KN Energies Group, Lithuania’s energy infrastructure operator, reported a 60% increase in net profit for the first half of 2026, citing robust liquefied natural gas demand across Europe.
The company’s net profit reached €13.8 million in H1 2026, up from €8.6 million in the same period of 2025. Total revenue grew 14% year-over-year to €58.1 million, with regulated LNG activities accounting for 61% of the total, liquid energy terminals 28%, and commercial LNG activities 11%. EBITDA expanded 15% to €31.1 million, while the EBITDA margin stood at 54% on a normalized basis.
Earnings per share doubled to €0.04 from €0.02, and market capitalization increased by €28.9 million to €181.4 million as of June 30, 2026. Share price performance rose 13.6% during the period. Financial metrics improved, with return on equity increasing to 8.1% from 5.5% and return on capital employed rising to 3.9% from 3.0%. The net debt-to-EBITDA ratio tightened to 4.2 from 5.0, while operating cash flow climbed 41% to €46.5 million.
Operational performance strengthened, with the Klaipėda LNG terminal achieving 86% average utilization—well above the European average of 53%. Regasification and reloading volumes totaled 20.9 terawatt-hours, a 30% increase year-over-year. The terminal processed 54 LNG carriers, up from 43 in H1 2025, and handled its first commercial methanol cargo of 5,000 cubic meters. Small-scale LNG reloading volumes rose 30% to 2.6 TWh, with 1,263 trucks loaded, a 43% increase.
The company maintained a 30.7% market share in oil product throughput among Baltic ports, handling approximately 2.3 million tonnes of oil products—a 12% rise year-over-year. Diesel transshipment nearly tripled with AB ORLEN Lietuva, reaching 2.0 million tonnes, up 9%. Long-term capacity allocations for 2033–2044 were booked at 71% of regasification capacity.
Regulatory metrics for 2027 showed a weighted average cost of capital set at 6.24%, down from 6.39% in 2026, with the regulatory asset base applied at €161.5 million. Net debt decreased by €14.3 million to €239.0 million, while free cash flow after dividends totaled €24.7 million.
European gas market conditions supported the company’s performance, with EU natural gas prices rising from €26.7 to €63.7 per megawatt-hour. Storage levels reached 48.9% by late June, 9.5% below the prior year. LNG supply to Europe remained substantial at 280–390 million cubic meters per day, while Norwegian pipeline flows held steady at about 260 mcm/d. Russian pipeline flows stagnated at 40–45 mcm/d.
Crude oil prices peaked near $113 per barrel in April-May before settling around $90 in August. KN Energies’ LNG cargo origins included Trinidad and Tobago (42%), Norway (21%), and Egypt (21%).
