“Conexus” turnover in the first quarter remained at the level of the previous year

During the first three months of this year, the unified natural gas transmission and storage system operator AS “Conexus Baltic Grid” (“Conexus”) recorded a turnover of EUR 26.2 million, remaining at a similar level as a year ago, according to the operator’s unaudited financial report for the first quarter of 2026.

In the reporting period, Conexus’ EBITDA amounted to EUR 19.7 million, which is 3% lower than in the first quarter of 2025. The company’s net profit reached EUR 14.6 million, compared to EUR 15.7 million in the corresponding period last year. Investments of EUR 1.9 million were made during the reporting period, allocated to both transmission and storage segments.

In the first three months of 2026, Conexus ensured continuous natural gas supply for the needs of Latvia, Lithuania, Estonia, and Finland. Gas deliveries were made both from the Inčukalns Underground Gas Storage (UGS), from which 7 TWh of natural gas were withdrawn during the reporting period, and from Lithuania, from where 4 TWh of natural gas were received — two and a half times more than in the corresponding period of the previous year. Meanwhile, the total volume of natural gas transmitted in Latvia during the first three months reached 11.1 TWh.

At the end of the reporting period, 5.8 TWh of natural gas was stored in the Inčukalns UGS, which is 38% less than at the same time last year. Due to cold weather conditions in January and February, 7 TWh of natural gas were withdrawn from the storage facility, while in March, during the withdrawal season, gas injection into the storage facility was initiated, with 0.9 TWh injected during the month.

During the reporting period, a five-year bundled capacity product auction was held, within which capacity of 1.6 TWh was reserved, with demand exceeding the offered capacity by two times. In the 2026/2027 storage cycle, a total capacity of 9 TWh has been reserved under the five-year bundled capacity product. In addition, several other bundled capacity product auctions were conducted during the reporting period, within which 3.1 TWh of capacity was reserved.

“The cold winter months once again confirmed the importance of Conexus infrastructure for the region’s energy supply. As demand for natural gas increased, system load significantly rose; however, Conexus ensured stable and uninterrupted deliveries. This demonstrates that the infrastructure is ready to operate safely even under high demand conditions,” noted Chairman of the Management Board of Conexus, Uldis Bariss.