Sales Revenues and Profitability

The Q2 of 2026 followed its usual seasonal pattern, with the second and third quarters structurally weaker for the Group than the first and fourth. Price formation in the Baltic electricity market during the quarter reflected a combination of weather conditions, battery storage now actively shaping the intraday price curve, and cross-border transmission capacity constraints. The average price in the Nord Pool Estonia price area fell to EUR 59.7 per MWh, a 2% decrease year-on-year and the lowest quarterly average recorded in Estonia in five years, while prices moved in the opposite direction in Latvia (+23%) and Lithuania (+26%). Low and near-zero price hours expanded materially, with approximately 29% of hours in Estonia clearing at or below EUR 20 per MWh.