Eesti Energia reported unaudited net profit of €1.6 million in Q3 2026 as record shale-oil sales helped lift revenue, though generation losses and financing costs limited the gain.
Revenue reached €388.8 million, up from €282.7 million a year earlier. EBITDA, or earnings before interest, taxes, depreciation and amortization, climbed to €60.3 million from €27.9 million. The group had reported a €66 million net loss in Q3 2025.
Depreciation of €48.6 million and net financial expenses of €15.2 million contributed to a €0.2 million pretax loss in the latest quarter. An income-tax benefit of €1.8 million brought net profit to €1.6 million. The year-earlier results included a €39 million impairment of shale-oil production assets. Eesti Energia also said major maintenance at the Auvere power plant and its oil plants weighed on Q3 2025 results.
Shale oil led the improvement. Sales volume reached 132,700 tonnes, a group record, while production rose 215% year on year to 132,600 tonnes. The segment reported EBITDA of €18.3 million, compared with a €6.2 million loss a year earlier. Eesti Energia credited output from the Enefit 280-2 plant and a weaker year-earlier comparison for the increase.
Revenue rose in each of the five segments, but EBITDA gains came in three. Non-renewable electricity generation recorded negative EBITDA of €10.7 million; other products and services recorded negative EBITDA of €3.1 million. Eesti Energia said retort gas, a by-product of shale-oil production, has to be converted into electricity as it is produced and cannot be stored. The company reported negative average margins in non-renewable generation, including during low-priced summer hours. It received €14.9 million in reserve-capacity fees, which it said help pay for keeping older oil-shale plants available for supply security.
For January through September, net profit was €42 million, up 36% year on year. Revenue totaled €1.329 billion, while EBITDA reached €235 million, €16 million higher than a year earlier. Investment was €195 million, down 39%. Eesti Energia expects full-year revenue to rise, EBITDA to remain stable and investment to decline.
Chief Financial Officer Marlen Tamm said the group must use existing assets more effectively, manage costs deliberately and assess the value of each investment.
