Eesti Energia AS yesterday successfully priced a EUR 300 million five-year senior green bond offering (the “Notes”), marking a strong return to the international debt capital markets following its last capital markets transaction, a hybrid issuance completed in 2024, also in green format.
Eesti Energia AS, rated Baa3 (stable) by Moody's and BBB- (stable) Fitch, has mandated Goldman Sachs Bank Europe SE as Sole Global Coordinator and Joint Lead Manager and AS LHV Pank as Joint Lead Manager to arrange a Global Investor Call scheduled for Monday, 18th May, at 10.00am UKT / 11.00am CET as well as a series of fixed income investor calls also beginning on 18th May.
Finance Minister Jürgen Ligi, acting in his capacity as representative of Eesti Energia AS's sole shareholder, has appointed Janek Stalmeister as a new member of the company's supervisory board. Stalmeister's mandate begins on 22 May 2026 and will run for three years.
In Q1 2026, the Baltic electricity market prices notably increased from the low-price environment over Q2-Q4 2025. Cold weather across the Nordics and Baltics in January and February drove higher electricity consumption, which in combination with modest wind conditions, lifted regional spot prices materially year-on-year.
Eesti Energia will publish its 2026 Q1 financial results and interim report on 30 April. The investor call to present the results will take place on 30 April at 11:00 London time, 12:00 Frankfurt time, and 13:00 Tallinn time.
On 8 April 2026, Moody’s affirmed Eesti Energia AS’s Baa3 credit rating and restored its stable outlook. The revision to a stable outlook reflects Eesti Energia’s more stable financial profile following changes to its debt structure, which reduce exposure to financial covenant breaches, and Moody’s expectation that leverage will remain at least in the mid-teens (as a percentage) over the next two to three years.
Compared to the unaudited annual report no material changes were made.
Enefit, the electricity business of Eesti Energia AS, is expanding its energy storage portfolio by building three new battery storage systems next to its wind farms in Lithuania. The new systems will have a combined capacity of 46 megawatts (MW) and 184 megawatt-hours (MWh). Once completed, Enefit’s storage portfolio will grow from the current 29 MW to 75 MW, strengthening the company’s position in the Baltic energy storage market.
In 2025, the Baltic energy sector experienced significant developments and challenges, both of which had a major impact on energy security and prices.
Eesti Energia will publish its 2025 financial results and interim report on 27 February. The investor call to present the results will take place on 27 February at 11:00 London time, 12:00 Frankfurt time, and 13:00 Tallinn time.
On 11 February 2026, Moody’s has affirmed Eesti Energia AS credit rating Baa3 and maintained the negative outlook.
Eesti Energia AS has published a renewed Green Finance Framework to align its future financing activities with updated investment initiatives.
Eesti Energia AS announces that it has published its Green Financing Report for FY2024, covering the period from 1 July 2021 to 31 December 2024.
The General Meeting of Eesti Energia AS, represented by the Minister of Finance, Mr Jürgen Ligi, approved on 18 December the recall of Mr Jevgeni Kabanov from the Supervisory Board of Eesti Energia.
Enefit Green AS has signed a definitive agreement to divest its Tolpanvaara onshore wind farm in Finland to TD Greystone Infrastructure Fund and Rabbalshede Kraft AB. The transaction marks an important strategic step as Enefit Green sharpens its focus on its core markets in the Baltics and Poland.
By decision of its sole shareholder, the Republic of Estonia, Eesti Energia will pay a dividend of €34 million on 1 December 2025.
The Supervisory Board of Eesti Energia has resolved, on the proposal of the Chairman of the Management Board, Andrus Durejko, to remove Management Board Member Kristjan Kuhi from the company’s Management Board.
Today, 18 November 2025, Enefit Industry signed a turnkey contract with Baran International Ltd and Baran Group Ltd for the construction of a 100 MW combined heat and power plant with hydrogen capability. The contract value is €100 million.
Elering AS (Estonias national Transmission System Operator) has completed the public procurement for ensuring the electricity reserve capability of the Estonian electricity system. The winner of the tender is Enefit Power OÜ, a subsidiary of Eesti Energia Group.
The energy market remained challenging in Q3 2025, reflecting falling electricity and shale oil prices. Availability of oil-shale-based assets was also limited due to maintenance and technical restrictions.
Eesti Energia avalikustab 7. novembril oma 2025. aasta 3. kvartali majandustulemused ja vahearuande. Tulemusi tutvustav investorikõne toimub 7. novembril kell 13.00 Tallinna aja järgi.
By decision of the Supervisory Board of Eesti Energia, the Group’s Management Board will continue with four members from the start of next year.
On 25 September 2025, Eesti Energia has withdrawn its long-term issuer credit rating with S&P Global Ratings. At the time of the withdrawal the rating stood at BB+ with a negative outlook.
