FY 2025 Results of EP Infrastructure Group
23. 3. 2026
EP Infrastructure, a.s. (“EPIF” and together with its subsidiaries, the “Group”) announces its financial results for the year ended 31 December 2025. The report, along with the accompanying results presentation, are now available on EPIF’s website.
For more information, please visit: https://www.epinfrastructure.cz/en/investors/results-centre/.
The Group’s core activities remain the distribution, transmission and storage of natural gas, the distribution of electricity, and district heating. The Group owns and operates:
- the natural gas distribution network in Slovakia as a leader and a natural monopoly in the gas distribution market in Slovakia;
- the electricity distribution network in Slovakia as one of the country’s three main distributors of electricity;
- the gas transmission pipeline through Slovakia;
- gas storage operations in Central Europe and Bavaria, Germany;
- important heat distribution networks in the Czech Republic.
Financial performance
In FY 2025, the Group reported Adjusted EBITDAi, ii of EUR 1,018 million, representing a decrease of EUR 342 million (-25%) compared to FY 2024. The decrease reflects the expected structural transition in European gas markets following the cessation of Russian gas transit via Ukraine, as well as less favourable market conditions in gas storage.
The key drivers by segment were as follows:
- Gas and Power Distribution continued to provide a stable foundation for the Group. Adjusted EBITDA amounted to EUR 572 million, a marginal decrease of EUR 6 million (‑1%) year‑on‑year. Gas distribution volumes increased to 49.1 TWh (FY 2024: 47.3 TWh), while electricity distribution volumes rose to 6.4 TWh (FY 2024: 6.1 TWh).
- Gas Transmission Adjusted EBITDA declined to EUR 171 million, down EUR 242 million (‑59%) compared to FY 2024. This reflects the expected structural transition following the cessation of Russian gas flows via Ukraine as at 1 January 2025. Transported volumes decreased to 4.9 bcm from 17.8 bcm in FY 2024. Despite materially lower transit volumes, Eustream’s network remains strategically important, supporting regional security of supply and the integration of alternative gas routes, including through increased system flexibility and bidirectional flows.
- Gas Storage Adjusted EBITDA decreased to EUR 191 million, down EUR 87 million (‑31%) year‑on‑year, primarily due to unusually low or negative seasonal spreads and reduced market volatility, which limited commercial opportunities.
- Heat Infra Adjusted EBITDA amounted to EUR 88 million, a decrease of EUR 7 million (‑7%). The decline was mainly driven by lower power generation margins, partially offset by higher heat sales volumes.
Cash generation and capital allocation
The Group generated Adjusted Free Cash Flowiii of EUR 667 million in 2025, a 15% decline compared to EUR 782 million reached in FY 2024, primarily due to the above described EBITDA decrease.
Strong cash generation enabled EPIF to distribute EUR 320 million in dividends to shareholders during the year, consistent with the Group’s disciplined approach to capital allocation.
Financing and liquidity
From a financing perspective, EPIF maintained a strong and resilient financial profile throughout 2025, supported by prudent capital management and continued focus on liquidity and long‑term funding. Gross Debtiv remained broadly stable, increasing by EUR 79 million year-on-year.
As of 31 December 2025, Cash and cash equivalents amounted to EUR 1,708 million (31 December 2024: EUR 1,754 million), underpinning EPIF’s financial flexibility in a volatile market environment.
During the year, EPIF further strengthened its capital structure through a combination of long‑dated funding and targeted deleveraging. Under its newly established EMTN Programme, the Group issued EUR 600 million of debut green notes, maturing in 2033 and, in January 2026, EUR 500 million of green notes maturing in 2034. Both transactions attracted strong institutional demand and provided substantial long-term liquidity ahead of the EUR 600 million bond maturing in July 2026.
At the same time, EPIF voluntarily repaid Schuldschein tranches totalling EUR 285 million. This approach reduced refinancing risk, extended the Group’s maturity profile and reinforced long-term financial flexibility.
Leverage and credit profile
The Group’s Proportionate Net Leverage Ratio reached 3.35x as of 31 December 2025 (31 December 2024: 2.29x). The increase is in line with EPIF’s financial policy and reflects the intended rise in the proportionate net leverage target to 4.2x, effective from 2026.
EPIF’s solid credit profile continued to be recognised by the rating agencies. During the period, the Group retained its investment‑grade ratings, reflecting its strong liquidity position, the diversification benefits of its infrastructure portfolio and its disciplined approach to capital allocation.
Against a backdrop of structural change in European energy markets and heightened geopolitical uncertainty, EPIF remains attentive to market developments and potential risks. Management continues to proactively manage leverage, liquidity and refinancing, ensuring resilience across the cycle and maintaining alignment with investment‑grade parameters.
Commenting on the Group’s financial position, Václav Paleček, EPIF’s CFO, said:
“In a year marked by structural shifts in Europe’s energy system and ongoing geopolitical uncertainty, EPIF maintained a strong financial footing. Our solid liquidity, successful access to long‑term funding and disciplined capital management continue to support the resilience of the Group and our investment‑grade credit profile. We remain focused on prudent leverage management and financial flexibility, enabling EPIF to navigate market volatility while supporting the long‑term stability and strategic importance of our infrastructure assets.”
For more details on the results, as well as the financial indicators used, please refer to https://www.epinfrastructure.cz/en/investors/results-centre/.