings from financial institutions, partly linked to variable interest rates. Interest rate fluctuations may have impact on the Company\u2019s finance costs, cash flows and performance. Given the Company\u2019s infrastructure and regulated activities, interest rate risk is a significant financial risk factor, subject to ongoing monitoring.
The Company\u2019s interest rate risk management is aimed at ensuring stable and predictable finance costs and reducing the negative impact of interest rate fluctuations on the Company\u2019s performance. Risk is managed through a diversified funding structure, combining fixed and variable rate commitments. The interest rate risk management complies with the provisions of Treasury and Financial Risk Management Policy approved by the Group, considering regulatory developments.
As at 31 December 2025, the Company\u2019s variable rate loans totalled EUR 85,534 thousand (EUR 43,870 thousand as at 31 December 2024).
The table below demonstrates the sensitivity of the Company's profit before tax to theoretic potential shifts in EURIBOR interest rates, with all other variables held constant. The Company estimates sensitivity using 100 basis points, which make 1%.
Increase in EURIBOR, b.p.
Impact on profit before tax,
EUR \u2019000
As at 31 December 2025
100
(855)
As at 31 December 2024
100
(439)
There is no impact on the Company\u2019s equity, other than that on current year profit. The increasing or decrease in interest rate by +/- 1\u00a0pp would result in decrease/increase the Company\u2019s pre-tax profit by EUR 855 thousand as at 31 December 2025 (2024: decrease/increase in pre-tax profit by EUR 439 thousand).
Natural gas price risk
The Company is exposed to a risk arising from changes in the natural gas purchase price. The changes are driven by fluctuations in Lithuanian and international natural gas markets and exchanges. The risk is low, since the methodology for determining the tariffs of transmission services approved by NERC accepts actual gas prices.
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Company's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings and finance lease.
The following methods and assumptions are used by the Company to estimate the fair value of each class of financial instruments:
a.
The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.
The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Company estimated that the carrying amount of interest-bearing long-term loans received was EUR 9,052 thousand as at 31 December 2025 (EUR 9,512 thousand as at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-103": { "value": "
35.
Financial assets and liabilities and risk management
The Company is exposed to financial risks in its operations. In managing these risks, the\u00a0Company seeks to mitigate the effect of factors that might have negative impact on its financial performance. The Company follows the Group\u2018s Treasury and Financial Risk Management Policy.
Financial instruments by category based on the items of the statement of financial position:
Financial assets
Note
As at 31 December 2025
As at 31 December 2024
Financial assets at fair value through profit or loss
-
1,153
Derivatives
31
-
1,153
Financial assets at amortised cost
12,974
16,614
Trade receivables
11
10,196
9,763
Cash and cash equivalents
14
1,942
31
Other financial assets at amortised cost
12
836
6,820
Total financial assets:
12,974
17,767
Financial liabilities
Note
As at 31 December 2025
As at 31 December 2024
Financial liabilities at fair value through profit or loss
-
654
Derivatives
31
-
654
Financial liabilities measured at amortised cost
135,097
124,939
Borrowings
19
123,666
84,794
Lease liabilities
20
3,500
4,478
Trade payables
23
5,076
6,367
Other financial liabilities at amortised cost
24
2,855
29,300
Total financial liabilities:
135,097
125,593
Liquidity risk
Liquidity risk is managed continuously by making short-term and long-term cash flow forecasts of the Company. Where necessary, the Company relies on the forecasts to make decisions aimed at ensuring its solvency, i.e. to balance its working capital, the Company uses the borrowing limit set under the cash pool agreement with the EPSO-G Group companies participating in the cash pooling arrangement. Balance of undrawn credit limit as at 31 December 2025 was EUR 12,155 thousand (as at 31 December 2024, EUR 46,518 thousand).
The Company does not guarantee obligations of other parties.
The Company\u2019s liquidity ratios as at 31 December 2025 and 2024, respectively, were as follows:
As at 31 December 2025
As at 31 December 2024
Current ratio
0,29/(0,56*)
0.39
Quick ratio
0,25/(0,48*)
0.34
The decrease in liquidity ratios was due to an increase in current liabilities as a result of the Company's reclassification of long-term loans from the Nordic Investment Bank and the European Investment Bank into current financial liabilities during the reporting period. More detailed information on the reclassification of loans is provided in Notes 19 and 40.