A one-time reminder and information for Estonian resident individuals who have purchased or intend to purchase in the future Eesti Energia AS bonds (ESTE050028A; ISIN: EE0000001303) through an investment account with the wish to defer the income tax liability according to the Income Tax Act and receive a full payment of the bond interest to the investment account.
In a challenging energy market marked by declining electricity and oil prices, Eesti Energia Group’s sales revenue in Q2 2025 totalled EUR 388 million. Group EBITDA declined to EUR 80 million, while adjusted EBITDA* reached EUR 83 million. Reported net profit for the quarter was EUR 30 million, with adjusted net profit at EUR 33 million.
On 31 July 2025 Eesti Energia will publish its 2025 Q2 results. Introduction of the results for investors will take place on 31 July at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
On June 26, 2025 the shareholders of Enefit Green AS approved the takeover by Eesti Energia AS of the shares of Enefit Green belonging to the remaining shareholders of Enefit Green and delisting of Enefit Green shares from Baltic Main List.
On 22 July 2025, Fitch Ratings has assigned Eesti Energia AS first-time long-term issuer default rating BBB- with stable outlook.
The public offering of bonds by Eesti Energia AS (registry code 10421629; “Eesti Energia”) (the “Offering”) concluded on Friday, 30 May 2025. The Offering was conducted based on the prospectus approved by the Estonian Financial Supervision and Resolution Authority on 19 May 2025.
Eesti Energia AS announces that its sole shareholder, the Government of Estonia, has approved a share capital increase in the amount of EUR 100 million.
Eesti Energia AS (register code 10421629; “Eesti Energia”) hereby announces a public offering of Eesti Energia’s bonds (the “Offering”). The Offering is conducted on the basis of the prospectus approved by the Estonian Financial Supervision and Resolution Authority (the “EFSA”) on 19 May 2025 that has been published on the date of this announcement on the web pages of Eesti Energia and the EFSA. The public offering is carried out in Estonia.
Eesti Energia AS (“Offeror”) made a voluntary takeover offer to all the shareholders of Enefit Green AS (“Enefit Green”) for acquiring all the shares of Enefit Green (“Shares”) not yet in the ownership of the Offeror (“Offer”). The Offer was made based on the offer notice (“Offer Notice”) and the prospectus attached to it (“Prospectus”, together with the Offer Notice, “Offer Documents”).
Amid a challenging energy market characterized by volatile electricity prices and disconnecting from the Russian electricity grid in February 2025, Eesti Energia Group’s Q1 2025 sales revenue totalled EUR 530 million, marking a 6% increase year-on-year. The reported Group EBITDA decreased by 4% to EUR 122 million. Net profit for the period amounted to EUR 78 million (-1%). Overall, the Group’s financial results were stable despite the changes in the Baltic grid and uncertainty on the global macroeconomic front.
The Minister of Finance has signed a sole shareholder resolution appointing three new members to the Supervisory Board of Eesti Energia AS. Based on the recommendation of the Nomination Committee, Mrs. Anna Ebers Broughel, Mr. Jevgeni Kabanov, and Mr Priit Rohumaa will begin three-year terms. They will replace Mr. Andres Liinat, Mr. Einar Kisel, Mr. Meelis Einstein, and Mr. Allan Niidu, whose terms end on May 12. Mrs. Anne Mere will continue as Chairman of the Supervisory Board.
On 8 May 2025 Eesti Energia will publish its 2025 Q1 results. Introduction of the results for investors will take place on 8 May at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
On 8 April 2025, Moody’s has affirmed Eesti Energia AS credit rating Baa3, but changes the outlook to negative from stable. The negative outlook reflects that the voluntary takeover bid that Eesti Energia has made to acquire the shares of Enefit Green will mean an increase in financial leverage.
Eesti Energia AS (company registered in Estonia with registry code 10421629 and registered address Lelle 22, 11318, Tallinn, Estonia, “Offeror“ or “Eesti Energia”) in accordance with the Estonian Securities Market Act (“SMA”) and other applicable legal acts hereby makes a voluntary takeover bid to all shareholders of Enefit Green AS-i (“Enefit Green“) for acquiring all shares of Enefit Green (“Shares”) not yet belonging to the Offeror (“Bid”). The Bid is made based on this notice of bid (“Notice of Bid”) and the prospectus attached to it (“Prospectus”, together with the Notice of Bid, “Bid Documents”)
The annual report with included independent auditor's report has been made public on Eesti Energia’s website at https://www.enefit.com/en/ettevottest/investorile Compared to the unaudited report no material changes were made.
On 2 April 2025, S&P has revised Eesti Energia AS credit rating outlook to negative from BB+ with a stable outlook on elevated leverage expectations on takeover bid for subsidiary Enefit Green AS.
Eesti Energia AS (a company registered in Estonia with registry code 10421629, “Eesti Energia” or “Offeror”) announces its intention to make a voluntary takeover bid to all shareholders of Enefit Green AS (“Enefit Green”) to acquire all shares of Enefit Green not held by the Offeror (“Bid”).
