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1.
General information
Litgrid AB is a public limited liability company registered in the Republic of Lithuania. The address of its registered office is Karlo Gustavo Emilio Manerheimo g. 8, LT-05131, Vilnius, Lithuania. The Company was established as a result of the unbundling of Lietuvos Energija AB operations. The Company was registered with the Register of Legal Entities on 16 November 2010. The Company\u2019s code is 302564383.
Amounts in these financial statements are presented in thousands of euro (EUR), unless otherwise stated.
The Company's financial year coincides with the calendar year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Litgrid AB", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "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:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Republic of Lithuania", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Karlo Gustavo Emilio Manerheimo g. 8, LT-05131, Vilnius", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Litgrid is the electricity transmission system operator in Lithuanian. We maintain high-voltage electricity transmission networks and secure the stable operation of the country\u2019s electricity system, manage electricity flows, and create conditions for competition in the free electricity market. We are responsible for the functioning of the Lithuanian electricity system in the European electricity infrastructure and for the single electricity market.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "
As at 31 December 2025, the Company\u2019s authorised share capital amounted to EUR 146,256,100.20 and it was divided into 504,331,380 ordinary registered shares with the nominal value of EUR 0.29 each. All shares are fully paid. Company\u2019s shareholders:
At 31 December 2025
At 31 December 2024
At 31 December 2025
At 31 December 2024
Number of shares held
Number of shares held (%)
EPSO-G UAB
491,736,153
491,736,153
97.5
97.5
Other shareholders
12,595,227
12,595,227
2.5
2.5
Total
504,331,380
504,331,380
100
100
15.
Share capital and share premium
As at 31 December 2025 and 31 December 2024, the Company\u2019s issued capital amounted to EUR 146,256 thousand and it was divided into 504,331,380 units of ordinary registered shares with the nominal value of EUR 0.29 each. All the shares were fully paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "EPSO-G UAB", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "the Ministry of Energy of the Republic of Lithuania", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "
The number of shares held by the Company in the joint venture were as follows:
Company name
Address of the company\u2019s registered office
at 31 December 2025
at 31 December 2024
Profile of activities
Baltic RCC O\u00dc
Kadaka tee 42, EE- 12915 Tallinn Eesti
33.33%
33.33%
Provision of services ensuring safety and reliability of the electricity system and coordination between the transmission network operators of the Baltic region
9.
Investments in the joint venture
In its financial statements, the Company\u2019s investments in the joint venture Baltic RCC OU included the following:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at 1 January
99
45
Change in value of investments in joint ventures
31
54
Dividends paid
(53)
-
Carrying amount at the end of the period
77
99
Below is the information presented in the statement of comprehensive income and the statement of financial position of Baltic RCC OU:
All amounts are in EUR thousands unless otherwise stated)
2025 m. (unaudited)
2024 m. (unaudited)
Operating results of the joint venture
97
79
Income tax benefit (expenses)
(47)
(2)
Net profit (loss)
50
77
Total comprehensive income for the period:
50
77
Comprehensive income attributable to the Company
-
26
Total comprehensive income attributable to the Company
-
26
Dividends paid to the Company
53
-
All amounts are in EUR thousands unless otherwise stated)
2025-12-31 (unaudited)
2024-12-31 (unaudited)
Non-current assets
68
79
Current assets
953
870
Total assets:
1,021
949
Non-current liabilities
10
16
Current liabilities
780
636
Total liabilities:
790
652
Net assets
231
297
Company\u2019s share, %
33.33
33.33
Company\u2019s share of net assets
77
99
Carrying amount of investments in the joint venture
77
99
The given information represents the management\u2019s estimates made based on the available financial information of the joint venture presented in the financial statements.
In June 2025, the Company received EUR 53 thousand in dividends from Baltic RCC OU, by which the value of investment in the joint venture was reduced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "
The number of shares held by the Company in the joint venture were as follows:
Company name
Address of the company\u2019s registered office
at 31 December 2025
at 31 December 2024
Profile of activities
Baltic RCC O\u00dc
Kadaka tee 42, EE- 12915 Tallinn Eesti
33.33%
33.33%
Provision of services ensuring safety and reliability of the electricity system and coordination between the transmission network operators of the Baltic region
9.
Investments in the joint venture
In its financial statements, the Company\u2019s investments in the joint venture Baltic RCC OU included the following:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at 1 January
99
45
Change in value of investments in joint ventures
31
54
Dividends paid
(53)
-
Carrying amount at the end of the period
77
99
Below is the information presented in the statement of comprehensive income and the statement of financial position of Baltic RCC OU:
All amounts are in EUR thousands unless otherwise stated)
2025 m. (unaudited)
2024 m. (unaudited)
Operating results of the joint venture
97
79
Income tax benefit (expenses)
(47)
(2)
Net profit (loss)
50
77
Total comprehensive income for the period:
50
77
Comprehensive income attributable to the Company
-
26
Total comprehensive income attributable to the Company
-
26
Dividends paid to the Company
53
-
All amounts are in EUR thousands unless otherwise stated)
2025-12-31 (unaudited)
2024-12-31 (unaudited)
Non-current assets
68
79
Current assets
953
870
Total assets:
1,021
949
Non-current liabilities
10
16
Current liabilities
780
636
Total liabilities:
790
652
Net assets
231
297
Company\u2019s share, %
33.33
33.33
Company\u2019s share of net assets
77
99
Carrying amount of investments in the joint venture
77
99
The given information represents the management\u2019s estimates made based on the available financial information of the joint venture presented in the financial statements.
In June 2025, the Company received EUR 53 thousand in dividends from Baltic RCC OU, by which the value of investment in the joint venture was reduced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "
As at 31 December 2025, the Company had 501 (31 December 2024: 458) employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
2.
Material accounting policy
The material accounting policies adopted in the preparation of the Company\u2019s financial statements for the year ended 31 December 2025 are summarised 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 meet them.
The financial statements have been prepared on a historical cost basis, except for property, plant and equipment which is recorded at revalued amount, less accumulated depreciation and estimated impairment losses, and financial assets measured at fair value through other comprehensive income.
Amounts in these financial statements are presented in thousands of euro (EUR), unless otherwise stated.
The statement of cash flows is prepared indirectly.
The Company's financial year coincides with the calendar year.
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). In August 2023, the IASB issued 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. 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.
Based on the assessment of the Company\u2019s management, these amendments have no significant impact on these financial statements.
(b) Standards, amendments and interpretations endorsed by the European Union on 1 January 2026, 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:
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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;
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clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
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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
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update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
Based on the assessment of the Company\u2019s management, these amendments have no significant impact on these 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.
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:
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the structure of the statement of profit or loss;
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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);
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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.
Based on the Company\u2019s assessment, these amendments do not have significant impact on the financial statements.
2.2.
Property, plant and equipment and intangible assets
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Property, plant and equipment
Items of assets with a useful life over one year and the acquisition cost higher than the set minimal capitalisation value for different groups of assets.
All property, plant and equipment (PP&E) is shown at revalued amounts, based on periodic (at least every 5 years) property valuations, less the amounts of accumulated depreciation, recognised grants and impairment losses.
During the revaluation, each object of the asset and the item within that object are evaluated by indicating the remaining useful life established for that item of the asset.
Decreases in the carrying amount arising on the revaluation of property, plant and equipment that offset previous increases of the same asset are charged against the revaluation reserve directly in equity, and all other decreases are recognised in profit or loss. Increases in the carrying amount offset previous decreases of the same asset are recognised in profit or loss. All other increases in the carrying amount 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. After the sale or write-off of a property unit, any balance of the revaluation reserve related to this property is transferred to retained earnings.
Interest on targeted and general loans and other borrowing costs (such as the bank\u2019s administration fee, 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 regarded to be an asset which is developed on the basis of a project the value of which is not less than EUR 1 million and the preparation of which for its intended use or sale takes no less than 12 months. Borrowing costs that are attributable to the acquisition of a qualifying asset are capitalised as part of the cost of that asset. The capitalisation of borrowing costs is started when costs related to the production or acquisition of the qualifying asset are incurred (a prepayment is made or a payment for works is made according to the signed statement on the works carried out and their respective value) and ended when all the activities necessary for the preparation of the qualifying asset for its intended use or sale in the manner intended by management are substantially complete. While determining the amount of borrowing costs eligible for the capitalisation of costs incurred in the acquisition of qualifying assets, the capitalisation rate is applied.
Construction work in progress represents non-current fixed assets under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs.
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 \u201cproperty, plant and equipment\u201d.
Property, plant, and equipment is recorded at acquisition (production) cost, less grants received/receivable for the acquisition of property, property, plant, and equipment, and penalties. Grants comprise financing from the EU support funds, a portion of congestion management funds designated for the financing of investments, payments for the expenses incurred during the
connection of producers to the transmission network and performance of works for the relocation/reconstruction of the transmission network\u2019s installations initiated by customers. Capitalization of penalties as cost of property, plant and equipment is disclosed in Note 2.13.
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Intangible assets
Intangible assets is recorded at acquisition (production) cost, less grants received/receivable for the acquisition of intangible assets, and penalties. Grants comprise financing from the EU support funds and a portion of congestion management funds designated for the financing of investments. Capitalization of penalties as cost of intangible assets is disclosed in Note 2.13
Intangible assets are initially recognised at cost. Intangible assets are recognised only when it is probable that future economic benefits associated with these assets will flow to the Company and the value of assets can be measured reliably. After initial recognition, intangible assets are carried at cost, less accumulated amortisation and accumulated impairment losses, if any.
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Depreciation and amortisation
Depreciation of property, plant and equipment and amortisation of intangible assets, except for land, construction work in progress, statutory servitudes and protection zones of the transmission network, is calculated using the straight-line method over estimated useful lives of the asset. Under IAS 16, non-current assets that are fully depreciated but still in use are not subject to depreciation. The carrying amount of the asset remains the same, usually equals to its residual value, which can be zero.
The estimated useful lives, residual values and depreciation/amortisation method are reviewed by the Company at each year-end to ensure that they are consistent with the expected pattern of economic benefits from these assets. The effect of changes in estimates, if any, is recognised for newly acquired assets on a prospective basis.
The value of the asset cannot be recovered solely because it is still in use after the end of its useful life. However, if the asset is being renewed or enhanced, the costs of such enhancement are capitalized as a separate asset or the costs incurred are included in the value of existing asset.
Each year the Company estimates acquisition cost or revalued amount of the fully depreciated non-current assets still in use by class of assets.
Estimated useful lives of property, plant and equipment and intangible assets are as follows:
Categories of property, plant and equipment and intangible assets
Useful lives (in years)
Buildings
35 \u2013 60
- Structures, machinery and equipment, whereof:
- 400, 330, 300, 220, 110, 10 kV electricity transmission and cable lines
55
- 400, 330, 110, 3-17,7 kV switchyard\u2019s electrical installations
30 \u2013 35
- 400, 330, 220, 110, 10-20 kV capacity transformers
35
- electricity and communication devices
20 \u2013 25
- electrical installations, whereof:
15 \u2013 35
- relay security and automation equipment
15 \u2013 35
- technological and dispatch control equipment
8
- other equipment
5 \u2013 20
Motor vehicles
5 \u2013 10
Other property, plant and equipment, whereof:
- computer hardware and communication equipment
3 \u2013 10
- inventory, tools
4 \u2013 10
Intangible assets, whereof:
3 \u2013 5
- statutory servitudes and protection zones of the transmission network
Not subject to amortisation
Statutory servitudes and protection zones of the transmission network have an indefinite useful life because the right to use the established zones is unlimited in time.
Gain or loss on disposal of non-current assets is calculated as the difference between the proceeds from sale and the book value of the disposed asset and is recognised in the statement of comprehensive income of the reporting year.
Subsequent repair costs incurred when performing major improvements are included in the carrying amount of property, plant and equipment, only when it is probable that future economic benefits associated with these costs will flow to the Company and these costs can be measured reliably. Repair costs for the asset category of overhead lines and cables are accounted for as component of item of assets by estimating the useful life of the new asset. The carrying amount of the replaced part is derecognised. All other repair and maintenance costs are recognised as expenses in the statement of comprehensive income during the financial period in which they are incurred.
2.3.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company reviews the carrying amounts of property, plant and equipment (including right-of-use assets) and intangible assets to determine whether there are any indications that those assets have suffered an impairment loss. If any such indication exists, the recoverable value of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable amount is the higher of the asset\u2019s fair value less costs to sell and value in use. In assessing 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 value, the carrying value 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 value of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying value does not exceed the carrying value 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 recognised 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 a revaluation increase (without exceeding the amount of previous impairment).
2.4.
Inventories
Inventories are initially recorded at acquisition cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value. Acquisition 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. Cost is determined on the first-in, first-out (FIFO) basis. Net realisable value is the estimated selling price, less the estimated costs of completion and selling expenses.
Inventories required to be stored as a reserve and the management does not expected these inventories to be used over the normal business cycle of the Company or 12 months are classified as non-current assets. Depreciation is calculated for reserve inventories that are classified as non-current assets. The depreciation rate applied reflects an expected useful life of such inventories.
2.5.
Trade payables and other financial liabilities, borrowings
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Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities, excluding borrowings, are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method as disclosed in paragraph 2.6 of the notes to the financial statements.
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, that financial liability is classified as non-current.
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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 carrying amounts of financial liabilities is recognised in the statement of comprehensive income.
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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 not longer than one year; otherwise they are included in non-current liabilities.
2.6.
Grants
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Asset-related grants
The government and the EU grants received in the form of non-current assets or designated for the purchase of non-current are treated as asset-related grants. The Company\u2019s congestion management revenue, intended for implementation of the projects, are accounted for as asset-related grants.
These grants are accounted for by reducing by the carrying amount of respective non-current assets. In the statement of comprehensive income, grants are recognised over the useful life of the asset by reducing depreciation expenses.
When received in advance, grants related to the acquisition of non-current assets are stated as liabilities until the costs are incurred which are reimbursed in line with terms and condition of financing agreements.
Grants receivable are recorded in other amounts receivable when, in accordance with the agreements under which the grant providers assume the obligation to finance the investment projects, reimbursable costs have been incurred according to the established terms of the financing agreements.
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Income-related grants
Grants received as a compensation for expenses or unearned income of the current or previous reporting period, also, all grants, which are not grants related to assets, are defined as grants related to income. Income-related grants are recognised as used in parts to the extent of expenses incurred during the reporting period or unearned income to be compensated by that grant.
Income-related grants are recognised in profit or loss by increasing other income over the period in which the grant is received or when there is reasonable assurance that the grant will be received and that the Company complies with the conditions for the allocation of the grant established in the grant agreement.
2.7.
Connection of new consumers and producers
The connection of producers is accounted for similarly to the principle applicable to grants by offsetting the acquisition cost of assets created for the connection of the producer against the compensation receivable from the connected producer. In case of relocation works of the electricity transmission network when major improvements are performed and when the assets are created by the Company, the grant principle is applied and the cost of the created assets is offset against the amount of compensations receivable from the customer, and when the assets are created by the customer and transferred to the Company free of charge, the assets received from the third parties are offset against the value of the assets. If the major improvement was not performed during the relocation and the asset was created by the Company, such asset is not recognised, i.e. compensation income from the customer and expenses for the creation of such asset are accounted for. When no major improvement is performed and the asset is created by the customer, the asset received from the customer free of charge is not recognised and accounted for in off-balance sheet accounts.
Revenue received from connection of new consumers is accounted for by the Company over the useful life of the created asset because the connection of a new consumer is related to further consumption and related revenue.
2.8.
Lease liabilities
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Initial measurement of lease liabilities
The amount of the initial measurement of lease liabilities is calculated as the present value of lease payments not paid at the commencement date.
Lease payments are discounted using the incremental borrowing rate, which is applied when the contractual interest rate is not known. The incremental borrowing rate is determined by 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, lease payments included in the measurement of a lease liabilities include:
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fixed lease payments less any lease incentives receivable.
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variable lease payments that depend on an index or a rate.
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amounts expected to be payable by the Company under residual value guarantees.
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the exercise price of the purchase option, if exercise of that option by the Company is reasonably certain.
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fines for the termination of the lease, if it is assumed that the Company will exercise the option to terminate the lease during the lease term.
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Subsequent measurement of lease liabilities
Subsequent to initial recognition, changes in the value of the Company\u2019s lease liabilities are reflected by:
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increasing the value of the liabilities by the amount of interest charged.
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reducing the carrying amount by the lease payments made.
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remeasuring the liabilities for lease modifications or revised payments.
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Remeasurement of lease liabilities
Subsequent to initial recognition, the lease liabilities is remeasured to reflect changes in lease payments. The Company treats remeasurements as adjustments to the right-of-use assets. If the carrying amount the right-of-use assets is reduced to zero and the lease liabilities is reduced as well, the Company recognises any remaining amount of the remeasurement in profit or loss.
2.9.
Right-of-use assets
Right-of-use assets are assets that the Company has the right to manage during the lease term. As of 1 January 2019, 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.
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Initial measurement of right-of-use assets
At the date of a lease agreement, the Company measures right-of-use assets at cost, which consists of:
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the amount of the initial measurement of the lease liability.
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initial costs incurred directly attributable to the underlying asset.
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lease payments known at the commencement date, less any lease incentives received and receivable.
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costs to be incurred by the Company in dismantling or removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.
The amount of the initial measurement of the lease liability is calculated as the present value of lease payments not paid at the commencement date using the discount rate implicit in the lease.
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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:
Land99 years
Motor vehiclesfrom 2 to 4 years
Buildingsfrom 2 to 3 years
Other property, plant and equipment
from 2 to 3 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\u2019s entities exist on the land plots. When assessing the flow generated by the infrastructure assets of the Company\u2019s entities (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.
Provisions
Provisions are recognised only when the Company has a legal obligation or irrevocable commitment as a result of past event, and 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. If the effect of the time value of money is material, the amount of provision is discounted using the effective pre-tax discount rate set based on the interest rates for the period and taking into account specific risks associated with the provision as appropriate. Where discounting is used, the increase in the provision due to the passage of time is recognised as borrowing costs.
2.11.
Employee benefits
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Bonus plans
The Company recognises a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation.
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Pension benefits to employees of retirement age
According to the laws of the Republic of Lithuania and the Collective Agreement effective at LITGRID AB, each employee leaving the Company at the retirement age is entitled to a one-off benefit. A liability for such payments is recognised in the balance sheet and it reflects the present value of these payments at the date of the financial statements. At each reporting date, the long-term employee benefit obligation is estimated with reference to actuary valuations using the projected relative unit method. The present value of the defined long-term employee benefit obligation 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 payments to employees are expected to be made and with maturity similar to that of the related liability.
2.12.
Congestion management funds
The Company acquires the right to congestion management revenue when the insufficient power line capacity in the market result in different electricity prices between Lithuania and neighbouring countries (Sweden, Poland, Latvia). Revenue that was received as a result of price differences at different bidding areas is distributed equally by the power exchange operator.
Regulation (EU) No 2019/943 of the European Parliament and of the Council of 5 June 2019 on conditions for access to the network for cross-border exchanges in electricity stipulates that congestion management funds may be used in the following order of priority:
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When revenue is used for guaranteeing availability of the allocated capacity of the interconnections, it is recognised as income in the period during which the related expenses are incurred. In case of unplanned disconnection of the electricity interconnection and when the trade in the interconnection\u2019s capacities has already been completed at the electricity exchange (i.e. when they have already been allocated), the operators of the line ensure that the capacities traded are
available to the market participants. In such a case, the operators incur costs that arise as a result of the price difference between the price of electricity traded by the operators and the price of balancing and (or) imbalance electricity purchased/sold by the Company.
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When revenue is used for maintaining or increasing the interconnections\u2019 capacities, congestion management funds is accounted for using the accounting policies applicable to grants, i.e. initially congestion management funds is recognised as liability and recorded by reducing the value of the asset concerned, and subsequently it is recognised by reducing depreciation expenses of the related asset over the useful life of that asset.
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When revenue is used for reducing the tariff, revenue is recognised as income in the period during which the Company generates lower revenue due to lower tariffs and only in case when revenue cannot be efficiently used for the purposes set out in points a) and/or b). Subject to approval by the regulatory authorities of the Member States concerned, they may be used, up to a maximum amount to be decided by those regulatory authorities, as income to be taken into account by the regulatory authorities when approving the methodology for calculating network tariffs and/or fixing network tariffs.
In the statement of financial position, unused congestion management funds are presented as non-current and current liabilities, given the planned use of congestion management funds to finance investments or to compensate tariff in the following year.
2.13.
Revenue recognition
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Revenue from contracts with customers
The Company\u2019s revenue is recognised according to a single, principles based five-step model that is applied to all contracts with customers. The Company recognises revenue from the provision of services in the reporting period during which the performance obligation is satisfied, i.e. the control of services or goods is transferred to the customer. This control may be transferred over time or at a point in time. For certain service contracts, revenue is recognised on the basis of the actual service provided before the end of the reporting period as part of the total services to be provided, as the customer benefits from and uses the services simultaneously.
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Revenue from electricity transmission and related services
Revenue from contracts with customers comprises revenue from electricity transmission, ancillary services, trade in imbalance and balancing electricity and revenue from connection of new consumers and other related revenue
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Revenue from electricity transmission is revenue for the transmission of electricity via high-voltage facilities from producers to transmission network users, within the limit set by the agreement and calculated on the basis of monthly transmission reports with network users.
Prices of the electricity transmission services are regulated by the Council which establishes the upper limits of the prices for the transmission service. Specific prices and tariffs for the transmission services are established by the Company\u2019s Board within the limits approved by the Council. When establishing prices for the next year, deviations of the current year (the year not yet ended) and deviations of the previous year (the year that already ended) and various forecasts for the upcoming year are assessed, i.e. they increase or decrease the prices for the next year, i.e. the prices are not adjusted retrospectively. All possible price adjustments in the future periods for excess profit/higher loss incurred in the previous/current years are not treated as a variable part of the price under IFRS 15. Such decrease (due to excess profit earned) or increase (due to higher expenses incurred) in future revenue does meet the general accounting criteria for the recognition of liabilities or assets because it depends on the Company\u2019s operations in the future and is treated as the regulated assets or liabilities and therefore, in the opinion of the Company\u2019s management, it does not fall within the scope of IFRS 15.
