![doc1p1i0]() 2 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [s](#a30233) [ignatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) [1](#a238) Elenia Verkko OyjGroup, Report ofthe Board ofDirectors 2025 Elenia Group’s BusinessOperations Elenia Verkko OyjGroup (“Elenia orElenia Verkko Oyj”)consisted ofEleniaVerkkoOyj(theparentcompany)andits fullyowned subsidiary Elenia Innovations Oy. Elenia Innovations had no busi- nessin2025.EleniaVerkkoOyjisafully-ownedsubsidiaryof Elenia Oy Business Review – NetworkBusiness Elenia Verkko Oyj is Finland’s second-largest electricity distribu- tion system operator (DSO) with a 18% market share in terms of total length of the network and 12% market share in terms of the number of customers.The company has a regionalmonopoly po- sition, andit servesall customersinthegeographicalareasde- fined in thelicence granted bythe EnergyAuthority (EA).The li- cence holder has the exclusive right to build andoperate an elec- tricity distributionnetwork in itsgeographical area of responsibil- ity. With an electricity networkof approximately 77,400kilome- tres, Elenia Verkko Oyj supplieselectricity to 443,200 end users. In additionto residentialcustomers, keycustomersegments in- cludeindustrial,service,constructionandpublicsectors.The companyhas operationsin morethan 100cities andmunicipali- tiesspanningageographicalareaofnearly600kminlength across centralFinland, from SouthernHäme toNorthern Ostro- bothnia. Duringthefinancial year,Elenia’snetwork businessdistrib- uted5,977GWhofelectricity, comparedto6,142GWhinthe previous year. The distribution volume declined by 165 GWh (2.7 %).Thedeclineisentirelyattributabletothewarmwinter weather during the first quarter of 2025. Revenuefromthenetwork businesswasEUR346.4million (EUR 341.1million in2024). Revenueincreased byEUR 5.3mil- lion (1.5 %) driven by atariff increase.The EBITDA of the network businesswasEUR222.4million(EUR233.4millionin2024). EBITDAdecreasedbyEUR11.0million(4.7%).Thenegative EBITDAdevelopment wasdrivenbythecosts relatedtoStorm Hannes. In2025 Eleniasuffered fromseveralsmaller stormsandin- curred one major powerdisruption i.e. Storm Hannes (27-28De- cember 2025). Storm Hannes causedover 3,000 faultrepair tasks in our networkand impactedapproximately 150,000 customers. It caused the most severe damages to our network since 2011. At theworstmoment,there were76,000customerswithout elec- tricity. The following tableshows the number ofcustomers with- out electricity according to the length of the outage: Outage length Number of customers Less than 6h 90,100 6-12h 23,500 12-24h 18,500 24-48h 9,300 48-72h 3,700 72-120h 3,400 Over 120h 900 Total 149,400 Whilemostofthecustomersgotpowerbackreasonably quickly, thelongest outageswere overa week,which illustrates the need tostill improve security ofsupply and continue to deploy capex. Thetotal costs ofStorm Hannesare estimated tobe over EUR 15 million,consisting of mandatory customercompensations of over EUR8.0 million and withother mainly faultrepairing) re- latedcostsofEUR7.3million.Additionally,Elenia’svoluntary compensation for customersfor outages over 6hours amounted to EUR 0.6million and it isreflected as a customerrebate reduc- ing revenues.Storm Hannesis categorisedas class4 stormand the costs will betreated as exceptional and non-recurring forpur- poses ofcalculating EBITDAexcluding itemsaffecting compara- bility as well as in the covenant calculations. The SAIDI (System Average Interruption Duration Index) was 270 minutesdue to thestorms (196minutes in 2024).Excluding theinfluenceofHannesstorm,theresultwasanexcellent51 minutes (94 without impact of Storm Jari in 2024).SAIFI (System Average Interruption Frequency Index) was 2.3 interruptions per customer and excludingStorm Hannes an excellent 1.6interrup- tions per customer.The number ofshort interruptions (lessthan 3 minutes) per customer was 2.7 (4.0 in 2024). The ElectricityMarket Act(“EMA”) statesthat 100%of cus- tomers mustbe within thescopeof thequality requirements by theendof 2036 .Elenia is seeking to achievethis targetby in- creasing the underground cablingrate to 90 % bythe end of2036. The investmentplan ofElenia’s networkbusiness isdesigned to improvethesecurityofsupplyviaundergroundcabling.Since 2009, Elenia has built only weatherproof distributionnetwork. At the end of the year, 66.4 % of Elenia’s network was underground, compared to 65.1 % at the end of 2024. At the end ofthe year, 84.7 % of thecustomers of Elenia’s net- work business were within the scope of the quality requirements stipulatedbytheEMA.Thecorrespondingfigureattheendof 2024 was 83.4%. While the main focus in the development of the security of supply ison underground cabling, Elenia alsoseeks to improve thesecurity ofsupply byother means.In 2020,a BESS was successfully deployedin the Kuruarea to provide electricity to local households in case of an outage. Based on the positiveex- periences, Elenia hasnow invested into two additionalBESS sys- tems, which havebeen successfully commissioned:one has been 1 Pursuant to the EMA, which wasamended in 2021, by the end of 2036, all customers (100%) must be connectedto a secure network where out- ages caused by storms or snow cannot lastmore than 6 hours in zoned areas and not more than 36 hours in otherareas. For Elenia, 75% of customers must be connected to a securenetwork by the end of 2023, and 100% by the end of 2036. The previousdeadline for the quality re- quirements was the end of 2028, whichstill applies to some network companies (whose underground cabling ratewas over 60% at the endof 2018). 3 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) commissionedduring2025andtheotheroneduringJanuary 2026. InJune2026Eleniawill submittotheEAits statutorynet- work development plan. The previous network development plan was submitted to the EA in June 2024. The work for finalising the forecast for capex requirementsfor 2026-2036 iscurrently ongo- ing.Inthe2024networkdevelopmentplan,Elenia’sestimated capex requirements toreplace aging overhead lines andimprove the security of supplyexceeds EUR1,900 million by2036. Addi- tionally, greentransition relatedcapexwas expectedto amount to approximatelyEUR 500million by2036.This capexincluded for example the deployment of smart meters, increase of the net- work capacity toenable connection ofwind and solar powerand electrification of transportation,heating and industrialprocesses. Exact numbersare notyet availableatthis stage,however,itis expectedthatthecapexrequirementissomewhathigherthan previouslyestimated,eventhoughtheforecastperiodistwo years shorter than previously (2026-2036 vs. 2024-2036). EleniainvestedEUR132.5millionindevelopingelectricity networksduringthefinancial year.In 2024,thecorresponding amount wasEUR 133.9 million. EleniaVerkko Oyj cutits invest- ments significantly in 2023 as the resultof the sudden mid-period change to the regulatory methods by the EA, and theinvestments were maintained atthe lowerlevel in 2024and 2025due to the changes to the regulatory methods that the EA made forthe sixth and the seventh regulatory periods. In 2026 Elenia will invest ap- proximatelyEUR130-140millioninlinewithpreviousyears, which is approximatelyEUR 40 millionlower than in2021 and sig- nificantly lowerthanrequired asperthenetwork development plan. As part of the 2022 network development plan,Elenia was re- quired forthe firsttimeto organisea publichearing forits cus- tomers and stakeholderson the network developmentplan. One of the findings ofthe hearing was that85% of the customers think that 12 hours isthe maximum acceptable outage length, whichis significantly shorter thanthe 36-hourlimit set inEMA for 2036. The results of the 2024 public hearing were in line with the previ- ous findings, indicating that the EMA quality requirements set for 2036areinadequatealreadynow.Withtheestimatedpaceof electrification,itisclearthatitwouldinthebestinterestsof Elenia’scustomersandtheentireFinnishsocietythatEleniais abletoimprovesecurityofsupplyfasterandbeyondtheEMA quality requirements. In2025,114 MWofnewwind powercapacity (271MWin 2024)and1196newsolarpanelinstallations(2,507in2024) w ereconnectedtoElenia'sdistributiongrid.Thisrepresentsa capacity increase34 MW(28 MWin 2024),At theend of2025, the windpower capacityconnected toElenia’s networktotalled 1631 MW (1517 MW at the end of 2024). At the end of 2025, the solar powerinstallations connectedto Elenia’snetwork totalled 19,724 (18,514 in 2024) representing generation capacity of 211 MW (178MW in2024). Therenewable electricity generatedto Elenia’s network totalled 4 295 GWh (3,973 GWh in 2024). In re- lation to theelectricity distributed toElenia’s customers, there- newable production was increased to 72 % (65 % in 2024). Elenia Verkko Oyjcontinued to developits asset management system inline withtheinternational ISO55001:2014standard. The standard provides a systematic framework for planning, con- structing, operating, maintainingand repairing the electricity net- work, ensuring that the network operates reliably,safely and effi- ciently throughoutits lifecycle.Throughthis framework,Elenia ensures continuousimprovement innetwork operations andse- curity of supply,availability of sufficient capacity tomeet growing electricity demand,andhighnetwork safety.Thestandardalso requires suppliers and serviceproviders to commit to responsible high-quality operations. Certified asset management system sup- portsElenia’sobjective ofmanaging itsnetwork toresponds to the current andfuture needs of customers,stakeholders and so- cietyatlarge.EleniaVerkkoOyjwasrecertifiedinNovember 2025 by LRQA. New standard version of the ISO 55001 was pub- lished in 2024.The adoption of thenew version hasbeen sched- uled for spring 2027, and preparatory work is underway. The EA oversees the operationsof Finnish distributionsystem operators. Theregulation isbased onfour-year regulatoryperi- ods. The past year was the second year of the sixth regulatory pe- riod (2024–2027). Eleniareceived anew regulatorydecision on 29 December 2023 regarding theregulatory methods that are in force for two consecutiveregulatory periods: sixth regulatorype- riod from1 January2024until 31December 2027and seventh regulatory period from 1 January 2028 until 31 December 2031. Therewerenumerouschangesinthecurrentregulatory methodscomparedtothepreviouslyapplied methods.Thekey changestothepreviousmethodsincludefreezingoftheasset baseto 2022construction costsand thecalculation ofindustry wide unit prices.The changes compared to the previous methods were significant and in Elenia’s view unnecessary, sudden and un- justified.Elenia,alongwithalmostallotherFinnishDSOs,ap- pealed themethods tothe marketcourt. Themarket courtgave its decision on24 November2025 rejecting theappeals. Conse- quently, Elenia along with almost all other Finnish DSOs, haveap- pealed to theSupreme Administrative Courtin December 2025, which means that thefinal outcome of theproceedings will not be known until in 2027, the earliest. Concurrentlywiththecourtcaserelatedtotheregulatory methods for thesixth and theseventh regulatory periods,Elenia and theother FinnishDSOs haveanother marketcourt casere- lated toa suddenmid-period changeto theregulatory methods for 2022and 2023,which isstill pending.Theoralhearings for this case tookplace in February andMarch 2026 and averdict is expected towardsthe endof theyear 2026.It isalso likelythat this rulingwill beappealed toSupreme AdministrativeCourt by either side. On 28 May2025,EleniareceivedadecisionfromtheEAin connectionwiththeEA’sroutineend-of-regulatory-periodre- view, claiming that Elenia has incorrectly treated two itemssince thebeginningofthepreviousregulatoryperiodin2020.These itemswerecreatedinconnectionwiththesaleofthedistrict heatingbusinessin2019andEleniagroup'sreorganisationin 2020.The decisionpertains tothe informationpresented inthe differentiatedaccounts,whichisanotetothefinancialstate- ments.Furthermore,it wasEA’sview thattheseitemshave af- fected the reasonablereturn of EleniaVerkko Oyj for2020-2023, and the EA is making necessary amendments to the said reasona- ble return calculations.Elenia does notagree withthe EA’s view and has appealed tothe market court.Currently, thetimetable for the market courtprocess is unclear, but Eleniadoes not expect a verdict before 2027, which can still be subject to an appeal to the SupremeAdministrative Court,whichmeansthatthefinal out- come might not be known before 2029. The EA’s decision on differentiatedaccounts, if it stands,is ex- pectedtonegativelyimpactElenia'sregulatoryassetbaseand reasonable return. The effect of the decision would be that Eleni- a's cumulative regulatory position at the end of theprevious reg- ulatory period might change froma deficitto a surplus, hencepos- sibly necessitating the offsetting of any regulatory surplus during the current regulatoryperiod ending in2027. Thedecision has a limited impact on Elenia's regulatory accounts beyond 2027. Theimpact ofthedecision onEleniaishighly dependenton theoutcomeoftheindustry-wideongoingin-courtprocesses with regards toboth the5th regulatory period(2020-2023) and the current6th and7th regulatoryperiods (2024-2031),as well as anymitigative actionsthat mightbe implemented.If Eleniais unsuccessful in allof these actions,or inthe appeal ofthe actual decision, it may need to implement measures to offset its surplus, suchasproviding temporaryrebatesto customersfor alimited timeintheremainderofthecurrentregulatoryperiod(2024- 2027). Theimpact ofsuch temporary measures,if implemented, 4 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) [2](#a1044) could havea materialadverse effecton Elenia'searnings during the limitedtimewhen suchtemporarymeasuresare applicable, butwillnotimpact,forexample,Elenia'sabilitytocarryout plannedcapex.Ifsuchtemporarymeasuresareimplemented, Elenia expects that theywill betreated as an exceptionaland non- recurring item in the financial statements. In 2025, the reasonablerate of return was 7.20 %(7.37 % for 2024) and for2026 the EA hasconfirmed that thereasonable rate of return is 6.87 %. The EA has updated several of the WACCpa- rametersincludingrisk-free rate,debtpremium, assetbeta and capitalstructureassumptions.Risk-freerateisupdatedevery year, but the others are updated every two years and will be valid for 2026 and 2027. Financing EleniaGroup’sfinancingactivitiesarecentralisedintoElenia Verkko Oyj. In February 2025, Elenia entered into a EUR100 mil- lion loan agreement with the Nordic Investment Bank. The loan is used to financepart of Elenia’sinvestment programmedesigned to improve the securityof supply and enablegreen transition. The loan has been fully drawn. EleniaVerkkoOyjhasenteredasacreditorintoanintra- groupa EUR25 millionpromissorynotewith EleniaGroupOy. The promissory note has final maturity at 31December 2033 and it carries a coupon of 4.5%. The note has been drawn in full. In October, Elenia