Eesti Energia has published its financial results for the first half of 2025, reporting €917.9 million in revenue — €2.5 million more than during the same period last year.

The group's earnings before interest, taxes, depreciation and amortization (EBITDA) fell by €75.6 million to €220.2 million, while net profit dropped by €70.2 million to €126.5 million.

The company attributed the decline in profit to low market prices.

"Thanks to new wind and solar parks launched over the past year, we generated more renewable energy than last year, which brings electricity prices down and benefits consumers' electricity bills. At the same time, lower market prices mean lower revenues for energy companies. This kind of market environment does not support investments in new electricity production capacity," said Eesti Energia CFO Marlen Tamm.

She added that low market prices and large price fluctuations have become the norm in the energy sector and this situation is expected to persist over the coming years, requiring companies to adapt.

In the second quarter, the group's revenue totaled €387.8 million, down 7 percent or €27.3 million year over year. Normalized EBITDA for the quarter was €82.8 million, while net profit came to €33.1 million, compared with €108.5 million in the second quarter of 2024.

During the quarter, Eesti Energia produced 876.8 gigawatt-hours of electricity, 551.1 of which came from renewable sources. Renewable energy made up 63 percent of total electricity output, 5 percentage points more than a year earlier. That share has only been as high once before — in the fourth quarter of last year.

Wind farms accounted for the largest share of renewable production, generating 428 gigawatt-hours of electricity, up 45 percent from the previous year. The newly launched Sopi-Tootsi renewable energy site, which came online in the second quarter, is expected to eventually cover around one-tenth of Estonia's total electricity consumption.

The company invested €120 million in the second quarter — 43 percent less than during the same period last year. According to Tamm, this decline was mainly due to the company reaching the end of a major investment cycle and now shifting its focus to launching development projects. Falling market prices have also made it increasingly difficult to invest in new production assets, as they reduce the profitability of such projects.

The launch of the Baltic system services market at the beginning of the year has opened up a new revenue stream for the group. In the second quarter, Eesti Energia earned €33 million in EBITDA from flexibility services, the majority of which came from the Auvere battery storage facility completed in February.

In the second quarter of 2025, Eesti Energia paid a total of €23.1 million in taxes and environmental fees to the state. In addition, CO2 emission costs at market prices totaled €40 million.

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