Slovak natural gas and power utility EP Infrastructure AS (EPIF) has reported EUR 524 million ($611.86 million) in adjusted EBITDA for the first half of 2025, down 27 percent from the first six months of 2024.
That was driven by a 61 percent fall to EUR 78 million in adjusted EBITDA for the gas transmission segment, which saw gas flows drop to two billion cubic meters (70.63 billion cubic feet) from 8.7 Bcm in 1H 2024.
“The drop in flows is mainly driven by the interruption of Russian gas flows via Ukraine (the Brotherhood pipeline) since 1 January 2025”, EPIF said in a statement on its website. The warring countries did not renew a transit deal that allowed gas from Russia to reach Europe.
EPIF also noted, “Since the beginning of 2025, eustream has become primarily a domestic TSO, with a higher share of regulated revenues, while continuing to support international transit”. Eustream is Slovakia’s gas transmission system operator.
Meanwhile the gas and power distribution segment posted a seven percent year-on-year decline in first-half adjusted EBITDA to EUR 297 million. “The underlying businesses of both DSOs have remained fundamentally stable and resilient, supported by a significant portion of fixed distribution tariffs”, EPIF said.
“However, SSD’s [Stredoslovenska Distribucna AS] performance was negatively impacted by a lower network losses margin, due to a reduced volume of network losses allowed and reimbursed by the regulator in 2025.
“Additionally, the supply business at SSE [Stredoslovenska Energetika Holding AS] returned to a normalized level following the exceptionally high power margins recorded in previous periods”.
Gas storage adjusted EBITDA also decreased, by 30 percent to EUR 98 million. “This development was mainly driven by reduced prices and lower volumes of storage capacities sold in the current storage season, which began on 1 April 2025”, EPIF said.
The heating segment fell 14 percent to EUR 54 million “primarily due to a continued decline in power simple spreads”, EPIF said. “This had an adverse impact on revenues from power generation as well as ancillary services, resulting in a year-on-year EBITDA reduction, despite higher heat sales volumes”.
EPIF reported EUR 1.61 billion in total revenue for 1H 2025, down from EUR 1.83 billion for 1H 2024. Profit before income tax was EUR 377 million, down from EUR 517 million.
EPIF held EUR 1.77 billion in current assets including $1.23 billion in cash and cash equivalents at the end of 1H 2025. Current liabilities stood at EUR 658 million including EUR 50 million in loans.
EPIF is 69 percent owned by Energeticky a Prumyslovy Holding AS. CEI Investments S.a.r.L. holds 31 percent.
To contact the author, email jov.onsat@rigzone.com
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