Verkko Oyj returned to the Eurobond mar- ket with a EUR500 million issuance underits EMTN program af- ter over five years of hiatus. The bond is listed at Euronext Dublin andcarries acouponof 3.375% withthefinal maturityinJune 2033. The issue was very well received; it was oversubscribed al- most 4 times and finally priced at 103bps over midswaps. The is- suancewasthefirstunderElenia’sGreenFinanceFramework that was publishedin May 2025.The Green FinanceFramework is alignedbothwith EU’sGreen BondStandards(“EUGBS”)as well aswith ICMA’sGreen BondPrinciples. Eleniawasthe first corporate issuer inthe Nordics to publish agreen finance frame- workalignedwithEU’sGBSandthefirstNordicDSOtoissue bonds under EU GBS. Inthefuture, Eleniaexpects tobe arepeatissuerwith EUR 500millionbenchmark-sizedissuestofinancecapexandre- finance maturingdebt. Atthe sametime withthe newissuance, Elenia tendered EUR250 million of abond maturing inFebruary 2027. Following a tender in January 2026 of EUR 117.8 million of bonds maturingin July 2026,next upcoming maturitiesare EUR 22.2million ofbondsmaturinginJuly2026andtheremaining EUR 250 million of the bond maturing in February 2027. As aresult ofthe newissuance, theGroup’s solvencyand li- quidity was very strong. At the end of the financial year, cashand cashequivalents amountedto EUR288.7 million(EUR 42.7mil- lion at the end of 2024). Starting from themost recent issuance,bonds issued byElenia Verkko Oyj will be listed at Euronext Dublin at the Irish Stock Ex- change.Previously issuedbondsarelisted attheLondonStock Exchange and untilfurther notice Elenia hasbonds listed at both exchanges. The bonds andnotes issued byElenia Verkko Oyjhave a BBB (Stable) issue rating from S&P Global Ratings. TheGroup’screditfacilitiesconsistofaEUR250million CapexFacility, aEUR 50million WorkingCapital Facilityanda EUR 70 million LiquidityFacility that wererenewed in 2023and extended by anotheryear in 2025 utilising the lastextension op- tion. Thefirst twofacilities maturein May 2030.These facilities alsohaveasustainability linkage,meaningthatElenia’sperfor- mance on LTIF, SAIDIand CO 2 emissions will in the future deter- mine the margin that Elenia pays on these facilities. The five-year Liquidity Facility matures inMay 2030, andit is renewedannually. All the credit facilitieswere entirely undrawnat the endof 2025 (as was the case at the end of 2024). EleniaGrouphastwofinancialcovenantsinitsfinancing agreements:InterestCoverageRatio (ICR)andLeverageRatio (LR). For each relevant period until 31 December 2027 (“the First RatioAdjustmentperiod”),thetriggereventratiolevelsare 1.46x for ICRand 10.18xfor LR andthe default ratiosare 0.96x for ICR and11.33x for LR. Atthe endof 2025, theICR and LRwere 4.56and 8.28,respectively. Atendof2024,thecorresponding levels were4.59xand 8.15x.Elenia Groupis incompliancewith thefinancialcovenants.Eleniaalwaysretainsadequatehead- roomtobothfinancialcovenantsonahistoricalandforward- looking basis. Employees EleniaVerkkoOyjnumberofemployeesincreasedslightlyin 2025. 31 Dec 2025 31 Dec 2024 FTE FTE Elenia Verkko Oyj 80 77 At the year-end, thetotal FTE of Elenia VerkkoOyj was 80 (77 in 2024). However,the total employmentimpact of theGroup and its external subcontractor’s network is approximately 1,000 peo- ple. In 2025, wecontinued the safetyTUISKU project, which was originally launchedin 2022topromote andimprove safetycul- ture in cooperation with our partners. We have also continued to run thesafety academy,which furtherstrengthens anddeepens the safety behaviour and activities of our personnel and partners. We continued tosystematically develop our people’s compe- tencies andtraining asthe ongoingenergy transitionchanges in job demands.At the endof theyear, welaunched the fourthEx- pertAcademytraining programtogether withAaltoUniversity. Thethree previousExpert Academieswere organizedin 2022- 2024. In 2025,we also invested inincreasing leader competence by launching the Manager Academy in spring 2025. Inaddition,wehaveproducedtopicalEleniaAcademylec- turesfor ourpersonnelonthetopicsofbrainhealth, resilience and Building Peace – globally and in everyday life. We take diver- sity into account in our recruitment. In our collaboration with ed- ucational institutions, we emphasizeactive dialogue and collabo- ration to address the competence challenges of the future work- force.Weofferstudentsinternshipandthesisopportunities throughout the year. FormoreinformationonElenia’spersonnel,pleaseseeour sustainability report at www.elenia.com . Acquisitions and Divestments Therewerenoacquisitionsordivestmentsduringthefinancial year. Corporate Governance Elenia Verkko Oyj’sBoard of Directorshas five members:Jorma Myllymäki (Chairman of the Board), Ville Sihvola, Jarkko Kohtala, TommiValentoandAnne-MarieMalmberg.Therewereno c hangestotheboardduringthefiscalyear.TheBoardof 2 Elenia’s financingis basedon three corefinancial documents,and allfi- nanciers are parties to theseagreements. These documents are theCom- mon Terms Agreement(CTA), the SecurityTrust andIntercreditor Deed (STID) and the Master Definitions Agreement (MDA).In 2018, the trigger event andeventof defaultlevelsfor bothICR andLR wereamended in accordancewiththerequirementsoftheCommonTermsAgreement (CTA) to mitigate the impact of theIFRS 15 standard, which became effec- tive on 1 January 2018obliging Elenia to changethe revenue recognition of connection charges.The change affectedonly figuressuch as EBITDA that are reported in accordance with IFRS,it had no impact on FAS, taxes, cash flows or regulatory accounting. 5 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Directors made10 writtenresolutions duringthe financialyear, and no meetings were held. Auditor Elenia Oy’s auditor is Ernst & Young Oy, withMiikka Hietala, Au- thorised Public Accountant,as the auditor with principalrespon- sibility. Shares Elenia Verkko Oyj has ninety (90) outstanding shares. Eachshare entitles the holderto one vote at theAnnual General Meeting and carries equal rights to dividends. Sustainability Please see Elenia’s sustainability report at www.elenia.com . Risk Management Please see Elenia’s sustainability report at www.elenia.com . Cyber Security and IT In 2025,the pressureto furtherdevelop electricitynetwork ca- pacity andreliability, as well asto increasedemand flexibilityby digitalsolutionswashighonElenia’sdigitalagenda.Thekey driver for this developmentwas growth inthe Finnish electricity use, especially in industrial scale electrification. Nationally, Eleniahasbeencloselyinvolvedinthetechnical specification of the Finnish national flexibility market digital plat- form.Internally,thenewgenerationsmartmeterroll-outwas completed, providing near real-timedata directly from each point ofelectricityconsumption.During2025,thisdatawasalready utilized inenhancednetwork operations,for exampleto further automateprocesses.On-goingdevelopmentprojectsfocus mostly on improving advanced predictive networkload estimates and scenarios. During the year, several Artificial Intelligence pilots were car- ried outandespeciallyLargeLanguageModel-basedsolutions are now already widely in use. Customer services, both front-end and back-end are important focus areas in this development. Cyber security continued tobe a focal topiccovering all digital solutions.EleniaparticipatedinbothFinnishnational,interna- tional, and internally organizedcyber security exercisesand also renewed ISO/IEC 27001 certificatefor information securityman- agement. Eleniamaintained closeco-operation withthe Finnish National Cyber Security Centre as well as with other DSOs. Significant events after theBalance Sheet Date In January, Elenia Verkko Oyj purchased in open market transac- tions anaggregate ofEUR 117.8million (inprincipal amount)of its 3.038 %fixed rate bonds due 2 July 2026and cancelled them. Following thepurchasesand cancellationof thebonds, theout- standing principal amount of the bonds due 2 Julyis EUR 2.2 mil- lion. On 3 March, Fitch Ratingsassigned Elenia VerkkoOyj a senior secureddebtratingofBBBwithstableoutlook.EleniaVerkko Oyj’sbondandnotesnowholdBBBratingwith stableoutlook from both Fitch Ratings and S&P Global Ratings. Outlook Electrification and green transition will continue in Finland and in Elenia’s network.Elenia expectsto connect morerenewable en- ergytoits networkin2026.Also, thenumber ofbatteries con- nected to Elenia’snetwork is expected toincrease in 2026 both at the industrialas well as consumer level.Elenia will continue toroll out its capexprogram albeit at aslower pace than previouslyen- visaged. The network capexis estimated tobe approximatelyEUR 136 millionin 2026.Elenia willconducta publichearing inMay 2026 and submit its revised network development plan to the EA in June 2026. TheBoardofDirectors’ProposalforProfit-related Measures The Board of Directors proposes no dividend to be distributed. 6 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [P](#a20861) [ARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) CONSOLIDATED FINANCIAL STATEMENTS 2025 CONSOLIDATEDSTATEMENTOF PROFIT ORLOSS for the year ended 31 December 2025 Consolidated statement of profit or loss EUR 1,000 Note 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Revenue 2.1.1 344 576 339 663 Other operating income 2.2.1 1 877 1 694 Materials and services -82 619 -69 792 Employee benefit expenses 2.3.3 -4 165 -4 213 Depreciation, amortisation and impairment 3 -102 592 -97 771 Other operating expenses 2.3.1 -37 274 -33 909 Operating profit 119 804 135 672 Finance income 10 331 2 146 Finance costs -56 387 -52 917 Finance income andcosts 4.1 -46 056 -50 771 Profit before tax 73 748 84 901 Income tax 6.1.1 -18 148 -20 817 Profit for the year 55 600 64 084 CONSOLIDATEDSTATEMENT OF COMPREHENSIVEINCOME for the year ended 31 December 2025 EUR 1,000 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Profit for the year 55 600 64 084 Other comprehensive income Other comprehensive income notto be reclassified to profit or loss in subsequent years: Re-measurement gains on defined benefitplans -8 67 Income tax effect 2 -13 Other comprehensive income / (loss)for the year after tax -7 54 Total comprehensive profitfor the year 55 594 64 138 The accompanying notes are an integral partof these con- solidated financial statements. ![doc1p7i0]() ![doc1p7i1]() 7 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION as at 31 December 2025 Consolidated statement of financial position EUR 1,000 Note 31 Dec 2025 31 Dec 2024 Assets Non-current assets Property, plant and equipment 3.1 1 757 520 1 726 466 Goodwill 3.2 417 823 417 823 Intangible assets 3.2 25 095 26 157 Right-of-use assets 3.1, 3.3 305 440 Other non-current financial assets 194 194 Other non-current receivables 26 359 1 322 Deferred tax assets 6.1.2 13 913 11 718 Total non-current assets 2 241 210 2 184 121 Current assets Trade receivables 2.1.4 17 523 15 668 Other current receivables 2.1.4 57 871 63 840 Cash and cash equivalents 288 706 42 745 Total current assets 364 100 122 252 Total assets 2 605 310 2 306 373 EUR 1,000 Note 31 Dec 2025 31 Dec 2024 Equity and liabilities Equity Share capital 4.4 80 80 Unrestricted equity 4.4 -747 816 -605 396 Retained earnings 4.4 672 274 604 744 Total equity -75 463 -573 Non-current liabilities Loans from financial institutions 4.2 349 776 250 000 Bonds and notes 4.2 1 787 761 1 685 033 Lease liabilities 3.3 111 235 Employee benefit liability 6.2 93 99 Provisions 2.3.4 6 736 6 325 Liabilities related to contracts withcustomers 2.1.3 66 668 56 095 Deferred tax liabilities 6.1.2 212 606 194 772 Total non-currentliabilities 2 423 750 2 192 558 Current liabilities Bonds and notes 4.2 140 000 0 Lease liabilities 2.3.2, 3.3 223 237 Trade payables 2.3.2 3 045 8 497 Liabilities related to contracts withcustomers 2.1.3 2 631 2 184 Other current liabilities 2.3.2 111 123 103 470 Total current liabilities 257 022 114 388 Total equity and liabilities 2 605 310 2 306 373 The accompanying notes are an integral partof these consolidated financial statements. ![doc1p8i0]() ![doc1p8i1]() 8 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) CONSOLIDATEDSTATEMENTOF CASH FLOWS for the year ended 31 December 2025 Consolidated statement of cash flows 1 000 EUR 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Operating activities Profit for the year 55 600 64 084 Adjustments to reconcile profit tonet cash flows Depreciation, amortisation and impairment 102 592 97 771 Gains and losses on the disposal of non-current assets -232 -63 Finance income -10 331 -2 146 Finance costs 56 387 52 917 Taxes 18 148 20 817 Other adjustments -17 -33 Working capital adjustments Increase (+) / decrease (-)in trade and other current liabilities 7 932 12 206 Increase (-) / decrease (+)in trade and other current receivables -2 655 1 846 Increase (+) / decrease (-)in provisions 411 -196 Interests received 3 582 2 146 Interest and financial expensespaid -51 484 -51 552 Interest paid on lease liabilities -8 -12 Taxes paid -2 507 -2 506 Net cash flows fromoperating activities 177 418 195 280 1 000 EUR 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Investing activities Capital expenditure -130 067 -129 948 Changes in investments 235 150 Loans granted -25 000 0 Net cash flows used in investingactivities -154 832 -129 798 Financing activities Proceeds from long-term borrowings 591 680 0 Repayment of long-term borrowings -244 520 0 Equity repayment -142 420 -100 000 Repayment of lease liabilities -257 -234 Group contributions received 18 893 17 336 Net cash flows fromfinancing activities 223 376 -82 898 Net increase in cashand cash equivalents 245 961 -17 416 Cash and cash equivalents at 1 January 42 745 60 161 Cash and cash equivalentsat 31 December 288 706 42 745 Cash and cash equivalents compriseof cash balance at bank accounts. The accompanying notes are an integral partof these consolidated financial statements. 9 ELENIA VERKKO OYJ GROUPFINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) CONSOLIDATEDSTATEMENTOF CHANGES IN EQUITY Consolidated statement of changes in equity for the year ended31 December 2025 Unrestricted equity EUR 1,000 Share capital Reserve for invested unre- stricted equity Common control reserve Retained earnings Total equity Equity at 1 January2025 80 1 600 847 -2 206 243 604 744 -573 Profit for the year 55 600 55 600 Other components of comprehensiveincome (adjusted by tax effect) Change in defined benefitplans -7 -7 Total comprehensive incomefor the year 0 0 0 55 594 55 594 Transactions with shareholders Group contributions 11 937 11 937 Return of equity 0 -142 420 0 0 -142 420 Total transactions withshareholders 0 -142 420 0 11 937 -130 484 Equity at 31 December2025 80 1 458 427 -2 206 243 672 274 -75 463 for the year ended31 December 2024 Unrestricted equity EUR 1,000 Share capital Reserve for invested unre- stricted equity Common control reserve Retained earnings Total equity Equity at 1 January2024 80 1 657 400 -2 206 243 521 713 -27 051 Profit for the year 64 084 64 084 Other components of comprehensiveincome (adjusted by tax effect) Change in defined benefitplans 54 54 Total comprehensive incomefor the year 0 0 0 64 138 64 138 Transactions with shareholders Group contributions 18 893 18 893 Return of equity -56 553 0 -56 553 Total transactions withshareholders -56 553 18 893 -37 660 Equity at 31 December2024 80 1 600 847 -2 206 243 604 744 -573 The accompanying notes are an integral partof these consolidated financial statements. 10 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS V irhe. Viitteen lähdettä eilöytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Changes in the equity are explained in moredetails in Note 4.4. 11 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 1 GROUP ACCOUNTINGPOLICIES 1.1 GENERAL INFORMATION Elenia Verkko Oyj is a Finnish limited liability company domiciled in Tampere. Address is Patamäenkatu 7, Tampere, Finland. Elenia Verkko Oyj’s parent company is Elenia Oy , having its registered office at Patamäenkatu 7, Tampere. The ultimate par- ent of the Group is Elton Investments S.à r.l., domiciled in Luxem- bourg. The consolidated financial statements of Elenia Verkko Oyj ("Elenia Networks Group ") are consolidated in the financial statements of Elenia Oy ("Elenia Group"), available at the follow- ing address: Patamäenkatu 7, 33900 Tampere. Elenia Group is the owner and operator of an electricity distribution network (Elenia Verkko Oyj, ’Elenia Networks’) and it also has a customer service business, construction business and intercompany ser- vices (Elenia Oy, ’Elenia Services’). Elenia Networks Group is the owner and operator of an elec- tricity distribution network. The group was formed on 1.1.2020. The Board of Directors approved the consolidated financial statements on 11 March 2026. The shareholders have the right either to approve, reject or change the consolidated financial statements in the Annual General Meeting. 1.2 BASIS OF PREPARATION The consolidated financial statements for the year ended 31 De- c ember 2025 have been prepared in accordance with the Inter- national Financial Reporting Standards (IFRS) and their interpre- tations (IFRIC) approved for application within the European Un- ion (EU). The consolidated financial statements are compliant with the provisions of the Finnish Accounting Act and other reg- ulations governing the preparation of financial statements in Fin- land. The consolidated financial statements have been prepared based on a historical cost. All Group companies use euro (“EUR”) as their operating currency and all figures are reported in euros. The consolidated financial statements are presented in thou- sands of euros. There may be rounding discrepancies in the sum totals due to the presentation method used. 1.3 CHANGES IN ACCOUNTINGPOLICIES AND DIS- CLOSURES The Group applied for the first-time certain standards and amendments which are effective for annual periods beginning on or after 1 January 2025. The nature of each new standard and amendment adopted by the Group has been described in the rel- evant note. New standards, amendments and interpretations not material for the Group have been described in Note 5. 1.4 SIGNIFICANT ACCOUNTINGJUDGEMENTS, ESTI- MATES AND ASSUMPTIONS The preparation of consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the accompanying disclosures and the disclosure of contingent liabilities. Estimates and assumptions are based on the management’s best judgement on the reporting date. Estimates are made based on historical experience and expectations of future events that are considered probable on the reporting date. However, uncer- tainty about these assumptions and estimates could result in Accounting policies have been described in the relevant note and can be recognized from char- acter: Significant judgements, estimates and assump- tions made by the Group management have been presented in the relevant note and can be recognized from character: Risk management principles have been de- scribed in the relevant note and can be recog- nized from character: ![doc1p11i2]() ![doc1p11i1]()![doc1p11i0]() outcomes that require an adjustment to the carrying amount of assets and liabilities affected in future periods. The Group’s sig- nificant accounting judgements, estimates and assumptions are described either below or in the relevant notes. 12 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 1.4.1 Judgements The preparation of consolidated financial statements requires management to make judgements in applying the accounting principles. The significant judgements made by the Group man- agement have been presented in the relevant note except for the going concern which is described below. GOING CONCERN The consolidated financial statements are prepared on a going concern basis. The Board of Directors has noted that the Group made a profit before tax for 2025 of EUR 73 748 thousand and has a net equity of EUR -75 463 thousands as at 31 Decem- ber2025. The Group's management has made an assessment of the Group's ability to continue as a going concern and is satisfied that the Group has sufficient resources to continue in business for the foreseeable future. The management's assessment is ba- sed on the following: • The Group has a €3 billion EMTN (Euro Medium Term Note) programme listed in Ireland for the issuance of bonds. As at 31 December 2025, the Group has issued bonds un- der the programme totalling €1,421 million. In October 2025, Elenia Verkko Oyj issued a €500 million European green bond maturing in 2033, which attracted strong inves- tor demand. The debt programme is supported by Elenia Verkko Oyj’s investment-grade credit rating of BBB with a stable outlook, assigned by S&P Global Ratings. • The Group has sufficient liquidity based on its cash position and undrawn credit facilities of EUR 370 million from a syn- dicate of international banks (as fully described in Note 4.2.9). DIFFERENTIATED ACCOUNTS On 28 May 2025, Elenia received a decision from the EA in con- nection with the EA’s routine end-of-regulatory-period review, claiming that Elenia has incorrectly treated two items since the beginning of the previous regulatory period in 2020. These items were created in connection with the sale of the district heating business in 2019 and Elenia group's reorganisation in 2020. The decision pertains to the information presented in the differenti- ated accounts, which is a note to the financial statements. Fur- thermore, it was EA’s view that these items have affected the reasonable return of Elenia Verkko Oyj for 2020-2023, and the EA is making necessary amendments to the said reasonable re- turn calculations. Elenia does not agree with the EA’s view and has appealed to the market court. Currently, the timetable for the market court process is unclear, but Elenia does not expect a verdict before 2027, which can still be subject to an appeal to the Supreme Administrative Court, which means that the final out- come might not be known before 2029. The EA’s decision on differentiated accounts, if it stands, is expected to negatively impact Elenia's regulatory asset base and reasonable return. The effect of the decision would be that Eleni- a's cumulative regulatory position at the end of the previous reg- ulatory period might change from a deficit to a surplus, hence possibly necessitating the offsetting of any regulatory surplus during the current regulatory period ending in 2027. The deci- sion has a limited impact on Elenia's regulatory accounts beyond 2027. The impact of the decision on Elenia is highly dependent on the outcome of the industry-wide ongoing in-court processes with regards to both the 5th regulatory period (2020-2023) and the current 6th and 7th regulatory periods (2024-2031), as well as any mitigative actions that might be implemented. If Elenia is unsuccessful in all of these actions, or in the appeal of the actual decision, it may need to implement measures to offset its sur- plus, such as providing temporary rebates to customers for a lim- ited time in the remainder of the current regulatory period (2024-2027). The impact of such temporary measures, if imple- mented, could have a material adverse effect on Elenia's earn- ings during the limited time when such temporary measures are applicable, but will not impact, for example, Elenia's ability to carry out planned capex. If such temporary measures are imple- mented, Elenia expects that they will be treated as an excep- tional and non-recurring item in the financial statements. CLIMATE CHANGE In accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), Elenia’s manage- ment has assessed the financial risks and opportunities related to climate change for Elenia’s business. The main risks identified are related to potential capacity challenges in the electricity net- work as the green transition advances, regulation related to a low-carbon economy, and the increasing likelihood of extreme weather events over the long term. The opportunities, in turn, relate to the green transition and electrification of society. Elenia has made significant investments in a smart weatherproof elec- tricity network during 2021–2025, which helps reduce the po- tential impacts of extreme weather events on Elenia’s opera- tions. These investments will continue at least until 2036, in- creasing the underground cabling rate to approximately 90 per- cent. Actions to mitigate climate change involve costs for Elenia, such as purchasing guarantees of origin to cover network losses and own use, and replacing existing network components con- taining SF6 gas with new SF6-free technical solutions. 1.4.2 Estimates Estimates are based on the management’s best judgement on the reporting date. Estimates are made on the basis of historical ex- perience and expectations of future events that are considered probable on the reporting date. However, actual results and tim- ing may differ from these estimates. The Group’s significant ac- counting estimates have been described in the relevant note. 13 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) ![doc1p14i1]() 14 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [o](#a2056) [f financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 2 OPERATING PROFIT 2.1 REVENUE AND TRADE ANDOTHER CURRENT RECEIVABLES Revenue from the distribution of electricity is recognised at the time of delivery. Other revenue, for example contracting in- come is recognised in the period in which such services are ren- dered. Connection fees paid by customers for joining an electricity network are recognised as revenue in the consolidated state- ment of profit or loss. Until the end of 2017 revenue from new connections was recognised immediately after signing of the contract or completion of the physical distribution network connection. As a result of the implementation of IFRS 15 stand- ard, from 1 January 2018 onwards the new connection revenue has been recognised over a period of 30 years for the electricity network connections. The time period is in line with the depre- ciation period of the connection assets. Electricity network connection fees, which have been paid by the customers before 2008, must be refunded net of demoli- tion costs, if the customer wants to terminate the electricity connection. Similar refunding obligation applies to all district heating connection fees. A provision has been recorded for fu- ture refunds. The Group pays to the customers voluntary outage com- pensations due to interruption of over 6 hours in the electricity distribution. These compensations are recognised as a reduc- tion of revenue at a point in time and included in the item "other revenue" in the disaggregation of revenue -table below. Outage compensations in accordance with the Electricity Mar- ket Act, which are paid to the customers due to interruption of over 12 hours in the electricity distribution, are recognised as other operating expenses (Note 2.3.1). Payments from all the Group's contracts with customers are generally due within 14 days and consideration for services are paid in cash. Contracts do not have any significant financing components. ACCOUNTING POLICY 2.1.1 Contracts with customers:revenue recognition and payment terms Group revenue consists of revenue from the distribution of elec- tricity, connection fees paid by the customers for joining an elec- tricity network and other revenues consist mainly of contracting income. 2.1.3 Liabilities related tocontracts with customers EUR 1,000 2025 2024 Non-current liabilities related tocontracts with customers 66 668 56 095 Current liabilities related to contracts withcus- tomers 2 631 2 184 Total 69 300 58 280 Liabilities related to contracts with customers include the unrec- ognised part of new connection revenue for the electricity net- work. Revenue will be recognised over a period of next 30 years for the electricity network connections. The amount reported as current liabilities will be recognized during the next 12 months. 