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Revenue from ancillary services is revenue from services provided to transmission network users, other than reserve capacity and frequency regulation services, ensuring reliable system functioning. They are calculated on the basis of monthly transmission reports with network users.
The Company purchases ancillary services from service providers (major portion from producers) and later provides this service to the distribution network operators and other transmission network users (electricity consumers and producers) on the basis of prices set by NERC. The Company recognises the gross amounts of revenue as it acts as a principal in the provision of ancillary services.
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Revenue from trade in imbalance and balancing electricity is revenue from the supply of electricity generation/import and demand/export balancing energy, calculated on the basis of monthly balancing and imbalance reports with balancing service providers and suppliers responsible for balancing.
In choosing the accounting policy for balancing and imbalance transactions, the Company\u2019s management made a significant judgement and determined that, under IFRS 15, the Company acts as the principal in balancing and imbalance electricity transactions, therefore, income and expenses are recognised on a gross basis. In addition, it was assessed that these transactions are entered for the purpose of physical supply of electricity in the course of the Company's ordinary activities and do not meet the definition of derivatives under IFRS 9. This accounting policy choice has a significant impact on the recognition of revenue and expenses and their presentation in the financial statements.
When recognising other income related to electricity transmission and ancillary services the Company takes into consideration the terms of contracts signed with customers and all significant facts and circumstances, including the nature, amount, timing and uncertainty relating to cash flows arising from the contract with the customer. The main sale contracts are signed for the term of one year and coincide with the reporting period. All subsequent value adjustments for previous periods are not made, and contract modifications are rare.
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Other income.
Gain from disposal of property, plant and equipment, lease income, income from default charges and fines collected from the contractors as a result of late fulfilment of works, including property, plant and equipment under construction, are recognised by the Company as other income.
Received penalties (default interest, fines) imposed on contractors for delays in completing construction works or delivering equipment are recognised in income when the total amount of penalties under the project does not exceed EUR 1,000.
Received penalties (default interest, fines) imposed on contractors for delays in completing construction works or delivering equipment are capitalised as cost of non-current assets when the project is completed and, at the time of completion, no legal proceedings have been initiated to reduce or cancel the penalties.
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Interest income
Interest income is recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate. Interest received is recorded in the statement of cash flows as cash flows from investing activities.
2.14.
Income tax
Income tax expense comprises the current income tax and deferred tax expense (income). Income tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case income tax is also recognised in other comprehensive income or directly in equity.
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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.
Tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities and/or derivative financial instruments. Such carrying forward is disrupted if the Company changes its activities due to which these losses were incurred except when the Company does not continue its activities due to reasons which do not depend on the Company itself. The losses from disposal of securities and/or derivative financial instruments can be carried forward for 5 consecutive years and only be used to reduce the taxable income earned from the transactions of the same nature. Tax losses carried forward can be used to reduce the taxable income earned during the reporting year by maximum of 70%. In addition, the Company may also take over tax losses of the companies of the group or transfer tax losses to other companies of the group provided that the requirements of the Law on Corporate Income Tax are complied with.
\uf0b7
Deferred income tax
Deferred taxes are calculated using the balance sheet liability method. Deferred tax assets and deferred tax liability are recognised for future tax purposes to reflect differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax liabilities are recognised on all temporary differences that will increase the taxable profit in future, whereas deferred tax assets are recognised to the extent it is probable that they will reduce the taxable profit in future. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss.
The Company reviews the carrying amount of a deferred income tax assets at each reporting date and reduces it to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of a part or all of that deferred tax assets to be utilised. Deferred 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 income tax assets and liabilities are offset only where they relate to income taxes assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
\uf0b7
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognised directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and in other comprehensive income respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "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 meet them.
The financial statements have been prepared on a historical cost basis, except for property, plant and equipment which is recorded at revalued amount, less accumulated depreciation and estimated impairment losses, and financial assets measured at fair value through other comprehensive income.
Amounts in these financial statements are presented in thousands of euro (EUR), unless otherwise stated.
The statement of cash flows is prepared indirectly.
The Company's financial year coincides with the calendar year.
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). In August 2023, the IASB issued 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. 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.
Based on the assessment of the Company\u2019s management, these amendments have no significant impact on these financial statements.
(b) Standards, amendments and interpretations endorsed by the European Union on 1 January 2026, 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:
\uf0b7
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;
\uf0b7
clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
\uf0b7
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
\uf0b7
update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
Based on the assessment of the Company\u2019s management, these amendments have no significant impact on these 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.
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:
\uf0b7
the structure of the statement of profit or loss;
\uf0b7
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);
\uf0b7
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.
Based on the Company\u2019s assessment, these amendments do not have significant impact on the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
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 meet them.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
The statement of cash flows is prepared indirectly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "
\uf0b7
Property, plant and equipment
Items of assets with a useful life over one year and the acquisition cost higher than the set minimal capitalisation value for different groups of assets.
All property, plant and equipment (PP&E) is shown at revalued amounts, based on periodic (at least every 5 years) property valuations, less the amounts of accumulated depreciation, recognised grants and impairment losses.
During the revaluation, each object of the asset and the item within that object are evaluated by indicating the remaining useful life established for that item of the asset.
Decreases in the carrying amount arising on the revaluation of property, plant and equipment that offset previous increases of the same asset are charged against the revaluation reserve directly in equity, and all other decreases are recognised in profit or loss. Increases in the carrying amount offset previous decreases of the same asset are recognised in profit or loss. All other increases in the carrying amount 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. After the sale or write-off of a property unit, any balance of the revaluation reserve related to this property is transferred to retained earnings.
Interest on targeted and general loans and other borrowing costs (such as the bank\u2019s administration fee, 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 regarded to be an asset which is developed on the basis of a project the value of which is not less than EUR 1 million and the preparation of which for its intended use or sale takes no less than 12 months. Borrowing costs that are attributable to the acquisition of a qualifying asset are capitalised as part of the cost of that asset. The capitalisation of borrowing costs is started when costs related to the production or acquisition of the qualifying asset are incurred (a prepayment is made or a payment for works is made according to the signed statement on the works carried out and their respective value) and ended when all the activities necessary for the preparation of the qualifying asset for its intended use or sale in the manner intended by management are substantially complete. While determining the amount of borrowing costs eligible for the capitalisation of costs incurred in the acquisition of qualifying assets, the capitalisation rate is applied.
Construction work in progress represents non-current fixed assets under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs.
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 \u201cproperty, plant and equipment\u201d.
Property, plant, and equipment is recorded at acquisition (production) cost, less grants received/receivable for the acquisition of property, property, plant, and equipment, and penalties. Grants comprise financing from the EU support funds, a portion of congestion management funds designated for the financing of investments, payments for the expenses incurred during the
connection of producers to the transmission network and performance of works for the relocation/reconstruction of the transmission network\u2019s installations initiated by customers. Capitalization of penalties as cost of property, plant and equipment is disclosed in Note 2.13.
\uf0b7
Depreciation and amortisation
Depreciation of property, plant and equipment and amortisation of intangible assets, except for land, construction work in progress, statutory servitudes and protection zones of the transmission network, is calculated using the straight-line method over estimated useful lives of the asset. Under IAS 16, non-current assets that are fully depreciated but still in use are not subject to depreciation. The carrying amount of the asset remains the same, usually equals to its residual value, which can be zero.
The estimated useful lives, residual values and depreciation/amortisation method are reviewed by the Company at each year-end to ensure that they are consistent with the expected pattern of economic benefits from these assets. The effect of changes in estimates, if any, is recognised for newly acquired assets on a prospective basis.
The value of the asset cannot be recovered solely because it is still in use after the end of its useful life. However, if the asset is being renewed or enhanced, the costs of such enhancement are capitalized as a separate asset or the costs incurred are included in the value of existing asset.
Each year the Company estimates acquisition cost or revalued amount of the fully depreciated non-current assets still in use by class of assets.
Estimated useful lives of property, plant and equipment and intangible assets are as follows:
Categories of property, plant and equipment and intangible assets
Useful lives (in years)
Buildings
35 \u2013 60
- Structures, machinery and equipment, whereof:
- 400, 330, 300, 220, 110, 10 kV electricity transmission and cable lines
55
- 400, 330, 110, 3-17,7 kV switchyard\u2019s electrical installations
30 \u2013 35
- 400, 330, 220, 110, 10-20 kV capacity transformers
35
- electricity and communication devices
20 \u2013 25
- electrical installations, whereof:
15 \u2013 35
- relay security and automation equipment
15 \u2013 35
- technological and dispatch control equipment
8
- other equipment
5 \u2013 20
Motor vehicles
5 \u2013 10
Other property, plant and equipment, whereof:
- computer hardware and communication equipment
3 \u2013 10
- inventory, tools
4 \u2013 10
Intangible assets, whereof:
3 \u2013 5
- statutory servitudes and protection zones of the transmission network
Not subject to amortisation
Statutory servitudes and protection zones of the transmission network have an indefinite useful life because the right to use the established zones is unlimited in time.
Gain or loss on disposal of non-current assets is calculated as the difference between the proceeds from sale and the book value of the disposed asset and is recognised in the statement of comprehensive income of the reporting year.
Subsequent repair costs incurred when performing major improvements are included in the carrying amount of property, plant and equipment, only when it is probable that future economic benefits associated with these costs will flow to the Company and these costs can be measured reliably. Repair costs for the asset category of overhead lines and cables are accounted for as component of item of assets by estimating the useful life of the new asset. The carrying amount of the replaced part is derecognised. All other repair and maintenance costs are recognised as expenses in the statement of comprehensive income during the financial period in which they are incurred.
2.3.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company reviews the carrying amounts of property, plant and equipment (including right-of-use assets) and intangible assets to determine whether there are any indications that those assets have suffered an impairment loss. If any such indication exists, the recoverable value of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable amount is the higher of the asset\u2019s fair value less costs to sell and value in use. In assessing 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 value, the carrying value 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 value of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying value does not exceed the carrying value 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 recognised 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 a revaluation increase (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
Construction work in progress represents non-current fixed assets under construction. The cost of such assets includes design, construction works, plant and equipment being installed, and other directly attributable costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
\uf0b7
Intangible assets
Intangible assets is recorded at acquisition (production) cost, less grants received/receivable for the acquisition of intangible assets, and penalties. Grants comprise financing from the EU support funds and a portion of congestion management funds designated for the financing of investments. Capitalization of penalties as cost of intangible assets is disclosed in Note 2.13
Intangible assets are initially recognised at cost. Intangible assets are recognised only when it is probable that future economic benefits associated with these assets will flow to the Company and the value of assets can be measured reliably. After initial recognition, intangible assets are carried at cost, less accumulated amortisation and accumulated impairment losses, if any.
\uf0b7
Depreciation and amortisation
Depreciation of property, plant and equipment and amortisation of intangible assets, except for land, construction work in progress, statutory servitudes and protection zones of the transmission network, is calculated using the straight-line method over estimated useful lives of the asset. Under IAS 16, non-current assets that are fully depreciated but still in use are not subject to depreciation. The carrying amount of the asset remains the same, usually equals to its residual value, which can be zero.
The estimated useful lives, residual values and depreciation/amortisation method are reviewed by the Company at each year-end to ensure that they are consistent with the expected pattern of economic benefits from these assets. The effect of changes in estimates, if any, is recognised for newly acquired assets on a prospective basis.
The value of the asset cannot be recovered solely because it is still in use after the end of its useful life. However, if the asset is being renewed or enhanced, the costs of such enhancement are capitalized as a separate asset or the costs incurred are included in the value of existing asset.
Each year the Company estimates acquisition cost or revalued amount of the fully depreciated non-current assets still in use by class of assets.
Estimated useful lives of property, plant and equipment and intangible assets are as follows:
Categories of property, plant and equipment and intangible assets
Useful lives (in years)
Buildings
35 \u2013 60
- Structures, machinery and equipment, whereof:
- 400, 330, 300, 220, 110, 10 kV electricity transmission and cable lines
55
- 400, 330, 110, 3-17,7 kV switchyard\u2019s electrical installations
30 \u2013 35
- 400, 330, 220, 110, 10-20 kV capacity transformers
35
- electricity and communication devices
20 \u2013 25
- electrical installations, whereof:
15 \u2013 35
- relay security and automation equipment
15 \u2013 35
- technological and dispatch control equipment
8
- other equipment
5 \u2013 20
Motor vehicles
5 \u2013 10
Other property, plant and equipment, whereof:
- computer hardware and communication equipment
3 \u2013 10
- inventory, tools
4 \u2013 10
Intangible assets, whereof:
3 \u2013 5
- statutory servitudes and protection zones of the transmission network
Not subject to amortisation
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "
\uf0b7
Depreciation and amortisation
Depreciation of property, plant and equipment and amortisation of intangible assets, except for land, construction work in progress, statutory servitudes and protection zones of the transmission network, is calculated using the straight-line method over estimated useful lives of the asset. Under IAS 16, non-current assets that are fully depreciated but still in use are not subject to depreciation. The carrying amount of the asset remains the same, usually equals to its residual value, which can be zero.
The estimated useful lives, residual values and depreciation/amortisation method are reviewed by the Company at each year-end to ensure that they are consistent with the expected pattern of economic benefits from these assets. The effect of changes in estimates, if any, is recognised for newly acquired assets on a prospective basis.
The value of the asset cannot be recovered solely because it is still in use after the end of its useful life. However, if the asset is being renewed or enhanced, the costs of such enhancement are capitalized as a separate asset or the costs incurred are included in the value of existing asset.
Each year the Company estimates acquisition cost or revalued amount of the fully depreciated non-current assets still in use by class of assets.
Estimated useful lives of property, plant and equipment and intangible assets are as follows:
Categories of property, plant and equipment and intangible assets
Useful lives (in years)
Buildings
35 \u2013 60
- Structures, machinery and equipment, whereof:
- 400, 330, 300, 220, 110, 10 kV electricity transmission and cable lines
55
- 400, 330, 110, 3-17,7 kV switchyard\u2019s electrical installations
30 \u2013 35
- 400, 330, 220, 110, 10-20 kV capacity transformers
35
- electricity and communication devices
20 \u2013 25
- electrical installations, whereof:
15 \u2013 35
- relay security and automation equipment
15 \u2013 35
- technological and dispatch control equipment
8
- other equipment
5 \u2013 20
Motor vehicles
5 \u2013 10
Other property, plant and equipment, whereof:
- computer hardware and communication equipment
3 \u2013 10
- inventory, tools
4 \u2013 10
Intangible assets, whereof:
3 \u2013 5
- statutory servitudes and protection zones of the transmission network
Not subject to amortisation
\uf0b7
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:
Land99 years
Motor vehiclesfrom 2 to 4 years
Buildingsfrom 2 to 3 years
Other property, plant and equipment
from 2 to 3 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "
Subsequent repair costs incurred when performing major improvements are included in the carrying amount of property, plant and equipment, only when it is probable that future economic benefits associated with these costs will flow to the Company and these costs can be measured reliably. Repair costs for the asset category of overhead lines and cables are accounted for as component of item of assets by estimating the useful life of the new asset. The carrying amount of the replaced part is derecognised. All other repair and maintenance costs are recognised as expenses in the statement of comprehensive income during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
2.3.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company reviews the carrying amounts of property, plant and equipment (including right-of-use assets) and intangible assets to determine whether there are any indications that those assets have suffered an impairment loss. If any such indication exists, the recoverable value of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable amount is the higher of the asset\u2019s fair value less costs to sell and value in use. In assessing 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 value, the carrying value 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 value of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying value does not exceed the carrying value 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 recognised 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 a revaluation increase (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
2.3.
Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company reviews the carrying amounts of property, plant and equipment (including right-of-use assets) and intangible assets to determine whether there are any indications that those assets have suffered an impairment loss. If any such indication exists, the recoverable value of the asset is estimated in order to determine the extent of the impairment loss (if any).
The recoverable amount is the higher of the asset\u2019s fair value less costs to sell and value in use. In assessing 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 value, the carrying value 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 value of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying value does not exceed the carrying value 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 recognised 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 a revaluation increase (without exceeding the amount of previous impairment).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
2.4.
Inventories
Inventories are initially recorded at acquisition cost. Subsequent to initial recognition, inventories are stated at the lower of cost and net realisable value. Acquisition 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. Cost is determined on the first-in, first-out (FIFO) basis. Net realisable value is the estimated selling price, less the estimated costs of completion and selling expenses.
Inventories required to be stored as a reserve and the management does not expected these inventories to be used over the normal business cycle of the Company or 12 months are classified as non-current assets. Depreciation is calculated for reserve inventories that are classified as non-current assets. The depreciation rate applied reflects an expected useful life of such inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "
2.5.
Trade payables and other financial liabilities, borrowings
\uf0b7
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities, excluding borrowings, are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method as disclosed in paragraph 2.6 of the notes to the financial statements.
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, that financial liability is classified as non-current.
\uf0b7
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 carrying amounts of financial liabilities is recognised in the statement of comprehensive income.
\uf0b7
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 not longer than one year; otherwise they are included in non-current liabilities.
2.8.
Lease liabilities
\uf0b7
Initial measurement of lease liabilities
The amount of the initial measurement of lease liabilities is calculated as the present value of lease payments not paid at the commencement date.
Lease payments are discounted using the incremental borrowing rate, which is applied when the contractual interest rate is not known. The incremental borrowing rate is determined by 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, lease payments included in the measurement of a lease liabilities include:
\uf0b7
fixed lease payments less any lease incentives receivable.
\uf0b7
variable lease payments that depend on an index or a rate.
\uf0b7
amounts expected to be payable by the Company under residual value guarantees.
\uf0b7
the exercise price of the purchase option, if exercise of that option by the Company is reasonably certain.
\uf0b7
fines for the termination of the lease, if it is assumed that the Company will exercise the option to terminate the lease during the lease term.
\uf0b7
Subsequent measurement of lease liabilities
Subsequent to initial recognition, changes in the value of the Company\u2019s lease liabilities are reflected by:
\uf0b7
increasing the value of the liabilities by the amount of interest charged.
\uf0b7
reducing the carrying amount by the lease payments made.
\uf0b7
remeasuring the liabilities for lease modifications or revised payments.
\uf0b7
Remeasurement of lease liabilities
Subsequent to initial recognition, the lease liabilities is remeasured to reflect changes in lease payments. The Company treats remeasurements as adjustments to the right-of-use assets. If the carrying amount the right-of-use assets is reduced to zero and the lease liabilities is reduced as well, the Company recognises any remaining amount of the remeasurement in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
2.5.
Trade payables and other financial liabilities, borrowings
\uf0b7
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities, excluding borrowings, are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method as disclosed in paragraph 2.6 of the notes to the financial statements.
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, that financial liability is classified as non-current.
\uf0b7
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 carrying amounts of financial liabilities is recognised in the statement of comprehensive income.
\uf0b7
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 not longer than one year; otherwise they are included in non-current liabilities.
2.8.
Lease liabilities
\uf0b7
Initial measurement of lease liabilities
The amount of the initial measurement of lease liabilities is calculated as the present value of lease payments not paid at the commencement date.
Lease payments are discounted using the incremental borrowing rate, which is applied when the contractual interest rate is not known. The incremental borrowing rate is determined by 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, lease payments included in the measurement of a lease liabilities include:
\uf0b7
fixed lease payments less any lease incentives receivable.
\uf0b7
variable lease payments that depend on an index or a rate.
\uf0b7
amounts expected to be payable by the Company under residual value guarantees.
\uf0b7
the exercise price of the purchase option, if exercise of that option by the Company is reasonably certain.
\uf0b7
fines for the termination of the lease, if it is assumed that the Company will exercise the option to terminate the lease during the lease term.
\uf0b7
Subsequent measurement of lease liabilities
Subsequent to initial recognition, changes in the value of the Company\u2019s lease liabilities are reflected by:
\uf0b7
increasing the value of the liabilities by the amount of interest charged.
\uf0b7
reducing the carrying amount by the lease payments made.
\uf0b7
remeasuring the liabilities for lease modifications or revised payments.
\uf0b7
Remeasurement of lease liabilities
Subsequent to initial recognition, the lease liabilities is remeasured to reflect changes in lease payments. The Company treats remeasurements as adjustments to the right-of-use assets. If the carrying amount the right-of-use assets is reduced to zero and the lease liabilities is reduced as well, the Company recognises any remaining amount of the remeasurement in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
\uf0b7
Financial liabilities, borrowings
Financial liabilities, including borrowings, are recognised initially at fair value, less transaction costs.
In subsequent periods, financial liabilities, excluding borrowings, are measured at amortised cost using the effective interest rate method. Interest expense is recognised using the effective interest rate method as disclosed in paragraph 2.6 of the notes to the financial statements.
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, that financial liability is classified as non-current.
\uf0b7
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 carrying amounts of financial liabilities is recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
\uf0b7
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 carrying amounts of financial liabilities is recognised in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
\uf0b7
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 not longer than one year; otherwise they are included in non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
2.6.
Grants
\uf0b7
Asset-related grants
The government and the EU grants received in the form of non-current assets or designated for the purchase of non-current are treated as asset-related grants. The Company\u2019s congestion management revenue, intended for implementation of the projects, are accounted for as asset-related grants.
These grants are accounted for by reducing by the carrying amount of respective non-current assets. In the statement of comprehensive income, grants are recognised over the useful life of the asset by reducing depreciation expenses.
When received in advance, grants related to the acquisition of non-current assets are stated as liabilities until the costs are incurred which are reimbursed in line with terms and condition of financing agreements.
Grants receivable are recorded in other amounts receivable when, in accordance with the agreements under which the grant providers assume the obligation to finance the investment projects, reimbursable costs have been incurred according to the established terms of the financing agreements.
\uf0b7
Income-related grants
Grants received as a compensation for expenses or unearned income of the current or previous reporting period, also, all grants, which are not grants related to assets, are defined as grants related to income. Income-related grants are recognised as used in parts to the extent of expenses incurred during the reporting period or unearned income to be compensated by that grant.
Income-related grants are recognised in profit or loss by increasing other income over the period in which the grant is received or when there is reasonable assurance that the grant will be received and that the Company complies with the conditions for the allocation of the grant established in the grant agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
2.8.
Lease liabilities
\uf0b7
Initial measurement of lease liabilities
The amount of the initial measurement of lease liabilities is calculated as the present value of lease payments not paid at the commencement date.
Lease payments are discounted using the incremental borrowing rate, which is applied when the contractual interest rate is not known. The incremental borrowing rate is determined by 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, lease payments included in the measurement of a lease liabilities include:
\uf0b7
fixed lease payments less any lease incentives receivable.
\uf0b7
variable lease payments that depend on an index or a rate.
\uf0b7
amounts expected to be payable by the Company under residual value guarantees.
\uf0b7
the exercise price of the purchase option, if exercise of that option by the Company is reasonably certain.
\uf0b7
fines for the termination of the lease, if it is assumed that the Company will exercise the option to terminate the lease during the lease term.
\uf0b7
Subsequent measurement of lease liabilities
Subsequent to initial recognition, changes in the value of the Company\u2019s lease liabilities are reflected by:
\uf0b7
increasing the value of the liabilities by the amount of interest charged.
\uf0b7
reducing the carrying amount by the lease payments made.
\uf0b7
remeasuring the liabilities for lease modifications or revised payments.
\uf0b7
Remeasurement of lease liabilities
Subsequent to initial recognition, the lease liabilities is remeasured to reflect changes in lease payments. The Company treats remeasurements as adjustments to the right-of-use assets. If the carrying amount the right-of-use assets is reduced to zero and the lease liabilities is reduced as well, the Company recognises any remaining amount of the remeasurement in profit or loss.
2.9.
Right-of-use assets
Right-of-use assets are assets that the Company has the right to manage during the lease term. As of 1 January 2019, 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.
\uf0b7
Initial measurement of right-of-use assets
At the date of a lease agreement, the Company measures right-of-use assets at cost, which consists of:
\uf0b7
the amount of the initial measurement of the lease liability.
\uf0b7
initial costs incurred directly attributable to the underlying asset.
\uf0b7
lease payments known at the commencement date, less any lease incentives received and receivable.
\uf0b7
costs to be incurred by the Company in dismantling or removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.
The amount of the initial measurement of the lease liability is calculated as the present value of lease payments not paid at the commencement date using the discount rate implicit in the lease.
\uf0b7
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:
Land99 years
Motor vehiclesfrom 2 to 4 years
Buildingsfrom 2 to 3 years
Other property, plant and equipment
from 2 to 3 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\u2019s entities exist on the land plots. When assessing the flow generated by the infrastructure assets of the Company\u2019s entities (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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
2.10.
Provisions
Provisions are recognised only when the Company has a legal obligation or irrevocable commitment as a result of past event, and 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. If the effect of the time value of money is material, the amount of provision is discounted using the effective pre-tax discount rate set based on the interest rates for the period and taking into account specific risks associated with the provision as appropriate. Where discounting is used, the increase in the provision due to the passage of time is recognised as borrowing costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
2.11.
Employee benefits
\uf0b7
Bonus plans
The Company recognises a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation.
\uf0b7
Pension benefits to employees of retirement age
According to the laws of the Republic of Lithuania and the Collective Agreement effective at LITGRID AB, each employee leaving the Company at the retirement age is entitled to a one-off benefit. A liability for such payments is recognised in the balance sheet and it reflects the present value of these payments at the date of the financial statements. At each reporting date, the long-term employee benefit obligation is estimated with reference to actuary valuations using the projected relative unit method. The present value of the defined long-term employee benefit obligation 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 payments to employees are expected to be made and with maturity similar to that of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
2.12.
Congestion management funds
The Company acquires the right to congestion management revenue when the insufficient power line capacity in the market result in different electricity prices between Lithuania and neighbouring countries (Sweden, Poland, Latvia). Revenue that was received as a result of price differences at different bidding areas is distributed equally by the power exchange operator.
Regulation (EU) No 2019/943 of the European Parliament and of the Council of 5 June 2019 on conditions for access to the network for cross-border exchanges in electricity stipulates that congestion management funds may be used in the following order of priority:
\uf0b7
When revenue is used for guaranteeing availability of the allocated capacity of the interconnections, it is recognised as income in the period during which the related expenses are incurred. In case of unplanned disconnection of the electricity interconnection and when the trade in the interconnection\u2019s capacities has already been completed at the electricity exchange (i.e. when they have already been allocated), the operators of the line ensure that the capacities traded are
available to the market participants. In such a case, the operators incur costs that arise as a result of the price difference between the price of electricity traded by the operators and the price of balancing and (or) imbalance electricity purchased/sold by the Company.
\uf0b7
When revenue is used for maintaining or increasing the interconnections\u2019 capacities, congestion management funds is accounted for using the accounting policies applicable to grants, i.e. initially congestion management funds is recognised as liability and recorded by reducing the value of the asset concerned, and subsequently it is recognised by reducing depreciation expenses of the related asset over the useful life of that asset.
\uf0b7
When revenue is used for reducing the tariff, revenue is recognised as income in the period during which the Company generates lower revenue due to lower tariffs and only in case when revenue cannot be efficiently used for the purposes set out in points a) and/or b). Subject to approval by the regulatory authorities of the Member States concerned, they may be used, up to a maximum amount to be decided by those regulatory authorities, as income to be taken into account by the regulatory authorities when approving the methodology for calculating network tariffs and/or fixing network tariffs.
In the statement of financial position, unused congestion management funds are presented as non-current and current liabilities, given the planned use of congestion management funds to finance investments or to compensate tariff in the following year.
2.13.
Revenue recognition
\uf0b7
Revenue from contracts with customers
The Company\u2019s revenue is recognised according to a single, principles based five-step model that is applied to all contracts with customers. The Company recognises revenue from the provision of services in the reporting period during which the performance obligation is satisfied, i.e. the control of services or goods is transferred to the customer. This control may be transferred over time or at a point in time. For certain service contracts, revenue is recognised on the basis of the actual service provided before the end of the reporting period as part of the total services to be provided, as the customer benefits from and uses the services simultaneously.
\uf0b7
Revenue from electricity transmission and related services
Revenue from contracts with customers comprises revenue from electricity transmission, ancillary services, trade in imbalance and balancing electricity and revenue from connection of new consumers and other related revenue
\uf0b7
Revenue from electricity transmission is revenue for the transmission of electricity via high-voltage facilities from producers to transmission network users, within the limit set by the agreement and calculated on the basis of monthly transmission reports with network users.
Prices of the electricity transmission services are regulated by the Council which establishes the upper limits of the prices for the transmission service. Specific prices and tariffs for the transmission services are established by the Company\u2019s Board within the limits approved by the Council. When establishing prices for the next year, deviations of the current year (the year not yet ended) and deviations of the previous year (the year that already ended) and various forecasts for the upcoming year are assessed, i.e. they increase or decrease the prices for the next year, i.e. the prices are not adjusted retrospectively. All possible price adjustments in the future periods for excess profit/higher loss incurred in the previous/current years are not treated as a variable part of the price under IFRS 15. Such decrease (due to excess profit earned) or increase (due to higher expenses incurred) in future revenue does meet the general accounting criteria for the recognition of liabilities or assets because it depends on the Company\u2019s operations in the future and is treated as the regulated assets or liabilities and therefore, in the opinion of the Company\u2019s management, it does not fall within the scope of IFRS 15.
\uf0b7
Revenue from ancillary services is revenue from services provided to transmission network users, other than reserve capacity and frequency regulation services, ensuring reliable system functioning. They are calculated on the basis of monthly transmission reports with network users.
The Company purchases ancillary services from service providers (major portion from producers) and later provides this service to the distribution network operators and other transmission network users (electricity consumers and producers) on the basis of prices set by NERC. The Company recognises the gross amounts of revenue as it acts as a principal in the provision of ancillary services.
\uf0b7
Revenue from trade in imbalance and balancing electricity is revenue from the supply of electricity generation/import and demand/export balancing energy, calculated on the basis of monthly balancing and imbalance reports with balancing service providers and suppliers responsible for balancing.
In choosing the accounting policy for balancing and imbalance transactions, the Company\u2019s management made a significant judgement and determined that, under IFRS 15, the Company acts as the principal in balancing and imbalance electricity transactions, therefore, income and expenses are recognised on a gross basis. In addition, it was assessed that these transactions are entered for the purpose of physical supply of electricity in the course of the Company's ordinary activities and do not meet the definition of derivatives under IFRS 9. This accounting policy choice has a significant impact on the recognition of revenue and expenses and their presentation in the financial statements.
When recognising other income related to electricity transmission and ancillary services the Company takes into consideration the terms of contracts signed with customers and all significant facts and circumstances, including the nature, amount, timing and uncertainty relating to cash flows arising from the contract with the customer. The main sale contracts are signed for the term of one year and coincide with the reporting period. All subsequent value adjustments for previous periods are not made, and contract modifications are rare.
\uf0b7
Other income.
Gain from disposal of property, plant and equipment, lease income, income from default charges and fines collected from the contractors as a result of late fulfilment of works, including property, plant and equipment under construction, are recognised by the Company as other income.
Received penalties (default interest, fines) imposed on contractors for delays in completing construction works or delivering equipment are recognised in income when the total amount of penalties under the project does not exceed EUR 1,000.
Received penalties (default interest, fines) imposed on contractors for delays in completing construction works or delivering equipment are capitalised as cost of non-current assets when the project is completed and, at the time of completion, no legal proceedings have been initiated to reduce or cancel the penalties.
\uf0b7
Interest income
Interest income is recognised on accrual basis considering the outstanding balance of debt and the applicable interest rate. Interest received is recorded in the statement of cash flows as cash flows from investing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
2.14.
Income tax
Income tax expense comprises the current income tax and deferred tax expense (income). Income tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case income tax is also recognised in other comprehensive income or directly in equity.
\uf0b7
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.
Tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities and/or derivative financial instruments. Such carrying forward is disrupted if the Company changes its activities due to which these losses were incurred except when the Company does not continue its activities due to reasons which do not depend on the Company itself. The losses from disposal of securities and/or derivative financial instruments can be carried forward for 5 consecutive years and only be used to reduce the taxable income earned from the transactions of the same nature. Tax losses carried forward can be used to reduce the taxable income earned during the reporting year by maximum of 70%. In addition, the Company may also take over tax losses of the companies of the group or transfer tax losses to other companies of the group provided that the requirements of the Law on Corporate Income Tax are complied with.
\uf0b7
Deferred income tax
Deferred taxes are calculated using the balance sheet liability method. Deferred tax assets and deferred tax liability are recognised for future tax purposes to reflect differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax liabilities are recognised on all temporary differences that will increase the taxable profit in future, whereas deferred tax assets are recognised to the extent it is probable that they will reduce the taxable profit in future. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss.
The Company reviews the carrying amount of a deferred income tax assets at each reporting date and reduces it to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of a part or all of that deferred tax assets to be utilised. Deferred 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 income tax assets and liabilities are offset only where they relate to income taxes assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
\uf0b7
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognised directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and in other comprehensive income respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
\uf0b7
Deferred income tax
Deferred taxes are calculated using the balance sheet liability method. Deferred tax assets and deferred tax liability are recognised for future tax purposes to reflect differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax liabilities are recognised on all temporary differences that will increase the taxable profit in future, whereas deferred tax assets are recognised to the extent it is probable that they will reduce the taxable profit in future. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss.
The Company reviews the carrying amount of a deferred income tax assets at each reporting date and reduces it to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of a part or all of that deferred tax assets to be utilised. Deferred 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 income tax assets and liabilities are offset only where they relate to income taxes assessed by the same fiscal authority or where there is a legally enforceable right to offset current tax assets and current tax liabilities.
\uf0b7
Current income tax and deferred income tax
Current income tax and deferred income tax are recognised as income or expenses and included in profit or loss for the reporting period, except for the cases when tax arises from a transaction or event that is recognised directly in equity or in other comprehensive income, in which case taxes are also recorded in equity and in other comprehensive income respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
3.
Accounting estimates and assumptions
\uf0b7
Significant accounting estimates and assumptions
The preparation of financial statements according to International Financial Reporting Standards requires management to make estimates and assumptions that applied, the reported amounts of assets, liabilities, income and expenses, and the disclosures of contingencies. Actual results may differ from those estimates. The significant management estimates and assumptions and the main sources for uncertainties used in the preparation of these financial statements that might cause substantial changes in the carrying amounts of the related assets and liabilities in the next financial year are described below:
\uf0b7
Valuation of property, plant and equipment
As described in Note 7, the Company revalued its property, plant and equipment as at 31 December 2023. The determination of the assets\u2019 fair value is mainly affected by assumptions used in assessing the transmission service income for the future periods. The assumptions used in determining the fair value of property, plant and equipment are described in more detail in the above-mentioned note.
\uf0b7
Depreciation rates of property, plant and equipment
The useful life of property, plant and equipment is determined separately for each item (component) of the asset by estimating future economic benefit in view of the expected period of use in the Company\u2019s activities, the intensity of use, the environment of use, changes in the asset\u2019s original standard performance over its entire useful life, technological and economic progress morally outdating the asset, legal and similar factors restricting the useful life of property, plant and equipment.
Useful lives are reviewed annually to ensure that the depreciation period would correspond to the expected useful life of property, plant and equipment. The effect of changes in estimates, if any, is accounted for on a prospective basis.
\uf0b7
Congestion management funds and deferred income tax assets
Based on the accounting policies described in Note 2.12, accounting for congestion management funds depends on the purpose for which revenue is used. These purposes are described in Regulation (EU) No 2019/943 of the European Parliament and of the Council of 5 June 2019 on the internal market for electricity.
Deferred tax assets arising from congestion funds received in 2014-2017 and due to taxation with profit tax at the year as they received will be realised over the useful life of the asset acquired using congestion management funds.
In the long term, regulation ensures the Company\u2019s profitability, therefore, in the management\u2019s opinion, deferred income tax assets will be realised in the future by reducing income tax payable.
The congestion management funds received from 2018 are subject to profit tax at the time of use of congestion management funds, so there is no difference between financial and tax accounting.
\uf0b7
Balancing and imbalance transaction accounting policy choice
In selecting the accounting policy for balancing and imbalance transactions, the Company\u2018s management made a significant judgement by determining that the Company acts as a principal in balancing and imbalance electricity transactions in accordance with IFRS 15. Consequently, revenue and expenses are recognised on a gross basis. It was also assessed whether contractual volume flexibility and the ability to monetise excess quantities give rise to derivative financial instruments. These transactions are
entered into for the purpose of physical delivery of electricity in the ordinary course of the Company\u2018s business and the relevant unit of account is considered to be the 15\u2011minute imbalance settlement period (ISP). As imbalance volumes are determined only when an imbalance actually arises in a specific 15\u2011minute interval and each imbalance is measured, priced, and settled separately for this ISP, there is no annual, monthly, or multi\u2011interval flexibility that system users can exercise for each such unit of account. As the accounting unit is the 15\u2011minute ISP, there is no volume flexibility at any moment or at the end of the year, and therefore no written option or other derivative feature exists within the balancing framework. Furthermore, balancing prices include no premium for flexibility and settlement is based on ISP\u2011specific activation prices and neutrality component, therefore these contracts do not meet the definition of derivative financial instruments under IFRS 9. This accounting policy judgment has a significant impact on the recognition and presentation of revenue and expenses in the financial statements. More information is in Note 2.13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
4.
Reclassification of comparative figures in the financial statements
In 2025, the Company made changes to the classification of items in the statement of financial position. Non-current and current financial assets at amortised cost are presented separately from 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.
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2023
before reclassification
reclassification
after reclassification
Assets
Current assets
Prepayments
1,883
(1,883)
Trade receivables under contracts with customers
18,629
(18,629)
Other trade receivables
8,283
(8,283)
Trade receivables
26,912
26,912
Other amounts receivable
34,867
(34,867)
Other financial assets at amortised cost
171,946
171,946
Other current non-financial assets
36,330
36,330
Loans granted
167,082
(167,082)
Other financial assets
4,444
(4,444)
Total current assets
235,188
-
235,188
Total assets
235,188
-
235,188
Liabilities
Non-current liabilities
Other non-current amounts payable and liabilities
1,880
(1,880)
Other financial assets at amortised cost
131
131
Other non-current non-financial liabilities
1,749
1,749
Total non-current liabilities
1,880
-
1,880
Current liabilities
Current portion of non-current borrowing
6,143
(6,143)
Current borrowings
43
(43)
Borrowings
6,186
6,186
Current portion of congestion management funds
33,855
33,855
Advance amounts received
29,602
(29,602)
Other non-financial liabilities
3,517
3,517
Other current amounts payable and liabilities
7,770
(7,770)
Total current liabilities
43,558
-
43,558
Total liabilities
45,438
-
45,438
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2024
before reclassification
reclassification
after reclassification
Assets
Current assets
Prepayments
1,987
(1,987)
Other amounts receivable
30,657
(30,657)
Other financial assets at amortised cost
270,309
270,309
Other current non-financial assets
32,591
32,591
Loans granted
266,060
(266,060)
Other financial assets
4,196
(4,196)
Total current assets
302,900
-
302,900
Total assets
302,900
-
302,900
Liabilities
Non-current liabilities
Other non-current amounts payable and liabilities
14,615
(14,615)
Other non-current non-financial liabilities
-
14,615
14,615
Total non-current liabilities
14,615
-
14,615
Current liabilities
Current portion of non-current borrowing
6,143
(6,143)
Current borrowings
35
(35)
Borrowings
6,178
6,178
Current portion of congestion management funds
3,553
3,553
Advance amounts received
1,559
(1,559)
Other non-financial liabilities
6,897
6,897
Other current amounts payable and liabilities
8,891
(8,891)
Total current liabilities
16,628
-
16,628
Total liabilities
31,243
-
31,243
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
5.
Segment information
The Company is engaged in the provision of electricity transmission and related services and its business activities are organised as a single segment. The Board is the main decision-making body of the Company.
The Board monitors the key performance indicators:
\uf0b7
profit before interest, taxes, depreciation (amortisation), loss on impairment and write-off of property, plant and equipment (EBITDA).
\uf0b7
profit before interest and taxed (EBIT).
\uf0b7
net profit.
\uf0b7
operating expenses, excluding electricity and related expenses.
These indicators are calculated on the basis of data reported in the financial statements.
The Board also monitors adjusted performance indicator \u2013 adjusted EBITDA, which is non-IFRS alternative performance measure. Adjustments include temporary regulatory differences resulting from the Council\u2019s decisions already made and predicted. All adjustments may have both positive and negative impact on the reporting period results. In Board\u2019s view, adjusted EBITDA more accurately presents results of the operations and enable a better comparison of the results between the periods as they indicate the amount that was actually earned by the Group in the reporting year.
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Revenue and other income
431,082
378,337
Expenses for purchase of electricity and related services (negative price)
(328,957)
(271,579)
Wages and salaries and related expenses
(24,187)
(20,579)
Repair and maintenance services
(11,462)
(10,281)
Other expenses
(17,558)
(15,400)
EBITDA
48,918
60,498
Adjusted EBITDA *
53,046
47,553
Temporary regulatory differences for previous periods
8,444
13,100
Temporary regulatory differences for reporting period
(4,316)
(26,045)
Overall effect of management\u2019s adjustments on EBITDA
4,128
(12,945)
Result of lost control in subsidiary and revaluation
Depreciation and amortisation
(23,341)
(22,562)
Loss on impairment and write-off of assets
(1,172)
(653)
Dividend income
24,405
37,283
Total finance income (costs), net
3,394
5,790
Income tax
6,391
5,901
Share of results of associates
31
54
Net profit (loss)
34,221
49,028
Total assets at the end of period
816,412
820,320
Net financial debt at the end of period
(22,299)
(33,124)
Acquisitions of non-current assets and change in the advance payment
(191,706)
(232,611)
*The adjusted EBITDA for 2025 has been calculated based on the figures in the unaudited regulated activity report, whereas for 2024 it has been revised based on the figures in the audited regulated activity report.
All non-current assets of the Company are allocated in Lithuania where the Company conducts its business activities., except for an insignificant 1/3 of the NordBalt cable, which is located in the neutral waters of the Baltic Sea.
In 2025, revenue from the Lithuanian clients accounted for\u00a096% of the Company\u2019s total revenue (\u00a086% in 2024). In 2025 and 2024, the Company\u2019s revenue by geographical location of customers:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Lithuania
412,096
324,280
Estonia
771
28,266
Sweden
2,458
5,854
Poland
331
2,702
Luxembourg
5,667
7,792
Latvia
1,585
1,636
Denmark
4,777
5,300
Norway
2,641
3,030
Other countries
755
(523)
Total:
431,082
378,337
The Company\u2019s revenue from the major clients:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Client A
255,313
243,759
Client B
27,495
27,664
Client C
22,635
16,695
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
6.
Intangible assets
All amounts are in EUR thousands unless otherwise stated)
Patents and licences
Computer software
Other intangible assets
Statutory servitudes and protection zones
Total
Net book amount at 31 December 2023
877
1,910
86
2,068
4,941
Acquisitions
49
1,917
-
-
1,966
Value adjustment
-
-
-
(390)
(390)
Reclassification to/from PP&E
344
(207)
-
-
137
Reclassification off-set of grants against PP&E
(344)
(1,578)
-
-
(1,922)
Reclassification between categories
-
-
-
-
-
Reclassification between grants categories
-
-
-
-
-
Off-set of grants against intangible assets
-
-
-
-
-
Amortisation charge
(419)
(245)
(58)
-
(722)
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Acquisition cost
1,834
6,764
342
4,385
13,325
Accumulated amortisation
(1,327)
(4,967)
(314)
-
(6,608)
Change in value
-
-
-
(2,707)
(2,707)
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Acquisitions
131
41
1,861
232
2,265
Value adjustment
-
-
-
91
91
Reclassification to/from PP&E
-
-
(81)
-
(81)
Reclassification off-set of grants against PP&E
-
-
(155)
-
(155)
Reclassification between categories
9
340
(349)
-
-
Reclassification between grants categories
-
(485)
485
-
-
Off-set of grants against intangible assets
-
-
(1,171)
-
(1,171)
Amortisation charge
(418)
(299)
(38)
-
(755)
Net book amount at 31 December 2025
229
1,394
580
2,001
4,204
Acquisition cost
1,954
6,060
932
4,617
13,563
Accumulated amortisation
(1,725)
(4,666)
(352)
-
(6,743)
Change in value
-
-
-
(2,616)
(2,616)
Net book amount at 31 December 2025
229
1,394
580
2,001
4,204
\uf0b7
The assets related to statutory servitudes
As at 31 December 2025, the assets related to statutory servitudes amounted to EUR\u00a01,128 thousand (31 December 2024: EUR\u00a01,015 thousand). The following assumptions for the recalculation of the change in value for statutory servitudes applied as at 31 December 2025: the estimated number of applications to be received \u2013\u00a0761, average compensation amount per application \u2013 EUR\u00a0212, discount rate \u2013\u00a02.67%; as at 31 December 2024: the estimated number of applications to be received \u2013\u00a01,015, average compensation amount per application \u2013 EUR\u00a0212, discount rate \u2013\u00a02.09%.
\uf0b7
The assets related to protection zones
As at 31 December 2025, the assets related to protection zones amounted to EUR 873 thousand (31\u00a0December 2024: EUR 663 thousand). The following assumptions for the recalculation of the change in value for protection zones applied as at 31 December2025: adjusted planned value of services, considering amendments to the Law on Special Land Use Conditions of the Republic of Lithuania and services provided, discount rate \u2013\u00a02.67%; as at 31 December 2024: planned value of services estimated in accordance with the provisions of the Law on Special Land Use Conditions of the Republic of Lithuania and procurements completed, discount rate \u2013\u00a02.09%.
\uf0b7
Fully amortized intangible assets
The following is the acquisition cost of the Company\u2019s fully amortized intangible assets still in use:
All amounts are in EUR thousands unless otherwise stated)
Patents and licences
Computer software
Other intangible assets
Total
At 31 December 2024
566
4,104
127
4,797
At 31 December 2025
872
3,915
342
5,129
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
6.
Intangible assets
All amounts are in EUR thousands unless otherwise stated)
Patents and licences
Computer software
Other intangible assets
Statutory servitudes and protection zones
Total
Net book amount at 31 December 2023
877
1,910
86
2,068
4,941
Acquisitions
49
1,917
-
-
1,966
Value adjustment
-
-
-
(390)
(390)
Reclassification to/from PP&E
344
(207)
-
-
137
Reclassification off-set of grants against PP&E
(344)
(1,578)
-
-
(1,922)
Reclassification between categories
-
-
-
-
-
Reclassification between grants categories
-
-
-
-
-
Off-set of grants against intangible assets
-
-
-
-
-
Amortisation charge
(419)
(245)
(58)
-
(722)
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Acquisition cost
1,834
6,764
342
4,385
13,325
Accumulated amortisation
(1,327)
(4,967)
(314)
-
(6,608)
Change in value
-
-
-
(2,707)
(2,707)
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Acquisitions
131
41
1,861
232
2,265
Value adjustment
-
-
-
91
91
Reclassification to/from PP&E
-
-
(81)
-
(81)
Reclassification off-set of grants against PP&E
-
-
(155)
-
(155)
Reclassification between categories
9
340
(349)
-
-
Reclassification between grants categories
-
(485)
485
-
-
Off-set of grants against intangible assets
-
-
(1,171)
-
(1,171)
Amortisation charge
(418)
(299)
(38)
-
(755)
Net book amount at 31 December 2025
229
1,394
580
2,001
4,204
Acquisition cost
1,954
6,060
932
4,617
13,563
Accumulated amortisation
(1,725)
(4,666)
(352)
-
(6,743)
Change in value
-
-
-
(2,616)
(2,616)
Net book amount at 31 December 2025
229
1,394
580
2,001
4,204
\uf0b7
The assets related to statutory servitudes
As at 31 December 2025, the assets related to statutory servitudes amounted to EUR\u00a01,128 thousand (31 December 2024: EUR\u00a01,015 thousand). The following assumptions for the recalculation of the change in value for statutory servitudes applied as at 31 December 2025: the estimated number of applications to be received \u2013\u00a0761, average compensation amount per application \u2013 EUR\u00a0212, discount rate \u2013\u00a02.67%; as at 31 December 2024: the estimated number of applications to be received \u2013\u00a01,015, average compensation amount per application \u2013 EUR\u00a0212, discount rate \u2013\u00a02.09%.
\uf0b7
The assets related to protection zones
As at 31 December 2025, the assets related to protection zones amounted to EUR 873 thousand (31\u00a0December 2024: EUR 663 thousand). The following assumptions for the recalculation of the change in value for protection zones applied as at 31 December2025: adjusted planned value of services, considering amendments to the Law on Special Land Use Conditions of the Republic of Lithuania and services provided, discount rate \u2013\u00a02.67%; as at 31 December 2024: planned value of services estimated in accordance with the provisions of the Law on Special Land Use Conditions of the Republic of Lithuania and procurements completed, discount rate \u2013\u00a02.09%.
\uf0b7
Fully amortized intangible assets
The following is the acquisition cost of the Company\u2019s fully amortized intangible assets still in use:
All amounts are in EUR thousands unless otherwise stated)
Patents and licences
Computer software
Other intangible assets
Total
At 31 December 2024
566
4,104
127
4,797
At 31 December 2025
872
3,915
342
5,129
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
All amounts are in EUR thousands unless otherwise stated)
Patents and licences
Computer software
Other intangible assets
Statutory servitudes and protection zones
Total
Net book amount at 31 December 2023
877
1,910
86
2,068
4,941
Acquisitions
49
1,917
-
-
1,966
Value adjustment
-
-
-
(390)
(390)
Reclassification to/from PP&E
344
(207)
-
-
137
Reclassification off-set of grants against PP&E
(344)
(1,578)
-
-
(1,922)
Reclassification between categories
-
-
-
-
-
Reclassification between grants categories
-
-
-
-
-
Off-set of grants against intangible assets
-
-
-
-
-
Amortisation charge
(419)
(245)
(58)
-
(722)
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Acquisition cost
1,834
6,764
342
4,385
13,325
Accumulated amortisation
(1,327)
(4,967)
(314)
-
(6,608)
Change in value
-
-
-
(2,707)
(2,707)
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Net book amount at 31 December 2024
507
1,797
28
1,678
4,010
Acquisitions
131
41
1,861
232
2,265
Value adjustment
-
-
-
91
91
Reclassification to/from PP&E
-
-
(81)
-
(81)
Reclassification off-set of grants against PP&E
-
-
(155)
-
(155)
Reclassification between categories
9
340
(349)
-
-
Reclassification between grants categories
-
(485)
485
-
-
Off-set of grants against intangible assets
-
-
(1,171)
-
(1,171)
Amortisation charge
(418)
(299)
(38)
-
(755)
Net book amount at 31 December 2025
229
1,394
580
2,001
4,204
Acquisition cost
1,954
6,060
932
4,617
13,563
Accumulated amortisation
(1,725)
(4,666)
(352)
-
(6,743)
Change in value
-
-
-
(2,616)
(2,616)
Net book amount at 31 December 2025
229
1,394
580
2,001
4,204
\uf0b7
Fully amortized intangible assets
The following is the acquisition cost of the Company\u2019s fully amortized intangible assets still in use:
All amounts are in EUR thousands unless otherwise stated)
Patents and licences
Computer software
Other intangible assets
Total
At 31 December 2024
566
4,104
127
4,797
At 31 December 2025
872
3,915
342
5,129
All amounts are in EUR thousands unless otherwise stated)
Land
Buildings
Structures and machinery
Motor vehicles
Other property, plant and equipment
Construction work in progress
Total
Net book amount at 31 December 2023
520
19,806
283,744
-
10,269
80,818
395,157
Acquisitions
-
556
24,834
169
5,805
208,750
240,114
Change in prepayments for PP&E
-
-
-
-
-
(9,469)
(9,469)
Revaluation (reversal)
-
-
(22)
-
-
-
(22)
Write-offs
-
(2)
(1,170)
-
-
(63)
(1,235)
Sales
-
-
-
-
(1)
-
(1)
Impairment loss
-
-
(480)
-
-
-
(480)
Reclassification to inventories
-
-
-
-
(100)
845
745
Reclassification to intangible assets
-
-
-
-
142
(279)
(137)
Reclassification off-set of grants against intangible assets
-
-
-
-
-
1,922
1,922
Reclassifications between grant categories
-
(5,358)
(42,811)
-
(579)
48,748
-
Reclassification between categories
-
11,142
91,594
-
3,709
(106,445)
-
Off-set of connection revenue against non-current assets
-
(556)
(24,396)
-
(1,192)
(816)
(26,960)
Off-set of grants against non-current assets
-
-
-
-
-
(132,775)
(132,775)
Depreciation charge
-
(692)
(18,723)
(11)
(1,954)
-
(21,380)
Net book amount at 31 December 2024
520
24,896
312,570
158
16,099
91,236
445,479
Revaluated acquisition cost
520
25,575
331,384
169
18,054
91,236
466,938
Accumulated depreciation
-
(679)
(18,334)
(11)
(1,955)
-
(20,979)
Accumulated impairment
-
-
(480)
-
-
-
(480)
Net book amount at 31 December 2024
520
24,896
312,570
158
16,099
91,236
445,479
Net book amount at 31 December 2024
520
24,896
312,570
158
16,099
91,236
445,479
Acquisitions
-
1,672
22,532
224
14,832
152,436
191,696
Change in prepayments for PP&E
-
-
-
-
-
(2,255)
(2,255)
Revaluation (reversal)
-
-
-
-
-
-
-
Write-offs
-
-
(713)
-
(449)
(10)
(1,172)
Sales
-
-
-
-
-
-
-
Impairment loss
-
-
-
-
-
-
-
Reclassification to inventories
-
-
(339)
-
(103)
(2)
(444)
Reclassification to intangible assets
-
-
-
-
-
81
81
Reclassification off-set of grants against intangible assets
-
-
-
-
-
155
155
Reclassifications between grant categories
-
(12,093)
(205,721)
-
(4,121)
221,935
-
Reclassification between categories
-
15,127
278,423
-
6,184
(299,734)
-
Off-set of connection revenue against non-current assets
-
(1,672)
(22,201)
-
(833)
(1,437)
(26,143)
Off-set of grants against non-current assets
-
-
-
-
-
(59,403)
(59,403)
Depreciation charge
-
(816)
(18,443)
(71)
(2,753)
-
(22,083)
Net book amount at 31 December 2025
520
27,114
366,108
311
28,856
103,002
525,911
Revaluated acquisition cost
520
28,621
403,720
394
33,090
103,002
569,347
Accumulated depreciation
-
(1,507)
(37,132)
(83)
(4,234)
-
(42,956)
Accumulated impairment
-
-
(480)
-
-
-
(480)
Net book amount at 31 December 2025
520
27,114
366,108
311
28,856
103,002
525,911
\uf0b7
Fully depreciated property, plant and equipment
The following is the acquisition cost of the Company\u2019s fully depreciated property, plant and equipment still in use:
All amounts are in EUR thousands unless otherwise stated)
Buildings
Structures and machinery
Other property, plant and equipment
Total
At 31 December 2024
3,233
79,402
20,168
102,803
At 31 December 2025
2,565
82,281
20,628
105,474
The Company\u2019s right-of-use assets comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
Land
Buildings
Motor vehicles
Total
Net book amount at 31 December 2023
4,240
70
1,045
5,355
Acquisitions
-
-
-
-
Depreciation charge
(45)
(24)
(391)
(460)
Net book amount at 31 December 2024
4,195
46
654
4,895
Acquisition cost
4,465
70
1,542
6,077
Accumulated depreciation
(270)
(24)
(888)
(1,182)
Net book amount at 31 December 2024
4,195
46
654
4,895
Net book amount at 31 December 2024
4,195
46
654
4,895
Acquisitions
-
-
93
93
Depreciation charge
(45)
(23)
(435)
(503)
Net book amount at 31 December 2025
4,150
23
312
4,485
Acquisition cost
4,465
70
1,635
6,170
Accumulated depreciation
(315)
(47)
(1,323)
(1,685)
Net book amount at 31 December 2025
4,150
23
312
4,485
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
7.
Property, plant, and equipment
All amounts are in EUR thousands unless otherwise stated)
Land
Buildings
Structures and machinery
Motor vehicles
Other property, plant and equipment
Construction work in progress
Total
Net book amount at 31 December 2023
520
19,806
283,744
-
10,269
80,818
395,157
Acquisitions
-
556
24,834
169
5,805
208,750
240,114
Change in prepayments for PP&E
-
-
-
-
-
(9,469)
(9,469)
Revaluation (reversal)
-
-
(22)
-
-
-
(22)
Write-offs
-
(2)
(1,170)
-
-
(63)
(1,235)
Sales
-
-
-
-
(1)
-
(1)
Impairment loss
-
-
(480)
-
-
-
(480)
Reclassification to inventories
-
-
-
-
(100)
845
745
Reclassification to intangible assets
-
-
-
-
142
(279)
(137)
Reclassification off-set of grants against intangible assets
-
-
-
-
-
1,922
1,922
Reclassifications between grant categories
-
(5,358)
(42,811)
-
(579)
48,748
-
Reclassification between categories
-
11,142
91,594
-
3,709
(106,445)
-
Off-set of connection revenue against non-current assets
-
(556)
(24,396)
-
(1,192)
(816)
(26,960)
Off-set of grants against non-current assets
-
-
-
-
-
(132,775)
(132,775)
Depreciation charge
-
(692)
(18,723)
(11)
(1,954)
-
(21,380)
Net book amount at 31 December 2024
520
24,896
312,570
158
16,099
91,236
445,479
Revaluated acquisition cost
520
25,575
331,384
169
18,054
91,236
466,938
Accumulated depreciation
-
(679)
(18,334)
(11)
(1,955)
-
(20,979)
Accumulated impairment
-
-
(480)
-
-
-
(480)
Net book amount at 31 December 2024
520
24,896
312,570
158
16,099
91,236
445,479
Net book amount at 31 December 2024
520
24,896
312,570
158
16,099
91,236
445,479
Acquisitions
-
1,672
22,532
224
14,832
152,436
191,696
Change in prepayments for PP&E
-
-
-
-
-
(2,255)
(2,255)
Revaluation (reversal)
-
-
-
-
-
-
-
Write-offs
-
-
(713)
-
(449)
(10)
(1,172)
Sales
-
-
-
-
-
-
-
Impairment loss
-
-
-
-
-
-
-
Reclassification to inventories
-
-
(339)
-
(103)
(2)
(444)
Reclassification to intangible assets
-
-
-
-
-
81
81
Reclassification off-set of grants against intangible assets
-
-
-
-
-
155
155
Reclassifications between grant categories
-
(12,093)
(205,721)
-
(4,121)
221,935
-
Reclassification between categories
-
15,127
278,423
-
6,184
(299,734)
-
Off-set of connection revenue against non-current assets
-
(1,672)
(22,201)
-
(833)
(1,437)
(26,143)
Off-set of grants against non-current assets
-
-
-
-
-
(59,403)
(59,403)
Depreciation charge
-
(816)
(18,443)
(71)
(2,753)
-
(22,083)
Net book amount at 31 December 2025
520
27,114
366,108
311
28,856
103,002
525,911
Revaluated acquisition cost
520
28,621
403,720
394
33,090
103,002
569,347
Accumulated depreciation
-
(1,507)
(37,132)
(83)
(4,234)
-
(42,956)
Accumulated impairment
-
-
(480)
-
-
-
(480)
Net book amount at 31 December 2025
520
27,114
366,108
311
28,856
103,002
525,911
\uf0b7
Fully depreciated property, plant and equipment
The following is the acquisition cost of the Company\u2019s fully depreciated property, plant and equipment still in use:
All amounts are in EUR thousands unless otherwise stated)
Buildings
Structures and machinery
Other property, plant and equipment
Total
At 31 December 2024
3,233
79,402
20,168
102,803
At 31 December 2025
2,565
82,281
20,628
105,474
\uf0b7
Prepayments for property, plant, equipment (PP&E)
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at 1 January
6,712
16,181
Prepayments paid for non-current assets the period
5,544
2,316
Transfer to construction work in progress
(7,799)
(11,785)
Carrying amount at 31 December 2025
4,457
6,712
\uf0b7
Commitments for the acquisition of property, plant and equipment
As at 31 December 2025, the Company\u2019s commitments for the acquisition of property, plant and equipment to be fulfilled in the upcoming periods amounted to EUR\u00a0268,229 thousand (31 December 2024: EUR\u00a0170,733 thousand).
Additional information on cash flows
Changes in the Company\u2019s payables for non-current assets were taken into account when calculating cash flows from investing activities. In2025, the amount of investments after the change increased by EUR 20,138\u00a0thousand (2024: increased by EUR 25,060\u00a0thousand.
\uf0b7
Net book values of property, plant and equipment under historical cost method
The table below presents the net book amounts of the Company\u2019s property, plant and equipment, which would have been recognised had the historical cost method been used, less grants received, negative revaluations and prepayments that would be treated as an impairment equivalent, as at 31 December 2025 and 31 December 2024:
All amounts are in EUR thousands unless otherwise stated)
Land
Buildings
Structures and machinery
Motor vehicles
Other property, plant and equipment
Construction work in progress
Total
At 31 December 2024
520
23,865
288,854
158
16,049
84,524
413,970
At 31 December 2025
520
26,112
344,302
311
28,816
98,545
498,606
\uf0b7
Net book values of property, plant and equipment, net of grants
Property, plant, and equipment is stated at acquisition cost, less grants received/receivable for the acquisition of property, property, plant, and equipment. Grants comprise financing from the EU support funds, a portion of congestion management funds
designated for the financing of investments, payments for the expenses incurred during the connection of producers to the transmission network and performance of works for the relocation/reconstruction of the transmission network\u2019s installations initiated by customers.
Had the value of the property, plant and equipment not been reduced by the amount of grants, its carrying amount would have been increased by the amounts of the following grants:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at 1 January
598,614
458,506
Acquisitions
85,391
157,813
Depreciation charge
(20,632)
(17,688)
Write-offs
(13)
(17)
Carrying amount at 31 December
663,360
598,614
\uf0b7
Information on the revaluation of property, plant and equipment
Property, plant and equipment is stated at revalued amount. The last revaluation of property, plant and equipment was carried out in 2023. The Company considered external and internal factors that could have an impact on the impairment of property, plant and equipment as at 31 December 2025. During 2025, no significant negative changes in the economic, market, or regulatory environment were identified in any of the above segments. Also, no any other significant internal or external circumstances were identified that could indicate potential impairment of property, plant and equipment.
Nonetheless, the Company tested property, plant, and equipment for impairment using a discounted cash flow technique. Test was performed at the level of cash generating unit (CGU) which is represented by the assets of the Company\u2019s electricity transmission network.
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.
Key assumptions used in the calculation of the value of assets of electricity transmission system operator as at 31 December 2025 were as follows:
\uf0b7
The updated Long -Run Average Incremental Cost (LRAIC) model for the establishment of the regulated asset base and the cost of capital is applied in the regulatory pricing from 2022. The cost of capital comprises depreciation expenses of the regulated assets and return on investments, which is calculated by multiplying the regulated asset base by the rate of return on investments. Over the regulatory period of five years, the cost of assets under optimisation (planned to be restored) is determined using the present (restored) value and investments in the optimised assets over the regulatory period of five years are consistent with the value of assets being restored, which is calculated under the LRAIC model. The cost of capital of the assets that are not optimised is determined using the historical value. Furthermore, taking into consideration available financing sources and aiming to retain a sustainable level of the Company\u2019s debt, an additional component was established for the financing of investments increasing the level of revenue from the regulated activities.
\uf0b7
The amounts of investments until 2031 are used from the ten-year investment plan adjusted for actual data, which excludes all development investments.
\uf0b7
All operating expenses attributable to the regulated activities are compensated through transmission revenue, except for the compensation of remuneration expenses, the compensation assumption of which is 98%.
\uf0b7
The calculation of cash flows for 2026-2027 reflects a difference between the permitted and actual return on transmission investments for 2023-2025, including efficient saving of operating expense to maximise the permitted return on investments (a regulatory surplus to be repaid through a lower transmission price and revenue), and the refund of the result of ancillary services in excess of the amount permitted by NERC to the network consumers (a lower component of ancillary services and revenue), and system balancing loss (to be refunded through a higher neutrality component of the imbalance price and higher revenue from imbalance services).
\uf0b7
The rate of return on investments (pre-tax ROI) was set at 5.65% for 2026 (corresponds to a 4.69% post-tax) and, as of 2027, it is equated to the discount rate of 6.37% (corresponds to a 5.28% post-tax WACC). In the calculations of the asset value as at 31 December 2024, the rate of return on investments (pre-tax ROI) was set at 5.72% for 2025-2026 (corresponds to a 4.86% post-tax), and, as of 2027 it is equated to the discount rate of 5.26% (corresponds to a 4.47% post-tax WACC).
Net cash flows from assets were discounted using the discount rate (post-tax WACC) of 5.28% calculated by the Company. (as at 31 December 2024, net cash flows from assets were discounted using the discount rate (post-tax WACC) of 4.47% calculated by the Company).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
\uf0b7
Prepayments for property, plant, equipment (PP&E)
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at 1 January
6,712
16,181
Prepayments paid for non-current assets the period
5,544
2,316
Transfer to construction work in progress
(7,799)
(11,785)
Carrying amount at 31 December 2025
4,457
6,712
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
\uf0b7
Commitments for the acquisition of property, plant and equipment
As at 31 December 2025, the Company\u2019s commitments for the acquisition of property, plant and equipment to be fulfilled in the upcoming periods amounted to EUR\u00a0268,229 thousand (31 December 2024: EUR\u00a0170,733 thousand).
38.
Legal proceedings and contingent liabilities
The Company charged default interest to the contractor implementing the investment project for the delay in the performance of works and deferred payments against issued VAT invoices totalling EUR 8,943 thousand, which were disclosed under \u2018Payables for property, plant and equipment and inventories\u2019 in Note 22. It is likely that, during, or after the term of the contract, the Contractor may bring an action before the Vilnius Court of Commercial Arbitration, requesting a reduction or cancellation of the penalties.
INTER RAO LIETUVA AB (hereinafter \u201cINTER RAO\u201d) filed for arbitration against Litgrid, AS Augstsprieguma tikls and Elering AS based on the balancing energy purchase/sale agreement (hereinafter the \u201cBalancing Agreement\u201d). Until 31/12/2022, INTER RAO provided balancing energy purchase/sale services to the Baltic system operators related to the participation of the Baltic system operators in the BRELL system. In 2022. the Baltic system operators suspended payments to INTER RAO due to the Russia\u2019s aggression against Ukraine and the related sanctions.
INTER RAO requests Litgrid to pay EUR 5,300 thousand of suspended payments for balancing energy supplied until 31/12/2022, disclosed under \u2018Payables for electricity\u2019 in Note 22, and accrued interest. Additionally, INTER RAO requests Litgrid to pay more than EUR 8 million in compensation, around EUR 583,000 in litigation costs, and interest accrued for the period after the end of the Balancing Agreement.
The arbitration case is settled, and, as of 17/12/2025, the arbitration is stayed, but the decisions is scheduled for 06/10/2026.
The Baltic system operators are jointly and severally liable for any compensation awarded by the arbitration decision. The amounts payable by the Baltic system operators would be distributed as follows: Litgrid \u2013 42%, Elering AS \u2013 32% ir AS Augstsprieguma tikls \u2013 26%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "
\uf0b7
Commitments for the acquisition of property, plant and equipment
As at 31 December 2025, the Company\u2019s commitments for the acquisition of property, plant and equipment to be fulfilled in the upcoming periods amounted to EUR\u00a0268,229 thousand (31 December 2024: EUR\u00a0170,733 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
Additional information on cash flows
Changes in the Company\u2019s payables for non-current assets were taken into account when calculating cash flows from investing activities. In2025, the amount of investments after the change increased by EUR 20,138\u00a0thousand (2024: increased by EUR 25,060\u00a0thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
8.
Right-of-use assets
As indicated below, the Company leases land, office premises, motor vehicles and other property, plant and equipment. The lease terms of the lease contracts (except for the lease of land) is 2-4 years. The lease terms of the land lease contracts is 99 years. When recognising right-of-use assets and lease liabilities and determining the lease terms the Company assessed extension and early termination options of the lease contracts. As the useful life of the right-of-use assets is longer than the lease term, depreciation is calculated from the commencement date of the lease till the end of the lease term.
The Company\u2019s right-of-use assets comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
Land
Buildings
Motor vehicles
Total
Net book amount at 31 December 2023
4,240
70
1,045
5,355
Acquisitions
-
-
-
-
Depreciation charge
(45)
(24)
(391)
(460)
Net book amount at 31 December 2024
4,195
46
654
4,895
Acquisition cost
4,465
70
1,542
6,077
Accumulated depreciation
(270)
(24)
(888)
(1,182)
Net book amount at 31 December 2024
4,195
46
654
4,895
Net book amount at 31 December 2024
4,195
46
654
4,895
Acquisitions
-
-
93
93
Depreciation charge
(45)
(23)
(435)
(503)
Net book amount at 31 December 2025
4,150
23
312
4,485
Acquisition cost
4,465
70
1,635
6,170
Accumulated depreciation
(315)
(47)
(1,323)
(1,685)
Net book amount at 31 December 2025
4,150
23
312
4,485
20.
Lease liabilities
The Company\u2019s lease liabilities and their movements:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at the beginning of the period
5,059
5,493
Leases
93
-
Expenses of interest charged
71
76
Lease payments (principal)
(483)
(434)
Lease payments (interest)
(71)
(76)
Carrying amount at the end of the period
4,669
5,059
Non-current lease liabilities
4,308
4,605
Current lease liabilities
361
454
The Company\u2019s lease liabilities comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Total lease liabilities:
4,669
5,059
Current portion
361
454
Repayment terms of non-current liabilities:
From 1 to 2 years
29
297
From 2 to 3 years
23
29
From 3 to 5 years
48
23
After 5 years
4,208
4,256
Lease expenses for the Company\u2019s leases, which do not comply with the requirements of IFRS 16, amounted to EUR\u00a0206.0 thousand in 2025 (2024: EUR\u00a0217.9 thousand).
The Company had no leases with variable payments.
21.
Net debt
Reconciliation of net debt balances:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Cash and cash equivalents
4,397
113
Non-current borrowings
(18,000)
(22,000)
Lease liabilities
(4,308)
(4,605)
Current portion of non-current borrowings
(4,000)
(6,143)
Interest charged on borrowings
(27)
(35)
Current portion of lease liabilities
(361)
(454)
Net debt
(22,299)
(33,124)
Cash and cash equivalents
4,397
113
Borrowings with a fixed interest rate
(26,696)
(33,237)
Net debt
(22,299)
(33,124)
Cash flows from financing activities for 2025 and 2024:
All amounts are in EUR thousands unless otherwise stated)
Cash
Borrowings
Other financing
Leases
Total
Net debt at 31 December 2023
634
(34,329)
-
(5,493)
(39,188)
Acquisition (proceeds from borrowings, new leases)
-
-
-
-
-
Increase (decrease) in cash and cash equivalents
(521)
-
-
-
(521)
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
434
434
Interest charged
-
(301)
(15)
(76)
(392)
Interest paid
-
309
15
76
400
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Acquisition (proceeds from borrowings, new leases)
-
-
-
(93)
(93)
Increase (decrease) in cash and cash equivalents
4,284
-
-
-
4,284
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
483
483
Interest charged
-
(245)
(10)
(71)
(326)
Interest paid
-
253
10
71
334
Net debt at 31 December 2025
4,397
(22,027)
-
(4,669)
(22,299)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "
10.
Inventories
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Materials and inventories
230
204
Impairment
(164)
(143)
Carrying amount
66
61
Movements in write-down allowance for inventories in 2025 and 2024 are indicated below:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Carrying amount at 1 January
143
153
Change in impairment
21
(10)
Carrying amount at 31 December
164
143
In 2025 the Company reversed the write-down recognised in 2024, for obsolete or slow-moving inventories stored at the warehouse, by recording the statement of comprehensive income under operating expenses.
The Company\u2019s inventories recognised as expenses in 2025 amounted to EUR\u00a0385 thousand (2024: EUR\u00a0327 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
11.
Trade receivables
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Trade receivables under contracts with customers
Amounts receivable for electricity transmission and related services
58,917
49,290
Total trade receivables under contracts with customers:
58,917
49,290
Trade receivables under the other contracts with customers
Congestion management funds receivable
2,256
634
Other trade receivables
63
61
Total trade receivables under the other contracts with customers:
2,319
695
Total trade receivables:
61,236
49,985
The fair value of trade receivables approximates their carrying amount.
As at 31 December 2025, trade receivables from contracts with customers were 23% higher than as at 31 December 2024.
In , the Company did not recognise any expected credit losses related to trade. As at 31 December 2025 and as at 31 December 2024, there were no amounts past due for which an impairment allowance was recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
11.
Trade receivables
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Trade receivables under contracts with customers
Amounts receivable for electricity transmission and related services
58,917
49,290
Total trade receivables under contracts with customers:
58,917
49,290
Trade receivables under the other contracts with customers
Congestion management funds receivable
2,256
634
Other trade receivables
63
61
Total trade receivables under the other contracts with customers:
2,319
695
Total trade receivables:
61,236
49,985
The fair value of trade receivables approximates their carrying amount.
As at 31 December 2025, trade receivables from contracts with customers were 23% higher than as at 31 December 2024.
In , the Company did not recognise any expected credit losses related to trade. As at 31 December 2025 and as at 31 December 2024, there were no amounts past due for which an impairment allowance was recognised.
12.
Other financial assets at amortised cost
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Loans to Group companies
156,067
265,472
Interest on loans excluded value added tax
204
588
Funds deposited for guarantees and deposits
920
4,196
Other receivables
989
53
Total other financial current assets at amortised cost:
158,180
270,309
The fair value of other financial assets as at 31 December 2025 and 2024 approximated their carrying amount.
On 31 August 2025, the Company terminated the cash-pool agreement with EPSO-G UAB of 29 July 2024, and, on 1 September 2025, the Company entered into a new open-ended cash-pool agreement, subject to variable interest rate linked to ESTR (euro short-term rate).
Under the group account (cashpool) agreement the Company\u2019s positive funds balance transferred to the disposal of EPSO-G UAB is accounted for as amounts receivable (loans granted) in the statement of financial position and is not included in the line item of cash and cash equivalents.
As at 31 December 2025, the Company assessed and did not identify any indications that credit risk of the EPSO-G Group companies, i.e. recipients of short-term loans, could be increased. Consequently, lifetime ECL were not recognised for current borrowings.
The Company holds its deposits for guarantees, security deposits and term deposits with credit institutions, whose long-term obligations are rated by Moody\u2019s or Standard & Poors as investment-grade: Standard & Poors (A+ or AA-), and Moody\u2019s (Aa2 or Aa3). Consequently, ECLs were not recognised for other financial assets.
14.
Cash and cash equivalents
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Cash at bank
4,397
113
Total cash and cash equivalents:
4,397
113
The fair value of cash and cash equivalents is equal to their nominal and carrying amounts.
19.
Borrowings
The Company\u2019s borrowings comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Non-current borrowings
Bank borrowings
18,000
22,000
Current borrowings
Current portion of non-current bank borrowings
4,000
6,143
Bank borrowings interest
27
35
Total borrowings:
22,027
28,178
Non-current borrowings grouped by maturity profile:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
From 1 to 2 years
4,000
4,000
From 2 to 5 years
12,000
12,000
After 5 years
2,000
6,000
Total:
18,000
22,000
As at 31 December 2025 and 2024, no assets were pledged as collateral by the Company.
As at 31 December 2025, the weighted average interest rate on the Company\u2019s borrowings was\u00a00.95 % (31 December 2024:\u00a00.94\u00a0%).
As at 31 December 2025, the outstanding balance of the Company\u2019s borrowings with the fixed interest rate amounted to EUR\u00a022,000 thousand (31 December 2024: EUR\u00a028,143 thousand).
As at 31 December 2025 and 2024, the Company had no unwithdrawn borrowings or overdrafts.
Under the loan agreement signed by the Company with the European Investment Bank, the Company is committed to comply with the net debt to EBITDA ratio, which should not exceed 6 (by 31 December 2024 less than 6.5) and with the interest coverage ratio, which should be above 3, these ratios are calculated two times per year at 31 December and at 30 June.
The outstanding balance of a borrowing, which is subject to this requirement, amounted to EUR\u00a022,000 thousand as at 31 December 2025 As at 31 December 2024: the outstanding balance of a borrowing, which is subject to this requirement, EUR\u00a028,143 thousand. As at 31 December 2025 and 2024, the Company complied with the requirements laid down in the loan agreements.
20.
Lease liabilities
The Company\u2019s lease liabilities and their movements:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at the beginning of the period
5,059
5,493
Leases
93
-
Expenses of interest charged
71
76
Lease payments (principal)
(483)
(434)
Lease payments (interest)
(71)
(76)
Carrying amount at the end of the period
4,669
5,059
Non-current lease liabilities
4,308
4,605
Current lease liabilities
361
454
The Company\u2019s lease liabilities comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Total lease liabilities:
4,669
5,059
Current portion
361
454
Repayment terms of non-current liabilities:
From 1 to 2 years
29
297
From 2 to 3 years
23
29
From 3 to 5 years
48
23
After 5 years
4,208
4,256
Lease expenses for the Company\u2019s leases, which do not comply with the requirements of IFRS 16, amounted to EUR\u00a0206.0 thousand in 2025 (2024: EUR\u00a0217.9 thousand).
The Company had no leases with variable payments.
22.
Trade payables
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Amounts payable for electricity
30,927
46,188
Payables for other services, valuables
7,417
15,466
Payables for property, plant and equipment and inventory
40,628
51,264
Total trade payables:
78,972
112,918
The fair value of trade payables approximates their carrying amounts.
23.
Other financial liabilities at amortised cost
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Non-current trade payables
261
-
Total other non-current financial liabilities at amortised cost:
261
-
Deposits received*
4,249
2,960
Dividends payable
666
592
Other advance amounts received
-
1
Total other current financial liabilities at amortised cost:
4,915
3,553
*
Deposits received consist of deposits received from customers under imbalance purchase - sale contracts.
Financial instruments by category (as per the statement of financial position):
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Financial assets
Trade receivables
61,236
49,985
Other financial assets at amortised cost
158,180
270,309
Cash and cash equivalents
4,397
113
Financial assets measured at amortised cost
223,813
320,407
Total financial assets
223,813
320,407
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Financial liabilities
Borrowings
22,027
28,178
Lease liabilities
4,669
5,059
Trade payables
78,972
112,918
Other financial liabilities at amortised cost
5,176
3,553
Financial liabilities at amortised cost
110,844
149,708
Total Financial liabilities
110,844
149,708
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
11.
Trade receivables
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Trade receivables under contracts with customers
Amounts receivable for electricity transmission and related services
58,917
49,290
Total trade receivables under contracts with customers:
58,917
49,290
Trade receivables under the other contracts with customers
Congestion management funds receivable
2,256
634
Other trade receivables
63
61
Total trade receivables under the other contracts with customers:
2,319
695
Total trade receivables:
61,236
49,985
The fair value of trade receivables approximates their carrying amount.
As at 31 December 2025, trade receivables from contracts with customers were 23% higher than as at 31 December 2024.
In , the Company did not recognise any expected credit losses related to trade. As at 31 December 2025 and as at 31 December 2024, there were no amounts past due for which an impairment allowance was recognised.
13.
Other current non-financial assets
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Taxes receivable from the State budget, except for income tax
72
396
Prepayments
237
262
Deferred expenses
4,944
1,646
Grants receivable
33,579
30,287
Other amounts receivable
83
-
Total other current non-financial assets:
38,915
32,591
The fair value of other current assets approximates their carrying amount.
The line item of grants receivable includes grants receivable from the EU structural funds for the projects being implemented by the Company. The main amount of receivable grants as at 31 December 2025 consisted of the grant receivable under the instrument Connecting Europe Facility (CEF) for the compensation of expenses incurred in the synchronisation projects.
To determine credit losses for receivables, the Company applies an individual assessment. Grants receivable are controlled by the EU and Lithuanian public authorities, therefore they are considered to be of very low credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
12.
Other financial assets at amortised cost
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Loans to Group companies
156,067
265,472
Interest on loans excluded value added tax
204
588
Funds deposited for guarantees and deposits
920
4,196
Other receivables
989
53
Total other financial current assets at amortised cost:
158,180
270,309
The fair value of other financial assets as at 31 December 2025 and 2024 approximated their carrying amount.
On 31 August 2025, the Company terminated the cash-pool agreement with EPSO-G UAB of 29 July 2024, and, on 1 September 2025, the Company entered into a new open-ended cash-pool agreement, subject to variable interest rate linked to ESTR (euro short-term rate).
Under the group account (cashpool) agreement the Company\u2019s positive funds balance transferred to the disposal of EPSO-G UAB is accounted for as amounts receivable (loans granted) in the statement of financial position and is not included in the line item of cash and cash equivalents.
As at 31 December 2025, the Company assessed and did not identify any indications that credit risk of the EPSO-G Group companies, i.e. recipients of short-term loans, could be increased. Consequently, lifetime ECL were not recognised for current borrowings.
The Company holds its deposits for guarantees, security deposits and term deposits with credit institutions, whose long-term obligations are rated by Moody\u2019s or Standard & Poors as investment-grade: Standard & Poors (A+ or AA-), and Moody\u2019s (Aa2 or Aa3). Consequently, ECLs were not recognised for other financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
12.
Other financial assets at amortised cost
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Loans to Group companies
156,067
265,472
Interest on loans excluded value added tax
204
588
Funds deposited for guarantees and deposits
920
4,196
Other receivables
989
53
Total other financial current assets at amortised cost:
158,180
270,309
The fair value of other financial assets as at 31 December 2025 and 2024 approximated their carrying amount.
On 31 August 2025, the Company terminated the cash-pool agreement with EPSO-G UAB of 29 July 2024, and, on 1 September 2025, the Company entered into a new open-ended cash-pool agreement, subject to variable interest rate linked to ESTR (euro short-term rate).
Under the group account (cashpool) agreement the Company\u2019s positive funds balance transferred to the disposal of EPSO-G UAB is accounted for as amounts receivable (loans granted) in the statement of financial position and is not included in the line item of cash and cash equivalents.
As at 31 December 2025, the Company assessed and did not identify any indications that credit risk of the EPSO-G Group companies, i.e. recipients of short-term loans, could be increased. Consequently, lifetime ECL were not recognised for current borrowings.
The Company holds its deposits for guarantees, security deposits and term deposits with credit institutions, whose long-term obligations are rated by Moody\u2019s or Standard & Poors as investment-grade: Standard & Poors (A+ or AA-), and Moody\u2019s (Aa2 or Aa3). Consequently, ECLs were not recognised for other financial assets.
13.
Other current non-financial assets
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Taxes receivable from the State budget, except for income tax
72
396
Prepayments
237
262
Deferred expenses
4,944
1,646
Grants receivable
33,579
30,287
Other amounts receivable
83
-
Total other current non-financial assets:
38,915
32,591
The fair value of other current assets approximates their carrying amount.
The line item of grants receivable includes grants receivable from the EU structural funds for the projects being implemented by the Company. The main amount of receivable grants as at 31 December 2025 consisted of the grant receivable under the instrument Connecting Europe Facility (CEF) for the compensation of expenses incurred in the synchronisation projects.
To determine credit losses for receivables, the Company applies an individual assessment. Grants receivable are controlled by the EU and Lithuanian public authorities, therefore they are considered to be of very low credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
12.
Other financial assets at amortised cost
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Loans to Group companies
156,067
265,472
Interest on loans excluded value added tax
204
588
Funds deposited for guarantees and deposits
920
4,196
Other receivables
989
53
Total other financial current assets at amortised cost:
158,180
270,309
The fair value of other financial assets as at 31 December 2025 and 2024 approximated their carrying amount.
On 31 August 2025, the Company terminated the cash-pool agreement with EPSO-G UAB of 29 July 2024, and, on 1 September 2025, the Company entered into a new open-ended cash-pool agreement, subject to variable interest rate linked to ESTR (euro short-term rate).
Under the group account (cashpool) agreement the Company\u2019s positive funds balance transferred to the disposal of EPSO-G UAB is accounted for as amounts receivable (loans granted) in the statement of financial position and is not included in the line item of cash and cash equivalents.
As at 31 December 2025, the Company assessed and did not identify any indications that credit risk of the EPSO-G Group companies, i.e. recipients of short-term loans, could be increased. Consequently, lifetime ECL were not recognised for current borrowings.
The Company holds its deposits for guarantees, security deposits and term deposits with credit institutions, whose long-term obligations are rated by Moody\u2019s or Standard & Poors as investment-grade: Standard & Poors (A+ or AA-), and Moody\u2019s (Aa2 or Aa3). Consequently, ECLs were not recognised for other financial assets.
13.
Other current non-financial assets
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Taxes receivable from the State budget, except for income tax
72
396
Prepayments
237
262
Deferred expenses
4,944
1,646
Grants receivable
33,579
30,287
Other amounts receivable
83
-
Total other current non-financial assets:
38,915
32,591
The fair value of other current assets approximates their carrying amount.
The line item of grants receivable includes grants receivable from the EU structural funds for the projects being implemented by the Company. The main amount of receivable grants as at 31 December 2025 consisted of the grant receivable under the instrument Connecting Europe Facility (CEF) for the compensation of expenses incurred in the synchronisation projects.
To determine credit losses for receivables, the Company applies an individual assessment. Grants receivable are controlled by the EU and Lithuanian public authorities, therefore they are considered to be of very low credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
13.
Other current non-financial assets
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Taxes receivable from the State budget, except for income tax
72
396
Prepayments
237
262
Deferred expenses
4,944
1,646
Grants receivable
33,579
30,287
Other amounts receivable
83
-
Total other current non-financial assets:
38,915
32,591
The fair value of other current assets approximates their carrying amount.
The line item of grants receivable includes grants receivable from the EU structural funds for the projects being implemented by the Company. The main amount of receivable grants as at 31 December 2025 consisted of the grant receivable under the instrument Connecting Europe Facility (CEF) for the compensation of expenses incurred in the synchronisation projects.
To determine credit losses for receivables, the Company applies an individual assessment. Grants receivable are controlled by the EU and Lithuanian public authorities, therefore they are considered to be of very low credit risk.
26.
Other non-financial liabilities
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Advance amounts received from connection of new consumers
9,381
11,005
Grants received in advance
-
3,469
Contractual obligations under connection agreements
1,217
141
Total other non-current non-financial liabilities:
10,598
14,615
Employment-related liabilities, including accrued financial incentive
2,696
2,235
Accrued expenses relating to vacation reserve
2,175
1,875
Taxes payable to the State budget, except for income tax
7,856
688
Fee payable to the regulator
556
540
Grants received in advance
2,511
635
Other prepayments received for services provided
332
50
Advance amounts received from connection of new consumers
10,361
874
Contract liabilities (deferred income)
36
-
Total other current non-financial liabilities:
26,523
6,897
Total other non-financial liabilities:
37,121
21,512
In 2025 and in 2024, prepayments received for the connection of new consumers/producers/facilities significantly increased due to one of the largest railway infrastructure modernisation projects in Lithuania implemented by LTG Infra AB.
The fair value of other amounts payable approximates their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "
14.
Cash and cash equivalents
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Cash at bank
4,397
113
Total cash and cash equivalents:
4,397
113
The fair value of cash and cash equivalents is equal to their nominal and carrying amounts.
21.
Net debt
Reconciliation of net debt balances:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Cash and cash equivalents
4,397
113
Non-current borrowings
(18,000)
(22,000)
Lease liabilities
(4,308)
(4,605)
Current portion of non-current borrowings
(4,000)
(6,143)
Interest charged on borrowings
(27)
(35)
Current portion of lease liabilities
(361)
(454)
Net debt
(22,299)
(33,124)
Cash and cash equivalents
4,397
113
Borrowings with a fixed interest rate
(26,696)
(33,237)
Net debt
(22,299)
(33,124)
Cash flows from financing activities for 2025 and 2024:
All amounts are in EUR thousands unless otherwise stated)
Cash
Borrowings
Other financing
Leases
Total
Net debt at 31 December 2023
634
(34,329)
-
(5,493)
(39,188)
Acquisition (proceeds from borrowings, new leases)
-
-
-
-
-
Increase (decrease) in cash and cash equivalents
(521)
-
-
-
(521)
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
434
434
Interest charged
-
(301)
(15)
(76)
(392)
Interest paid
-
309
15
76
400
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Acquisition (proceeds from borrowings, new leases)
-
-
-
(93)
(93)
Increase (decrease) in cash and cash equivalents
4,284
-
-
-
4,284
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
483
483
Interest charged
-
(245)
(10)
(71)
(326)
Interest paid
-
253
10
71
334
Net debt at 31 December 2025
4,397
(22,027)
-
(4,669)
(22,299)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
Share premium represents a difference between the nominal value of shares and consideration received for shares, they were formed in 2010 and amount to EUR 8,579 thousand.
16.
Legal reserve, revaluation reserve and other reserves
\uf0b7
Legal reserve
A legal reserve is a compulsory reserve under the Lithuanian legislation. The legal reserve should not be less than 10 per cent of the authorised share capital and can only be used to cover the Company\u2019s losses only. In 2025,and 2024 the legal reserve accumulated by the Company complied with the requirements of the legal acts of the Republic of Lithuania and represented 10% of the issued share capital.
\uf0b7
Revaluation reserve
Pursuant to Article 39(7) of the Law on Companies of the Republic of Lithuania, \u201cthe revaluation reserve shall be the amount of increase (decrease) in the value of tangible fixed assets and financial assets resulting after the revaluation of assets in accordance
with applicable financial reporting standards. The revaluation reserve or a portion thereof may be used to increase the capital. No part of the revaluation reserve may be distributed, either directly or indirectly.\u201d
In 2025, the Company reduced the revaluation reserve by the amount of EUR 22 thousand as it established the impairment provision in respect of the assets for which the value increase was formed in 2023.
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at 1 January
20,830
23,320
Revaluation of property, plant and equipment (reversal)
-
(22)
Depreciation of revaluation reserve
(1,841)
(2,590)
Write-off of property, plant and equipment
(109)
(25)
Deferred income tax
84
147
Carrying amount at the end of the period
18,964
20,830
\uf0b7
Other reserves
Other reserves are formed based on the decision of shareholders and can be redistributed on the distribution of the next year\u2019s profit.
On 30 April 2025, the Ordinary General Meeting of Shareholders of Litgrid approved the draft profit distribution, with the share of distributable profit of EUR 24,711\u00a0 thousand to be allocated for payment of dividends, the share of distributable profit of EUR 42,692 thousand to be allocated for transfer to other reserves, and the share of distributable profit of EUR 500 thousand to be allocated for establishing a reserve for donations.
On 30 April 2024, the Ordinary General Meeting of Shareholders of Litgrid adopted the decision to approve the draft profit distribution, by rebuilding the legal reserve with the transfer of EUR\u00a02,521 thousand from the retained earnings; allocating EUR\u00a029,252 thousand of earnings to dividends, and establishing a EUR 500 thousand reserve for support.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
\uf0b7
Capital management
According to the Law on Companies of the Republic of Lithuania, the equity of the Company must account for at least \u00bd of the amount of the authorised share capital. As at 31 December 2025 and 2024, the Company was in compliance with this requirement. No other external capital requirements have been imposed on the Company. Dividends are allocated pursuant to the approved dividend policy, under which dividends payable are directly linked with the effective use of the company\u2019s equity, i.e. the higher benefits created by the Company for the shareholders are, the larger portion of profit can be allocated by the Company for a further development or implementation of other significant projects.
The Company\u2019s main objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going concern. In order to maintain or change the capital structure, the amount of dividends to be paid to the shareholders may be adjusted, capital may be returned to the shareholders, or new shares may be issued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
16.
Legal reserve, revaluation reserve and other reserves
\uf0b7
Legal reserve
A legal reserve is a compulsory reserve under the Lithuanian legislation. The legal reserve should not be less than 10 per cent of the authorised share capital and can only be used to cover the Company\u2019s losses only. In 2025,and 2024 the legal reserve accumulated by the Company complied with the requirements of the legal acts of the Republic of Lithuania and represented 10% of the issued share capital.
\uf0b7
Revaluation reserve
Pursuant to Article 39(7) of the Law on Companies of the Republic of Lithuania, \u201cthe revaluation reserve shall be the amount of increase (decrease) in the value of tangible fixed assets and financial assets resulting after the revaluation of assets in accordance
with applicable financial reporting standards. The revaluation reserve or a portion thereof may be used to increase the capital. No part of the revaluation reserve may be distributed, either directly or indirectly.\u201d
In 2025, the Company reduced the revaluation reserve by the amount of EUR 22 thousand as it established the impairment provision in respect of the assets for which the value increase was formed in 2023.
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at 1 January
20,830
23,320
Revaluation of property, plant and equipment (reversal)
-
(22)
Depreciation of revaluation reserve
(1,841)
(2,590)
Write-off of property, plant and equipment
(109)
(25)
Deferred income tax
84
147
Carrying amount at the end of the period
18,964
20,830
\uf0b7
Other reserves
Other reserves are formed based on the decision of shareholders and can be redistributed on the distribution of the next year\u2019s profit.
On 30 April 2025, the Ordinary General Meeting of Shareholders of Litgrid approved the draft profit distribution, with the share of distributable profit of EUR 24,711\u00a0 thousand to be allocated for payment of dividends, the share of distributable profit of EUR 42,692 thousand to be allocated for transfer to other reserves, and the share of distributable profit of EUR 500 thousand to be allocated for establishing a reserve for donations.
On 30 April 2024, the Ordinary General Meeting of Shareholders of Litgrid adopted the decision to approve the draft profit distribution, by rebuilding the legal reserve with the transfer of EUR\u00a02,521 thousand from the retained earnings; allocating EUR\u00a029,252 thousand of earnings to dividends, and establishing a EUR 500 thousand reserve for support.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
17.
Dividends
On 30 April 2025, the Ordinary General Meeting of Shareholders of Litgrid approved the distribution of the Company\u2019s profit (loss) for 2024. EUR 24 711 thousand was allocated to dividends for the year ended 31 December 2024.
On 11 April 2024, the Ordinary General Meeting of Shareholders of Litgrid approved the distribution of the Company\u2019s profit (loss) for 2023. EUR 29 252 thousand was allocated to dividends for the year ended 31 December 2023.
2025
2024
Dividends per share, EUR
0.049
0.058
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "0.049", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-470": { "value": "0.058", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-64": { "value": "
18.
Grants
The grants at the Company are mainly designated for the acquisition of non-current assets. Movements in grants in 2025 and 2024 were as follows:
All amounts are in EUR thousands unless otherwise stated)
Note
2025
2024
Balance at the beginning of the period
Grants receivable
13
30,287
34,006
Grants received in advance (non-current liabilities)
26
(3,469)
-
Grants received in advance (current liabilities)
26
(635)
(28,563)
26,183
5,443
Recognised grants
Transfer to property, plant and equipment
7
85,546
159,735
Transfer to intangible assets
6
1,171
-
Grants used for compensation of expenses
17
195
86,734
159,930
Grants received
Grants received in the form of monetary funds (cash flow statement)*
SCF
2,547
68,732
Congestion revenue transferred to grants
24
53,142
43,498
Grants received for compensation of expenses
17
-
Grants received in the form of assets
7
26,143
26,960
81,849
139,190
Balance at the end of the period
Grants receivable
13
33,579
30,287
Grants received in advance (non-current liabilities)
26
-
(3,469)
Grants received in advance (current liabilities)
26
(2,511)
(635)
31,068
26,183
*
SCF Statement of cash flow
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
19.
Borrowings
The Company\u2019s borrowings comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Non-current borrowings
Bank borrowings
18,000
22,000
Current borrowings
Current portion of non-current bank borrowings
4,000
6,143
Bank borrowings interest
27
35
Total borrowings:
22,027
28,178
Non-current borrowings grouped by maturity profile:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
From 1 to 2 years
4,000
4,000
From 2 to 5 years
12,000
12,000
After 5 years
2,000
6,000
Total:
18,000
22,000
As at 31 December 2025 and 2024, no assets were pledged as collateral by the Company.
As at 31 December 2025, the weighted average interest rate on the Company\u2019s borrowings was\u00a00.95 % (31 December 2024:\u00a00.94\u00a0%).
As at 31 December 2025, the outstanding balance of the Company\u2019s borrowings with the fixed interest rate amounted to EUR\u00a022,000 thousand (31 December 2024: EUR\u00a028,143 thousand).
As at 31 December 2025 and 2024, the Company had no unwithdrawn borrowings or overdrafts.
Under the loan agreement signed by the Company with the European Investment Bank, the Company is committed to comply with the net debt to EBITDA ratio, which should not exceed 6 (by 31 December 2024 less than 6.5) and with the interest coverage ratio, which should be above 3, these ratios are calculated two times per year at 31 December and at 30 June.
The outstanding balance of a borrowing, which is subject to this requirement, amounted to EUR\u00a022,000 thousand as at 31 December 2025 As at 31 December 2024: the outstanding balance of a borrowing, which is subject to this requirement, EUR\u00a028,143 thousand. As at 31 December 2025 and 2024, the Company complied with the requirements laid down in the loan agreements.
21.
Net debt
Reconciliation of net debt balances:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Cash and cash equivalents
4,397
113
Non-current borrowings
(18,000)
(22,000)
Lease liabilities
(4,308)
(4,605)
Current portion of non-current borrowings
(4,000)
(6,143)
Interest charged on borrowings
(27)
(35)
Current portion of lease liabilities
(361)
(454)
Net debt
(22,299)
(33,124)
Cash and cash equivalents
4,397
113
Borrowings with a fixed interest rate
(26,696)
(33,237)
Net debt
(22,299)
(33,124)
Cash flows from financing activities for 2025 and 2024:
All amounts are in EUR thousands unless otherwise stated)
Cash
Borrowings
Other financing
Leases
Total
Net debt at 31 December 2023
634
(34,329)
-
(5,493)
(39,188)
Acquisition (proceeds from borrowings, new leases)
-
-
-
-
-
Increase (decrease) in cash and cash equivalents
(521)
-
-
-
(521)
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
434
434
Interest charged
-
(301)
(15)
(76)
(392)
Interest paid
-
309
15
76
400
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Acquisition (proceeds from borrowings, new leases)
-
-
-
(93)
(93)
Increase (decrease) in cash and cash equivalents
4,284
-
-
-
4,284
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
483
483
Interest charged
-
(245)
(10)
(71)
(326)
Interest paid
-
253
10
71
334
Net debt at 31 December 2025
4,397
(22,027)
-
(4,669)
(22,299)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
21.
Net debt
Reconciliation of net debt balances:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Cash and cash equivalents
4,397
113
Non-current borrowings
(18,000)
(22,000)
Lease liabilities
(4,308)
(4,605)
Current portion of non-current borrowings
(4,000)
(6,143)
Interest charged on borrowings
(27)
(35)
Current portion of lease liabilities
(361)
(454)
Net debt
(22,299)
(33,124)
Cash and cash equivalents
4,397
113
Borrowings with a fixed interest rate
(26,696)
(33,237)
Net debt
(22,299)
(33,124)
Cash flows from financing activities for 2025 and 2024:
All amounts are in EUR thousands unless otherwise stated)
Cash
Borrowings
Other financing
Leases
Total
Net debt at 31 December 2023
634
(34,329)
-
(5,493)
(39,188)
Acquisition (proceeds from borrowings, new leases)
-
-
-
-
-
Increase (decrease) in cash and cash equivalents
(521)
-
-
-
(521)
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
434
434
Interest charged
-
(301)
(15)
(76)
(392)
Interest paid
-
309
15
76
400
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Acquisition (proceeds from borrowings, new leases)
-
-
-
(93)
(93)
Increase (decrease) in cash and cash equivalents
4,284
-
-
-
4,284
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
483
483
Interest charged
-
(245)
(10)
(71)
(326)
Interest paid
-
253
10
71
334
Net debt at 31 December 2025
4,397
(22,027)
-
(4,669)
(22,299)
\uf0b7
Payments to the management
The management personnel consists of executives, i.e. the Company\u2019s CEO, heads of departments and equivalent centres, as well as members of collegial bodies:
All amounts are in EUR thousands unless otherwise stated)
As at 31 December 2025
As at 31 December 2024
Employment-related payments*
1,321
1,276
Whereof: Payed benefits*
-
168
Average number of key management personnel
10
9
Payments to the members of the collegial management bodies
118
104
* - including social security contributions paid by the employer.
No loans, guarantees or any other benefits were paid or calculated, nor any assets were transferred to the Company\u2019s management in 2025 and 2024.
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
21.
Net debt
Reconciliation of net debt balances:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Cash and cash equivalents
4,397
113
Non-current borrowings
(18,000)
(22,000)
Lease liabilities
(4,308)
(4,605)
Current portion of non-current borrowings
(4,000)
(6,143)
Interest charged on borrowings
(27)
(35)
Current portion of lease liabilities
(361)
(454)
Net debt
(22,299)
(33,124)
Cash and cash equivalents
4,397
113
Borrowings with a fixed interest rate
(26,696)
(33,237)
Net debt
(22,299)
(33,124)
Cash flows from financing activities for 2025 and 2024:
All amounts are in EUR thousands unless otherwise stated)
Cash
Borrowings
Other financing
Leases
Total
Net debt at 31 December 2023
634
(34,329)
-
(5,493)
(39,188)
Acquisition (proceeds from borrowings, new leases)
-
-
-
-
-
Increase (decrease) in cash and cash equivalents
(521)
-
-
-
(521)
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
434
434
Interest charged
-
(301)
(15)
(76)
(392)
Interest paid
-
309
15
76
400
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Net debt at 31 December 2024
113
(28,178)
-
(5,059)
(33,124)
Acquisition (proceeds from borrowings, new leases)
-
-
-
(93)
(93)
Increase (decrease) in cash and cash equivalents
4,284
-
-
-
4,284
Repayment of a borrowing
-
6,143
-
-
6,143
Lease payments
-
-
-
483
483
Interest charged
-
(245)
(10)
(71)
(326)
Interest paid
-
253
10
71
334
Net debt at 31 December 2025
4,397
(22,027)
-
(4,669)
(22,299)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
22.
Trade payables
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Amounts payable for electricity
30,927
46,188
Payables for other services, valuables
7,417
15,466
Payables for property, plant and equipment and inventory
40,628
51,264
Total trade payables:
78,972
112,918
The fair value of trade payables approximates their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
23.
Other financial liabilities at amortised cost
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Non-current trade payables
261
-
Total other non-current financial liabilities at amortised cost:
261
-
Deposits received*
4,249
2,960
Dividends payable
666
592
Other advance amounts received
-
1
Total other current financial liabilities at amortised cost:
4,915
3,553
*
Deposits received consist of deposits received from customers under imbalance purchase - sale contracts.
24.
Congestion management funds
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Non-current portion of congestion management funds included in liabilities
312,406
308,803
Current portion of congestion management funds included in liabilities
87,272
81,316
Total congestion management funds:
399,678
390,119
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Carrying amount at the beginning of the period
390,118
301,074
Congestion management revenue recognized during the period
99,676
134,856
Congestion management funds use to finance property, plant and equipment
(53,142)
(43,498)
Congestion management funds recognised as income during the period
(2,503)
(2,314)
Congestion management funds for transmission tariff reduction *
(34,471)
-
Carrying amount at the end of the period
399,678
390,118
* Under Resolution No. O5E-925 of 27 September 2024 adopted by the National Energy Regulatory Council \"Regarding the adjustment of the price ceiling of the service of Litgrid AB for 2025 and establishment of the price for the use of the services of the interconnection lines for 2025\", EUR \u00a034,471 thousand was allocated for the reduction of the transmission tariff in 2025.
In the statement of cash flows for 2025, the EUR 34,471 thousand congestion management revenue received allocated to reduce transmission tariff and the EUR 2 503 thousand congestion management revenue received allocated to cost compensation were reported under operating activities, whereas the EUR 61,911\u00a0thousand congestion management revenue, allocated to the investments, were reported under investing activities (2024: the EUR 135,670 thousand congestion management revenue, allocated to finance investments, were reported under investing activities).
26.
Other non-financial liabilities
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Advance amounts received from connection of new consumers
9,381
11,005
Grants received in advance
-
3,469
Contractual obligations under connection agreements
1,217
141
Total other non-current non-financial liabilities:
10,598
14,615
Employment-related liabilities, including accrued financial incentive
2,696
2,235
Accrued expenses relating to vacation reserve
2,175
1,875
Taxes payable to the State budget, except for income tax
7,856
688
Fee payable to the regulator
556
540
Grants received in advance
2,511
635
Other prepayments received for services provided
332
50
Advance amounts received from connection of new consumers
10,361
874
Contract liabilities (deferred income)
36
-
Total other current non-financial liabilities:
26,523
6,897
Total other non-financial liabilities:
37,121
21,512
In 2025 and in 2024, prepayments received for the connection of new consumers/producers/facilities significantly increased due to one of the largest railway infrastructure modernisation projects in Lithuania implemented by LTG Infra AB.
The fair value of other amounts payable approximates their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
25.
Provisions
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Provisions for pension benefits to employees
891
673
Provisions for servitude liabilities
132
45
Provisions for registration of protection zones
269
69
Carrying amount
1,292
787
Non-current provisions
1,123
704
Current provisions
169
83
Movements in provisions were as follows:
All amounts are in EUR thousands unless otherwise stated)
Provisions for pension benefit obligations to employees
Provisions for servitude liabilities
Provisions for registration of protection zones
Provisions for litigations and claims
Total
Carrying amount at 31 December 2023
477
419
176
1,358
2,430
Calculated
-
-
-
-
-
Revised estimate
196
(287)
(103)
-
(194)
Payments made
-
(87)
(4)
(1,358)
(1,449)
Carrying amount at 31 December 2024
673
45
69
-
787
Calculated
-
-
232
-
232
Revised estimate
218
113
(23)
-
308
Payments made
-
(26)
(9)
-
(35)
Carrying amount at 31 December 2025
891
132
269
-
1,292
The assumptions applied when calculating provisions for pension benefit obligations to employees were as follows: long-term salary growth rate in 2025 \u2013\u00a03.0 % (2024:\u00a02.8 %), discount rate in 2025 \u2013\u00a01.27 % (2024:\u00a00.96 %), employee turnover rate in 2025 \u2013\u00a09.80 % (2024:\u00a012.2 %), benefit rate in 2025 \u2013 the amount of 2-4 monthly average salaries (2024: the amount of 2-4 monthly average salaries).
In 2025, the Company revised the provision for servitude liabilities and increased it by EUR\u00a0113 thousand, taking into account statistics on payment requests (2024: decreased by EUR\u00a0287 thousand). Please see Note 6.
In 2025, the Company the Company made a new EUR \u00a0232 thousand provision for registration of protected zones under new contracts, and adjusted downwards by EUR \u00a023 thousand, the provision of protection zones for the protection of electronic communications infrastructure, while recognising provisioning expenses of EUR \u00a09 thousand. See Note 6 (in 2024 the Company adjusted downwards by EUR\u00a0103 thousand the provision of protection zones for the protection of electronic communications infrastructure, while recognising provisioning expenses of EUR\u00a04 thousand.
In the light of ongoing litigations, as at 31 December 2025 and 2024, there were no any provisions recognised for legal proceedings.
In April 2024, under the ruling of the Court of Appeal, the Company repaid EUR 1,358 thousand in penalties to the claimant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "
25.
Provisions
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Provisions for pension benefits to employees
891
673
Provisions for servitude liabilities
132
45
Provisions for registration of protection zones
269
69
Carrying amount
1,292
787
Non-current provisions
1,123
704
Current provisions
169
83
Movements in provisions were as follows:
All amounts are in EUR thousands unless otherwise stated)
Provisions for pension benefit obligations to employees
Provisions for servitude liabilities
Provisions for registration of protection zones
Provisions for litigations and claims
Total
Carrying amount at 31 December 2023
477
419
176
1,358
2,430
Calculated
-
-
-
-
-
Revised estimate
196
(287)
(103)
-
(194)
Payments made
-
(87)
(4)
(1,358)
(1,449)
Carrying amount at 31 December 2024
673
45
69
-
787
Calculated
-
-
232
-
232
Revised estimate
218
113
(23)
-
308
Payments made
-
(26)
(9)
-
(35)
Carrying amount at 31 December 2025
891
132
269
-
1,292
The assumptions applied when calculating provisions for pension benefit obligations to employees were as follows: long-term salary growth rate in 2025 \u2013\u00a03.0 % (2024:\u00a02.8 %), discount rate in 2025 \u2013\u00a01.27 % (2024:\u00a00.96 %), employee turnover rate in 2025 \u2013\u00a09.80 % (2024:\u00a012.2 %), benefit rate in 2025 \u2013 the amount of 2-4 monthly average salaries (2024: the amount of 2-4 monthly average salaries).
31.
Wages and salaries and related expenses
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Wages and salaries
23,763
20,216
Expenses of social security contributions
424
363
Total wages and salaries and related expenses:
24,187
20,579
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "
26.
Other non-financial liabilities
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Advance amounts received from connection of new consumers
9,381
11,005
Grants received in advance
-
3,469
Contractual obligations under connection agreements
1,217
141
Total other non-current non-financial liabilities:
10,598
14,615
Employment-related liabilities, including accrued financial incentive
2,696
2,235
Accrued expenses relating to vacation reserve
2,175
1,875
Taxes payable to the State budget, except for income tax
7,856
688
Fee payable to the regulator
556
540
Grants received in advance
2,511
635
Other prepayments received for services provided
332
50
Advance amounts received from connection of new consumers
10,361
874
Contract liabilities (deferred income)
36
-
Total other current non-financial liabilities:
26,523
6,897
Total other non-financial liabilities:
37,121
21,512
In 2025 and in 2024, prepayments received for the connection of new consumers/producers/facilities significantly increased due to one of the largest railway infrastructure modernisation projects in Lithuania implemented by LTG Infra AB.
The fair value of other amounts payable approximates their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "
26.
Other non-financial liabilities
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Advance amounts received from connection of new consumers
9,381
11,005
Grants received in advance
-
3,469
Contractual obligations under connection agreements
1,217
141
Total other non-current non-financial liabilities:
10,598
14,615
Employment-related liabilities, including accrued financial incentive
2,696
2,235
Accrued expenses relating to vacation reserve
2,175
1,875
Taxes payable to the State budget, except for income tax
7,856
688
Fee payable to the regulator
556
540
Grants received in advance
2,511
635
Other prepayments received for services provided
332
50
Advance amounts received from connection of new consumers
10,361
874
Contract liabilities (deferred income)
36
-
Total other current non-financial liabilities:
26,523
6,897
Total other non-financial liabilities:
37,121
21,512
In 2025 and in 2024, prepayments received for the connection of new consumers/producers/facilities significantly increased due to one of the largest railway infrastructure modernisation projects in Lithuania implemented by LTG Infra AB.
The fair value of other amounts payable approximates their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
26.
Other non-financial liabilities
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Advance amounts received from connection of new consumers
9,381
11,005
Grants received in advance
-
3,469
Contractual obligations under connection agreements
1,217
141
Total other non-current non-financial liabilities:
10,598
14,615
Employment-related liabilities, including accrued financial incentive
2,696
2,235
Accrued expenses relating to vacation reserve
2,175
1,875
Taxes payable to the State budget, except for income tax
7,856
688
Fee payable to the regulator
556
540
Grants received in advance
2,511
635
Other prepayments received for services provided
332
50
Advance amounts received from connection of new consumers
10,361
874
Contract liabilities (deferred income)
36
-
Total other current non-financial liabilities:
26,523
6,897
Total other non-financial liabilities:
37,121
21,512
In 2025 and in 2024, prepayments received for the connection of new consumers/producers/facilities significantly increased due to one of the largest railway infrastructure modernisation projects in Lithuania implemented by LTG Infra AB.
The fair value of other amounts payable approximates their carrying amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "
27.
Current and deferred income tax
Income tax expenses comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Deferred income tax income/(benefit)
(6,391)
(5,770)
Deferred income tax income/(benefit) of the previous year
-
(131)
Income tax expenses/(benefit) of the current year
(6,391)
(5,901)
In accordance with tax legislation of the Republic of Lithuania, the Company\u2019s profit (loss) 2025 was subject to a 16 % income tax (2024: 15 %).
For the purpose of calculating income tax for 2024, the taxable profit was presented net of the remaining tax losses carried forward from 2022, reducing the deferred tax asset.
In 2025 the deferred tax asset was recalculated at a 17 % income tax rate, as from 1 January 2026 the Company\u2019s profit (loss) will be subject to the 17 % income tax rate in accordance with the tax legislation of the Republic of Lithuania.
\uf0b7
Accumulated unused deferred tax asset from investment tax credits
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Unused deferred tax asset on investment incentive as at 1 January
9,864
3,165
Accumulated deferred tax asset on investment incentive for current year
10,256
8,391
Accumulated deferred tax asset on investment incentive for prior year
488
1,473
Utilised deferred tax asset on investment incentive
(5,279)
(3,165)
Unutilised deferred tax asset on investment incentive as at 31 December
15,329
9,864
\uf0b7
Analysis of movements in deferred tax assets and liabilities over time
All amounts are in EUR thousands unless otherwise stated)
Impairment of revalued property, plant and equipment
Impairment of assets
Congestion revenue
Differences in depreciation rates
Unutilised investment incentive
Tax loss
Lease liabilities
New producers connection fees
Other
Total
Deferred income tax assets
At 31 December 2023
4,007
106
2,320
859
3,165
1,683
803
509
335
13,787
Recognised in profit and loss
(1,614)
17
108
1,779
6,699
(1,683)
(20)
146
72
5,504
At 31 December 2024
2,393
123
2,428
2,638
9,864
-
783
655
407
19,291
Recognised in profit and loss
(848)
43
95
1,120
5,465
-
(20)
72
114
6,041
At 31 December 2025
1,545
166
2,523
3,758
15,329
-
763
727
521
25,332
All amounts are in EUR thousands unless otherwise stated)
Increase in value of
revalued property, plant and equipment
Tax relief on acquisition of PP&E
Effect of capitalisation of interest
Statutory servitudes and protection zones
Right-of-use assets
Other
Total
Deferred income tax liabilities
At 31 December 2023
(4,115)
(1,263)
(263)
(221)
(803)
-
-
-
-
(6,665)
Recognised in profit and loss
393
29
(8)
(28)
20
(9)
-
-
-
397
Recognised in profit and loss
(245)
-
-
-
-
-
-
-
-
(245)
At 31 December 2024
(3,967)
(1,234)
(271)
(249)
(783)
(9)
-
-
-
(6,513)
Recognised in profit and loss
312
44
(7)
(22)
20
3
-
-
-
350
Recognised in profit and loss
(228)
-
-
-
-
-
-
-
-
(228)
At 31 December 2025
(3,883)
(1,190)
(278)
(271)
(763)
(6)
-
-
-
(6,391)
Deferred income tax assets, net, at 31 December 2024
19,291
Deferred income tax assets, net, at 31 December 2025
25,332
Deferred income tax liability, net, at 31 December 2024
(6,513)
Deferred income tax liability, net, at 31 December 2025
(6,391)
Deferred income tax, net, at 31 December 2024
12,778
Deferred income tax, net, at 31 December 2025
18,941
\uf0b7
The analysis of movements in deferred income tax assets and liabilities over time is as follows:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Deferred income tax assets:
Deferred income tax assets to be realised after more than 12 months
8,565
7,183
Deferred income tax assets to be realised within 12 months
16,767
12,108
Total
25,332
19,291
Deferred income tax liabilities:
Deferred income tax liabilities to be settled after more than 12 months
(5,913)
(5,910)
Deferred income tax liabilities to be settled within 12 months
(478)
(603)
Total
(6,391)
(6,513)
\uf0b7
Effective tax rate reconciliation
The table below presents reconciliation of income tax expenses reported in the statement of comprehensive income to income tax expenses calculated at a statutory income tax rate on profit before income tax:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Profit/(loss) before income tax
27,830
43,127
Income tax
4,453
6,469
Effect of investment incentive
(189)
(7,866)
Effect of non-taxable income
44
(18)
Effect of non-allowable deductions
486
366
Income tax expenses/(benefit) for the previous year
(189)
(131)
Effect of investment incentive
(9,653)
(3,674)
Tariff revaluation effect
(1,343)
(1,047)
Income tax expenses/(benefit) recognised in profit or loss
(6,391)
(5,901)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
27.
Current and deferred income tax
Income tax expenses comprise as follows:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Deferred income tax income/(benefit)
(6,391)
(5,770)
Deferred income tax income/(benefit) of the previous year
-
(131)
Income tax expenses/(benefit) of the current year
(6,391)
(5,901)
In accordance with tax legislation of the Republic of Lithuania, the Company\u2019s profit (loss) 2025 was subject to a 16 % income tax (2024: 15 %).
For the purpose of calculating income tax for 2024, the taxable profit was presented net of the remaining tax losses carried forward from 2022, reducing the deferred tax asset.
In 2025 the deferred tax asset was recalculated at a 17 % income tax rate, as from 1 January 2026 the Company\u2019s profit (loss) will be subject to the 17 % income tax rate in accordance with the tax legislation of the Republic of Lithuania.
\uf0b7
Accumulated unused deferred tax asset from investment tax credits
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Unused deferred tax asset on investment incentive as at 1 January
9,864
3,165
Accumulated deferred tax asset on investment incentive for current year
10,256
8,391
Accumulated deferred tax asset on investment incentive for prior year
488
1,473
Utilised deferred tax asset on investment incentive
(5,279)
(3,165)
Unutilised deferred tax asset on investment incentive as at 31 December
15,329
9,864
\uf0b7
Analysis of movements in deferred tax assets and liabilities over time
All amounts are in EUR thousands unless otherwise stated)
Impairment of revalued property, plant and equipment
Impairment of assets
Congestion revenue
Differences in depreciation rates
Unutilised investment incentive
Tax loss
Lease liabilities
New producers connection fees
Other
Total
Deferred income tax assets
At 31 December 2023
4,007
106
2,320
859
3,165
1,683
803
509
335
13,787
Recognised in profit and loss
(1,614)
17
108
1,779
6,699
(1,683)
(20)
146
72
5,504
At 31 December 2024
2,393
123
2,428
2,638
9,864
-
783
655
407
19,291
Recognised in profit and loss
(848)
43
95
1,120
5,465
-
(20)
72
114
6,041
At 31 December 2025
1,545
166
2,523
3,758
15,329
-
763
727
521
25,332
All amounts are in EUR thousands unless otherwise stated)
Increase in value of
revalued property, plant and equipment
Tax relief on acquisition of PP&E
Effect of capitalisation of interest
Statutory servitudes and protection zones
Right-of-use assets
Other
Total
Deferred income tax liabilities
At 31 December 2023
(4,115)
(1,263)
(263)
(221)
(803)
-
-
-
-
(6,665)
Recognised in profit and loss
393
29
(8)
(28)
20
(9)
-
-
-
397
Recognised in profit and loss
(245)
-
-
-
-
-
-
-
-
(245)
At 31 December 2024
(3,967)
(1,234)
(271)
(249)
(783)
(9)
-
-
-
(6,513)
Recognised in profit and loss
312
44
(7)
(22)
20
3
-
-
-
350
Recognised in profit and loss
(228)
-
-
-
-
-
-
-
-
(228)
At 31 December 2025
(3,883)
(1,190)
(278)
(271)
(763)
(6)
-
-
-
(6,391)
Deferred income tax assets, net, at 31 December 2024
19,291
Deferred income tax assets, net, at 31 December 2025
25,332
Deferred income tax liability, net, at 31 December 2024
(6,513)
Deferred income tax liability, net, at 31 December 2025
(6,391)
Deferred income tax, net, at 31 December 2024
12,778
Deferred income tax, net, at 31 December 2025
18,941
\uf0b7
The analysis of movements in deferred income tax assets and liabilities over time is as follows:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Deferred income tax assets:
Deferred income tax assets to be realised after more than 12 months
8,565
7,183
Deferred income tax assets to be realised within 12 months
16,767
12,108
Total
25,332
19,291
Deferred income tax liabilities:
Deferred income tax liabilities to be settled after more than 12 months
(5,913)
(5,910)
Deferred income tax liabilities to be settled within 12 months
(478)
(603)
Total
(6,391)
(6,513)
\uf0b7
Effective tax rate reconciliation
The table below presents reconciliation of income tax expenses reported in the statement of comprehensive income to income tax expenses calculated at a statutory income tax rate on profit before income tax:
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Profit/(loss) before income tax
27,830
43,127
Income tax
4,453
6,469
Effect of investment incentive
(189)
(7,866)
Effect of non-taxable income
44
(18)
Effect of non-allowable deductions
486
366
Income tax expenses/(benefit) for the previous year
(189)
(131)
Effect of investment incentive
(9,653)
(3,674)
Tariff revaluation effect
(1,343)
(1,047)
Income tax expenses/(benefit) recognised in profit or loss
(6,391)
(5,901)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
28.
Revenue from electricity transmission and related services
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Revenue from electricity transmission and related services
Revenue from contracts with customers
Electricity transmission services
99,779
129,079
Trade in balancing/imbalance electricity
173,012
128,537
Negative energy balancing/imbalance revenue *
(64,287)
(25,723)
Electricity ancillary services
180,203
139,173
Revenue from other sales of electricity and related services
2,582
2,606
Income from administration of guarantees of origin
251
158
Total revenue from contracts with customers
391,540
373,830
Revenue not attributable to contracts with customers
Congestion management revenue
36,974
2,314
ENTSO-e ITC participation revenue
661
(322)
Revenue from connection of new consumers and producers/relocation of installations
59
29
Other revenue from regulated activities
35
14
Total revenue not attributable to contracts with customers
37,729
2,035
Total revenue
429,269
375,865
In 2025, revenue increased by 14 % compared to 2024, including:
\uf0b7
Revenue from electricity ancillary services increased 29 % due to a higher electricity ancillary services acquisition component to the transmission service price.
\uf0b7
Revenue from electricity transmission services (after the EUR 34,471 thousand congestion management revenue used in 2025 to reduce transmission tariff) increased by 4 %.
\uf0b7
Revenue from balancing/imbalance energy sale increased by 6% due to higher sales of electricity.
Imbalance pricing has changed since October 2024, when Litgrid connected to a single European platform for the exchange of balancing energy from frequency restoration reserves with manual activation (MARI). The neutrality component, which is added to (deducted from) the balancing energy reference price, before the connection to MARI, was calculated based on the actual balancing trade data for the reporting month, to socialise the expenses and/or income, which Litgrid incurred. After the connection to MARI, the neutrality component is calculated in advance and adjusted for subsequent months using actual data from previous months, which may result in a significant difference between the balancing and imbalance income and expenses during the reporting period. The difference between the balancing/imbalance energy expenses (Note 30) and income in 2025 amounted to EUR \u00a03 201 thousand (2024: the difference between the balancing/imbalance energy expenses and income amounted to EUR \u00a04 731 thousand). The difference between income and expenses should not have an impact on the long-term profitability, as it should be considered when making pricing corrections in future periods
*High electricity generation and low consumption result in a positive supply surplus, leading to negative electricity, balancing, and/or imbalance prices. 96 % of negative revenue consisted of revenue from balancing electricity and 4 % negative imbalance income due to imbalance prices. Downward balancing (when an electricity producer must reduce electricity generation by order of TSO) prices are set according to the marginal (lowest) auction price, which is negative due to producers' costs related to reducing
production and/or negative electricity exchange prices. The imbalance price is calculated by adding (when consumption demand exceeds generation supply) or subtracting (when generation supply exceeds consumption demand) the neutrality component to the balancing price, therefore negative imbalance prices are formed if there is a negative balancing price and/or generation supply exceeds consumption demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
28.
Revenue from electricity transmission and related services
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Revenue from electricity transmission and related services
Revenue from contracts with customers
Electricity transmission services
99,779
129,079
Trade in balancing/imbalance electricity
173,012
128,537
Negative energy balancing/imbalance revenue *
(64,287)
(25,723)
Electricity ancillary services
180,203
139,173
Revenue from other sales of electricity and related services
2,582
2,606
Income from administration of guarantees of origin
251
158
Total revenue from contracts with customers
391,540
373,830
Revenue not attributable to contracts with customers
Congestion management revenue
36,974
2,314
ENTSO-e ITC participation revenue
661
(322)
Revenue from connection of new consumers and producers/relocation of installations
59
29
Other revenue from regulated activities
35
14
Total revenue not attributable to contracts with customers
37,729
2,035
Total revenue
429,269
375,865
In 2025, revenue increased by 14 % compared to 2024, including:
\uf0b7
Revenue from electricity ancillary services increased 29 % due to a higher electricity ancillary services acquisition component to the transmission service price.
\uf0b7
Revenue from electricity transmission services (after the EUR 34,471 thousand congestion management revenue used in 2025 to reduce transmission tariff) increased by 4 %.
\uf0b7
Revenue from balancing/imbalance energy sale increased by 6% due to higher sales of electricity.
Imbalance pricing has changed since October 2024, when Litgrid connected to a single European platform for the exchange of balancing energy from frequency restoration reserves with manual activation (MARI). The neutrality component, which is added to (deducted from) the balancing energy reference price, before the connection to MARI, was calculated based on the actual balancing trade data for the reporting month, to socialise the expenses and/or income, which Litgrid incurred. After the connection to MARI, the neutrality component is calculated in advance and adjusted for subsequent months using actual data from previous months, which may result in a significant difference between the balancing and imbalance income and expenses during the reporting period. The difference between the balancing/imbalance energy expenses (Note 30) and income in 2025 amounted to EUR \u00a03 201 thousand (2024: the difference between the balancing/imbalance energy expenses and income amounted to EUR \u00a04 731 thousand). The difference between income and expenses should not have an impact on the long-term profitability, as it should be considered when making pricing corrections in future periods
*High electricity generation and low consumption result in a positive supply surplus, leading to negative electricity, balancing, and/or imbalance prices. 96 % of negative revenue consisted of revenue from balancing electricity and 4 % negative imbalance income due to imbalance prices. Downward balancing (when an electricity producer must reduce electricity generation by order of TSO) prices are set according to the marginal (lowest) auction price, which is negative due to producers' costs related to reducing
production and/or negative electricity exchange prices. The imbalance price is calculated by adding (when consumption demand exceeds generation supply) or subtracting (when generation supply exceeds consumption demand) the neutrality component to the balancing price, therefore negative imbalance prices are formed if there is a negative balancing price and/or generation supply exceeds consumption demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
29.
Other income
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Income from lease of assets
633
612
Interest on late payment and default charges
177
930
Gain on disposal of assets
523
381
Other income
480
549
Total
1,813
2,472
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
30.
Expenses of purchases of electricity and related services
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Expenses for purchase of imbalance and balancing electricity
164,781
134,641
Negative expenses for purchase of imbalance and balancing electricity
(52,855)
(27,096)
Expenses for electricity ancillary services
174,703
121,649
Expenses for electricity technological needs
37,069
36,926
ENTSO-e ITC participation expenses
2,755
3,145
Expenses for electricity and related services
2,504
2,314
Other expenses
-
-
Carrying amount at the end of period
328,957
271,579
Purchases of electricity transmission and related services during the period of nine months in 2025, compared to 2024, grew by 21 % due to:
\uf0b7
the 44 % increase in expenses for ancillary electricity transmission services. The major impact resulted from the increase in expenses related the ensuring balancing capacities.
\uf0b7
the 4 % increase in expenses from balancing and imbalance energy due to higher purchases of electricity.
The negative costs of purchasing balancing and imbalance electricity arise from negative market prices for electricity, the underlying causes of which are disclosed in Note 28.
32.
Other expenses
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Telecommunications and IT system expenses
(3,341)
(2,850)
Taxes and charges
(5,964)
(5,037)
Business protection expenses
(716)
(980)
Market coupling costs
(1,089)
(805)
Membership fee
(628)
(568)
Management service cost
(1,090)
(923)
Business trips
(405)
(367)
Insurance expenses
(581)
(573)
Transport expenses
(360)
(311)
Premise rental expenses
(364)
(360)
Consultation service expenses
(330)
(654)
Personnel development costs
(260)
(298)
Expenses of governing bodies
(131)
(115)
Public relations
(631)
(101)
Other expenses
(1,668)
(1,458)
Total other expenses:
(17,558)
(15,400)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
30.
Expenses of purchases of electricity and related services
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Expenses for purchase of imbalance and balancing electricity
164,781
134,641
Negative expenses for purchase of imbalance and balancing electricity
(52,855)
(27,096)
Expenses for electricity ancillary services
174,703
121,649
Expenses for electricity technological needs
37,069
36,926
ENTSO-e ITC participation expenses
2,755
3,145
Expenses for electricity and related services
2,504
2,314
Other expenses
-
-
Carrying amount at the end of period
328,957
271,579
Purchases of electricity transmission and related services during the period of nine months in 2025, compared to 2024, grew by 21 % due to:
\uf0b7
the 44 % increase in expenses for ancillary electricity transmission services. The major impact resulted from the increase in expenses related the ensuring balancing capacities.
\uf0b7
the 4 % increase in expenses from balancing and imbalance energy due to higher purchases of electricity.
The negative costs of purchasing balancing and imbalance electricity arise from negative market prices for electricity, the underlying causes of which are disclosed in Note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
33.
Finance income/(costs), net
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Interest and other finance income from Group companies
3,728
6,182
Interest and other finance income from financial institutions
7
-
Total finance income
3,735
6,182
Interest and other finance costs from financial institutions
(260)
(301)
Discount interest rates (lease liabilities, provisions)
(81)
(91)
Finance costs
(341)
(392)
Finance income/(costs), net
3,394
5,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
33.
Finance income/(costs), net
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Interest and other finance income from Group companies
3,728
6,182
Interest and other finance income from financial institutions
7
-
Total finance income
3,735
6,182
Interest and other finance costs from financial institutions
(260)
(301)
Discount interest rates (lease liabilities, provisions)
(81)
(91)
Finance costs
(341)
(392)
Finance income/(costs), net
3,394
5,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
33.
Finance income/(costs), net
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Interest and other finance income from Group companies
3,728
6,182
Interest and other finance income from financial institutions
7
-
Total finance income
3,735
6,182
Interest and other finance costs from financial institutions
(260)
(301)
Discount interest rates (lease liabilities, provisions)
(81)
(91)
Finance costs
(341)
(392)
Finance income/(costs), net
3,394
5,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
33.
Finance income/(costs), net
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Interest and other finance income from Group companies
3,728
6,182
Interest and other finance income from financial institutions
7
-
Total finance income
3,735
6,182
Interest and other finance costs from financial institutions
(260)
(301)
Discount interest rates (lease liabilities, provisions)
(81)
(91)
Finance costs
(341)
(392)
Finance income/(costs), net
3,394
5,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
33.
Finance income/(costs), net
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Interest and other finance income from Group companies
3,728
6,182
Interest and other finance income from financial institutions
7
-
Total finance income
3,735
6,182
Interest and other finance costs from financial institutions
(260)
(301)
Discount interest rates (lease liabilities, provisions)
(81)
(91)
Finance costs
(341)
(392)
Finance income/(costs), net
3,394
5,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
33.
Finance income/(costs), net
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Interest and other finance income from Group companies
3,728
6,182
Interest and other finance income from financial institutions
7
-
Total finance income
3,735
6,182
Interest and other finance costs from financial institutions
(260)
(301)
Discount interest rates (lease liabilities, provisions)
(81)
(91)
Finance costs
(341)
(392)
Finance income/(costs), net
3,394
5,790
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
34.
Related-party transactions
EPSO-G UAB was the parent company as at 31 December 2025 and 2024. The parent entity of this company was the Republic of Lithuania represented by the Ministry of Energy of the Republic of Lithuania. For the purposes of the related-party disclosure the Republic of Lithuania excludes central and local government authorities. The disclosures comprise transactions with the companies of the EPSO-G UAB group, associates and all entities controlled by or under a significant influence of the state (transactions with these entities are disclosed only if the amount of the transactions exceeds EUR 100 thousand during a calendar year) and with the management, and balances arising from these transactions. The list of entities controlled by or under a significant influence of the state, with which the transactions are disclosed, is presented at address: https://vkc.sipa.lt/apie-imones/vvi-sarasas/.
The Company\u2019s related parties in 2025 and 2024 were as follows:
\uf0b7
The Company\u2019s parent EPSO-G, which is wholly owned by the Ministry of Energy of the Republic of Lithuania:
\uf0b7
The companies of the EPSO-G UAB group:
\uf0b7
Amber Grid AB (jointly controlling shareholders);
\uf0b7
TETAS UAB (jointly controlling shareholders);
\uf0b7
Energy Cells UAB (jointly controlling shareholders);
\uf0b7
BALTPOOL UAB (jointly controlling shareholders);
\uf0b7
EPSO-G Invest, UAB (jointly controlling shareholders).
\uf0b7
The companies of Ignitis Grup\u0117 UAB
\uf0b7
Other state-owned entities:
\uf0b7
Ignalinos atomin\u0117 elektrin\u0117, V\u012e;
\uf0b7
Registr\u0173 centras, V\u012e;
\uf0b7
Other state-owned companies or those under significant influence.
\uf0b7
Baltic RCC OU (jointly controlled entities).
\uf0b7
Management.
Transactions with related parties are carried out in accordance with the public procurement requirements or the tariffs approved by the legal acts.
The Company\u2019s transactions with the state-owned enterprises mainly comprise sales of electricity transmission, balancing, imbalance and electricity ancillary services, purchase of electricity. EPSO-G UAB provides management services, TETAS UAB provides services under construction contracts.
The Company\u2019s transactions conducted with related parties in 2025 and balances arising from these transactions as at 31 December 2025 were as follows:
All amounts are in EUR thousands unless otherwise stated)
Amounts receivable and accrued revenue
Amounts payable and accrued expenses
Loans granted
Purchases
Sales
Other transactions
Related parties
EPSO-G UAB group companies
EPSO-G UAB
203
254
156,067
1,071
-
3,728
TETAS UAB
508
5,514
-
27,614
-
648
Energy cells UAB
5,218
756
-
5,811
(1,526)
-
State-owned companies
Energijos Skirstymo Operatorius AB
30,088
2,638
-
1,165
255,279
-
Ignitis Gamyba AB
11,696
8,167
-
261,397
(6,966)
-
Ignitis Grup\u0117s Paslaug\u0173 Centras UAB
33
-
-
-
327
-
Ignitis UAB
484
19
-
(7,682)
27,495
-
Vilniaus Kogeneracin\u0117 J\u0117gain\u0117 UAB
43
121
-
1,507
276
-
Kauno Kogeneracin\u0117 J\u0117gain\u0117 UAB
-
47
-
507
74
-
Vidaus vandens keli\u0173 direkcija AB
-
-
-
570
-
-
Ignalinos atomin\u0117 elektrin\u0117 V\u012e
114
18
-
-
1,140
-
LTG Infra AB
85
11,529
-
-
828
-
Jointly controlled entities
Baltic RCC OU
103
-
-
527
-
-
48,575
29,063
156,067
292,487
276,927
4,376
Income from other transactions comprised as follows: interest charged to EPSO-G UAB on the loan granted (EUR \u00a03,728 thousand), and interest on late payment and default charges from TETAS UAB (EUR\u00a0648 thousand).
The Company\u2019s transactions conducted with related parties in 2024 and balances arising from these transactions as at 31 December 2024 were as follows:
All amounts are in EUR thousands unless otherwise stated)
Amounts receivable and accrued revenue
Amounts payable and accrued expenses
Loans granted
Purchases
Sales
Other transactions
Related parties
EPSO-G UAB group companies
EPSO-G UAB
589
210
265,472
852
-
6,182
TETAS UAB
154
4,030
-
23,759
-
359
Energy cells UAB
30
762
-
7,477
374
-
State-owned companies
Energijos Skirstymo Operatorius AB
29,107
1,144
-
3,275
243,759
-
Ignitis Gamyba AB
688
27,026
-
150,424
1,515
-
Ignitis Grup\u0117s Paslaug\u0173 Centras UAB
33
-
-
-
299
-
Ignitis UAB
568
1,615
-
7,401
16,695
-
Vilniaus Kogeneracin\u0117 J\u0117gain\u0117 UAB
26
118
-
1,794
418
-
Kauno Kogeneracin\u0117 J\u0117gain\u0117 UAB
3
-
-
308
66
-
Vidaus vandens keli\u0173 direkcija AB
-
346
-
286
-
-
Ignalinos atomin\u0117 elektrin\u0117 V\u012e
121
18
-
2
1,196
-
LTG Infra AB
85
4,891
-
-
806
-
Jointly controlled entities
Baltic RCC OU
103
-
-
407
22
-
31,507
40,160
265,472
195,985
265,150
6,541
Income from other transactions comprised as follows: interest charged to EPSO-G UAB on the loan granted (EUR \u00a06,182 thousand), and interest on late payment and default charges from TETAS UAB (EUR \u00a0359 thousand).
\uf0b7
Dividends paid to related parties
All amounts are in EUR thousands unless otherwise stated)
2025
2024
EPSO-G UAB
24,095
28,521
Total
24,095
28,521
\uf0b7
Payments to the management
The management personnel consists of executives, i.e. the Company\u2019s CEO, heads of departments and equivalent centres, as well as members of collegial bodies:
All amounts are in EUR thousands unless otherwise stated)
As at 31 December 2025
As at 31 December 2024
Employment-related payments*
1,321
1,276
Whereof: Payed benefits*
-
168
Average number of key management personnel
10
9
Payments to the members of the collegial management bodies
118
104
* - including social security contributions paid by the employer.
No loans, guarantees or any other benefits were paid or calculated, nor any assets were transferred to the Company\u2019s management in 2025 and 2024.
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
35.
Financial risk management
Company is exposed to financial risks in its operations. In managing these risks, the Company seeks to mitigate the effect of factors which could make a negative effect on the financial performance of the Company. Financial risk management is conducted by the Company\u2019s Finance Planning and Analysis Division in accordance with the Treasury and Financial Risk Management Policy of the EPSO-G UAB Group approved by the Board of Litgrid which is published on the website of EPSO-G UAB www.epsog.lt.
Financial instruments by category (as per the statement of financial position):
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Financial assets
Trade receivables
61,236
49,985
Other financial assets at amortised cost
158,180
270,309
Cash and cash equivalents
4,397
113
Financial assets measured at amortised cost
223,813
320,407
Total financial assets
223,813
320,407
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Financial liabilities
Borrowings
22,027
28,178
Lease liabilities
4,669
5,059
Trade payables
78,972
112,918
Other financial liabilities at amortised cost
5,176
3,553
Financial liabilities at amortised cost
110,844
149,708
Total Financial liabilities
110,844
149,708
\uf0b7
Credit risk
As at 31 December 2025 and 31 December 2024, credit risk was related to the following line items:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Financial assets, excluding assets measured at fair value through other comprehensive income
223,813
320,407
The Company has a significant credit risk concentration, because exposure to credit risk is shared among 10 main customers, amounts receivables from which accounted for about\u00a088 % of the Company\u2019s total trade and other receivables as at 31 December 2025 (31 December 2024:\u00a078 %). As at 31 December 2025, amounts receivable from the major customer, i.e. distribution network operator Energijos Skirstymo Operatorius AB, accounted for\u00a049 % of the Company\u2019s total amounts receivable (31 December 2024:\u00a058 %).
When entering into imbalance contracts with participants of the electricity market, the Company requires to pay a cash deposit of the established amount (note 12 and note 23) or to provide a bank guarantee in accordance with terms and conditions set out in the imbalance contract.
The Company holds unused cash and cash equivalents at the banks assigned with a credit rating not lower than AA-. The table below shows the long-term credit ratings of the parent banks of the banks at which the Company holds cash and cash equivalents (Note 14):
All amounts are in EUR thousands unless otherwise stated)
amount
S&P
Moody's
amount
S&P
Moody's
At 31 December 2025
At 31 December 2024
\u201eSEB bankas\u201c
7
AA-
Aa3
10
A+
Aa3
\u201eSwedbank\"
90
AA-
Aa2
103
A+
Aa3
\u201eOP Corporate Bank\u201c
51
AA-
Aa3
-
AA-
Aa3
\u201eOP Corporate Bank\u201c (deposits)
4,249
AA-
Aa3
2,960
AA-
Aa3
Carrying amount at the end of the period:
4,397
3,073
Trade and other receivables are mainly from the state-owned entities and large manufacturers with no history of significant defaults.
The Company has granted the loan to EPSO-G UAB, which is wholly owned by the state and has a Baa1 investment rating assigned by rating agency Moody\u2019s Investors Service.
\uf0b7
Liquidity risk
The main objective of the Company\u2019s liquidity policy is to ensure funding of its operations, i.e. to ensure that the Company will have sufficient cash and/or committed credit facilities and overdrafts to meet its contractual obligations at any time. The liquidity risk is managed by making forecasts of cash flows of the Company.
The Company\u2019s cash flows from operations were positive in 2025, therefore its exposure to liquidity risk were not significant. The Company\u2019s current ratio (total current assets / total current liabilities) and quick ratio ((total current assets \u2013 inventories) / total current liabilities) as at 31 December 2025 were\u00a01.28 (31 December 2024: \u00a01.67). As described in Note 2.12, the Company may temporarily use congestion management funds when necessary.
The table below summarise the contractual maturity dates of the Company\u2019s financial liabilities. This information has been prepared based on undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. Balances of trade and other amounts payable with repayment terms up to 12 months are equal to their carrying amounts, because the impact of discounting is insignificant.
All amounts are in EUR thousands unless otherwise stated)
Up to 3 months
Between 4 months and 1 year
Within second \u2013 fifth year
After five years
Total liabilities
Balance at 1 January 2024
Borrowings
-
6,395
16,629
6,057
29,081
Lease liabilities
128
383
632
7,464
8,607
Trade payables
84,004
28,914
-
-
112,918
Other financial liabilities at amortised cost
3,553
-
-
-
3,553
Balance at 31 December 2024
87,685
35,692
17,261
13,521
154,159
Balance at 1 January 2025
Borrowings
-
4,200
16,419
2,010
22,629
Lease liabilities
147
277
344
7,379
8,147
Trade payables
72,670
6,302
-
-
78,972
Other financial liabilities at amortised cost
4,915
-
261
-
5,176
Balance at 31 December 2025
77,732
10,779
17,024
9,389
114,924
\uf0b7
Market risk
\uf0b7
Interest rate risk
The Company\u2019s income, expenses and cash flows from operating activities are substantially independent of changes in market interest rates. From November 2022, the Company has borrowings bearing fixed interest rates.
\uf0b7
Foreign exchange risk
To manage the foreign exchange risk, the Company enters into purchase/sale contracts only in the euros.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
\uf0b7
Credit risk
As at 31 December 2025 and 31 December 2024, credit risk was related to the following line items:
All amounts are in EUR thousands unless otherwise stated)
At 31 December 2025
At 31 December 2024
Financial assets, excluding assets measured at fair value through other comprehensive income
223,813
320,407
The Company has a significant credit risk concentration, because exposure to credit risk is shared among 10 main customers, amounts receivables from which accounted for about\u00a088 % of the Company\u2019s total trade and other receivables as at 31 December 2025 (31 December 2024:\u00a078 %). As at 31 December 2025, amounts receivable from the major customer, i.e. distribution network operator Energijos Skirstymo Operatorius AB, accounted for\u00a049 % of the Company\u2019s total amounts receivable (31 December 2024:\u00a058 %).
When entering into imbalance contracts with participants of the electricity market, the Company requires to pay a cash deposit of the established amount (note 12 and note 23) or to provide a bank guarantee in accordance with terms and conditions set out in the imbalance contract.
The Company holds unused cash and cash equivalents at the banks assigned with a credit rating not lower than AA-. The table below shows the long-term credit ratings of the parent banks of the banks at which the Company holds cash and cash equivalents (Note 14):
All amounts are in EUR thousands unless otherwise stated)
amount
S&P
Moody's
amount
S&P
Moody's
At 31 December 2025
At 31 December 2024
\u201eSEB bankas\u201c
7
AA-
Aa3
10
A+
Aa3
\u201eSwedbank\"
90
AA-
Aa2
103
A+
Aa3
\u201eOP Corporate Bank\u201c
51
AA-
Aa3
-
AA-
Aa3
\u201eOP Corporate Bank\u201c (deposits)
4,249
AA-
Aa3
2,960
AA-
Aa3
Carrying amount at the end of the period:
4,397
3,073
Trade and other receivables are mainly from the state-owned entities and large manufacturers with no history of significant defaults.
The Company has granted the loan to EPSO-G UAB, which is wholly owned by the state and has a Baa1 investment rating assigned by rating agency Moody\u2019s Investors Service.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "
\uf0b7
Liquidity risk
The main objective of the Company\u2019s liquidity policy is to ensure funding of its operations, i.e. to ensure that the Company will have sufficient cash and/or committed credit facilities and overdrafts to meet its contractual obligations at any time. The liquidity risk is managed by making forecasts of cash flows of the Company.
The Company\u2019s cash flows from operations were positive in 2025, therefore its exposure to liquidity risk were not significant. The Company\u2019s current ratio (total current assets / total current liabilities) and quick ratio ((total current assets \u2013 inventories) / total current liabilities) as at 31 December 2025 were\u00a01.28 (31 December 2024: \u00a01.67). As described in Note 2.12, the Company may temporarily use congestion management funds when necessary.
The table below summarise the contractual maturity dates of the Company\u2019s financial liabilities. This information has been prepared based on undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. Balances of trade and other amounts payable with repayment terms up to 12 months are equal to their carrying amounts, because the impact of discounting is insignificant.
All amounts are in EUR thousands unless otherwise stated)
Up to 3 months
Between 4 months and 1 year
Within second \u2013 fifth year
After five years
Total liabilities
Balance at 1 January 2024
Borrowings
-
6,395
16,629
6,057
29,081
Lease liabilities
128
383
632
7,464
8,607
Trade payables
84,004
28,914
-
-
112,918
Other financial liabilities at amortised cost
3,553
-
-
-
3,553
Balance at 31 December 2024
87,685
35,692
17,261
13,521
154,159
Balance at 1 January 2025
Borrowings
-
4,200
16,419
2,010
22,629
Lease liabilities
147
277
344
7,379
8,147
Trade payables
72,670
6,302
-
-
78,972
Other financial liabilities at amortised cost
4,915
-
261
-
5,176
Balance at 31 December 2025
77,732
10,779
17,024
9,389
114,924
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
\uf0b7
Market risk
\uf0b7
Interest rate risk
The Company\u2019s income, expenses and cash flows from operating activities are substantially independent of changes in market interest rates. From November 2022, the Company has borrowings bearing fixed interest rates.
\uf0b7
Foreign exchange risk
To manage the foreign exchange risk, the Company enters into purchase/sale contracts only in the euros.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "
36.
Fair value of financial assets and financial liabilities
The Company\u2019s principal financial assets and liabilities not carried at fair value are trade and other amounts receivable, cash and cash equivalents, loans, trade and other amounts payable and other financial assets.
The following methods and assumptions are used to estimate the value of each category of financial instruments that are not measured at fair value:
\uf0b7
The carrying amount of current trade and other amounts receivable, other financial assets, cash and cash equivalents, loans to the related parties, current trade payables and other amounts payable approximates their fair value.
\uf0b7
The fair value of non-current borrowings is based on the quoted market price for the same or similar issues or on the current rates available for borrowings with the same maturity profile. The fair value of the Company\u2019s non-current borrowings with fixed interest rates was approximately EUR\u00a02,103 thousand lower than their carrying amount as at 31 December 2025 (31 December 2024: EUR \u00a03,616 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "
36.
Fair value of financial assets and financial liabilities
The Company\u2019s principal financial assets and liabilities not carried at fair value are trade and other amounts receivable, cash and cash equivalents, loans, trade and other amounts payable and other financial assets.
The following methods and assumptions are used to estimate the value of each category of financial instruments that are not measured at fair value:
\uf0b7
The carrying amount of current trade and other amounts receivable, other financial assets, cash and cash equivalents, loans to the related parties, current trade payables and other amounts payable approximates their fair value.
\uf0b7
The fair value of non-current borrowings is based on the quoted market price for the same or similar issues or on the current rates available for borrowings with the same maturity profile. The fair value of the Company\u2019s non-current borrowings with fixed interest rates was approximately EUR\u00a02,103 thousand lower than their carrying amount as at 31 December 2025 (31 December 2024: EUR \u00a03,616 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "
37.
Services provided by the audit firm
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.
All amounts are in EUR thousands unless otherwise stated)
2025
2024
Audit services
85
85
Total audit services
85
85
Assurance and other related services
18
16
Other services
-
2
Total non-audit services
18
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
38.
Legal proceedings and contingent liabilities
The Company charged default interest to the contractor implementing the investment project for the delay in the performance of works and deferred payments against issued VAT invoices totalling EUR 8,943 thousand, which were disclosed under \u2018Payables for property, plant and equipment and inventories\u2019 in Note 22. It is likely that, during, or after the term of the contract, the Contractor may bring an action before the Vilnius Court of Commercial Arbitration, requesting a reduction or cancellation of the penalties.
INTER RAO LIETUVA AB (hereinafter \u201cINTER RAO\u201d) filed for arbitration against Litgrid, AS Augstsprieguma tikls and Elering AS based on the balancing energy purchase/sale agreement (hereinafter the \u201cBalancing Agreement\u201d). Until 31/12/2022, INTER RAO provided balancing energy purchase/sale services to the Baltic system operators related to the participation of the Baltic system operators in the BRELL system. In 2022. the Baltic system operators suspended payments to INTER RAO due to the Russia\u2019s aggression against Ukraine and the related sanctions.
INTER RAO requests Litgrid to pay EUR 5,300 thousand of suspended payments for balancing energy supplied until 31/12/2022, disclosed under \u2018Payables for electricity\u2019 in Note 22, and accrued interest. Additionally, INTER RAO requests Litgrid to pay more than EUR 8 million in compensation, around EUR 583,000 in litigation costs, and interest accrued for the period after the end of the Balancing Agreement.
The arbitration case is settled, and, as of 17/12/2025, the arbitration is stayed, but the decisions is scheduled for 06/10/2026.
The Baltic system operators are jointly and severally liable for any compensation awarded by the arbitration decision. The amounts payable by the Baltic system operators would be distributed as follows: Litgrid \u2013 42%, Elering AS \u2013 32% ir AS Augstsprieguma tikls \u2013 26%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
38.
Legal proceedings and contingent liabilities
The Company charged default interest to the contractor implementing the investment project for the delay in the performance of works and deferred payments against issued VAT invoices totalling EUR 8,943 thousand, which were disclosed under \u2018Payables for property, plant and equipment and inventories\u2019 in Note 22. It is likely that, during, or after the term of the contract, the Contractor may bring an action before the Vilnius Court of Commercial Arbitration, requesting a reduction or cancellation of the penalties.
INTER RAO LIETUVA AB (hereinafter \u201cINTER RAO\u201d) filed for arbitration against Litgrid, AS Augstsprieguma tikls and Elering AS based on the balancing energy purchase/sale agreement (hereinafter the \u201cBalancing Agreement\u201d). Until 31/12/2022, INTER RAO provided balancing energy purchase/sale services to the Baltic system operators related to the participation of the Baltic system operators in the BRELL system. In 2022. the Baltic system operators suspended payments to INTER RAO due to the Russia\u2019s aggression against Ukraine and the related sanctions.
INTER RAO requests Litgrid to pay EUR 5,300 thousand of suspended payments for balancing energy supplied until 31/12/2022, disclosed under \u2018Payables for electricity\u2019 in Note 22, and accrued interest. Additionally, INTER RAO requests Litgrid to pay more than EUR 8 million in compensation, around EUR 583,000 in litigation costs, and interest accrued for the period after the end of the Balancing Agreement.
The arbitration case is settled, and, as of 17/12/2025, the arbitration is stayed, but the decisions is scheduled for 06/10/2026.
The Baltic system operators are jointly and severally liable for any compensation awarded by the arbitration decision. The amounts payable by the Baltic system operators would be distributed as follows: Litgrid \u2013 42%, Elering AS \u2013 32% ir AS Augstsprieguma tikls \u2013 26%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
40.
Events after the reporting period
A five-year term office of Rokas Masiulis, Chief Executive Officer of the Company, expired in February 2026.
On 12 January 2026, the Board of Litgrid, considering the results of the public Chief Executive Officer selection process and the candidate's competence and experience, appointed Andrius \u0160eme\u0161kevi\u010dius as Chief Executive Officer of Litgrid for the five-year term of office as of 23 February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900CTIUKTEFNNH157", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }