“Conexus” turnover decreases, while average net profit rises

The unified natural gas transmission and storage system operator Conexus Baltic Grid AS (“Conexus”) reached a turnover of EUR 74.1 million in 2025, which is 22% less than in 2024, according to the company’s unaudited financial report for the previous year. Despite the drop in turnover, the company achieved a net profit of EUR 23.51 million, the second‑highest result in the past five years.

In 2025, Conexus ensured uninterrupted natural gas supply to Latvian users, as well as natural gas transmission and storage services for the needs of Lithuania, Estonia, and Finland. Deliveries of natural gas from the Inčukalns Underground Gas Storage (UGS) amounted to 11.3 TWh, an increase of 4% compared to the previous year.

In total, the volume of natural gas received from Lithuania reached 11.3 TWh during the year, which is 33% more than the previous year, while 2.7 TWh of natural gas was received from Finland. The total volume of transmitted natural gas in Latvia during the reporting period amounted to 25.5 TWh, an increase of 1% compared to the previous year.

Natural gas consumption for Latvian users reached 8.7 TWh in 2025, while 0.17 TWh of biomethane produced in Latvia was injected into the interconnected gas system.

At the end of the reporting year, the Inčukalns UGS contained 11.9 TWh of natural gas, including 1.8 TWh reserved as Latvia’s security-of-supply buffer. The total amount of natural gas stored was 27% lower than in 2024.

Conexus’ core operating revenues reached EUR 74.1 million in 2025, which is 22% less than in 2024. Meanwhile, net profit amounted to EUR 23.51 million. Although results declined compared to the record-high year of 2024, last year’s net profit was still the second‑highest in the past five years and significantly above the levels recorded from 2021 to 2023.

In 2025, Conexus continued to invest in the maintenance and development of infrastructure, with total investments reaching EUR 26.3 million.