KN Energies reported a 60% year-over-year increase in net profit to EUR 14 million for the first half of 2026, driven by a 14% revenue rise to EUR 58 million and a 15% EBITDA increase to EUR 31 million. The company’s normalized net profit, excluding regulated activity impacts, stood at EUR 9.5 million. Free cash flow reached EUR 25 million, even after dividend payments, while net debt totaled EUR 239 million.
Operational performance showed strong growth in the liquid energy segment, with oil products throughput at the Klaipėda port rising 12% to 2.3 million tons. The LNG terminal’s FSRU Independence operated at an average 86% utilization rate, significantly above the European average of 53%. LNG imports were sourced 58% from Norway and the remainder from the United States. The company secured 71% of future regasification capacity for 2033–2044 through a tender auction, with 36 terawatt-hours of capacity already booked for 2027, exceeding the terminal’s nominal 34.8 terawatt-hour capacity due to take-or-pay contracts.
KN Energies serves approximately 30% of Baltic oil terminal and liquid energy market throughput. Truck loading operations increased 40% year-over-year to 1,300 units, while commercial LNG contributed EUR 2.7 million to EBITDA. The company also handled its first commercial methanol cargo, totaling nearly 5,000 cubic meters. Rising emission certificate costs, however, weighed on operating expenses, amounting to nearly EUR 6 million.
Shares of KN Energies remained flat at $0.504, despite a 13.6% year-to-date increase that outpaced broader Baltic stock exchanges. The company’s market capitalization grew by almost EUR 29 million.
Management expects slower growth in the second half of 2026 compared to the first half, citing a planned August pipeline reconstruction that will temporarily halt FSRU operations. Regulatory changes, including a recalculated weighted average cost of capital (WACC), are projected to reduce allowed revenues by about EUR 0.2 million next year. The company is also advancing a carbon capture and storage project designated as nationally important, while pursuing a European Commission grant. Expansion into Vietnam remains under development, with potential investments ranging from EUR 1 million to EUR 20 million expected to be announced within six to eight months. KN Energies reiterated its dividend policy of allocating 60% of profit to shareholders.