* When preparing the financial statements, the long-term portion of Nordic Investment Bank and the European Investment Bank loans was temporarily classified as short-term financial debt. Therefore, we present a restated figure assuming that the portions of Nordic Investment Bank and the European Investment Bank loans temporarily reclassified as current loans are treated as long-term financial liabilities.
The table below presents the Company\u2019s financial liabilities grouped by maturity as at 31 December 2025 and 2024, based on the undiscounted contractual payments (scheduled payments including interest):
Up to 3 months
Between 3 and 12 months
Between 1 and 5 years
After 5 years
Total
Interest-bearing borrowings and liabilities
2,575
28,143
25,200
34,080
89,998
Lease liabilities
267
803
1,835
2,873
5,778
Other financial liabilities
29,300
-
654
-
29,954
Trade payables
6,367
-
-
-
6,367
Balance as at 31 December 2024
38,509
28,946
27,689
36,953
132,097
Interest-bearing borrowings and liabilities
73,381
1,699
56,367
-
131,447
Lease liabilities
261
802
998
2,655
4,716
Other financial liabilities
1,485
1,289
81
-
2,855
Trade payables
5,076
-
-
-
5,076
Balance as at 31 December 2025
80,203
3,790
57,446
2,655
144,094
Credit risk
The table below summarises credit risk exposures related to the balance sheet items:
As at 31 December 2025
As at 31 December 2024
Financial assets at fair value through profit or loss
-
1,153
Financial assets at amortised cost
11,032
16,583
Cash and cash equivalents
1,942
31
Contract assets
3,663
1,220
16,637
18,987
The maximum exposure to credit risk is equal to the amount of trade receivables, other receivables (except for receivable LNG terminal funds), cash and other financial assets, less recognised impairment losses. Delays in settlement of trade receivables may affect the Company\u2019s ordinary course of business and lead to search of additional financing sources. Credit risk is managed through regular monitoring procedures (individual supervision of debtors, monitoring and analysis of customers in order to identify potential solvency issues that may arise in the future, etc.). The Company has approved the Description of Administration of Payments for the Transmission Services, which stipulates the specific actions and deadlines to be followed in order to reduce the outstanding balance of trade receivables. Creditworthiness of all customers is assessed, and in case of any deviations from the criteria set out in the Description of Administration of Payments for the Transmission Services, the risk is assessed individually in respect of creditworthiness of each customer, and, if necessary, additional credit enhancements are ensured to eliminate such risk.
The credibility of the selected partners is assessed according to the procedure established at the Company. The system users assigned with the highest risk level are assessed by engaging an entity that provides specialised creditworthiness assessment services.
The Company is exposed to significant concentration of credit risk. The credit risk exposure is distributed among the Company\u2019s 10 major customers with trade receivables from them representing 83% of the Company\u2019s total trade receivables as at 31 December 2025 (31 December 2024: 86%).
The Company\u2019s exposure to credit risk arises from cash at bank. The level of exposure depends on the credibility of the selected bank (Note 14). The Group has an effective treasury and financial risk management policy in place. The policy establishes the credibility level of the banks selected for partnership; the diversification limits for funds kept as deposits or invested in the investment products of banks or their subsidiaries, other securities, etc.
Interest rate risk
The Company is exposed to interest rate risk arising mainly non-current and current borrowings from the parent EPSO-G, as well as non-current borrowings from financial institutions, partly linked to variable interest rates. Interest rate fluctuations may have impact on the Company\u2019s finance costs, cash flows and performance. Given the Company\u2019s infrastructure and regulated activities, interest rate risk is a significant financial risk factor, subject to ongoing monitoring.
The Company\u2019s interest rate risk management is aimed at ensuring stable and predictable finance costs and reducing the negative impact of interest rate fluctuations on the Company\u2019s performance. Risk is managed through a diversified funding structure, combining fixed and variable rate commitments. The interest rate risk management complies with the provisions of Treasury and Financial Risk Management Policy approved by the Group, considering regulatory developments.
