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"234500000.0", "decimals": 1, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-1": { "value": "1 General information AB \u201cIgnitis grup\u0117\u201d (hereinafter referred to as \u2018the parent company\u2019) is a public limited liability company registered in the Republic of Lithuania. The parent company\u2019s registered office address is Laisv\u0117s Ave. 10, LT-04215, Vilnius , Lithuania. The parent company was registered on 28 August 2008 with the Register of Legal Entities managed by the State Enterprise Centre of Registers. The parent company\u2019s code is 301844044. The parent company has been founded for an indefinite period. AB \u201cIgnitis grup\u0117\u201d is a parent company, which is responsible for the management and coordination of activities of the group of companies it controls directly and the group of companies it controls indirectly through its subsidiaries. The parent company and its directly and indirectly controlled companies are hereinafter collectively referred to as \u2018the Group\u2019. The Group\u2019s core business is focused on managing and developing its green generation and green flexibility capacities (Green Capacities) and operating Lithuania\u2019s electricity distribution network (Networks) . The Group also manages strategically important reserve capacities (Reserve Capacities) and provide services to its customers (Customers & Solutions), including the supply, trading of electricity and natural gas, and developing EV charging network for private (hereinafter referred to as \u2018B2C\u2019) and business (hereinafter referred to as \u2018B2B\u2019) customers. Information on the Group\u2019s structure is provided in Note 31. These are consolidated financial statements of the Group. The parent company also prepares separate financial statements in accordance with IFRS Accounting Standards (hereinafter referred to as \u2018IFRS\u2019) as adopted by the EU as required by local legislation", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "AB \u201cIgnitis grup\u0117", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "Republic of Lithuania", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "Laisv\u0117s Ave. 10, LT-04215, Vilnius ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": " Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "The Group\u2019s core business is focused on managing and developing its green generation and green flexibility capacities (Green Capacities) and operating Lithuania\u2019s electricity distribution network (Networks) ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "2 Basis of preparation 2.1 Basis of accounting These consolidated financial statements (hereinafter referred to as \u2018financial statements\u2019) have been prepared in accordance with IFRS issued by International Accounting Standards Board (hereinafter referred to as \u2018IASB\u2019) and endorsed for application in the European Union. Financial statements as at and for the year ended 31 December 2025 have been prepared on a going concern basis by applying the measurements based on historical cost, except for certain items of property, plant and equipment (see Note 36.1), investment property and certain financial instruments measured at fair value. The financial statements provide comparative information in respect of the previous period. Details of the Group\u2019s Material accounting policies, including changes thereto, are included in Note 3 and section \u2018Accompanying information\u2019 of these financial statements. 2.2 Functional and presentation currency These financial statements are presented in euros, which is the Group\u2019s functional currency, and all values are rounded to the nearest million (EURm), except when indicated otherwise.
2.3 ESEF reporting
The Group is required to file annual report in the European Single Electronic Format (\u2018ESEF\u2019) using the XHTML
format and to tag the consolidated financial statements including notes using Inline eXtensible Business
Reporting Language (iXBRL). The prepared financial statements comply with 2025 taxonomy. Where a financial
statement line item or text block is not defined in the ESEF taxonomy, an extension to the taxonomy has been
created.
2.4 Alternative performance measures
The Group presents financial measures in the financial statements which are not defined according to IFRS.
The Group uses these alternative performance measures (hereinafter referred to as \u2018APM\u2019) as it believes that
these financial measures provide valuable information to stakeholders and the management.
The financial measures should not be considered a replacement for the performance measures as defined
under IFRS, but rather as supplementary information.
The APM may not be comparable to similar-titled measures presented by other companies as the definitions
and calculations may be different.
The APM most commonly used in the Group\u2019s financial statements: EBITDA, EBIT, Adjusted EBITDA, Adjusted
EBIT, Investments, Net Debt.
For more information on the APM, see Note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "2 Basis of preparation 2.1 Basis of accounting These consolidated financial statements (hereinafter referred to as \u2018financial statements\u2019) have been prepared in accordance with IFRS issued by International Accounting Standards Board (hereinafter referred to as \u2018IASB\u2019) and endorsed for application in the European Union. Financial statements as at and for the year ended 31 December 2025 have been prepared on a going concern basis by applying the measurements based on historical cost, except for certain items of property, plant and equipment (see Note 36.1), investment property and certain financial instruments measured at fair value. The financial statements provide comparative information in respect of the previous period. Details of the Group\u2019s Material accounting policies, including changes thereto, are included in Note 3 and section \u2018Accompanying information\u2019 of these financial statements. 2.2 Functional and presentation currency These financial statements are presented in euros, which is the Group\u2019s functional currency, and all values are rounded to the nearest million (EURm), except when indicated otherwise. 2.3 ESEF reporting The Group is required to file annual report in the European Single Electronic Format (\u2018ESEF\u2019) using the XHTML format and to tag the consolidated financial statements including notes using Inline eXtensible Business Reporting Language (iXBRL). The prepared financial statements comply with 2025 taxonomy. Where a financial statement line item or text block is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. 2.4 Alternative performance measures The Group presents financial measures in the financial statements which are not defined according to IFRS. The Group uses these alternative performance measures (hereinafter referred to as \u2018APM\u2019) as it believes that these financial measures provide valuable information to stakeholders and the management. The financial measures should not be considered a replacement for the performance measures as defined under IFRS, but rather as supplementary information. The APM may not be comparable to similar-titled measures presented by other companies as the definitions and calculations may be different. The APM most commonly used in the Group\u2019s financial statements: EBITDA, EBIT, Adjusted EBITDA, Adjusted EBIT, Investments, Net Debt. For more information on the APM, see Note 5. 3 Changes in material accounting policies 3.1 Changes in accounting policy and disclosures The accounting policies applied in the preparation of these financial statements are consistent with the accounting policies applied in the preparation of the Group's annual financial statements for the year ended 31 December 2024, with the exception for the adoption of new standards effective as of 1 January 2025. The Group has not applied any standard, interpretation, or amendment for which the early application is permitted but is not yet effective. Information about new standards is available in Note 8.7 section \u2018Accompanying information\u2019 of these financial statements. 1 Material accounting policies 1.1 New standards, amendments and interpretations 1.1.1 Standards and their interpretations, announced and adopted by the European Union, effective for the current reporting period The following are the new standards and/or amendments to the standards that have been approved by IASB and endorsed in the European Union during the year ended as at 31 December 2025. Standards or amendments that came into force during the year of 2025 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability The adoption of these standards, their revisions and interpretations had no material impact on the financial statements. 1.1.2 Standards issued but not yet effective and not adopted early While preparing these financial statements, the Group did not adopt the new IFRS, IAS, their amendments and interpretations issued by IASB, the effective date of which is later than 31 December 2025 and whose early adoption is permitted. The following are new standards and/or amendments to the standards that have been issued but not yet effective: Other standards The following new and amended standards are not expected to have a significant impact on the financial statements.
1.2 Consolidation principles
Other new standards or amendments
IASB Effective
EU Endorsement
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9
date
status
and IFRS 7
1 January 2026
Endorsed
Annual Improvements Volume 11
1 January 2026
Endorsed
Amendments to the Classification and Measurement of Financial Instruments \u2013
1 January 2026
Endorsed
Amendments to IFRS 9 and IFRS 7
IFRS 19 Subsidiaries without Public Accountability: Disclosures
1 January 2027
Not yet endorsed
IFRS 18 Presentation and Disclosure in Financial Statements
1 January 2027
Not yet endorsed
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates:
1 January 2027
Not yet endorsed
Translation to a Hyperinflationary Presentation Currency
1.2.1 Consolidation The financial statements comprise the financial statements of the parent company and its directly and indirectly controlled subsidiaries. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The control is generally obtained by holding more than one half of the voting rights. The subsidiaries are fully consolidated from the date on which the control is transferred to the Group. They are deconsolidated from the date that control ceases. The financial statements of the subsidiaries have been prepared using uniform accounting policies and for the same reporting period as that covered by the financial statements of the Group. On consolidation, all inter- company transactions, balances and unrealised gains and/or losses on transactions among the Group companies are eliminated. Non-controlling interest represents a part of net profit and net assets, which is not controlled by the Group. Non- controlling interest is reported separately in the Statement of profit or loss. The share of equity attributable to the non-controlling interest and to the owners of the parent company is shown separately in the consolidated Statement of financial position. 1.2.2 Business combinations 1.2.2.1 Business combination by applying IFRS 3 (subsidiaries that are not under common control ) Acquisition of the subsidiaries that are not under a common control is accounted for using the acquisition method. When the acquisition method is applied, the consideration transferred in a business combination is measured as the fair value of net assets transferred to the former owners of the acquiree. The acquisition- related costs are recognised in the Statement of profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u0336 the deferred tax assets or liabilities and the assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with International Accounting Standard (hereinafter referred to as \u2018IAS\u2019) 12 and IAS 19 respectively; \u0336 the liabilities or equity instruments related to the share-based payment arrangements of the acquiree or the share-based payment arrangements the Group entered into to replace the share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below); and \u0336 the assets (or the disposal groups) that are classified as held for sale in accordance with IFRS 5 are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognised to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. 1.2.2.2 Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable net assets assumed exceeds (i) the sum of the consideration transferred, (ii) the amount of any non-controlling interests in the acquiree and (iii) the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), then this excess is recognised immediately in Statement of profit or loss as a bargain purchase gain. 1.2.2.3 Contingent consideration When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognised in the Statement of profit or loss. 1.2.2.4 Business combination is achieved in stages When a business combination is achieved in stages, the Group\u2019s previously held interests (including joint operations) in the acquired entity are remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in the Statement of profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to the Statement of profit or loss, where such treatment would be appropriate if that interest were disposed of. 1.2.2.5 Business combination of entities under common control For a business combination of entities under common control, the following methods are applied: (a) the acquisition method set out in IFRS 3; or (b) the pooling of interests\u2019 method. In selecting which method to apply to the accounting for business combinations of entities under common control, the Group assesses whether there is a \u201ccommercial substance\u201d for which the following criteria are considered: \u0336 the purpose of the transaction; \u0336 the involvement of outside parties in the transaction, such as non-controlling interests or other third parties; \u0336 whether or not the transaction is conducted at fair value; \u0336 the existing activities of the entities involved in the transaction; and \u0336 whether or not it is bringing entities together into a \u2018reporting entity\u2019 that did not exist before. If the transaction has a commercial substance to the merging parties, the Group applies the acquisition method as set above in section \u2018Acquisition of subsidiaries that are not under common control\u2019, and if not \u2013 the Group applies the pooling of interests\u2019 method. By applying the pooling of interests\u2019 method, the business combination of entities under common control is accounted according to the following procedures: \u0336 the assets and liabilities of the entities in business combinations are measured at their carrying amounts equal to those reported in the financial statements of the ultimate parent company; \u0336 no newly arising goodwill is recognised on a business combination, however acquiree can recognise intangible assets that meet the recognition criteria in IAS 38; \u0336 any difference between consideration paid and the carrying amount of net assets acquired as at the date of acquisition is recognised directly in equity within retained earnings. 1.2.3 Changes in ownership interest in a subsidiary that do not result in changes in control Transactions with non-controlling interests that do not result in a loss of control are presented within equity, i.e., as transactions with equity owners. The difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recorded as equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. 1.3 Foreign currency translation 1.3.1 Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (hereinafter \u2018the functional currency\u2019). 1.3.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rate of monetary assets and liabilities denominated in foreign currencies are recognised in Statement of profit or loss. 1.3.3 Group companies On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their Statement of profit or loss are translated at average exchange rates observed during the reporting period. The exchange differences arising on translation for consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is reclassified to the Statement of profit or loss. 1.4 Revenue from contracts with customers The Group\u2019s major legal performance obligations identified in the contracts with customers are: sale of electricity and gas, supply of electricity, sales of produced electricity, services ensuring the isolated operation of power system and capacity reserve, distribution of gas, distribution and transmission of electricity, new customer connections and upgrades, provision of Public Service Obligations (hereinafter \u2018PSO services\u2019) and provision of Liquefied Natural Gas Terminal Security Component Obligations (hereinafter \u2018LNGT services\u2019). For certain service contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously. When recognising revenue, the Group takes into consideration the terms of the 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. 1.4.1 Electricity-related revenue The Group\u2019s electricity-related revenue includes: \u0336 sale of electricity (Note 1.4.1.1); \u0336 revenue from public electricity supply (Note 1.4.1.2); \u0336 sale of produced electricity (Note 1.4.1.3); \u0336 revenue from services ensuring the isolated operation of power system and capacity reserve (Note 1.4.1.4); \u0336 revenue from electricity distribution and transmission (Note 1.4.1.5); \u0336 revenue from public service obligations funds (hereinafter \u2018PSO funds\u2019) (Note 1.4.1.6). Electricity-related revenue is received from B2B and B2C customers. Electricity to B2C customers is supplied at the electricity tariff applied for public supply (Note 1.4.1.2), electricity tariff applied for independent supply (Note 1.4.1.1) or electricity tariff applied for supply of last resort (Note 1.4.1.1). Electricity to B2B customers is supplied at the electricity tariff applied for independent supply (Note 1.4.1.1) or electricity tariff applied for supply of last resort (Note 1.4.1.1). Accounting policy for electricity-related revenue may be presented in accordance with the components of the electricity tariff applied to the consumed electricity by B2C and B2B customers. The tariff comprises of the following components: \u0336 the price of electricity (Note 1.4.1.1, 1.4.1.2); \u0336 the fee for electricity supply services (Note 1.4.1.1, 1.4.1.2); \u0336 the price of electricity transfer services, which include two components: transmission over high voltage grid and distribution over medium and low voltage grid (Note 1.4.1.5); \u0336 the price of electricity system services (includes capacity reserve services) (Note 1.4.1.4); \u0336 the fee for PSO services (hereinafter \u2018PSO fees\u2019) (Note 1.4.1.6.). Regulation of tariffs and the Group\u2019s profitability is presented in Note 32. 1.4.1.1 Revenue from the sale of electricity Revenue from the sale of electricity (Note 6, line item \u2018Revenue from the sale of electricity\u2019) mainly consists of electricity sales to: \u0336 B2B customers; and \u0336 B2C customers by providing: \u0336 the independent supply services according to bilateral agreements; or \u0336 supply of last resort services. Revenue includes the price of electricity and the fee for electricity supply services. Revenue is recognized over time in each reporting period on the basis of VAT invoices issued, which includes the calculated amount of electricity consumed. Electricity consumption is calculated on the basis of the declared meter readings provided by consumers. Revenue from the sale of electricity when providing the supply of last resort services is regulated (Note 1.4.4.1). 1.4.1.2 Revenue from public electricity supply Revenue from public electricity supply (Note 6, line item \u2018Revenue from public electricity supply\u2019) consists of the following components of public supply electricity tariff: (i) sale of consumed public electricity and (ii) public supply service fee. Revenue from public electricity supply to customers is recognised over time while referring to the supplied electricity quantity reading devices provided by them and verified by the distribution system operator. In case of differences between the provided and the verified quantities due to over declaration (Note 32), the Group estimates the amount of deferred income (Note 18) and accounts for as a contract liability. Revenue from public electricity supply is regulated (Note 32). 1.4.1.3 Revenue from sale of produced electricity The sales of electricity produced (Note 6, line item \u2018Revenue from sale of produced electricity\u2019) using own resources are conducted at the power exchange by submitting electricity sale offers to the power exchange. On the day-ahead market, the transaction for the purchase and sale of electricity is considered as concluded if the automatic coupling algorithm does not by default reject the submitted offer of selling electricity. Transactions on the intraday market are approved by market participants. Following the approval of the transaction, the system of the power exchange sends a confirmation of the concluded electricity sale transaction to the seller. The seller\u2019s performance obligation under the concluded transaction is to supply the volume of electricity as indicated in the seller\u2019s offer to the electricity transmission system. The performance obligation is to be carried out throughout a certain period, during which the supply of the agreed volume of electricity is maintained to the network. The progress of fulfilment of the performance obligation is assessed while considering the volume of electricity indicated in respect of the transaction. The price of the transaction and the consideration to be paid to the seller correspond to the amount indicated in the confirmation notice of the transaction. The entire consideration of the seller is paid at a flat rate. Upon receipt of the confirmation on the conclusion of the transaction on the sale of electricity, the prices of that transaction remain unchanged. Revenue is recognised while considering the actually supplied electricity pertaining to the transaction, without any deduction of commissions that might be deducted by trading intermediaries representing the Group at the power exchange. 1.4.1.4 Revenue from services ensuring the isolated operation of the power system and capacity reserve The Group provides services ensuring capacity reserve and isolated operation of the power system (Note 6, line item \u2018Revenue from the services ensuring the isolated operation of power system and capacity reserve\u2019), for the provision of which is responsible transmission system operator. The transmission system operator purchases the services from the Group according to bilateral agreements. Capacity reserve services ensure the required power reserve and are understood as the potential of electricity generation which is used to maintain the power grid frequency, to ensure the balance of the electricity system and to generate electricity in the event of a decrease in production or an increase in consumption. Capacity reserve services are provided continuously, 24 hours a day. Revenue from services ensuring the isolated operation of the power system and capacity reserve services is recognised over time. The price of these services, which is paid by the transmission system operator to the Group, is set by NERC for one MW/h and the quantity is measured as MW for the whole year. The measurement of the service is performed by the readings of electricity meters. Revenue from capacity reserve services and services ensuring the isolated operation of the power system are regulated by NERC (Note 32). 1.4.1.5 Revenue from electricity transmission and distribution Revenue from electricity transfer, which includes transmission and distribution (Note 6, line item \u2018Revenue from electricity transmission and distribution\u2019), to B2C customers is recognised in each reporting period on the basis of declared or actual, i.e., determined upon inspection or received via smart meters, readings. If declared or actual meter readings are not available, revenue from transmission and distribution of electricity is recognised based on the average usage estimation method. Electricity transmission services in Lithuania are provided by and acquired from the transmission system operator, which is not a part of the Group. The Group collects electricity transmission fees from B2B customers and B2C customers and transfers them to the transmission system operator. The Group is a principal for transmission services fees and recognises the revenue of them (Note 6.4). Because the Group has no control over electricity transmission and distribution service obligations provided in Latvia (Note 6.4), the Group treats itself as an agent in the provision of electricity transfer, which includes both transmission and distribution. Revenue from transmission and distribution of electricity is regulated (Note 32). 1.4.1.6 Revenue from Public Service Obligations: PSO fees and PSO funds The purpose of providing PSO services is to implement the strategic objectives of the energy, economic and environmental policy of the Republic of Lithuania and ensure the implementation of the interests of all electricity consumers. Under the public service obligation scheme approved by the Ministry of Energy, PSO fees are collected by electricity suppliers from end users through the electricity tariff. Power exchange operator BALTPOOL UAB is engaged in the collection of PSO fees from electricity suppliers and disbursement of PSO funds to PSO service providers. The list of services supported by PSO is determined by the Government of the Republic of Lithuania. 1.4.1.7 The Group as an electricity supplier PSO fee is an integral part of electricity tariff to the customer. The Group collects PSO fees from end-customers connected to the electricity distribution grid and transfers them to the administrator of PSO funds, BALTPOOL UAB. The Group is an agent for PSO fees, collected from the end-customers, and doesn\u2019t recognise the revenue of them (Note 6.4). 1.4.1.7 The Group as a PSO service provider The Group generates electricity using renewable energy sources, which are considered as PSO services and are financed by PSO funds through the PSO budget. Revenue from PSO funds is recognised over time according to issued monthly invoices to BALTPOOL UAB. For measuring the progress of completion, the Group, using the practical expedient, recognises revenue in the amount to which it has a right to invoice. Revenue of PSO funds for 1 MW of electricity supplied to the electricity grid during the month is recognised as the difference between the fixed tariff set by the NERC and the weighted average price of electricity sold in the power exchange in the previous month. The quantity of electricity supplied is determined by the readings of the metering devices. Revenue from PSO funds (Note 6, line item \u2018Revenue from PSO\u2019) is regulated (Note 32). 1.4.2 Gas-related revenue The Group\u2019s gas-related revenue includes: \u0336 revenue from gas sales (Note 1.4.2.1); \u0336 revenue from gas distribution (Note 1.4.2.2); \u0336 revenue from the LNGT security component (1.4.2.3.2). Gas-related revenue is received from B2B customers and B2C customers by providing services of gas supply. Revenue of LNGT security component is received as a compensation for providing services of a designated supplier. For the purpose of these financial statements, terms \u201cgas\u201d and \u201cnatural gas\u201d are used for referring to the same items. Accounting policy for gas-related revenue received from B2C customers may be presented in accordance with the components of the natural gas tariff applied to the consumed gas by B2C customers. Final natural gas tariff to B2C customers comprise of the following components: \u0336 the price of gas (Note 1.4.2.1); \u0336 the price of natural gas transmission over high-pressure network (Note 1.4.2.2); \u0336 the price of natural gas distribution over medium- and low-pressure network (Note 1.4.2.2); \u0336 LNGT security component (Note 1.4.2.3.2). The Group as a natural gas supplier collects payments for all components from customers. The component of transmission service price and LNGT security component are transferred to the transmission system operator. The Group is an agent in collection of the transmission service component (Note 6.4) and the LNGT security component fees (Note 6.4). Regulation of tariffs and the Group\u2019s profitability is presented in Note 32. Accounting policy for revenue from B2B customers is presented in Notes 1.4.2.1, 1.4.2.2. 1.4.2.1 Revenue from gas sales Revenue from sales of gas (Note 6 line, item \u2018Revenue from gas sales\u2019) consists of gas price and supply margin. Gas sales are performed by the Group as a natural gas supplier to B2C customers and as a designated LNG supplier to gas market. Revenue from gas sales to end-customers is recognised on a monthly basis while referring to the supplied gas quantity readings devices provided by them and verified by the distribution system operator (an accrual basis). In case of differences between the provided and the verified quantities due to over declaration (Note 6.4), the Group estimates the amount of deferred income (Note 18) and accounts for as a contract liability. 1.4.2.2 Revenue from gas distribution The Group provides natural gas distribution services to B2C and B2B customers. Revenue from B2B customers for the distribution of natural gas (Note 6, line item \u2018Revenue from gas distribution\u2019) is recognised over time based on the readings of metering devices declared by users or, if users did not declare the readings of metering devices, referring to the quantities of gas calculated according to the approved methodology for the calculation of quantities of natural gas, as agreed with NERC (an accrual basis). Revenue from B2C customers is recognised over time based on the actual natural gas quantity supplied, which is calculated according to the approved methodology for the calculation of quantities of natural gas, i.e., the calculation of revenue takes into account mismatches between the quantities of gas declared by B2C customers and the quantities of gas transferred to them (an accrual basis). Revenue from gas distribution is regulated (Note 32). In Latvia, natural gas distribution services are provided and acquired from the gas distribution system operator, which is not a part of the Group. The Group, as a natural gas supplier, collects payments for the distribution service component and transfers it to the distribution system operator. The Group is an agent in the collection of the distribution service component in Latvia (Note 6.4). 1.4.2.3 LNGT security component The Law on the Liquefied Natural Gas Terminal of the Republic of Lithuania provides that contribution to the security component, which is related to the following securities of natural gas supply, shall be collected from end users and added to the natural gas transmission price: \u0336 for the installation of LNGT, its infrastructure and connection and all fixed operating costs that are not included in other state regulated prices; and \u0336 to compensate for the reasonable costs of supplying the minimum quantity required to ensure the necessary operation of the LNGT. Similarly to the PSO fees, the LNGT security component is collected by natural gas suppliers from end users through the natural gas tariff and then transferred to the state budget, from which the LNGT funds are distributed (i.e., disbursed) to LNGT service providers. The Group (through the Group company UAB \u201cIgnitis\u201d) acts as a natural gas supplier that collects LNGT security component from end users and as a designated liquefied natural gas supplier (hereinafter \u2018designated supplier\u2019), the function of which is to ensure the necessary operation of the LNGT by supplying the minimum required quantity of natural gas. 1.4.2.3.1 The Group\u2019s activity as natural gas supplier to end users LNGT security component is an integral part of the natural gas tariff to the customer. Payments for the LNGT security component are collected directly from customers or natural gas suppliers, if the customers don\u2019t have a direct contract with the operator of transmission system. Collected amounts of the LNGT security component are transferred to the gas transmission system operator AB \u201cAmber Grid\u201d (doesn\u2019t belong to the Group), which is appointed to perform the function of administering the LNGT security component. In accordance to the IFRS 15, the Group, when providing these services, considers itself as an Agent and recognises the revenue on a net basis (Note 6.4). Income and disbursements of the LNGT security component (regardless whether the net of it is positive or negative) are recognised under the item \u2018Purchases of electricity, gas and other services\u2019 in the Statement of profit or loss. 1.4.2.3.2 The Group\u2019s activity as designated LNG supplier to the gas market The Group is providing a dedicated LNG supplier function. In order to maintain the LNG Terminal\u2019s infrastructure in minimum mode, a certain amount of natural gas, which is to be supplied through the LNG Terminal, is required for filling, regasification or transhipment and supply to the Lithuanian natural gas system or the international LNG market. The Law on the LNG Terminal and the Description of the Natural Gas Supply Diversification Procedure provides that the required quantity shall be supplied by the designated supplier (nominated by the Ministry of Energy for 10 years, designation ends on 31 December 2024) by concluding a contract with the LNG supplier. To ensure the operation of the LNG terminal, the designated supplier shall sell the required quantity on a competitive market and, therefore, its costs, which, due to the nature of its activities, are exclusively borne (whereas other suppliers don\u2019t incur), are compensated by the transmission system operator by paying the LNGT funds that are paid from the budget of the LNGT security component collected by natural gas suppliers from end customers. Accordingly, the Group receives revenue from LNGT funds. The revenue of LNGT funds is recognised over time by issuing VAT invoices to the transmission system operator according to the statements which are received from it and include information of reclassified and/or reloaded quantity of LNG and the quantity of LNG used for the Group\u2019s technological needs at the LNG Terminal. Revenue from the LNGT funds is recognised under item \u2018Revenue from contracts with customers\u2019 in the Statement of profit or loss. Revenue from the LNGT security component is presented in Note 6, line item \u2018Revenue of LNGT security component\u2019. Revenue from the LNGT security component is regulated (Note 32). 1.4.3 Other significant revenue from contracts with customers 1.4.3.1 New customer connection and upgrade fees The Group obtains revenue from services of new customer connections and upgrades to the electricity and natural gas distribution networks (Note 6, line item \u2018Revenue from new customers\u2019 connection and upgrade fees\u2019). Connection and upgrade fees obtained by the Group are non-refundable upfront fees paid by the customers for the connection to and upgrade of the electricity and gas distribution network. The Group signs separate agreements with customers for connection services. The Group also signs agreements with B2C and B2B customers for electricity and gas distribution. Connection and upgrade fees do not represent a separate performance obligation from the sale of ongoing distribution of electricity or gas services as they are highly interrelated. Therefore, revenue from connection and upgrade fees is deferred and recognised as revenue over the estimated average useful life of assets providing the connection service, which is 27 years for the electricity grid and 46\u201355 years for the gas network. Connection and upgrade fees received from customers which are deferred are accounted for as deferred revenue as a contract liability (Note 18). According to connection contracts client is obliged to pay an advance before connection works are started. Advances received from clients are accounted for as prepayments received as a contract liability (Note 18). 1.5 Expense recognition Expenses are recognised in the Statement of profit or loss as incurred while applying the accrual basis of accounting. 1.6 Intangible assets 1.6.1 Patents, licences and trademarks Patents, licenses and trademarks are measured initially at acquisition cost and are amortised on a straight-line basis over their estimated useful lives of 3 to 5 years or a specific validity term of a license and/or patent, if any. Useful life is reviewed on year-by-year basis. 1.6.2 Computer software Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives (2 to 4 years). 1.6.3 Servitudes The Group\u2019s intangible assets include servitudes, which comprise the Group\u2019s rights to use the land plots owned by third persons on the basis of servitudes. Servitudes comprise statutory and contractual servitudes: \u0336 statutory servitudes comprise the Group\u2019s rights to use the land plots owned by third persons in which electricity networks were established before 10 July 2004 on the basis of statutory servitudes; \u0336 contractual servitudes comprise the Group\u2019s rights to use the land plots owned by third persons in which electricity networks were established since 2018 on the basis of contractual servitudes. The useful life of an intangible asset (right to use the land which has a servitude) is indefinite, therefore, these assets are not subject to amortisation. Useful life of intangible assets is indefinite since the right to use the land is granted for an indefinite period of time, according to the conditions of agreements for compensation for servitudes as well as the Civil Code of Republic of Lithuania. Accordingly, right to use the land (to which servitude is applied) is retained by the Group regardless of the condition, repairs or renewals of the Group\u2019s assets constructed on the mentioned land. Since these right-to-use land contracts concluded as perpetual arrangements, the contractual and statutory servitudes are out of scope of IFRS 16 Leases. This is because a lease conveys the right to control the use of an identified asset for a specified period of time in exchange for consideration. Perpetual is not a specified period of time when identifying a lease. Therefore, a perpetual arrangement lacks an essential characteristic of a lease, i.e., it does not meet the definition of a lease because it does not convey a right to use an underlying asset for a specified period of time. A perpetual arrangement is effectively a form of ownership interest in an asset that lasts forever. However, the Group has accounted for provision to compensate land owners for servitudes in accordance with the requirements of IAS 37 Provisions, Contingent Liabilities and Contingent Assets (see Note 25). Remeasurement of provision due to changes in underlying assumptions is accompanied with respective adjustment of carrying amount of intangible assets. The Group tests the intangible assets of servitudes for potential impairment by comparing their recoverable value with the carrying value at least once per year or when there are signs of impairment. If the value of the asset changes, such change is accounted for by decreasing/increasing the value of the servitudes. 1.6.4 Special conditions on land use (protection zones) The Group\u2019s intangible assets include the Group\u2019s obligations to register and the right to use a third-party land on the basis of special conditions on land use. The accounting policies applied are similar to those applied for intangible assets under \u2018Servitudes\u2019. 1.6.5 Licenses and rights to produce electricity Intangible assets acquired through business combination and recognised separately from goodwill are recognised initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired through business combination are measured on the same basis as intangible assets that are acquired separately. Amortisation is calculated over the estimated useful life, corresponding to specific validity term of a license or right to produce electricity. For the licenses acquired through business combination (licenses to produce electricity with an incentive tariff), useful life is determined to be 12 years. Useful life is reviewed on year-by- year basis. 1.6.6 Other intangible assets Intangible assets expected to provide economic benefits in future periods are measured at acquisition cost less subsequent accumulated amortisation and any accumulated impairment losses. Amortisation is calculated on the straight-line basis over the estimated economic useful life of 3 to 4 years. The Group\u2019s intangible asset amortization expenses are accounted for within the item \u2018Depreciation and amortization\u2019 in the Statement of profit or loss. 1.7 Property, plant and equipment Accounting policy according to asset classes is as follows:
At cost
Revalued
Land
Electricity networks and their structures
Buildings
Construction-in-progress
Gas distribution pipelines, gas technological equipment
and installations
Assets of Hydroelectric Power Plant, Pumped Storage
Hydroelectric Power Plant
Wind farms, solar power farms and their installations
Combined Cycle Gas Turbine and Reserve Power Plant
Cogeneration plants
Other property, plant and equipment
Construction-in-progress
\u2018Construction-in-progress\u2019 is assigned to various asset classes, therefore, part of the assets of this class is accounted for at cost method, the other part \u2013 at revalued amount. Cost includes replacement costs of components of property, plant and equipment when incurred and when these costs meet the recognition criteria of property, plant and equipment. The carrying amount of the replaced part is derecognised. Subsequent repair costs are included in the asset\u2019s carrying amount only when it is probable that future economic benefits associated with these costs will flow to the Group and the costs can be measured reliably. All other repairs and maintenance costs are recognised in the Statement of profit or loss during the financial period in which they are incurred. The assets\u2019 residual values and useful lives are reviewed at least once per year and adjusted if appropriate. For accounting of borrowing costs, see Note 1.9. \u2018Construction in progress\u2019 is transferred to appropriate categories of property, plant and equipment when asset is completed and ready for its intended use. Increases in the carrying amount arising on revaluation of property, plant and equipment are recognised in other comprehensive income of the Statement of comprehensive income and accumulated to the revaluation reserve in equity. However, the increase is recognised in the Statement of profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. Decreases in the carrying amount of an asset arising on revaluation are generally recognised in profit or loss; decreases that offset previous increases of the same asset are recognised in other comprehensive income and recognised against the revaluation reserve. Each year, the difference between the depreciation based on the revalued amount of the asset (when the carrying amount increases after revaluation) is recognised in the Statement of profit or loss and depreciation based on the asset\u2019s original acquisition cost is transferred from revaluation reserve to retained earnings, net of deferred tax. Depreciation of property, plant and equipment is calculated using the straight-line method to allocate the acquisition cost/revalued amounts less their residual values over their estimated useful lives (number of years), as follows:
Category of property, plant and equipment
Useful lives (number of years)
Buildings
8\u201375
Electricity networks and their structures
- electrical and communication devices
20\u201325
- electricity distribution equipment
15\u201345
- electrical equipment
15\u201335
- other equipment
5\u201350
Gas distribution pipelines, gas technological equipment and installations
18\u201355
Assets of Hydro Power Plant, Pumped Storage Power Plant, and
Combined Cycle Unit and Reserve Power Plant
Assets of Hydro Power Plant, Pumped Storage Power Plant:
- hydrotechnical waterway structures and equipment
75
- pressure pipelines
50
- hydrotechnical turbines
25\u201340
- other equipment
8-15
Structures and machinery of Reserve Power Plant:
- structures and infrastructure
10\u201370
- thermal and electricity equipment
10\u201360
- measuring devices and equipment
5\u201330
- other equipment
8\u201315
Structures and machinery of Combined Cycle Unit:
- structures and infrastructure
20\u201350
- electricity lines
20\u201340
- electricity generation equipment
20\u201350
Wind and solar power farms and their installations
20\u201330
Cogeneration plants
30\u201345
Other property, plant and equipment
2\u201335
1.8 Right-of-use assets Right-of-use asset is the asset that reflects the right of the Group to use the leased asset over the life of a lease. The Group recognises right-of-use assets for all types of leases, including leases of right-of-use assets in sublease, with the exception of leases of intangible assets, short-term leases and leases for which the underlying asset is of low value. 1.8.1 Initial measurement of right-of-use assets At the commencement date, the Group measures the right-of-use asset at cost. The cost of the right-of-use asset comprises: the amount equal to the lease liability at its initial recognition, lease payments made at or before the commencement of the lease (less any lease incentives received), any initial direct costs incurred by the Group, and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Group incurs obligation for these costs either at the commencement date or as a consequence of having used the underlying asset during a particular period. The Group recognises these costs as part of the cost of right-of-use asset when the Group incurs an obligation for these costs. 1.8.2 Subsequent measurement of right-of-use assets Subsequent to initial recognition, the Group measures right-of-use assets using the cost model. Under the cost model, the Group measures the right-of-use asset at cost less any depreciation and any accumulated impairment losses adjusted for any remeasurement of the lease liability. If the lease transfers ownership of the underlying asset to the Group by the end of the lease term or if the cost of the right-of-use asset reflects that the Group will exercise a purchase option, the Group depreciates the right- of-use asset from the commencement date to the end of the useful life of the underlying asset. Otherwise, the Group depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Right-of-use assets are depreciated on a straight-line basis. The Group presents rights-of-use assets separately from property, plant and equipment in the Statement of financial position. 1.9 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 1.9.1 Financial assets The Group classifies its financial assets into the following three categories: \u0336 financial assets subsequently measured at amortised cost; \u0336 financial assets subsequently measured at fair value through other comprehensive income (hereinafter \u2018FVOCI\u2019), and \u0336 financial assets subsequently measured at fair value through profit or loss (hereinafter \u2018FVTPL\u2019). Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Transaction costs comprise all charges and commissions that the Group would not have paid if it had not entered into an agreement on the financial instrument. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (hereinafter \u2018SPPI\u2019)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at FVTPL, irrespective of the business model. Interest income calculated on these financial assets is recognised as finance income and amortised using the effective interest rate method. Any gain or loss arising from the write-off of assets is recognised in the Statement of profit or loss. Impairment losses are accounted for as other expenses (Note 7) in the Statement of profit or loss. Subsequent to initial recognition, financial assets are classified into the afore-mentioned categories based on the business model the Group applies when managing its financial assets and characteristics of cash flows from these assets. The business model applied to the group of financial assets is determined at a level that reflects how all groups of financial assets are managed together to achieve a particular business objective of the Group. The intentions of the Group\u2019s management regarding separate instruments have no effect on the applied business model. The Group may apply more than one business model to manage its financial assets. In view of the business model applied for managing the group of financial assets, the accounting for financial assets, is as follows: 1.9.1.1 Financial assets subsequently measured at FVOCI The Group has derivatives and equity securities (debt investment) subsequently measured at FVOCI. For detailed information for derivatives, see Note 1.9.3. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u0336 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u0336 its contractual terms give rise on specified dates to cash flows that are SPPI on the principal amount outstanding. 1.9.1.2 Financial assets at amortised cost Financial assets at amortised cost are subsequently measured using the effective interest rate (hereinafter \u2018EIR\u2019) method and are subject to impairment. Amortised cost is the amount at which the financial instrument was recognised at initial recognition minus principal repayments, plus accrued interest, and, for financial assets, minus any write-down for expected credit losses. The Group\u2019s financial assets at amortised cost includes loans granted by the Group, trade and other amounts receivable, and cash and cash equivalents are accounted for under the business model the purpose of which is to hold financial assets in order to collect contractual cash flows that can contain cash flows related to the payment of the principal amount and interest inflows. 1.9.1.3 Financial assets at FVTPL Debt instruments that do not meet the criteria of financial assets to be measured at amortised cost or financial assets to be measured at FVOCI are classified as financial assets to be measured at FVTPL. The Group classifies financial assets as assets measured at FVTPL if this eliminates or significantly reduces the measurement or recognition inconsistency (sometimes referred to as \u2018an accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising gains or losses thereof on different bases. A gain or loss on fair value measurement of debt investment is recognised in the Statement of profit or loss in the period in which it arises. The Group classifies in this category investments to equity instruments that do not meet the SPPI conditions. 1.9.1.4 Effective interest method The EIR method is used in the calculation of the amortised cost of a financial asset and in the allocation of the interest revenue in the Statement of profit or loss over the relevant period. The EIR is the rate that exactly discounts estimated future cash inflows through the expected life of the financial asset to the gross carrying amount of the financial asset that shows the amortised cost of the financial asset, before adjusting for any loss allowance. When calculating the EIR, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the EIR, transaction costs, and all other premiums or discounts. There is a presumption that the cash flows and the expected life of a group of similar financial instruments can be estimated reliably. However, when it is not possible to reliably estimate the cash flows or the expected life of a financial instrument (or group of financial instruments), the Group uses the contractual cash flows over the full contractual term of the financial instrument (or group of financial instruments). 1.9.1.5 Impairment of financial assets \u2013 expected credit losses The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost regardless of whether there are any impairment indicators. Credit losses incurred by the Group are calculated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive (i.e. all cash shortfalls), discounted at the original EIR. The Group estimates cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument, including cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Expected credit losses are measured in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; the time value of money; reasonable and supportable information about past events and current conditions, and reasonable and supportable forecasts of future events and economic conditions at the reporting date. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the period from the date of initial recognition of a financial asset to the subsequent date of settlement of the financial asset or ultimate write-off of the financial asset. The Group seeks for lifetime expected credit losses to be recognised before a financial instrument becomes past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently, when reasonable and supportable information that is more forward-looking than past due information is available without undue cost or effort, it is used to assess changes in credit risk. Expected credit losses are recognised by taking into consideration individually or collectively assessed credit risk of loans granted and trade receivables. Credit risk is assessed based on all reasonable information, including forward-looking information. For short-term trade receivables without a significant financing component the Group applies a simplified approach required by IFRS 9 and measures the loss allowance at expected lifetime credit losses from initial recognition of the receivables (Note 20.2). The Group\u2019s management performs the assessment on an individual basis, reflecting the possibility of obtaining information on the credit history of a particular debtor, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling to make judgements on the recognition of lifetime expected credit losses in respect of that particular borrower. In the absence of reliable sources of information on the credit history of a particular debtor, its financial position as at the date of assessment, including forward-looking information, the Group assesses the debt on a collective basis. For the purpose of determining the lifetime expected credit losses of amounts receivable, the Group on a collective basis applies the loss ratio matrix. The loss ratio matrix is based on historical data on the settlement for trade receivables during the period of validity of trade receivables and is adjusted with respect to future forecasts. The loss ratios are updated during the preparation of the annual financial statements with respect to the impact of operational prospects, where these prospects are indicative of any exacerbation of economic conditions during upcoming years or of customer types. To measure expected credit losses, trade receivables are grouped based on shared credit risk characteristics. The non-recoverability analysis is conducted for the last several years in order to determine the general default ratio. As regards to the different groups of consumers, a different loss ratio matrix is used. The lifetime expected credit losses of other amounts receivable are assessed based on the individual assessment basis. The Group\u2019s management performs the assessment on an individual basis, reflecting the possibility of obtaining information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling to make judgements on the recognition of lifetime expected credit losses in respect of that particular borrower. Recognition stages of expected credit losses: 1. Upon granting of a loan or concluding a finance lease agreement, the Group recognises the expected credit losses for the twelve-month period. Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets without adjusting it by the amount of expected credit losses. 2. Upon establishing that the credit risk related to the borrower or lessee has significantly increased, the Group accounts for the lifetime expected credit losses of the loan or finance lease agreement. All lifetime expected credit losses of financial instruments are calculated only when there is a significant increase in credit risk relating to the borrower. Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets without adjusting it by the amount of expected credit losses. 3. Where the Group establishes that the recovery of the loan is doubtful or that the condition of the lessee shows that the loan of this lessee needs to be classified as doubtful debts, the Group classifies this loan (finance lease receivables) as credit-impaired financial assets (doubtful loans and receivables). Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets, which is reduced by the amount of expected credit losses. In stage 2, an assessment of the significant deterioration in the borrower\u2019s financial situation is performed by comparing the financial situation as at the time of the assessment and the financial situation as at the time of issuing the loan. The latest point at which the Group recognises all lifetime expected credit losses of the loan granted or a finance lease agreement is identified when the borrower is late to pay a periodic amount or the total debt for more than 90 days. In case of other evidence available, the Group accounts for all lifetime expected credit losses of the loan granted regardless of the more-than-90-days-past-due presumption. 1.9.1.6 Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events: (a) significant financial difficulty of the borrower; (b) a breach of contract, such as a default or past due event for more than 90 days; (c) the lender, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession that the lender would not otherwise consider; (d) it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; (e) the disappearance of an active market for that financial asset because of financial difficulties; (f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses. 1.9.1.7 Derecognition of financial assets A financial asset (or, where applicable a part of financial asset or group of similar financial assets) is derecognised when: \u0336 the rights to receive cash flows from the asset have expired; \u0336 the right to receive cash flows from the asset is retained, but an obligation is assumed to pay them in full without material delay to a third party under a \u2018pass through\u2019 arrangement; or \u0336 the rights to receive cash flows from the asset are transferred and either (a) substantially all the risks and rewards of the asset have been transferred, or (b) substantially all the risks and rewards of the asset have neither been transferred nor retained, but control of the asset has been transferred: \u0336 if control is not retained, the financial asset is derecognised and any rights and obligations created or retained in the transfer are recognised separately as assets or liabilities; \u0336 if control is retained,the financial asset is continued to be recognised to the extent of continuing involvement in the financial asset. Whether the control of the transferred asset is retained depends on the transferee\u2019s ability to sell the asset. If the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, control is not retained. In all other cases, control is retained. 1.9.2 Financial liabilities and equity instruments issued Debt or equity instruments are classified as financial liabilities or equity based on the substance of the arrangement. 1.9.2.1 Initial recognition and measurement of financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and bonds, trade and other payables or derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and bonds and trade ant other payables, as net of directly attributable transaction costs. 1.9.2.2 Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u0336 financial liabilities at FVTPL; \u0336 financial liabilities at amortised cost. 1.9.2.3 Financial liabilities at FVTPL Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivatives entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the Statement of profit or loss. Financial liabilities designated upon initial recognition at FVTPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. 1.9.2.4 Financial liabilities at amortised cost After initial recognition, trade payables, interest-bearing loans and bonds are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised as profit or loss in the Statement of profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of profit or loss. 1.9.2.5 Classification and borrowing costs Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. If a financing agreement concluded before the Statement of financial position date proves that the liability was non-current by its nature as of the date of the Statement of financial position, that financial liability is classified as non-current. Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial time (more than one year) to get ready for intended use or sale (qualifying assets) are capitalised as part of the costs of those assets until those assets are completely ready for use or sale. All other borrowing costs are expensed as incurred. Interest income that relates to temporal investment of borrowed funds until their use for the acquisition of the assets is deducted from the acquisition cost of the assets. 1.9.2.6 Effective interest rate method The EIR method is used in the calculation of the amortised cost of a financial liabilities and in the allocation of the interest expenses in the Statement of profit or loss over the relevant period. The EIR is the rate that exactly discounts estimated future cash outflows through the expected life of the financial liability to the gross carrying amount of the financial liability that shows the amortised cost of the financial liability (for more information, see Note 1.9.2). 1.9.2.7 Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, 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 between the respective carrying amounts is recognised in the Statement of profit or loss . 1.9.3 Derivatives and hedge accounting The Group enters into derivatives\u2019 transactions related to purchase and sale prices of electricity and gas and emission allowances forwards. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u0336 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u0336 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u0336 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item and the quantity of the hedging instrument. 1.9.3.1 Presentation Fair value of derivatives is presented in the Statement of financial position as \u2018Other non-current assets\u2019 (Note 16.1), \u2018Other current assets\u2019 (Note 16.2), \u2018Other non-current and liabilities\u2019 and \u2018Other current liabilities\u2019 (Note 28). Changes in fair value and the result of settled derivatives for hedges that do not meet the qualifying criteria for hedge accounting are recognised in the Statement of profit or loss either as \u2018Other income\u2019, if result for a period of such derivatives is profit, or \u2018Other expenses\u2019 if result of such derivatives for a period is loss (Note 29). Changes in fair value and the result of settled derivatives for hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below: 1.9.3.2 Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in the Statement of financial position in the hedge reserve. Ineffective portion is recognised immediately in the Statement of profit or loss in 'Other income\u2019 or 'Other expenses\u2019 (accounting method is similar to derivatives that do not meet the hedge criteria \u2013 Note 1.9.3.1). The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in the fair value of the hedged item. When cash flow hedges are realised, gain or losses are transferred from equity and recognised in the Statement of profit or loss as \u2018Purchases of electricity, gas and other services\u2019. 1.10 Put option arrangements The Group uses anticipated-acquisition method for recognizing put option redemption liability (hereinafter \u2013 option). The amount that may become payable under the option on exercise is initially recognised at the present value of the redemption amount within liabilities with a corresponding charge directly to non-controlling interest in equity. This is because the recognition of the financial liability implies that the interests subject to the option are deemed to have been acquired already. Subsequently, the value of liability is measured at FVTPL for the purpose to present the redemption liability that is payable at the date at which the option first becomes exercisable. The change in fair value is presented in \u2018Financial expenses\u2019 of the Statement of profit or loss. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to non-controlling interest in equity. 1.11 Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method, except for natural gas and liquefied natural gas, the cost of which is determined using the weighted average costing method (see below). The cost of inventories comprises purchase price, taxes (other than those subsequently recoverable by the Group from the tax authorities), transportation, handling and other costs directly attributable to the acquisition of inventories. Cost does not include borrowings costs. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated costs necessary to make the sale. The weighted average price is calculated as the weighted average of the inventory at the beginning of the month and the purchases during the month. 1.12 Emission allowances Based on the European Union (hereinafter \u2013 EU) Directive 2003/07/EC, a greenhouse gas emissions trading scheme was developed, which came into force on 1 January 2005. The first period of operation of this scheme covered 3 years, from 2005 to 2007; the second period covered 5 years, from 2008 to 2012, and the third period covers 7 years, from 2013 to 2020. From 2022 the fourth period has started, which will last until 2030. The scheme\u2019s operation period is in line with the period established under the Kyoto Agreement. The system functions on \u2018Cap\u2019 and \u2018Trade\u2019 basis. The governments of the EU Member States are required to set caps for each emission unit in the scheme and for the period of implementation. These caps are specified in the National Allocation Plan (hereinafter referred to as \u2018NPP\u2019) to be developed by a responsible authority of each Member State (in Lithuania \u2013 the Ministry of Environment). NPP determines the annual emission amount (measured as tonnes of carbon dioxide equivalent) for each emission unit and each period and allocates annual emission allowances. A Member State has an obligation to allocate emission allowances by 28 February of each year in accordance with the National Allocation Plan (part of the allowances is set aside for new entrants). A Member State is to assure that an operator of each emission unit will submit data on the unit\u2019s actual amount of greenhouse gas emissions during the current calendar year not later than by 30 April of the next year. 1.12.1 Inventory EU emission allowances are inventories that are dedicated by the state or are acquired by the Group. EU emission allowances acquired by the Group are recognized at cost. EU emission allowances dedicated by the state are recognized in the accounts at nominal (zero) value. The Group accounts for the purchased emission allowances and the emission allowances received for free separately. Their write-down to net realisable value is calculated if the market price becomes lower than the acquisition price. 1.12.2 Provision for emission allowances used When the Group emits pollutants into the environment, it is obliged to pay for the pollution using the state permits, the nominal value of which would correspond to the amount of emitted pollutants. This liability is a provision that is measured at the value which correspond to amount of expenses that Group will incur to cover this obligation as at the date of the Statement of financial position. If the Group has acquired emission allowances, the value of the provision is equal to their carrying amount. If the actual amount of pollutants exceed the number of emission allowances available, an obligation to purchase additional emission allowances equal to the market value is accounted for. The obligation can only be covered with inventories if the amount of pollutants is approved by the responsible regulatory authority. When the Group emits pollutants into the environment, it is obliged to pay for the pollution using the state permits, the nominal value of which would correspond to the amount of emitted pollut ants. This liability is a provision that is measured at the value which correspond to amount of expenses that Group will incur to cover this obligation as at the date of the Statement of financial position. If the Group has acquired emission allowances, the value of the provision is equal to their carrying amount. Changes in the value of a liability related to insufficient emission allowances are recognized in the Statement of profit or loss. 1.13 Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. For the purposes of the Statement of cash flows, cash and cash equivalents comprise cash on hand deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are presented under \u2018Loans\u2019 in the Statement of financial position. 1.14 Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in- substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for ng the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 1.14.1 Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. 1.14.2 The Group as a lessor in operating leases Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in the item \u2018Other income\u2019 in the Statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. 1.15 Grants and subsidies 1.15.1 Asset-related grants For presentation of grants related to the assets, the Group uses a method, which recognises the grant as deferred income that is recognised in Statement of profit or loss on a systematic basis over the useful life of the asset. Government and EU asset-related grants comprise grants received in the form of non-current assets or in the form of cash intended for the acquisition of non-current assets. Grants are initially recorded at the fair value of the asset received and subsequently recognised in the Statement of profit or loss by reducing the depreciation charge of the related asset over the expected useful life of the asset. Liability related to the received asset-related grants is presented in the Statement of financial position under the non-current liabilities\u2019 item \u2018Grants and subsidies\u2019. Upon the revaluation of non-current assets and in case impairment was recognised on revaluation, grants related to the non-current assets are written off in a respective proportion. 1.15.2 Income-related grants Government and EU grants received as a compensation for the expenses or unearned income of the current or previous reporting period, also, all the grants, which are not grants related to assets, are considered as grants related to income. Income-related grants are recognised as used to the extent of the expenses incurred during the reporting period or unearned income to be compensated by that grant. Grants related to income are presented as part of the Statement of profit or loss. 1.16 Provisions Provisions are recognised when the Group has a legal obligation or irrevocable commitment as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate may be made about the amount of the obligation. Expenses related to provisions are recorded in the Statement of profit or loss, net of compensation receivable. If the effect of the time value of money is material, the amount of provision is discounted using the effective pre-tax discount rate based on the interest rates for the period while taking into account specific risks associated with the provision, as appropriate. When discounting is applied, an increase in the provisions reflecting the period of past time is accounted for as finance expense. 1.16.1 Provisions for servitudes Costs related to provision for servitudes are recognised as intangible assets and are measured at the amounts to be compensated. Payments of compensations to land owners are recorded as decreases of provision, while remeasurement of provision due to the changes in underlying assumptions is recorded as a change in the respective intangible asset (Note 1.6.3). 1.16.2 Provisions for registration of protection zones Costs related to provision for registration of protection zones and compensations are recognised as intangible assets based on the amounts to be compensated. Payments related to registration of protection zones are recorded as decreases of provision, while remeasurement of provision due to the changes in underlying assumptions is recorded as change in respective intangible asset (Note 1.6.4). 1.17 Employee benefits 1.17.1 State plans The Group participates only in State plans. State plans are established by legislation to cover all entities and are operated by national or local government or by another body (for example, in the case of the Group, the State Social Security Fund). State plans are a defined benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods. These contributions are recognised as an expense on an accrual basis and are included within remuneration expenses. 1.17.2 Termination benefits Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal retirement date or if an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. 1.17.3 Non-current employee benefits Each employee of retirement age who terminates his/her employment with the Group upon retirement is entitled to receive a payment equal to 2 monthly salaries according to Lithuanian laws. If an employee belongs to a trade union, he/she is also entitled to additional retirement benefit in accordance with the collective agreement. A liability for such pension benefits is recognised in the Statement of financial position and it reflects the present value of these benefits at the date of the Statement of financial position. The aforementioned non-current liability for pension benefits to employees at the reporting date is estimated with reference to actuarial valuations using the projected relative unit method. The present value of the defined non- current liability for pension benefits to employees is determined by discounting the estimated future cash flows using the effective interest rates as set for government bonds denominated in the currency in which the benefits will be paid to employees and that have maturity term similar to that of the related liability. 1.18 Fair value The Group measures financial instruments, such as derivatives, and non-financial assets, such as investment properties, at fair value at each Statement of financial position date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u0336 in the principal market for the asset or liability; or \u0336 in the absence of principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, thus maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which the fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, which is described below, based on the lowest level input that is significant to the fair value measurement as a whole: \u0336 Level 1: fair value of assets is based on quoted prices (unadjusted) in active markets for identical assets or liabilities; \u0336 Level 2: fair value of assets is based on other observable market data, directly or indirectly; \u0336 Level 3: fair value of assets is based on non-observable market data. For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "
These consolidated financial statements (hereinafter referred to as \u2018financial statements\u2019) have been prepared
in accordance with IFRS issued by International Accounting Standards Board (hereinafter referred to as \u2018IASB\u2019)
and endorsed for application in the European Union.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "2.2 Functional and presentation currency These financial statements are presented in euros, which is the Group\u2019s functional currency, and all values are rounded to the nearest million (EURm), except when indicated otherwise.", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
3 Changes in material accounting policies
3.1 Changes in accounting policy and disclosures
The accounting policies applied in the preparation of these financial statements are consistent with the
accounting policies applied in the preparation of the Group's annual financial statements for the year ended 31
December 2024, with the exception for the adoption of new standards effective as of 1 January 2025. The
Group has not applied any standard, interpretation, or amendment for which the early application is permitted
but is not yet effective.