On 13 March 2025, S&P has downgraded Eesti Energia AS credit rating to BB+ with a stable outlook from BBB- on elevated leverage expectations. The junior subordinated rating on the €400 million hybrid instrument has also been downgraded to B from B+.
Amid a challenging energy market characterized by volatile electricity prices, Eesti Energia Group’s sales revenue totalled EUR 1,785 million in 2024, reflecting a 6% year-on-year decline. The reported Group EBITDA was EUR 398 million, down 9% year-on-year.
On 28 February 2025 Eesti Energia will publish its 2024 unaudited financial results. The investor presentation of the results will take place on 28 February at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
Eesti Energia Group’s sales revenues amounted to EUR 387.6 million in Q3 2024, a decrease of 5% year-on-year. The reported group EBITDA was EUR 40.6 million, down 56% year-on-year, while the adjusted EBITDA* stood at EUR 43.4 million, a decline of 58%. The Group’s reported net profit was EUR -8.4 million, a decrease of 130% year-on-year, and the adjusted net profit was EUR -5.6 million, down 114%. The electricity segment was the largest contributor to the Group’s EBITDA, representing 67%, followed by the distribution segment at 44%, and the shale oil segment at 11%.
On 31 October 2024 Eesti Energia will publish its 2024 Q3 results. Introduction of the results for investors will take place on 31 October at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
The sales revenues of Eesti Energia Group amounted to EUR 415.1 million, -0.2% year-on-year, in Q2 2024. Reported group EBITDA was EUR 153.5 million (+42.5% year-on-year), while adjusted EBITDA* was at EUR 158.9 million (+37.4%). The Group's reported net profit was at EUR 103.1 million (+141.6% year-on-year), adjusted net profit at EUR 108.5 million (+114.5%).
On 1 August 2024 Eesti Energia will publish its 2024 Q2 results. Introduction of the results for investors will take place on 1 August at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
Eesti Energia raised 400 million euros of green hybrid bonds, listed on the London Stock Exchange to support its business and strengthen its financial position. The funds raised will be invested in ongoing and planned projects supporting the development of green energy.
The sales revenues of Eesti Energia Group amounted to EUR 416.1 million, -0.1% year-on-year, in the second quarter of 2023. Reported group EBITDA was EUR 107.7 million (+17.4% year-on-year)...
On 3 August 2023 Eesti Energia will publish its 2023 Q2 results. Introduction of the results for investors will take place on 3 August at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
The sales revenues of Eesti Energia Group amounted to EUR 582.7 million, 2.0% year-on-year, in the first quarter of 2023.
On 5 May 2023 Eesti Energia will publish its 2023 Q1 results. Introducing the results for investors will take place on 5 May at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
The sales revenues of Eesti Energia Group amounted to EUR 2,218.2 million, +69.0% year-on-year, in the financial year of 2022.
On 28 February 2023 Eesti Energia will publish its 2022 unaudited financial results. The investor presentation of the results will take place on 01 March at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
On February 15th, 2023 Eesti Energia AS has signed a sustainability linked, amortising term loan contract in the amount of 600 million EUR. The term of the senior unsecured loan is 5 years.
The sales revenues of Eesti Energia Group amounted to EUR 657.1 million, +125.9% year-on-year, in the third quarter of 2022.
On 3 November 2022 Eesti Energia will publish its 2022 Q3 results. Introduction of the results will take place on 3 November at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
The sales revenues of Eesti Energia Group amounted to EUR 416.6 million, +72.8% year-on-year, in the second quarter of 2022.
On 4 August 2022 Eesti Energia will publish its 2022 Q2 results. Introduction of the results will take place on 4 August at 11:00 London time, 12:00 Frankfurt time and 13:00 Tallinn time.
Eesti Energia Group’s renewable subsidiary Enefit Green has taken final investment decision regarding a 32MW Purtse solar park in Estonia.
Eesti Energy Supervisory Board has confirmed the Group\`s strategic action plan for the period 2022-2026. Compared to previous strategy more focus has been allocated to renewable electricity and reducing carbon footprint on home markets from Finland to Poland. Previous strategy included the addition of 600MW of wind and solar parks by 2025 which takes the total installed capacity to 1100MW. The updated strategy includes a 4-time increase from the current installed capacity to 1900MW by 2026.
Deutsche Bank announces termination of its Tender Offer for
Deutsche Bank announces Tender Offer for
The Extraordinary General Meeting of Eesti Energia AS held on 10 May 2022 approved a new composition of the Supervisory Council, effective from 12 May 2022 for a period of three years. The Supervisory Council now includes the following members: Anne Mere, Taavi Tamkivi, Tarmo Porgand, Ahti Kuningas, Andres Liinat, Einari Kisel, Meelis Einstein. Anne Mere has been appointed as the Chairman of the Supervisory Board of Eesti Energia AS.