As at 31 December 2025, the Company\u2019s variable rate loans totalled EUR 85,534 thousand (EUR 43,870 thousand as at 31 December 2024).
The table below demonstrates the sensitivity of the Company's profit before tax to theoretic potential shifts in EURIBOR interest rates, with all other variables held constant. The Company estimates sensitivity using 100 basis points, which make 1%.
Increase in EURIBOR, b.p.
Impact on profit before tax,
EUR \u2019000
As at 31 December 2025
100
(855)
As at 31 December 2024
100
(439)
There is no impact on the Company\u2019s equity, other than that on current year profit. The increasing or decrease in interest rate by +/- 1\u00a0pp would result in decrease/increase the Company\u2019s pre-tax profit by EUR 855 thousand as at 31 December 2025 (2024: decrease/increase in pre-tax profit by EUR 439 thousand).
Natural gas price risk
The Company is exposed to a risk arising from changes in the natural gas purchase price. The changes are driven by fluctuations in Lithuanian and international natural gas markets and exchanges. The risk is low, since the methodology for determining the tariffs of transmission services approved by NERC accepts actual gas prices.
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The Company's major financial assets and liabilities not carried at fair value are trade and other receivables, trade and other payables, current and non-current loans granted and borrowings and finance lease.
The following methods and assumptions are used by the Company to estimate the fair value of each class of financial instruments:
a.
The carrying amount of current trade and other amounts receivable, current trade and other amounts payables approximates their fair value (level 3);
b.
The fair value of non-current loans received and granted is measured using the interest rate for the same or similar issues or on the current rates available for debt with the same maturity profile and similar credit risk. The Company estimated that the carrying amount of interest-bearing long-term loans received was EUR 9,052 thousand as at 31 December 2025 (EUR 9,512 thousand as at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "
Liquidity risk
Liquidity risk is managed continuously by making short-term and long-term cash flow forecasts of the Company. Where necessary, the Company relies on the forecasts to make decisions aimed at ensuring its solvency, i.e. to balance its working capital, the Company uses the borrowing limit set under the cash pool agreement with the EPSO-G Group companies participating in the cash pooling arrangement. Balance of undrawn credit limit as at 31 December 2025 was EUR 12,155 thousand (as at 31 December 2024, EUR 46,518 thousand).
The Company does not guarantee obligations of other parties.
The Company\u2019s liquidity ratios as at 31 December 2025 and 2024, respectively, were as follows:
As at 31 December 2025
As at 31 December 2024
Current ratio
0,29/(0,56*)
0.39
Quick ratio
0,25/(0,48*)
0.34
The decrease in liquidity ratios was due to an increase in current liabilities as a result of the Company's reclassification of long-term loans from the Nordic Investment Bank and the European Investment Bank into current financial liabilities during the reporting period. More detailed information on the reclassification of loans is provided in Notes 19 and 40.
* When preparing the financial statements, the long-term portion of Nordic Investment Bank and the European Investment Bank loans was temporarily classified as short-term financial debt. Therefore, we present a restated figure assuming that the portions of Nordic Investment Bank and the European Investment Bank loans temporarily reclassified as current loans are treated as long-term financial liabilities.