Information about new standards is available in Note 8.7 section \u2018Accompanying information\u2019 of these financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "3 Changes in material accounting policies 3.1 Changes in accounting policy and disclosures The accounting policies applied in the preparation of these financial statements are consistent with the accounting policies applied in the preparation of the Group's annual financial statements for the year ended 31 December 2024, with the exception for the adoption of new standards effective as of 1 January 2025. The Group has not applied any standard, interpretation, or amendment for which the early application is permitted but is not yet effective. Information about new standards is available in Note 8.7 section \u2018Accompanying information\u2019 of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "
4 Significant accounting estimates and judgments used in the preparation of the financial statements
While preparing these financial statements, the management has made judgements and estimates about the future, including climate-related risks and opportunities, that affect the application of the Group\u2019s accounting policies
and the reported amounts of assets, liabilities, income, costs and contingencies. Changes in the underlying assumptions of such estimates and judgements may have a material effect on financial statements in the future.
Estimates and judgements with underlying assumptions are reviewed on an ongoing basis and are consistent with the Group\u2019s risk management and climate-related commitments, where appropriate. Revisions to the estimates
and judgements are recognised prospectively.
Significant accounting estimates and judgements used in the preparation of the financial statements are described in this note. For other estimates and judgements used herein, refer to other notes of these financial statements.
Significant accounting estimates and judgments
Note
Estimate/judgment
Principal or an Agent in relation to electricity transmission and distribution services
6.4.1.
Judgment
Principal or an Agent in relation to natural gas distribution services
6.4.2.
Judgment
Principal or an Agent in relation to natural gas transmission services
6.4.3.
Judgment
Deferred tax assets from temporary differences
9.9
Estimate/judgment
Revaluation of property, plant and equipment used in electricity distribution
12.1
Estimate
Impairment of goodwill and intangible assets
13.1.1
Estimate/judgment
Impairment of property, plant and equipment
13.1.2
Judgment
Expected credit losses of trade receivables and other receivables: collective assessment of ECL applying provision matrix and individual assessment of ECL
15.2.4/20.2.
Estimate/judgment
Fair value of Investment funds \u2013 at FVTPL
16.2
Estimate
Leases: determining the lease term of contracts with renewal and termination options
24.3.1.
Judgment
Leases: estimating the incremental borrowing rate
24.3.2.
Estimate
Determining whether statutory and contractual servitudes are a lease
24.3.3
Judgment
Provisions for rights to servitudes
26.2.1.
Estimate
Provision for servitudes of real estate
26.1
Estimate
Control over UAB Kauno kogeneracin\u0117 j\u0117gain\u0117 and put option valuation
29.1
Estimate/judgment
Regulated activity: accrual of income and regulatory provision from services ensuring isolated operation of the power system and capacity reserve
33.2.2.1.
Estimate
Regulated activity: accrual of income and regulatory provision from public electricity supply
33.2.2.2.
Estimate
6.4 Significant accounting estimates and judgements 6.4.1 Determining whether the Group acts as a Principal or an Agent in relation to electricity transmission and distribution services In providing electricity transfer services, which include transmission and distribution services, to end-users, the Group in Lithuania and Latvia acquires electricity transmission services from the transmission system operator (not a part of the Group), and in Latvia it acquires electricity distribution services from the distribution system operator (not a part of the Group). The management of the Group analysed the related contracts with the electricity transmission and distribution system operators and the contracts with customers, and also evaluated the applicable regulatory environment to conclude whether the Group is acting as a Principal or as an Agent in relation to the electricity transmission services in Lithuania and the electricity transfer (includes both transmission and distribution) services in Latvia. The management has concluded that the Group acts: \u0336 as an Agent in relation to the electricity transmission and distribution services acquired from the Latvian operator of the electricity transmission system; \u0336 as a Principal in relation to the electricity transmission services acquired from the Lithuanian operator of the transmission system. 6.4.2 Determining whether the Group acts as a Principal or an Agent in relation to natural gas distribution services When providing natural gas distribution services to customers in Lithuania, the Group uses its own distribution network, in Latvia \u2013 the Group acquires these services from the company which is not a part of the Group. The management of the Group analysed the related contracts with the Latvian natural gas distribution system operator and the contracts with customers, evaluated the applicable regulatory environment and, to conclude whether the Group is acting as a Principal or as an Agent in relation to the natural gas distribution services in Latvia, the management has considered the following arguments: \u0336 the Group is not ultimately responsible for natural gas distribution services since, according to the laws and regulations and agreements with customers, the owner of the distribution grid takes full responsibility; \u0336 the Group also does not bear the inventory risk since the price of distribution services is determined based on meter readings, i.e., the distribution fee is charged to the Group only to the amount of gas consumed by the end customer; \u0336 the price of the distribution component is determined by the system operator, which is not a part of the Group, and approved by the regulator. Following the arguments presented above, the management has applied a significant judgement and concluded that the Group acts as an Agent in relation to the natural gas distribution services acquired from the operator of the Latvian natural gas distribution system. 6.4.3 Determining whether the Group acts as a Principal or an Agent in relation to natural gas transmission services The Group provides natural gas supply services to customers and collects payments from them for natural gas transmission services that are provided by the transmission system operator (not a part of the Group). The management has applied a significant judgment and concluded that the Group acts as an Agent in relation to collecting the transmission service component from customers due to the following argumentation: \u0336 the Group is not ultimately responsible for natural gas transmission services since, according to the laws and regulations, the owner of the transmission grid takes full responsibility; \u0336 the Group also does not bear the inventory risk since the price of transmission services is determined based on meter readings, i.e., the transmission fee is charged to the Group only to the amount of natural gas consumed by the end customer; \u0336 the price of the transmission component is determined by the transmission system operator, which is not a part of the Group, and approved by the regulator. Following the arguments presented above, the management has applied a significant judgement and concluded that the Group acts as an Agent in relation to natural gas transmission services for which the Group collects payments from the end customers.
20.2 Significant accounting estimates and judgements
20.2.1 Expected credit losses of trade receivables
The Group\u2019s uses a provision matrix to calculate the expected credit losses for trade receivables. The Group
accounts for the expected credit losses (hereinafter referred to as \u2018ECL\u2019) by assessing the amounts receivable
on an individual basis or on a collective basis and applying the provision matrixes adopted by the Group
companies in respect of their customers.
ECL for other receivables and contract assets are calculated using an individual assessment.
For short-term trade receivables without a significant financing component, the Group applies a simplified
approach required by IFRS 9 and measures the loss allowance at the expected lifetime credit losses from the
initial recognition of the receivables.
20.2.2 Collective assessment of ECL applying provision matrix
The Group companies use provision matrixes to calculate the ECL for trade receivables. The provision rates are
based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by
customer type).
The provision matrixes are initially based on the Group companies\u2019 historical observed default rates. The Group
companies calibrate the matrixes to adjust the historical credit loss experience with forward-looking information.
For instance, if forecasted economic conditions (i.e., changes in gross domestic product) are expected to
deteriorate over the next year, which can lead to an increased number of defaults, the historical default rates
are adjusted. At every reporting date, the observed historical default rates are updated and the changes in the
forward-looking estimates are analysed. The assessment of the correlation between the observed historical
default rates, the forecast economic conditions and the ECL is a significant estimate. The amount of the ECL is
sensitive to the changes in circumstances and the forecast of economic conditions. The Group\u2019s historical credit
loss experience and the forecast of economic conditions may also not be representative of the customer\u2019s
actual default in the future.
20.2.3 Individual assessment of ECL
Decision to assess the amounts receivable on an individual basis depends on the possibility to obtain the
information on the credit history of a particular client/borrower, its financial position as at the date of the
assessment, including the forward-looking information that would allow to timely determine whether there has
been a significant increase in the credit risk of that particular client, thus enabling to make a judgement on the
recognition of the lifetime ECL in respect of that particular client/borrower. These accounting estimates require
significant judgement. The judgement is based on the information about substantial financial difficulties
experienced by the debtor, the probability that the debtor will enter bankruptcy or any other reorganisation,
default of delinquency in payments.
In the absence of reliable sources of information on the credit history of a particular borrower, its financial position
as at the date of assessment, including forward-looking information, the Group assesses its debt on a collective
basis.
24.3 Significant accounting estimates and judgements 24.3.1 Determining the lease term of contracts with renewal and termination options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease, if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all the relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). The Group included the renewal period as part of the lease term for leases of shorter non-cancellable period (i.e., one to three, three to five, five to seven years, etc.). The Group usually exercises its option to renew for these leases. Lease of the state-owned land is not subject to an extension clause after which the lessee has a pre-emptive right to extend the lease. The periods covered by the termination options are included as part of the lease term only when they are reasonably certain to be exercised. 34.3.2.1 Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (hereinafter \u2018IBR\u2019) to measure the lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain the asset of a similar value to the right-of-use asset in a similar economic environment. The major new lease contracts that were recognised in 2025 and 2024 by the Group are for land and buildings. To measure the lease liability of those contracts, the following incremental borrowing rate 1 was used:
Type of leased asset
2025
2024
Land lease (including contracts acquired through business combination)
6.04%
7.26%
Buildings lease
3.86%
3.45%
1 incremental borrowing rate is presented as weighted average. 24.3.3 Determining whether statutory and contractual servitudes are a lease The management of the Group analysed whether perpetual statutory and contractual servitudes are in scope of IFRS 16 Leases. The management concluded that the statutory servitudes are not in scope since they are not limited in time and can be used by the Group for an indefinite period of time. Perpetual arrangement lacks an essential characteristic of a lease, i.e., it does not meet the definition of a lease because it does not convey a right to use an underlying asset for a specified period of time. Having analysed the contractual servitudes, the management concluded that part of them share the same characteristics as the statutory ones and thus do not convey a right to use an underlying asset for a specified period of time. For contractual servitudes with a clear term or when the term can be reliably determined, or when the term is renewable on a period-by-period basis, IFRS 16 Leases is applied when all other criteria listed in IFRS16 are met.
26.2 Significant accounting estimates and judgements
26.2.1 Provision for compensations for the Special Land Use Conditions (Protected Areas)
In addition to the above, the Ministry of Environment has prepared a methodology for the calculation and
payment of compensation for the application of special land use conditions in the territories specified in the Law
on Special Land Use Conditions of the Republic of Lithuania, established in the public interest, which entered
into force on 8 April 2020. In the light of the letter of the Ministry of Energy of the Republic of Lithuania issued
on 18 June 2020, the provisions of the methodology apply to both the existing network and the newly built
network. According to the provisions of the methodology, compensation for protection zones would be paid
upon registration of protection zones, i.e., this would happen after 2023 under a simplified procedure, and the
amount of compensation is of an evaluative nature, while taking into account the main purpose of the plot, the
scope of restrictions, the specific losses incurred and/or incurred by the plot owners based on the supporting
documents.
In view of these Methodological requirements and the data available to the Group, the Group cannot reliably
estimate future compensation for registered Special Land Use Conditions (Protected Areas), therefore, in
accordance with IAS 37, this liability does not qualify for recognition and is therefore not recognised in the
financial statements. In addition, the management is not able to provide a quantitative assessment of a possible
contingency without having all the necessary information.
29.1 Judgements and accounting estimates pertaining to control over UAB Kauno kogeneracin\u0117
j\u0117gain\u0117
As at 31 December 2025, the Group held 51% of shares in UAB Kauno kogeneracin\u0117 j\u0117gain\u0117 (hereinafter
\u2018Kaunas CHP\u2019), and the remaining 49% of shares was held by UAB Gren Lietuva.
Both shareholders have signed the Shareholders\u2019 Agreement under which key decisions over the business
should be taken unanimously by the shareholders and/or by the Board, which consists of equal number of
representatives from both shareholders and one independent member. If the shareholders fail to reach the
consensus on the deadlock situation, the Group has an option to buy (call option) all the shares of Kaunas CHP
held by UAB Gren Lietuva and thus, whereas UAB Gren Lietuva has an option to sell (put option) to the Group
its shareholdings in Kaunas CHP for the price, the calculation of which is defined in the Shareholders\u2019
Agreement.
As a result, the management believes the Group exercises control over Kaunas CHP as this can be exercised
when decisions need to be made.
In the Group\u2019s management view, the call option\u2019s exercise price that the Group will have to pay to UAB Gren
Lietuva for buyout of Kaunas CHP shares owned by UAB Gren Lietuva, in case the Group accepts the option
executed by UAB Gren Lietuva, approximates the fair value of the shares less 15% within the limits of the
materiality (materiality threshold is based on the best estimate practice, such as +/- 15% of the market value).
At 31 December 2025, the Group accounted for EUR 38.0 million (31 December 2024: EUR 38.0 million) put
option exercise liability measured as net present value of the single future cash outflow, which would be paid to
UAB Gren Lietuva for Kaunas CHP shares in a deadlock situation in case the put option is exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "5 Business segments
Green Reserve Customers &
Other activities
Total
EURm Capacities Networks Capacities Solutions and adjusted Adjustments
Total reported
2025
eliminations
Total revenue
514.0
782.2
228.8
1,215.4
(178.7)
2,561.7
(64.0)
2,497.7
Purchases of electricity, natural gas and other services
(105.8)
(335.1)
(157.8)
(1,208.9)
182.5
(1,625.1)
-
(1,625.1)
Salaries and related expenses
(32.5)
(86.2)
(14.2)
(25.3)
(30.9)
(189.1)
-
(189.1)
Repair and maintenance expenses
(20.9)
(46.0)
(11.6)
(0.3)
1.3
(77.5)
-
(77.5)
Other expenses
(63.3)
(51.5)
(7.5)
(29.4)
27.8
(123.9)
-
(123.9)
EBITDA
291.5
263.4
37.7
(48.5)
2.0
546.1
(64.0)
482.1
Depreciation and amortization
(62.0)
(129.5)
(11.4)
(6.4)
(10.5)
(219.8)
-
(219.8)
Write-offs, revaluation and impairment losses of property, plant and equipment and intangible assets
(7.4) (4.0) 0.1 0.2 0.2 (10.9) - (10.9)
EBIT
222.1
129.9
26.4
(54.7)
(8.3)
315.4
(64.0)
251.4
Finance activity, net
(53.0)
(8.3)
(61.3)
Income tax expenses
(36.7)
10.5
(26.2)
Net profit
225.7
(61.8)
163.9
Investments
285.9
382.5
10.7
29.4
11.8
720.3
-
720.3
2024
Total revenue
412.9
718.1
149.9
1,215.8
(194.5)
2,302.2
4.8
2,307.0
Purchases of electricity, natural gas and other services
(75.1)
(316.8)
(83.1)
(1,165.2)
195.5
(1,444.7)
-
(1,444.7)
Salaries and related expenses
(24.1)
(82.2)
(11.9)
(20.9)
(24.0)
(163.1)
-
(163.1)
Repair and maintenance expenses
(15.1)
(44.4)
(6.7)
(0.3)
-
(66.5)
-
(66.5)
Other expenses
(36.2)
(54.8)
(6.2)
(22.3)
19.5
(100.0)
-
(100.0)
EBITDA
262.4
219.9
42.0
7.1
(3.5)
527.9
4.8
532.7
Depreciation and amortization
(42.7)
(111.6)
(11.6)
(3.0)
(9.4)
(178.3)
-
(178.3)
Write-offs, revaluation and impairment losses of property, plant and equipment and intangible assets
(2.0)
(3.2)
0.7
-
0.1
(4.4)
-
(4.4)
EBIT
217.7
105.1
31.1
4.1
(12.8)
345.2
4.8
350.0
Finance activity, net
(36.0)
(5.7)
(41.7)
Income tax expenses
(31.7)
(0.4)
(32.1)
Net profit
277.5
(1.3)
276.2
Investments
434.5
337.0
2.6
25.2
12.7
812.0
-
812.0
Business segments (equal to Operating segments in accordance with IFRS 8) are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Management Board. The Group is divided into four business segments based on their core activities. For more information about the segments and their main sources of revenue, see the Integrated Annual Report\u2019s sections \u20182.1 Business model\u2019 and \u20183.5 Results by business segment\u2019. The list of entities assigned to each segment is provided in Note 31. The chief operating decision-maker monitors the results with reference to the financial reports that have been prepared using the same accounting policies as those used for the preparation of these financial statements. The primary APM is Adjusted EBITDA. Additionally, the management also analyses Investments of each individual segment. All measures are calculated using the data presented in the financial statements, and selected items which are not defined by IFRS are adjusted by the management. The Group\u2019s management calculates the main performance measures as described by the definitions of Alternative Performance Measures, which can be found in section \u20187.2 Alternative Performance Measures\u2019 of the Integrated Annual Report 2025. 5.1 EBITDA Management\u2019s adjustments include: \u0336 temporary regulatory differences (if any); \u0336 significant one-off gains or losses (if any). In the management\u2019s view, Adjusted EBITDA more accurately presents the 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 by eliminating the differences between the permitted return set by NERC and the actual return for the period (temporary regulatory differences) as well as significant one-off gains. The management\u2019s adjustments used in calculating the Adjusted EBITDA and Adjusted EBIT:
2025
2024
\u0394
\u0394, %
EBITDA APM
482.1
532.7
(50.6)
(9.5%)
Adjustments
Temporary regulatory
differences
1
77.4
5.0
72.4
n/a
Networks
74.8
17.3
57.5
332.4%
Customers & Solutions
2.4
(11.2)
13.6
n/a
Reserve Capacities
1.3
(0.2)
1.5
n/a
Green Capacities
(1.1)
(0.9)
(0.2)
22.2%
Significant one-off gains or
losses
(13.4)
(9.8)
(3.6)
(36.7%)
Green Capacities
(13.4)
(9.8)
(3.6)
(36.7%)
Total EBITDA adjustments
64.0
(4.8)
68.8
n/a
Adjusted EBITDA APM
546.1
527.9
18.2
3.9%
Adjusted EBITDA Margin APM
21.3%
22.9%
(1.6 pp)
n/a
1 Temporary regulatory differences \u2013 elimination of the difference between the actual profit earned during the reporting period and the profit allowed by the regulator. Adjustments related to the Networks segment\u2019s temporary regulatory differences (EUR +74.8 million) include: \u0336 eliminating the higher-than-allowed current-year profit of EUR -31.1 million (EUR -36.1 million in 2024), which will be returned during the future periods. The amounts for the current year are based on the management\u2019s estimate arising from comparison between the return on investments permitted by NERC and estimated by the management using actual financial and operating data for the current period; \u0336 adding back the higher-than-allowed profit earned during the previous periods of EUR 105.9 million (EUR 53.4 million in 2024), which is returned to the customers through the tariffs for the current period. These amounts are based on the resolutions passed by NERC. Adjustments related to the Customers & Solutions segment\u2019s temporary regulatory differences (EUR +2.4 million) include: \u0336 eliminating the higher-than-allowed profit (EUR -3.0 million), which is established in the calculation methodology used by NERC, from natural gas designated supply activities (EUR -11.9 million in 2024); \u0336 adding back the lower-than-allowed return (EUR 5.4 million), which is established in the calculation methodology used by NERC, from natural gas public supply activities (EUR 0.7 million in 2024); Adjustments related to the Reserve Capacities segment\u2019s temporary regulatory differences (EUR +1.3 million) include: \u0336 adding back the lower-than-allowed return (EUR +1.3 million), which is established in the calculation methodology used by NERC, from Elektr\u0117nai complex\u2019s regulated services (EUR -0.2 million in 2024). Adjustments related to the Green Capacities segment\u2019s temporary regulatory differences (EUR -1.1 million) include: \u0336 eliminating the higher-than-allowed return (EUR -1.1 million), which is established in the calculation methodology used by NERC, from Kruonis pumped storage power plant\u2019s regulated services (EUR -0.9 million in 2024); Adjustments related to significant one-off gains or losses in 2025 include: - the amount of EUR -13.4 million eliminated in the Green Capacities segment as the fair value changes in the power purchase agreement valuation were recognised, while in 2024 include the amount of EUR -9.8 million eliminated in the Green Capacities segment as the discount effect on non-current liabilities related to CfD (contract for difference) was recognised. CfDs are settled in Poland under the Renewable Energy Sources (RES) Act. Normally, CfD settlements occur within a three-year period. However, since regulatory changes in the RES Act occurred after Pomerania WF\u2019s CfD contract was signed, the payment of the first settlement period is deferred until the end of the contract (year 2036). Due to this reason, the discounting effect of the liability related to Pomerania\u2019s CfD is treated as a significant one-off item that does not reflect the Group\u2019s regular operating performance. 5.2 Operating profit (EBIT) Operating profit (EBIT) adjustments, EUR:
2025
2024
\u0394
\u0394, %
Operating profit (EBIT) APM
251.4
350.0
(98.6)
(28.2%)
Adjustments
Total EBITDA adjustments
64.0
(4.8)
68.8
n/a
Total Operating profit (EBIT) adjustments
64.0
(4.8)
68.8
n/a
Adjusted EBIT APM
315.4
345.2
(29.8)
(8.6%)
5.3 Net profit
Net profit adjustments, EUR:
2025
2024
\u0394
\u0394, %
Net profit
163.9
276.2
(112.3)
(40.6%)
Adjustments
Total EBITDA adjustments
64.0
(4.8)
68.8
n/a
One-off financial activity adjustments
8.3
5.7
2.6
45.6%
Change in fair value of World fund
1.4
1.5
(0.1)
(6.7%)
Change in fair value of Smart fund
6.9
4.2
2.7
64.3%
Adjustments\u2019 impact on income tax
(10.5)
0.4
(10.9)
n/a
Total net profit adjustments
61.8
1.3
60.5
n/a
Adjusted Net Profit APM
225.7
277.5
(51.8)
(18.7%)
Adjustments related to one-off financial activity (EUR + 8.3 million) include: \u0336 one-off financial activity adjustments for 2025 include elimination of investment funds\u2019 decrease in fair value (EUR 8.3 million). One-off financial activity adjustments for 2024 include elimination of investment funds\u2019 decrease in fair value (EUR 5.7 million). Adjustments related to the impact on income tax (EUR -10.5 million) include: \u0336 an additional income tax adjustment of 16% (statutory income tax rate in Lithuania) is applied to all of the above net profit adjustments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "
6 Revenue
6.1 Revenue by type
EURm
 2025 2024
Revenue from the sale of electricity
619.6
574.7
Revenue from electricity transmission and distribution
578.3
571.8
Revenue from sale of produced electricity
487.8
410.1
Revenue from services ensuring the isolated operation of power
system and capacity reserve
160.0
81.5
Revenue from public electricity supply
53.0
43.9
Revenue from other electricity related activity
32.2
10.8
Electricity related revenue
1,930.9
1,692.8
Revenue from natural gas sales
383.3
398.3
Revenue from natural gas distribution
60.4
69.2
Revenue of LNGT security component
-
31.8
Revenue from other gas related activity
1.6
1.5
Gas related revenue
445.3
500.8
Revenue from sale of heat energy
66.4
55.4
Other revenue
30.4
46.6
Other revenue from contracts with customers
96.8
102.0
Total revenue from contracts with customers
2,473.0
2,295.6
Other
24.7
11.4
Other income
24.7
11.4
Total revenue
2,497.7
2,307.0
6.2 Revenue by geographic segment
In 2025, the Group earned 83.3% (82.7% in 2024) of its revenue in Lithuania (EUR 2,080.9 million). The
Group\u2019s revenue from other countries comprised 16.7% and reached EUR 416.9 million (17.3% and EUR 398.0
million in 2024). The increase in Lithuania and Poland was primarily due to new assets launched and new
services provided.
EURm
2025
2024
Lithuania
2,080.8
1,909.0
Poland
213.4
167.5
Latvia
108.8
99.7
Finland
87.7
85.5
Estonia
6.9
11.5
Other countries
0.1
33.8
Total
2,497.7
2,307.0
6.3 Revenue from contracts with customers by timing
EURm
2025
2024
Performance obligation settled over time
2,452.6
2,231.0
Performance obligation settled at a specific point in time
20.4
64.6
Total
2,473.0
2,295.6
6.4 Significant accounting estimates and judgements
6.4.1 Determining whether the Group acts as a Principal or an Agent in relation to electricity
transmission and distribution services
In providing electricity transfer services, which include transmission and distribution services, to end-users, the
Group in Lithuania and Latvia acquires electricity transmission services from the transmission system operator
(not a part of the Group), and in Latvia it acquires electricity distribution services from the distribution system
operator (not a part of the Group). The management of the Group analysed the related contracts with the
electricity transmission and distribution system operators and the contracts with customers, and also evaluated
the applicable regulatory environment to conclude whether the Group is acting as a Principal or as an Agent in
relation to the electricity transmission services in Lithuania and the electricity transfer (includes both
transmission and distribution) services in Latvia. The management has concluded that the Group acts:
\u0336 as an Agent in relation to the electricity transmission and distribution services acquired from the Latvian
operator of the electricity transmission system;
\u0336 as a Principal in relation to the electricity transmission services acquired from the Lithuanian operator of the
transmission system.
6.4.2 Determining whether the Group acts as a Principal or an Agent in relation to natural gas
distribution services
When providing natural gas distribution services to customers in Lithuania, the Group uses its own distribution
network, in Latvia \u2013 the Group acquires these services from the company which is not a part of the Group. The
management of the Group analysed the related contracts with the Latvian natural gas distribution system
operator and the contracts with customers, evaluated the applicable regulatory environment and, to conclude
whether the Group is acting as a Principal or as an Agent in relation to the natural gas distribution services in
Latvia, the management has considered the following arguments:
\u0336 the Group is not ultimately responsible for natural gas distribution services since, according to the laws and
regulations and agreements with customers, the owner of the distribution grid takes full responsibility;
\u0336 the Group also does not bear the inventory risk since the price of distribution services is determined based
on meter readings, i.e., the distribution fee is charged to the Group only to the amount of gas consumed by
the end customer;
\u0336 the price of the distribution component is determined by the system operator, which is not a part of the
Group, and approved by the regulator.
Following the arguments presented above, the management has applied a significant judgement and concluded
that the Group acts as an Agent in relation to the natural gas distribution services acquired from the operator of
the Latvian natural gas distribution system.
6.4.3 Determining whether the Group acts as a Principal or an Agent in relation to natural gas
transmission services
The Group provides natural gas supply services to customers and collects payments from them for natural gas
transmission services that are provided by the transmission system operator (not a part of the Group). The
management has applied a significant judgment and concluded that the Group acts as an Agent in relation to
collecting the transmission service component from customers due to the following argumentation:
\u0336 the Group is not ultimately responsible for natural gas transmission services since, according to the laws
and regulations, the owner of the transmission grid takes full responsibility;
\u0336 the Group also does not bear the inventory risk since the price of transmission services is determined based
on meter readings, i.e., the transmission fee is charged to the Group only to the amount of natural gas
consumed by the end customer;
\u0336 the price of the transmission component is determined by the transmission system operator, which is not a
part of the Group, and approved by the regulator.
Following the arguments presented above, the management has applied a significant judgement and concluded
that the Group acts as an Agent in relation to natural gas transmission services for which the Group collects
payments from the end customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "6 Revenue 6.1 Revenue by type
EURm
 2025 2024
Revenue from the sale of electricity
619.6
574.7
Revenue from electricity transmission and distribution
578.3
571.8
Revenue from sale of produced electricity
487.8
410.1
Revenue from services ensuring the isolated operation of power
system and capacity reserve
160.0
81.5
Revenue from public electricity supply
53.0
43.9
Revenue from other electricity related activity
32.2
10.8
Electricity related revenue
1,930.9
1,692.8
Revenue from natural gas sales
383.3
398.3
Revenue from natural gas distribution
60.4
69.2
Revenue of LNGT security component
-
31.8
Revenue from other gas related activity
1.6
1.5
Gas related revenue
445.3
500.8
Revenue from sale of heat energy
66.4
55.4
Other revenue
30.4
46.6
Other revenue from contracts with customers
96.8
102.0
Total revenue from contracts with customers
2,473.0
2,295.6
Other
24.7
11.4
Other income
24.7
11.4
Total revenue
2,497.7
2,307.0
6.2 Revenue by geographic segment In 2025, the Group earned 83.3% (82.7% in 2024) of its revenue in Lithuania (EUR 2,080.9 million). The Group\u2019s revenue from other countries comprised 16.7% and reached EUR 416.9 million (17.3% and EUR 398.0 million in 2024). The increase in Lithuania and Poland was primarily due to new assets launched and new services provided.
EURm
2025
2024
Lithuania
2,080.8
1,909.0
Poland
213.4
167.5
Latvia
108.8
99.7
Finland
87.7
85.5
Estonia
6.9
11.5
Other countries
0.1
33.8
Total
2,497.7
2,307.0
6.3 Revenue from contracts with customers by timing
EURm
2025
2024
Performance obligation settled over time
2,452.6
2,231.0
Performance obligation settled at a specific point in time
20.4
64.6
Total
2,473.0
2,295.6
6.4 Significant accounting estimates and judgements
6.4.1 Determining whether the Group acts as a Principal or an Agent in relation to electricity transmission and distribution services In providing electricity transfer services, which include transmission and distribution services, to end-users, the Group in Lithuania and Latvia acquires electricity transmission services from the transmission system operator (not a part of the Group), and in Latvia it acquires electricity distribution services from the distribution system operator (not a part of the Group). The management of the Group analysed the related contracts with the electricity transmission and distribution system operators and the contracts with customers, and also evaluated the applicable regulatory environment to conclude whether the Group is acting as a Principal or as an Agent in relation to the electricity transmission services in Lithuania and the electricity transfer (includes both transmission and distribution) services in Latvia. The management has concluded that the Group acts: \u0336 as an Agent in relation to the electricity transmission and distribution services acquired from the Latvian operator of the electricity transmission system; \u0336 as a Principal in relation to the electricity transmission services acquired from the Lithuanian operator of the transmission system. 6.4.2 Determining whether the Group acts as a Principal or an Agent in relation to natural gas distribution services When providing natural gas distribution services to customers in Lithuania, the Group uses its own distribution network, in Latvia \u2013 the Group acquires these services from the company which is not a part of the Group. The management of the Group analysed the related contracts with the Latvian natural gas distribution system operator and the contracts with customers, evaluated the applicable regulatory environment and, to conclude whether the Group is acting as a Principal or as an Agent in relation to the natural gas distribution services in Latvia, the management has considered the following arguments: \u0336 the Group is not ultimately responsible for natural gas distribution services since, according to the laws and regulations and agreements with customers, the owner of the distribution grid takes full responsibility; \u0336 the Group also does not bear the inventory risk since the price of distribution services is determined based on meter readings, i.e., the distribution fee is charged to the Group only to the amount of gas consumed by the end customer; \u0336 the price of the distribution component is determined by the system operator, which is not a part of the Group, and approved by the regulator. Following the arguments presented above, the management has applied a significant judgement and concluded that the Group acts as an Agent in relation to the natural gas distribution services acquired from the operator of the Latvian natural gas distribution system. 6.4.3 Determining whether the Group acts as a Principal or an Agent in relation to natural gas transmission services The Group provides natural gas supply services to customers and collects payments from them for natural gas transmission services that are provided by the transmission system operator (not a part of the Group). The management has applied a significant judgment and concluded that the Group acts as an Agent in relation to collecting the transmission service component from customers due to the following argumentation: \u0336 the Group is not ultimately responsible for natural gas transmission services since, according to the laws and regulations, the owner of the transmission grid takes full responsibility; \u0336 the Group also does not bear the inventory risk since the price of transmission services is determined based on meter readings, i.e., the transmission fee is charged to the Group only to the amount of natural gas consumed by the end customer; \u0336 the price of the transmission component is determined by the transmission system operator, which is not a part of the Group, and approved by the regulator. Following the arguments presented above, the management has applied a significant judgement and concluded that the Group acts as an Agent in relation to natural gas transmission services for which the Group collects payments from the end customers.
19 Contract balances
EURm Note
31 December 2025
31 December 2024
Trade receivables
20
271.1
294.0
Accrued revenue from electricity related sales
15
13.1
11.1
Accrued revenue from natural gas related sales
15
1.6
1.5
Other accrued revenue
15
1.3
1.9
Contract assets
16.0
14.5
Advances received
27.2
106.5
75.1
Deferred income
27.1
359.6
310.5
Contract liabilities
466.1
385.6
Non-current contract liabilities
27.1
342.4
289.9
Current contract liabilities
27.1, 27.2
123.7
95.7
19.1 Contract assets
There has been no change in the estimation techniques or significant assumptions made during the current
reporting period while assessing the loss allowance for the amounts due from customers under the contracts.
Recognised expected credit losses (if any) are disclosed in Notes 15 and 20.
