Financial statements

In 2025, the revenue of Latvia’s transmission system operator AS “Augstsprieguma tīkls” (AST) amounted to EUR 266.01 million, including EUR 94.19 million in revenue from electricity transmission network services, according to the audited AST Group financial statements for 2025. During the reporting period, AST’s profit was EUR 19.50 million (EUR 14.76 million in 2024), driven mainly by dividends received from subsidiary AS “Conexus Baltic Grid” (Conexus) in the amount of EUR 13.34 million. AST also maintained strong profitability in the electricity transmission segment (EUR 6.15 million), despite a significant increase in costs related to accelerated synchronisation and large-scale investments.

Following the integration of the Baltic power systems into the Continental European grid and amid growing renewable generation, the reporting period saw increased demand for balancing energy and balancing capacity, along with the associated costs and revenues. These revenues, together with congestion management revenues^* allocated to cover transmission service costs, contributed to an increase in AST’s revenue by EUR 111.99 million. AST’s profit increased by EUR 1.74 million, or 9.8%, compared to the unaudited interim financial statements for 2025, due to additional revenues from capacity congestion management. AST will pay EUR 13.65 million in dividends to the state budget from the Company’s profit.

In 2025, the volume of electricity transmitted to users in Latvia increased by 1.7% to 6,118 GWh. The Public Utilities Commission has allowed AST to use accumulated congestion management revenues to cover the costs of transmission system services until the end of 2025, up to a total of EUR 62.1 million. In 2025, EUR 45.45 million was used and recognised as revenue to cover total transmission service costs, including balancing capacity.

To strengthen security of supply and ensure the availability of transmission services, AST’s investments in the electricity transmission network reached EUR 182.85 million in 2025. Of this, EUR 90.84 million, with significant EU co-financing, was invested in synchronisation-related projects; EUR 16.7 million was invested in the reconstruction and refurbishment of substations and transmission lines; and EUR 51.07 million was invested in establishing transmission grid connections for new solar and wind power plants, as well as energy storage battery systems, financed by developers.

In 2025, Conexus’ revenue in the natural gas transmission segment amounted to EUR 48.25 million, and profit before corporate income tax was EUR 6.62 million. The 66% increase in profit compared to the previous year was mainly related to asset revaluation carried out in 2024. In the natural gas storage segment, revenue during the reporting period amounted to EUR 41.57 million, while profit before corporate income tax was EUR 21.76 million, which is 42% lower than in the previous year. The decrease in profit is primarily related to a 31% drop in revenues from natural gas storage services compared to the previous year. The decline in storage service revenue is linked to a reduction in storage capacity reservations.

In 2025, the AST Group’s net turnover was EUR 355.82 million (EUR 258.61 million in 2024), while net profit increased from EUR 22.67 million in 2024 to EUR 29.25 million in 2025.

* Congestion management revenues arise from electricity price differences on the power exchange between bidding zones and from auctions of Financial Transmission Rights (FTR options) for cross-border interconnection capacity.