The table below presents the Company\u2019s financial liabilities grouped by maturity as at 31 December 2025 and 2024, based on the undiscounted contractual payments (scheduled payments including interest):
Up to 3 months
Between 3 and 12 months
Between 1 and 5 years
After 5 years
Total
Interest-bearing borrowings and liabilities
2,575
28,143
25,200
34,080
89,998
Lease liabilities
267
803
1,835
2,873
5,778
Other financial liabilities
29,300
-
654
-
29,954
Trade payables
6,367
-
-
-
6,367
Balance as at 31 December 2024
38,509
28,946
27,689
36,953
132,097
Interest-bearing borrowings and liabilities
73,381
1,699
56,367
-
131,447
Lease liabilities
261
802
998
2,655
4,716
Other financial liabilities
1,485
1,289
81
-
2,855
Trade payables
5,076
-
-
-
5,076
Balance as at 31 December 2025
80,203
3,790
57,446
2,655
144,094
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "
Credit risk
The table below summarises credit risk exposures related to the balance sheet items:
As at 31 December 2025
As at 31 December 2024
Financial assets at fair value through profit or loss
-
1,153
Financial assets at amortised cost
11,032
16,583
Cash and cash equivalents
1,942
31
Contract assets
3,663
1,220
16,637
18,987
The maximum exposure to credit risk is equal to the amount of trade receivables, other receivables (except for receivable LNG terminal funds), cash and other financial assets, less recognised impairment losses. Delays in settlement of trade receivables may affect the Company\u2019s ordinary course of business and lead to search of additional financing sources. Credit risk is managed through regular monitoring procedures (individual supervision of debtors, monitoring and analysis of customers in order to identify potential solvency issues that may arise in the future, etc.). The Company has approved the Description of Administration of Payments for the Transmission Services, which stipulates the specific actions and deadlines to be followed in order to reduce the outstanding balance of trade receivables. Creditworthiness of all customers is assessed, and in case of any deviations from the criteria set out in the Description of Administration of Payments for the Transmission Services, the risk is assessed individually in respect of creditworthiness of each customer, and, if necessary, additional credit enhancements are ensured to eliminate such risk.
The credibility of the selected partners is assessed according to the procedure established at the Company. The system users assigned with the highest risk level are assessed by engaging an entity that provides specialised creditworthiness assessment services.
The Company is exposed to significant concentration of credit risk. The credit risk exposure is distributed among the Company\u2019s 10 major customers with trade receivables from them representing 83% of the Company\u2019s total trade receivables as at 31 December 2025 (31 December 2024: 86%).
The Company\u2019s exposure to credit risk arises from cash at bank. The level of exposure depends on the credibility of the selected bank (Note 14). The Group has an effective treasury and financial risk management policy in place. The policy establishes the credibility level of the banks selected for partnership; the diversification limits for funds kept as deposits or invested in the investment products of banks or their subsidiaries, other securities, etc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-106": { "value": "
Interest rate risk
The Company is exposed to interest rate risk arising mainly non-current and current borrowings from the parent EPSO-G, as well as non-current borrowings from financial institutions, partly linked to variable interest rates. Interest rate fluctuations may have impact on the Company\u2019s finance costs, cash flows and performance. Given the Company\u2019s infrastructure and regulated activities, interest rate risk is a significant financial risk factor, subject to ongoing monitoring.
The Company\u2019s interest rate risk management is aimed at ensuring stable and predictable finance costs and reducing the negative impact of interest rate fluctuations on the Company\u2019s performance. Risk is managed through a diversified funding structure, combining fixed and variable rate commitments. The interest rate risk management complies with the provisions of Treasury and Financial Risk Management Policy approved by the Group, considering regulatory developments.
As at 31 December 2025, the Company\u2019s variable rate loans totalled EUR 85,534 thousand (EUR 43,870 thousand as at 31 December 2024).
The table below demonstrates the sensitivity of the Company's profit before tax to theoretic potential shifts in EURIBOR interest rates, with all other variables held constant. The Company estimates sensitivity using 100 basis points, which make 1%.
Increase in EURIBOR, b.p.
Impact on profit before tax,
EUR \u2019000
As at 31 December 2025
100
(855)
As at 31 December 2024
100
(439)
There is no impact on the Company\u2019s equity, other than that on current year profit. The increasing or decrease in interest rate by +/- 1\u00a0pp would result in decrease/increase the Company\u2019s pre-tax profit by EUR 855 thousand as at 31 December 2025 (2024: decrease/increase in pre-tax profit by EUR 439 thousand).
Natural gas price risk
The Company is exposed to a risk arising from changes in the natural gas purchase price. The changes are driven by fluctuations in Lithuanian and international natural gas markets and exchanges. The risk is low, since the methodology for determining the tariffs of transmission services approved by NERC accepts actual gas prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-107": { "value": "
36.