19.2 Remaining performance obligations
The remaining performance obligations expected to be recognised after the end of the financial year are related
to the deferred income of new customer connection and upgrade fees. The maturity of the remaining
performance obligations is as follows:
EURm
31 December 2025
31 December 2024
After more than one year
383.7
289.9
Within one year
17.2
20.6
Remaining performance obligations
400.9
310.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "7 Expenses 7.1 Purchases of electricity, natural gas and other services
EURm
2025
2024
1
Purchases of electricity and related services
1,055.7
927.3
Purchases of natural gas and related services
492.1
451.3
Other purchases
77.3
66.1
Total
1,625.1
1,444.7
1 Part of the amounts do not reconcile with the financial statements issued for the year 2024 due to a different presentation of emission allowances of EUR 18.5 million between \u201cPurchases of electricity and related services\u201d and \u201cOther purchases\u201d. The Group\u2019s purchase of electricity, natural gas and other purchases amounted to EUR 1,625.1 million in 2025 and increased by 12.5% compared to 2024. The increase was caused by higher purchase of natural gas and related services (EUR 40.8 million), mainly impacted by higher volume sold and higher market prices. Expenses from purchase of electricity and related services increased by 13.8% (EUR 128.4 million), mostly impacted by higher electricity sales volumes. 7.2 Salaries and related expenses
EURm
2025
2024
Fixed wages and salaries
186.3
159.5
Variable wages and salaries
29.7
28.6
Other wages and salaries expenses
6.4
5.5
Attributable cost to property, plant and equipment and intangible
assets
(33.3)
(30.5)
Total
189.1
163.1
In 2025, salaries and related expenses were EUR 26.0 million (15.9%) higher compared to 2024, which increased mainly due to the growth in Group\u2019s average salary and headcount. 7.3 Repairs and maintenance expenses
EURm
2025
2024
Electricity network
39.4
40.1
Electricity and heat power generation equipment
32.0
20.6
Natural gas network
4.1
4.2
Other
2.0
1.6
Total
77.5
66.5
7.4 Other expenses
EURm
2025
2024
Asset management and administration
16.4
19.4
Telecommunications and IT services
16.1
14.4
Taxes (other than income taxes)
15.1
11.8
Customer service
10.3
10.1
People and culture
7.7
7.4
Finance and accounting
7.5
7.0
Insurance
6.6
1.3
Communication
6.5
4.2
Legal
2.6
3.9
Other
35.1
20.5
Total
123.9
100.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "7 Expenses 7.1 Purchases of electricity, natural gas and other services
EURm
2025
2024
1
Purchases of electricity and related services
1,055.7
927.3
Purchases of natural gas and related services
492.1
451.3
Other purchases
77.3
66.1
Total
1,625.1
1,444.7
1 Part of the amounts do not reconcile with the financial statements issued for the year 2024 due to a different presentation of emission allowances of EUR 18.5 million between \u201cPurchases of electricity and related services\u201d and \u201cOther purchases\u201d. The Group\u2019s purchase of electricity, natural gas and other purchases amounted to EUR 1,625.1 million in 2025 and increased by 12.5% compared to 2024. The increase was caused by higher purchase of natural gas and related services (EUR 40.8 million), mainly impacted by higher volume sold and higher market prices. Expenses from purchase of electricity and related services increased by 13.8% (EUR 128.4 million), mostly impacted by higher electricity sales volumes. 7.2 Salaries and related expenses
EURm
2025
2024
Fixed wages and salaries
186.3
159.5
Variable wages and salaries
29.7
28.6
Other wages and salaries expenses
6.4
5.5
Attributable cost to property, plant and equipment and intangible
assets
(33.3)
(30.5)
Total
189.1
163.1
In 2025, salaries and related expenses were EUR 26.0 million (15.9%) higher compared to 2024, which increased mainly due to the growth in Group\u2019s average salary and headcount. 7.3 Repairs and maintenance expenses
EURm
2025
2024
Electricity network
39.4
40.1
Electricity and heat power generation equipment
32.0
20.6
Natural gas network
4.1
4.2
Other
2.0
1.6
Total
77.5
66.5
7.4 Other expenses
EURm
2025
2024
Asset management and administration
16.4
19.4
Telecommunications and IT services
16.1
14.4
Taxes (other than income taxes)
15.1
11.8
Customer service
10.3
10.1
People and culture
7.7
7.4
Finance and accounting
7.5
7.0
Insurance
6.6
1.3
Communication
6.5
4.2
Legal
2.6
3.9
Other
35.1
20.5
Total
123.9
100.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "8 Finance activity
EURm
2025
2024
Interest income at the effective interest rate
11.0
14.0
Gain from foreign currency exchange differences
-
5.9
Fair value change of derivatives
-
0.7
Other income from financing activities
-
2.6
Total finance income
11.0
23.2
Interest expenses
48.4
44.9
Investments funds \u2013 at FVTPL (Note 16.1)
8.3
5.7
Amounts under trade finance agreements
5.6
5.8
Interest and discount expense on lease liabilities
3.6
1.7
Loss from foreign currency exchange differences
1.5
-
Fair value change of derivatives
-
0.2
Other expenses of financing activities
4.9
6.6
Total financial expenses
72.3
64.9
Finance activity, net
(61.3)
(41.7)
8.1 The Group\u2019s interest income In 2025, the Group received in cash EUR 4.8 million (2024: EUR 6.2 million) in interest income, which is presented in the Statement of cash flows under \u2018Interest received\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "8 Finance activity
EURm
2025
2024
Interest income at the effective interest rate
11.0
14.0
Gain from foreign currency exchange differences
-
5.9
Fair value change of derivatives
-
0.7
Other income from financing activities
-
2.6
Total finance income
11.0
23.2
Interest expenses
48.4
44.9
Investments funds \u2013 at FVTPL (Note 16.1)
8.3
5.7
Amounts under trade finance agreements
5.6
5.8
Interest and discount expense on lease liabilities
3.6
1.7
Loss from foreign currency exchange differences
1.5
-
Fair value change of derivatives
-
0.2
Other expenses of financing activities
4.9
6.6
Total financial expenses
72.3
64.9
Finance activity, net
(61.3)
(41.7)
8.1 The Group\u2019s interest income In 2025, the Group received in cash EUR 4.8 million (2024: EUR 6.2 million) in interest income, which is presented in the Statement of cash flows under \u2018Interest received\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "
EURm
2025
2024
Interest income at the effective interest rate
11.0
14.0
Gain from foreign currency exchange differences
-
5.9
Fair value change of derivatives
-
0.7
Other income from financing activities
-
2.6
Total finance income
11.0
23.2
Interest expenses
48.4
44.9
Investments funds \u2013 at FVTPL (Note 16.1)
8.3
5.7
Amounts under trade finance agreements
5.6
5.8
Interest and discount expense on lease liabilities
3.6
1.7
Loss from foreign currency exchange differences
1.5
-
Fair value change of derivatives
-
0.2
Other expenses of financing activities
4.9
6.6
Total financial expenses
72.3
64.9
Finance activity, net
(61.3)
(41.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "
8.1 The Group\u2019s interest income
In 2025, the Group received in cash EUR 4.8 million (2024: EUR 6.2 million) in interest income, which is
presented in the Statement of cash flows under \u2018Interest received\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "8.1 The Group\u2019s interest income In 2025, the Group received in cash EUR 4.8 million (2024: EUR 6.2 million) in interest income, which is presented in the Statement of cash flows under \u2018Interest received\u2019", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "9 Income taxes 9.1 Overview The Group adheres to all applicable tax laws and regulations in every jurisdiction where it operates. The Group collaborates with tax authorities, legal advisors, and external experts to ensure that decisions, internal policies, and processes are updated and appropriately aligned. The Group ensures that taxes are paid in the jurisdictions where economic activities and value generation actually occur. This means that the tax obligations reflect the true location of the business's operations, employees, and assets, ensuring that tax payments align with the economic contribution made by the Group in each region. By doing so, the Group supports local economies, maintains compliance with tax laws, and promotes a fair distribution of tax revenue, contributing to the communities in which ii operates. The Group\u2019s tax experts are involved in significant business developments, allowing for the timely assessment of potential tax consequences and the provision of optimal tax advice. This approach reduces potential tax exposure areas and enables the implementation of measures to mitigate financial, operational, and reputational risks. 9.2 Risk management The Group avoids tax planning that involve complex or artificial arrangements designed solely to minimize tax liability without genuine business purpose. Any tax structures that do not have a legitimate commercial reason or fail to reflect real economic activities are avoided. The Group avoids misleading tax practices and ensures that its tax disclosures accurately reflect its true economic activities, thereby reinforcing trust and credibility with tax authorities and the public. The Group is applying only tax incentives that are legally approved and aligned with the applicable tax laws. Any tax incentives utilized must have a legitimate economic purpose. The Group ensures full transparency in claiming tax benefits and adheres to both local and international standards to maintain compliance, integrity, and responsible tax practices. The Group aims to ensure that tax decisions are carefully assessed for potential risks and clearly documented to support these decisions. Proper documentation includes identifying potential tax risks, assessing their impact and ensuring that the Group's tax decisions are lawful, transparent and in compliance with legal requirements. To prevent tax disputes, minimize tax risks, and gain clarity on unusual transactions, the Group proactively seeks advance confirmation from tax authorities through inquiries in writing or binding rulings. This approach ensures compliance with tax regulations, provides legal certainty, and helps avoid potential issues. 9.3 Amounts recognised in profit or loss
9.4 Amounts recognised in other comprehensive income
EURm
2025
2024
Income tax expenses (benefit) for the year
43.9
40.3
Deferred tax expenses (benefit)
(17.7)
(9.4)
Global minimum top-up tax
-
1.2
Total
26.2
32.1
Income taxes in 2025 recognised in other comprehensive income comprise EUR -0.3 million in income tax expenses and EUR -1.2 million in deferred tax expenses (2024: EUR 1.3 million in income tax benefit and EUR -2.1 million in deferred tax expenses). 9.5 Effective tax rate
EURm
2025
2025
2024
2024
Profit (loss) before tax
190.0
308.3
Income tax expenses (benefit) at tax rate of 16% (2024: 15%)
16.00%
30.4
15.00%
46.2
Income tax expenses related to global minimum top-up tax
-
-
0.39%
1.2
Effect of tax rates in foreign jurisdictions
2.00%
3.8
0.45%
1.4
Non-taxable income and non-deductible expenses
4.94%
9.4
0.48%
1.5
Income tax relief for the investment project
(10.95%)
(20.8)
(4.77%)
(14.7)
Adjustments in respect of prior years
(0.26%)
(0.5)
0.13%
0.4
Other
0.95%
1.8
(1.26%)
(3.9)
Income tax expenses (benefit)
12.68%
24.1
10.42%
32.1
Income tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the effective tax rates applicable to profit of the Group. Standard income tax rate of 16% was applicable to the companies in Lithuania (starting from 2026 \u2013 17%), in Poland \u2013 19%, in Finland and Latvia \u2013 20%. Standard income tax rate in Estonia is 22% (starting from 2026 \u2013 24%), on the gross amount of the distribution. \u2018Income tax relief for the investment project\u2019 included the income tax relief for the investment projects in 2025 and the income tax relief from previous periods, for which the deferred tax assets were not recognized. 9.6 Global minimum tax In December 2021, the Organisation for Economic Co-operation and Development (OECD) introduced the Pillar 2 model rules, aimed at overhauling international corporate taxation. The primary objective of these regulations is to guarantee that large multinational enterprises, specifically those with global revenues surpassing EUR 750 million, are subject to a minimum effective tax rate of 15%. These rules need to be incorporated into the national laws of the countries that choose to adopt them. Finland implemented the Global Minimum Tax legislation effective from 1 January 2024. Poland implemented the Global Minimum Tax legislation effective from 1 January 2025. Lithuania, Latvia, and Estonia have exercised the option provided under the EU directive to defer the implementation of the Global Minimum Tax until 2029. The Group's effective income tax rate in Lithuania for the financial year 2025 is above the minimum threshold of 15% and profit before taxes is less than the Substance Based Income Exclusion (SBIE) amount. In other countries where the Group operates, namely Latvia, Estonia, Poland, and Finland, the Group's effective income tax rate exceeds 15% or the activities result in a loss or SBIE is more than profit before taxes. As a result, the Group is not subject to top-up tax obligations in Finland and Poland for the financial year 2025. Also, no top-up tax obligations arise in Lithuania, Latvia, and Estonia due to the deferred implementation of the Global Minimum Tax in these jurisdictions. For the year 2025, the Group did not calculate any top-up tax (2024: EUR 1.2 million). No deferred tax was recognized related to top-up tax. 9.7 Information on income tax In accordance with the provisions of Directive (EU) 2021/2101 and Commission Implementing Regulation (EU) 2024/2952 of 29 November 2024, report on income tax information is provided in the section \u201810 Report on income tax information\u2019 of the Integrated Annual Report. 9.8 Taxes paid by the Group The Group discloses the taxes paid by the Group for the fiscal year. This includes indirect, income, payroll and other taxes. By providing a detailed breakdown of the Group\u2019s tax contributions, the Group aims to offer stakeholders a clear view of financial practices and a role in supporting public finances. This disclosure reflects the Group\u2019s dedication to ethical business conduct and contribution to the economic development of the jurisdictions in which the Group operates.
Lithuania
Poland
Latvia
Estonia
Finland
Total
EURm
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Indirect taxes
207.9
203.0
30.1
(1.8)
13.0
12.4
(1.1)
0.4
21.5
15.4
271.4
229.4
Income tax
23.3
3.7
4.7
3.2
0.1
-
1.2
0.9
-
-
29.3
7.8
Payroll taxes
82.5
76.8
2.2
1.2
1.6
1.4
0.8
0.2
0.1
0.1
87.2
79.7
Other taxes
5.5
3.3
3.6
0.9
0.6
-
0.1
-
-
-
9.8
4.2
Total taxes
319.2
286.8
40.6
3.5
15.3
13.8
1.0
1.5
21.6
15.5
397.7
321.1
Dividends to the
State
73.1 70.9 - - - - - - - - 73.1 70.9
Total to the State
392.3
357.7
40.6
3.5
15.3
13.8
1.0
1.5
21.6
15.5
470.8
392.0
Indirect taxes Indirect taxes include taxes on the production and consumption of goods and services (VAT) and excise duties. Most indirect taxes consist of VAT, amounting to EUR 268.3 million, while the remaining amount of EUR 3.0 million is attributed to excise duties. The indirect taxes paid by the Group in 2025 increased by EUR 201.1 million (33.4 %) compared to 2024. This increase was primarily related to new assets and new activities. Income tax Income taxes include taxes on the Group companies\u2019 profits, including withholding taxes and taxes that are ultimately borne by the parent company. The income taxes paid by the Group in 2025 increased by EUR 21.7 million compared to 2024. The increase is due to the fact that in 2024 a more significant amount of accrued tax losses was used from 2023 to cover that payable income tax. Payroll taxes Payroll taxes include taxes on employment (personal income tax) and social security contributions. In 2025, the Group paid social security contributions of EUR 49.4 million and personal income tax (PIT) of EUR 37.9 million. The social security contributions and PIT paid by the Group in 2025 increased by EUR 7.6 million (9.5%) compared to 2024. The increase in social security contributions and PIT was driven by the increasing wages of the Group's employees and the growing number of employees. 9.9 Deferred tax
Deferred taxes
Deferred taxes
Recognise
Recognised
assumed through
Differenc
As at 31
Recognise
Recognised
assumed through
Difference
As at 31
EURm
As at 31
d in profit
in other
business
Set off
e on
December
d in profit
in other
business
Set off with
on
December
December 2023
or loss comprehen
combinations and
with
exchange
2024
or loss
comprehen
combinations and
income
exchange
2025
sive income
recognised directly
income
rate sive income
recognised
 tax
rate
Deferred tax assets
in equity
tax
directly in equity
Revaluation of property, plant and
equipment (PPE)
17.3
0.7
(0.8)
-
-
-
17.2
0.4
(0.8)
-
-
-
16.8
Difference on recognition of income from
new customers\u2019 connection and upgrade
fees
11.3
-
-
-
-
-
11.3
(0.1)
-
-
-
-
11.2
Inventories write down to NRV
1.2
(1.1)
0.1
0.5
0.6
Income tax relief for the investment project
9.6
9.8
-
-
-
-
19.4
15.6
-
-
-
-
35.0
Lease liability (IFRS16)
8.4
2.1
-
-
-
0.1
10.6
4.6
-
-
-
-
15.2
Accrued expenses
4.3
1.1
-
-
-
-
5.4
3.0
-
-
-
-
8.4
Impairment of trade receivables
1.8
-
-
-
-
-
1.8
0.2
-
-
-
-
2.0
Tax losses carry forward
36.0
8.3
1.4
-
(28.5)
-
17.2
25.4
(1.6)
-
(6.7)
-
34.3
Impairment of PPE
0.8
(0.1)
-
-
-
-
0.7
(0.1)
-
-
-
-
0.6
Other
6.9
-
-
-
-
0.1
7.0
(0.2)
-
-
-
2.1
8.9
Deferred tax asset
97.6
20.8
0.6
-
(28.5)
0.2
90.7
49.3
(2.4)
-
(6.7)
2.1
133.0
Deferred tax liabilities
Differences of financial and tax value (PPE)
84.5
8.5
-
-
-
0.1
93.1
23.5
-
-
-
-
116.6
Difference of financial and tax value of
assets acquired through business
combination
25.7
(0.3)
-
0.7
-
-
26.1
1.1
-
0.3
-
-
27.5
Right-of-use asset (IFRS16)
7.2
3.7
-
-
-
0.1
11.0
5.5
-
-
-
-
16.5
Derivatives
-
(0.4)
2.5
-
-
-
2.1
2.9
(1.3)
-
-
-
3.7
Write-off grants
3.2
0.2
-
-
-
-
3.4
0.2
-
-
-
-
3.6
Other
7.9
(0.3)
0.2
-
-
-
7.8
(1.6)
0.1
-
-
-
6.3
Deferred tax liability
128.5
11.4
2.7
0.7
-
0.2
143.5
31.6
(1.2)
0.3
-
-
174.2
Deferred tax, net
(30.9)
9.4
(2.1)
(0.7)
(28.5)
-
(52.8)
17.7
(1.2)
(0.3)
(6.7)
2.1
(41.2)
The Group\u2019s Statement of financial position as at 31 December 2025 presents separately deferred tax assets of EUR 49.1 million and deferred tax liabilities of EUR 90.3 million related to different subsidiaries. The net balance of deferred tax is liability of EUR 41.2 million. Deferred tax assets and liabilities arising from the same entity are presented on the net basis in the Statement of financial position (as at 31 December 2024 deferred tax asset was EUR 31.9 million, deferred tax liability \u2013 EUR 84.7 million). As at 31 December 2025, the Group did not recognise the deferred tax assets from temporary differences of EUR 40.9 million (e.g. investment tax relief, taxable losses), as it is not clear whether future taxable profits will be available against which they can be used (in 31 December 2024, the Group did not recognise deferred tax assets on investment tax relief in the amount of EUR 88.5 million). The group will be able to benefit from investment project incentives, for which they did not recognize deferred income tax, over the next three years, until 2028 inclusive. In Lithuania, tax losses can be carried forward for an indefinite period, except for losses incurred as a result of disposal of securities and/or derivatives. Such carrying forward is disrupted if the Group changes the activities due to which these losses are incurred, except for cases when the Group does not continue its activities due to the reasons which do not depend on the Group itself. The losses from the disposal of securities and/or derivatives can be carried forward for 5 consecutive years and can only be used to reduce the taxable income earned from the transactions of the same nature. In terms of utilising the tax losses carried forward, the amount may not exceed 70% of the taxpayer's taxable profits in a given year. Deferred tax asset has been recognized on the assumption that the Group expects to utilize tax losses over the next 10 years. In Poland, losses that could not have been set off may be carried forward for the maximum period of 5 years. Up 50% of loss may be utilised in a given year. It is also possible to reduce the losses by the amount not exceeding PLN 5.0 million at a time, with the amount not deducted being settled in the remaining years over the five-year period, provided that the amount of the reduction in any of those years may not exceed 50% of the amount of the losses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "
9.9 Deferred tax
Deferred taxes
Deferred taxes
Recognise
Recognised
assumed through
Differenc
As at 31
Recognise
Recognised
assumed through
Difference
As at 31
EURm
As at 31
d in profit
in other
business
Set off
e on
December
d in profit
in other
business
Set off with
on
December
December 2023
or loss comprehen
combinations and
with
exchange
2024
or loss
comprehen
combinations and
income
exchange
2025
sive income
recognised directly
income
rate sive income
recognised
 tax
rate
Deferred tax assets
in equity
tax
directly in equity
Revaluation of property, plant and
equipment (PPE)
17.3
0.7
(0.8)
-
-
-
17.2
0.4
(0.8)
-
-
-
16.8
Difference on recognition of income from
new customers\u2019 connection and upgrade
fees
11.3
-
-
-
-
-
11.3
(0.1)
-
-
-
-
11.2
Inventories write down to NRV
1.2
(1.1)
0.1
0.5
0.6
Income tax relief for the investment project
9.6
9.8
-
-
-
-
19.4
15.6
-
-
-
-
35.0
Lease liability (IFRS16)
8.4
2.1
-
-
-
0.1
10.6
4.6
-
-
-
-
15.2
Accrued expenses
4.3
1.1
-
-
-
-
5.4
3.0
-
-
-
-
8.4
Impairment of trade receivables
1.8
-
-
-
-
-
1.8
0.2
-
-
-
-
2.0
Tax losses carry forward
36.0
8.3
1.4
-
(28.5)
-
17.2
25.4
(1.6)
-
(6.7)
-
34.3
Impairment of PPE
0.8
(0.1)
-
-
-
-
0.7
(0.1)
-
-
-
-
0.6
Other
6.9
-
-
-
-
0.1
7.0
(0.2)
-
-
-
2.1
8.9
Deferred tax asset
97.6
20.8
0.6
-
(28.5)
0.2
90.7
49.3
(2.4)
-
(6.7)
2.1
133.0
Deferred tax liabilities
Differences of financial and tax value (PPE)
84.5
8.5
-
-
-
0.1
93.1
23.5
-
-
-
-
116.6
Difference of financial and tax value of
assets acquired through business
combination
25.7
(0.3)
-
0.7
-
-
26.1
1.1
-
0.3
-
-
27.5
Right-of-use asset (IFRS16)
7.2
3.7
-
-
-
0.1
11.0
5.5
-
-
-
-
16.5
Derivatives
-
(0.4)
2.5
-
-
-
2.1
2.9
(1.3)
-
-
-
3.7
Write-off grants
3.2
0.2
-
-
-
-
3.4
0.2
-
-
-
-
3.6
Other
7.9
(0.3)
0.2
-
-
-
7.8
(1.6)
0.1
-
-
-
6.3
Deferred tax liability
128.5
11.4
2.7
0.7
-
0.2
143.5
31.6
(1.2)
0.3
-
-
174.2
Deferred tax, net
(30.9)
9.4
(2.1)
(0.7)
(28.5)
-
(52.8)
17.7
(1.2)
(0.3)
(6.7)
2.1
(41.2)
The Group\u2019s Statement of financial position as at 31 December 2025 presents separately deferred tax assets of EUR 49.1 million and deferred tax liabilities of EUR 90.3 million related to different subsidiaries. The net balance of
deferred tax is liability of EUR 41.2 million. Deferred tax assets and liabilities arising from the same entity are presented on the net basis in the Statement of financial position (as at 31 December 2024 deferred tax asset was EUR
31.9 million, deferred tax liability \u2013 EUR 84.7 million).
As at 31 December 2025, the Group did not recognise the deferred tax assets from temporary differences of EUR 40.9 million (e.g. investment tax relief, taxable losses), as it is not clear whether future taxable profits will be
available against which they can be used (in 31 December 2024, the Group did not recognise deferred tax assets on investment tax relief in the amount of EUR 88.5 million). The group will be able to benefit from investment
project incentives, for which they did not recognize deferred income tax, over the next three years, until 2028 inclusive.
In Lithuania, tax losses can be carried forward for an indefinite period, except for losses incurred as a result of disposal of securities and/or derivatives. Such carrying forward is disrupted if the Group changes the activities due to
which these losses are incurred, except for cases when the Group does not continue its activities due to the reasons which do not depend on the Group itself. The losses from the disposal of securities and/or derivatives can be
carried forward for 5 consecutive years and can only be used to reduce the taxable income earned from the transactions of the same nature. In terms of utilising the tax losses carried forward, the amount may not exceed 70% of
the taxpayer's taxable profits in a given year. Deferred tax asset has been recognized on the assumption that the Group expects to utilize tax losses over the next 10 years.
In Poland, losses that could not have been set off may be carried forward for the maximum period of 5 years. Up 50% of loss may be utilised in a given year. It is also possible to reduce the losses by the amount not exceeding
PLN 5.0 million at a time, with the amount not deducted being settled in the remaining years over the five-year period, provided that the amount of the reduction in any of those years may not exceed 50% of the amount of the
losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "10 Other comprehensive income
EURm
Revaluation reserve
Hedging reserve
Other reserves
Retained earnings
Total
Items that will not be reclassified to profit or loss in subsequent periods
Revaluation of property, plant and equipment
0.6
-
-
-
0.6
Result of change in actuarial assumptions
-
-
-
(0.1)
(0.1)
Tax
(0.8)
-
-
-
(0.8)
Items that may be reclassified to profit or loss in subsequent periods
Cash flow hedges \u2013 effective portion of change in fair value
-
(3.9)
-
-
(3.9)
Cash flow hedges \u2013 reclassified to profit or loss
-
2.1
-
-
2.1
Foreign operations \u2013 foreign currency translation differences
-
-
5.6
-
5.6
Tax
-
0.2
(0.2)
-
-
Total as at 31 December 2024
(0.2)
(1.6)
5.4
(0.1)
3.5
Items that will not be reclassified to profit or loss in subsequent periods
Revaluation of property, plant and equipment
0.7
-
-
-
0.7
Result of change in actuarial assumptions
-
-
-
(0.1)
(0.1)
Tax
(0.8)
-
-
-
(0.8)
Items that may be reclassified to profit or loss in subsequent periods
Cash flow hedges \u2013 effective portion of change in fair value
-
9.8
-
-
9.8
Cash flow hedges \u2013 reclassified to profit or loss
-
(8.0)
-
-
(8.0)
Foreign operations \u2013 foreign currency translation differences
-
-
2.9
-
2.9
Tax
-
(0.6)
(0.1)
-
(0.7)
Total as at 31 December 2025
(0.1)
1.2
2.8
(0.1)
3.8
Total amount of taxes recognised in other comprehensive income in 2025 was EUR -1.5 million. This amount includes EUR -0.3 million in income tax expenses and EUR -1.2 million in deferred tax expenses (9.9 Note) (the total amount of taxes recognised in 2024 was EUR -0.8 million. This amount includes EUR 1.3 million in income tax benefit and EUR -2.1 million in deferred tax expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "
11 Intangible assets
Patents and
Computer
Servitudes and
Licenses and
Other intangible
EURm licences software Goodwill security zones
rights to produce
assets Total
electricity
Acquisition cost at 1 January 2025
0.3
109.0
18.7
16.8
219.3
15.0
379.1
Additions
-
1.0
-
1.0
-
19.3
21.3
Write-offs
-
(0.9)
-
-
-
(0.1)
(1.0)
Reclassifications between categories
-
14.8
-
-
-
(14.8)
-
Reclassifications (to)/from property, plant & equipment
-
-
-
-
-
1.3
1.3
Re-measurement of provision related to rights to servitudes and security zones
-
-
-
(0.2)
-
-
(0.2)
Acquisition through business combination (Note 31.3.1)
-
-
0.4
-
1.9
-
2.3
Foreign currency exchange difference
-
-
-
-
0.6
-
0.6
Acquisition cost at 31 December 2025
0.3
123.9
19.1
17.6
221.8
20.7
403.4
Accumulated amortisation at 1 January 2025
(0.3)
(51.4)
(2.0)
-
(14.6)
(5.0)
(73.3)
Amortisation
-
(19.5)
-
-
(5.3)
(0.3)
(25.1)
Impairment (Note 13)
-
-
(1.1)
-
(11.6)
-
(12.7)
Reclassifications between categories
0.1
(0.1)
-
Write-offs
-
0.9
-
-
-
0.1
1.0
Foreign currency exchange difference
-
-
-
-
(0.1)
-
(0.1)
Accumulated amortisation at 31 December 2025
(0.3)
(69.9)
(3.1)
-
(31.6)
(5.3)
(110.2)
Carrying amount at 31 December 2025
-
54.0
16.0
17.6
190.2
15.4
293.2
Acquisition cost at 1 January 2024
0.3
68.8
15.9
20.9
218.1
45.3
369.3
Additions
-
0.5
-
1.0
-
18.7
20.2
Write-offs
-
(1.4)
-
-
-
(0.1)
(1.5)
Reclassifications between categories
-
35.4
-
-
-
(35.4)
-
Reclassifications (to)/from property, plant & equipment
-
5.7
-
-
-
0.8
6.5
Re-measurement of provision related to rights to servitudes and security zones
-
-
-
(5.1)
-
-
(5.1)
Acquisition through business combination
-
-
2.0
-
-
-
2.0
Reclassifications (to)/from other items of Statement of financial position
-
-
0.7
-
-
(14.3)
(13.6)
Foreign currency exchange difference
-
-
0.1
-
1.2
-
1.3
Acquisition cost at 31 December 2024
0.3
109.0
18.7
16.8
219.3
15.0
379.1
Accumulated amortisation at 1 January 2024
(0.3)
(36.4)
-
-
(12.4)
(4.8)
(53.9)
Amortisation
-
(16.4)
-
-
(2.3)
(0.3)
(19.0)
Impairment (Note 13)
-
-
(2.0)
-
-
-
(2.0)
Write-offs
-
1.4
-
-
-
0.1
1.5
Foreign currency exchange difference
-
-
-
-
0.1
-
0.1
Accumulated amortisation at 31 December 2024
(0.3)
(51.4)
(2.0)
-
(14.6)
(5.0)
(73.3)
Carrying amount at 31 December 2024
-
57.6
16.7
16.8
204.7
10.0
305.8
11.1 Goodwill
Change in goodwill identified through business combination mainly relates to the acquisition of new subsidiaries
in 2025 (Note 31.3.1) and the recognition of impairment losses (Note 13.1.1).
11.2 Fully amortised intangible assets
The acquisition cost of fully amortised intangible assets used by the Group were as follows:
EURm
31 December 2025
31 December 2024
Patents and licences
0.3
0.1
Computer software
7.6
7.4
Other intangible assets
0.6
0.8
Acquisition cost of fully amortised assets, total
8.5
8.3
11.3 Acquisition commitments
The Group\u2019s acquisition commitments amounted to EUR 6.5 million as at 31 December 2025 (31 December
2024: EUR 8.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "11 Intangible assets
Patents and
Computer
Servitudes and
Licenses and
Other intangible
EURm licences software Goodwill security zones
rights to produce
assets Total
electricity
Acquisition cost at 1 January 2025
0.3
109.0
18.7
16.8
219.3
15.0
379.1
Additions
-
1.0
-
1.0
-
19.3
21.3
Write-offs
-
(0.9)
-
-
-
(0.1)
(1.0)
Reclassifications between categories
-
14.8
-
-
-
(14.8)
-
Reclassifications (to)/from property, plant & equipment
-
-
-
-
-
1.3
1.3
Re-measurement of provision related to rights to servitudes and security zones
-
-
-
(0.2)
-
-
(0.2)
Acquisition through business combination (Note 31.3.1)
-
-
0.4
-
1.9
-
2.3
Foreign currency exchange difference
-
-
-
-
0.6
-
0.6
Acquisition cost at 31 December 2025
0.3
123.9
19.1
17.6
221.8
20.7
403.4
Accumulated amortisation at 1 January 2025
(0.3)
(51.4)
(2.0)
-
(14.6)
(5.0)
(73.3)
Amortisation
-
(19.5)
-
-
(5.3)
(0.3)
(25.1)
Impairment (Note 13)
-
-
(1.1)
-
(11.6)
-
(12.7)
Reclassifications between categories
0.1
(0.1)
-
Write-offs
-
0.9
-
-
-
0.1
1.0
Foreign currency exchange difference
-
-
-
-
(0.1)
-
(0.1)
Accumulated amortisation at 31 December 2025
(0.3)
(69.9)
(3.1)
-
(31.6)
(5.3)
(110.2)
Carrying amount at 31 December 2025
-
54.0
16.0
17.6
190.2
15.4
293.2
Acquisition cost at 1 January 2024
0.3
68.8
15.9
20.9
218.1
45.3
369.3
Additions
-
0.5
-
1.0
-
18.7
20.2
Write-offs
-
(1.4)
-
-
-
(0.1)
(1.5)
Reclassifications between categories
-
35.4
-
-
-
(35.4)
-
Reclassifications (to)/from property, plant & equipment
-
5.7
-
-
-
0.8
6.5
Re-measurement of provision related to rights to servitudes and security zones
-
-
-
(5.1)
-
-
(5.1)
Acquisition through business combination
-
-
2.0
-
-
-
2.0
Reclassifications (to)/from other items of Statement of financial position
-
-
0.7
-
-
(14.3)
(13.6)
Foreign currency exchange difference
-
-
0.1
-
1.2
-
1.3
Acquisition cost at 31 December 2024
0.3
109.0
18.7
16.8
219.3
15.0
379.1
Accumulated amortisation at 1 January 2024
(0.3)
(36.4)
-
-
(12.4)
(4.8)
(53.9)
Amortisation
-
(16.4)
-
-
(2.3)
(0.3)
(19.0)
Impairment (Note 13)
-
-
(2.0)
-
-
-
(2.0)
Write-offs
-
1.4
-
-
-
0.1
1.5
Foreign currency exchange difference
-
-
-
-
0.1
-
0.1
Accumulated amortisation at 31 December 2024
(0.3)
(51.4)
(2.0)
-
(14.6)
(5.0)
(73.3)
Carrying amount at 31 December 2024
-
57.6
16.7
16.8
204.7
10.0
305.8
11.1 Goodwill Change in goodwill identified through business combination mainly relates to the acquisition of new subsidiaries in 2025 (Note 31.3.1) and the recognition of impairment losses (Note 13.1.1). 11.2 Fully amortised intangible assets The acquisition cost of fully amortised intangible assets used by the Group were as follows:
EURm
31 December 2025
31 December 2024
Patents and licences
0.3
0.1
Computer software
7.6
7.4
Other intangible assets
0.6
0.8
Acquisition cost of fully amortised assets, total
8.5
8.3
11.3 Acquisition commitments The Group\u2019s acquisition commitments amounted to EUR 6.5 million as at 31 December 2025 (31 December 2024: EUR 8.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "11.1 Goodwill Change in goodwill identified through business combination mainly relates to the acquisition of new subsidiaries in 2025 (Note 31.3.1) and the recognition of impairment losses (Note 13.1.1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "
12 Property, plant, and equipment
Gas
Assets of
Combined
Wind
and
Electricity
distribution
Hydro Power
Cycle
Gas
solar power
Other
EURm
Land
Buildings
networks and
pipelines, gas
Plant, Pumped
Turbine
and
farms
and
Cogeneration
property, plant
Construction- Total
their
technological
Storage
Reserve
their
plants and equipment in-progress
structures
equipment and
Hydroelectric Power Plant installations
Acquisition cost or revalued amount at 1 January
installations
Power Plant
2025
3.9
0.9
2,074.7
322.1
217.8
775.5
397.6
522.5
117.5
705.4
5,137.9
Additions
2.7
-
10.7
-
0.2
0.2
-
0.1
7.0
863.2
884.1
Revaluation
-
-
-
-
-
-
-
-
(0.2)
-
(0.2)
Disposals
-
-
(4.8)
-
-
-
-
-
(0.1)
-
(4.9)
Write-offs
-
-
(4.7)
(0.2)
-
(0.5)
-
(0.3)
(1.2)
(0.7)
(7.6)
Re-measurement of decommissioning provision
-
-
-
-
-
-
0.2
-
-
-
0.2
Reclassifications from constructions in-progress
0.1
-
355.2
9.3
1.0
-
805.3
2.4
24.9
(1,198.2)
-
Reclassifications (to)/from other items of Statement of
financial position
-
-
0.6
-
0.1
0.3
-
(0.1)
(11.4)
(1.0)
(11.5)
Other movement
-
-
-
-
-
-
4.4
-
-
-
4.4
Acquisitions through business combination (Note
31.3.1)
-
-
-
-
-
-
-
-
-
0.3
0.3
Foreign currency exchange difference
-
-
-
-
-
-
0.7
-
-
2.1
2.8
Acquisition cost or revalued amount at 31
December 2025
6.7
0.9
2,431.7
331.2
219.1
775.5
1,208.2
524.6
136.5
371.1
6,005.5
Accumulated depreciation and impairment losses at
1 January 2025
-
(0.5)
(242.8)
(44.7)
(133.3)
(520.8)
(58.4)
(57.9)
(51.9)
(0.2)
(1,110.5)
Depreciation
-
-
(104.0)
(7.5)
(5.2)
(19.4)
(26.6)
(25.7)
(13.4)
-
(201.8)
Revaluation and/or impairment
-
-
-
-
-
(0.1)
-
-
0.9
(4.8)
(4.0)
Disposals
-
-
1.4
-
-
-
-
-
0.1
-
1.5
Write-offs
-
-
0.7
0.1
-
0.5
-
0.2
1.2
-
2.7
Reclassifications (to)/from other items of Statement of
financial position
-
(0.1)
0.2
-
-
-
-
0.1
5.8
-
6.0
Foreign currency exchange difference
-
-
-
-
-
-
(0.2)
-
-
-
(0.2)
Accumulated depreciation and impairment losses at
31 December 2025
-
(0.6)
(344.5)
(52.1)
(138.5)
(539.8)
(85.2)
(83.3)
(57.3)
(5.0)
(1,306.3)
Carrying amount at 31 December 2025
6.7
0.3
2,087.2
279.1
80.6
235.7
1,123.0
441.3
79.2
366.1
4,699.2
Continued on the next page
Gas Assets of Combined Wind and
Electricity distribution Hydro Power Cycle Gas solar power Other
EURm
Land
Buildings networks and
pipelines, gas
Plant, Pumped
Turbine and farms and
Cogeneration
property, plant Construction- Total
their technological Storage Reserve their plants and equipment in-progress
structures
equipment and
Hydroelectric Power Plant installations
Acquisition cost or revalued amount at 1 January
installations Power Plant
2024
3.2
0.8
1,752.6
311.8
213.6
777.5
300.6
268.9
110.4
575.1
4,314.5
Additions
0.7
0.1
4.5
-
-
0.4
1.7
0.2
8.7
812.6
828.9
Revaluation
-
-
-
-
-
-
-
-
(0.6)
-
(0.6)
Disposals
-
-
(4.8)
(0.1)
-
(0.5)
-
-
(0.1)
-
(5.5)
Write-offs
-
-
(3.0)
(0.3)
(0.3)
(1.4)
-
(0.4)
(0.6)
(0.8)
(6.8)
Re-measurement of decommissioning provision
-
-
-
-
-
-
(0.3)
-
-
-
(0.3)
Reclassifications from constructions in-progress
-
-
323.0
10.7
4.3
0.2
84.4
244.8
15.5
(682.9)
-
Other reclassifications between categories
-
-
2.4
-
-
-
-
9.0
(11.4)
-
-
Reclassifications (to)/from other items of Statement of
financial position
-
-
-
-
0.2
(0.7)
-
-
(4.4)
(6.5)
(11.4)
Acquisitions through business combination
-
-
-
-
-
-
8.7
-
-
6.6
15.3
Foreign currency exchange difference
-
-
-
-
-
-
2.5
-
-
1.3
3.8
Acquisition cost or revalued amount at 31
December 2024
3.9
0.9
2,074.7
322.1
217.8
775.5
397.6
522.5
117.5
705.4
5,137.9
Accumulated depreciation and impairment losses at
1 January 2024
-
(0.5)
(155.2)
(37.5)
(128.5)
(504.1)
(45.2)
(32.7)
(48.1)
(0.2)
(952.0)
Depreciation
-
-
(88.4)
(7.3)
(5.1)
(19.6)
(13.0)
(24.5)
(11.1)
-
(169.0)
Revaluation and/or impairment
-
-
-
-
-
0.2
-
-
1.2
-
1.4
Disposals
-
-
1.2
-
-
0.5
-
-
0.1
-
1.8
Write-offs
-
-
0.4
0.1
0.3
1.4
-
0.3
0.6
-
3.1
Other reclassifications between categories
-
-
(0.8)
-
-
-
-
(1.0)
1.8
-
-
Reclassifications (to)/from other items of Statement of
financial position
-
-
-
-
-
0.8
-
-
3.6
-
4.4
Foreign currency exchange difference
-
-
-
-
-
-
(0.2)
-
-
-
(0.2)
Accumulated depreciation and impairment losses at
31 December 2024
-
(0.5)
(242.8)
(44.7)
(133.3)
(520.8)
(58.4)
(57.9)
(51.9)
(0.2)
(1,110.5)
Carrying amount at 31 December 2024
3.9
0.4
1,831.9
277.4
84.5
254.7
339.2
464.6
65.6
705.2
4,027.4
12.1 Revaluation of property, plant and equipment used in electricity distribution A major part of assets presented in \u2018Electricity networks and their structures\u2019 are used in electricity distribution activities performed by AB \u201cEnergijos skirstymo operatorius\u201d and attributable to electricity distribution CGU in the Group. The carrying amount of PPE allocated to this CGU (incl. construction in progress and assets in other groups) is EUR 2,151.1 million as at 31 December 2025 (EUR 1,908.9 million as at 31 December 2024). Taking into account the fact that there were no significant changes in the legal regulatory environment related to electricity, after evaluating all related assumptions, the Group determined that the carrying amount of the property, plant and equipment used in electricity distribution as at 31 December 2025 would change insignificantly (up to 0.1%). Taking this into account, the Group's management decided not to carry out a full revaluation of such assets in order to represent them at their new fair value For this, the Group analysed whether the assumptions made in the full revaluation in 2021 had not changed significantly \u2013 it was noted that only several assumptions changed: \u0336 discount rate (after-tax) was 4.79% (5.77% pre-tax); \u0336 rate of return set by NERC for 2026 \u2013 5.77% (approximates the pre-tax discount rate); \u0336 the advance schedule for returning the EUR 117.8 million regulatory difference, which has formed due to the long run average increase costs (\u2018LRAIC\u2019) model, will reduce the Group\u2019s revenue by EUR 117.8 million in 2026\u20132031. \u0336 changes to the calculation of the additional component were made, which will allow to keep the sustainable debt level of 5.5x, as determined in the approved methodology. However, these changes did not significantly impact the fair value of property, plant and equipment used in electricity distribution. Other assumptions did not change significantly and were used in the valuation in 2025 accordingly. The following key assumptions were used in 31 December 2025 valuation: \u0336 discount rate (after-tax) was 4.79% (5.77% pre-tax); \u0336 WACC (rate of return set by NERC) for 2026 \u2013 5.77%, (approximates the pre-tax discount rate); \u0336 an additional tariff component was established for funding investments, on the basis whereof the amount will be included annually in the Group\u2019s regulated income for the period of 2026 and subsequent periods, which will allow to maintain the sustainable debt level, which was determined in the approved methodology. According to the management\u2019s assessment, even though there is a possibility that after the forecast period (2026\u20132040) the additional component will remain, thus maintaining a sustainable debt level of 5.5x in accordance with the methodology over the entire period, an additional tariff component is not included in the measurement of a continuous value; \u0336 a long-term forecast for investments in the electricity segment was applied, including their funding according to the 10-year investment plan of the Group; \u0336 according to the measurement model, the calculated return adjustment, amounting to EUR 117.8 million, formed due to the main network elements\u2019 depreciation and investment return level being optimized and not optimized by the long run average increase costs (\u2018LRAIC\u2019) model and due to the actual depreciation and investment return level, will reduce the Group\u2019s revenue by EUR 117.8 million in 2026\u20132031 and, in addition, the interest will be charged on the outstanding portion on a yearly basis; \u0336 the fair value of assets was determined using the revenue model when forecasting cash flows until 2040, taking into consideration the projected adjustments of investment returns due to the LRAIC asset depreciation and the expected repayment term of return differences in 2018\u20132021. The fair value assessment analysis of unobservable inputs variation, relying on sensitivity of variation of discount rate (WACC) indicated that reasonably possible variance would change the valuation by 141 EUEm (-50 bps WACC) and -152 EURm (+50 bps WACC). 12.2 Revalued property, plant and equipment If property, plant and equipment had not been revalued, the carrying amount of the Group\u2019s property, plant and equipment would have been following:
EURm
Electricity networks and
Other property, plant
Total
their structures
and equipment
As at 31 December 2024
1,933.6
9.5
1,943.1
As at 31 December 2025
2,159.4
27.4
2,186.8
The table below includes the information on the results of impairment loss and/or revaluation of property, plant and equipment conducted in 2025:
Recognised in Statement of
Recognised in profit or
Total
EURm
comprehensive income and
loss
revaluation
revaluation reserve in equity
effect
Increase (decrease) in carrying amount
0.7
-
0.7
Total
0.7
-
0.7
Results of impairment loss and/or revaluation of property, plant and equipment conducted in 2024:
Recognised in Statement of
Recognised in profit or
Total
EURm
comprehensive income and
loss
revaluation
revaluation reserve in equity
effect
Increase (decrease) in carrying amount
0.6
-
0.6
Total
0.6
-
0.6
12.3 Acquisitions and disposals of property, plant and equipment Acquisitions of property, plant and equipment in 2025 include the following major acquisitions for the construction in progress: \u0336 acquisitions related to the development of the electricity distribution network; \u0336 acquisitions for the wind farm construction and other renewable energy projects; \u0336 acquisitions related to the development and modernisation of reserve generation capacities. The Group has significant acquisition commitments of property, plant and equipment, which will have to be fulfilled during the later years. The Group\u2019s acquisition and construction commitments amounted to EUR 526.8 million as at 31 December 2025 (31 December 2024: EUR 548.1 million). In 2025, the Group capitalised EUR 3.2 million of interest expenses on loans and bonds intended to finance the development of non-current assets (2024: EUR 2.9 million). The average capitalised interest rate was 2.16% in 2025 and 3.71% in 2024
12.4 Fully depreciated property, plant and equipment
The cost or revalued amount of fully depreciated property, plant and equipment, but still used by the Group,
were as follows:
EURm
31 December 2025
31 December 2024
Buildings
-
-
Electricity networks and their structures
30.8
21.8
Natural gas distribution pipelines, gas technological equipment and
installations
20.3
16.8
Assets of Hydro Power Plant, Pumped Storage Power Plant
19.9
20.0
Combined Cycle Unit and Reserve Power Plant
80.6
80.8
Cogeneration plants
0.9
Other property, plant and equipment
13.2
13.3
Total
165.7
152.7
12.5 Fair value hierarchy of property, plant and equipment
In the opinion of the Group\u2019s management, the carrying amount of substantially all assets stated at the revalued
amount as at 31 December 2025 and 2024 did not differ significantly from their fair value.
The table below presents the allocation between the fair value hierarchy levels of the Group\u2019s property, plant
and equipment that was stated at the revalued amount as at 31 December 2025 (refer to Note 1.18 in \u2018Material
accounting polcies\u2019 for the description of the fair value hierarchy levels). The last full revaluation was performed
in 2023 for other property, plant and equipment, in 2021 for land, buildings and electricity networks and their
structures.
Level 1
Level 2
Level 3
Other directly or
EURm
Quoted prices in
indirectly
Unobservable
Total
active markets
observable
inputs
inputs
Electricity networks and their structures
-
-
2,047.2
2,047.2
Other property, plant and equipment
-
-
27.6
27.6
Total
-
-
2,074.8
2,074.8
The table below presents the allocation between the fair value hierarchy levels of the Group\u2019s property, plant and
equipment that was stated at the revalued amount as at 31 December 2024:
Level 1
Level 2
Level 3
Other directly or
EURm
Quoted prices in
indirectly
Unobservable
Total
active markets
observable
inputs
inputs
Electricity networks and their structures
-
-
1,813.6
1,813.6
Other property, plant and equipment
-
-
12.0
12.0
Total
-
-
1,825.6
1,825.6
Assets are attributed to level 3 in the fair value hierarchy if the value is determined using either the income method,
comparative value, cost method, depreciated replacement method or a mix of these approaches.
12.6 Pledged property, plant and equipment
As at 31 December 2025, the Group had pledged to the banks its property, plant and equipment in the carrying
amount of EUR 726.3 million (31 December 2024: EUR 621.1 million).
14 Right-of-use assets
14.1 The Group\u2019s right-of-use assets
EURm
Land
Buildings
Other property, plant and
Total
equipment
Acquisition cost at 1 January 2025
56.5
37.9
5.9
100.3
Additions
9.3
25.5
4.2
39.0
Write-offs
(0.2)
(0.7)
(0.1)
(1.0)
Reclassifications between categories
2.5
-
(2.5)
-
Remeasurement of decommissioning provision
13.4
-
-
13.4
Remeasurement of right-of-use assets
2.2
1.9
0.3
4.4
Foreign currency exchange difference
-
-
-
-
Acquisition cost at 31 December 2025
83.7
64.6
7.8
156.1
Accumulated depreciation at 1 January 2025
(3.9)
(17.2)
(1.6)
(22.7)
Depreciation
(2.4)
(7.1)
(0.9)
(10.4)
Write-offs
-
0.3
0.1
0.4
Reclassifications between categories
-
-
0.1
0.1
Foreign currency exchange difference
-
-
-
-
Accumulated depreciation at 31 December 2025
(6.3)
(24.0)
(2.3)
(32.6)
Carrying amount at 31 December 2025
77.4
40.6
5.5
123.5
Acquisition cost at 1 January 2024
28.4
33.6
3.4
65.4
Additions
25.6
4.3
2.5
32.4
Write-offs
(0.2)
-
-
(0.2)
Acquisition through business combination
1.3
-
-
1.3
Remeasurement of right-of-use assets
0.9
-
-
0.9
Foreign currency exchange difference
0.5
-
-
0.5
Acquisition cost at 31 December 2024
56.5
37.9
4.3
100.3
Accumulated depreciation at 1 January 2024
(2.6)
(12.0)
(0.9)
(15.5)
Depreciation
(1.3)
(5.2)
(0.7)
(7.2)
Accumulated depreciation at 31 December 2024
(3.9)
(17.2)
(1.6)
(22.7)
Carrying amount as at 31 December 2024
52.6
20.7
4.3
77.6
The Group\u2019s major lease contracts are for land and buildings. As at 31 December 2025, the carrying amount of land lease liability amounted to EUR 63.3 million, building lease liability \u2013 EUR 44.3 million (31 December 2024: EUR 50.6 million and EUR 21.8 million respectively). The most significant part of land leases is for wind and solar power plants and electric vehicles stations. These leases typically run for a period of 30 \u2013 60 years. Some of the land lease contracts provide additional rent payments that are based on the level of sales by the lessee. The difference between the fixed payment and the variable payment is recognised in the Statement of profit or loss (Note 14.2). Also, some of the land lease contracts provide payments to landowners indexed by the inflation rate each year, therefore, the Group performs remeasurement of the lease liability and right-of-use assets at the same time when the new inflation index is applied for factual payments. The lease liability for buildings mainly consists of a lease of the main offices in Lithuania, Latvia, Estonia and Poland. As at 31 December 2025 the carrying amount of this lease liability amounted to EUR 38,305 million (31 December 2024: EUR 17.3 million), the remaining lease term of these contracts as at 31 December 2025 run from is 6 to 10 years, for most part of the contracts the lease payments are indexed each year by inflation rate. In 2025 and 2024, the Group capitalised a not significant amount of lease interest expenses on property, plant and equipment construction in progress. 14.2 Expenses related to lease agreements recognised in the Statement of profit or loss The Group\u2019s lease expenses recognised in Statement of profit or loss were as follows:
EURm
2025
2024
Depreciation
10.4
7.2
Interest expenses
3.6
2.1
Expenses related to short-term leases (other expenses)
0.8
0.6
Expenses related to leases of low value assets (other expenses)
-
0.1
Variable lease payment expenses
0.5
0.2
Lease remeasurement result (Lease modification gain (-)/loss (+))
(0.1)
-
Other rent expenses
0.2
0.5
Lease expenses, total
15.4
10.7
14.3 Future expenses related to lease agreements
The Group\u2019s future lease expenses:
EURm
31 December 2025
31 December 2024
Future expenses related to short-term and low value leases
-
0.1
Future variable lease payments
9.0
19.3
Future cash outflow for leases not recognised due to termination
option
-
213.7
Future cash outflow for leases not yet commenced to which the lessee
is committed
10.1
44.1
Future lease expenses, total
19.1
277.2
25 Grants and subsidies
Asset-related grants \u2013
projects for renovation,
Asset-related grants \u2013
EURm
improvement of
other projects of the Group Total
environmental and safety
standards
Carrying amount as at 1 January 2024
198.1
102.0
300.1
Depreciation and amortisation
(9.3)
(7.6)
(16.9)
Grants received
4.3
-
4.3
Carrying amount as at 31 December 2024
193.1
94.4
287.5
Carrying amount as at 1 January 2025
193.1
94.4
287.5
Depreciation and amortisation
(9.9)
(7.6)
(17.5)
Grants received
2.5
-
2.5
Carrying amount as at 31 December 2025
185.7
86.8
272.5
Amortisation of grants is accounted for under depreciation and amortisation in the Statement of profit or loss
and reduces the depreciation expenses of the related property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "value": "12 Property, plant, and equipment
Gas
Assets of
Combined
Wind
and
Electricity
distribution
Hydro Power
Cycle
Gas
solar power
Other
EURm
Land
Buildings
networks and
pipelines, gas
Plant, Pumped
Turbine
and
farms
and
Cogeneration
property, plant
Construction- Total
their
technological
Storage
Reserve
their
plants and equipment in-progress
structures
equipment and
Hydroelectric Power Plant installations
Acquisition cost or revalued amount at 1 January
installations
Power Plant
2025
3.9
0.9
2,074.7
322.1
217.8
775.5
397.6
522.5
117.5
705.4
5,137.9
Additions
2.7
-
10.7
-
0.2
0.2
-
0.1
7.0
863.2
884.1
Revaluation
-
-
-
-
-
-
-
-
(0.2)
-
(0.2)
Disposals
-
-
(4.8)
-
-
-
-
-
(0.1)
-
(4.9)
Write-offs
-
-
(4.7)
(0.2)
-
(0.5)
-
(0.3)
(1.2)
(0.7)
(7.6)
Re-measurement of decommissioning provision
-
-
-
-
-
-
0.2
-
-
-
0.2
Reclassifications from constructions in-progress
0.1
-
355.2
9.3
1.0
-
805.3
2.4
24.9
(1,198.2)
-
Reclassifications (to)/from other items of Statement of
financial position
-
-
0.6
-
0.1
0.3
-
(0.1)
(11.4)
(1.0)
(11.5)
Other movement
-
-
-
-
-
-
4.4
-
-
-
4.4
Acquisitions through business combination (Note
31.3.1)
-
-
-
-
-
-
-
-
-
0.3
0.3
Foreign currency exchange difference
-
-
-
-
-
-
0.7
-
-
2.1
2.8
Acquisition cost or revalued amount at 31
December 2025
6.7
0.9
2,431.7
331.2
219.1
775.5
1,208.2
524.6
136.5
371.1
6,005.5
Accumulated depreciation and impairment losses at
1 January 2025
-
(0.5)
(242.8)
(44.7)
(133.3)
(520.8)
(58.4)
(57.9)
(51.9)
(0.2)
(1,110.5)
Depreciation
-
-
(104.0)
(7.5)
(5.2)
(19.4)
(26.6)
(25.7)
(13.4)
-
(201.8)
Revaluation and/or impairment
-
-
-
-
-
(0.1)
-
-
0.9
(4.8)
(4.0)
Disposals
-
-
1.4
-
-
-
-
-
0.1
-
1.5
Write-offs
-
-
0.7
0.1
-
0.5
-
0.2
1.2
-
2.7
Reclassifications (to)/from other items of Statement of
financial position
-
(0.1)
0.2
-
-
-
-
0.1
5.8
-
6.0
Foreign currency exchange difference
-
-
-
-
-
-
(0.2)
-
-
-
(0.2)
Accumulated depreciation and impairment losses at
31 December 2025
-
(0.6)
(344.5)
(52.1)
(138.5)
(539.8)
(85.2)
(83.3)
(57.3)
(5.0)
(1,306.3)
Carrying amount at 31 December 2025
6.7
0.3
2,087.2
279.1
80.6
235.7
1,123.0
441.3
79.2
366.1
4,699.2
Continued on the next page
Gas Assets of Combined Wind and
Electricity distribution Hydro Power Cycle Gas solar power Other
EURm
Land
Buildings networks and
pipelines, gas
Plant, Pumped
Turbine and farms and
Cogeneration
property, plant Construction- Total
their technological Storage Reserve their plants and equipment in-progress
structures
equipment and
Hydroelectric Power Plant installations
Acquisition cost or revalued amount at 1 January
installations Power Plant
2024
3.2
0.8
1,752.6
311.8
213.6
777.5
300.6
268.9
110.4
575.1
4,314.5
Additions
0.7
0.1
4.5
-
-
0.4
1.7
0.2
8.7
812.6
828.9
Revaluation
-
-
-
-
-
-
-
-
(0.6)
-
(0.6)
Disposals
-
-
(4.8)
(0.1)
-
(0.5)
-
-
(0.1)
-
(5.5)
Write-offs
-
-
(3.0)
(0.3)
(0.3)
(1.4)
-
(0.4)
(0.6)
(0.8)
(6.8)
Re-measurement of decommissioning provision
-
-
-
-
-
-
(0.3)
-
-
-
(0.3)
Reclassifications from constructions in-progress
-
-
323.0
10.7
4.3
0.2
84.4
244.8
15.5
(682.9)
-
Other reclassifications between categories
-
-
2.4
-
-
-
-
9.0
(11.4)
-
-
Reclassifications (to)/from other items of Statement of
financial position
-
-
-
-
0.2
(0.7)
-
-
(4.4)
(6.5)
(11.4)
Acquisitions through business combination
-
-
-
-
-
-
8.7
-
-
6.6
15.3
Foreign currency exchange difference
-
-
-
-
-
-
2.5
-
-
1.3
3.8
Acquisition cost or revalued amount at 31
December 2024
3.9
0.9
2,074.7
322.1
217.8
775.5
397.6
522.5
117.5
705.4
5,137.9
Accumulated depreciation and impairment losses at
1 January 2024
-
(0.5)
(155.2)
(37.5)
(128.5)
(504.1)
(45.2)
(32.7)
(48.1)
(0.2)
(952.0)
Depreciation
-
-
(88.4)
(7.3)
(5.1)
(19.6)
(13.0)
(24.5)
(11.1)
-
(169.0)
Revaluation and/or impairment
-
-
-
-
-
0.2
-
-
1.2
-
1.4
Disposals
-
-
1.2
-
-
0.5
-
-
0.1
-
1.8
Write-offs
-
-
0.4
0.1
0.3
1.4
-
0.3
0.6
-
3.1
Other reclassifications between categories
-
-
(0.8)
-
-
-
-
(1.0)
1.8
-
-
Reclassifications (to)/from other items of Statement of
financial position
-
-
-
-
-
0.8
-
-
3.6
-
4.4
Foreign currency exchange difference
-
-
-
-
-
-
(0.2)
-
-
-
(0.2)
Accumulated depreciation and impairment losses at
31 December 2024
-
(0.5)
(242.8)
(44.7)
(133.3)
(520.8)
(58.4)
(57.9)
(51.9)
(0.2)
(1,110.5)
Carrying amount at 31 December 2024
3.9
0.4
1,831.9
277.4
84.5
254.7
339.2
464.6
65.6
705.2
4,027.4
12.1 Revaluation of property, plant and equipment used in electricity distribution
A major part of assets presented in \u2018Electricity networks and their structures\u2019 are used in electricity distribution
activities performed by AB \u201cEnergijos skirstymo operatorius\u201d and attributable to electricity distribution CGU in
the Group. The carrying amount of PPE allocated to this CGU (incl. construction in progress and assets in other
groups) is EUR 2,151.1 million as at 31 December 2025 (EUR 1,908.9 million as at 31 December 2024).
Taking into account the fact that there were no significant changes in the legal regulatory environment related to
electricity, after evaluating all related assumptions, the Group determined that the carrying amount of the
property, plant and equipment used in electricity distribution as at 31 December 2025 would change
insignificantly (up to 0.1%). Taking this into account, the Group's management decided not to carry out a full
revaluation of such assets in order to represent them at their new fair value
For this, the Group analysed whether the assumptions made in the full revaluation in 2021 had not changed
significantly \u2013 it was noted that only several assumptions changed:
\u0336 discount rate (after-tax) was 4.79% (5.77% pre-tax);
\u0336 rate of return set by NERC for 2026 \u2013 5.77% (approximates the pre-tax discount rate);
\u0336 the advance schedule for returning the EUR 117.8 million regulatory difference, which has formed due to the
long run average increase costs (\u2018LRAIC\u2019) model, will reduce the Group\u2019s revenue by EUR 117.8 million in
2026\u20132031.
\u0336 changes to the calculation of the additional component were made, which will allow to keep the sustainable
debt level of 5.5x, as determined in the approved methodology.
However, these changes did not significantly impact the fair value of property, plant and equipment used in
electricity distribution. Other assumptions did not change significantly and were used in the valuation in 2025
accordingly.
The following key assumptions were used in 31 December 2025 valuation:
\u0336 discount rate (after-tax) was 4.79% (5.77% pre-tax);
\u0336 WACC (rate of return set by NERC) for 2026 \u2013 5.77%, (approximates the pre-tax discount rate);
\u0336 an additional tariff component was established for funding investments, on the basis whereof the amount
will be included annually in the Group\u2019s regulated income for the period of 2026 and subsequent periods, which
will allow to maintain the sustainable debt level, which was determined in the approved methodology. According
to the management\u2019s assessment, even though there is a possibility that after the forecast period (2026\u20132040)
the additional component will remain, thus maintaining a sustainable debt level of 5.5x in accordance with the
methodology over the entire period, an additional tariff component is not included in the measurement of a
continuous value;
\u0336 a long-term forecast for investments in the electricity segment was applied, including their funding according
to the 10-year investment plan of the Group;
\u0336 according to the measurement model, the calculated return adjustment, amounting to EUR 117.8 million,
formed due to the main network elements\u2019 depreciation and investment return level being optimized and not
optimized by the long run average increase costs (\u2018LRAIC\u2019) model and due to the actual depreciation and
investment return level, will reduce the Group\u2019s revenue by EUR 117.8 million in 2026\u20132031 and, in addition,
the interest will be charged on the outstanding portion on a yearly basis;
\u0336 the fair value of assets was determined using the revenue model when forecasting cash flows until 2040,
taking into consideration the projected adjustments of investment returns due to the LRAIC asset depreciation
and the expected repayment term of return differences in 2018\u20132021.
The fair value assessment analysis of unobservable inputs variation, relying on sensitivity of variation of
discount rate (WACC) indicated that reasonably possible variance would change the valuation by 141 EUEm
(-50 bps WACC) and -152 EURm (+50 bps WACC).
12.2 Revalued property, plant and equipment
If property, plant and equipment had not been revalued, the carrying amount of the Group\u2019s property, plant and
equipment would have been following:
EURm
Electricity networks and
Other property, plant
Total
their structures
and equipment
As at 31 December 2024
1,933.6
9.5
1,943.1
As at 31 December 2025
2,159.4
27.4
2,186.8
The table below includes the information on the results of impairment loss and/or revaluation of property, plant
and equipment conducted in 2025:
Recognised in Statement of
Recognised in profit or
Total
EURm
comprehensive income and
loss
revaluation
revaluation reserve in equity
effect
Increase (decrease) in carrying amount
0.7
-
0.7
Total
0.7
-
0.7
Results of impairment loss and/or revaluation of property, plant and equipment conducted in 2024:
Recognised in Statement of
Recognised in profit or
Total
EURm
comprehensive income and
loss
revaluation
revaluation reserve in equity
effect
Increase (decrease) in carrying amount
0.6
-
0.6
Total
0.6
-
0.6
12.3 Acquisitions and disposals of property, plant and equipment
Acquisitions of property, plant and equipment in 2025 include the following major acquisitions for the
construction in progress:
\u0336 acquisitions related to the development of the electricity distribution network;
\u0336 acquisitions for the wind farm construction and other renewable energy projects;
\u0336 acquisitions related to the development and modernisation of reserve generation capacities.
The Group has significant acquisition commitments of property, plant and equipment, which will have to be
fulfilled during the later years. The Group\u2019s acquisition and construction commitments amounted to EUR 526.8
million as at 31 December 2025 (31 December 2024: EUR 548.1 million).
In 2025, the Group capitalised EUR 3.2 million of interest expenses on loans and bonds intended to finance the
development of non-current assets (2024: EUR 2.9 million). The average capitalised interest rate was 2.16% in
2025 and 3.71% in 2024.
12.4 Fully depreciated property, plant and equipment The cost or revalued amount of fully depreciated property, plant and equipment, but still used by the Group, were as follows:
EURm
31 December 2025
31 December 2024
Buildings
-
-
Electricity networks and their structures
30.8
21.8
Natural gas distribution pipelines, gas technological equipment and
installations
20.3
16.8
Assets of Hydro Power Plant, Pumped Storage Power Plant
19.9
20.0
Combined Cycle Unit and Reserve Power Plant
80.6
80.8
Cogeneration plants
0.9
Other property, plant and equipment
13.2
13.3
Total
165.7
152.7
12.5 Fair value hierarchy of property, plant and equipment In the opinion of the Group\u2019s management, the carrying amount of substantially all assets stated at the revalued amount as at 31 December 2025 and 2024 did not differ significantly from their fair value. The table below presents the allocation between the fair value hierarchy levels of the Group\u2019s property, plant and equipment that was stated at the revalued amount as at 31 December 2025 (refer to Note 1.18 in \u2018Material accounting polcies\u2019 for the description of the fair value hierarchy levels). The last full revaluation was performed in 2023 for other property, plant and equipment, in 2021 for land, buildings and electricity networks and their structures.
Level 1
Level 2
Level 3
Other directly or
EURm
Quoted prices in
indirectly
Unobservable
Total
active markets
observable
inputs
inputs
Electricity networks and their structures
-
-
2,047.2
2,047.2
Other property, plant and equipment
-
-
27.6
27.6
Total
-
-
2,074.8
2,074.8
The table below presents the allocation between the fair value hierarchy levels of the Group\u2019s property, plant and equipment that was stated at the revalued amount as at 31 December 2024:
Level 1
Level 2
Level 3
Other directly or
EURm
Quoted prices in
indirectly
Unobservable
Total
active markets
observable
inputs
inputs
Electricity networks and their structures
-
-
1,813.6
1,813.6
Other property, plant and equipment
-
-
12.0
12.0
Total
-
-
1,825.6
1,825.6
Assets are attributed to level 3 in the fair value hierarchy if the value is determined using either the income method, comparative value, cost method, depreciated replacement method or a mix of these approaches. 12.6 Pledged property, plant and equipment As at 31 December 2025, the Group had pledged to the banks its property, plant and equipment in the carrying amount of EUR 726.3 million (31 December 2024: EUR 621.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "12.1 Revaluation of property, plant and equipment used in electricity distribution A major part of assets presented in \u2018Electricity networks and their structures\u2019 are used in electricity distribution activities performed by AB \u201cEnergijos skirstymo operatorius\u201d and attributable to electricity distribution CGU in the Group. The carrying amount of PPE allocated to this CGU (incl. construction in progress and assets in other groups) is EUR 2,151.1 million as at 31 December 2025 (EUR 1,908.9 million as at 31 December 2024). Taking into account the fact that there were no significant changes in the legal regulatory environment related to electricity, after evaluating all related assumptions, the Group determined that the carrying amount of the property, plant and equipment used in electricity distribution as at 31 December 2025 would change insignificantly (up to 0.1%). Taking this into account, the Group's management decided not to carry out a full revaluation of such assets in order to represent them at their new fair value For this, the Group analysed whether the assumptions made in the full revaluation in 2021 had not changed significantly \u2013 it was noted that only several assumptions changed: \u0336 discount rate (after-tax) was 4.79% (5.77% pre-tax); \u0336 rate of return set by NERC for 2026 \u2013 5.77% (approximates the pre-tax discount rate); \u0336 the advance schedule for returning the EUR 117.8 million regulatory difference, which has formed due to the long run average increase costs (\u2018LRAIC\u2019) model, will reduce the Group\u2019s revenue by EUR 117.8 million in 2026\u20132031. \u0336 changes to the calculation of the additional component were made, which will allow to keep the sustainable debt level of 5.5x, as determined in the approved methodology. However, these changes did not significantly impact the fair value of property, plant and equipment used in electricity distribution. Other assumptions did not change significantly and were used in the valuation in 2025 accordingly. The following key assumptions were used in 31 December 2025 valuation: \u0336 discount rate (after-tax) was 4.79% (5.77% pre-tax); \u0336 WACC (rate of return set by NERC) for 2026 \u2013 5.77%, (approximates the pre-tax discount rate); \u0336 an additional tariff component was established for funding investments, on the basis whereof the amount will be included annually in the Group\u2019s regulated income for the period of 2026 and subsequent periods, which will allow to maintain the sustainable debt level, which was determined in the approved methodology. According to the management\u2019s assessment, even though there is a possibility that after the forecast period (2026\u20132040) the additional component will remain, thus maintaining a sustainable debt level of 5.5x in accordance with the methodology over the entire period, an additional tariff component is not included in the measurement of a continuous value; \u0336 a long-term forecast for investments in the electricity segment was applied, including their funding according to the 10-year investment plan of the Group; \u0336 according to the measurement model, the calculated return adjustment, amounting to EUR 117.8 million, formed due to the main network elements\u2019 depreciation and investment return level being optimized and not optimized by the long run average increase costs (\u2018LRAIC\u2019) model and due to the actual depreciation and investment return level, will reduce the Group\u2019s revenue by EUR 117.8 million in 2026\u20132031 and, in addition, the interest will be charged on the outstanding portion on a yearly basis; \u0336 the fair value of assets was determined using the revenue model when forecasting cash flows until 2040, taking into consideration the projected adjustments of investment returns due to the LRAIC asset depreciation and the expected repayment term of return differences in 2018\u20132021. The fair value assessment analysis of unobservable inputs variation, relying on sensitivity of variation of discount rate (WACC) indicated that reasonably possible variance would change the valuation by 141 EUEm (-50 bps WACC) and -152 EURm (+50 bps WACC). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "13 Impairments
31 December 2025
31 December 2024
Sensitivity impact
EURm
Impairment
Recoverable
Impairment
Recoverable
-5 % average captured
+5 % average captured
-50 bps WACC
+50 bps WACC
CGUs
loses
amount
losses
amount
electricity price
electricity price
Jurbarkas WF
-
31.3
-
41.3
(2.3)
2.3
1.4
(1.3)
Pomerania WF
-
231.4
-
192.8
(5.5)
5.5
11.8
(10.9)
Ma\u017eeikiai WF
-
84.6
-
164.3
(5.9)
5.9
8.6
(7.9)
Venta PV
-
207.1
-
178.0
(23.4)
23.4
28.0
(25.1)
Kurzeme I hybrid
1
6.9
-
-
21.1
n/a
n/a
n/a
n/a
Kurzeme II hybrid
-
23.4
-
41.6
(6.3)
6.3
6.2
(5.6)
Plung\u0117 WF
1
0.3
-
-
49.8
n/a
n/a
n/a
n/a
Kelme WF I
-
218.8
-
244.3
(16.7)
16.7
18.4
(16.4)
Kelme WF II
-
393.8
-
397.0
(7.0)
7.0
13.1
(12.0)
Pasvalys hybrid
-
2.2
-
n/a
(7.3)
7.3
6.9
(6.1)
Sunrise PV
-
n/a
2,1
n/a
n/a
n/a
n/a
n/a
Silesia I WF
-
83.2
-
n/a
(6.3)
6.3
13.9
(12.9)
Silesia II WF
-
276.4
-
n/a
(13.2)
13.2
23.6
(21.6)
1
net impairment amount including write-off of contingent consideration
13.1 Significant accounting estimates related to impairment of intangible assets and property plant and equipment 13.1.1 Impairment of intangible assets The Group performed an impairment test of goodwill and other intangible assets recognised on acquisitions of the subsidiaries and determined that no impairment is needed as at 31 December 2025 except for impairment of assets identified through business combination of subsidiaries Plung\u0117s v\u0117jo energija UAB, which was acquired in 2022 and BRVE SIA, acquired in 2023 (Note 31.2.1). The Group recognised an impairment loss associated with those assets in the amount of EUR 7.2 million (net of deferred tax liability). The impairment test was performed using the discounted cash flow method for each Cash-Generating Unit (CGU), which for impairment testing purposes is treated to be every individual Green Capacities project acquired, using the following key assumptions: \u0336 the cash flow forecast covered the period from 2025 until 2046\u20132060, with reference to the typical operational period of 30 years.; \u0336 he cash flow forecast also included the envisaged capital expenditure amounts required to complete the projects under development or under construction for the period from 2026 until 2027-2030 based on actually signed contracts, as well as taking into account inflation and learning curve developments provided by reputable market forecasters; \u0336 The production volume is forecasted according to (1) internal analysis for early stage projects, (2) third-party studies for projects ready for final investment decisions or final investment decisions achieved; and (3) actual production capacity for operational assets or third-party studies, if actual production data is less than 3 years; \u0336 The price of electricity is set at the agreed tariff if the project is awarded in government auctions or tenders, or offtake is secured through PPA (Power Purchase Agreement) or similar instruments. Otherwise, a third- party electricity price forecast is applied; \u0336 A discount rate of 5.45\u20137.02% after tax (weighted average costs of capital after tax) (6.32\u20138.36% pre-tax) was used to calculate the discounted cash flows. Management has performed a sensitivity analysis to assess the impact of a reasonably possible change in the key assumptions. If the discount rate applied to the cash flow projections had been increased by 50 bps, the carrying amounts of Silesia II WF would exceed the recoverable amount by 12.7 EURm and Kurzeme II hybrid by 7.0 EURm resulting in an additional impairment charge of 19.7 EURm. 13.1.2 Impairment of property, plant and equipment During the assessment, the Group\u2019s management determined that during the year 2025 there were no significant changes in the legal regulatory environment and did not identify any significant impairment indications related to property, plant and equipment. Accordingly, no impairment test was performed for 2025 and no additional impairment loss or reversal was recognised as at 31 December 2025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "14 Right-of-use assets 14.1 The Group\u2019s right-of-use assets
EURm
Land
Buildings
Other property, plant and
Total
equipment
Acquisition cost at 1 January 2025
56.5
37.9
5.9
100.3
Additions
9.3
25.5
4.2
39.0
Write-offs
(0.2)
(0.7)
(0.1)
(1.0)
Reclassifications between categories
2.5
-
(2.5)
-
Remeasurement of decommissioning provision
13.4
-
-
13.4
Remeasurement of right-of-use assets
2.2
1.9
0.3
4.4
Foreign currency exchange difference
-
-
-
-
Acquisition cost at 31 December 2025
83.7
64.6
7.8
156.1
Accumulated depreciation at 1 January 2025
(3.9)
(17.2)
(1.6)
(22.7)
Depreciation
(2.4)
(7.1)
(0.9)
(10.4)
Write-offs
-
0.3
0.1
0.4
Reclassifications between categories
-
-
0.1
0.1
Foreign currency exchange difference
-
-
-
-
Accumulated depreciation at 31 December 2025
(6.3)
(24.0)
(2.3)
(32.6)
Carrying amount at 31 December 2025
77.4
40.6
5.5
123.5
Acquisition cost at 1 January 2024
28.4
33.6
3.4
65.4
Additions
25.6
4.3
2.5
32.4
Write-offs
(0.2)
-
-
(0.2)
Acquisition through business combination
1.3
-
-
1.3
Remeasurement of right-of-use assets
0.9
-
-
0.9
Foreign currency exchange difference
0.5
-
-
0.5
Acquisition cost at 31 December 2024
56.5
37.9
4.3
100.3
Accumulated depreciation at 1 January 2024
(2.6)
(12.0)
(0.9)
(15.5)
Depreciation
(1.3)
(5.2)
(0.7)
(7.2)
Accumulated depreciation at 31 December 2024
(3.9)
(17.2)
(1.6)
(22.7)
Carrying amount as at 31 December 2024
52.6
20.7
4.3
77.6
The Group\u2019s major lease contracts are for land and buildings. As at 31 December 2025, the carrying amount of
land lease liability amounted to EUR 63.3 million, building lease liability \u2013 EUR 44.3 million (31 December 2024:
EUR 50.6 million and EUR 21.8 million respectively).
The most significant part of land leases is for wind and solar power plants and electric vehicles stations. These
leases typically run for a period of 30 \u2013 60 years. Some of the land lease contracts provide additional rent
payments that are based on the level of sales by the lessee. The difference between the fixed payment and the
variable payment is recognised in the Statement of profit or loss (Note 14.2). Also, some of the land lease
contracts provide payments to landowners indexed by the inflation rate each year, therefore, the Group
performs remeasurement of the lease liability and right-of-use assets at the same time when the new inflation
index is applied for factual payments.
The lease liability for buildings mainly consists of a lease of the main offices in Lithuania, Latvia, Estonia and
Poland. As at 31 December 2025 the carrying amount of this lease liability amounted to EUR 38,305 million (31
December 2024: EUR 17.3 million), the remaining lease term of these contracts as at 31 December 2025 run
from is 6 to 10 years, for most part of the contracts the lease payments are indexed each year by inflation rate.
In 2025 and 2024, the Group capitalised a not significant amount of lease interest expenses on property, plant
and equipment construction in progress.
14.2 Expenses related to lease agreements recognised in the Statement of profit or loss
The Group\u2019s lease expenses recognised in Statement of profit or loss were as follows:
EURm
2025
2024
Depreciation
10.4
7.2
Interest expenses
3.6
2.1
Expenses related to short-term leases (other expenses)
0.8
0.6
Expenses related to leases of low value assets (other expenses)
-
0.1
Variable lease payment expenses
0.5
0.2
Lease remeasurement result (Lease modification gain (-)/loss (+))
(0.1)
-
Other rent expenses
0.2
0.5
Lease expenses, total
15.4
10.7
14.3 Future expenses related to lease agreements
The Group\u2019s future lease expenses:
EURm
31 December 2025
31 December 2024
Future expenses related to short-term and low value leases
-
0.1
Future variable lease payments
9.0
19.3
Future cash outflow for leases not recognised due to termination
option
-
213.7
Future cash outflow for leases not yet commenced to which the lessee
is committed
10.1
44.1
Future lease expenses, total
19.1
277.2
1.14 Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in- substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for ng the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. 1.14.1 Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. 1.14.2 The Group as a lessor in operating leases Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in the item \u2018Other income\u2019 in the Statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "15 Other receivables 15.1 Other non-current receivables
EURm
31 December 2025
31 December 2024
Cash reserved for guarantees
9.3
14.9
Finance lease
5.8
7.8
Loans granted
4.6
1.1
Other non-current amounts receivable
0.8
3.6
Total:
20.5
27.4
Less: loss allowance
-
-
Carrying amount
20.5
27.4
Financial assets comprise EUR 20.5 million of the total Other non-current receivables (31 December 2024: EUR 27.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "15.2 Other current receivables
EURm
31 December 2025
31 December 2024
Loans granted
68.3
64.0
Value added tax
33.2
18.1
Accrued revenue from electricity related sales
13.1
11.1
Regulatory differences of electricity
12.5
-
Deposits for electricity related derivatives in electricity market
7.8
13.3
Deposits for gas related derivatives to commodity traders
7.2
19.7
Accrued revenue from natural gas related sales
1.6
1.5
Other accrued revenue
1.3
1.9
Public supply regulatory differences of electricity
1.2
-
Other receivables
15.2
15.9
Total
161.4
145.5
Less: loss allowance
(0.3)
(0.3)
Carrying amount
161.1
145.2
Financial assets comprise EUR 98.1 million of the total \u2018Other receivables\u2019 (31 December 2024: EUR 112.6 million). \u2018Value added tax\u2019, \u2018Accrued revenue from electricity related sales\u2019, \u2018Accrued revenue from natural gas related sales\u2019 and \u2018Other accrued revenue\u2019 are not financial assets. 15.2.1 Deposits for electricity and gas related derivatives The Group has made deposits for derivative instruments as assurance of contractual obligations with the commodities exchange and commodity traders for trading derivatives linked to electricity and gas market prices. Deposits are in a form of cash collateral and the value moves on a daily basis, i.e., depends on the market prices. The Group estimates that the whole amount of cash collateral will be recovered because the amounts payable are related to the realisation of the future hedge, and the sales contracts will be realised together with the hedge, thus invoices for derivative instruments will be covered with the sales income and, after this payment, the cash collateral will be returned. 15.2.2 Loans granted In 2025, the repayment date of the loan granted to Moray West Holdings Limited was extended to 1 July 2026 (from 1 July 2025). No impairment loss was recognised for the loan granted in 2025. 15.2.3 Significant accounting estimates and judgements: expected credit losses of other receivables ECL for other receivables and contract assets are calculated using an individual assessment. 15.2.4 Individual assessment of ECL Decision to assess the amounts receivable on an individual basis depends on the possibility to obtain the information on the credit history of a particular client/borrower, its financial position as at the date of the assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular client, thus enabling to make a judgement on the recognition of the lifetime expected credit losses in respect of that particular client/borrower. These accounting estimates require significant judgement. The judgement is based on the information about the substantial financial difficulties experienced by the debtor, the probability that the debtor will enter bankruptcy or any other reorganisation, default of delinquency in payments. In the absence of reliable sources of information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information, the Group assesses the debt on a collective basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "16 Other financial assets
EURm 31 December 2025 31 December 2024
Other non-current financial assets
Investment funds - at FVTPL
26.1
30.1
Equity securities - at FVOCI
5.0
5.0
Other
0.2
0.1
Carrying amount
31.3
35.2
Other current financial assets
Short-term deposits
-
-
Carrying amount
-
-
16.1 Movement of fair value in investment funds
EURm
31 December 2025
31 December 2024
Carrying amount as at 1 January
30.1
32.0
Additional investments
4.8
3.8
Return from investments
(0.5)
-
Change in fair value
(8.3)
(5.7)
Carrying amount
26.1
30.1
16.2 Significant accounting estimates: Investment funds \u2013 at FVTPL The Group has invested into investment funds. The funds are managed by independent entities (managers), which are responsible for the investment decisions. Accordingly, in the Group management\u2019s view, the Group does not have the power to manage the activities of the funds and does not have the control over them. As at 31 December 2025, the carrying value of the Smart Energy Fund amounted to EUR 11.6 million (31 December 2024: EUR 18.6 million), the carrying value of the World Fund amounted to EUR 14.5 million (31 December 2024: EUR 11.5 million). The fair value of the funds was determined by reference to the exits of investments, new investment rounds or other recent events and data (Note 36). Fair value of the funds corresponds to Level 3 in the fair value hierarchy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "17 Other assets 17.1 Other non-current assets
EURm 31 December 2025 31 December 2024
Other non-current assets
5.1
1.7
Derivatives (Note 30.1)
14.4
2.3
Carrying amount
19.5
4.0
17.2 Other current assets
EURm 31 December 2025 31 December 2024
Deposit related to buyout of shares in subsidiaries
3.5
3.5
Derivatives (Note 30.1)
3.1
2.9
Other current assets
0.4
0.3
Deposits related to guarantee independent electricity suppliers activity
0.2
2.7
Carrying amount
7.2
9.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "18 Inventories
EURm
31 December 2025
31 December 2024
Natural gas
168.5
194.4
Emission allowances
54.1
36.8
Consumables, raw materials and spare parts
13.4
11.8
Other
4.0
4.7
Carrying amount
240.0
247.7
The carrying amount of natural gas decreased during 2025 due to lower inventory quantity and lower inventory cost per MWh. As at 31 December 2025, the Group had 2,126,412 units of emission allowances (31 December 2024: 1,926,285 units). The Group\u2019s inventories were not pledged as security for any bank borrowings. The Group\u2019s inventories expensed were as follows:
EURm
2025
2024
1
Natural gas
484.0
440.6
Emission allowances
37.8
18.4
Biofuel
27.7
25.4
Other inventories
11.6
16.6
Total
561.1
501.0
1 Due to changes in presentation, comparative emission allowance amount was added to 2024 column. As a result, the total amount has changed. Movements on the account of inventory write-down to net realisable value were as follows:
EURm
2025
2024
Carrying amount at 1 January
4.2
17.4
Additional write-down to net realisable value
4.3
2.8
Reversal of write-down to net realisable value
(2.1)
(16.0)
Carrying amount at 31 December
6.4
4.2
In 2025, the additional of write-down to net realisable value was recognised because market price of natural gas was lower than costs. The write-down is included in \u2018Purchase of electricity, natural gas and other services\u2019 in the Statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "19 Contract balances
EURm Note
31 December 2025
31 December 2024
Trade receivables
20
271.1
294.0
Accrued revenue from electricity related sales
15
13.1
11.1
Accrued revenue from natural gas related sales
15
1.6
1.5
Other accrued revenue
15
1.3
1.9
Contract assets
16.0
14.5
Advances received
27.2
106.5
75.1
Deferred income
27.1
359.6
310.5
Contract liabilities
466.1
385.6
Non-current contract liabilities
27.1
342.4
289.9
Current contract liabilities
27.1, 27.2
123.7
95.7
19.1 Contract assets There has been no change in the estimation techniques or significant assumptions made during the current reporting period while assessing the loss allowance for the amounts due from customers under the contracts. Recognised expected credit losses (if any) are disclosed in Notes 15 and 20. 19.2 Remaining performance obligations The remaining performance obligations expected to be recognised after the end of the financial year are related to the deferred income of new customer connection and upgrade fees. The maturity of the remaining performance obligations is as follows:
EURm
31 December 2025
31 December 2024
After more than one year
383.7
289.9
Within one year
17.2
20.6
Remaining performance obligations
400.9
310.5
27 Deferred income and advances received 27.1 Deferred income
2025
2024
EURm
Current
Non-
Current
Non-
portion
current
 Total portion
current
 Total
Deferred income under contracts with
customers
portion
portion
Deferred income related to new customers
connection and upgrade fees
17.2
342.4
359.6
14.5
289.9
304.4
Deferred income related to natural gas
-
-
-
5.8
-
5.8
Other deferred income
-
-
-
0.3
-
0.3
Total
17.2
342.4
359.6
20.6
289.9
310.5
Movement in the Group\u2019s deferred income:
EURm
2025
2024
Current
Non-
Current
Non-
portion
current
 Total portion
current
 Total
portion
portion
Balance as at 1 January
20.6
289.9
310.5
35.2
241.6
276.8
Increase during the year
2.7
70.2
72.9
2.7
60.9
63.6
Recognised as revenue
(23.8)
-
(23.8)
(29.9)
-
(29.9)
Reclassifications between items
17.7
(17.7)
-
12.6
(12.6)
-
Balance as at 31 December
17.2
342.4
359.6
20.6
289.9
310.5
Revenue from new customer connection and upgrade fees is recognised over the average useful life of related items of property, plant and equipment (Material accounting policies, Note 1.4.3.1). 27.2 Advances received
EURm
31 December 2025
31 December 2024
Current prepayments under contracts with customers
(contract liabilities)
106.5
75.1
Current prepayments under other contracts
0.4
0.4
Total
106.9
75.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "20 Trade receivables
EURm
31 December 2025
31 December 2024
Amounts receivable under contracts with customers
Receivables from electricity related sales
197.1
204.6
Receivables from gas related sales
64.9
76.8
Other trade receivables
18.5
23.8
Amounts receivable under other contracts
1.1
-
Total
281.6
305.2
Less: loss allowance
(9.4)
(11.2)
Carrying amount
272.2
294.0
As at 31 December 2025 and 2024, the Group had not pledged the claim rights to trade receivables. No interest is charged on trade receivables and the regular settlement period is between 15 and 30 days. Trade receivables for which the settlement period is more than 30 days comprise insignificant part of the total trade receivables. The Group doesn\u2019t provide the settlement period longer than 1 year. The Group didn\u2019t identify any significant financing components. For terms and conditions on settlements between related parties, see Note 34. 20.1 Loss allowance of amounts receivable (lifetime expected credit losses) The Group's trade receivables from Networks and Customers & Solutions segments are usually assessed on a collective basis, and trade receivables in other segments \u2013 on an individual basis. The table below presents information on the Group\u2019s trade receivables under contracts with customers as at 31 December 2025 that are assessed on a collective basis using the loss ratio matrix:
EURm
Loss ratio, %
Trade receivables Loss allowance
Not past due
0.37
190.4
0.7
Up to 30 days
1.91
20.9
0.4
30\u201360 days
9.52
2.1
0.2
60\u201390 days
11.11
0.9
0.1
90\u2013120 days
20.00
0.5
0.1
More than 120 days
44.13
17.9
7.9
As at 31 December 2025
4.04
232.7
9.4
The table below presents information on the Group\u2019s trade receivables under contracts with customers as at 31 December 2024 that are assessed on a collective basis using the loss ratio matrix:
EURm
Loss ratio, %
Trade receivables
Loss allowance
Not past due
0.41
218.8
0.9
Up to 30 days
1.74
11.5
0.2
30\u201360 days
5.41
3.7
0.2
60\u201390 days
2.94
3.4
0.1
90\u2013120 days
16.67
0.6
0.1
More than 120 days
56.14
17.1
9.6
As at 31 December 2024
4.35
255.1
11.1
The table below presents information on the Group\u2019s trade receivables under contracts with customers that are assessed on an individual basis:
31 December 2025
31 December 2024
EURm
Trade
Loss
Trade
Loss
receivables
allowance
receivables
allowance
Not past due
44.9
-
48.8
-
Up to 30 days
2.8
-
1.2
-
30\u201360 days
0.1
-
-
-
60\u201390 days
-
-
-
-
90\u2013120 days
-
-
-
-
More than 120 days
-
-
0.1
0.1
Carrying amount
47.8
-
50.1
0.1
Movements in the account of loss allowance of trade receivables:
EURm
2025
2024
Carrying amount as at 1 January
11.2
12.0
Impairment loss of the year
2.5
3.5
Reversal of loss allowance
(4.3)
(4.3)
Carrying amount at 31 December
9.4
11.2
Impairment loss of receivables was recognised in line item \u2018Other expenses\u2019 in the Statement of profit or loss. 20.2 Significant accounting estimates and judgements 20.2.1 Expected credit losses of trade receivables The Group\u2019s uses a provision matrix to calculate the expected credit losses for trade receivables. The Group accounts for the expected credit losses (hereinafter referred to as \u2018ECL\u2019) by assessing the amounts receivable on an individual basis or on a collective basis and applying the provision matrixes adopted by the Group companies in respect of their customers. ECL for other receivables and contract assets are calculated using an individual assessment. For short-term trade receivables without a significant financing component, the Group applies a simplified approach required by IFRS 9 and measures the loss allowance at the expected lifetime credit losses from the initial recognition of the receivables. 20.2.2 Collective assessment of ECL applying provision matrix The Group companies use provision matrixes to calculate the ECL for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by customer type). The provision matrixes are initially based on the Group companies\u2019 historical observed default rates. The Group companies calibrate the matrixes to adjust the historical credit loss experience with forward-looking information. For instance, if forecasted economic conditions (i.e., changes in gross domestic product) are expected to deteriorate over the next year, which can lead to an increased number of defaults, the historical default rates are adjusted. At every reporting date, the observed historical default rates are updated and the changes in the forward-looking estimates are analysed. The assessment of the correlation between the observed historical default rates, the forecast economic conditions and the ECL is a significant estimate. The amount of the ECL is sensitive to the changes in circumstances and the forecast of economic conditions. The Group\u2019s historical credit loss experience and the forecast of economic conditions may also not be representative of the customer\u2019s actual default in the future. 20.2.3 Individual assessment of ECL Decision to assess the amounts receivable on an individual basis depends on the possibility to obtain the information on the credit history of a particular client/borrower, its financial position as at the date of the assessment, including the forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular client, thus enabling to make a judgement on the recognition of the lifetime ECL in respect of that particular client/borrower. These accounting estimates require significant judgement. The judgement is based on the information about substantial financial difficulties experienced by the debtor, the probability that the debtor will enter bankruptcy or any other reorganisation, default of delinquency in payments. In the absence of reliable sources of information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information, the Group assesses its debt on a collective basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "
20.1 Loss allowance of amounts receivable (lifetime expected credit losses)
The Group's trade receivables from Networks and Customers & Solutions segments are usually assessed on a
collective basis, and trade receivables in other segments \u2013 on an individual basis.
The table below presents information on the Group\u2019s trade receivables under contracts with customers as at 31
December 2025 that are assessed on a collective basis using the loss ratio matrix:
EURm
Loss ratio, %
Trade receivables Loss allowance
Not past due
0.37
190.4
0.7
Up to 30 days
1.91
20.9
0.4
30\u201360 days
9.52
2.1
0.2
60\u201390 days
11.11
0.9
0.1
90\u2013120 days
20.00
0.5
0.1
More than 120 days
44.13
17.9
7.9
As at 31 December 2025
4.04
232.7
9.4
The table below presents information on the Group\u2019s trade receivables under contracts with customers as at 31
December 2024 that are assessed on a collective basis using the loss ratio matrix:
EURm
Loss ratio, %
Trade receivables
Loss allowance
Not past due
0.41
218.8
0.9
Up to 30 days
1.74
11.5
0.2
30\u201360 days
5.41
3.7
0.2
60\u201390 days
2.94
3.4
0.1
90\u2013120 days
16.67
0.6
0.1
More than 120 days
56.14
17.1
9.6
As at 31 December 2024
4.35
255.1
11.1
The table below presents information on the Group\u2019s trade receivables under contracts with customers that are assessed on an individual basis:
31 December 2025
31 December 2024
EURm
Trade
Loss
Trade
Loss
receivables
allowance
receivables
allowance
Not past due
44.9
-
48.8
-
Up to 30 days
2.8
-
1.2
-
30\u201360 days
0.1
-
-
-
60\u201390 days
-
-
-
-
90\u2013120 days
-
-
-
-
More than 120 days
-
-
0.1
0.1
Carrying amount
47.8
-
50.1
0.1
Movements in the account of loss allowance of trade receivables:
EURm
2025
2024
Carrying amount as at 1 January
11.2
12.0
Impairment loss of the year
2.5
3.5
Reversal of loss allowance
(4.3)
(4.3)
Carrying amount at 31 December
9.4
11.2
Impairment loss of receivables was recognised in line item \u2018Other expenses\u2019 in the Statement of profit or loss", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "21 Cash and cash equivalents
EURm
31 December 2025
31 December 2024
Cash balances in bank accounts
232.9
191.4
Deposits less than 3 months
40.2
20.7
Restricted cash
23.2
22.4
Carrying amount
296.3
234.5
Under the loan agreements signed with banks, the Group has pledged a part of the current and future cash inflows. As at 31 December 2025, the balance of cash pledged amounted to EUR 36.1 million (31 December 2024: EUR 17.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "22 Equity 22.1 Capital management For the purpose of capital management, the management uses equity as reported in the Statement of financial position. Pursuant to the Republic of Lithuania Law on Companies, the share capital of a public limited liability company must be not less than EUR 25 thousand, the share capital of a private limited liability company must not be less than EUR 2.5 thousand, and the shareholders\u2019 equity must be not lower than 50% of the company\u2019s share capital. Foreign subsidiaries are subject for compliance with capital requirements according to the regulation adopted in those foreign countries. 22.2 Share capital The Group\u2019s share structure and shareholders were as follows:
31 December 2025
31 December 2024
Shareholder of the Group
Share capital,
%
Share capital,
%
EURm EURm
Republic of Lithuania represented by the Ministry of
Finance of the Republic of Lithuania
1,212.1
74.99
1,212.1
74.99
Other shareholders
404.3
25.01
404.3
25.01
Total
1,616.4
1,616.4
As at 31 December 2025, the Group\u2019s share capital comprised EUR 1,616.4 million (31 December 2024: 1,616.4 million) and was divided into 72,388,960 ordinary shares with a EUR 22.33 nominal value per share (31 December 2024: 72,388,960 ordinary registered shares with a EUR 22.33 nominal value per share). Reconciliation of the number of shares at the beginning and at the end of the year:
2025 2024
Number of authorised shares as at 1 January
72,388,960
72,388,960
Number of authorised shares as at 31 December
72,388,960
72,388,960
22.3 Dividends Dividends declared by the parent company during the year:
EURm 2025 2024
AB \u201cIgnitis grup\u0117\u201d
97.4
94.5
In total, the Group paid EUR 97.4 million dividends in cash during 2025 (EUR 94.5 million during 2024). Dividends declared per share:
Period for which
Dividends
Amount of
Declared on, EURm
dividends are
per share,
dividends declared
allocated
EUR
September 2025
2025
I half-year
0.683
49.4
March 2025
2024
II half-year
0.663
48.0
Total declared during 2025
1.346
97.4
September 2024
2024
I half-year
0.663
48.0
March 2024
2023
II half-year
0.643
46.5
Total declared during 2024
1.306
94.5
22.4 Dividends declared to non-controlling interest The Group uses the anticipated-acquisition method for recognising the put option redemption liability because, under the anticipated-acquisition method, the interests of the non-controlling shareholders are derecognised when the financial liability is recognised, therefore, the underlying interests are presented as already owned by the equity holders of the parent company both in the Statement of financial position and in the Statement of profit or loss and other comprehensive income, even though legally they are still the non-controlling interest. Due to the above, dividends declared in 2025 by the Group\u2019s subsidiary UAB Kauno kogeneracin\u0117 j\u0117gain\u0117 for the non-controlling interest in the amount of EUR 12.4 million (2024: EUR 11.8 million) were presented as dividends to the non-controlling interest. 22.5 Earnings per share The Group\u2019s earnings per share and diluted earnings per share were as follows:
EURm
2025
2024
Net profit for the year
163.9
276.2
Attributable to:
Shareholders in AB \u201cIgnitis grup\u0117\u201d
163.9
276.2
Non-controlling interests
-
-
Weighted average number of nominal shares (units)
72,388,960
72,388,960
Basic and diluted earnings/(loss) per share attributable to shareholders in AB
\u201cIgnitis grup\u0117\u201d (EUR)
2.26
3.82
Basic and diluted earnings per share indicators have been calculated based on 72,388,960 the weighted average number of ordinary shares as at 31 December 2025 (31 December 2024: 72,388,960). ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "
22.1 Capital management
For the purpose of capital management, the management uses equity as reported in the Statement of financial
position.
Pursuant to the Republic of Lithuania Law on Companies, the share capital of a public limited liability company
must be not less than EUR 25 thousand, the share capital of a private limited liability company must not be less
than EUR 2.5 thousand, and the shareholders\u2019 equity must be not lower than 50% of the company\u2019s share
capital. Foreign subsidiaries are subject for compliance with capital requirements according to the regulation
adopted in those foreign countries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "Republic of Lithuania represented by the Ministry of Finance of the Republic of Lithuania", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "
22.3 Dividends
Dividends declared by the parent company during the year:
EURm 2025 2024
AB \u201cIgnitis grup\u0117\u201d
97.4
94.5
In total, the Group paid EUR 97.4 million dividends in cash during 2025 (EUR 94.5 million during 2024).
Dividends declared per share:
Period for which
Dividends
Amount of
Declared on, EURm
dividends are
per share,
dividends declared
allocated
EUR
September 2025
2025
I half-year
0.683
49.4
March 2025
2024
II half-year
0.663
48.0
Total declared during 2025
1.346
97.4
September 2024
2024
I half-year
0.663
48.0
March 2024
2023
II half-year
0.643
46.5
Total declared during 2024
1.306
94.5
22.4 Dividends declared to non-controlling interest
The Group uses the anticipated-acquisition method for recognising the put option redemption liability because,
under the anticipated-acquisition method, the interests of the non-controlling shareholders are derecognised
when the financial liability is recognised, therefore, the underlying interests are presented as already owned by
the equity holders of the parent company both in the Statement of financial position and in the Statement of
profit or loss and other comprehensive income, even though legally they are still the non-controlling interest.
Due to the above, dividends declared in 2025 by the Group\u2019s subsidiary UAB Kauno kogeneracin\u0117 j\u0117gain\u0117 for
the non-controlling interest in the amount of EUR 12.4 million (2024: EUR 11.8 million) were presented as
dividends to the non-controlling interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "0.683", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-489": { "value": "0.663", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2024-07-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-490": { "value": "0.663", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2024-01-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-522": { "value": "
22.5 Earnings per share
The Group\u2019s earnings per share and diluted earnings per share were as follows:
EURm
2025
2024
Net profit for the year
163.9
276.2
Attributable to:
Shareholders in AB \u201cIgnitis grup\u0117\u201d
163.9
276.2
Non-controlling interests
-
-
Weighted average number of nominal shares (units)
72,388,960
72,388,960
Basic and diluted earnings/(loss) per share attributable to shareholders in AB
\u201cIgnitis grup\u0117\u201d (EUR)
2.26
3.82
Basic and diluted earnings per share indicators have been calculated based on 72,388,960 the weighted average
number of ordinary shares as at 31 December 2025 (31 December 2024: 72,388,960).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "23 Reserves 23.1 Legal reserve The legal reserve is a compulsory reserve under the Lithuanian legislation. Companies in Lithuania are required to transfer 5% of the net profit from their distributable profit until the total reserve reaches 10% of their share capital. The legal reserve shall not be used for payment of dividends and is formed to cover the future losses only. The Group\u2019s legal reserve as at 31 December 2025 and 2024 was not fully formed. 23.2 Revaluation reserve The revaluation reserve arises from the revaluation of property, plant and equipment due to the increase in value. The revaluation cannot be used to cover losses. 23.3 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss. 23.4 Treasury shares reserve At the Annual General Meeting of Shareholders held on 27 March 2024, it was decided to cancel the reserve for the acquisition of own ordinary registered shares and to transfer EUR 37.7 million from the \u2018Treasury shares reserve\u2019 to \u2018Retained earnings\u2019. 23.5 Other reserves Other reserves are formed based on the decision of the shareholders and can be redistributed on the appropriation of the next year\u2019s profit. As at 31 December 2025, the Group accounted for the result of the translation of the Group\u2019s net investments in Poland-based companies indirectly controlled by the Group in the amount of EUR 28.1 million into the Group\u2019s presentation currency within the item of other reserves (31 December 2024: EUR 25.2 million). No other reserves were formed by the Group as at 31 December 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-545": { "value": "24 Financing 24.1 Loans, bonds and lease liabilities
EURm 31 December 2025 31 December 2024
Bonds issued
895.2
893.5
Bank loans
813.4
682.8
Bank overdrafts, credit line
179.5
135.3
Lease liabilities
97.8
68.1
Total non-current
1,985.9
1,779.7
Current portion of non-current loans received
115.2
51.9
Bank overdrafts, credit line
88.4
-
Current portion of bonds issued
9.1
9.2
Lease liabilities
9.8
6.0
Total current
222.5
67.1
Total
2,208.4
1,846.8
Loans, bonds and lease liabilities by maturity:
EURm
31 December 2025
31 December 2024
Up to 1 year
222.5
67.1
From 1 to 2 years
769.8
270.1
From 2 to 5 years
792.9
772.9
After 5 years
423.2
736.7
Total
2,208.4
1,846.8
Loans and lease liabilities of the Group are denominated in euros or Polish zlotys, bonds \u2013 in euros. 24.1.1 Covenants The loan agreements provide for financial and non-financial covenants that the individual Group companies and the Group as whole are obliged to comply with. As at 31 December 2025, all Group companies and the Group as a whole, except for one subsidiary, for which a waiver was subsequently obtained from the lender. All Group companies and the Group as whole complied with the covenants as at 31 December 2024. 24.2 Net Debt Net Debt is a non-IFRS liquidity metric used to determine the value of debt against highly liquid assets owned by the Group. The management is monitoring the Net Debt metric as a part of its risk management strategy. Only the debts to financial institutions, issued bonds and related interest payables and lease liabilities are included in the Net Debt calculation. The management defines the Net Debt measure for the purpose of these financial statements in the manner as presented below: Net Debt balances:
EURm
31 December 2025
31 December 2024
Cash and cash equivalents
(296.3)
(234.5)
Non-current portion
1,985.9
1,779.7
Current portion
222.5
67.1
Net Debt
1,912.1
1,612.3
24.2.1 Liquidity reserve The Group manages liquidity risks by entering in credit line, overdraft agreements with banks. As of 31 December 2025, there were eight credit line facilities available in six separate banks with a total limit of EUR 841.9 million. The disbursed amount was EUR 512.6 million (31 December 2024: 135.5 million). The credit line facilities are committed, i.e., the funds must be paid by the bank upon request.
EURm 31 December 2025
31 December 2024
1
Credit line agreements
120.0
270.0
Overdraft agreements
62.5
164.7
Unwithdrawn balances of loan contracts
146.8
105.0
Total unwithdrawn balances
329.3
539.7
Cash balances in bank accounts
273.1
212.1
Total cash and cash equivalents
2
273.1
212.1
Total liquidity reserve
602.4
751.8
1 Due to changes in loan contract internal usage assessment, balances for 31 December 2024 were adjusted to include additional EUR 105.0 million loan contract unwithdrawn balance. 2 Comparative figures as of 31 December 2024 were restated due to a reclassification, with EUR 22.4 million of restricted cash previously included in the liquidity reserve removed from \u2018Cash and cash equivalents\u2019 24.2.2 Reconciliation of the Group\u2019s Net Debt balances and cash flows from financing activities
Loans and bonds Lease liabilities Assets
EURm
Non-
current
Current
Non-
current
Current
Cash and cash
Short-
term deposits
Total
equivalents
Net Debt at 1 January 2024
1,521.2
64.5
42.3
5.2
(205.3)
(110.4)
1,317.5
Cash changes
(Increase) decrease in cash and cash equivalents
-
-
-
-
79.8
-
79.8
Proceeds from loans
102.9
8.0
-
-
-
-
110.9
Repayments of loans
-
(48.6)
-
-
-
-
(48.6)
Lease payments
-
-
-
(7.4)
-
-
(7.4)
Interest paid
-
(45.1)
-
(1.2)
-
-
(46.3)
Overdrafts net change
135.3
(12.5)
-
-
-
-
-
122.8
Received interest
-
-
-
-
-
3.1
3.1
Reclassifications between items
-
-
-
-
(109.0)
109.0
-
Non-cash changes
Lease contracts concluded
-
-
29.4
2.1
-
-
31.5
Accrual of interest receivable
-
-
-
-
-
(1.7)
(1.7)
Accrual of interest payable
1.5
45.8
-
2.1
-
-
49.4
Remeasurement of lease liabilities
-
-
0.8
0.1
-
-
0.9
Reclassifications between items
(48.8)
48.8
(5.2)
5.2
-
-
-
Assumed through business combination
-
-
1.3
-
-
-
1.3
Other non-monetary changes
(1.9)
-
(0.2)
-
-
-
(2.1)
Change in foreign currency
1.4
0.2
(0.3)
(0.1)
-
-
1.2
Net Debt at 31 December 2024
1,711.6
61.1
68.1
6.0
(234.5)
-
1,612.3
Net Debt at 1 January 2025
1,711.6
61.1
68.1
6.0
(234.5)
-
1,612.3
Cash changes
(Increase) decrease in cash and cash equivalents
-
-
-
-
(61.8)
-
(61.8)
Proceeds from loans
187.6
58.1
-
-
-
-
245.7
Repayments of loans
-
(52.1)
-
-
-
-
(52.1)
Lease payments
-
-
-
(10.1)
-
-
(10.1)
Interest paid
-
(48.2)
-
(3.5)
-
-
(51.7)
Overdrafts net change
44.2
88.0
-
-
-
-
132.2
Non-cash changes
Lease contracts concluded
-
-
34.3
4.7
-
-
39.0
Accrual of interest payable
1.9
48.7
-
4.7
-
-
55.3
Remeasurement of lease liabilities
-
-
2.5
1.9
-
-
4.4
Reclassifications between items
(56.3)
56.3
(6.4)
6.4
-
-
-
Assumed through business combination (Note 31.3.1)
-
0.5
-
-
-
-
0.5
Other non-monetary changes
(1.7)
0.3
(0.4)
(0.4)
-
-
(2.2)
Change in foreign currency
0.8
-
(0.3)
0.1
-
-
0.6
Net Debt at 31 December 2025
1,888.1
212,7
97.8
9.8
(296.3)
-
1,912.1
24.3 Significant accounting estimates and judgements 24.3.1 Determining the lease term of contracts with renewal and termination options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease, if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all the relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). The Group included the renewal period as part of the lease term for leases of shorter non-cancellable period (i.e., one to three, three to five, five to seven years, etc.). The Group usually exercises its option to renew for these leases. Lease of the state-owned land is not subject to an extension clause after which the lessee has a pre-emptive right to extend the lease. The periods covered by the termination options are included as part of the lease term only when they are reasonably certain to be exercised. 34.3.2.1 Estimating the incremental borrowing rate The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (hereinafter \u2018IBR\u2019) to measure the lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain the asset of a similar value to the right-of-use asset in a similar economic environment. The major new lease contracts that were recognised in 2025 and 2024 by the Group are for land and buildings. To measure the lease liability of those contracts, the following incremental borrowing rate 1 was used:
Type of leased asset
2025
2024
Land lease (including contracts acquired through business combination)
6.04%
7.26%
Buildings lease
3.86%
3.45%
1 incremental borrowing rate is presented as weighted average. 24.3.3 Determining whether statutory and contractual servitudes are a lease The management of the Group analysed whether perpetual statutory and contractual servitudes are in scope of IFRS 16 Leases. The management concluded that the statutory servitudes are not in scope since they are not limited in time and can be used by the Group for an indefinite period of time. Perpetual arrangement lacks an essential characteristic of a lease, i.e., it does not meet the definition of a lease because it does not convey a right to use an underlying asset for a specified period of time. Having analysed the contractual servitudes, the management concluded that part of them share the same characteristics as the statutory ones and thus do not convey a right to use an underlying asset for a specified period of time. For contractual servitudes with a clear term or when the term can be reliably determined, or when the term is renewable on a period-by-period basis, IFRS 16 Leases is applied when all other criteria listed in IFRS16 are met.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "24 Financing 24.1 Loans, bonds and lease liabilities
EURm 31 December 2025 31 December 2024
Bonds issued
895.2
893.5
Bank loans
813.4
682.8
Bank overdrafts, credit line
179.5
135.3
Lease liabilities
97.8
68.1
Total non-current
1,985.9
1,779.7
Current portion of non-current loans received
115.2
51.9
Bank overdrafts, credit line
88.4
-
Current portion of bonds issued
9.1
9.2
Lease liabilities
9.8
6.0
Total current
222.5
67.1
Total
2,208.4
1,846.8
Loans, bonds and lease liabilities by maturity:
EURm
31 December 2025
31 December 2024
Up to 1 year
222.5
67.1
From 1 to 2 years
769.8
270.1
From 2 to 5 years
792.9
772.9
After 5 years
423.2
736.7
Total
2,208.4
1,846.8
Loans and lease liabilities of the Group are denominated in euros or Polish zlotys, bonds \u2013 in euros. 24.1.1 Covenants The loan agreements provide for financial and non-financial covenants that the individual Group companies and the Group as whole are obliged to comply with. As at 31 December 2025, all Group companies and the Group as a whole, except for one subsidiary, for which a waiver was subsequently obtained from the lender. All Group companies and the Group as whole complied with the covenants as at 31 December 2024. 24.2 Net Debt Net Debt is a non-IFRS liquidity metric used to determine the value of debt against highly liquid assets owned by the Group. The management is monitoring the Net Debt metric as a part of its risk management strategy. Only the debts to financial institutions, issued bonds and related interest payables and lease liabilities are included in the Net Debt calculation. The management defines the Net Debt measure for the purpose of these financial statements in the manner as presented below: Net Debt balances:
EURm
31 December 2025
31 December 2024
Cash and cash equivalents
(296.3)
(234.5)
Non-current portion
1,985.9
1,779.7
Current portion
222.5
67.1
Net Debt
1,912.1
1,612.3
24.2.1 Liquidity reserve The Group manages liquidity risks by entering in credit line, overdraft agreements with banks. As of 31 December 2025, there were eight credit line facilities available in six separate banks with a total limit of EUR 841.9 million. The disbursed amount was EUR 512.6 million (31 December 2024: 135.5 million). The credit line facilities are committed, i.e., the funds must be paid by the bank upon request.
EURm 31 December 2025
31 December 2024
1
Credit line agreements
120.0
270.0
Overdraft agreements
62.5
164.7
Unwithdrawn balances of loan contracts
146.8
105.0
Total unwithdrawn balances
329.3
539.7
Cash balances in bank accounts
273.1
212.1
Total cash and cash equivalents
2
273.1
212.1
Total liquidity reserve
602.4
751.8
1 Due to changes in loan contract internal usage assessment, balances for 31 December 2024 were adjusted to include additional EUR 105.0 million loan contract unwithdrawn balance. 2 Comparative figures as of 31 December 2024 were restated due to a reclassification, with EUR 22.4 million of restricted cash previously included in the liquidity reserve removed from \u2018Cash and cash equivalents\u2019 .
24.2.2 Reconciliation of the Group\u2019s Net Debt balances and cash flows from financing activities
Loans and bonds Lease liabilities Assets
EURm
Non-
current
Current
Non-
current
Current
Cash and cash
Short-
term deposits
Total
equivalents
Net Debt at 1 January 2024
1,521.2
64.5
42.3
5.2
(205.3)
(110.4)
1,317.5
Cash changes
(Increase) decrease in cash and cash equivalents
-
-
-
-
79.8
-
79.8
Proceeds from loans
102.9
8.0
-
-
-
-
110.9
Repayments of loans
-
(48.6)
-
-
-
-
(48.6)
Lease payments
-
-
-
(7.4)
-
-
(7.4)
Interest paid
-
(45.1)
-
(1.2)
-
-
(46.3)
Overdrafts net change
135.3
(12.5)
-
-
-
-
-
122.8
Received interest
-
-
-
-
-
3.1
3.1
Reclassifications between items
-
-
-
-
(109.0)
109.0
-
Non-cash changes
Lease contracts concluded
-
-
29.4
2.1
-
-
31.5
Accrual of interest receivable
-
-
-
-
-
(1.7)
(1.7)
Accrual of interest payable
1.5
45.8
-
2.1
-
-
49.4
Remeasurement of lease liabilities
-
-
0.8
0.1
-
-
0.9
Reclassifications between items
(48.8)
48.8
(5.2)
5.2
-
-
-
Assumed through business combination
-
-
1.3
-
-
-
1.3
Other non-monetary changes
(1.9)
-
(0.2)
-
-
-
(2.1)
Change in foreign currency
1.4
0.2
(0.3)
(0.1)
-
-
1.2
Net Debt at 31 December 2024
1,711.6
61.1
68.1
6.0
(234.5)
-
1,612.3
Net Debt at 1 January 2025
1,711.6
61.1
68.1
6.0
(234.5)
-
1,612.3
Cash changes
(Increase) decrease in cash and cash equivalents
-
-
-
-
(61.8)
-
(61.8)
Proceeds from loans
187.6
58.1
-
-
-
-
245.7
Repayments of loans
-
(52.1)
-
-
-
-
(52.1)
Lease payments
-
-
-
(10.1)
-
-
(10.1)
Interest paid
-
(48.2)
-
(3.5)
-
-
(51.7)
Overdrafts net change
44.2
88.0
-
-
-
-
132.2
Non-cash changes
Lease contracts concluded
-
-
34.3
4.7
-
-
39.0
Accrual of interest payable
1.9
48.7
-
4.7
-
-
55.3
Remeasurement of lease liabilities
-
-
2.5
1.9
-
-
4.4
Reclassifications between items
(56.3)
56.3
(6.4)
6.4
-
-
-
Assumed through business combination (Note 31.3.1)
-
0.5
-
-
-
-
0.5
Other non-monetary changes
(1.7)
0.3
(0.4)
(0.4)
-
-
(2.2)
Change in foreign currency
0.8
-
(0.3)
0.1
-
-
0.6
Net Debt at 31 December 2025
1,888.1
212,7
97.8
9.8
(296.3)
-
1,912.1
24.3 Significant accounting estimates and judgements
24.3.1 Determining the lease term of contracts with renewal and termination options
The Group determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease, if it is reasonably certain to be exercised, or any periods covered by
an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the
option to renew or terminate the lease. That is, it considers all the relevant factors that create an economic
incentive for it to exercise either the renewal or termination. After the commencement date, the Group
reassesses the lease term if there is a significant event or change in circumstances that is within its control and
affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of
significant leasehold improvements or significant customization to the leased asset).
The Group included the renewal period as part of the lease term for leases of shorter non-cancellable period
(i.e., one to three, three to five, five to seven years, etc.). The Group usually exercises its option to renew for
these leases. Lease of the state-owned land is not subject to an extension clause after which the lessee has a
pre-emptive right to extend the lease. The periods covered by the termination options are included as part of the
lease term only when they are reasonably certain to be exercised.
34.3.2.1 Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental
borrowing rate (hereinafter \u2018IBR\u2019) to measure the lease liabilities. The IBR is the rate of interest that the Group
would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain the
asset of a similar value to the right-of-use asset in a similar economic environment.
The major new lease contracts that were recognised in 2025 and 2024 by the Group are for land and buildings.
To measure the lease liability of those contracts, the following incremental borrowing rate
1
was used:
Type of leased asset
2025
2024
Land lease (including contracts acquired through business combination)
6.04%
7.26%
Buildings lease
3.86%
3.45%
1
incremental borrowing rate is presented as weighted average.
24.3.3 Determining whether statutory and contractual servitudes are a lease
The management of the Group analysed whether perpetual statutory and contractual servitudes are in scope of
IFRS 16 Leases. The management concluded that the statutory servitudes are not in scope since they are not
limited in time and can be used by the Group for an indefinite period of time. Perpetual arrangement lacks an
essential characteristic of a lease, i.e., it does not meet the definition of a lease because it does not convey a
right to use an underlying asset for a specified period of time. Having analysed the contractual servitudes, the
management concluded that part of them share the same characteristics as the statutory ones and thus do not
convey a right to use an underlying asset for a specified period of time.
For contractual servitudes with a clear term or when the term can be reliably determined, or when the term is
renewable on a period-by-period basis, IFRS 16 Leases is applied when all other criteria listed in IFRS16 are
met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "25 Grants and subsidies
Asset-related grants \u2013
projects for renovation,
Asset-related grants \u2013
EURm
improvement of
other projects of the Group Total
environmental and safety
standards
Carrying amount as at 1 January 2024
198.1
102.0
300.1
Depreciation and amortisation
(9.3)
(7.6)
(16.9)
Grants received
4.3
-
4.3
Carrying amount as at 31 December 2024
193.1
94.4
287.5
Carrying amount as at 1 January 2025
193.1
94.4
287.5
Depreciation and amortisation
(9.9)
(7.6)
(17.5)
Grants received
2.5
-
2.5
Carrying amount as at 31 December 2025
185.7
86.8
272.5
Amortisation of grants is accounted for under depreciation and amortisation in the Statement of profit or loss and reduces the depreciation expenses of the related property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "26 Provisions
EURm 31 December 2025 31 December 2024
Non-current
160.3
100.5
Current
60.4
28.5
Total
220.7
129.0
Movement of the Group\u2019s provisions was as follows:
Regulatory difference
Regulatory
Emission
Servitudes
of isolated power
differences of public
EURm allowance Employee benefits (Note 26.2.1) system operations
electricity supply
Dismantling
Other
Total
and system
services
activity (Note 33.2.2.2)
(Note 33.2.2.1)
Balance as at 1 January 2024
8.8
6.0
5.5
46.3
13.1
4.8
3.8
88.3
New provisions that were not calculated
before
-
-
-
-
-
-
0.2
0.2
Increase (decrease) during the year
18.8
1.3
-
42.4
(11.0)
1.7
2.3
55.5
Utilised during the year
(9.3)
(0.4)
-
(1.2)
-
(6.5)
(17.4)
Result of change in assumptions
-
0.1
(4.7)
-
(1.4)
0.7
-
(5.3)
Discount effect
-
-
-
2.1
-
0.2
-
2.3
Reclassification from other categories
-
-
-
-
-
-
5.2
5.2
Foreign currency exchange difference
-
-
-
-
-
(2.5)
2.7
0.2
Balance as at 31 December 2024
18.3
7.0
0.8
89.6
0.7
4.9
7.7
129.0
Balance as at 1 January 2025
18.3
7.0
0.8
89.6
0.7
4.9
7.7
129.0
New provisions that were not calculated
before
-
-
-
-
-
20.0
1.8
21.8
Increase (decrease) during the year
37.7
1.1
-
50.1
-
-
0.7
89.6
Utilised during the year
(18.3)
0.1
-
(0.1)
(0.7)
-
(0.8)
(19.8)
Result of change in assumptions
-
(0.1)
(0.3)
3.7
-
(1.9)
(1.3)
0.1
Discount effect
-
0.1
-
(1.8)
-
0.6
-
(1.1)
Reclassification between items
-
-
-
-
-
2.6
(2.6)
-
Reclassification from other categories
-
-
-
-
-
-
1.3
1.3
Foreign currency exchange difference
-
-
-
-
-
-
(0.2)
(0.2)
Balance as at 31 December 2025
37.7
8.2
0.5
141.5
-
26.2
6.6
220.7
Non-current
-
6.1
0.4
127.4
-
26.2
0.2
160.3
Current
37.7
2.1
0.1
14.1
-
-
6.4
60.4
The total change in the provisions in 2025 was EUR 91.7 million. The change recognised in the Statement of profit or loss was EUR 73.8 million, capitalised to Right-of-use assets was EUR 13.4 million, recognised in the Statement of other comprehensive income was EUR 0.1 million, recognised in the Intangible assets was EUR -0.3 million and recognised in the Property, plan and equipment was EUR 4.7 million (the total change in the provisions in 2024 was EUR 40.7 million. The change recognised in the Statement of profit or loss was EUR 43.4 million, capitalised to Right-of-use assets was EUR 0.9 million, recognised in the Statement of other comprehensive income was EUR 0.1 million, recognised in the Intangible assets was EUR -5.1 million and recognised in the Property, plan and equipment was EUR 1.4 million). The largest share of provision change in 2025, amounting to EUR 99.2 million, is from accrued regulatory difference due to the regulator (NERC) adopting a new mechanism for distributing additional profit earned. It was applied to the new manual frequency restoration reserve (mFRR) services, whose market was launched in 2025, provided by Kruonis PSHP and Kaunas HPP and to the isolated system operation services provided by Elektr\u0117nai Complex. For additional information, see section '2.4 Business environment' under 'Regulatory environment\u2019 of the Integrated annual report 26.1 Description of the Group\u2019s provisions and the expected timing of resulting outflows of economic benefits Provisions for employee benefits include a statutory retirement benefit, payable to the Group\u2019s employees (Material accounting policies, Note 1.17.3). The period of non-current provision is calculated according to each employee using actuarial assumptions that include the age of employee, mortality probability, index of staff turnover, discount rate (3.26% as at 31 December 2025, 3.56% as at 31 December 2024), long-term salary increase rate (5% as at 31 December 2025, 5% as at 31 December 2024). The provision for servitudes relates to the compensation of easements to third parties when the distribution system operator (a Group company) installs electricity networks on land belonging to them. A one-time compensation for the use of statutory easements is paid to compensate for losses when a third party applies the request for compensation. The Group\u2019s management estimated that the period during which third parties will apply for compensation is 10 years starting from 2023. An additional 1-year deadline for the payment of compensation from the date of submission of the application was applied (the methodology of servitude-related compensations provides two years for the payment from the date of submission of the application, but in fact the Group pays them within one year). The provision for isolated power system operation and system services relates to regulatory activities that give rise to regulatory differences, which are reimbursed during the next years. On 30 April 2025, NERC adopted amendments to the pricing methodology, introducing additional adjustment mechanisms that may give rise to regulatory differences (Note 33.2.2). The regulatory differences and the period of reimbursement is determined and confirmed by NERC. The provision for the dismantling of wind farms is related to the Group's legal obligations to dismantle the wind power plants. The expected timing of resulting outflows of economic benefits is the date when operation ends. The useful life of wind power plants is between 20 and 30 years. 26.2 Significant accounting estimates and judgements 26.2.1 Provision for compensations for the Special Land Use Conditions (Protected Areas) In addition to the above, the Ministry of Environment has prepared a methodology for the calculation and payment of compensation for the application of special land use conditions in the territories specified in the Law on Special Land Use Conditions of the Republic of Lithuania, established in the public interest, which entered into force on 8 April 2020. In the light of the letter of the Ministry of Energy of the Republic of Lithuania issued on 18 June 2020, the provisions of the methodology apply to both the existing network and the newly built network. According to the provisions of the methodology, compensation for protection zones would be paid upon registration of protection zones, i.e., this would happen after 2023 under a simplified procedure, and the amount of compensation is of an evaluative nature, while taking into account the main purpose of the plot, the scope of restrictions, the specific losses incurred and/or incurred by the plot owners based on the supporting documents. In view of these Methodological requirements and the data available to the Group, the Group cannot reliably estimate future compensation for registered Special Land Use Conditions (Protected Areas), therefore, in accordance with IAS 37, this liability does not qualify for recognition and is therefore not recognised in the financial statements. In addition, the management is not able to provide a quantitative assessment of a possible contingency without having all the necessary information. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "
27.2 Advances received
EURm
31 December 2025
31 December 2024
Current prepayments under contracts with customers
(contract liabilities)
106.5
75.1
Current prepayments under other contracts
0.4
0.4
Total
106.9
75.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-546": { "value": "
28 Trade payables
EURm
31 December 2025
31 December 2024
Amounts payable for gas
146.9
180.7
Amounts payable for electricity
46.4
34.2
Other trade payables
27.4
31.2
Carrying amount
220.7
246.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "29 Other current liabilities
EURm
31 December 2025
31 December 2024
Amounts payable for property, plant and equipment
57.0
68.4
Accrued expenses
39.7
29.5
Taxes (other than income tax)
39.3
28.7
Put option redemption liability (Note 29.1)
38.0
38.0
Payroll related liabilities
35.0
32.3
Contingent consideration for acquisition of subsidiaries (Note
31.3.2)
16.6
33.4
Other current liabilities
16.3
9.4
Derivative financial instruments (Note 30)
3.9
8.4
Irrevocable commitment to acquire a minority interest
3.5
3.5
Non-controlling interest dividends
3.2
3.2
Carrying amount
252.5
254.8
Financial liabilities comprise EUR 138.5 million from total Other current amounts payable and liabilities (31 December 2024: EUR 164.3 million). Accrued expenses, taxes and payroll-related liabilities are not financial liabilities. The fair value of put option redemption liability did not change in 2025 and 2024. 29.1 Judgements and accounting estimates pertaining to control over UAB Kauno kogeneracin\u0117 j\u0117gain\u0117 As at 31 December 2025, the Group held 51% of shares in UAB Kauno kogeneracin\u0117 j\u0117gain\u0117 (hereinafter \u2018Kaunas CHP\u2019), and the remaining 49% of shares was held by UAB Gren Lietuva. Both shareholders have signed the Shareholders\u2019 Agreement under which key decisions over the business should be taken unanimously by the shareholders and/or by the Board, which consists of equal number of representatives from both shareholders and one independent member. If the shareholders fail to reach the consensus on the deadlock situation, the Group has an option to buy (call option) all the shares of Kaunas CHP held by UAB Gren Lietuva and thus, whereas UAB Gren Lietuva has an option to sell (put option) to the Group its shareholdings in Kaunas CHP for the price, the calculation of which is defined in the Shareholders\u2019 Agreement. As a result, the management believes the Group exercises control over Kaunas CHP as this can be exercised when decisions need to be made. In the Group\u2019s management view, the call option\u2019s exercise price that the Group will have to pay to UAB Gren Lietuva for buyout of Kaunas CHP shares owned by UAB Gren Lietuva, in case the Group accepts the option executed by UAB Gren Lietuva, approximates the fair value of the shares less 15% within the limits of the materiality (materiality threshold is based on the best estimate practice, such as +/- 15% of the market value). At 31 December 2025, the Group accounted for EUR 38.0 million (31 December 2024: EUR 38.0 million) put option exercise liability measured as net present value of the single future cash outflow, which would be paid to UAB Gren Lietuva for Kaunas CHP shares in a deadlock situation in case the put option is exercised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "30 Derivatives The Group\u2019s derivative financial instruments are related to electricity and natural gas commodities and comprise: \u0336 contracts made directly with other parties \u2013 over-the-counter (OTC); \u0336 contracts made through Nasdaq Commodities market \u2013 Nasdaq; \u0336 other contracts. The fair value of Nasdaq contracts is being set off with cash on day-to-day basis. Accordingly, no financial assets or liabilities are being recognised in the Statement of financial position. Gain or loss of such transactions is recognised the same as all derivative financial instruments. 30.1 Derivative financial instruments included in the Statement of financial position
EURm
31 December 2025
31 December 2024
Other non-current assets (Note 17.1)
14.4
2.3
Other current assets (Note 17.2)
3.1
2.9
Other non-current liabilities
(1.0)
-
Other current liabilities (Note 29)
(3.9)
(8.4)
Carrying amount
12.6
(3.2)
Movement of derivative financial instruments were as follows:
EURm
2025
2024
Carrying amount as at 1 January
(3.2)
(5.8)
Fair value change of derivatives in \u2018Finance income\u2019
-
0.7
Fair value change of derivatives in \u2018Finance expenses\u2019
-
(0.2)
Fair value change of OTC ineffectiveness
15.0
0.9
Unrealised gain (loss) of OTC and other financial instruments
ineffectiveness
15.0
1.4
Unrealised gain (loss) of Nasdaq ineffectiveness
(0.3)
(0.3)
Total Unrealised gain (loss)
14.7
1.1
Fair value change of OTC effectiveness
0.8
1.2
Fair value change of Nasdaq effectiveness
0.8
(2.9)
Unrealised gain (loss) in \u2018Other comprehensive income\u2019
1.6
(1.7)
Fair value change of Nasdaq set off with cash
(0.5)
3.2
Carrying amount at 31 December
12.6
(3.2)
30.2 Derivatives included in Statement of profit or loss
EURm
2025
2024
Realised gain (loss) from OTC and Nasdaq
(1.1)
2.7
Unrealised gain (loss)
14.7
1.1
Total in profit or loss \u2013 ineffective energy hedging result
13.6
3.8
Cash flow hedges \u2013 reclassified to profit or loss from OCI
8.0
(2.1)
Total in profit or loss \u2013 effective energy hedging result
8.0
(2.1)
Total recognised in \u2018Statement of profit or loss\u2019
21.6
1.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "31 Composition of the Group 31.1 List of subsidiaries The Group\u2019s structure as at 31 December 2025:
Company name
Business segment
Country of
Activities profile
Effective ownership
Non-controlling interest\u2019s
registered office
interest, %
effective ownership interest, %
AB \u201cIgnitis grup\u0117\u201d
Other activities and
Parent company \u2013 management and coordination of activities of the Group
-
-
Subsidiaries of the Group:
eliminations
companies
UAB \u201cIgnitis renewables\u201d
Green Capacities
Lithuania
Coordination of operation, supervision and development of renewable energy
100.00
-
projects
UAB \u201cEURAKRAS\u201d
Green Capacities
Lithuania
Operation of renewable energy projects
100.00
-
UAB \u201cV\u0116JO VATAS\u201d
Green Capacities
Lithuania
Operation of renewable energy projects
100.00
-
UAB \u201cVVP Investment\u201d
Green Capacities
Lithuania
Operation of renewable energy projects
100.00
-
UAB \u201cV\u0116JO G\u016aSIS\u201d
Green Capacities
Lithuania
Operation of renewable energy projects
100.00
-
UAB \u201cPlung\u0117s v\u0117jo energija\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \"WINDLIT\"
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cV\u0117jas LT\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB ARROW CLUSTER
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai 2\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB ARROW HOLDCO
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai 5\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai 7\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai 8\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai 9\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai 10\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables projektai 11\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cIgnitis renewables offshore development\u201d
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \"Offshore wind farm 1\"
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB \u201cNord Wind Park\u201c
Green Capacities
Lithuania
Development of renewable energy projects
100.00
-
UAB Kauno kogeneracin\u0117 j\u0117gain\u0117
Green Capacities
Lithuania
Electricity and heat production from waste
51.00
49.00
UAB Vilniaus kogeneracin\u0117 j\u0117gain\u0117
Green Capacities
Lithuania
Electricity and heat production from waste and biomass
100.00
Ignitis Renewables Polska Sp. z o. o.
Green Capacities
Poland
Development of renewable energy projects
100.00
-
Ignitis RES DEV Sp. z o. o.
Green Capacities
Poland
Development of renewable energy projects
100.00
-
Silesia2 Wind Farm S.A.
Green Capacities
Poland
Development of renewable energy projects
100.00
-
Pomerania Wind Farm Sp. z o. o.
Green Capacities
Poland
Operation of renewable energy projects
100.00
-
Silezia1 Wind Farm Sp. z o.o.
Green Capacities
Poland
Operation of renewable energy projects
100.00
-
Sunrise 1 sp. z o.o.
Green Capacities
Poland
Operation and development of renewable energy projects
100.00
-
Sunrise 2 sp. z o.o.
Green Capacities
Poland
Operation and development of renewable energy projects
100.00
-
Sunrise 4 sp. z o.o.
Green Capacities
Poland
Operation and development of renewable energy projects
100.00
-
Tuuleenergia O\u00dc
Green Capacities
Estonia
Operation of renewable energy projects
100.00
-
Ignitis renewables Estonia O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
100.00
-
Ignitis renewables DevCo1 O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
100.00
-
T\u00d5RVA 1 ENERGIAPARK O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
50.00
50.00
P\u00c4RNU 1 ENERGIAPARK O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
50.00
50.00
KADRINA 1 ENERGIAPARK O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
50.00
50.00
V\u00e4ike-Maarja 1 Energiapark O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
50.00
50.00
Continued on the next page
Company name
Business segment
Country of
Activities profile
Effective ownership
Non-controlling interest\u2019s
registered office
interest, %
effective ownership interest, %
P\u00e4rnu 2 Energiapark O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
50.00
50.00
Haljala 1 Energiapark O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
50.00
50.00
Haapsalu 1 Energiapark O\u00dc
Green Capacities
Estonia
Development of renewable energy projects
50.00
50.00
IGN RES DEV1 SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
IGN RES DEV4 SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
IGN RES DEV5 SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
IGN RES DEV6 SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
IGN RES DEV7 SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
SP Venta SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
BRVE SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
CVE SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
Ignitis renewables Latvia SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
IGN RES DEV2 SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
IGN RES DEV3 SIA
Green Capacities
Latvia
Development of renewable energy projects
100.00
-
AB \u201cIgnitis gamyba\u201d
Green Capacities
Lithuania
Operation and development of renewable energy projects
100.00
-
Reserve Capacities
Operation of reserve capacities assets
UAB \u201cIgnitis gamyba projektai\u201d
Green Capacities
Lithuania
Operation and development of renewable energy projects
100.00
-
Reserve Capacities
Operation of reserve capacities assets
AB \u201cEnergijos skirstymo operatorius\u201d
Networks
Lithuania
Distribution of electricity and natural gas, supply of last resort service
100.00
-
UAB \u201cIgnitis\u201d
Customers & Solutions
Lithuania
Supply and trading of energy, EV network development
100.00
-
Ignitis Polska Sp. z o. o.
Customers & Solutions
Poland
Supply and trading of energy
100.00
-
Ignitis Eesti, O\u00dc
Customers & Solutions
Estonia
Supply and trading of energy, EV network development
100.00
-
Ignitis Latvija SIA
Customers & Solutions
Latvia
Supply and trading of energy, EV network development
100.00
-
Ignitis Suomi OY
Customers & Solutions
Finland
Supply and trading of energy
100.00
-
UAB \u201cIgnitis grup\u0117s paslaug\u0173 centras\u201d
Other activities and
Lithuania
Shared business support services
100.00
-
eliminations
UAB \u201cGamybos optimizavimas\u201d
Other activities and
Lithuania
Planning, optimization, forecasting, trading, brokering and other electricity related
100.00
-
eliminations
services
UAB Elektronini\u0173 mok\u0117jim\u0173 agent\u016bra
Other activities and
Lithuania
Payment aggregation
100.00
-
eliminations
UAB \u201cTransporto valdymas\u201d
Other activities and
Lithuania
Vehicle rental, leasing, repair, maintenance, renewal and service
100.00
-
eliminations
Performance overview and the Group\u2019s structure is provided in section \u20187.5 Information on the Group companies\u2019 of the Integrated Annual Report. 1.2 Changes in the composition 31.2.1 Acquisition of shares through business combinations In 2025, the Group acquired the following subsidiaries operating in the development of renewables projects: \u0336 on 11 February 2025, the Group acquired a 50% shareholding in V\u00e4ike-Maarja 1 Energiapark O\u00dc, and 50% shareholding in P\u00c4RNU 2 ENERGIAPARK O\u00dc; \u0336 on 28 March 2025, the Group acquired a 50% shareholding in Haljala 1 Energiapark O\u00dc; \u0336 on 18 April 2025, the Group acquired a 50% shareholding in Haapsalu 1 Energiapark O\u00dc; \u0336 on 27 June 2025, the Group acquired a 100% shareholding in UAB \u201cNord Wind Park\u201d. Business combination with the companies listed above is presented in Note 31.3.1. 31.2.2 Liquidation of the Group company In 2025, the assets and liabilities of the Group company UAB \u201cIgnitis renewables projektai 6\u201d were merged cross-border into the Group\u2019s joint venture Estonia Offshore Wind DevCo O\u00dc, in which the Group company UAB \u201cIgnitis renewables projektai 6\u201d owned 50 percent of the shares. After the merger, the Group company UAB \u201cIgnitis renewables projektai 6\u201d was liquidated. The ownership right of the Group company UAB \u201cIgnitis renewables projektai 6\u201d to the 50% shares of the joint venture Estonia Offshore Wind DevCo O\u00dc was transferred to the Group company UAB \u201cIgnitis renewables projektai 11\u201d, which owned 100% of the shares of the company UAB \u201cIgnitis renewables projektai 6\u201d prior to the merger. The Group\u2019s effective ownership share in Estonia Offshore Wind DevCo O\u00dc did not change and amounts to 50% of the shares. 31.3 Business combinations The Group applied the acquisition accounting method to account for business combination, according to the provisions of IFRS 3. Under the latter method, the acquisition cost is measured as the sum of the fair values, at the date of exchange, of assets given, liabilities incurred, and equity instruments issued in exchange for control of the business being acquired. During business combinations, the Group\u2019s management carried out the assessment and established that the difference between the acquisition cost of the business and the fair value of the net assets acquired represents goodwill. 31.3.1 Acquisition of subsidiaries in 2025 At the time of business combinations of newly acquired subsidiaries in 2025, the fair values of assets acquired and liabilities assumed were as follows:
EURm
Note
UAB \u201cNord Wind Park\u201d
Assets acquired
Intngible assets
1.9
Property, plant and equipment
0.3
Liabilities assumed
Loans payable
24.2.2
(0.5)
Deferred tax liability
(0.3)
Total identifiable net assets acquired
1.4
Consideration paid
-
Contingent consideration
(1.8)
Total consideration transferred
(1.8)
Goodwill arising from the acquisition of subsidiaries
0.4
Net cash flows from acquisition of subsidiary
Cash paid to seller of shares (current period)
-
Cash and cash equivalents acquired
-
Net cash flows
-
Acquisition of UAB \u201cNord Wind Park\u201d On 27 June 2025, the Group acquired a 100% shareholding in UAB \u201cNord Wind Park\u201d from a legal entity and individual persons. As at 31 December 2025, ownership rights of shares were held by the Group. Total consideration transferred amounts to EUR 1.8 million and was identified as contingent consideration, which relates to the fulfilment of specific sellers\u2019 obligations set out in the share purchase agreement. As at 31 December 2025 contingent consideration has not been paid and will be paid only if the specific sellers\u2019 obligations are fulfilled. The Group\u2019s management estimated that the range of outcomes (undiscounted) is 100% of the total contingent consideration booked as at 31 December 2025. Since the acquisition date, the contributed revenue and profit or loss from the acquiree are not significant for the reporting period. If the acquisition of UAB \u201cNord Wind Park\u201d had occurred on 1 January 2025, the management estimates that the Group\u2019s total revenue and net profit for the reporting period would not have changed significantly. In determining these amounts, the management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2025. The Group incurred EUR 0.2 million acquisition-related costs Acquisition of V\u00e4ike-Maarja 1 Energiapark O\u00dc, P\u00e4rnu 2 Energiapark O\u00dc, Haljala 1 Energiapark O\u00dc and Haapsalu 1 Energiapark O\u00dc As at 31 December 2025, the 50% of ownership rights of shares were held by the Group. According to the Shareholders\u2019 Agreement, the Group has an option to buy (call option) any time all remaining shares (50%). As a result, the Group\u2019s management determined the Group exercises the control over V\u00e4ike-Maarja 1 Energiapark O\u00dc, P\u00e4rnu 2 Energiapark O\u00dc, Haljala 1 Energiapark O\u00dc and Haapsalu 1 Energiapark O\u00dc. All these companies were registered on 27 November 2024. The total consideration transferred by the Group for all entities amounts to EUR 200 and was paid through a bank account. No contingent consideration has been identified. The fair values of the assets acquired and the liabilities assumed are immaterial, therefore, they are not disclosed. Acquisition of UAB \u201cOffshore wind farm 1\u201d On 10 October 2025 the Group company UAB \u201cIgnitis renewables\u201d has signed a sale and purchase agreement with OW Offshore, S.L. for the acquisition of 49% shares in Group company UAB \u201cOffshore wind farm 1\u201d, the company developing the Curonian Nord offshore wind project. The ownership of the shares was transferred on 13 October 2025. 31.3.2 Contingent consideration for acquisition of subsidiaries The contingent consideration for acquisition of subsidiaries is presented in the Statement of financial position as follows:
31 December 2025
31 December 2024
EURm
Other non-current
Other current
Other non-current
Other current
liabilities
liabilities
liabilities liabilities
Contingent consideration for acquisition of
subsidiaries
7.9
16.6
4.7
33.4
31.4 Non-controlling interest The tables below have been prepared on the basis of the financial statements of subsidiaries adjusted for consolidation purposes and present data before intercompany eliminations. Summarised Statement of financial position of the Group companies with non-controlling interest:
EURm
31 December 2025
31 December 2024
Non-current assets
187.0
123.0
Current assets
64.6
49.1
Non-current liabilities
(79.0)
(86.2)
Current liabilities
(102.5)
(15.2)
Net assets
70.1
70.7
Non-controlling interest
34.4
34.6
Summarised Statement of profit or loss of the Group companies with non-controlling interests:
EURm
31 December 2025
31 December 2024
Revenue
55.4
53.9
Net profit (loss) from continuing operations
24.2
26.4
Other comprehensive income (loss)
(0.6)
(1.0)
Total comprehensive income (loss) for the year
24.8
25.4
Profit (loss) attributable to non-controlling interest
1
-
-
Dividends paid to non-controlling interest
12.4
11.8
1 The Group uses anticipated-acquisition method for recognizing put option redemption liability (Note 29.1). Accordingly, profits (loss) attributable to the holder of the non-controlling interest subject to the put option are presented as attributable to the owners of the parent company and not as attributable to those non-controlling shareholders. Summarised Statement of cash flows of the Group companies with non-controlling interest:
31 December 2025 31 December 2024
Cash flows from operating activities
34.7
37.4
Income tax (paid) recovered
1.5
-
Net cash flows from operating activities
34.7
37.4
Net cash flows from investing activities
(5.1)
(1.0)
Net cash flows from financing activities
(35.5)
(34.6)
Net increase (decrease) in cash and cash equivalents
4.3
1.8
Cash and cash equivalents at beginning of the year
28.9
27.1
Cash and cash equivalents at the end of the year
33.2
28.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "
31.3 Business combinations
The Group applied the acquisition accounting method to account for business combination, according to the
provisions of IFRS 3. Under the latter method, the acquisition cost is measured as the sum of the fair values, at
the date of exchange, of assets given, liabilities incurred, and equity instruments issued in exchange for control
of the business being acquired.
During business combinations, the Group\u2019s management carried out the assessment and established that the
difference between the acquisition cost of the business and the fair value of the net assets acquired represents
goodwill.
31.3.1 Acquisition of subsidiaries in 2025
At the time of business combinations of newly acquired subsidiaries in 2025, the fair values of assets acquired
and liabilities assumed were as follows:
EURm
Note
UAB \u201cNord Wind Park\u201d
Assets acquired
Intngible assets
1.9
Property, plant and equipment
0.3
Liabilities assumed
Loans payable
24.2.2
(0.5)
Deferred tax liability
(0.3)
Total identifiable net assets acquired
1.4
Consideration paid
-
Contingent consideration
(1.8)
Total consideration transferred
(1.8)
Goodwill arising from the acquisition of subsidiaries
0.4
Net cash flows from acquisition of subsidiary
Cash paid to seller of shares (current period)
-
Cash and cash equivalents acquired
-
Net cash flows
-
Acquisition of UAB \u201cNord Wind Park\u201d
On 27 June 2025, the Group acquired a 100% shareholding in UAB \u201cNord Wind Park\u201d from a legal entity and
individual persons. As at 31 December 2025, ownership rights of shares were held by the Group. Total
consideration transferred amounts to EUR 1.8 million and was identified as contingent consideration, which
relates to the fulfilment of specific sellers\u2019 obligations set out in the share purchase agreement. As at 31
December 2025 contingent consideration has not been paid and will be paid only if the specific sellers\u2019
obligations are fulfilled. The Group\u2019s management estimated that the range of outcomes (undiscounted) is
100% of the total contingent consideration booked as at 31 December 2025.
Since the acquisition date, the contributed revenue and profit or loss from the acquiree are not significant for the
reporting period.
If the acquisition of UAB \u201cNord Wind Park\u201d had occurred on 1 January 2025, the management estimates that
the Group\u2019s total revenue and net profit for the reporting period would not have changed significantly. In
determining these amounts, the management has assumed that the fair value adjustments that arose on the
date of acquisition would have been the same if the acquisition had occurred on 1 January 2025. The Group
incurred EUR 0.2 million acquisition-related costs
Acquisition of V\u00e4ike-Maarja 1 Energiapark O\u00dc, P\u00e4rnu 2 Energiapark O\u00dc, Haljala 1 Energiapark O\u00dc and
Haapsalu 1 Energiapark O\u00dc
As at 31 December 2025, the 50% of ownership rights of shares were held by the Group. According to the
Shareholders\u2019 Agreement, the Group has an option to buy (call option) any time all remaining shares (50%). As
a result, the Group\u2019s management determined the Group exercises the control over V\u00e4ike-Maarja 1 Energiapark
O\u00dc, P\u00e4rnu 2 Energiapark O\u00dc, Haljala 1 Energiapark O\u00dc and Haapsalu 1 Energiapark O\u00dc. All these companies
were registered on 27 November 2024. The total consideration transferred by the Group for all entities amounts
to EUR 200 and was paid through a bank account. No contingent consideration has been identified. The fair
values of the assets acquired and the liabilities assumed are immaterial, therefore, they are not disclosed.
Acquisition of UAB \u201cOffshore wind farm 1\u201d
On 10 October 2025 the Group company UAB \u201cIgnitis renewables\u201d has signed a sale and purchase agreement
with OW Offshore, S.L. for the acquisition of 49% shares in Group company UAB \u201cOffshore wind farm 1\u201d, the
company developing the Curonian Nord offshore wind project. The ownership of the shares was transferred on
13 October 2025.
31.3.2 Contingent consideration for acquisition of subsidiaries
The contingent consideration for acquisition of subsidiaries is presented in the Statement of financial position as
follows:
31 December 2025
31 December 2024
EURm
Other non-current
Other current
Other non-current
Other current
liabilities
liabilities
liabilities liabilities
Contingent consideration for acquisition of
subsidiaries
7.9
16.6
4.7
33.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
31.4 Non-controlling interest
The tables below have been prepared on the basis of the financial statements of subsidiaries adjusted for
consolidation purposes and present data before intercompany eliminations.
Summarised Statement of financial position of the Group companies with non-controlling interest:
EURm
31 December 2025
31 December 2024
Non-current assets
187.0
123.0
Current assets
64.6
49.1
Non-current liabilities
(79.0)
(86.2)
Current liabilities
(102.5)
(15.2)
Net assets
70.1
70.7
Non-controlling interest
34.4
34.6
Summarised Statement of profit or loss of the Group companies with non-controlling interests:
EURm
31 December 2025
31 December 2024
Revenue
55.4
53.9
Net profit (loss) from continuing operations
24.2
26.4
Other comprehensive income (loss)
(0.6)
(1.0)
Total comprehensive income (loss) for the year
24.8
25.4
Profit (loss) attributable to non-controlling interest
1
-
-
Dividends paid to non-controlling interest
12.4
11.8
1
The Group uses anticipated-acquisition method for recognizing put option redemption liability (Note 29.1). Accordingly, profits
(loss) attributable to the holder of the non-controlling interest subject to the put option are presented as attributable to the owners
of the parent company and not as attributable to those non-controlling shareholders.
Summarised Statement of cash flows of the Group companies with non-controlling interest:
31 December 2025 31 December 2024
Cash flows from operating activities
34.7
37.4
Income tax (paid) recovered
1.5
-
Net cash flows from operating activities
34.7
37.4
Net cash flows from investing activities
(5.1)
(1.0)
Net cash flows from financing activities
(35.5)
(34.6)
Net increase (decrease) in cash and cash equivalents
4.3
1.8
Cash and cash equivalents at beginning of the year
28.9
27.1
Cash and cash equivalents at the end of the year
33.2
28.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "32 Contingent liabilities and commitments 32.1 Litigations The most significant litigations as at 31 December 2025:
Is the Group or
Is the Group or the
Provision
the Group Group company a recognised in the
Litigation company a party party as defendant or Statement of
to the process? plaintiff in the financial
Litigation concerning the designated supplier state
process?
position?
aid scheme and LNG price component
No
-
No
Investigation by the European Commission on State
aid in the context of a strategic reserve measure
No
-
No
Litigation with UAB Kauno termofikacijos elektrin\u0117
Yes
Plaintiff
No
Litigation with UAB Pamario j\u0117gaini\u0173 energija
Yes
Defendant
No
32.1.1 Litigation concerning the designated supplier state aid scheme and LNG price component Following the judgement of the General Court on the European Union (the General Court) on 8 September 2021 in case T-193/19, AB \u201cAchema\u201d initiated the reopening of the previously suspended proceedings in the administrative courts of the Republic of Lithuania in respect of the complaints it has lodged against the National Energy Regulatory Council (hereinafter referred to \u2018the Council\u2019) regarding the Council\u2019s decisions of the setting of the LNG price supplement. The Group company UAB \u201cIgnitis\u201d in these cases is intervened as a third party. On 8 September 2021, in case T-193/19 the General Court decided to partially annul the European Commission\u2019s decision regarding the case SA.44678 (2018/N) (hereinafter referred to \u2018Decision\u2019) on procedural grounds. The General Court considered that the European Commission should have had doubts on the amendments regarding the designated supplier state aid scheme which have been valid for a period from 2016 to 2018 and annulled the Decision on that part. However, it maintained the validity of the remainder of the Decision, i.e., the designated supplier state aid scheme valid from 2019. Following the General Court's judgment, the Commission has re-examined the compatibility of the 2016 amendments and has decided to open an in-depth investigation under EU State aid rules. The Commission will now investigate further to determine whether the amount of compensation received by Litgas for the period 2016\u20132018, in particular, regarding the boil-off and balancing costs, is in line with the SGEI Framework. The European Commission\u2019s formal investigation procedure, limited to the points of doubt raised by the General Court, should lead to the adoption of a final and complete decision of the European Commission. The Supreme Administrative Court of Lithuania issued four final rulings in favour of a Group company UAB \u201cIgnitis\u201d, rejecting complaint of AB \u201cAchema\u201d regarding the setting of the LNG transmission price for 2019, 2020, 2021 and 2023. After the formal investigation procedure (which started in December 2022), there will be more certainty in assessing the actual financial impact to the Group. The Group expects a decision to be taken in 2026. 32.1.2 Investigation by European Commission On 3 June 2019, the European Commission initiated an investigation (case SA.44725 (2019/C)) to assess whether EU State aid rules were complied with when allocating funds for the public service obligation to ensure security of electricity supply through the provision of production and strategic reserve services during the period of 2013\u20132018. As a result, the Group is subject to risks arising from noncompliance with EU State aid rules. These production and strategic reserve services were provided by AB \u201cIgnitis gamyba\u201d, which received approximately EUR\u202f361\u202fmillion over the period assessed. If this investigation results in an adverse decision, the Group\u2019s received support measures may be deemed incompatible, and the Group could be required to repay some or all of the amounts received. Based on the Group management\u2019s current estimates, the probability of repaying the full amount received is very low. On 12 December 2025, the European Commission decided to extend the investigation. The European Commission has not yet adopted any decision regarding the outcome of the investigation. Once a decision is adopted, the Group will disclose it in accordance with applicable legal requirements. 32.1.3 Litigation with UAB Kauno termofikacijos elektrin\u0117 On 17 December 2018, the Group\u2019s company UAB \u201cIgnitis\u201d appealed to the Vilnius Court of Commercial Arbitration for compensation of EUR 1.7 million for losses incurred due to UAB Kauno termofikacijos elektrin\u0117 failure to acquire the entire required amount of liquefied natural gas assigned for 2015, and for the award of EUR 0.1 million of interest on late payment. UAB Kauno termofikacijos elektrin\u0117 filed a counterclaim in the case, requesting the annulment of one of the terms of the LNG Sales and Purchase Agreement and the Additional Agreement. The proceedings are suspended until the courts of general jurisdiction have ruled on the non-arbitrable part of the parties\u2019 dispute as to whether the national regulatory legislation relevant to the period in question is in conformity with the Constitution and other national laws, as well as with the principles of EU law. On 13 June 2024, the Vilnius City District Court dismissed the claim of UAB Kauno termofikacijos elektrin\u0117. On 15 July 2024, UAB Kauno termofikacijos elektrin\u0117 filed two appeals: (1) against the supplementary judgment of the Vilnius City District Court dated 25 June 2024, by which UAB Kauno termofikacijos elektrin\u0117 was ordered to pay the costs of the proceedings (incurred for legal aid) to the Ministry of Energy; (2) against the judgment of the Vilnius City District Court dated 13 June 2024, which dismissed UAB Kauno termofikacijos elektrin\u0117 claim against UAB \u201cIgnitis\u201d. On 19 August 2024, on behalf of UAB \u201cIgnitis\u201d, a defence to the appeals of UAB Kauno termofikacijos elektrin\u0117 was prepared and submitted to the court. On 13 February 2025, the Kaunas Regional Court, having examined the case in appellate proceedings, decided to annul the decision of the Vilnius City District Court dated 13 June 2024 and the additional decision of the Vilnius City District Court dated 25 June 2024, and to remit the case to the first instance court for re- examination. The first instance court hearing for the remitted case is scheduled for 17 March 2026. 32.1.4 Litigation with UAB Pamario j\u0117gaini\u0173 energija On 30 April 2025, UAB Pamario j\u0117gaini\u0173 energija filed a claim against the Group\u2019s subsidiary UAB \u201cIgnitis\u201d requesting a contract termination penalty (EUR 10.0 million), plaintiff interest (EUR 0.4 million), procedural interest at a rate of 11.40% and plaintiff's litigation costs. Total claim amount - EUR 10.4 million. The claim is based on the fact that upon termination of the agreement between the parties for the Purchase of electricity produced from renewable energy sources from the producer, purchase agreement from a renewable energy UAB \u201cIgnitis\u201d is obligated to pay a penalty calculated according to the formula specified in the contract. The claim comes from disagreement regarding the penalty calculation formula. UAB \u201eIgnitis\u201c position is that UAB Pamario j\u0117gaini\u0173 energija incorrectly applied the formula for calculating the penalty established in the contract. UAB \u201eIgnitis\u201c provided their calculations based on which the penalty amount was deemed to be EUR 0. The parties in the case have exchanged procedural documents. The court hearings are scheduled for 27 February and 12 March 2026. 32.2 Significant acquisition commitments At the end of the reporting year, the Group had significant acquisition commitments of property, plant and equipment and intangible assets, which will have to be fulfilled during the later years (Notes 11.3 and 12.3). 32.3 Evaluation of geopolitical situation on the Group\u2019s financial statements The Group has evaluated current and, to the extent possible, expected impact of Russia\u2019s ongoing war against Ukraine on the financial position, performance, cash-flows and the principal risks and uncertainties to which the Group is exposed. As the Group does not have any significant operations and does not have any subsidiaries in the affected markets, the management of the Group has concluded that: \u0336 No expected credit losses adjustments should be made as Group does not have balances with affected markets; \u0336 No adjustment to the carrying amounts of assets and liabilities should be made; \u0336 The situation does not have impact on Group\u2019s ability to continue as a going concern; \u0336 General potential effects that are tightly related to the Group\u2019s activities are an increase in electricity and natural gas prices, possible disruptions in supply chains as well as increased inflation and growing prices of other materials. Furthermore, the level of vigilance in cybersecurity is being raised nationwide while the Group is classified as the owner of critical infrastructure. None of the mentioned general potential effects had a significant impact on the Group's financial position, performance and cash-flows since the start of the war. As to the above no significant impact of Russia\u2019s ongoing war against Ukraine on Group\u2019s financial statements was identified. However, it should be noted that, due to the ongoing uncertainty, impact of the Russia\u2019s ongoing war against Ukraine on the business of the Group companies is being constantly reviewed. 33 Temporary regulatory differences 33.1 Regulatory activity: Accrual of income and regulatory provisions from regulated activities The profitability of some individual Group companies and their individual activities is regulated by NERC through the service tariffs approved for the next periods. The level of tariffs depends on the projected costs and volume of services for the next period, the extent to which the previous period earnings are at variance with the regulated level, and other factors. The actual costs of regulated activities incurred by the Group during the year may be at variance with the projected costs that are considered during the approval of the tariffs, and the actual volume of services may be at variance with the projected one. Accordingly, actual earnings from regulated activities may be at variance with the regulated level, and the resulting difference will affect the future tariffs of services. The Group has these regulated activities: electricity distribution (Networks), natural gas distribution (Networks), designated supply of natural gas (Customers & Solutions), natural gas supply to B2C customers (Customers & Solutions), isolated power system operation and system services (Reserve Capacities and Green Capacities), public supply of electricity (Customers & Solutions). Actual costs incurred by the Group during the year may be at variance with the projected costs that are considered during the approval of the tariffs, and the actual volume of services may be at variance with the projected one. Accordingly, the actual earnings of the Group may be at variance with the regulated level, and the resulting difference will affect the future tariffs of services. Such differences are considered to be temporary regulatory differences. The Group recognises the assets and liabilities of the regulated activities only when the Group has a guarantee (stipulated in NERC resolutions or laws) that even in case of discontinuing regulated activities, the differences would be refunded to the Group in case of under collection or the Group will have to refund in case of overcollection. Changes in regulatory assets and liabilities include: \u0336 \u2018New temporary regulatory differences\u2019 that are the management\u2019s estimates for the current year, which are calculated using the actual financial and operational data and are not yet confirmed by NERC; \u0336 \u2018Received previous years differences\u2019 that are the amounts received during the current year for the differences in previous periods through tariffs based on the resolutions passed by NERC; \u0336 \u2018Returned previous years differences\u2019 that are the amounts repaid during the current year for the differences in previous periods through tariffs based on the resolutions passed by NERC; \u0336 \u2018Recalculation of previous years differences\u2019 that applies in case the regulatory differences confirmed by NERC do not agree with the differences estimated by the management. 33.2 Movement of regulatory assets and liabilities
Not recognised in the Statement of financial position Recognised in the Statement of financial position
Subtotal not
Isolated power system
Subtotal recognised
EURm
Electricity
Natural gas
Designated supply of
Natural gas supply to
recognised in the
operation and system
in the Statement of
Public supply of
Total
distribution distribution natural gas B2C customers
Statement of
services financial position
electricity
financial position
Balance as at 1 January 2024
(284.3)
(14.1)
18.0
0.5
(279.9)
(45.7)
(58.8)
(13.1)
(338.7)
New temporary regulatory differences
(28.3)
(7.8)
19.3
0.6
(16.2)
(44.5)
(33.5)
11.0
(49.7)
Received previous years differences
-
-
(31.2)
-
(31.2)
-
-
-
(31.2)
Returned previous years differences
51.0
2.4
-
-
53.4
0.6
0.6
-
54.0
Recalculation of previous years differences
(1.7)
(4.9)
-
-
(6.6)
-
1.4
1.4
(5.2)
Balance as at 31 December 2024
(263.3)
(24.4)
6.1
1.1
(280.5)
(89.6)
(90.3)
(0.7)
(370.8)
Balance as at 1 January 2025
(263.3)
(24.4)
6.1
1.1
(280.5)
(89.6)
(90.3)
(0.7)
(370.8)
New temporary regulatory differences
(24.5)
(6.7)
(2.2)
5.4
(28.0)
(127.9)
(112.7)
15.2
(140.7)
Received previous years differences
-
-
(0.8)
-
(0.8)
-
-
-
(0.8)
Returned previous years differences
98.4
7.5
-
-
105.9
76.1
76.1
-
182.0
Recalculation of previous years differences
26.0
(3.1)
(3.1)
-
19.8
-
(2.1)
(2.1)
17.7
Balance as at 31 December 2025
(163.4)
(26.7)
-
6.5
(183.6)
(141.4)
(129.0)
12.4
(312.6)
Non-current
(103.2)
(41.8)
-
-
(145.0)
(127.4)
(127.4)
-
(272.4)
Current
(60.2)
15.1
-
6.5
(38.6)
(14.0)
(1.6)
12.4
(40.2)
33.2.1 Regulatory assets and liabilities not recognised in the Statement of financial position 33.2.1.1 Electricity distribution Regulatory differences are determined in accordance with the Methodology for setting the price caps for electricity transmission, distribution and public supply services (hereinafter \u2013 the Methodology) and are of two types: adjusted by NERC or estimated by the Group. NERC adjusts the regulatory differences after the first two years of the regulatory period for the regulated activities, and then after four years of the regulatory period as well as after the entire regulatory period (including the extension of the regulatory period), which reduces the level of revenue allowed for the regulated activities for the following year. The Group has agreed with the regulator (NERC) to amend the repayment period of the EUR 160.0 million regulatory difference to 2024\u20132031 (from 2024\u20132036). In this regard, NERC upgraded the methodology for calculating the additional tariff component and linked it to the leverage level cap of 5.5x (ESO Net Debt/ ESO Adjusted EBITDA, both calculated based on the methodology approved by NERC), which means that if ESO\u2019s leverage level exceeds the predetermined cap, the additional tariff component will increase proportionally. According to the amendment, the regulatory differences for B2C customers (EUR 57.1 million, including accrued interest) will be repaid over a period of 2 years and 3 months (from 1 April 2024 to 30 June 2026). For B2B customers (EUR 100.6 million, including accrued interest), the repayment period is 7 years and 9 months (from 1 April 2024 to 31 December 2031). The regulatory difference mentioned above relates to the changes in the Networks methodology in 2021 and, in turn, the recalculated ROI and D&A for the period 2018\u20132021. Accordingly, after the agreement was made, the Methodology for determining the price caps for electricity transmission, distribution and public supply services has been changed. The evaluation of the return on investment for 2024 and 2025 will be performed in 2026, when setting the electricity distribution price caps for 2027. 33.2.1.2 Natural gas distribution Regulatory differences are determined in accordance with the Methodology for setting state-regulated prices in the natural gas sector (hereinafter \u2013 the Methodology) and are of two types: adjusted by NERC or estimated by the Group. NERC adjusts the regulatory differences of the regulated activities after the first two years of the regulatory period, and then after four years of the regulatory period as well as after the entire regulatory period (including the extension of the regulatory period), which changes the level of revenue allowed for the regulated activities for the following year. By the Resolution No. O3E-1323 passed on 18 October 2024, NERC has set the price cap for the natural gas distribution price for 2025 on the basis of a certificate No.O5E-973 issued on 15 October 2024. The evaluation of the return on investment for 2024 and 2025 will be performed in 2026, when setting the natural gas distribution income level for 2027. 33.2.1.3 Designated supply of natural gas Designated supply activity is also regulated by NERC. The regulatory differences arise when the actual costs differ from those estimated, but the Group does not recognise the regulated assets or liabilities in the financial statements as the difference will be refunded by providing the services in the future. 33.2.1.4 Natural gas supply to B2C customers Natural gas supply to B2C customers is regulated by NERC. NERC regulates the natural gas tariff paid by the customers. The regulatory differences, defined as the difference between the fixed natural gas sale price and the actual natural gas purchase price, were not recognised in the financial statements till 31 December 2025 as the Group had no guarantee for this difference to be considered when setting tariffs in the future according to the legislation base. 33.2.2 Regulatory assets and liabilities recognised in the Statement of financial position 33.2.2.1 Temporary regulatory differences of isolated power system operations and system services \u0336 On 14 November 2019, NERC adopted a resolution No O3E\u2013715 \u2018On approval of the methodology for establishing the prices for electricity, capacity reserve and services ensuring isolated operation of the power system\u2019. This resolution stipulates that Companies that discontinue capacity reserve ensuring services or services ensuring isolated operation of the power system shall reimburse any discrepancies between the projected and actual costs of providing these services to the transmission system operator (related company \u2013 LITGRID AB) if the costs actually incurred by the Group were less than the revenues received from the transmission system operator. If the actual costs incurred by the Group were higher than the income of the transmission system operator, the transmission system operator shall reimburse this amount to the Group. Formulas determined for period y in the resolution for isolated operation of the power system and capacity reserve services:\u2013 In the case of capacity reserve assurance services: the amount of discrepancy between the assigned investment return that meets the reasonableness criteria, compared to the determined investment return, during the reporting period (y-2); \u0336 in the case of isolated operation of the power system: the amount of the discrepancy between the costs assigned during the reporting period (y-2) compared to the amount of income received from transmission system operator during the reporting period (y-2). On 8 February 2023 an additional agreement with transmission system operator was signed. Under the agreement the Group undertook to purchase the required amount of gas and sell the set amount of electricity in advance on the electricity market in accordance with the electricity generation schedule submitted by transmission system operator, and transmission system operator undertook to reimburse the costs incurred by the Group under the schedule. After this additional agreement during 2023 the Group has ent tred into a derivatives\u2019 transaction, which hedges the sale price of gas. On 30 April 2025, NERC adopted a resolution \"On the approval of methodology for setting prices for electricity, emergency reserve capacity, isolated power system operation and total power system accident prevention or liquidation, and isolated power system operation reserve services\". The resolution was expanded with the following clauses: - for entities, whose power plants provide total power system accident prevention or liquidation service, the permitted isolated power system operation service revenue may be adjusted by 70% of the positive financial result from the manual frequency restoration reserve (mFRR) capacity service, resulting from the difference between the marginal auction price (pay-as-cleared) and the offered auction price (pay-as-bid), of the previous or planned financial period (quarter, half-year or year), of the power plants that provide total power system accident prevention or liquidation services. When assessing revenue, an additional adjustment for the permitted revenue may be done if entities' adjusted EBITDA for the assessment year (y-1) is higher than previous year's (y-2), indexed on last year's coefficient of EBITDA change. If this condition is met, when adjusting the isolated power system operation service revenue, an additional adjustment of the difference between assessment year (y-1) adjusted EBITDA and previous year (y-2) indexed adjusted EBITDA is made. The difference between planned and actual service revenue is assessed when determining the price cap for the isolated power system operation service in the subsequent periods. This clause is valid until 31 December 2025 but may be extended by the decision of the NERC. - for entities, whose power plants provide total power system accident prevention or liquidation service, the permitted isolated power system operation service revenue can be adjusted by 50% of the profit from electricity and balancing capacity services sold in accordance with the conditions set out in the Electricity trade rules. This clause is valid until 31 December 2026 but may be extended by the decision of the NERC. 33.2.2.2 Temporary regulatory differences of public electricity supply activity On 25 September 2020, NERC adopted a Resolution No. O3E-879 \u2018On the approval of the methodology for determining the electricity transmission, distribution and public supply services and the public price cap\u2019. The resolution includes the methodology for determining the additional component for the distribution services to B2C consumers to compensate the difference between the actual and forecasted reasonable costs of a public supplier. The additional component is paid by B2C customers through the electricity distribution service price, which is included as one of the components of the public electricity tariff applied to the electricity consumed by B2C customers. This component is collected by the distribution system operator (a Group company) from all electricity suppliers that sell electricity to B2C customers. The calculation of the difference includes the difference resulting from the discrepancy between the forecasted electricity purchase price and the actual electricity purchase price as well as the amount of costs resulting from the difference between the public supplier's public electricity price cap and the actual electricity distribution service price caps. If the difference is negative, the loss is compensated through the increased price of the additional component applied in the next year and, accordingly, if the difference is positive, the gain is reduced through the decreased price of the additional component. This resolution also stipulates that if the Group discontinues public supply services, the Group must refund the raised discrepancies between the forecasted and actual costs of providing these services if the costs actually incurred by the Group were less than the income received. The amount must be refunded to the Group if the costs actually incurred by the Group were higher than the income of the transmission system operator. The difference shall be reimbursed till 31 December 2034. With regard to the above, the Group recognises contract assets and/or contract liabilities of the difference to eliminate the mismatches between the current year earnings and the regulated level, regardless of the difference in the provision of services in the future.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "34 Related-party transactions Related parties are defined as follows: \u0336 the parent company\u2019s controlling shareholders or those who have significant influence; \u0336 associated companies; \u0336 joint ventures; \u0336 state controlled companies and their subsidiaries (only significant transactions are being disclosed with such companies); \u0336 the Ministry of Finance of the Republic of Lithuania along with agencies and enterprises that are attributable to the governance of the decisions (only significant transactions are being disclosed with such companies); \u0336 the key management personnel and close members of that personnel\u2019s family and their controlled enterprises and companies. In 2025 and 2024, the Group did not conclude any asset investment, acquisition, transfer, lease, pledge and mortgage, obligation fulfilment surety or guarantee transactions with a related party under normal market conditions during normal economic activity which (or the sum of which) exceed 1/10 of the assets provided in the Statement of financial position. The table below summarises the main types of transactions carried out with related parties were as follows:
Related parties
Registration
Official
Address
Relationship
Nature of main
code
register
transactions
LITGRID AB
302564383
SE Centre of
Karlo Gustavo
Indirectly controlled by
Sales and purchase of
Registers Emilio
the Ministry of Energy
electricity transmission
Manerheimo St. 8,
of Lithuania
services, capacity
LT-05131
Vilnius
services
AB \u201cAmber Grid\u201d
303090867
SE Centre of
Laisv\u0117s Ave. 10,
Indirectly controlled by
Sales of gas, purchases
Registers
LT-04215
Vilnius
the Ministry of Energy of gas transmission
of Lithuania
services
BALTPOOL
302464881
SE Centre of
\u017dalgirio St. 90, D,
Indirectly controlled by
Sales and purchases of
UAB Registers
LT-09303
Vilnius
the Ministry of Energy electricity, provision of
of Lithuania
PSO services
UAB GET Baltic
302861178
SE Centre of
Zalgirio st. 114,
Indirectly controlled by
Sales and purchases of
Registers
LT-09300
Vilnius,
the Ministry of Energy gas
Lithuania
of Lithuania
SE Centre of
Harju maakond,
Joint venture
Provision of financing
Estonia Offshore 16827546 Registers Tallinn, Kesklinna and management
Wind DevCo O\u00dc linnaosa, Narva services
mnt 5, 10117
Other related
-
-
-
Other entities
Sales of electricity,
parties controlled by state provision of electricity
bodies transmission and
distribution services
Transactions with related parties as at 31 December were as follows:
Loans receivable
Accounts
Accounts
Finance
Related parties 31 December receivable payable Sales Purchases
income
2025
31 December
31 December
2025 2025 (expenses)
2025
2025
2025
LITGRID AB
-
11.6
42.9
271.3
315.2
-
AB \u201cAmber Grid\u201d
-
4.4
2.0
4.5
11.6
-
BALTPOOL UAB
-
0.6
-
0.6
0.3
-
UAB GET Baltic
-
-
-
28.8
101.0
-
Associates and other
related parties of the
Group
4.5
2.5
6.3
15.6
23.3
0.3
Total
4.5
19.1
51.2
320.8
451.4
0.3
Loans receivable
Accounts
Accounts
Finance
31 December receivable payable Sales Purchase
income
Related parties 2024
31 December
31 December
2024 s (expense
2024 2024 2024 s)
2024
LITGRID AB
-
31.3
29.9
163.9
262.8
-
AB \u201cAmber Grid\u201d
-
7.9
4.3
37.3
32.5
-
BALTPOOL UAB
-
0.4
-
20.8
0.1
-
UAB GET Baltic
-
13.1
0.7
24.8
68.9
-
Associates and other
related parties of the
Group
-
1.7
5.2
19.0
31.3
-
Total
-
54.4
40.1
265.8
395.6
-
34.1 Terms of transactions with related parties The payment terms set the range from 15 to 90 days. Closing debt balances are not secured by pledges, they do not yield interest, and settlements occur in cash. There were no guarantees given or received in respect of the related-party payables and receivables. 34.2 Compensation to key management personnel
EURm
2025
2024
Wages and salaries and other short-term benefits to key management personnel
1.9
1.7
Whereof:
-
-
Short-term benefits: wages, salaries and other
1.6
1.5
Long-term benefits
0.3
0.2
Number of key management personnel
14
12
In 2025 and 2024 members of the Management Board (incl. CEO) and the Supervisory Board were considered to be the Group\u2019s key management personnel. For more information on the key management personnel, see section \u20184 Governance\u2019 of this report.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "34 Related-party transactions Related parties are defined as follows: \u0336 the parent company\u2019s controlling shareholders or those who have significant influence; \u0336 associated companies; \u0336 joint ventures; \u0336 state controlled companies and their subsidiaries (only significant transactions are being disclosed with such companies); \u0336 the Ministry of Finance of the Republic of Lithuania along with agencies and enterprises that are attributable to the governance of the decisions (only significant transactions are being disclosed with such companies); \u0336 the key management personnel and close members of that personnel\u2019s family and their controlled enterprises and companies. In 2025 and 2024, the Group did not conclude any asset investment, acquisition, transfer, lease, pledge and mortgage, obligation fulfilment surety or guarantee transactions with a related party under normal market conditions during normal economic activity which (or the sum of which) exceed 1/10 of the assets provided in the Statement of financial position. The table below summarises the main types of transactions carried out with related parties were as follows:
Related parties
Registration
Official
Address
Relationship
Nature of main
code
register
transactions
LITGRID AB
302564383
SE Centre of
Karlo Gustavo
Indirectly controlled by
Sales and purchase of
Registers Emilio
the Ministry of Energy
electricity transmission
Manerheimo St. 8,
of Lithuania
services, capacity
LT-05131
Vilnius
services
AB \u201cAmber Grid\u201d
303090867
SE Centre of
Laisv\u0117s Ave. 10,
Indirectly controlled by
Sales of gas, purchases
Registers
LT-04215
Vilnius
the Ministry of Energy of gas transmission
of Lithuania
services
BALTPOOL
302464881
SE Centre of
\u017dalgirio St. 90, D,
Indirectly controlled by
Sales and purchases of
UAB Registers
LT-09303
Vilnius
the Ministry of Energy electricity, provision of
of Lithuania
PSO services
UAB GET Baltic
302861178
SE Centre of
Zalgirio st. 114,
Indirectly controlled by
Sales and purchases of
Registers
LT-09300
Vilnius,
the Ministry of Energy gas
Lithuania
of Lithuania
SE Centre of
Harju maakond,
Joint venture
Provision of financing
Estonia Offshore 16827546 Registers Tallinn, Kesklinna and management
Wind DevCo O\u00dc linnaosa, Narva services
mnt 5, 10117
Other related
-
-
-
Other entities
Sales of electricity,
parties controlled by state provision of electricity
bodies transmission and
distribution services
Transactions with related parties as at 31 December were as follows:
Loans receivable
Accounts
Accounts
Finance
Related parties 31 December receivable payable Sales Purchases
income
2025
31 December
31 December
2025 2025 (expenses)
2025
2025
2025
LITGRID AB
-
11.6
42.9
271.3
315.2
-
AB \u201cAmber Grid\u201d
-
4.4
2.0
4.5
11.6
-
BALTPOOL UAB
-
0.6
-
0.6
0.3
-
UAB GET Baltic
-
-
-
28.8
101.0
-
Associates and other
related parties of the
Group
4.5
2.5
6.3
15.6
23.3
0.3
Total
4.5
19.1
51.2
320.8
451.4
0.3
Loans receivable
Accounts
Accounts
Finance
31 December receivable payable Sales Purchase
income
Related parties 2024
31 December
31 December
2024 s (expense
2024 2024 2024 s)
2024
LITGRID AB
-
31.3
29.9
163.9
262.8
-
AB \u201cAmber Grid\u201d
-
7.9
4.3
37.3
32.5
-
BALTPOOL UAB
-
0.4
-
20.8
0.1
-
UAB GET Baltic
-
13.1
0.7
24.8
68.9
-
Associates and other
related parties of the
Group
-
1.7
5.2
19.0
31.3
-
Total
-
54.4
40.1
265.8
395.6
-
34.1 Terms of transactions with related parties The payment terms set the range from 15 to 90 days. Closing debt balances are not secured by pledges, they do not yield interest, and settlements occur in cash. There were no guarantees given or received in respect of the related-party payables and receivables. 34.2 Compensation to key management personnel
EURm
2025
2024
Wages and salaries and other short-term benefits to key management personnel
1.9
1.7
Whereof:
-
-
Short-term benefits: wages, salaries and other
1.6
1.5
Long-term benefits
0.3
0.2
Number of key management personnel
14
12
In 2025 and 2024 members of the Management Board (incl. CEO) and the Supervisory Board were considered to be the Group\u2019s key management personnel. For more information on the key management personnel, see section \u20184 Governance\u2019 of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "
34.2 Compensation to key management personnel
EURm
2025
2024
Wages and salaries and other short-term benefits to key management personnel
1.9
1.7
Whereof:
-
-
Short-term benefits: wages, salaries and other
1.6
1.5
Long-term benefits
0.3
0.2
Number of key management personnel
14
12
In 2025 and 2024 members of the Management Board (incl. CEO) and the Supervisory Board were considered
to be the Group\u2019s key management personnel. For more information on the key management personnel, see
section \u20184 Governance\u2019 of this report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "35 Risk management Risks are a natural and integral part of business activities, and risk profile changes continuously. The Group aims to mitigate its risks and reduce them to an acceptable level through risk management. This part describes only the management of the main financial risks. Management of other risks is presented in section \u20184 Governance\u2019 of this report. The Group is exposed to a variety of financial risks in their operations: \u0336 market risk; \u0336 credit risk; \u0336 liquidity risk; \u0336 climate change risk. While managing these risks, the Group companies seek to mitigate the impact of the factors which could adversely affect the Group\u2019s financial performance. 35.1 Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of the changes in the market prices. The market risk comprises three types of risk: \u0336 foreign currency exchange risk; \u0336 interest rate risk; \u0336 energy and commodity risk. 35.1.1 Foreign currency exchange risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of the changes in the foreign exchange rates. The sale/purchase contracts of the Group are mainly denominated in euro. The foreign exchange risk is mainly exposed to subsidiaries of the Group that operate in Poland, but the overall Group exposure remains low. 35.1.2 Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of the changes in the market interest rates. When assuming debt obligations, it is aimed that non-current liabilities would bear a fixed interest rate. If the fixing of the interest rate is not possible due to objective reasons and the liability assumed comprises a significant amount (in the context of the Group), the interest rate derivatives would be used for the purpose of interest management. The aim is that non-current loans and bonds with fixed interest rates comprise not less than 50% of the Group\u2019s consolidated non-current loans and bonds portfolio. The usage of any of the interest rate derivatives requires the expiry date of the derivative to correspond to the maturity date of the debt obligation. The risk of adverse changes in the interest rate of the investment is not actively insured. The risk management measures are applied only when the market has obvious indications that the interest rate might significantly decrease, resulting in negative investment returns. Most of the Group\u2019s loans and bonds had fixed interest rates as at 31 December 2025. Variable-rate financial instruments include the loans received in the amount of EUR 755.1 million and the loans granted in the amount of EUR 52.9 million as at 31 December 2025 (as at 31 December 2024, the loans received amounted to EUR 452.3 million and the loans granted \u2013 EUR 54.0 million). Interest rate risk is assessed in relation to sensitivity of the Group\u2019s profit to potential shift in interest rates. This assessment is provided in the table below.
Group
Increase/decrease, pp
(Decrease)/increase in profit
2025
1.0/(1.0)
(7.0)/7.0
2024
1.0/(1.0)
(4.0)/4.0
35.1.3 Energy and commodity risk Commodity risk is the risk that the changes in the market prices (i.e., commodity prices) will affect the Group\u2019s results or the value of its holdings of financial instruments. The objective of the energy and commodity risk management is to manage and control the market risk exposures within acceptable parameters while optimising the return. The Group uses derivatives to manage the commodity risk. All such transactions are carried out according to the Group\u2019s risk management policy. Generally, the Group seeks to apply hedge accounting to manage the volatility in the Statement of profit or loss. In the ordinary course of its operations, the Group is exposed to commodity risks on natural gas and electricity products. The source of exposure lies with the cash flows from the sales of natural gas and electricity or the cost cash flows incurred to procure the fixed-price electricity/natural gas for the sales contracts. Majority of this type of exposure is based on the changes in the respective commodity prices in the market where the Group operates. The commodity risk arises primarily from the following activities: \u0336 fixed-price commodity sale contracts (electricity and natural gas) for B2C and B2B; \u0336 fixed-price natural gas purchase contracts. In order to manage the commodity price risk, the Group enters into financial derivatives contracts (cash flow hedges). This is performed in order to secure a fixed acquisition price for the above-mentioned commodities, so that the optimum profit margins could be obtained from the contracted or expected fixed-price sales. For electricity-related hedges, the Group uses component-based hedges in the derivatives market (NASDAQ Commodities) or equivalent over-the-counter contracts (OTC), and for natural-gas-related hedges \u2013 OTC contracts with price indexes matching the hedged contracts. The assessment of economic relationship and hedge effectiveness is performed by: \u0336 the dollar offset method for electricity hedges; \u0336 the descriptive method for natural gas hedges. The two separate components that are being used as a hedged item for electricity-related hedges are the SYS price and price component equivalent or similar to the difference between the Lithuanian price area and the SYS price. Their economic relationship is determined separately for each component: \u0336 SYS price (the average price in the Nord Pool power market, of which Lithuania is a member); \u0336 price component equivalent or similar to the difference between the Lithuanian price area and the SYS price (commonly referred as EPAD in NASDAQ Commodities market). The source of hedge ineffectiveness is mainly related to the limited supply of financial derivatives for Lithuanian electricity price area in the market. Therefore, commodity risk is partly hedged in the similar price areas (Latvian, Estonian and other), which results in partial ineffectiveness. The designated risk component of SYS historically covered 100% of the changes in the hedged item, while the designated price component equivalent or similar to the difference between the Lithuanian price and the SYS price historically covered a variety of percentages (depending on the hedge timing and the hedged price area). However, at least 67% coverage is expected in order for a derivative to be classified as effective for hedge accounting purposes. During the reporting period of 2025, on average, nearly 81% of all electricity hedge contracts in terms of value have been effective. Overview of the Group\u2018s derivatives positions:
31 December 2025
31 December 2024
EURm
Contractual
Market
Contractual
Market
nominal value
value
1
nominal value
value
1
Market derivatives \u2013 Electricity (Nasdaq Commodities)
12.4
(0.6)
19.4
(0.6)
Over-the-counter (OTC) derivatives \u2013 Electricity (Note 30)
14.6
1.8
8.6
(1.4)
Over-the-counter (OTC) derivatives \u2013 Natural gas (Note 30)
24.5
(2.5)
7.8
(3.2)
Total
51.5
(1.3)
35.8
(5.2)
1 Non-commodity derivatives are not included in the table above, their fair value as at 31 December 2025 was EUR 15 million (as at 31 December 2024 was EUR 1.4 million) (Note 30). Nominal amounts (quantities in TWh) hedged:
31 December 2025
2026
2027
2028
Electricity hedges
0.2
0.2
1.4
Natural gas hedges
-
-
-
Total
0.2
0.2
1.4
Nominal values hedged: EURm
31 December 2025
2026
2027
2028
Electricity hedges
27.0
-
-
Natural gas hedges
17.0
5.1
2.4
Total
44.0
5.1
2.4
Market value sensitivity analysis, due to the changes in market prices:
EURm
31 December 2025
Market value
Market derivatives \u2013 Electricity (Nasdaq
Increase by 10%
Current prices
Decrease by 10%
Commodities)
0.5
(0.6)
(0.8)
Over-the-counter (OTC) derivatives \u2013 Electricity
(11.3)
1.8
15.0
Over-the-counter (OTC) derivatives \u2013 Natural gas
(0.2)
(2.5)
(4.6)
Total
(11.0)
(1.3)
9.6
35.2 Credit risk Credit risk is a risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group\u2019s exposure to credit risk arises from operating activities of the companies (trade and other amounts receivable) and from financing activities (loans granted, finance lease agreements). The Group\u2019s risk related to cash is limited as the Group keeps cash balances only in reliable financial institutions. The Group is not exposed to significant credit risk concentration related to trade receivables. The Group is exposed to credit risk concentration related to loans granted (Note 15.2.2). The Group evaluates cash flows and financial results of Moray West Holdings Limited, no impairment loss is recognised for the investment into Moray West Holdings Limited to which the loan is granted. Therefore, the Group does not consider the risk associated with the concentration of loans granted to be significant. The priority objective of the Group\u2019s treasury management is to ensure the security of the funds and maximise the return on investments in pursuance of this objective. The risk of counterparties defaulting is managed by entering into transactions with reliable financial institutions (or subsidiaries of such institutions) with a long-term credit rating (in foreign currency) not lower than \u2018A-\u2019 according to the rating agency Fitch Ratings (or an equivalent rating of other rating agencies). The maximum exposure to credit risk is equal to the carrying amount of financial assets.
EURm
Note
31 December 2025
31 December 2024
Financial assets measured at amortised cost:
Non-current receivables
15
10.1
18.5
Trade receivables
20
272.2
294.0
Other receivables
15
27.7
46.8
Other current financial assets
16
0.2
-
Loans granted
15
72.9
65.1
Cash and cash equivalents
21
296.3
234.5
Amounts receivable under finance lease agreements
Non-current portion
15.1
5.8
7.8
Current portion
2.1
1.8
Financial assets measured at FVTPL or FVOCI
Investment funds \u2013 at FVTPL
16
26.1
30.1
Equity securities \u2013 at FVOCI
16
5.0
5.0
Derivatives
30
17.5
5.2
Total
735.9
708.8
35.3 Liquidity risk The liquidity risk is managed by planning future cash flows of each Group company and ensuring sufficient cash and availability of funding through committed credit facilities and overdrafts to support the Group\u2019s ordinary activities. The refinancing risk is managed by ensuring that loans over a certain period were repaid from available cash, from cash flows expected from operating activities of the Group companies over that period, and from unwithdrawn committed credit facilities which have to be repaid in later periods. As at 31 December 2025, the Group\u2019s current ratio (total current assets/total current liabilities) and quick ratio ((total current assets \u2013 inventories) / total current liabilities) were 1.17 and 0.89 respectively (31 December 2024: 1.13 and 0.84 respectively). As at 31 December 2025, the Group\u2019s balance of credit lines, overdraft facilities and loan agreements not withdrawn amounted to EUR 332.3 million (31 December 2024: EUR 434.7 million). The table below summarises the Group\u2019s financial liabilities by category:
EURm
Note
31 December 2025 31 December 2024
Financial liabilities measured at amortised cost
Loans and bonds
24
2,100.8
1,772.7
Lease liabilities
24
107.6
74.1
Trade payables and non-current amounts payable to suppliers
221.2
248.2
Other current and non-current liabilities
94.1
133.9
Financial liabilities measured at FVTPL or FVOCI
Derivatives
30
4.9
8.4
Put option redemption liability
29.1
38.0
38.0
Total
2,566.6
2,275.3
The table below summarises the maturity profile of the Group\u2019s financial liabilities under the contracts (based on contractual undiscounted payments of interest-bearing financial liabilities and the carrying amounts of other financial liabilities):
2025
EURm
Less than 3
3 months to
1 to 5 years
More than
5
Total
months 1 year years
Loans and bonds
15.6
159.4
1,626.3
410.1
2,211.4
Lease liabilities
1.7
12.3
54.4
127.9
196.3
Trade payables and non-current amounts
82.8 137.9 0.5 - 221.2
payable to suppliers
Other current and non-current liabilities
66.6
50.6
2.4
31.0
150.6
Derivatives
1.1
2.8
1.0
-
4.9
As at 31 December 2025
167.8
363.0
1,684.6
569.0
2,784.4
2024
EURm
Less than 3
3 months to
1 to 5 years
More than 5
Total
months 1 year years
Loans and bonds
15.9
71.8
1,168.4
703.1
1,959.2
Lease liabilities
1.0
7.8
32.3
88.2
129.3
Trade payables and non-current amounts
payable to suppliers
79.2
166.9
2.1
-
248.2
Other current and non-current liabilities
70.8
85.0
6.6
18.8
181.2
Derivatives
7.6
0.8
-
-
8.4
As at 31 December 2024
174.5
332.3
1,209.4
810.1
2,526.3
35.4 Impact of climate change The Group pays special attention in order to reveal a potential impact of climate change and its related economic, transitional changes on the parent company's activities. This impact may arise from physical (extreme) weather phenomena and from the aspiration of states to adopt the Green Deal, which could cause additional requirements for the energy sector: to comply with new regulations, implement new technological solutions, manage reputational risks, respond to fast growing market demand for green solutions, etc. Read more on the impact of climate change and the parent company\u2019s approach on managing it in section \u20186.2 Environment\u2019 of Integrated Annual Report 2025. Climate change and the transition to net zero have been considered in the preparation of these financial statements. While preparing these financial statements, the following has been considered: Valuation of property, plant and equipment, and impairment assessment of goodwill The Group assesses the useful economic life of its property, plant and equipment assets annually. The useful economic life of assets has not been shortened. There are no indicators suggesting that assets have reduced in value, significant impacts of climate change on the Group\u2019s assumptions used in estimating their recoverable value and there is no need to perform sensitivity analysis of the effects of climate risk within the assumptions made. The Group\u2019s management does not reasonably expect the climate change to have a significant impact of valuation of property, plant and equipment, and the impairment assessment of goodwill. Estimation of decommissioning provisions The Group holds decommissioning provisions for some of the wind and solar power farms. It is expected that fundamental changes to weather patterns, or the impact of new wind generation capacity will not bring forward the decommissioning of the Group\u2019s current wind farm portfolio. Impact of climate change on provision for risk and on ECL The Group\u2019s management does not believe that there are any provisions for risks or potential liabilities requiring consideration in the financial statements in connection with possible disputes, specific regulatory requirements aimed at mitigating environmental damages, sanctions connected to failure to comply with environmental requirements, contracts that may become onerous, possible restructuring works aimed at achieving the climate objectives required. No significant climate and environmental risks had significant impact when calculating the ECL. The impact of future climate change regulation is not material on the currently reported amounts of the Group\u2019s assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "35.1 Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of the changes in the market prices. The market risk comprises three types of risk: \u0336 foreign currency exchange risk; \u0336 interest rate risk; \u0336 energy and commodity risk. 35.1.1 Foreign currency exchange risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of the changes in the foreign exchange rates. The sale/purchase contracts of the Group are mainly denominated in euro. The foreign exchange risk is mainly exposed to subsidiaries of the Group that operate in Poland, but the overall Group exposure remains low. 35.1.2 Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of the changes in the market interest rates. When assuming debt obligations, it is aimed that non-current liabilities would bear a fixed interest rate. If the fixing of the interest rate is not possible due to objective reasons and the liability assumed comprises a significant amount (in the context of the Group), the interest rate derivatives would be used for the purpose of interest management. The aim is that non-current loans and bonds with fixed interest rates comprise not less than 50% of the Group\u2019s consolidated non-current loans and bonds portfolio. The usage of any of the interest rate derivatives requires the expiry date of the derivative to correspond to the maturity date of the debt obligation. The risk of adverse changes in the interest rate of the investment is not actively insured. The risk management measures are applied only when the market has obvious indications that the interest rate might significantly decrease, resulting in negative investment returns. Most of the Group\u2019s loans and bonds had fixed interest rates as at 31 December 2025. Variable-rate financial instruments include the loans received in the amount of EUR 755.1 million and the loans granted in the amount of EUR 52.9 million as at 31 December 2025 (as at 31 December 2024, the loans received amounted to EUR 452.3 million and the loans granted \u2013 EUR 54.0 million). Interest rate risk is assessed in relation to sensitivity of the Group\u2019s profit to potential shift in interest rates. This assessment is provided in the table below.
Group
Increase/decrease, pp
(Decrease)/increase in profit
2025
1.0/(1.0)
(7.0)/7.0
2024
1.0/(1.0)
(4.0)/4.0
35.1.3 Energy and commodity risk Commodity risk is the risk that the changes in the market prices (i.e., commodity prices) will affect the Group\u2019s results or the value of its holdings of financial instruments. The objective of the energy and commodity risk management is to manage and control the market risk exposures within acceptable parameters while optimising the return. The Group uses derivatives to manage the commodity risk. All such transactions are carried out according to the Group\u2019s risk management policy. Generally, the Group seeks to apply hedge accounting to manage the volatility in the Statement of profit or loss. In the ordinary course of its operations, the Group is exposed to commodity risks on natural gas and electricity products. The source of exposure lies with the cash flows from the sales of natural gas and electricity or the cost cash flows incurred to procure the fixed-price electricity/natural gas for the sales contracts. Majority of this type of exposure is based on the changes in the respective commodity prices in the market where the Group operates. The commodity risk arises primarily from the following activities: \u0336 fixed-price commodity sale contracts (electricity and natural gas) for B2C and B2B; \u0336 fixed-price natural gas purchase contracts. In order to manage the commodity price risk, the Group enters into financial derivatives contracts (cash flow hedges). This is performed in order to secure a fixed acquisition price for the above-mentioned commodities, so that the optimum profit margins could be obtained from the contracted or expected fixed-price sales
For electricity-related hedges, the Group uses component-based hedges in the derivatives market (NASDAQ
Commodities) or equivalent over-the-counter contracts (OTC), and for natural-gas-related hedges \u2013 OTC
contracts with price indexes matching the hedged contracts. The assessment of economic relationship and
hedge effectiveness is performed by:
\u0336 the dollar offset method for electricity hedges;
\u0336 the descriptive method for natural gas hedges.
The two separate components that are being used as a hedged item for electricity-related hedges are the SYS
price and price component equivalent or similar to the difference between the Lithuanian price area and the
SYS price. Their economic relationship is determined separately for each component:
\u0336 SYS price (the average price in the Nord Pool power market, of which Lithuania is a member);
\u0336 price component equivalent or similar to the difference between the Lithuanian price area and the SYS price
(commonly referred as EPAD in NASDAQ Commodities market).
The source of hedge ineffectiveness is mainly related to the limited supply of financial derivatives for Lithuanian
electricity price area in the market. Therefore, commodity risk is partly hedged in the similar price areas
(Latvian, Estonian and other), which results in partial ineffectiveness. The designated risk component of SYS
historically covered 100% of the changes in the hedged item, while the designated price component equivalent
or similar to the difference between the Lithuanian price and the SYS price historically covered a variety of
percentages (depending on the hedge timing and the hedged price area). However, at least 67% coverage is
expected in order for a derivative to be classified as effective for hedge accounting purposes. During the
reporting period of 2025, on average, nearly 81% of all electricity hedge contracts in terms of value have been
effective.
Overview of the Group\u2018s derivatives positions:
31 December 2025
31 December 2024
EURm
Contractual
Market
Contractual
Market
nominal value
value
1
nominal value
value
1
Market derivatives \u2013 Electricity (Nasdaq Commodities)
12.4
(0.6)
19.4
(0.6)
Over-the-counter (OTC) derivatives \u2013 Electricity (Note 30)
14.6
1.8
8.6
(1.4)
Over-the-counter (OTC) derivatives \u2013 Natural gas (Note 30)
24.5
(2.5)
7.8
(3.2)
Total
51.5
(1.3)
35.8
(5.2)
1
Non-commodity derivatives are not included in the table above, their fair value as at 31 December 2025 was EUR 15 million (as
at 31 December 2024 was EUR 1.4 million) (Note 30).
Nominal amounts (quantities in TWh) hedged:
31 December 2025
2026
2027
2028
Electricity hedges
0.2
0.2
1.4
Natural gas hedges
-
-
-
Total
0.2
0.2
1.4
Nominal values hedged:
EURm
31 December 2025
2026
2027
2028
Electricity hedges
27.0
-
-
Natural gas hedges
17.0
5.1
2.4
Total
44.0
5.1
2.4
Market value sensitivity analysis, due to the changes in market prices:
EURm
31 December 2025
Market value
Market derivatives \u2013 Electricity (Nasdaq
Increase by 10%
Current prices
Decrease by 10%
Commodities)
0.5
(0.6)
(0.8)
Over-the-counter (OTC) derivatives \u2013 Electricity
(11.3)
1.8
15.0
Over-the-counter (OTC) derivatives \u2013 Natural gas
(0.2)
(2.5)
(4.6)
Total
(11.0)
(1.3)
9.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "
35.2 Credit risk
Credit risk is a risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss.
The Group\u2019s exposure to credit risk arises from operating activities of the companies (trade and other amounts
receivable) and from financing activities (loans granted, finance lease agreements). The Group\u2019s risk related to
cash is limited as the Group keeps cash balances only in reliable financial institutions.
The Group is not exposed to significant credit risk concentration related to trade receivables. The Group is
exposed to credit risk concentration related to loans granted (Note 15.2.2). The Group evaluates cash flows and
financial results of Moray West Holdings Limited, no impairment loss is recognised for the investment into
Moray West Holdings Limited to which the loan is granted. Therefore, the Group does not consider the risk
associated with the concentration of loans granted to be significant.
The priority objective of the Group\u2019s treasury management is to ensure the security of the funds and maximise
the return on investments in pursuance of this objective. The risk of counterparties defaulting is managed by
entering into transactions with reliable financial institutions (or subsidiaries of such institutions) with a long-term
credit rating (in foreign currency) not lower than \u2018A-\u2019 according to the rating agency Fitch Ratings (or an
equivalent rating of other rating agencies).
The maximum exposure to credit risk is equal to the carrying amount of financial assets.
EURm
Note
31 December 2025
31 December 2024
Financial assets measured at amortised cost:
Non-current receivables
15
10.1
18.5
Trade receivables
20
272.2
294.0
Other receivables
15
27.7
46.8
Other current financial assets
16
0.2
-
Loans granted
15
72.9
65.1
Cash and cash equivalents
21
296.3
234.5
Amounts receivable under finance lease agreements
Non-current portion
15.1
5.8
7.8
Current portion
2.1
1.8
Financial assets measured at FVTPL or FVOCI
Investment funds \u2013 at FVTPL
16
26.1
30.1
Equity securities \u2013 at FVOCI
16
5.0
5.0
Derivatives
30
17.5
5.2
Total
735.9
708.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "35.3 Liquidity risk The liquidity risk is managed by planning future cash flows of each Group company and ensuring sufficient cash and availability of funding through committed credit facilities and overdrafts to support the Group\u2019s ordinary activities. The refinancing risk is managed by ensuring that loans over a certain period were repaid from available cash, from cash flows expected from operating activities of the Group companies over that period, and from unwithdrawn committed credit facilities which have to be repaid in later periods. As at 31 December 2025, the Group\u2019s current ratio (total current assets/total current liabilities) and quick ratio ((total current assets \u2013 inventories) / total current liabilities) were 1.17 and 0.89 respectively (31 December 2024: 1.13 and 0.84 respectively). As at 31 December 2025, the Group\u2019s balance of credit lines, overdraft facilities and loan agreements not withdrawn amounted to EUR 332.3 million (31 December 2024: EUR 434.7 million). The table below summarises the Group\u2019s financial liabilities by category:
EURm
Note
31 December 2025 31 December 2024
Financial liabilities measured at amortised cost
Loans and bonds
24
2,100.8
1,772.7
Lease liabilities
24
107.6
74.1
Trade payables and non-current amounts payable to suppliers
221.2
248.2
Other current and non-current liabilities
94.1
133.9
Financial liabilities measured at FVTPL or FVOCI
Derivatives
30
4.9
8.4
Put option redemption liability
29.1
38.0
38.0
Total
2,566.6
2,275.3
The table below summarises the maturity profile of the Group\u2019s financial liabilities under the contracts (based on contractual undiscounted payments of interest-bearing financial liabilities and the carrying amounts of other financial liabilities):
2025
EURm
Less than 3
3 months to
1 to 5 years
More than
5
Total
months 1 year years
Loans and bonds
15.6
159.4
1,626.3
410.1
2,211.4
Lease liabilities
1.7
12.3
54.4
127.9
196.3
Trade payables and non-current amounts
82.8 137.9 0.5 - 221.2
payable to suppliers
Other current and non-current liabilities
66.6
50.6
2.4
31.0
150.6
Derivatives
1.1
2.8
1.0
-
4.9
As at 31 December 2025
167.8
363.0
1,684.6
569.0
2,784.4
2024
EURm
Less than 3
3 months to
1 to 5 years
More than 5
Total
months 1 year years
Loans and bonds
15.9
71.8
1,168.4
703.1
1,959.2
Lease liabilities
1.0
7.8
32.3
88.2
129.3
Trade payables and non-current amounts
payable to suppliers
79.2
166.9
2.1
-
248.2
Other current and non-current liabilities
70.8
85.0
6.6
18.8
181.2
Derivatives
7.6
0.8
-
-
8.4
As at 31 December 2024
174.5
332.3
1,209.4
810.1
2,526.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "36 Fair values of financial instruments 36.1 Financial instruments, measured at fair value The Group\u2019s derivatives (Level 2 of the fair value hierarchy), investment funds measured at FVTPL and equity securities measured at FVOCI (Level 3 of the fair value hierarchy), as well as the put-option redemption liability (Level 3 of the fair value hierarchy) and contingent consideration for acquisition of subsidiaries (Level 3 of the fair value hierarchy) are measured at a fair value. As at 31 December 2025 and 2024, the Group has accounted for assets and liabilities arising from financial derivatives. The Group accounts for financial derivative assets and liabilities at fair value and their accounting policies are set out in Note 1.9.3, section \u20188.7 Accompanying information\u2019. Market values that are based on quoted prices (Level 1) comprise quoted commodities derivatives that are traded in active markets. The market value of derivatives traded in an active market is often settled on a daily basis, thereby minimising the market value presented on the balance sheet. Market values based on observable inputs (Level 2) comprise derivatives where valuation models with observable inputs are used to measure fair value. All assets and liabilities measured at market value are measured on a recurring basis. The Group attributes derivatives linked to the Lithuanian/Latvian and Estonian/Finish electricity market areas to Level 2 of the fair value hierarchy. Derivatives acquired directly from other market participants (OTC contracts) and the acquired physical transmission rights are estimated based on the prices of the Nasdaq Commodities market. As at 31 December 2025 and 2024, the Group has accounted for investment funds measured at FVTPL (Note 16). The fair value measurement of these financial assets is based on investment rounds. The fair value of these financial assets will change depending on exits of investments, future investment rounds or other significant events. Their fair value corresponds to Level 3 of the fair value hierarchy. As 31 December 2025 and 2024 the Group has accounted for equity securities measured at FVOCI (Note 16). The fair value measurement of this financial asset is based on the valuation performed by external valuator. The valuation was performed based on discounted cash flows. Their fair value corresponds to Level 3 in the fair value hierarchy. As at 31 December 2025 and 2024, the Group accounted for put-option redemption liability (Note 36) to acquire all the shares of UAB Kauno kogeneracin\u0117 j\u0117gain\u0117 held by UAB Gren Lietuva (49%). The measurement of its fair value is disclosed in Note 28.1. The measurement of the fair value of put-option redemption liability is attributed to Level 3 of the fair value hierarchy. As at 31 December 2025, the Group accounted for contingent consideration for acquisition of subsidiaries which relates to the fulfilment of specific sellers obligations set out in the share purchase agreements. The measurement of its fair value is disclosed in Note 31.3. The measurement of the fair values of contingent consideration is attributed to Level 3 of the fair value hierarchy. 36.2 Financial instruments for which fair value is disclosed The carrying amount of the Group\u2019s financial assets and financial liabilities is measured at an amortised cost approximated to their fair value, excluding issued bonds and loans received from commercial, state-owned banks. The measurement of the financial instruments related to the issued bonds and loans received is attributed to Level 2 of the fair value hierarchy. The fair value of the Group\u2019s issued bonds was calculated by discounting future cash flows related to the coupon payments, with reference to the interest rate observable in the market, and the regular future payments related to issued bonds. The cash flows were discounted using a weighted average discount rate of 3.14% as at 31 December 2025 (31 December 2024: 3.55%). The discount rate for each bond issue was determined as the yield of certain bonds issued. The measurement of the fair value of issued bonds is attributed to Level 2 of the fair value hierarchy. The fair value of the Group\u2019s loans received was calculated by discounting the cash flows with a market interest rate applied for a similar-period bond. The cash flows were discounted using a weighted average discount rate of 3.14% as at 31 December 2025 (31 December 2024: 3.55%). The measurement of the fair value of loans received is attributed to Level 2 in the fair value hierarchy. 36.3 Financial instruments\u2019 fair value hierarchy levels The table below presents allocation between the fair value hierarchy levels of the Group\u2019s financial instruments as at 31 December 2025:
Level 1
Level 2
Level 3
Quoted
Other
Carrying
prices in
directly or
Unobservab
EURm
Note
amount
active
indirectly
le inputs Total
markets
observable
Financial instruments measured at FVTPL or FVOCI
inputs
Assets
Derivatives
30
17.5
-
17.5
-
17.5
Investment funds \u2013 at FVTPL
16
26.1
-
-
26.1
26.1
Equity securities \u2013 at FVOCI
16
5.0
-
-
5.0
5.0
Liabilities
Put option redemption liability
29
38.0
-
-
38.0
38.0
Derivatives
30
4.9
-
4.9
-
4.9
Contingent consideration for
acquisition of subsidiaries
31.3.2
24.5
-
-
24.5
24.5
Financial instruments for which fair value is disclosed
Assets
Loans granted
72.5
-
-
73.8
73.8
Liabilities
Bonds issued
904.3
-
878.9
-
878.9
Loans received
1,196.4
-
1,169.9
-
1,169.9
The table below presents allocation between the fair value hierarchy levels of the Group\u2019s financial instruments as at 31 December 2024:
Level 1
Level 2
Level 3
Quoted
Other
Carrying
prices in
directly or
Unobser-
EURm
Note
amount
active
indirectly
vable inputs Total
markets
observable
Financial instruments measured at FVTPL or FVOCI
inputs
Assets
Derivatives
30
5.2
-
5.2
-
5.2
Investment funds \u2013 at FVTPL
16
30.1
-
-
30.1
30.1
Equity securities \u2013 at FVOCI
16
5.0
-
-
5.0
5.0
Liabilities
Put option redemption liability
29
38.0
-
-
38.0
38.0
Derivatives
30
8.4
-
8.4
-
8.4
Contingent consideration for
acquisition of subsidiaries
31.3.2
38.1
-
-
38.1
38.1
Financial instruments for which fair value is disclosed
Assets
Loans granted
64.8
64.6
64.6
Liabilities
Bonds issued
902.6
-
859.6
-
859.6
Loans received
870.1
-
837.2
-
837.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "37 Events after the reporting period 37.1 A disposal of 49% stake in subsidiary As part of the asset rotation program under its strategy and to ensure proper implementation of the European Commission\u2019s decision related to the EUR 138 million support received, we reached an agreement with Quaero Capital to dispose a 49% stake in Vilnius CHP. Based on transaction valuation, 100% of Vilnius CHP equity is valued at EUR 244 million, 49 % \u2013 at EUR 120 million, representing 4.6x multiple over the Group\u2019s equity invested. The agreement is expected to be signed by the end of March 2026, after the decision at our Annual General Meeting of Shareholders on 25 March 2026, with the transaction closing planned in Q2 2026. An acquiror \u2013 Quaero Capital \u2013 is a Switzerland based infrastructure fund with EUR 3.8 billion in AUM and a presence in the Baltic States. 37.2 Kelm\u0117 wind farm financing received In February 2026, the Group received EUR 318 million in long-term non-recourse project financing from European Investment Bank, Swedbank, EBRD, and Nordic Investment Bank for the 314 MW Kelm\u0117 wind farm. For further details on the financing agreement secured, see the announcement. There were no other significant events after the reporting period till the issue of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "1.2 Consolidation principles 1.2.1 Consolidation The financial statements comprise the financial statements of the parent company and its directly and indirectly controlled subsidiaries. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The control is generally obtained by holding more than one half of the voting rights. The subsidiaries are fully consolidated from the date on which the control is transferred to the Group. They are deconsolidated from the date that control ceases. The financial statements of the subsidiaries have been prepared using uniform accounting policies and for the same reporting period as that covered by the financial statements of the Group. On consolidation, all inter- company transactions, balances and unrealised gains and/or losses on transactions among the Group companies are eliminated. Non-controlling interest represents a part of net profit and net assets, which is not controlled by the Group. Non- controlling interest is reported separately in the Statement of profit or loss. The share of equity attributable to the non-controlling interest and to the owners of the parent company is shown separately in the consolidated Statement of financial position. 1.2.2 Business combinations 1.2.2.1 Business combination by applying IFRS 3 (subsidiaries that are not under common control ) Acquisition of the subsidiaries that are not under a common control is accounted for using the acquisition method. When the acquisition method is applied, the consideration transferred in a business combination is measured as the fair value of net assets transferred to the former owners of the acquiree. The acquisition- related costs are recognised in the Statement of profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u0336 the deferred tax assets or liabilities and the assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with International Accounting Standard (hereinafter referred to as \u2018IAS\u2019) 12 and IAS 19 respectively; \u0336 the liabilities or equity instruments related to the share-based payment arrangements of the acquiree or the share-based payment arrangements the Group entered into to replace the share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below); and \u0336 the assets (or the disposal groups) that are classified as held for sale in accordance with IFRS 5 are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognised to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date.
1.2.2.2 Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the
acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable net assets
assumed exceeds (i) the sum of the consideration transferred, (ii) the amount of any non-controlling interests in
the acquiree and (iii) the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), then this
excess is recognised immediately in Statement of profit or loss as a bargain purchase gain.
1.2.2.3 Contingent consideration
When the consideration transferred by the Group in a business combination includes a contingent consideration
arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of
the consideration transferred in a business combination.
Changes in fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot
exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as
measurement period adjustments depends on how the contingent consideration is classified. Contingent
consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent
settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at
subsequent reporting dates with changes in fair value recognised in the Statement of profit or loss.
1.2.2.4 Business combination is achieved in stages
When a business combination is achieved in stages, the Group\u2019s previously held interests (including joint
operations) in the acquired entity are remeasured to its acquisition-date fair value and the resulting gain or loss,
if any, is recognised in the Statement of profit or loss. Amounts arising from interests in the acquiree prior to the
acquisition date that have previously been recognised in other comprehensive income are reclassified to the
Statement of profit or loss, where such treatment would be appropriate if that interest were disposed of.
1.2.2.5 Business combination of entities under common control
For a business combination of entities under common control, the following methods are applied:
(a) the acquisition method set out in IFRS 3; or
(b) the pooling of interests\u2019 method.
In selecting which method to apply to the accounting for business combinations of entities under common
control, the Group assesses whether there is a \u201ccommercial substance\u201d for which the following criteria are
considered:
\u0336 the purpose of the transaction;
\u0336 the involvement of outside parties in the transaction, such as non-controlling interests or other third parties;
\u0336 whether or not the transaction is conducted at fair value;
\u0336 the existing activities of the entities involved in the transaction; and
\u0336 whether or not it is bringing entities together into a \u2018reporting entity\u2019 that did not exist before.
If the transaction has a commercial substance to the merging parties, the Group applies the acquisition method
as set above in section \u2018Acquisition of subsidiaries that are not under common control\u2019, and if not \u2013 the Group
applies the pooling of interests\u2019 method. By applying the pooling of interests\u2019 method, the business combination
of entities under common control is accounted according to the following procedures:
\u0336 the assets and liabilities of the entities in business combinations are measured at their carrying amounts
equal to those reported in the financial statements of the ultimate parent company;
\u0336 no newly arising goodwill is recognised on a business combination, however acquiree can recognise
intangible assets that meet the recognition criteria in IAS 38;
\u0336 any difference between consideration paid and the carrying amount of net assets acquired as at the date of
acquisition is recognised directly in equity within retained earnings.
1.2.3 Changes in ownership interest in a subsidiary that do not result in changes in control
Transactions with non-controlling interests that do not result in a loss of control are presented within equity, i.e.,
as transactions with equity owners. The difference between the amount by which the non-controlling interests
are adjusted and the fair value of the consideration paid or received is recorded as equity. Gains or losses on
disposals to non-controlling interests are also recorded in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "
1.2.2 Business combinations
1.2.2.1 Business combination by applying IFRS 3 (subsidiaries that are not under common control
)
Acquisition of the subsidiaries that are not under a common control is accounted for using the acquisition
method. When the acquisition method is applied, the consideration transferred in a business combination is
measured as the fair value of net assets transferred to the former owners of the acquiree. The acquisition-
related costs are recognised in the Statement of profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair
value at the acquisition date, except that:
\u0336 the deferred tax assets or liabilities and the assets or liabilities related to employee benefit arrangements are
recognised and measured in accordance with International Accounting Standard (hereinafter referred to as
\u2018IAS\u2019) 12 and IAS 19 respectively;
\u0336 the liabilities or equity instruments related to the share-based payment arrangements of the acquiree or the
share-based payment arrangements the Group entered into to replace the share-based payment
arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below);
and
\u0336 the assets (or the disposal groups) that are classified as held for sale in accordance with IFRS 5 are
measured in accordance with that standard.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the
combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete.
Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are
recognised to reflect new information obtained about facts and circumstances that existed as of the acquisition
date that, if known, would have affected the amounts recognised as of that date.
1.2.2.2 Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable net assets assumed exceeds (i) the sum of the consideration transferred, (ii) the amount of any non-controlling interests in the acquiree and (iii) the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), then this excess is recognised immediately in Statement of profit or loss as a bargain purchase gain. 1.2.2.3 Contingent consideration When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognised in the Statement of profit or loss. 1.2.2.4 Business combination is achieved in stages When a business combination is achieved in stages, the Group\u2019s previously held interests (including joint operations) in the acquired entity are remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in the Statement of profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to the Statement of profit or loss, where such treatment would be appropriate if that interest were disposed of. 1.2.2.5 Business combination of entities under common control For a business combination of entities under common control, the following methods are applied: (a) the acquisition method set out in IFRS 3; or (b) the pooling of interests\u2019 method. In selecting which method to apply to the accounting for business combinations of entities under common control, the Group assesses whether there is a \u201ccommercial substance\u201d for which the following criteria are considered: \u0336 the purpose of the transaction; \u0336 the involvement of outside parties in the transaction, such as non-controlling interests or other third parties; \u0336 whether or not the transaction is conducted at fair value; \u0336 the existing activities of the entities involved in the transaction; and \u0336 whether or not it is bringing entities together into a \u2018reporting entity\u2019 that did not exist before. If the transaction has a commercial substance to the merging parties, the Group applies the acquisition method as set above in section \u2018Acquisition of subsidiaries that are not under common control\u2019, and if not \u2013 the Group applies the pooling of interests\u2019 method. By applying the pooling of interests\u2019 method, the business combination of entities under common control is accounted according to the following procedures: \u0336 the assets and liabilities of the entities in business combinations are measured at their carrying amounts equal to those reported in the financial statements of the ultimate parent company; \u0336 no newly arising goodwill is recognised on a business combination, however acquiree can recognise intangible assets that meet the recognition criteria in IAS 38; \u0336 any difference between consideration paid and the carrying amount of net assets acquired as at the date of acquisition is recognised directly in equity within retained earnings. 1.2.3 Changes in ownership interest in a subsidiary that do not result in changes in control Transactions with non-controlling interests that do not result in a loss of control are presented within equity, i.e., as transactions with equity owners. The difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recorded as equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-547": { "value": "1.2.2 Business combinations 1.2.2.1 Business combination by applying IFRS 3 (subsidiaries that are not under common control ) Acquisition of the subsidiaries that are not under a common control is accounted for using the acquisition method. When the acquisition method is applied, the consideration transferred in a business combination is measured as the fair value of net assets transferred to the former owners of the acquiree. The acquisition- related costs are recognised in the Statement of profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u0336 the deferred tax assets or liabilities and the assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with International Accounting Standard (hereinafter referred to as \u2018IAS\u2019) 12 and IAS 19 respectively; \u0336 the liabilities or equity instruments related to the share-based payment arrangements of the acquiree or the share-based payment arrangements the Group entered into to replace the share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below); and \u0336 the assets (or the disposal groups) that are classified as held for sale in accordance with IFRS 5 are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognised to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. 1.2.2.2 Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable net assets assumed exceeds (i) the sum of the consideration transferred, (ii) the amount of any non-controlling interests in the acquiree and (iii) the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), then this excess is recognised immediately in Statement of profit or loss as a bargain purchase gain. 1.2.2.3 Contingent consideration When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognised in the Statement of profit or loss. 1.2.2.4 Business combination is achieved in stages When a business combination is achieved in stages, the Group\u2019s previously held interests (including joint operations) in the acquired entity are remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in the Statement of profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to the Statement of profit or loss, where such treatment would be appropriate if that interest were disposed of. 1.2.2.5 Business combination of entities under common control For a business combination of entities under common control, the following methods are applied: (a) the acquisition method set out in IFRS 3; or (b) the pooling of interests\u2019 method. In selecting which method to apply to the accounting for business combinations of entities under common control, the Group assesses whether there is a \u201ccommercial substance\u201d for which the following criteria are considered: \u0336 the purpose of the transaction; \u0336 the involvement of outside parties in the transaction, such as non-controlling interests or other third parties; \u0336 whether or not the transaction is conducted at fair value; \u0336 the existing activities of the entities involved in the transaction; and \u0336 whether or not it is bringing entities together into a \u2018reporting entity\u2019 that did not exist before. If the transaction has a commercial substance to the merging parties, the Group applies the acquisition method as set above in section \u2018Acquisition of subsidiaries that are not under common control\u2019, and if not \u2013 the Group applies the pooling of interests\u2019 method. By applying the pooling of interests\u2019 method, the business combination of entities under common control is accounted according to the following procedures: \u0336 the assets and liabilities of the entities in business combinations are measured at their carrying amounts equal to those reported in the financial statements of the ultimate parent company; \u0336 no newly arising goodwill is recognised on a business combination, however acquiree can recognise intangible assets that meet the recognition criteria in IAS 38; \u0336 any difference between consideration paid and the carrying amount of net assets acquired as at the date of acquisition is recognised directly in equity within retained earnings. 1.2.3 Changes in ownership interest in a subsidiary that do not result in changes in control Transactions with non-controlling interests that do not result in a loss of control are presented within equity, i.e., as transactions with equity owners. The difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recorded as equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "1.2.2.2 Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable net assets assumed exceeds (i) the sum of the consideration transferred, (ii) the amount of any non-controlling interests in the acquiree and (iii) the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), then this excess is recognised immediately in Statement of profit or loss as a bargain purchase gain. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "
1.3 Foreign currency translation
1.3.1
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of
the primary economic environment in which the entity operates (hereinafter \u2018the functional currency\u2019).
1.3.2 Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign
currency transactions and from the translation at year-end exchange rate of monetary assets and liabilities
denominated in foreign currencies are recognised in Statement of profit or loss.
1.3.3 Group companies
On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of
exchange prevailing at the reporting date and their Statement of profit or loss are translated at average
exchange rates observed during the reporting period. The exchange differences arising on translation for
consolidation are recognised in other comprehensive income. On disposal of a foreign operation, the
component of other comprehensive income relating to that particular foreign operation is reclassified to the
Statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-548": { "value": "1.3.1 Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (hereinafter \u2018the functional currency\u2019). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "
1.4 Revenue from contracts with customers
The Group\u2019s major legal performance obligations identified in the contracts with customers are: sale of
electricity and gas, supply of electricity, sales of produced electricity, services ensuring the isolated operation of
power system and capacity reserve, distribution of gas, distribution and transmission of electricity, new
customer connections and upgrades, provision of Public Service Obligations (hereinafter \u2018PSO services\u2019) and
provision of Liquefied Natural Gas Terminal Security Component Obligations (hereinafter \u2018LNGT services\u2019).
For certain service contracts, revenue is recognised based on the actual service provided to the end of the
reporting period as a proportion of the total services to be provided because the customer receives and uses
the benefits simultaneously. When recognising revenue, the Group takes into consideration the terms of the
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.
1.4.1 Electricity-related revenue
The Group\u2019s electricity-related revenue includes:
\u0336 sale of electricity (Note 1.4.1.1);
\u0336 revenue from public electricity supply (Note 1.4.1.2);
\u0336 sale of produced electricity (Note 1.4.1.3);
\u0336 revenue from services ensuring the isolated operation of power system and capacity reserve (Note 1.4.1.4);
\u0336 revenue from electricity distribution and transmission (Note 1.4.1.5);
\u0336 revenue from public service obligations funds (hereinafter \u2018PSO funds\u2019) (Note 1.4.1.6).
Electricity-related revenue is received from B2B and B2C customers. Electricity to B2C customers is supplied at
the electricity tariff applied for public supply (Note 1.4.1.2), electricity tariff applied for independent supply (Note
1.4.1.1) or electricity tariff applied for supply of last resort (Note 1.4.1.1). Electricity to B2B customers is
supplied at the electricity tariff applied for independent supply (Note 1.4.1.1) or electricity tariff applied for supply
of last resort (Note 1.4.1.1).
Accounting policy for electricity-related revenue may be presented in accordance with the components of the
electricity tariff applied to the consumed electricity by B2C and B2B customers. The tariff comprises of the
following components:
\u0336 the price of electricity (Note 1.4.1.1, 1.4.1.2);
\u0336 the fee for electricity supply services (Note 1.4.1.1, 1.4.1.2);
\u0336 the price of electricity transfer services, which include two components: transmission over high voltage grid
and distribution over medium and low voltage grid (Note 1.4.1.5);
\u0336 the price of electricity system services (includes capacity reserve services) (Note 1.4.1.4);
\u0336 the fee for PSO services (hereinafter \u2018PSO fees\u2019) (Note 1.4.1.6.).
Regulation of tariffs and the Group\u2019s profitability is presented in Note 32.
1.4.1.1 Revenue from the sale of electricity
Revenue from the sale of electricity (Note 6, line item \u2018Revenue from the sale of electricity\u2019) mainly consists of
electricity sales to:
\u0336 B2B customers; and
\u0336 B2C customers by providing:
\u0336 the independent supply services according to bilateral agreements; or
\u0336 supply of last resort services.
Revenue includes the price of electricity and the fee for electricity supply services. Revenue is recognized over
time in each reporting period on the basis of VAT invoices issued, which includes the calculated amount of
electricity consumed. Electricity consumption is calculated on the basis of the declared meter readings provided
by consumers.
Revenue from the sale of electricity when providing the supply of last resort services is regulated (Note 1.4.4.1).
1.4.1.2 Revenue from public electricity supply
Revenue from public electricity supply (Note 6, line item \u2018Revenue from public electricity supply\u2019) consists of the
following components of public supply electricity tariff: (i) sale of consumed public electricity and (ii) public
supply service fee. Revenue from public electricity supply to customers is recognised over time while referring
to the supplied electricity quantity reading devices provided by them and verified by the distribution system
operator. In case of differences between the provided and the verified quantities due to over declaration (Note
32), the Group estimates the amount of deferred income (Note 18) and accounts for as a contract liability.
Revenue from public electricity supply is regulated (Note 32).
1.4.1.3 Revenue from sale of produced electricity
The sales of electricity produced (Note 6, line item \u2018Revenue from sale of produced electricity\u2019) using own
resources are conducted at the power exchange by submitting electricity sale offers to the power exchange. On
the day-ahead market, the transaction for the purchase and sale of electricity is considered as concluded if the
automatic coupling algorithm does not by default reject the submitted offer of selling electricity. Transactions on
the intraday market are approved by market participants. Following the approval of the transaction, the system
of the power exchange sends a confirmation of the concluded electricity sale transaction to the seller. The
seller\u2019s performance obligation under the concluded transaction is to supply the volume of electricity as
indicated in the seller\u2019s offer to the electricity transmission system. The performance obligation is to be carried
out throughout a certain period, during which the supply of the agreed volume of electricity is maintained to the
network. The progress of fulfilment of the performance obligation is assessed while considering the volume of
electricity indicated in respect of the transaction.
The price of the transaction and the consideration to be paid to the seller correspond to the amount indicated in
the confirmation notice of the transaction. The entire consideration of the seller is paid at a flat rate. Upon
receipt of the confirmation on the conclusion of the transaction on the sale of electricity, the prices of that
transaction remain unchanged.
Revenue is recognised while considering the actually supplied electricity pertaining to the transaction, without
any deduction of commissions that might be deducted by trading intermediaries representing the Group at the
power exchange.
1.4.1.4 Revenue from services ensuring the isolated operation of the power system and capacity
reserve
The Group provides services ensuring capacity reserve and isolated operation of the power system (Note 6, line
item \u2018Revenue from the services ensuring the isolated operation of power system and capacity reserve\u2019), for the
provision of which is responsible transmission system operator. The transmission system operator purchases
the services from the Group according to bilateral agreements.
Capacity reserve services ensure the required power reserve and are understood as the potential of electricity
generation which is used to maintain the power grid frequency, to ensure the balance of the electricity system
and to generate electricity in the event of a decrease in production or an increase in consumption. Capacity
reserve services are provided continuously, 24 hours a day.
Revenue from services ensuring the isolated operation of the power system and capacity reserve services is
recognised over time. The price of these services, which is paid by the transmission system operator to the
Group, is set by NERC for one MW/h and the quantity is measured as MW for the whole year. The
measurement of the service is performed by the readings of electricity meters.
Revenue from capacity reserve services and services ensuring the isolated operation of the power system are
regulated by NERC (Note 32).
1.4.1.5 Revenue from electricity transmission and distribution
Revenue from electricity transfer, which includes transmission and distribution (Note 6, line item \u2018Revenue from
electricity transmission and distribution\u2019), to B2C customers is recognised in each reporting period on the basis
of declared or actual, i.e., determined upon inspection or received via smart meters, readings. If declared or
actual meter readings are not available, revenue from transmission and distribution of electricity is recognised
based on the average usage estimation method.
Electricity transmission services in Lithuania are provided by and acquired from the transmission system
operator, which is not a part of the Group. The Group collects electricity transmission fees from B2B customers
and B2C customers and transfers them to the transmission system operator. The Group is a principal for
transmission services fees and recognises the revenue of them (Note 6.4).
Because the Group has no control over electricity transmission and distribution service obligations provided in
Latvia (Note 6.4), the Group treats itself as an agent in the provision of electricity transfer, which includes both
transmission and distribution.
Revenue from transmission and distribution of electricity is regulated (Note 32).
1.4.1.6 Revenue from Public Service Obligations: PSO fees and PSO funds
The purpose of providing PSO services is to implement the strategic objectives of the energy, economic and
environmental policy of the Republic of Lithuania and ensure the implementation of the interests of all electricity
consumers. Under the public service obligation scheme approved by the Ministry of Energy, PSO fees are
collected by electricity suppliers from end users through the electricity tariff. Power exchange operator
BALTPOOL UAB is engaged in the collection of PSO fees from electricity suppliers and disbursement of PSO
funds to PSO service providers. The list of services supported by PSO is determined by the Government of the
Republic of Lithuania.
1.4.1.7 The Group as an electricity supplier
PSO fee is an integral part of electricity tariff to the customer. The Group collects PSO fees from end-customers
connected to the electricity distribution grid and transfers them to the administrator of PSO funds, BALTPOOL
UAB. The Group is an agent for PSO fees, collected from the end-customers, and doesn\u2019t recognise the
revenue of them (Note 6.4).
1.4.1.7 The Group as a PSO service provider
The Group generates electricity using renewable energy sources, which are considered as PSO services and
are financed by PSO funds through the PSO budget. Revenue from PSO funds is recognised over time
according to issued monthly invoices to BALTPOOL UAB. For measuring the progress of completion, the
Group, using the practical expedient, recognises revenue in the amount to which it has a right to invoice.
Revenue of PSO funds for 1 MW of electricity supplied to the electricity grid during the month is recognised as
the difference between the fixed tariff set by the NERC and the weighted average price of electricity sold in the
power exchange in the previous month. The quantity of electricity supplied is determined by the readings of the
metering devices. Revenue from PSO funds (Note 6, line item \u2018Revenue from PSO\u2019) is regulated (Note 32).
1.4.2 Gas-related revenue
The Group\u2019s gas-related revenue includes:
\u0336 revenue from gas sales (Note 1.4.2.1);
\u0336 revenue from gas distribution (Note 1.4.2.2);
\u0336 revenue from the LNGT security component (1.4.2.3.2).
Gas-related revenue is received from B2B customers and B2C customers by providing services of gas supply.
Revenue of LNGT security component is received as a compensation for providing services of a designated
supplier. For the purpose of these financial statements, terms \u201cgas\u201d and \u201cnatural gas\u201d are used for referring to
the same items.
Accounting policy for gas-related revenue received from B2C customers may be presented in accordance with
the components of the natural gas tariff applied to the consumed gas by B2C customers.
Final natural gas tariff to B2C customers comprise of the following components:
\u0336 the price of gas (Note 1.4.2.1);
\u0336 the price of natural gas transmission over high-pressure network (Note 1.4.2.2);
\u0336 the price of natural gas distribution over medium- and low-pressure network (Note 1.4.2.2);
\u0336 LNGT security component (Note 1.4.2.3.2).
The Group as a natural gas supplier collects payments for all components from customers. The component of
transmission service price and LNGT security component are transferred to the transmission system operator.
The Group is an agent in collection of the transmission service component (Note 6.4) and the LNGT security
component fees (Note 6.4).
Regulation of tariffs and the Group\u2019s profitability is presented in Note 32.
Accounting policy for revenue from B2B customers is presented in Notes 1.4.2.1, 1.4.2.2.
1.4.2.1 Revenue from gas sales
Revenue from sales of gas (Note 6 line, item \u2018Revenue from gas sales\u2019) consists of gas price and supply
margin. Gas sales are performed by the Group as a natural gas supplier to B2C customers and as a designated
LNG supplier to gas market.
Revenue from gas sales to end-customers is recognised on a monthly basis while referring to the supplied gas
quantity readings devices provided by them and verified by the distribution system operator (an accrual basis).
In case of differences between the provided and the verified quantities due to over declaration (Note 6.4), the
Group estimates the amount of deferred income (Note 18) and accounts for as a contract liability.
1.4.2.2 Revenue from gas distribution
The Group provides natural gas distribution services to B2C and B2B customers.
Revenue from B2B customers for the distribution of natural gas (Note 6, line item \u2018Revenue from gas
distribution\u2019) is recognised over time based on the readings of metering devices declared by users or, if users
did not declare the readings of metering devices, referring to the quantities of gas calculated according to the
approved methodology for the calculation of quantities of natural gas, as agreed with NERC (an accrual basis).
Revenue from B2C customers is recognised over time based on the actual natural gas quantity supplied, which
is calculated according to the approved methodology for the calculation of quantities of natural gas, i.e., the
calculation of revenue takes into account mismatches between the quantities of gas declared by B2C
customers and the quantities of gas transferred to them (an accrual basis).
Revenue from gas distribution is regulated (Note 32).
In Latvia, natural gas distribution services are provided and acquired from the gas distribution system operator,
which is not a part of the Group. The Group, as a natural gas supplier, collects payments for the distribution
service component and transfers it to the distribution system operator. The Group is an agent in the collection of
the distribution service component in Latvia (Note 6.4).
1.4.2.3 LNGT security component
The Law on the Liquefied Natural Gas Terminal of the Republic of Lithuania provides that contribution to the
security component, which is related to the following securities of natural gas supply, shall be collected from
end users and added to the natural gas transmission price:
\u0336 for the installation of LNGT, its infrastructure and connection and all fixed operating costs that are not
included in other state regulated prices; and
\u0336 to compensate for the reasonable costs of supplying the minimum quantity required to ensure the necessary
operation of the LNGT.
Similarly to the PSO fees, the LNGT security component is collected by natural gas suppliers from end users
through the natural gas tariff and then transferred to the state budget, from which the LNGT funds are
distributed (i.e., disbursed) to LNGT service providers.
The Group (through the Group company UAB \u201cIgnitis\u201d) acts as a natural gas supplier that collects LNGT
security component from end users and as a designated liquefied natural gas supplier (hereinafter \u2018designated
supplier\u2019), the function of which is to ensure the necessary operation of the LNGT by supplying the minimum
required quantity of natural gas.
1.4.2.3.1 The Group\u2019s activity as natural gas supplier to end users
LNGT security component is an integral part of the natural gas tariff to the customer. Payments for the LNGT
security component are collected directly from customers or natural gas suppliers, if the customers don\u2019t have a
direct contract with the operator of transmission system. Collected amounts of the LNGT security component
are transferred to the gas transmission system operator AB \u201cAmber Grid\u201d (doesn\u2019t belong to the Group), which
is appointed to perform the function of administering the LNGT security component. In accordance to the IFRS
15, the Group, when providing these services, considers itself as an Agent and recognises the revenue on a net
basis (Note 6.4). Income and disbursements of the LNGT security component (regardless whether the net of it
is positive or negative) are recognised under the item \u2018Purchases of electricity, gas and other services\u2019 in the
Statement of profit or loss.
1.4.2.3.2 The Group\u2019s activity as designated LNG supplier to the gas market
The Group is providing a dedicated LNG supplier function.
In order to maintain the LNG Terminal\u2019s infrastructure in minimum mode, a certain amount of natural gas, which
is to be supplied through the LNG Terminal, is required for filling, regasification or transhipment and supply to
the Lithuanian natural gas system or the international LNG market.
The Law on the LNG Terminal and the Description of the Natural Gas Supply Diversification Procedure provides
that the required quantity shall be supplied by the designated supplier (nominated by the Ministry of Energy for
10 years, designation ends on 31 December 2024) by concluding a contract with the LNG supplier.
To ensure the operation of the LNG terminal, the designated supplier shall sell the required quantity on a
competitive market and, therefore, its costs, which, due to the nature of its activities, are exclusively borne
(whereas other suppliers don\u2019t incur), are compensated by the transmission system operator by paying the
LNGT funds that are paid from the budget of the LNGT security component collected by natural gas suppliers
from end customers. Accordingly, the Group receives revenue from LNGT funds.
The revenue of LNGT funds is recognised over time by issuing VAT invoices to the transmission system
operator according to the statements which are received from it and include information of reclassified and/or
reloaded quantity of LNG and the quantity of LNG used for the Group\u2019s technological needs at the LNG
Terminal. Revenue from the LNGT funds is recognised under item \u2018Revenue from contracts with customers\u2019 in
the Statement of profit or loss. Revenue from the LNGT security component is presented in Note 6, line item
\u2018Revenue of LNGT security component\u2019.
Revenue from the LNGT security component is regulated (Note 32).
1.4.3 Other significant revenue from contracts with customers
1.4.3.1 New customer connection and upgrade fees
The Group obtains revenue from services of new customer connections and upgrades to the electricity and
natural gas distribution networks (Note 6, line item \u2018Revenue from new customers\u2019 connection and upgrade
fees\u2019). Connection and upgrade fees obtained by the Group are non-refundable upfront fees paid by the
customers for the connection to and upgrade of the electricity and gas distribution network.
The Group signs separate agreements with customers for connection services. The Group also signs
agreements with B2C and B2B customers for electricity and gas distribution. Connection and upgrade fees do
not represent a separate performance obligation from the sale of ongoing distribution of electricity or gas
services as they are highly interrelated. Therefore, revenue from connection and upgrade fees is deferred and
recognised as revenue over the estimated average useful life of assets providing the connection service, which
is 27 years for the electricity grid and 46\u201355 years for the gas network.
Connection and upgrade fees received from customers which are deferred are accounted for as deferred
revenue as a contract liability (Note 18).
According to connection contracts client is obliged to pay an advance before connection works are started.
Advances received from clients are accounted for as prepayments received as a contract liability (Note 18).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
1.5 Expense recognition
Expenses are recognised in the Statement of profit or loss as incurred while applying the accrual basis of
accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "
1.6 Intangible assets
1.6.1 Patents, licences and trademarks
Patents, licenses and trademarks are measured initially at acquisition cost and are amortised on a straight-line
basis over their estimated useful lives of 3 to 5 years or a specific validity term of a license and/or patent, if any.
Useful life is reviewed on year-by-year basis.
1.6.2 Computer software
Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to
use the specific software. These costs are amortised over their estimated useful lives (2 to 4 years).
1.6.3 Servitudes
The Group\u2019s intangible assets include servitudes, which comprise the Group\u2019s rights to use the land plots
owned by third persons on the basis of servitudes. Servitudes comprise statutory and contractual servitudes:
\u0336 statutory servitudes comprise the Group\u2019s rights to use the land plots owned by third persons in which
electricity networks were established before 10 July 2004 on the basis of statutory servitudes;
\u0336 contractual servitudes comprise the Group\u2019s rights to use the land plots owned by third persons in which
electricity networks were established since 2018 on the basis of contractual servitudes.
The useful life of an intangible asset (right to use the land which has a servitude) is indefinite, therefore, these
assets are not subject to amortisation. Useful life of intangible assets is indefinite since the right to use the land
is granted for an indefinite period of time, according to the conditions of agreements for compensation for
servitudes as well as the Civil Code of Republic of Lithuania. Accordingly, right to use the land (to which
servitude is applied) is retained by the Group regardless of the condition, repairs or renewals of the Group\u2019s
assets constructed on the mentioned land. Since these right-to-use land contracts concluded as perpetual
arrangements, the contractual and statutory servitudes are out of scope of IFRS 16 Leases. This is because a
lease conveys the right to control the use of an identified asset for a specified period of time in exchange for
consideration. Perpetual is not a specified period of time when identifying a lease. Therefore, a perpetual
arrangement lacks an essential characteristic of a lease, i.e., it does not meet the definition of a lease because
it does not convey a right to use an underlying asset for a specified period of time. A perpetual arrangement is
effectively a form of ownership interest in an asset that lasts forever.
However, the Group has accounted for provision to compensate land owners for servitudes in accordance with
the requirements of IAS 37 Provisions, Contingent Liabilities and Contingent Assets (see Note 25).
Remeasurement of provision due to changes in underlying assumptions is accompanied with respective
adjustment of carrying amount of intangible assets.
The Group tests the intangible assets of servitudes for potential impairment by comparing their recoverable
value with the carrying value at least once per year or when there are signs of impairment. If the value of the
asset changes, such change is accounted for by decreasing/increasing the value of the servitudes.
1.6.4 Special conditions on land use (protection zones)
The Group\u2019s intangible assets include the Group\u2019s obligations to register and the right to use a third-party land
on the basis of special conditions on land use. The accounting policies applied are similar to those applied for
intangible assets under \u2018Servitudes\u2019.
1.6.5 Licenses and rights to produce electricity
Intangible assets acquired through business combination and recognised separately from goodwill are
recognised initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to
initial recognition, intangible assets acquired through business combination are measured on the same basis as
intangible assets that are acquired separately.
Amortisation is calculated over the estimated useful life, corresponding to specific validity term of a license or
right to produce electricity. For the licenses acquired through business combination (licenses to produce
electricity with an incentive tariff), useful life is determined to be 12 years. Useful life is reviewed on year-by-
year basis.
1.6.6 Other intangible assets
Intangible assets expected to provide economic benefits in future periods are measured at acquisition cost less
subsequent accumulated amortisation and any accumulated impairment losses. Amortisation is calculated on the
straight-line basis over the estimated economic useful life of 3 to 4 years.
The Group\u2019s intangible asset amortization expenses are accounted for within the item \u2018Depreciation and
amortization\u2019 in the Statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "1.7 Property, plant and equipment Accounting policy according to asset classes is as follows:
At cost
Revalued
Land
Electricity networks and their structures
Buildings
Construction-in-progress
Gas distribution pipelines, gas technological equipment
and installations
Assets of Hydroelectric Power Plant, Pumped Storage
Hydroelectric Power Plant
Wind farms, solar power farms and their installations
Combined Cycle Gas Turbine and Reserve Power Plant
Cogeneration plants
Other property, plant and equipment
Construction-in-progress
\u2018Construction-in-progress\u2019 is assigned to various asset classes, therefore, part of the assets of this class is accounted for at cost method, the other part \u2013 at revalued amount. Cost includes replacement costs of components of property, plant and equipment when incurred and when these costs meet the recognition criteria of property, plant and equipment. The carrying amount of the replaced part is derecognised. Subsequent repair costs are included in the asset\u2019s carrying amount only when it is probable that future economic benefits associated with these costs will flow to the Group and the costs can be measured reliably. All other repairs and maintenance costs are recognised in the Statement of profit or loss during the financial period in which they are incurred. The assets\u2019 residual values and useful lives are reviewed at least once per year and adjusted if appropriate. For accounting of borrowing costs, see Note 1.9. \u2018Construction in progress\u2019 is transferred to appropriate categories of property, plant and equipment when asset is completed and ready for its intended use. Increases in the carrying amount arising on revaluation of property, plant and equipment are recognised in other comprehensive income of the Statement of comprehensive income and accumulated to the revaluation reserve in equity. However, the increase is recognised in the Statement of profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. Decreases in the carrying amount of an asset arising on revaluation are generally recognised in profit or loss; decreases that offset previous increases of the same asset are recognised in other comprehensive income and recognised against the revaluation reserve. Each year, the difference between the depreciation based on the revalued amount of the asset (when the carrying amount increases after revaluation) is recognised in the Statement of profit or loss and depreciation based on the asset\u2019s original acquisition cost is transferred from revaluation reserve to retained earnings, net of deferred tax. Depreciation of property, plant and equipment is calculated using the straight-line method to allocate the acquisition cost/revalued amounts less their residual values over their estimated useful lives (number of years), as follows:
Category of property, plant and equipment
Useful lives (number of years)
Buildings
8\u201375
Electricity networks and their structures
- electrical and communication devices
20\u201325
- electricity distribution equipment
15\u201345
- electrical equipment
15\u201335
- other equipment
5\u201350
Gas distribution pipelines, gas technological equipment and installations
18\u201355
Assets of Hydro Power Plant, Pumped Storage Power Plant, and
Combined Cycle Unit and Reserve Power Plant
Assets of Hydro Power Plant, Pumped Storage Power Plant:
- hydrotechnical waterway structures and equipment
75
- pressure pipelines
50
- hydrotechnical turbines
25\u201340
- other equipment
8-15
Structures and machinery of Reserve Power Plant:
- structures and infrastructure
10\u201370
- thermal and electricity equipment
10\u201360
- measuring devices and equipment
5\u201330
- other equipment
8\u201315
Structures and machinery of Combined Cycle Unit:
- structures and infrastructure
20\u201350
- electricity lines
20\u201340
- electricity generation equipment
20\u201350
Wind and solar power farms and their installations
20\u201330
Cogeneration plants
30\u201345
Other property, plant and equipment
2\u201335
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "
\u2018Construction-in-progress\u2019 is assigned to various asset classes, therefore, part of the assets of this class is
accounted for at cost method, the other part \u2013 at revalued amount.
\u2018Construction in progress\u2019 is transferred to appropriate categories of property, plant and equipment when asset
is completed and ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "
Cost includes replacement costs of components of property, plant and equipment when incurred and when
these costs meet the recognition criteria of property, plant and equipment. The carrying amount of the replaced
part is derecognised. Subsequent repair costs are included in the asset\u2019s carrying amount only when it is
probable that future economic benefits associated with these costs will flow to the Group and the costs can be
measured reliably. All other repairs and maintenance costs are recognised in the Statement of profit or loss
during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "
Depreciation of property, plant and equipment is calculated using the straight-line method to allocate the
acquisition cost/revalued amounts less their residual values over their estimated useful lives (number of years),
as follows:
Category of property, plant and equipment
Useful lives (number of years)
Buildings
8\u201375
Electricity networks and their structures
- electrical and communication devices
20\u201325
- electricity distribution equipment
15\u201345
- electrical equipment
15\u201335
- other equipment
5\u201350
Gas distribution pipelines, gas technological equipment and installations
18\u201355
Assets of Hydro Power Plant, Pumped Storage Power Plant, and
Combined Cycle Unit and Reserve Power Plant
Assets of Hydro Power Plant, Pumped Storage Power Plant:
- hydrotechnical waterway structures and equipment
75
- pressure pipelines
50
- hydrotechnical turbines
25\u201340
- other equipment
8-15
Structures and machinery of Reserve Power Plant:
- structures and infrastructure
10\u201370
- thermal and electricity equipment
10\u201360
- measuring devices and equipment
5\u201330
- other equipment
8\u201315
Structures and machinery of Combined Cycle Unit:
- structures and infrastructure
20\u201350
- electricity lines
20\u201340
- electricity generation equipment
20\u201350
Wind and solar power farms and their installations
20\u201330
Cogeneration plants
30\u201345
Other property, plant and equipment
2\u201335
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "
1.8 Right-of-use assets
Right-of-use asset is the asset that reflects the right of the Group to use the leased asset over the life of a
lease. The Group recognises right-of-use assets for all types of leases, including leases of right-of-use assets in
sublease, with the exception of leases of intangible assets, short-term leases and leases for which the
underlying asset is of low value.
1.8.1 Initial measurement of right-of-use assets
At the commencement date, the Group measures the right-of-use asset at cost. The cost of the right-of-use
asset comprises: the amount equal to the lease liability at its initial recognition, lease payments made at or
before the commencement of the lease (less any lease incentives received), any initial direct costs incurred by
the Group, and an estimate of costs to be incurred by the Group in dismantling and removing the underlying
asset, restoring the site on which it is located or restoring the
asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to
produce inventories. The Group incurs obligation for these costs either at the commencement date or as a
consequence of having used the underlying asset during a particular period. The Group recognises these costs
as part of the cost of right-of-use asset when the Group incurs an obligation for these costs.
1.8.2 Subsequent measurement of right-of-use assets
Subsequent to initial recognition, the Group measures right-of-use assets using the cost model. Under the cost
model, the Group measures the right-of-use asset at cost less any depreciation and any accumulated
impairment losses adjusted for any remeasurement of the lease liability.
If the lease transfers ownership of the underlying asset to the Group by the end of the lease term or if the cost
of the right-of-use asset reflects that the Group will exercise a purchase option, the Group depreciates the right-
of-use asset from the commencement date to the end of the useful life of the underlying asset. Otherwise, the
Group depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life
of the right-of-use asset or the end of the lease term. Right-of-use assets are depreciated on a straight-line
basis.
The Group presents rights-of-use assets separately from property, plant and equipment in the Statement of
financial position.
1.14 Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including in-
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments
of penalties for ng the lease, if the lease term reflects the Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are
incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the lease
(e.g., changes to future payments resulting from a change in an index or rate used to determine such lease
payments) or a change in the assessment of an option to purchase the underlying asset.
1.14.1 Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option).
The Group also applies the lease of low-value assets recognition exemption to leases that are considered to be
low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on
a straight-line basis over the lease term.
1.14.2 The Group as a lessor in operating leases
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an
asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the
lease terms and is included in the item \u2018Other income\u2019 in the Statement of profit or loss due to its operating
nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent
rents are recognised as revenue in the period in which they are earned.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "1.9 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 1.9.1 Financial assets The Group classifies its financial assets into the following three categories: \u0336 financial assets subsequently measured at amortised cost; \u0336 financial assets subsequently measured at fair value through other comprehensive income (hereinafter \u2018FVOCI\u2019), and \u0336 financial assets subsequently measured at fair value through profit or loss (hereinafter \u2018FVTPL\u2019). Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset. Transaction costs comprise all charges and commissions that the Group would not have paid if it had not entered into an agreement on the financial instrument. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (hereinafter \u2018SPPI\u2019)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at FVTPL, irrespective of the business model. Interest income calculated on these financial assets is recognised as finance income and amortised using the effective interest rate method. Any gain or loss arising from the write-off of assets is recognised in the Statement of profit or loss. Impairment losses are accounted for as other expenses (Note 7) in the Statement of profit or loss. Subsequent to initial recognition, financial assets are classified into the afore-mentioned categories based on the business model the Group applies when managing its financial assets and characteristics of cash flows from these assets. The business model applied to the group of financial assets is determined at a level that reflects how all groups of financial assets are managed together to achieve a particular business objective of the Group. The intentions of the Group\u2019s management regarding separate instruments have no effect on the applied business model. The Group may apply more than one business model to manage its financial assets. In view of the business model applied for managing the group of financial assets, the accounting for financial assets, is as follows: 1.9.1.1 Financial assets subsequently measured at FVOCI The Group has derivatives and equity securities (debt investment) subsequently measured at FVOCI. For detailed information for derivatives, see Note 1.9.3. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: \u0336 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u0336 its contractual terms give rise on specified dates to cash flows that are SPPI on the principal amount outstanding. 1.9.1.2 Financial assets at amortised cost Financial assets at amortised cost are subsequently measured using the effective interest rate (hereinafter \u2018EIR\u2019) method and are subject to impairment. Amortised cost is the amount at which the financial instrument was recognised at initial recognition minus principal repayments, plus accrued interest, and, for financial assets, minus any write-down for expected credit losses. The Group\u2019s financial assets at amortised cost includes loans granted by the Group, trade and other amounts receivable, and cash and cash equivalents are accounted for under the business model the purpose of which is to hold financial assets in order to collect contractual cash flows that can contain cash flows related to the payment of the principal amount and interest inflows. 1.9.1.3 Financial assets at FVTPL Debt instruments that do not meet the criteria of financial assets to be measured at amortised cost or financial assets to be measured at FVOCI are classified as financial assets to be measured at FVTPL. The Group classifies financial assets as assets measured at FVTPL if this eliminates or significantly reduces the measurement or recognition inconsistency (sometimes referred to as \u2018an accounting mismatch\u2019) that would otherwise arise from measuring assets or liabilities or recognising gains or losses thereof on different bases. A gain or loss on fair value measurement of debt investment is recognised in the Statement of profit or loss in the period in which it arises. The Group classifies in this category investments to equity instruments that do not meet the SPPI conditions. 1.9.1.4 Effective interest method The EIR method is used in the calculation of the amortised cost of a financial asset and in the allocation of the interest revenue in the Statement of profit or loss over the relevant period. The EIR is the rate that exactly discounts estimated future cash inflows through the expected life of the financial asset to the gross carrying amount of the financial asset that shows the amortised cost of the financial asset, before adjusting for any loss allowance. When calculating the EIR, the Group estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the EIR, transaction costs, and all other premiums or discounts. There is a presumption that the cash flows and the expected life of a group of similar financial instruments can be estimated reliably. However, when it is not possible to reliably estimate the cash flows or the expected life of a financial instrument (or group of financial instruments), the Group uses the contractual cash flows over the full contractual term of the financial instrument (or group of financial instruments). 1.9.1.5 Impairment of financial assets \u2013 expected credit losses The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost regardless of whether there are any impairment indicators. Credit losses incurred by the Group are calculated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive (i.e. all cash shortfalls), discounted at the original EIR. The Group estimates cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument, including cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Expected credit losses are measured in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; the time value of money; reasonable and supportable information about past events and current conditions, and reasonable and supportable forecasts of future events and economic conditions at the reporting date. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the period from the date of initial recognition of a financial asset to the subsequent date of settlement of the financial asset or ultimate write-off of the financial asset. The Group seeks for lifetime expected credit losses to be recognised before a financial instrument becomes past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently, when reasonable and supportable information that is more forward-looking than past due information is available without undue cost or effort, it is used to assess changes in credit risk. Expected credit losses are recognised by taking into consideration individually or collectively assessed credit risk of loans granted and trade receivables. Credit risk is assessed based on all reasonable information, including forward-looking information. For short-term trade receivables without a significant financing component the Group applies a simplified approach required by IFRS 9 and measures the loss allowance at expected lifetime credit losses from initial recognition of the receivables (Note 20.2). The Group\u2019s management performs the assessment on an individual basis, reflecting the possibility of obtaining information on the credit history of a particular debtor, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling to make judgements on the recognition of lifetime expected credit losses in respect of that particular borrower. In the absence of reliable sources of information on the credit history of a particular debtor, its financial position as at the date of assessment, including forward-looking information, the Group assesses the debt on a collective basis. For the purpose of determining the lifetime expected credit losses of amounts receivable, the Group on a collective basis applies the loss ratio matrix. The loss ratio matrix is based on historical data on the settlement for trade receivables during the period of validity of trade receivables and is adjusted with respect to future forecasts. The loss ratios are updated during the preparation of the annual financial statements with respect to the impact of operational prospects, where these prospects are indicative of any exacerbation of economic conditions during upcoming years or of customer types. To measure expected credit losses, trade receivables are grouped based on shared credit risk characteristics. The non-recoverability analysis is conducted for the last several years in order to determine the general default ratio. As regards to the different groups of consumers, a different loss ratio matrix is used. The lifetime expected credit losses of other amounts receivable are assessed based on the individual assessment basis. The Group\u2019s management performs the assessment on an individual basis, reflecting the possibility of obtaining information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling to make judgements on the recognition of lifetime expected credit losses in respect of that particular borrower. Recognition stages of expected credit losses: 1. Upon granting of a loan or concluding a finance lease agreement, the Group recognises the expected credit losses for the twelve-month period. Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets without adjusting it by the amount of expected credit losses. 2. Upon establishing that the credit risk related to the borrower or lessee has significantly increased, the Group accounts for the lifetime expected credit losses of the loan or finance lease agreement. All lifetime expected credit losses of financial instruments are calculated only when there is a significant increase in credit risk relating to the borrower. Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets without adjusting it by the amount of expected credit losses. 3. Where the Group establishes that the recovery of the loan is doubtful or that the condition of the lessee shows that the loan of this lessee needs to be classified as doubtful debts, the Group classifies this loan (finance lease receivables) as credit-impaired financial assets (doubtful loans and receivables). Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets, which is reduced by the amount of expected credit losses. In stage 2, an assessment of the significant deterioration in the borrower\u2019s financial situation is performed by comparing the financial situation as at the time of the assessment and the financial situation as at the time of issuing the loan. The latest point at which the Group recognises all lifetime expected credit losses of the loan granted or a finance lease agreement is identified when the borrower is late to pay a periodic amount or the total debt for more than 90 days. In case of other evidence available, the Group accounts for all lifetime expected credit losses of the loan granted regardless of the more-than-90-days-past-due presumption
1.9.1.6 Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated
future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include
observable data about the following events:
(a) significant financial difficulty of the borrower;
(b) a breach of contract, such as a default or past due event for more than 90 days;
(c) the lender, for economic or contractual reasons relating to the borrower's financial difficulty, having granted
to the borrower a concession that the lender would not otherwise consider;
(d) it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation;
(e) the disappearance of an active market for that financial asset because of financial difficulties;
(f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
1.9.1.7 Derecognition of financial assets
A financial asset (or, where applicable a part of financial asset or group of similar financial assets) is
derecognised when:
\u0336 the rights to receive cash flows from the asset have expired;
\u0336 the right to receive cash flows from the asset is retained, but an obligation is assumed to pay them in full
without material delay to a third party under a \u2018pass through\u2019 arrangement; or
\u0336 the rights to receive cash flows from the asset are transferred and either (a) substantially all the risks and
rewards of the asset have been transferred, or (b) substantially all the risks and rewards of the asset have
neither been transferred nor retained, but control of the asset has been transferred:
\u0336 if control is not retained, the financial asset is derecognised and any rights and obligations created or
retained in the transfer are recognised separately as assets or liabilities;
\u0336 if control is retained,the financial asset is continued to be recognised to the extent of continuing
involvement in the financial asset.
Whether the control of the transferred asset is retained depends on the transferee\u2019s ability to sell the asset. If
the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to
exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, control is
not retained. In all other cases, control is retained.
1.9.2 Financial liabilities and equity instruments issued
Debt or equity instruments are classified as financial liabilities or equity based on the substance of the
arrangement.
1.9.2.1 Initial recognition and measurement of financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and bonds, trade and
other payables or derivatives designated as hedging instruments in an effective hedge, as appropriate. All
financial liabilities are recognised initially at fair value and, in the case of loans and bonds and trade ant other
payables, as net of directly attributable transaction costs.
1.9.2.2 Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u0336 financial liabilities at FVTPL;
\u0336 financial liabilities at amortised cost.
1.9.2.3 Financial liabilities at FVTPL
Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon
initial recognition as at FVTPL.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivatives entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified
as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the Statement of profit or loss.
Financial liabilities designated upon initial recognition at FVTPL are designated at the initial date of recognition,
and only if the criteria in IFRS 9 are satisfied.
1.9.2.4 Financial liabilities at amortised cost
After initial recognition, trade payables, interest-bearing loans and bonds are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised as profit or loss in the Statement of
profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of profit
or loss.
1.9.2.5 Classification and borrowing costs
Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting date.
If a financing agreement concluded before the Statement of financial position date proves that the liability was
non-current by its nature as of the date of the Statement of financial position, that financial liability is classified
as non-current.
Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take
a substantial time (more than one year) to get ready for intended use or sale (qualifying assets) are capitalised
as part of the costs of those assets until those assets are completely ready for use or sale. All other borrowing
costs are expensed as incurred. Interest income that relates to temporal investment of borrowed funds until
their use for the acquisition of the assets is deducted from the acquisition cost of the assets.
1.9.2.6 Effective interest rate method
The EIR method is used in the calculation of the amortised cost of a financial liabilities and in the allocation of
the interest expenses in the Statement of profit or loss over the relevant period.
The EIR is the rate that exactly discounts estimated future cash outflows through the expected life of the financial liability to the gross carrying amount of the financial liability that shows the amortised cost of the financial liability (for more information, see Note 1.9.2). 1.9.2.7 Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, 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 between the respective carrying amounts is recognised in the Statement of profit or loss . 1.9.3 Derivatives and hedge accounting The Group enters into derivatives\u2019 transactions related to purchase and sale prices of electricity and gas and emission allowances forwards. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u0336 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u0336 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u0336 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item and the quantity of the hedging instrument. 1.9.3.1 Presentation Fair value of derivatives is presented in the Statement of financial position as \u2018Other non-current assets\u2019 (Note 16.1), \u2018Other current assets\u2019 (Note 16.2), \u2018Other non-current and liabilities\u2019 and \u2018Other current liabilities\u2019 (Note 28). Changes in fair value and the result of settled derivatives for hedges that do not meet the qualifying criteria for hedge accounting are recognised in the Statement of profit or loss either as \u2018Other income\u2019, if result for a period of such derivatives is profit, or \u2018Other expenses\u2019 if result of such derivatives for a period is loss (Note 29). Changes in fair value and the result of settled derivatives for hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below: 1.9.3.2 Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognised in the Statement of financial position in the hedge reserve. Ineffective portion is recognised immediately in the Statement of profit or loss in 'Other income\u2019 or 'Other expenses\u2019 (accounting method is similar to derivatives that do not meet the hedge criteria \u2013 Note 1.9.3.1). The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in the fair value of the hedged item. When cash flow hedges are realised, gain or losses are transferred from equity and recognised in the Statement of profit or loss as \u2018Purchases of electricity, gas and other services\u2019. 1.10 Put option arrangements The Group uses anticipated-acquisition method for recognizing put option redemption liability (hereinafter \u2013 option). The amount that may become payable under the option on exercise is initially recognised at the present value of the redemption amount within liabilities with a corresponding charge directly to non-controlling interest in equity. This is because the recognition of the financial liability implies that the interests subject to the option are deemed to have been acquired already. Subsequently, the value of liability is measured at FVTPL for the purpose to present the redemption liability that is payable at the date at which the option first becomes exercisable. The change in fair value is presented in \u2018Financial expenses\u2019 of the Statement of profit or loss. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to non-controlling interest in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "
1.9.1 Financial assets
The Group classifies its financial assets into the following three categories:
\u0336 financial assets subsequently measured at amortised cost;
\u0336 financial assets subsequently measured at fair value through other comprehensive income (hereinafter
\u2018FVOCI\u2019), and
\u0336 financial assets subsequently measured at fair value through profit or loss (hereinafter \u2018FVTPL\u2019).
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date
that the Group commits to purchase or sell the asset.
Transaction costs comprise all charges and commissions that the Group would not have paid if it had not
entered into an agreement on the financial instrument.
In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to
cash flows that are \u2018solely payments of principal and interest (hereinafter \u2018SPPI\u2019)\u2019 on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial
assets with cash flows that are not SPPI are classified and measured at FVTPL, irrespective of the business
model. Interest income calculated on these financial assets is recognised as finance income and amortised
using the effective interest rate method. Any gain or loss arising from the write-off of assets is recognised in the
Statement of profit or loss. Impairment losses are accounted for as other expenses (Note 7) in the Statement of
profit or loss.
Subsequent to initial recognition, financial assets are classified into the afore-mentioned categories based on
the business model the Group applies when managing its financial assets and characteristics of cash flows from
these assets. The business model applied to the group of financial assets is determined at a level that reflects
how all groups of financial assets are managed together to achieve a particular business objective of the Group.
The intentions of the Group\u2019s management regarding separate instruments have no effect on the applied
business model. The Group may apply more than one business model to manage its financial assets. In view of
the business model applied for managing the group of financial assets, the accounting for financial assets, is as
follows:
1.9.1.1 Financial assets subsequently measured at FVOCI
The Group has derivatives and equity securities (debt investment) subsequently measured at FVOCI. For
detailed information for derivatives, see Note 1.9.3.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at
FVTPL:
\u0336 it is held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets; and
\u0336 its contractual terms give rise on specified dates to cash flows that are SPPI on the principal amount
outstanding.
1.9.1.2 Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest rate (hereinafter
\u2018EIR\u2019) method and are subject to impairment. Amortised cost is the amount at which the financial instrument
was recognised at initial recognition minus principal repayments, plus accrued interest, and, for financial assets,
minus any write-down for expected credit losses. The Group\u2019s financial assets at amortised cost includes loans
granted by the Group, trade and other amounts receivable, and cash and cash equivalents are accounted for
under the business model the purpose of which is to hold financial assets in order to collect contractual cash
flows that can contain cash flows related to the payment of the principal amount and interest inflows.
1.9.1.3 Financial assets at FVTPL
Debt instruments that do not meet the criteria of financial assets to be measured at amortised cost or financial
assets to be measured at FVOCI are classified as financial assets to be measured at FVTPL.
The Group classifies financial assets as assets measured at FVTPL if this eliminates or significantly reduces the
measurement or recognition inconsistency (sometimes referred to as \u2018an accounting mismatch\u2019) that would
otherwise arise from measuring assets or liabilities or recognising gains or losses thereof on different bases. A
gain or loss on fair value measurement of debt investment is recognised in the Statement of profit or loss in the
period in which it arises. The Group classifies in this category investments to equity instruments that do not
meet the SPPI conditions.
1.9.1.4 Effective interest method
The EIR method is used in the calculation of the amortised cost of a financial asset and in the allocation of the
interest revenue in the Statement of profit or loss over the relevant period.
The EIR is the rate that exactly discounts estimated future cash inflows through the expected life of the financial
asset to the gross carrying amount of the financial asset that shows the amortised cost of the financial asset,
before adjusting for any loss allowance. When calculating the EIR, the Group estimates the expected cash
flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension,
call and similar options) but does not consider the expected credit losses. The calculation includes all fees and
points paid or received between parties to the contract that are an integral part of the EIR, transaction costs,
and all other premiums or discounts. There is a presumption that the cash flows and the expected life of a group
of similar financial instruments can be estimated reliably. However, when it is not possible to reliably estimate
the cash flows or the expected life of a financial instrument (or group of financial instruments), the Group uses
the contr
actual cash flows over the full contractual term of the financial instrument (or group of financial
instruments).
1.9.1.5 Impairment of financial assets \u2013 expected credit losses
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments
carried at amortised cost regardless of whether there are any impairment indicators.
Credit losses incurred by the Group are calculated as the difference between all contractual cash flows that are
due to the Group in accordance with the contract and all the cash flows that the Group expects to receive (i.e.
all cash shortfalls), discounted at the original EIR. The Group estimates cash flows by considering all
contractual terms of the financial instrument through the expected life of that financial instrument, including cash
flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
Expected credit losses are measured in a way that reflects an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes; the time value of money; reasonable and supportable
information about past events and current conditions, and reasonable and supportable forecasts of future
events and economic conditions at the reporting date.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over
the period from the date of initial recognition of a financial asset to the subsequent date of settlement of the
financial asset or ultimate write-off of the financial asset.
The Group seeks for lifetime expected credit losses to be recognised before a financial instrument becomes
past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other
lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently,
when reasonable and supportable information that is more forward-looking than past due information is
available without undue cost or effort, it is used to assess changes in credit risk. Expected credit losses are
recognised by taking into consideration individually or collectively assessed credit risk of loans granted and
trade receivables. Credit risk is assessed based on all reasonable information, including forward-looking
information.
For short-term trade receivables without a significant financing component the Group applies a simplified
approach required by IFRS 9 and measures the loss allowance at expected lifetime credit losses from initial
recognition of the receivables (Note 20.2).
The Group\u2019s management performs the assessment on an individual basis, reflecting the possibility of obtaining
information on the credit history of a particular debtor, its financial position as at the date of assessment,
including forward-looking information that would allow to timely determine whether there has been a significant
increase in the credit risk of that particular borrower, thus enabling to make judgements on the recognition of
lifetime expected credit losses in respect of that particular borrower. In the absence of reliable sources of
information on the credit history of a particular debtor, its financial position as at the date of assessment,
including forward-looking information, the Group assesses the debt on a collective basis.
For the purpose of determining the lifetime expected credit losses of amounts receivable, the Group on a
collective basis applies the loss ratio matrix. The loss ratio matrix is based on historical data on the settlement
for trade receivables during the period of validity of trade receivables and is adjusted with respect to future
forecasts. The loss ratios are updated during the preparation of the annual financial statements with respect to
the impact of operational prospects, where these prospects are indicative of any exacerbation of economic
conditions during upcoming years or of customer types. To measure expected credit losses, trade receivables
are grouped based on shared credit risk characteristics. The non-recoverability analysis is conducted for the
last several years in order to determine the general default ratio. As regards to the different groups of
consumers, a different loss ratio matrix is used.
The lifetime expected credit losses of other amounts receivable are assessed based on the individual
assessment basis. The Group\u2019s management performs the assessment on an individual basis, reflecting the
possibility of obtaining information on the credit history of a particular borrower, its financial position as at the
date of assessment, including forward-looking information that would allow to timely determine whether there
has been a significant increase in the credit risk of that particular borrower, thus enabling to make judgements
on the recognition of lifetime expected credit losses in respect of that particular borrower.
Recognition stages of expected credit losses:
1. Upon granting of a loan or concluding a finance lease agreement, the Group recognises the expected credit
losses for the twelve-month period. Interest income from the loan (finance lease) is calculated on the
carrying amount of financial assets without adjusting it by the amount of expected credit losses.
2. Upon establishing that the credit risk related to the borrower or lessee has significantly increased, the
Group accounts for the lifetime expected credit losses of the loan or finance lease agreement. All lifetime
expected credit losses of financial instruments are calculated only when there is a significant increase in
credit risk relating to the borrower. Interest income from the loan (finance lease) is calculated on the
carrying amount of financial assets without adjusting it by the amount of expected credit losses.
3. Where the Group establishes that the recovery of the loan is doubtful or that the condition of the lessee
shows that the loan of this lessee needs to be classified as doubtful debts, the Group classifies this loan
(finance lease receivables) as credit-impaired financial assets (doubtful loans and receivables). Interest
income from the loan (finance lease) is calculated on the carrying amount of financial assets, which is
reduced by the amount of expected credit losses.
In stage 2, an assessment of the significant deterioration in the borrower\u2019s financial situation is performed by
comparing the financial situation as at the time of the assessment and the financial situation as at the time of
issuing the loan.
The latest point at which the Group recognises all lifetime expected credit losses of the loan granted or a
finance lease agreement is identified when the borrower is late to pay a periodic amount or the total debt for
more than 90 days. In case of other evidence available, the Group accounts for all lifetime expected credit
losses of the loan granted regardless of the more-than-90-days-past-due presumption.
1.9.1.6 Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events: (a) significant financial difficulty of the borrower; (b) a breach of contract, such as a default or past due event for more than 90 days; (c) the lender, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession that the lender would not otherwise consider; (d) it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; (e) the disappearance of an active market for that financial asset because of financial difficulties; (f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses. 1.9.1.7 Derecognition of financial assets A financial asset (or, where applicable a part of financial asset or group of similar financial assets) is derecognised when: \u0336 the rights to receive cash flows from the asset have expired; \u0336 the right to receive cash flows from the asset is retained, but an obligation is assumed to pay them in full without material delay to a third party under a \u2018pass through\u2019 arrangement; or \u0336 the rights to receive cash flows from the asset are transferred and either (a) substantially all the risks and rewards of the asset have been transferred, or (b) substantially all the risks and rewards of the asset have neither been transferred nor retained, but control of the asset has been transferred: \u0336 if control is not retained, the financial asset is derecognised and any rights and obligations created or retained in the transfer are recognised separately as assets or liabilities; \u0336 if control is retained,the financial asset is continued to be recognised to the extent of continuing involvement in the financial asset. Whether the control of the transferred asset is retained depends on the transferee\u2019s ability to sell the asset. If the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, control is not retained. In all other cases, control is retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "1.9.1.5 Impairment of financial assets \u2013 expected credit losses The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost regardless of whether there are any impairment indicators. Credit losses incurred by the Group are calculated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive (i.e. all cash shortfalls), discounted at the original EIR. The Group estimates cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument, including cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Expected credit losses are measured in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; the time value of money; reasonable and supportable information about past events and current conditions, and reasonable and supportable forecasts of future events and economic conditions at the reporting date. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the period from the date of initial recognition of a financial asset to the subsequent date of settlement of the financial asset or ultimate write-off of the financial asset. The Group seeks for lifetime expected credit losses to be recognised before a financial instrument becomes past due. Typically, credit risk increases significantly before a financial instrument becomes past due or other lagging borrower-specific factors (for example, a modification or restructuring) are observed. Consequently, when reasonable and supportable information that is more forward-looking than past due information is available without undue cost or effort, it is used to assess changes in credit risk. Expected credit losses are recognised by taking into consideration individually or collectively assessed credit risk of loans granted and trade receivables. Credit risk is assessed based on all reasonable information, including forward-looking information. For short-term trade receivables without a significant financing component the Group applies a simplified approach required by IFRS 9 and measures the loss allowance at expected lifetime credit losses from initial recognition of the receivables (Note 20.2). The Group\u2019s management performs the assessment on an individual basis, reflecting the possibility of obtaining information on the credit history of a particular debtor, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling to make judgements on the recognition of lifetime expected credit losses in respect of that particular borrower. In the absence of reliable sources of information on the credit history of a particular debtor, its financial position as at the date of assessment, including forward-looking information, the Group assesses the debt on a collective basis. For the purpose of determining the lifetime expected credit losses of amounts receivable, the Group on a collective basis applies the loss ratio matrix. The loss ratio matrix is based on historical data on the settlement for trade receivables during the period of validity of trade receivables and is adjusted with respect to future forecasts. The loss ratios are updated during the preparation of the annual financial statements with respect to the impact of operational prospects, where these prospects are indicative of any exacerbation of economic conditions during upcoming years or of customer types. To measure expected credit losses, trade receivables are grouped based on shared credit risk characteristics. The non-recoverability analysis is conducted for the last several years in order to determine the general default ratio. As regards to the different groups of consumers, a different loss ratio matrix is used. The lifetime expected credit losses of other amounts receivable are assessed based on the individual assessment basis. The Group\u2019s management performs the assessment on an individual basis, reflecting the possibility of obtaining information on the credit history of a particular borrower, its financial position as at the date of assessment, including forward-looking information that would allow to timely determine whether there has been a significant increase in the credit risk of that particular borrower, thus enabling to make judgements on the recognition of lifetime expected credit losses in respect of that particular borrower. Recognition stages of expected credit losses: 1. Upon granting of a loan or concluding a finance lease agreement, the Group recognises the expected credit losses for the twelve-month period. Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets without adjusting it by the amount of expected credit losses. 2. Upon establishing that the credit risk related to the borrower or lessee has significantly increased, the Group accounts for the lifetime expected credit losses of the loan or finance lease agreement. All lifetime expected credit losses of financial instruments are calculated only when there is a significant increase in credit risk relating to the borrower. Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets without adjusting it by the amount of expected credit losses. 3. Where the Group establishes that the recovery of the loan is doubtful or that the condition of the lessee shows that the loan of this lessee needs to be classified as doubtful debts, the Group classifies this loan (finance lease receivables) as credit-impaired financial assets (doubtful loans and receivables). Interest income from the loan (finance lease) is calculated on the carrying amount of financial assets, which is reduced by the amount of expected credit losses. In stage 2, an assessment of the significant deterioration in the borrower\u2019s financial situation is performed by comparing the financial situation as at the time of the assessment and the financial situation as at the time of issuing the loan. The latest point at which the Group recognises all lifetime expected credit losses of the loan granted or a finance lease agreement is identified when the borrower is late to pay a periodic amount or the total debt for more than 90 days. In case of other evidence available, the Group accounts for all lifetime expected credit losses of the loan granted regardless of the more-than-90-days-past-due presumption. 1.9.1.6 Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events: (a) significant financial difficulty of the borrower; (b) a breach of contract, such as a default or past due event for more than 90 days; (c) the lender, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession that the lender would not otherwise consider; (d) it is becoming probable that the borrower will enter bankruptcy or another financial reorganisation; (e) the disappearance of an active market for that financial asset because of financial difficulties; (f) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "1.9.1.7 Derecognition of financial assets A financial asset (or, where applicable a part of financial asset or group of similar financial assets) is derecognised when: \u0336 the rights to receive cash flows from the asset have expired; \u0336 the right to receive cash flows from the asset is retained, but an obligation is assumed to pay them in full without material delay to a third party under a \u2018pass through\u2019 arrangement; or \u0336 the rights to receive cash flows from the asset are transferred and either (a) substantially all the risks and rewards of the asset have been transferred, or (b) substantially all the risks and rewards of the asset have neither been transferred nor retained, but control of the asset has been transferred: \u0336 if control is not retained, the financial asset is derecognised and any rights and obligations created or retained in the transfer are recognised separately as assets or liabilities; \u0336 if control is retained,the financial asset is continued to be recognised to the extent of continuing involvement in the financial asset. Whether the control of the transferred asset is retained depends on the transferee\u2019s ability to sell the asset. If the transferee has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer, control is not retained. In all other cases, control is retained. 1.9.2.7 Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, 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 between the respective carrying amounts is recognised in the Statement of profit or loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "1.9.2 Financial liabilities and equity instruments issued Debt or equity instruments are classified as financial liabilities or equity based on the substance of the arrangement. 1.9.2.1 Initial recognition and measurement of financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at FVPL, loans and bonds, trade and other payables or derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and bonds and trade ant other payables, as net of directly attributable transaction costs. 1.9.2.2 Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u0336 financial liabilities at FVTPL; \u0336 financial liabilities at amortised cost. 1.9.2.3 Financial liabilities at FVTPL Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivatives entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the Statement of profit or loss. Financial liabilities designated upon initial recognition at FVTPL are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. 1.9.2.4 Financial liabilities at amortised cost After initial recognition, trade payables, interest-bearing loans and bonds are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised as profit or loss in the Statement of profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of profit or loss. 1.9.2.5 Classification and borrowing costs Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. If a financing agreement concluded before the Statement of financial position date proves that the liability was non-current by its nature as of the date of the Statement of financial position, that financial liability is classified as non-current. Borrowing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial time (more than one year) to get ready for intended use or sale (qualifying assets) are capitalised as part of the costs of those assets until those assets are completely ready for use or sale. All other borrowing costs are expensed as incurred. Interest income that relates to temporal investment of borrowed funds until their use for the acquisition of the assets is deducted from the acquisition cost of the assets. 1.9.2.6 Effective interest rate method The EIR method is used in the calculation of the amortised cost of a financial liabilities and in the allocation of the interest expenses in the Statement of profit or loss over the relevant period.
The EIR is the rate that exactly discounts estimated future cash outflows through the expected life of the
financial liability to the gross carrying amount of the financial liability that shows the amortised cost of the
financial liability (for more information, see Note 1.9.2).
1.9.2.7 Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, 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 between the respective
carrying amounts is recognised in the Statement of profit or loss .
1.10 Put option arrangements
The Group uses anticipated-acquisition method for recognizing put option redemption liability (hereinafter \u2013
option).
The amount that may become payable under the option on exercise is initially recognised at the present value
of the redemption amount within liabilities with a corresponding charge directly to non-controlling interest in
equity. This is because the recognition of the financial liability implies that the interests subject to the option are
deemed to have been acquired already.
Subsequently, the value of liability is measured at FVTPL for the purpose to present the redemption liability that
is payable at the date at which the option first becomes exercisable. The change in fair value is presented in
\u2018Financial expenses\u2019 of the Statement of profit or loss. In the event that the option expires unexercised, the
liability is derecognised with a corresponding adjustment to non-controlling interest in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "
1.9.3 Derivatives and hedge accounting
The Group enters into derivatives\u2019 transactions related to purchase and sale prices of electricity and gas and
emission allowances forwards.
At the inception of a hedge relationship, the Group formally designates and documents the hedge
relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for
undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk
being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness
requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is
determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements:
\u0336 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument;
\u0336 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship;
\u0336 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item
and the quantity of the hedging instrument.
1.9.3.1 Presentation
Fair value of derivatives is presented in the Statement of financial position as \u2018Other non-current assets\u2019 (Note
16.1), \u2018Other current assets\u2019 (Note 16.2), \u2018Other non-current and liabilities\u2019 and \u2018Other current liabilities\u2019 (Note
28).
Changes in fair value and the result of settled derivatives for hedges that do not meet the qualifying criteria for
hedge accounting are recognised in the Statement of profit or loss either as \u2018Other income\u2019, if result for a period
of such derivatives is profit, or \u2018Other expenses\u2019 if result of such derivatives for a period is loss (Note 29).
Changes in fair value and the result of settled derivatives for hedges that meet all the qualifying criteria for
hedge accounting are accounted for as described below:
1.9.3.2 Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in the Statement of financial
position in the hedge reserve. Ineffective portion is recognised immediately in the Statement of profit or loss in
'Other income\u2019 or 'Other expenses\u2019 (accounting method is similar to derivatives that do not meet the hedge
criteria \u2013 Note 1.9.3.1). The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on
the hedging instrument and the cumulative change in the fair value of the hedged item.
When cash flow hedges are realised, gain or losses are transferred from equity and recognised in the
Statement of profit or loss as \u2018Purchases of electricity, gas and other services\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "
1.11 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out
(FIFO) method, except for natural gas and liquefied natural gas, the cost of which is determined using the
weighted average costing method (see below). The cost of inventories comprises purchase price, taxes (other
than those subsequently recoverable by the Group from the tax authorities), transportation, handling and other
costs directly attributable to the acquisition of inventories. Cost does not include borrowings costs. Net
realisable value is the estimated selling price in the ordinary course of business less estimated costs of
completion and the estimated costs necessary to make the sale.
The weighted average price is calculated as the weighted average of the inventory at the beginning of the
month and the purchases during the month.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "
1.12 Emission allowances
Based on the European Union (hereinafter \u2013 EU) Directive 2003/07/EC, a greenhouse gas emissions trading
scheme was developed, which came into force on 1 January 2005. The first period of operation of this scheme
covered 3 years, from 2005 to 2007; the second period covered 5 years, from 2008 to 2012, and the third
period covers 7 years, from 2013 to 2020. From 2022 the fourth period has started, which will last until 2030.
The scheme\u2019s operation period is in line with the period established under the Kyoto Agreement. The system
functions on \u2018Cap\u2019 and \u2018Trade\u2019 basis.
The governments of the EU Member States are required to set caps for each emission unit in the scheme and
for the period of implementation. These caps are specified in the National Allocation Plan (hereinafter referred
to as \u2018NPP\u2019) to be developed by a responsible authority of each Member State (in Lithuania \u2013 the Ministry of
Environment). NPP determines the annual emission amount (measured as tonnes of carbon dioxide equivalent)
for each emission unit and each period and allocates annual emission allowances.
A Member State has an obligation to allocate emission allowances by 28 February of each year in accordance
with the National Allocation Plan (part of the allowances is set aside for new entrants).
A Member State is to assure that an operator of each emission unit will submit data on the unit\u2019s actual amount
of greenhouse gas emissions during the current calendar year not later than by 30 April of the next year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "
1.13 Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly
liquid investments with original maturities of three months or less.
For the purposes of the Statement of cash flows, cash and cash equivalents comprise cash on hand deposits
held at call with banks and other short-term highly liquid investments with original maturities of three months or
less, and bank overdrafts. Bank overdrafts are presented under \u2018Loans\u2019 in the Statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "
1.15 Grants and subsidies
1.15.1 Asset-related grants
For presentation of grants related to the assets, the Group uses a method, which recognises the grant as
deferred income that is recognised in Statement of profit or loss on a systematic basis over the useful life of the
asset. Government and EU asset-related grants comprise grants received in the form of non-current assets or
in the form of cash intended for the acquisition of non-current assets. Grants are initially recorded at the fair
value of the asset received and subsequently recognised in the Statement of profit or loss by reducing the
depreciation charge of the related asset over the expected useful life of the asset. Liability related to the
received asset-related grants is presented in the Statement of financial position under the non-current liabilities\u2019
item \u2018Grants and subsidies\u2019.
Upon the revaluation of non-current assets and in case impairment was recognised on revaluation, grants
related to the non-current assets are written off in a respective proportion.
1.15.2 Income-related grants
Government and EU grants received as a compensation for the expenses or unearned income of the current or
previous reporting period, also, all the grants, which are not grants related to assets, are considered as grants
related to income. Income-related grants are recognised as used to the extent of the expenses incurred during
the reporting period or unearned income to be compensated by that grant. Grants related to income are
presented as part of the Statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "
1.16 Provisions
Provisions are recognised when the Group has a legal obligation or irrevocable commitment as a result of a
past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate may be made about the amount of the obligation. Expenses related to
provisions are recorded in the Statement of profit or loss, net of compensation receivable. If the effect of the
time value of money is material, the amount of provision is discounted using the effective pre-tax discount rate
based on the interest rates for the period while taking into account specific risks associated with the provision,
as appropriate. When discounting is applied, an increase in the provisions reflecting the period of past time is
accounted for as finance expense.
1.16.1 Provisions for servitudes
Costs related to provision for servitudes are recognised as intangible assets and are measured at the amounts
to be compensated.
Payments of compensations to land owners are recorded as decreases of provision, while remeasurement of
provision due to the changes in underlying assumptions is recorded as a change in the respective intangible
asset (Note 1.6.3).
1.16.2 Provisions for registration of protection zones
Costs related to provision for registration of protection zones and compensations are recognised as intangible
assets based on the amounts to be compensated.
Payments related to registration of protection zones are recorded as decreases of provision, while
remeasurement of provision due to the changes in underlying assumptions is recorded as change in respective
intangible asset (Note 1.6.4).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "
1.17 Employee benefits
1.17.1 State plans
The Group participates only in State plans. State plans are established by legislation to cover all entities and
are operated by national or local government or by another body (for example, in the case of the Group, the
State Social Security Fund). State plans are a defined benefit plan under which the Group pays fixed
contributions into a separate entity and will have no legal or constructive obligation to pay further contributions if
the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current
and prior periods. These contributions are recognised as an expense on an accrual basis and are included
within remuneration expenses.
1.17.2 Termination benefits
Termination benefits are payable whenever an employee\u2019s employment is terminated before the normal
retirement date or if an employee accepts voluntary redundancy in exchange for these benefits. The Group
recognises termination benefits when it is demonstrably committed to either terminating the employment of
current employees according to a detailed formal plan without possibility of withdrawal or providing termination
benefits as a result of an offer made to encourage voluntary redundancy.
1.17.3 Non-current employee benefits
Each employee of retirement age who terminates his/her employment with the Group upon retirement is entitled
to receive a payment equal to 2 monthly salaries according to Lithuanian laws.
If an employee belongs to a trade union, he/she is also entitled to additional retirement benefit in accordance
with the collective agreement. A liability for such pension benefits is recognised in the Statement of financial
position and it reflects the present value of these benefits at the date of the Statement of financial position. The
aforementioned non-current liability for pension benefits to employees at the reporting date is estimated with
reference to actuarial valuations using the projected relative unit method. The present value of the defined non-
current liability for pension benefits to employees is determined by discounting the estimated future cash flows
using the effective interest rates as set for government bonds denominated in the currency in which the benefits
will be paid to employees and that have maturity term similar to that of the related liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "
1.18 Fair value
The Group measures financial instruments, such as derivatives, and non-financial assets, such as investment
properties, at fair value at each Statement of financial position date. The fair value measurement is based on
the presumption that the transaction to sell the asset or transfer the liability takes place either:
\u0336 in the principal market for the asset or liability;
or
\u0336 in the absence of principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their best economic interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, thus maximising the use of relevant observable inputs and minimising the use
of unobservable inputs.
All assets and liabilities for which the fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, which is described below, based on the lowest level input that is
significant to the fair value measurement as a whole:
\u0336 Level 1: fair value of assets is based on quoted prices (unadjusted) in active markets for identical assets or
liabilities;
\u0336 Level 2: fair value of assets is based on other observable market data, directly or indirectly;
\u0336 Level 3: fair value of assets is based on non-observable market data.
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the
Group determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at
the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493005RZJHJT5PNHY10", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }