Estonia: Eesti Energia’s sales flat, profit up 52% in Q2/2023

Estonia’s state-owned energy group, Eesti Energia, reported sales revenue of EUR 416.1mn in the second quarter of 2023, which was almost unchanged from EUR 416.6mn a year earlier. Revenue outside Estonia accounted for 63% of total sales. The group’s quarterly adjusted EBITDA stood at EUR 115.7mn (up 45.0%) and adjusted net profit at EUR 50.6mn (up 52.0%). Eesti Energia sold 2,358 (2,505) GWh of electricity, distributed 1,416 (1,570) GWh of electricity, and sold 125,000 (105,000) tonnes of shale oil. Production of electricity amounted to 706 (1,408) GWh, shale oil to 125,000 (106,000) tonnes, and heat to 210 (237) GWh. Eesti Energia expects its annual sales revenue to decline slightly and EBITDA and investments to increase in 2023.