Consideration of climate change impact
According to the Company\u2019s management, more stringent EU environmental policy requirements introduced in the context of combating climate change, promotion and development of renewable energy sources and more efficient use of energy will reduce consumption of natural gas for both energetic and industrial domestic needs. However, natural gas pays and will continue to play an important role as a transitional energy source in achieving European and national targets of reducing greenhouse gas (GHG) emissions. We see the transformation of the energy sector as a fundamental change. In the Company's strategy, we have set ourselves the goals: to provide the infrastructure upon which the net-zero energy system will be based, to reduce GHG emissions throughout its value chain, aiming for net-zero and thereby mitigating the environmental impact of operations.
To significantly reduce the impact on environment, the plan of measures has been developed and consistently implemented: pilot projects are planned, market analysis is carried out, and investment plans are developed. Actions are focused on preparing for the new EU legal framework for methane emissions.
Measures for mitigating climate change and reducing GHG emissions and related investments are covered by the Company\u2019s Ten-Year Network Development Plan (2024-2033).
Once implemented, these investments will be included in the regulated asset base, thereby ensuring additional income and economic benefit to the Company. These investments encompass the generation of new assets and the replacement of existing depreciated assets (see Note 6,7) to increase efficiency of the transmission network and sustainability. There are no plans to reduce the useful life of the existing assets or to write off the regulated assets, and there are no evidences of impairment. More details on the impairment test performed are disclosed in Note\u00a07.
In the view of the Company\u2019s management, the requirements related to climate change do not cast significant uncertainties and doubts on the ability to continue as a going concern, and the reasonableness and effectiveness of the environmental mitigation measures. Climate-related risk does not affect the Company\u2019s exposure to expected credit losses. The climate change impact assessments and assumptions do not pose a significant risk of material adjustments to the carrying amounts of assets and liabilities, or of impairment of non-current assets and inventories. Climate-related matters do not have a material impact on the recognition of deferred tax assets, the materialisation of contingent liabilities arising from climate change requirements, market and liquidity risk.
For more information on the climate impact see Management Report for 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "value": "
37.
Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.
Civil case, in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,598 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for improper performance of the contract. The case is currently pending before the Court of First Instance. The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public. As indicated above, the Company has made the provision of EUR 5,815 thousand (Note 22) for potential repayments of funds received under the guarantee. The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
2.
In the administrative case, the Company is challenging in court two decisions adopted by the National Energy Regulatory Council (NERC) following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation: (i) Resolution approving the Inspection Report (hereinafter -the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) Resolution finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognised under other payables and liabilities. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The administrative proceedings were suspended by the court order until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
3.
Civil case based on Latvenergo AS\u2019s claim against the Company for EUR 102 thousand in compensation for the inability to use paid transmission services due to technical maintenance work performed by the Company in 2022\u20132023, as well as for the award of EUR 6 thousand in late payment interest. The Company disagrees with the claim. The case is pending before the Court of First Instance.
4.
Civil case pursuant to UAB Deforta\u2019s claim against the Company for compensation of EUR 349 thousand losses (lost income), because the Company unlawfully excluded it from the public procurement tender for the cleaning of main gas pipeline routes from vegetation and declared another supplier the winner, as a result of which UAB Deforta lost the right to perform the contract. The Company disagrees with the claim. The case is pending before the Court of First Instance.
Commitments to acquire non-current assets
As at 31 December 2025, the Company had off-balance sheet contractual commitments to acquire non-current assets for the amount of EUR 30.9 million (31 December 2024: EUR 3.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "
37.
Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.
Civil case, in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,598 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for improper performance of the contract. The case is currently pending before the Court of First Instance. The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public. As indicated above, the Company has made the provision of EUR 5,815 thousand (Note 22) for potential repayments of funds received under the guarantee. The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
2.
In the administrative case, the Company is challenging in court two decisions adopted by the National Energy Regulatory Council (NERC) following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation: (i) Resolution approving the Inspection Report (hereinafter -the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) Resolution finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognised under other payables and liabilities. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The administrative proceedings were suspended by the court order until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
3.
Civil case based on Latvenergo AS\u2019s claim against the Company for EUR 102 thousand in compensation for the inability to use paid transmission services due to technical maintenance work performed by the Company in 2022\u20132023, as well as for the award of EUR 6 thousand in late payment interest. The Company disagrees with the claim. The case is pending before the Court of First Instance.
4.
Civil case pursuant to UAB Deforta\u2019s claim against the Company for compensation of EUR 349 thousand losses (lost income), because the Company unlawfully excluded it from the public procurement tender for the cleaning of main gas pipeline routes from vegetation and declared another supplier the winner, as a result of which UAB Deforta lost the right to perform the contract. The Company disagrees with the claim. The case is pending before the Court of First Instance.
Commitments to acquire non-current assets
As at 31 December 2025, the Company had off-balance sheet contractual commitments to acquire non-current assets for the amount of EUR 30.9 million (31 December 2024: EUR 3.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
37.
Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.
Civil case, in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,598 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for improper performance of the contract. The case is currently pending before the Court of First Instance. The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public. As indicated above, the Company has made the provision of EUR 5,815 thousand (Note 22) for potential repayments of funds received under the guarantee. The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
2.
In the administrative case, the Company is challenging in court two decisions adopted by the National Energy Regulatory Council (NERC) following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation: (i) Resolution approving the Inspection Report (hereinafter -the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) Resolution finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognised under other payables and liabilities. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The administrative proceedings were suspended by the court order until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
3.
Civil case based on Latvenergo AS\u2019s claim against the Company for EUR 102 thousand in compensation for the inability to use paid transmission services due to technical maintenance work performed by the Company in 2022\u20132023, as well as for the award of EUR 6 thousand in late payment interest. The Company disagrees with the claim. The case is pending before the Court of First Instance.
4.
Civil case pursuant to UAB Deforta\u2019s claim against the Company for compensation of EUR 349 thousand losses (lost income), because the Company unlawfully excluded it from the public procurement tender for the cleaning of main gas pipeline routes from vegetation and declared another supplier the winner, as a result of which UAB Deforta lost the right to perform the contract. The Company disagrees with the claim. The case is pending before the Court of First Instance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "
37.
Off-balance sheet commitments and contingencies
Litigations
Below is information on pending civil cases:
1.
Civil case, in which the Company is the defendant, is pending on the claim of the claimant Alvora UAB, by which it request the Court to declare the claims of the defendant, i.e. the Company, for the payment of EUR 4,598 thousand on the basis of the guarantee obligations unlawful and unfounded, and the Company\u2019s claim (treated as a counterclaim), by which it request Alvora UAB to be ordered to pay EUR 4,820 thousand by way of damages, in addition to default interest on the awarded amount, and a fine for improper performance of the contract. The case is currently pending before the Court of First Instance. The Company has received EUR 5.815 thousand in warranty performance security funds based on the claims submitted. However, a provision for the possible repayment of the same amount has been recognized in the provision account for a possible return of the guarantee funds. The Company considers that the bank guarantees were used duly in accordance with laws and terms and conditions of the contract, as defects were found in the work, which Alvora UAB refused to remedy. The proceeds from the guarantees will be used to remedy the defects found. In the event Alvora UAB remedies the defects found at its own expense until the outcome of the proceedings, the Company will reimburse the money to the claimant Alvora UAB received under the guarantees. The court has declared the case material non-public. As indicated above, the Company has made the provision of EUR 5,815 thousand (Note 22) for potential repayments of funds received under the guarantee. The Company has not recognised contingent assets to cover additional losses in the action due to the high uncertainty of the outcome of the legal proceedings.
2.
In the administrative case, the Company is challenging in court two decisions adopted by the National Energy Regulatory Council (NERC) following a non-routine inspection of the legality of the use of the GIPL pipeline interconnectors during construction and testing during operation: (i) Resolution approving the Inspection Report (hereinafter -the \u2018Report\u2019), finding the infringements by the Company and imposing related obligations on the Company (including the replacement of the fittings found by the Report to be unsuitable); and (ii) Resolution finding that the Company has committed an infringement of a regulatory obligation and imposing a EUR 81 thousand fine. The Company seeks to prove that it did not commit the infringements of the regulated activities identified by NERC (the infringements were committed by the contractor for the construction of the GIPL gas pipeline) and there were no grounds for imposing the sanction. Notwithstanding the fact that the Company has not paid the fine imposed, because it is challenging NERC\u2019s decision to impose a penalty, the Company has acknowledged its financial obligation to pay a set amount of the fine, which has been recognised under other payables and liabilities. If the Company\u2019s submissions are rejected by the Court or upheld in part, the sanction will remain the same or will be reduced. The administrative proceedings were suspended by the court order until the final judgement in the said civil case becomes effective (see point 2). The court has declared the case material non-public.
3.
Civil case based on Latvenergo AS\u2019s claim against the Company for EUR 102 thousand in compensation for the inability to use paid transmission services due to technical maintenance work performed by the Company in 2022\u20132023, as well as for the award of EUR 6 thousand in late payment interest. The Company disagrees with the claim. The case is pending before the Court of First Instance.
4.
Civil case pursuant to UAB Deforta\u2019s claim against the Company for compensation of EUR 349 thousand losses (lost income), because the Company unlawfully excluded it from the public procurement tender for the cleaning of main gas pipeline routes from vegetation and declared another supplier the winner, as a result of which UAB Deforta lost the right to perform the contract. The Company disagrees with the claim. The case is pending before the Court of First Instance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "
38.
Related-party transactions
Disclosure includes transactions and their balances with the EPSO-G group companies, associate GET Baltic UAB (until 10 October 2025), all state-owned enterprises or entities under significant influence of the State (transactions with such entities are disclosed separately only if the amount of the transactions exceeds EUR 100,000 per calendar year), management and their close family members.
The Company\u2019s related parties as at 31 December 2025 and 31 December 2024 were as follows:
\uf0b7
The Company\u2019s parent company EPSO-G UAB, which is wholly owned by the Lithuanian Ministry of Energy;
\uf0b7
EPSO-G Group companies:
\uf02d
Litgrid AB (common shareholders);
\uf02d
TETAS UAB (common shareholders);
\uf02d
Baltpool UAB (common shareholders);
\uf02d
Energy Cells UAB (common shareholders);
\uf02d
EPSO-G Invest UAB (common shareholders).
\uf0b7
Associate GET Baltic until 10 October 2025.
\uf0b7
The companies of Ignitis Grup\u0117 AB:
\uf02d
Energijos Skirstymo Operatorius AB
\uf02d
Ignitis UAB
\uf02d
Ignitis Gamyba UAB
\uf02d
Transporto Valdymas UAB
\uf02d
Ignitis Polska sp. z.o.o.
\uf02d
Other companies of Ignitis Grup\u0117 AB.
\uf0b7
Other state-owned enterprises:
\uf02d
KN Energies AB;
\uf02d
Other state-owned enterprises or entities under significant influence;
\uf02d
Management.
Transactions with related parties are carried out under market conditions, in line with the tariffs approved under relevant legal acts or in accordance with the requirements of the Law on Public Procurement.
The nature of the Company\u2019s related-party transactions is associated with the provision of natural gas transmission services and the natural gas system users balancing services. Payments for natural transmission and balancing services under the contracts are settled within 14-17 calendar days. Security deposits are used as an enforcement measure to secure settlement.
The following other services were acquired from related parties:
\uf02d
Electricity transmission services (Energijos skirstymo operatorius AB).
\uf02d
Acquisition of electricity for charging electric vehicles (Ignitis UAB).
\uf02d
Trading in natural gas on exchange (GET Baltic UAB).
\uf02d
Management services, loans received, interest on loans received (EPSO-G).
The tables below present the Company\u2019s related-party transactions and their balances as at 31 December 2025 and 31 December 2024:
As at 31 December 2025
Purcha-ses
LNG terminal funds deducted*
Sales
LNG terminal funds credi-ted*
Recei-vables
LNG terminal
funds receivable
Proceeds from
borrowings
Payables
LNG terminal
funds payable
Divi-dends received
Finance costs
GET Baltic UAB
10,376
-
4,187
-
-
-
-
-
-
837
-
EPSO-G
766
-
-
-
-
-
67,845
594
-
-
1,483
TETAS UAB
1
-
-
-
-
-
-
-
-
-
-
Ignitis gamyba AB
5,142
-
7,463
(1,426)
384
-
-
126
180
-
-
Energijos skirstymo operatorius AB
368
-
361
(23)
19
-
-
63
3
-
-
Ignitis UAB
4,592
(436)
11,087
(1,029)
1,641
254
-
626
3,676
-
-
KN Energies AB
-
(3,677)
-
-
-
373
-
-
3,975
-
-
Other state-owned enterprises
72
-
-
-
-
-
-
3
-
-
-
21,317
(4,113)
23,098
(2,478)
2,044
627
67,845
1,412
7,834
837
1,483
* The credited and deducted LNG terminal funds are not presented in the statement of profit or loss, as the Company acts as an agent in respect of these funds when collecting and allocating these funds. The amounts are negative due to an extra charge related to natural gas supply security added to the natural gas transmission tariff which was set negative for 2025.
As at 31 December 2024
Purcha-ses
LNG terminal funds deducted*
Sales
LNG terminal funds credi-ted*
Recei-vables
LNG terminal funds receivable
Proceeds from borrowings
Payables
LNG terminal funds payable
Divi-dends received
Finance costs
GET Baltic UAB
17,616
-
2,128
-
228
-
-
1,516
-
564
-
EPSO-G
751
-
-
-
-
-
23,482
274
-
-
1,084
TETAS UAB
4
-
-
-
-
-
-
-
-
-
-
Ignitis gamyba AB
1,547
-
5,152
8,568
1,014
864
-
315
-
-
-
Energijos skirstymo operatorius AB
424
-
532
150
29
15
-
39
-
-
-
Ignitis UAB
4,163
31,797
12,312
7,047
1,650
733
-
768
6,817
-
-
Transporto valdymas UAB
52
-
-
-
-
-
-
-
-
-
-
KN Energies AB
-
-
-
-
-
-
-
-
3,975
-
-
Other state-owned enterprises
62
-
-
-
-
-
-
7
-
-
-
24,619
31,797
20,124
15,765
2,921
1,612
23,482
2,919
10,792
564
1,084
* The credited and deducted LNG terminal funds are not presented in the statement of profit or loss, as the Company acts as an agent in respect of these funds when collecting and allocating these funds.
There were no guarantees issued or received for payables to/receivables from related parties, the settlement term was between 15 and 30 days. As at 31 December 2025, the Company neither formed nor recognised any impairment provisions for receivables from related parties.
Payments to key management personnel
2025
2024
Employment-related payments
759
784
Payments to Board members
106
99
Total compensation to management
865
883
The management of the Company is deemed to include the Company\u2019s manager, the Technical Director, the Legal and Administration Director, the Commerce Director, the Organisational Progress Director, and the Finance Director. No loans, guarantees were issued nor were any assets transferred to the management of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-113": { "value": "
Payments to key management personnel
2025
2024
Employment-related payments
759
784
Payments to Board members
106
99
Total compensation to management
865
883
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "
39.
Audit and non-audit services
In the period of from 2024 to 2025 the audit firm provided the following audit and non-audit services to the Company. Information on non-audit services is disclosed based on the date of services rendered:
2025
2024
Audit services
75
75
Total audit services
75
75
Non-audit services
Assurance and other related services
17
12
Other services
-
5
Total non-audit services:
17
17
Audit expenses are recorded in the statement of comprehensive income under other expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-115": { "value": "
40.
Events after the end of the financial year
On 25 February 2026, the confirmation was received from the Nordic Investment Bank regarding the entry into force of the tripartite loan transfer agreement concluded on 22 December 2025, with the day of entry being 25 February 2026. Upon the entry into force of this agreement, EPSO-G takes over the outstanding loan, and the financial covenants cease to apply to the Company. The internal loan will be classified as non-current borrowing (matures by August 2030).
At the same time, the loan from the European Investment Bank, which was reclassified to current financial liabilities as at 31 December 2025, will be reclassified to non-current financial liabilities upon entry into force of the internal loan from EPSO-G.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:097900BGMP0000061061", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }