Enefit Green stock gains focus after stronger Q3 results

Eesti Energia reported stronger third-quarter results on November 5, 2026, giving investors fresh operating context for Enefit Green. According to the company's Q3 results release, group sales revenue rose 38 percent year over year to EUR 388.8 million. EBITDA increased to EUR 60.3 million from EUR 27.9 million, while net profit reached EUR 1.6 million after a loss of EUR 66.0 million in the prior-year quarter.

Renewable generation accelerates

The renewable energy and electricity sales segment generated EUR 189 million of revenue, up 24 percent from a year earlier. Renewable electricity generation rose 30 percent to 480 GWh, with wind generation increasing 27 percent to 392 GWh. Segment EBITDA climbed 159 percent to EUR 23 million, supported by stronger average selling prices, improved margins and gains from derivatives.

Retail electricity sales volume fell 4 percent to 2.0 TWh across Estonia, Latvia, Lithuania and Poland. The release said the integrated portfolio of renewable generation, retail customers and energy trading helped the segment improve despite a lower average electricity price in Estonia.

Investment focus shifts

For the first nine months of 2026, group revenue increased 12 percent to EUR 1.329 billion, while EBITDA rose to EUR 235 million and net profit reached EUR 42 million. Capital expenditure fell 39 percent year over year to EUR 195 million for the period.

Management expects 2026 revenue to grow from the previous year, while EBITDA should remain stable and investment should decline. The outlook points to contributions from Lithuanian wind assets, reserve-capacity fees, the Enefit 280-2 oil facility and efficiency measures across the group.

What investors should watch

The results also highlight the mixed earnings profile behind the renewable-energy exposure. The renewable segment improved, while non-renewable electricity production remained loss-making at segment EBITDA level. Shale oil delivered the largest contribution to group EBITDA growth, helped by higher production and prices, showing that the wider earnings picture is not driven by wind and solar alone.

Eesti Energia's investor relations page identifies Enefit OÜ as the former Enefit Green within the group's financing information. Investors therefore continue to weigh renewable growth against group-level leverage, energy-price volatility and the pace of returns from recently completed assets.

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