2.1.2 Disaggregation of revenue REVENUE BY TYPE OF SERVICE EUR 1,000 2025 2024 Distribution of electricity 341 667 336 680 Connection fees 2 386 2 003 Other revenues 524 981 Total 344 576 339 663 TIMING OF REVENUE RECOGNISION EUR 1,000 2025 2024 Transferrred at a point in time 342 191 337 661 Transferred over time 2 386 2 003 Total 344 576 339 663 ![doc1p15i2]() ![doc1p15i0]() 15 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) TRADE RECEIVABLES Trade receivables are recorded on the balance sheet at their transaction price.Impairment is recorded on trade receiva- bles when there is evidence that the Group will not be able to collect all amounts due according to the original terms of the agreements. The Group records impairment based on lifetime expected credit losses from all trade receivables in- curred as a result of transactions subject to IFRS15. The im- pairment amount is measured as the difference between the asset’s original carrying value and the estimated future cash flows. Trade receivables also include invoiced sales revenue based on estimates. ACCOUNTING POLICY CREDIT RISK Invoicing for electricity distribution services is based on measured consumption and the distribution tariffs specified in the public electricity network price list. The invoicing period may be one month or two months. In the event that a customer fails to pay the invoice, the electricity distribution company has the right to discontinue the supply of electricity after sending the required collec- tion letters. Also, the wide fragmentation of the customer base reduces the credit risk. DISTRIBUTION VOLUME AND PRICE RISKS Electricity distribution operations do not involve particular volume or price risks in the medium term due to being sub- j ect to reasonable return under electricity distribution li- cense. In the short-term changes in distribution volumes and electricity prices have an impact on revenues and operating expenses respectively. RISK MANAGEMENT 2.1.4 Trade and other current receivables TRADE AND OTHER CURRENT RECEIVABLES EUR 1,000 2025 2024 Trade receivables 17 523 15 668 Accrued income and prepaid expenses 45 753 44 718 Group contribution receivable 11 937 18 893 Other current receivables 182 229 Total trade and other receivables 75 394 79 507 BREAK-DOWN OF ACCRUED INCOMEAND PREPAID EXPENSES EUR 1,000 2025 2024 Sales accruals 42 809 43 950 Accrued financial items 557 560 Other accrued income and receivables 2 386 208 Total accrued income 45 753 44 718 TRADE RECEIVABLES The Group's trade receivables at the end of 2025 were EUR 17.5 million (2024:EUR 15.7 million). EUR 0,0 million collateral secu- rities were received for trade receivables (2024: EUR 0.0 mil- lion). CHANGE IN EXPECTED CREDIT LOSSES EUR 1,000 2025 2024 Expected credit loss 1 Jan 835 655 Additions 963 1 033 Realized credit losses -924 -853 Expected credit loss 31 Dec 874 835 IMPAIRMENT OF TRADE RECEIVABLES Group records lifetime expected credit losses from all trade re- ceivables incurred as a result of transactions subject to IFRS15. Trade receivables do not contain any significant financing com- ponent. However, applying the impairment requirements of IFRS 9 has had an impact on the method used in calculation of the credit loss allowance for trade receivables, but the amount of credit loss allowances has not changed remarkably. The Group has ap- plied the simplified approach and recorded lifetime expected losses on all trade receivables. The amount of Credit loss allowance for trade receivables is checked and updated quarterly and it is recognised with similar principles both in IFRS- and FAS-reporting. Uncertain receiva- bles are booked to separate bookkeeping account in Group re- porting. The calculation of the amount of credit loss reserve is based on the relative proportion of credit losses calculated from historically realized level. The customers are segmented to pri- vate and company customers to be able to consider the differ- ences between these customer groups in the calculation. Gener- ally, trade receivables are written off on a monthly basis based on customers' credit rating level and payment history. 16 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) BREAKDOWN AND IMPAIRMENTOF TRADE RECEIVABLES BYAGE 31 Dec 2025 Trade receivables EUR 1,000 Undue 1-90 days 91-180 days Over 180 days Total Tradereceivables by age 12 760 4 235 455 946 18 398 Expected credit loss rate, privatecustomers 0,1 % 6,4 % 33,4 % 49,4 % Expected credit loss, privatecustomers -11 -159 -133 -181 -484 Expected credit loss rate, companycustomers 0,1 % 2,0 % 28,8 % 58,7 % Expected credit loss, companycustomers -3 -36 -11 -340 -390 Total expectedcredit losses -14 -194 -145 -521 -874 Total tradereceivables 12 746 4 041 311 425 17 523 31 Dec 2024 Trade receivables EUR 1,000 Undue 1-90 days 91-180 days Over 180 days Total Trade receivables by age 11 458 3 585 491 968 16 502 Expected credit loss rate, privatecustomers 0,1 % 6,8 % 35,1 % 54,0 % Expected credit loss, private customers -10 -169 -134 -259 -573 Expected credit loss rate, company customers 0,1 % 2,4 % 30,1 % 46,5 % Expected credit loss, company customers -3 -26 -28 -206 -262 Total expected creditlosses -13 -195 -162 -465 -835 Total trade receivables 11 445 3 390 329 503 15 668 17 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 2.2 OTHER OPERATING INCOME ACCOUNTING POLICY 2.2.1 Other operating income Other operating income includes income from non-operat- ing activities, such as income from trade receivables collec- tion and from sales of used fixed assets, insurance compen- sation and rental income. Government grants relating to the other purpose than the purchase of property, plant and equipment are recog- nised as other income in the consolidated statement of profit or loss for the period in which the expenses relating to the grant are incurred and in which the decision on the grant is received. OTHER OPERATING INCOME EUR 1,000 2025 2024 Rental income 38 52 Indemnities 598 557 Income from the trade receivablescollection 976 1 019 Income from the sales of obsolete materialsand used fixed assets 1 0 Gains on sales of fixed assets 232 63 Other operating income 32 3 Total 1 877 1 694 2.3 OTHER OPERATING EXPENSESAND RELATED LIABILITIES 2.3.1 Other operating expenses Outage compensations Outage compensations in accordance with the Electricity Market Act, which are paid to the customers due to an inter- ruption of over 12 hours in the electricity distribution, are recognised as other operating expenses and included in the item "Outage compensation costs" in the table below.The Group pays to the customers voluntary outage compensa- tions due to interruption of over 6 hours in the electricity distribution. These compensations are recognised as a re- duction of revenue at a point in time (Note 2.1.1). Research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset only when the Group can demonstrate: ● The technical feasibility of completing the in- tangible asset so that the asset will be available for use or sale ● Its intention to complete and its ability to use or sell the asset ● How the asset will generate future economic benefits ● The availability of resources to complete the asset ● The ability to measure reliably the expenditure during development Following initial recognition of the development ex- penditure as an asset, the asset is carried at cost less any ac- cumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the pe- riod of development, the asset is tested for impairment an- nually. The Group has not recognised any developmentex- penditures as an intangible asset. ACCOUNTING POLICY OTHER OPERATING EXPENSES EUR 1,000 2025 2024 Lease expenses -597 -531 External services -2 877 -3 152 IT and communication expenses -3 732 -4 141 Research and development costs -206 250 Marketing and communications -143 -152 Insurances -355 -312 Mailing expenses -53 -306 Other personnel expenses -280 -272 Travelling expenses -97 -88 Outage compensation costs -7 842 -4 804 Elenia service expenses -17 750 -16 995 Other expenses -3 343 -3 406 Total -37 274 -33 909 ![doc1p17i1]()![doc1p17i2]() Research and development costs mainly include the costs of re- search projects that do not meet the criteria for capitalization. 18 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) AUDIT FEES EUR 1,000 2025 2024 Auditing fees -138 -233 Fees for other services -68 -31 Total -206 -264 Ernst & Young was appointed as the auditor until the Annual General Meeting held in the 2026 reporting period. AUDITING FEES Auditing fees include fees for auditing the consolidated financial statements and interim accounts and for auditing the parent company and subsidiaries. Fees for other services consist of other assignments. TRADE AND OTHER CURRENT PAYABLES EUR 1,000 2025 2024 Short-term bonds and notes 140 000 0 Short-term financial lease liabilities 223 237 Trade payables 3 045 8 497 Accrued expenses Employee benefits expenses 1 904 1 768 Interest expenses 19 256 16 225 Other accrued expenses 51 851 50 075 Liabilities related to contracts withcustomers 2 631 2 184 Other liabilities VAT liability 15 925 14 458 Energy taxes 17 165 16 816 Prepayments received 2 986 2 561 Other liabilities 2 036 1 568 Total 257 022 114 388 2.3.2 Trade and other current payables According to the management’s estimate, the fair value of trade and other payables does not materially deviate from the balance sheet value. Trade payables are non-interest bearing and are normally settled on 14-30 days terms. Other accrued expenses comprise mainly of deferred material and service purchases as well as de- ferred financing items. 2.3.3 Employee benefitsexpense The total remuneration paid by Elenia Verkko to its employees consists of salaries, fringe benefits and short-term performance bonuses. EUR 1,000 2025 2024 Salaries and remunerationpaid to other key members of the management Salaries and other short-term employee benefits -272 -228 Other long-term employee benefits -44 -53 Pension expenses related to salariesand employee benefits -57 -51 Total -373 -332 Salaries and remuneration were not paid to CEO in 2025 and 2024. Elenia Group applies two incentive plans. All employees of the Elenia Group are included within the scope of the short-term an- nual performance bonus plan; in addition,the key members of t he management are included in a long-term incentive plan. Both EMPLOYEE BENEFIT EXPENSES EUR 1,000 2025 2024 Salaries and remuneration -3 527 -3 523 Pensions Defined contribution plans -583 -630 Social security costs -54 -60 Total -4 165 -4 213 s ![doc1p19i3]() 19 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) p lans are company-specific,, but the principles and criteria are mainly uniform. Companies’ Boards of Directors approve both the criteria as well as payment under the plans.The total remu- neration paid by the Group to its employees consists of salaries, fringe benefits and short-term performance bonuses. All em- ployees of the Group are included within the scope of the perfor- mance bonus scheme. The annual performance bonuses (i.e. short-term annual per- formance bonus plan) are based for example on the Group profit- ability, work safety and customer or personnel satisfaction. Also, the achievement of the individual key objectives in employee’s own responsibility area is taken into consideration. The key members of the management personnel of Elenia Group companies are included within the scope of the long-term incentive plan. The purpose of the plan is to align the interests of the management with those of the shareholders in order to im- prove the competitiveness of the business and promote long- term financial success. Key management includes management team and Board members of Elenia Oy. The long-term incentive plan is measured over a three-year period and potential remunerations are paid during the following three years after the earnings period. The payment is made only if the goals have been achieved also during the year preceding the payment.In 2025,the remunerations related to the 2020- 2022,2021-2023 and 2022-2024 programmes were paid. Dur- ing 2025 there were three programmes on-going: 2023-2025, 2024-2026 and 2025-2027. During 2025 EUR 6 thousand (2024:EUR 28 thousand) was paid out related to the long-term incentive plan in Elenia Verkko Oyj. The key members of the management have no share or op- tion-based incentive schemes. Five of the key management per- sons of Elenia Oy and Elenia Verkko Oyj have invested in Elton Investment S.à r.l. which is the ultimate owner of Elenia Oy. The management investment is channelled through a management owned holding company Manco Investment Oy, which owns ap- proximately 0.3% of Elton Investment S.à r.l. after the arrange- ment. The equity investment has been made at fair market val- ues, and it therefore is not a compensation plan. The equity own- ership forms an additional tool for retaining key management members and therefore promotes continuity, and it also signals strong commitment from the senior management into the long- term development of Elenia. ![doc1p19i2]() 2.3.4 Provisions ACCOUNTING POLICY PROVISIONS Provisions are recognised when the Group has a present le- gal or constructive obligation as a result of past events to a third party, provided that it is probable that the obligation will be realised, and the amount can be reliably estimated. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS PROVISIONS Electricity network connection fees, which have been paid by the customers prior to 2008, must be refunded net of demolition costs, if the customer wants to terminate the electricity connection. A provision for refundable connection fees for electricity network has been calculated by discounting estimated fu- ture annual connection fee refunds to their present value. The calculation is based on the management’s estimate of the volume and timing of refundable connection fees. The historical level of refunded connection fees is taken into ac- count while compiling the calculations and the discount rates applied correspond to the rates used in impairment testing of goodwill for network. PROVISIONS 2025 EUR 1,000 Provision for refunds ofcon- nection fees Provisions at 1 January 6 325 Increase 962 Use of provisions -551 Provisions at 31 December 6 736 PROVISIONS 2024 EUR 1,000 Provision for refunds ofcon- nection fees Provisions at 1 January 6 521 Decrease 113 Use of provisions -309 Provisions at 31 December 6 325 20 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 3 ![doc1p20i1]() INVESTMENTSAND LEASE COMMITMENTS 3.1 PROPERTY, PLANT ANDEQUIPMENT Property, plant and equipment comprise mainly electricity distribution networks, machinery, equipment and buildings. Property, plant and equipment are stated at original ac- quisition cost less accumulated depreciation and accumu- lated impairment losses, if any (see Note 3.2 Accounting pol- icy for Impairment of non-financial assets). The original ac- quisition cost includes expenditure that is directly attributa- ble to the acquisition of an item. Subsequent costs are in- cluded in the asset’s carrying amount or recognised as a sep- arate asset, as appropriate, only when it is probable that fu- ture economic benefits associated with the item will flow to the Group and the acquisition cost of the item can be relia- bly measured. When a property, plant and equipment asset no longer has any expected revenue streams, the asset is dismantled and the remaining carrying value is recognised as an ex- pense under depreciation, amortisation and impairment. Acquired assets on the acquisition of a new subsidiary are stated at their fair values at the date of acquisition. The same principles are followed as in the Elenia Group and have been followed before the restructuring and the formation of the Elenia Network Group. Until December 31, 2018 land use rights for underground cables have been capi- talized in intangible assets for other long-term expenditure, but those rights have been capitalized in property, plant and equipment as networks as of January 1, 2019. According to the estimate of the Group's management, they are not treated as lease contracts under IFRS 16. All other repairs and maintenance costs are charged to the consolidated statement of profit or loss during the finan- cial period in which they are incurred. Land and water areas are not depreciated since they have indefinite useful lives. Depreciation on other assets is calcu- lated on a straight-line basis over the estimated useful lives of the assets as follows: Buildings and structures 15-50 years Electricity distribution network 10-30 years Electricity transmission network 25-40 years Machinery and equipment 3-30 years Right-of-use assets are depreciated on a straight-line basis over the lease term between the commencement date of the lease and the end of the lease term or using the esti- mated useful life of the asset. Leases of buildings and vehi- cles generally have lease terms between 3 and 5 years. The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each financial year end. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on the sales of property, plant and equipment are recorded as the difference between the sell- ing price and carrying value and recognised in the consoli- dated statement of profit or loss under other operating in- come or expenses. Government grants Government grants relating to the purchase of property, plant and equipment are recognised by reducing the book value of the asset they relate to when the decision on the grant has been received. The grants are thus reflected in the form of lower depreciation over the useful life of the asset. Now the Group does not have government grants relating to the purchase of property, plant and equipment. Borrowing costs Borrowing costs directly attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset.No borrowing costs are currently capitalized in the Group’s assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the bor- rowing of funds ACCOUNTING POLICY 21 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [s](#a30233) [ignatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) PROPERTY PLANT AND EQUIPMENT Land and wa- ter areas Buildings Networks Machinery and equipment Other tangible assets Prepayments Total EUR 1,000 Cost at 1 January 2025 2 335 6 837 2 909 273 224 134 56 12 216 3 154 851 Additions 0 0 115 186 14 817 0 267 130 271 Disposals -3 0 -3 384 0 0 0 -3 387 Transfers between balance sheet items 0 0 -1 467 3 0 1 464 0 Cost at 31 December2025 2 333 6 837 3 019 609 238 954 56 13 947 3 281 735 Accumulated depreciation, amortisationand impairment at 1 January 2025 -1 -6 281 -1 259 860 -161 746 -56 -1 427 945 Depreciation and amortisation for theyear 0 -154 -88 435 -9 482 0 -98 071 Accumulated depreciation and amortisationon disposals 0 0 3 384 0 0 3 384 Impairment for the year\* 0 0 -1 279 0 0 -1 279 Accumulated depreciation,amortisation and impairmentat 31 December 2025 -1 -6 435 -1 346 189 -171 228 -56 -1 523 910 Book value at 31 December2025 2 332 401 1 673 419 67 725 0 13 947 1 757 825 Book value at 31 December2024 2 334 556 1 649 413 62 387 0 12 216 1 726 907 \*Networks' impairment for the year relatesto the demolition of electricity networks. Land and wa- ter areas Buildings Networks Machinery and equipment Other tangible assets Prepayments Total EUR 1,000 Cost at 1 January 2024 2175 6 837 2 799 569 199 145 56 19 264 3 027 046 Additions 128 0 106 607 24 986 0 222 131 943 Disposals 0 0 -4 137 0 0 0 -4 138 Transfers between balance sheet items 33 0 7 235 3 0 -7 270 0 Cost at 31 December2024 2 335 6 837 2 909 273 224 134 56 12 216 3 154 851 Accumulated depreciation, amortisationand impairment at 1 January 2024 -1 -6 127 -1 176 719 -154 504 -56 -1 337 406 Depreciation and amortisation for theyear 0 -154 -85 275 -7 243 0 -92 672 Accumulated depreciation and amortisationon disposals 0 0 4 050 0 0 4 050 Impairment for the year\* 0 0 -1 916 0 0 -1 917 Accumulated depreciation,amortisation and impairmentat 31 December 2024 -1 -6 281 -1 259 860 -161 746 -56 -1 427 945 Book value at 31 December2024 2 334 556 1 649 413 62 387 0 12 216 1 726 907 Book value at 31 December2023 2 174 710 1 622 850 44 641 0 19 264 1 689 639 ![doc1p22i1]() 22 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS V irhe. Viitteen lähdettä eilöytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 3.2 INTANGIBLE ASSETS Intangible assets, except goodwill and intangible assets with indefinite life, are stated at original acquisition cost less accumulated amortisation and impairment losses if applicable and amortised on a straight-line method over their expected useful lives. Computer software and licenses Acquired computer software licenses are capitalised based on the costs incurred from the acquisition and implemen- tation of the software. These costs are amortised over their estimated useful lives (three to five years). Costs as- sociated with developing or maintaining computer soft- ware are recognised as an expense as incurred. IFRS inter- pretations committee issued an agenda decision in April 2021 on configuration and customization costs in a cloud computing arrangement. In the agenda decision the com- mittee considered whether an intangible asset according to IAS 38 can be recognised related to configuration and customization costs of a cloud-based software and if not, how these costs should be accounted for. Licenses concerning cloud-based software can only be capitalized if the group has the right and ability to take possession of the software and run it on own servers. Oth- erwise, the license is considered to be a service contract, and costs are expensed when incurred.Concerning the implementation costs of a cloud-based software only cus- tomization related costs can be capitalized if they create and asset that is distinct, controlled by the group and it creates economic benefits that flow to the group. The part of the implementation costs that is not capitalized is ex- pensed when incurred. Compensation paid to landowners One-time compensation payments paid to landowners for inconvenience and damage caused by the network com- pany’s overhead lines, cables and equipment are capital- ized. Until December 31, 2018,land use rights for underground cables have been capitalized in intangible assets for other long-term expenditure, but those rights have been capital- ized in property, plant and equipment as networks as of Jan- uary 1, 2019. According to the estimate of the Group's man- agement, they are not treated as lease contracts under IFRS 16. Recurring annual compensation payments are recog- nised as an expense on the consolidated statement of profit or loss under other operating expenses . Contractual customer relationships Contractual customer relationships acquired in a business combination are recognised at fair value on the acquisition date.The contractual customer relations have a finite useful life and are carried at acquisition cost less accumulated amortisation and assessed for impairment whenever there is an indication that the intangible asset may be impaired. Amortisation is calculated using the straight-line method over the useful economic life of the customer relationship. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of net assets of the acquired subsidiary/associate at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intan- gible assets. Goodwill is tested annually for impairment and carried at acquisition cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Amortisation periods for intangible assets Computer software and licenses 3-5 years Customer relationships 20 years Compensation paid to landowners 10-30 years The assets’ useful lives are reviewed and adjusted, if appro- priate, at each financial year end. Impairment of non-financial assets Besides the information given below, disclosures relating to impairment of non-financial assets are also provided in the note 3.1 concerning property, plant and equipment. The carrying values for individual assets are assessed at each reporting date to determine whether there is any indi- cation of impairment. When considering the need for im- pairment, the Group assesses whether events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised if the carrying value of an asset or cash-generating unit exceeds its recov- erable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs to sell and its value in use. An impairment loss relating to property, plant and equip- ment and intangible assets other than goodwill is reversed in the event of a change in circumstances that results in the as- set’s recoverable amount changing from the time the impair- ment loss was recorded. An impairment loss recorded on goodwill is not reversed under any circumstances. Intangible assets with indefinite useful lives are tested for impairment annually as at 31 December either individu- ally or at the cash-generating unit level, as appropriate, and when circumstances indicate that the carrying value may be impaired. Goodwill is tested for impairment annually as at 31 De- cember and when circumstances indicate that the carrying value may be impaired. In assessing value in use, the esti- mated future cash flows expected to be derived from a cash- generating unit are discounted to their present value. The fi- nancial projections used in the calculations are based on business plans approved by management. ACCOUNTING POLICY ![doc1p23i1]() 23 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) S IGNIFICANT ACCOUNTING JUDGEMENTS GOODWILL IMPAIRMENT TESTING The Group tests goodwill annually for impairment. The re- coverable amounts of cash-generating units are based on es- timated future cash flows. Preparation of these estimates requires management to make assumptions relating to fu- ture cash flows. The main variables in determining cash flows are the discount rate and the assumptions and esti- mates used. The Group has conducted a sensitivity analysis of the ef- fects of the key assumptions underlying the impairment testing on the test results. E STIMATES AND ASSUMPTIONS IMPAIRMENT TESTING OF GOODWILL Goodwill, of EUR 418 million, has been allocated to the cash gen- erating unit, Network business segment. Projected cash flows have been assessed based on long-term operational plans, which have been approved by the senior management and the Board of Directors. Cash flows have been discounted to determine the value in use. The discount rate applied (pre-tax) reflects the risk profile of the business. The company performed its annual impairment test in Jan- uary 2026. Due to the regulated and stable nature of the elec- tricity distribution business, the basis for cash flow projections is the long-term business plan covering the period 2025-2055 which has been approved by the Board of Directors. A volume growth of approximately 0.5% p.a. has been incorporated for the forecast period. The discount rate applied is 6.0% (pre-tax), cal- culated based on relevant studies and the Energy Authority's communication regarding the required rate of return in the dis- tribution business (in 2024 the applied discount rate was 6.0%). Long-term capital expenditure plans have been prepared to meet the security of supply requirements in line with the Elec- tricity Market Act as well as the expected requirements of elec- trification as per the government’s national net zero emission commitment of 2035. The projected cash flows reflect the regulatory methods confirmed by the Energy Authority for the period 2024-2031, but based on the current understanding of the company senior management and the Board of Directors as well as public com- munication by other system operators and stakeholders, the cur- rent regulatory methods do not enable the execution of the in- vestments required by the electrification of the society, nor the security of supply investments required by the Electricity Mar- ket Act (588/2013) within the required period by the end of 2036. On November 21, 2025, The Market Court ruled on the appeal of the confirmed regulatory methods for 6 th and 7 th regu- latory periods and rejected the appeals. Elenia has appealed to the Supreme Administrative Court together with the industry. The Energy Authority sent Elenia a decision on May 28 th , 2025, regarding practices in the differentiated financial state- ments. The decision stated that Elenia has prepared the differen- tiated financials statements incorrectly since 2020. Elenia ap- pealed the decision in June 2025, with a market court ruling ex- pected towards the end of 2026. If the decision remains un- changed it affects the regulatory asset base and correspondingly the reasonable return by decreasing their value since 2020. The decision has a limited impact on Elenia's regulatory accounts be- yond 2027. In addition, Elenia, as well as other DSOs, has an ongoing Market Court process regarding the changes made to the regula- tory methods for the 5 th regulatory period. The future verdicts of the Market Court and the Supreme Administrative Court add significant uncertainty to the assump- tions of the future cash flow estimates. As a result, the impair- ment test calculation has been performed using scenarios taking into account the impacts of the alternative outcomes of the Mar- ket Court and Supreme Administrative Court processes on the company’s business plan. One scenario assumes a ruling in favor of Elenia and the industry. As the potential contents of the verdicts are difficult to predict, the forecast for the regulatory calculation includes an adjustment that increases the reasonable return which in turn is based on the regulatory asset base. The other scenario assumes that the Market Court and Supreme Administrative Court rulings are all against the indus- try resulting in cash flow projections based on the regulatory methods confirmed by the Energy Authority on December 29, 2023 and the Decision on May 28 th (regarding practices in the differentiated financial statements). In addition, the reasonable return in the 5 th regulatory period is based on the preliminary calculations by the Energy Authority with no changes driven by appeals. The value in use has been calculated based on these out- comes, weighting them equally (50%/50%). This reflects the view of the senior management and the Board of Directors on the company’s recoverable value. Based on the analysis in January 2026 there is a headroom of 1,793 million euros. SENSITIVITYTOCHANGESINASSUMPTIONS INDISCOUNT RATE Discount rate of the projected cashflows is based on the actual risk-free interest rates of the valuation timing and the parame- ters based on the Energy Authority's communication regarding the required rate of return in the distribution business. The dis- count rate (pre-tax) increasing by 4.3% (433 bps) would cause the recoverable value of the assets to be equal to its book value. 24 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) INTANGIBLE ASSETS EUR 1,000 Goodwill Intangible rights Other long- term ex- penditure Total Cost at 1 January 2025 417 823 22 869 48 255 488 947 Additions 0 240 1 941 2 181 Disposals 0 -12 0 -12 Cost at 31 December2025 417 823 23 097 50 196 491 116 Accumulated depreciation, amortisationand impairment at 1 January 2025 0 -15 831 -29 136 -44 967 Depreciation and amortisation for theyear 0 -463 -2 780 -3 243 Accumulated depreciation and amortisationon decrease 0 12 0 12 Accumulated depreciation,amortisation and impairmentat 31 December 2025 0 -16 282 -31 916 -48 198 Book value at 31 December2025 417 823 6 815 18 280 442 918 Book value at 31 December2024 417 823 7 038 19 119 443 980 Goodwill Intangible rights Other long- term ex- penditure Total EUR 1,000 Cost at 1 January 2024 417 823 22 707 46 503 487 033 Additions 0 162 1 752 1 914 Cost at 31 December2024 417 823 22 869 48 255 488 947 Accumulated depreciation, amortisationand impairment at 1 January 2024 0 -15 338 -26 445 -41 783 Depreciation and amortisation for theyear 0 -493 -2 691 -3 184 Accumulated depreciation,amortisation and impairmentat 31 December 2024 0 -15 831 -29 136 -44 967 Book value at 31 December2024 417 823 7 038 19 119 443 980 Book value at 31 December2023 417 823 7 368 20 058 445 249 As a result of acquisitions in 2012 goodwill of EUR 515.6 million was created. Goodwill is based on the assessment of organisational competence and knowhow which is expected to benefit business operations in coming years. At the end of 2021 the value of Goodwill is 417,8 million euros, since 97,8 million euros was allocated to heating business which was sold in 2019. ![doc1p25i1]() 25 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) The Group’s management has estimated that lease con- tracts related to indoor secondary substations, primary sub- stations and certain office premises are immaterial contracts (referring to IAS 1 which defines the materiality of the infor- mation presented in the financial statements) and therefore IFRS 16 has not been applied to these contracts. The defini- tion of contracts as “immaterial” is based on the low value of leases paid under these contracts which causes the lease lia- bilities arising from them to be immaterial in relation to the Group’s consolidated statement of financial position. Lease payments on these contracts are recognised on the consoli- dated statement of profit or loss as other operating expenses over the lease term. The effect of these costs on the income statement in 2025 was approximately EUR 251 thousand (D: EUR 149 thousand). One-time subsurface rights compensations are paid to landowners based on perpetual contracts. Compensations are capitalized to the network’s assets in the consolidated state- ment of financial position and amortized over their expected useful lives. Normally subsurface rights should be recognised as leases under IFRS 16 but as compensations are paid based on perpentual contracts, they are not treated as lease con- tracts under IFRS 16. 3.3 LEASE COMMITMENTS ACCOUNTING POLICY 3.3.1 LEASES (ACCOUNTING POLICY) The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 3.3.2 GROUP AS THE LESSOR (ACCOUNTING POLICY) Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as other operating income in the period in which they are earned (See Note 2.2). Lease agreements comprise fixed-term agreements and agreements which are valid until further notice. 3.3.3 THE GROUP AS THE LESSEE (ACCOUNTING POLICY) According to the requiremets of IFRS 16 the Group recog- nises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets con- cerning certain lease contracts related to office premises, car leasing contracts, and lease contracts related to electricity meters. The Group applies the short-term lease exemption to a part of the contracts related to office premises and to IT-con- tracts. Lease payments on short-term leases are recognised in the consolidated statement of profit or loss as other operating expenses over the lease term. The impact of these costs on the income statement in 2025 was approximately EUR 44 thousand (D: Approximately EUR 45 thou- sand). Right-of-use assets The Group recognizes right-of-use assets at the commencement date of the lease (the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumu- lated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the com- mencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term between the commencement date of the lease and the end of the lease term or using the estimated useful life of the asset. Leases of buildings and vehicles generally have lease terms be- tween 3 and 5 years. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a pur- chase option, depreciation is calculate using the estimated useful life of the asset. The right-of-use assets are also subject to im- pairment (see accounting policies in Notes 3.1 and 3.2). Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to termi- nate.In calculating the present value of lease payments, the Group uses as interest rate an estimated average medium-term financing cost at the lease commencement date because the in- terest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a change in the lease term, a change in the lease payments (e.g., changes to future pay- ments resulting from a change in an index or rate used to deter- mine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group’s lease liabilities are included in non-current and current financial liabilities. 26 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Set out below are the carrying amountsof right-of-use assetsrecognised and the move- ments during the period EUR 1,000 Buildings Machinery and equip- ment Total As at 1 January 2025 319 122 440 Additions 0 120 120 Depreciations -143 -112 -255 As at 31 December2025 176 129 305 Machinery and equip- ment EUR 1,000 Buildings Total As at 1 January 2024 462 176 638 Additions 0 46 46 Depreciations -143 -101 -243 As at 31 December2024 319 122 440 Set out below are the carrying amountsof lease liabilities and the movementsduring the period LEASE LIABILITIES EUR 1,000 2025 2024 As at 1 January 471 659 Additions 128 292 Disposals 0 -234 Payments -257 -234 Interest expenses -8 -12 As at 31 December 334 471 The maturity analysis of lease liabilitiesis disclosed in Note 4.2.6. During 2025 the Group had total cash outflows for leases of EUR 552 thousand (2024: EUR 427 thousand). The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in in managing the leased-asset portfolio according to needs of business. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised (see Note 1.4). The lease contract concerning the main premises of the group changed from a valid un- till further notice to a two-year fixed term contract in March 2023. According to management's assumption, the Group estimates that it will not use termi- nation options of car's leases. Amounts recognised in profit or loss EUR 1,000 2025 2024 Depreciation expense of right-of-useassets -255 -243 Interest expense on lease liabilities -8 -12 Expense related to short-term leases (incl. in other operating expenses) -44 -45 Total amount recognisedin profit or loss -308 -300 27 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) ![doc1p27i1]() 4 CAPITAL STRUCTUREAND FINANCIALITEMS 4.1 FINANCE INCOME AND COSTS FINANCIAL RISK MANAGEMENT FINANCIAL RISK MANAGEMENT The management of financial risks is based on the following principles. The Group's Treasury policy, approved by the Board of Directors, defines financial risk management governance, responsibilities and processes for reporting risks and risk management. Treasury Policy defines principles covering currency, liquidity, interest rate and counterparty risks. Also, the Group's existing loan arrangements include guide- lines and restrictions pertaining to financial risk manage- ment. Elenia Verkko Oyj is responsible for the Group finan- cial risk management. ● For credit risk management refer Note 2.1.4.2.; ● For liquidity risk, refinancing risk, interest rate risk and currency risk management refer Note 4.2.9. CAPITAL MANAGEMENT As the electricity distribution business is a capital-intensive, the Group must ensure it has adequate capital to meet its operating requirements. Business planning includes as- sessing the adequacy of available capital in relation to the risks arising from business operations and the operating en- vironment. ACCOUNTING POLICY TRANSLATION DIFFERENCES Transactions in foreign currencies are initially recorded by the Group's entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in the consolidated statement of profit or loss with the exception of monetary items that are designated as part of the hedge of the Group's net investment of a foreign operation. These are recognised in other comprehensive in- come until the net investment is disposed of, at which time, the cumulative amount is reclassified to the consolidated statement of profit or loss. Tax charges and credits attribut- able to exchange differences on those monetary items are also recorded in other comprehensive income. Non-monetary items that are measured in terms of his- torical cost in a foreign currency are translated using the ex- change rates at the dates of the initial transactions. Non- monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recog- nition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in other comprehensive income or consoli- dated statement of profit or loss are also recognised in other comprehensive income or statement of profit or loss, re- spectively). Any goodwill arising on the acquisition of a foreign oper- ation and any fair value adjustments on the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date The assets and liabilities of foreign operations are translated into EUR at the rate of exchange prevailing at the reporting date and their statement of profit or loss and other comprehensive income are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognised in other comprehensive income. EUR 1,000 2025 2024 Interest expenses Loans from financial institutions -10 973 -11 904 Bonds and notes -40 334 -37 050 Interest expenses relatedto lease liabili- ties -8 -12 Other interest expenses -3 -7 Total interest -51 317 -48 973 Other finance costs -5 066 -3 942 Exchange rate losses Loans and receivables -3 -2 Total finance costs -56 387 -52 917 Interest income Other interest income 4 206 2 146 Exchange rate gains Other finance income 6 125 0 Total finance income 10 331 2 146 Finance costs (net) -46 056 -50 771 28 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 4.2 FINANCIAL ASSETS ANDLIABILITIES IFRS 9 FINANCIAL INSTRUMENTS The initial measurement of financial instruments is made at fair value for all financial assets.Financial assets that are debt in- struments and to which the fair value option is not applied are measured following initial recognition either at amortized cost or fair value, depending on the company’s business model for the management of financial assets and contractual cash flows of the financial assets. As a rule, all equity instruments are measured at fair value following the initial measurement, either through consolidated statement of profit or loss or through consolidated statement of other comprehensive income. All equity instruments held for trading are to be measured at fair value through profit or loss. Items that are recognized through other comprehensive income will no longer be recognized in the consolidated statement of profit or loss if the entity has elected to measure it at fair value through consolidated statement of other comprehensive in- come. The impairment requirements in IFRS 9 are based on an ex- pected credit loss model. In addition, IFRS 9 standard comprises hedge accounting model in which the criteria for applying the hedge accounting are relieved and more designations of groups of items as the hedged items are possible. The hedge accounting model aims to enable companies to better reflect their risk man- agement strategy and objectives in the financial statements. The Group has applied the simplified approach and recorded life- time expected losses on all trade receivables. ![doc1p29i1]() 29 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) FINANCIALINSTRUMENTS–INITIALRECOGNITIONAND SUBSEQUENT MEASUREMENT Classification of current and non-current assets and liabilities An asset or a liability is classified as current when it is expected to be realized within twelve months after the financial year end or it is classified as financial assets or liabilities held at fair value through profit or loss. Liquid funds are classified as cur- rent assets. All other assets and liabilities are classified as non-current assets and liabilities. 4.2.1 Cash and cash equivalents Cash and cash equivalents comprise cash on hand, bank de- posits as well as highly liquid fund investments that are con- vertible into cash within three months and subject to an insig- nificant risk of changes in value 4.2.2 Financial assets Initial recognition and measurement Financial assets within the scope of IFRS 9 are classified as fi- nancial assets carried at amortized cost, financial assets at fair value through profit or loss or financial assets at fair value through other comprehensive income (OCI), as appropriate. The Group determines the classification of its financial assets at initial recognition. All financial assets are recognized initially at fair value plus transaction costs, except in the case of financial assets rec- orded at fair value through profit or loss. Purchases or sales of financial assets are recognized on the trade date. The classification of financial assets at initial recognition de- pends on the financial asset's contractual cash flow character- istics and the Group's business model for managing them. At the reporting date the Group holds money market fund invest- ments measured at fair value. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS15. Refer to the ac- counting policies in Note 2.1.1 Revenue from contracts with customers. Subsequent measurement Thesubsequent measurementoffinancial assetsdepends on their classification as described below: Financial assets carried at amortised cost Financial assets carried at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Financial assets carried at amortised cost also include trade receivables and other re- ceivables. Loans are carried at amortised cost using the effec- tive interest rate method less accumulated impairment. Amor- tised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance income in the consolidated statement of profit or loss. The losses arising from impairment are recognised in the consolidated statement of profit or loss in finance costs for loans and in cost of sales or other operat- ing expenses for receivables. If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the dif- ference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future ex- pected credit losses that have not yet been incurred). The pre- sent value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced using an al- lowance account and the loss is recognised in the consolidated statement of profit or loss. Interest income continues to be ac- crued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for measuring the impairment loss. The interest income is rec- orded as finance income in the consolidated statement of profit or loss. Loans together with the associated allowance are written off when there is no realistic prospect of future re- covery, and all collateral has been realised or has been trans- ferred to the Group. ACCOUNTING POLICY If, in a subsequent year, the amount of the estimated impair- ment loss increases or decreases because of an event occur- ring after the impairment was recognised, the previously rec- ognised impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the re- covery is credited to finance costs in the consolidated state- ment of profit or loss. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include fi- nancial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Fi- nancial assets are classified as held for trading if they are ac- quired for selling or repurchasing in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are desig- nated as effective hedging instruments as defined by IFRS 9.Financial assets at fair value through profit or loss are car- ried in the consolidated statement of financial position at fair value with net changes in fair value presented as finance costs (negative net changes in fair value) or finance income (positive net changes in fair value) in the consolidated statement of profit or loss. Financial assets designated upon initial recogni- tion at fair value through profit or loss are designated at their initial recognition date and only if the criteria under IFRS 9 are satisfied. Financial assets at fair value through other comprehensive income (OCI) Derivatives are measured at fair value and gains and losses from fair value measurement are treated as determined by the purpose of the derivatives. The effects on results of changes in the value of derivatives that are eligible for hedge accounting and that are effective hedging instruments are presented con- sistent with the hedged item. Derivatives eligible for hedge ac- counting are classified as financial assets at fair value through other comprehensive income. The effective portion of the gain or loss on the hedging instrument is recognized directly in other comprehensive income. Any ineffective portion is recognized immediately in the consolidated statement of profit or loss as financial income or costs. The group had no derivatives at the balance sheet date. 30 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. K irjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities des- ignated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments en- tered into by the Group that are not designated as hedging in- struments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognized in the consolidated statement of profit or loss. Derecognition of Financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an ex- isting financial liability is replaced by another from the same lender on substantially different terms, or the terms of an ex- isting liability are substantially modified, such an exchange or modification is treated as the derecognition of the original lia- bility and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consoli- dated statement of profit or loss. 4.2.5 Offsetting offinancial instruments Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simulta- neously. 4.2.4 Financial liabilities Initial recognition and measurement Financial liabilities within the scope of FRS 9 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings, net of directly at- tributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings and derivative financial in- struments. The Group has two financial covenants in its financing agreements. According to IAS1 the liability is to be classified as non-current, if the company has the right to defer settle- ment of the liability for at least twelve months after the re- porting period. If the company is required to comply with cov- enants on or before the end of the reporting period, these cov- enants will affect whether such a right exists at the end of the reporting period. Subsequent measurement The measurement of financial liabilities depends on their clas- sification as described below: Loans and borrowings After initial recognition, interest bearing loans and borrow- ings are subsequently measured at amortized cost using the effective interest rate method. Gains and losses are recog- nized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the effective in- terest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective in- terest rate amortization is included as finance costs in the consolidated statement of profit or loss. Derecognition of financial assets Financial assets are derecognized when: ◾ The rights to receive cash flows have expired; or ● The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and ei- ther (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has nei- ther transferred nor retained substantially all the risks and reward s of the asset, but has transferred control of the asset. 4.2.3 Impairment of financialassets The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, dis- counted at an approximation of the original effective interest rate. ECL' are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default evets that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and other receivables, the Group ap- plies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recog- nizes a loss allowance based on lifetime ECLs at each report- ing date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for for- ward-looking factors specific to the debtors and the economic environment. 31 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 4.2.6 Carrying amounts bycategory and maturity profileof financial assets and liabilities CARRYING AMOUNTS OF FINANCIAL ASSETSAND LIABILITIES BY CATEGORY VALUES at 31 DECEMBER 2025 Balance sheet item, EUR 1,000 Note Amortised cost Carrying value of balance sheet items Fair value Non-current financial assets Loan receivables 25 581 25 581 25 581 Total non-current financialassets 25 581 25 581 25 581 Current financial assets Trade receivables and other non-interest-bearing receivables 2.1.4 17 523 17 523 17 523 Cash and cash equivalents 288 706 288 706 288 706 Total Current assets 306 229 306 229 306 229 Carrying amount by category 331 811 331 811 331 811 Non-current financial liabilities Bonds and notes 4.2.8-9 -1 787 761 -1 787 761 -1 746 193 Loans from financial institutions 4.2.8-9 -349 776 -349 776 -349 776 Interest-bearing non-current liabilities - Leases 3.3 -111 -111 -111 Total interest-bearing non-currentliabilities -2 137 648 -2 137 648 -2 096 080 Bonds and notes Loans from financial institutions 4.2.8-9 -140 000 -140 000 -140 000 Other current interest-bearing liabilities - Leases 3.3 -223 -223 -223 Trade payables 2.3.2 -3 045 -3 045 -3 045 Total current financialliabilities -143 268 -143 268 -143 268 Carrying amount by category -2 280 916 -2 280 916 -2 239 348 The valuation of financial assets and liabilities at fair value has not had an effect on the income state- ment or the statement of comprehensive income in 2025 and 2024. VALUES at 31 DECEMBER 2024 Balance sheet item, EUR 1,000 Note Amortised cost Carrying value of balance sheet items Fair value Current financial assets Trade receivables and other non-interest-bearing receivables 2.1.4 15 668 15 668 15 668 Cash and cash equivalents 42 745 42 745 42 745 Total Current assets 58 412 58 412 58 412 Carrying amount by category 58 412 58 412 58 412 Non-current financial liabilities Bonds and notes 4.2.8-9 -1 685 033 -1 685 033 -1 605 853 Loans from financial institutions 4.2.8-9 -250 000 -250 000 -250 000 Interest-bearing non-current liabilities - Leases 3.3 -235 -235 -235 Total interest-bearing non-currentliabilities -1 935 268 -1 935 268 -1 856 088 Bonds and notes 4.2.8-9 Other current interest-bearing liabilities - Leases 3.3 -237 -237 -237 Trade payables 2.3.2 -8 497 -8 497 -8 497 Total current financialliabilities -8 734 -8 734 -8 734 Carrying amount by category -1 944 002 -1 944 002 -1 864 822 CASH AT BANKS AND ON HAND Elenia had short-term bank deposits amounting to EUR 288.7 million (2024:EUR 42.7 million). Cash and cash equivalents comprise cash, bank deposits and highly liquid fund investments. All bank deposits were denominated in euros. BONDS AND NOTES 32 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) The fair value of the bonds have been calculated based on the required rate of return estimated using the EUR-denominated swap rate yield curve and the estimated risk premium calcu- lated based on the market quotes of Elenia Verkko Oyj's bonds at the balance sheet date. FINANCIAL LIABILITIES Interest-bearing liabilities increased by EUR 342.4 million (2024:decrease EUR 0.8 million) during the year and interest- bearing liabilities at the balance sheet date totaled EUR 2,278 million (2024:EUR 1,936 million). The fair value of short-term trade receivables and paya- bles, other non-interest-bearing receivables, finance leases and cash and cash equivalents correspond essentially the car- rying amount. The table below summarizes the maturity profile of the Group's financial liabilities based on contractual payments. The loans include principal and interest. 31 December 2025 Average interest rate % Maturity EUR 1,000 Within 1 year 1-5 years Over 5 years Total Loans from financial institutions 2,92 % 285 736 106 693 392 429 Bonds 2,72 % 584 474 914 986 1 499 459 Notes 2,71 % 234 107 364 619 598 725 Lease liabilities 111 0 111 Total interest-bearing non-currentliabilities 1 104 427 1 386 297 2 490 724 Loans from financial institutions 10 349 10 349 Bonds 171 309 171 309 Notes 14 059 14 059 Lease liabilities 223 223 Total current interest-bearing liabilities 195 940 195 940 Trade payables 3 045 0 0 3 045 Total current financialliabilities 3 045 0 0 3 045 Total 198 985 1 104 427 1 386 297 2 689 709 31 December 2024 Average interest rate % Maturity EUR 1,000 Within 1 year 1-5 years Over 5 years Total Loans from financial institutions 4,03 % 90 125 212 653 302 777 Bonds 1,96 % 824 038 596 744 1 420 782 Notes 2,71 % 161 344 451 440 612 784 Lease liabilities 235 0 235 Total interest-bearing non-currentliabilities 1 075 742 1 260 836 2 336 577 Loans from financial institutions 10 973 10 973 Bonds 26 275 26 275 Notes 14 059 14 059 Lease liabilities 237 237 Total current interest-bearing liabilities 51 543 51 543 Trade payables 8 497 0 0 8 497 Total current financialliabilities 8 497 0 0 8 497 Total 60 040 1 075 742 1 260 836 2 396 618 ![doc1p33i1]() 33 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 4.2.7 Changes in financialliabilities arising from financing activities CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 4.2.8 Fair value hierarchyof financial assets andliabili- ties ACCOUNTING POLICY FAIR VALUE MEASUREMENT OFFINANCIAL INSTRUMENTS Fair value related to disclosures for financial instru- ments and non-financial assets that are measured at fair value or where fair values are disclosed, are summarised in the following notes: ● Disclosures for valuation methods, significant estimates and assumptions Notes 4.2.6 and 4.2.8 ● Quantitative disclosures of fair value measurement hier- archy Note 4.2.8 ● Financial instruments (including those carried at amor- tised cost) Note 4.2.6 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction be- tween market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: ● In the principal market for the asset or liability, or ● In the absence of a principal market, in the most advan- tageous market for the asset or liability The principal or the most advantageous market must be ac- cessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market partici- pants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circum- stances and for which sufficient data are available to meas- ure fair value. The fair value of financial instruments that are traded in active markets at each reporting date is determined by ref- erence to quoted market prices or dealer price quotations, without any deduction for transaction costs. The "Other changes" column includes the effect of reclassification of non-current portion of obligations under finance leases to current due to passage of time, the effect of capitalization of interests of other long-term loans and the effect amortisation of trans- action costs of bonds and notes using the effective interest rate method. The Group classifies interest paid as cash flows from operating activities. EUR 1,000 1 January 2025 Cash flows New leases IFRS 16 Other changes 3 1 December 2025 Current interest-bearing loans andborrowings (excl. items listed below) 0 0 0 140 000 140 000 Current obligations under leaseliabilities 237 -257 0 243 223 Non-current interest-bearing loans andborrowings (excl. items listed below) 1 935 033 347 160 0 -144 657 2 137 536 Non-current obligations under leaseliabilities 235 0 120 -244 111 EUR 1,000 1 January 2024 Cash flows New leases IFRS 16 Other changes 31 December 2024 Current obligations under leaseliabilities 111 -234 0 360 237 Non-current interest-bearing loans andborrowings (excl. items listed below) 1 934 021 0 0 1 011 1 935 033 Non-current obligations under leaseliabilities 548 0 364 -678 235 34 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) FAIR VALUE HIERARCHY All assets and liabilities for which fair value is measured or dis- c losed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value meas- urement as a whole: Level 1Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or in- directly observable Level 3Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For financial instruments not traded in an active market, the fair value is determined using appropriate valuation tech- niques. Such techniques may include: ● Using recent arm’s length market transactions ● Reference to the current fair value of another instrument that is substantially the same ● A discounted cash flow analysis or other valuation mod- els For assets and liabilities that are recognised in the consoli- dated financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred be- tween levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The transfers between levels of the fair value hierar- chy shall be disclosed at the date of the event or change in circumstances that caused the transfer. For fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained next. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Notes 4.2.6 and 4.2.8. As at 31 December 2025, the Group held the following financial instruments carried at amortised cost in the con- solidated statement of financial position: FINANCIAL ASSETS AND LIABILITIES Level 1 Level 2 Level 3 Total EUR 1,000 2025 2024 2025 2024 2025 2024 2025 2024 Financial liabilities EUR 1,000 Financial instruments, currentliabili- ties Bonds and notes 0 0 -140 000 0 0 0 -140 000 0 Total current financialliabilities 0 0 -140 000 0 0 0 -140 000 0 Financial instruments, non-currentlia- bilities Bonds and notes 0 0 -1 746 193 -1 605 853 0 0 -1 746 193 -1 605 853 Total non-current financialliabilities 0 0 -1 746 193 -1 605 853 0 0 -1 746 193 -1 605 853 Total financial liabilities 0 0 -1 886 193 -1 605 853 -1 886 193 -1 605 853 35 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [C](#a1535) [ONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 4.2.9 Risk management FINANCIAL RISK MANAGEMENT The interest rate risk is managed primarily by entering into loans with fixed interest. At the balance sheet date 86% (2024: 86%) of the loans were fixed rate loans. A parallel shift of +/-1.0 percentage points in the inter- est rate curve at the balance sheet date would have EUR +/- 3.7 million (2024: EUR +/-2.7 million) effect on the interests relating to floating rate loans. COMMODITY PRICE RISK Changes in commodity prices affect mainly electricity pur- chases used for distribution losses and purchases of electric- ity network components. The Group has a hedging policy covering electricity purchases for at least the following 2-3 years to mitigate the impact of short-term price fluctua- tions. The majority of electricity purchases are hedged for the following year, with a declining hedging profile for the subsequent years. The regulatory methods governing elec- tricity distribution operations provide protection against changes in commodity prices over the medium term. Changes in raw material prices such as oil, aluminum and copper affecting purchases of network components, causes fluctuations primarily in capital expenditure. COUNTERPARTY AND CREDIT RISK Accepted financial counterparties are counterparties ap- proved in existing financing agreements and other counter- parties separately approved by the Board of Directors. Cash and cash equivalents consist solely of short-term bank de- posits. The Group has financial covenants relating to interest cover and leverage. The covenants are typical in such arrange- ments. For each relevant period until 31 December 2027, the trigger event ratio levels are 1.46x for ICR and 10.18x for LR and the default ratios are 0.96x for ICR and 11.33x for LR. At the end of 2025, the ICR and LR were 4.59x and 8.15x, respectively. At end of 2024, the corresponding levels were 4.53x and 8.73x. Elenia Verkko Oyj is in compliance with the financial covenants. The covenants are tested semi- annually. Elenia Verkko Oyj always retains adequate head- room to both financial covenants on a historical and for- ward-looking basis.Elenia Verkko Oyj monitors the finan- cial markets in order to carry out loan refinancing at an ap- propriate time, ahead of the due date of the current loans. At the balance sheet date, the company had no draw downs on the Capex credit limit (2024: no drawings) nor the work- ing capital limit (2024: no drawings) granted by interna- tional banks. At the balance sheet date, Elenia Verkko Oyj had credit facilities of EUR 250 million from the European Investment Bank (EIB) and EUR 100 million from the Nordic Investment Bank (NIB). Both facilities have been fully drawn and mature between 2028 and 2033. INTEREST RATE RISK Elenia is exposed to interest rate risk mainly through its in- terest-bearing net debt. The objective of the Group's inter- est rate risk management is to limit volatility of interest ex- penses in the income statement. The Group's interest rate risk management is handled by Group Treasury. LIQUIDITY RISK Liquidity risk refers to the risk of the Group not having ade- quate liquid assets to finance its operations, pay interest and repay its loans. The management of liquidity risk is divided into short- term and long-term liquidity management. Short-term li- quidity risk is managed by cash flow planning that takes into account the expected trade receivables, trade payables and other known expenses for a period of two weeks. The ade- quacy of long-term liquidity is assessed by 12-month fore- casts conducted monthly. CURRENCY RISK Elenia operates in Finland and uses the Euro as its primary operating currency. Elenia's currency risk is based on pur- chases of raw materials and services denominated in curren- cies other than the Euro. The purchases of raw materials and services denominated in currencies other than the Euro have a negative effect on Elenia's result and cash flow in the event that the currencies in question appreciate against the Euro. As the Group's purchasing operations are currently primarily focused on Finland, the currency risk related to purchasing is limited. The Group has guidelines for the management of cur- rency risk as part of the purchasing policy for network oper- ations approved by the Management team . Currency risks that have an impact on profit or loss are primarily hedged operationally through contractual currency rate clauses. Operating profit or finance costs does not include mate- rial exchange rate differences in 2025. At the end of 2025 there were no outstanding receivables or payables in for- eign currencies. REFINANCING RISK Elenia Verkko Oyj issues bonds and notes. Bonds are issued under the EMTN programme and listed at the Dublin Stock Exchange. Bonds issued prior to 2025 were listed on the London Stock Exchange. Notes are unlisted private place- ments targeted mostly to the North American investors through private placements. ![doc1p35i1]() CASH AND CASH EQUIVALENTSAND COMMITTED UNUTILIZED CREDITFACILITIES 31 December 2025 EUR 1,000 Facility amount In use Available amount Maturity Capex facility 250 000 0 250 000 1 - 5 years Working Capital facility 50 000 0 50 000 1 - 5 years Liquidity facility 70 000 0 70 000 1 - 5 years EIB credit facility 250 000 250 000 0 1 - 5 years NIB credit facility 100 000 100 000 0 1 - 5 years Cash and cash equivalents 288 706 Total 720 000 350 000 658 706 36 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 4.3 OTHER COMMITMENTS AND CONTINGENCIES OTHER COMMITMENTS EUR 1,000 2025 2024 Registered floating charges: Provided on behalf of own and Group liabili- ties 9 000 000 9 000 000 Mortgages 200 000 202 000 Refundable connection fees 284 222 284 633 Group bank accounts have been pledgedas security for loans from fi- nancial institutions and bonds. 4.4 EQUITY Share capital The share is issued and fully paid. Reserve for invested unrestricted equity The reserve for invested non-restricted equity comprises of all other equity investments and paid share subscription price, that has not been specifically booked as share capital. Equity repayment Elenia Verkko Oyj decided on March 12, 2025 the equity repay- ment of €41.2mand on December 15, 2025 the equity repay- ment of €101.2m. The equity repayment was done from Unre- stricted equity. Elenia Verkko Oyj decided on April 25,2024 the equity re- payment of €56.6m. The equity repayment was done from Unre- stricted equity. Equity investment and common controlreserve In 2024 or 2025 there were no restructurings. EUR 1,000 2025 2024 Reserve for invested unrestricted equity 1 Jan 1 600 847 1 657 400 Equity repayment -142 420 -56 553 Reserve for invested unrestricted equity 31 Dec 1 458 427 1 600 847 EUR 1,000 2025 2025 Common control reserve 1 Jan -2 206 243 -2 206 243 Common control reserve31 Dec -2 206 243 -2 206 243 Retained earnings The change in retained earnings of 11 937 thousand euros for the fiscal year 2025 is due to group contribution received from Elenia Oy. The change in retained earnings of 18 893 thousand euros for the fiscal year 2024 consists of the group contribution received from Elenia Oy. Earnings per share Earnings per share are calculated by dividing the profit or loss at- tributable to equity holders of the parent by the average number of shares during the reporting period: EUR 2025 2024 Profit attributable to equity holders of the parent, EUR 55 593 588 64 137 934 Average number of shares, pcs 90 90 Earnings/share, EUR - basic= di- l uted 617 707 712 644 37 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole m ääritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 5 CONSOLIDATION 5.1 BASIS OF CONSOLIDATION The consolidated financial statements comprise the parent com- pany Elenia Oy and its subsidiaries which the Group controls. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has ability to affect those returns through its power over the inves- tee. The consolidated financial statements also include, as asso- ciated companies, any companies over which the Group has sig- nificant influence. Significant influence generally involves a shareholding of over 20% of the voting rights or when the Group has the power to participate in the financial and operating policy decisions of the investee but has not control or joint control over those policies. Subsidiaries are included in the consolidated financial state- ments using the acquisition cost method. The acquisition cost is measured as the aggregate of the fair value of the assets given and liabilities incurred or assumed at the date of exchange. Costs related to acquisitions are recorded on the consolidated state- ment of profit or loss as other operating expenses.The excess of the cost of acquisition over the fair value of the Group’s share of the net assets acquired is recorded as goodwill. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Intercompany transactions, receivables and debts are elimi- nated in the consolidated financial statements. Where necessary, the accounting policies of subsidiaries have been changed to ensure consistency with the accounting policies adopted by the Group. As at 31 December 2025, the subsidiaries do not have non- controlling interests. 5.2 BUSINESS COMBINATIONSAND GOODWILL Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisi- tion date fair value and the amount of any non-controlling inter- est in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the ac- quiree at fair value or at the proportionate share of the ac- quiree’s identifiable net assets. Acquisition-related costs are ex- pensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, the previ- ously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in the state- ment of profit or loss. It is then considered in the determination of goodwill. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Fi- nancial Instruments, is measured at fair value with changes in fair value recognised either in the statement of profit or loss or as a change to other comprehensive income. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. Contingent consideration that is classified as equity is not remeasured and subsequent set- tlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount rec- ognised for non-controlling interests, and any previous interest held, over the net identifiable assets acquired and liabilities as- sumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the consolidated statement of profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generat- ing units that are expected to benefit from the combination, irre- spective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. 5.3 ACQUISITIONS AND DISPOSALS In 2025 or 2024 there were no business disposals andno acqui- sitions to be accounted for as business combinations. 38 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 5.4 OTHER CHANGES IN ACCOUNTINGPOLICIES AND DISCLOSURES / NEW AND AMENDEDSTANDARDS AND INTERPRETATIONS ISSUED BUTNOT YET EFFECTIVE 5.4.1 Changes in accountingpolicies and disclosures The Group applied for the first-time certain standards and amendments which are effective for annual periods beginning on or after 1 January 2025. The nature of each new standard and amendment adopted by the Group has been described in the rel- evant note. New standards and amendments not material for the Group have been described below: AMENDMENTS TO IAS 21 THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES: LACT OF EXCHANGEABILITY The amended standards will be effective for annual periods be- ginning on or after 1 January 2025 with early adoption permit- ted. The amendments affect an entity that has transactions or op- erations in a foreign currency that is not convertible into another currency for a specifiedpurpose atthemeasurementdate. A currency is convertible when it has the ability to obtain the other currency (subject to normal administrative delays) and the transaction would occur through a market or exchangemecha- nism that creates enforceable rights and obligations. The amendments provide additional guidance on determin- ing when a currency is convertible. When a currency is not con- vertible into another currency at the measurement date, an en- tity shall estimate the exchange rate prevailing on that date. In estimating the exchange rate, an entity’s objective isto describe the rate at which an orderly exchange transaction would take place between market participants in prevailing economic condi- tions at the measurement date. In such cases, an entity shall also provide additional information. The amendments do not have a material impact on the con- solidated financialstatements. AMENDMENTS TO THE CLASSIFICATION AND MEASURE- MENT OF FINANCIAL INSTRUMENTS (AMENDMENTS TO IFRS 9 AND IFRS 7) The amended standards will be effective for annual periods be- ginning on or after 1 January 2026 with early adoption permit- ted. The amendments provide additional guidance and clarifica- tion. • Clarify the requirements for the recognition and derecogni- tion of certain financialassets andliabilities, includinga new ex- emption for some financialliabilities thatare settledthroughan electronic funds transfer system. • Clarify and add guidance for assessing whether the future cash flowsof afinancialasset consist solely of payments of prin- cipal and interest. • Add new disclosure requirements for certain instruments whose contractual terms can change cash flows(suchasinstru- ments that have features related to achieving environmental, so- cial and governance (ESG) objectives). • Update disclosure requirements for equity instruments classifiedas atfairvaluethroughothercomprehensiveincome. The amendments have a material impact on the consolidated financialstatements. CONTRACTS REFERENCING NATURE-DEPENDENT ELEC- TRICITY AMANDMENTS TO IFRS 9 AND IFRS 7 The amended standards will be effective for annual periods be- ginning on or after 1 January 2026 with early adoption permit- ted. Electricity sources that depend on natural conditions, such as wind or solar power, are increasingly being used to reduce car- bon emissions. These are often structured as long-term power purchase agreements (PPAs), which can be either physical or vir- tual. A key challenge is that electricity production depends on natural conditions, which makes it difficulttoapply certain as- pects of IFRS 9. The IASB has made amendments to the “own use” exception and hedge accounting requirements in IFRS 9 and has added spe- cificdisclosurerequirements to IFRS7. These amendments only apply to agreements that expose an entity to fluctuationsinthe amount of electricity because its source of production depends on uncontrollable natural conditions. These are referred to in the amendments as “power contracts that depend on natural condi- tions”. The amendments might have a material impact on the consol- idated financialstatements. 5.4.2 New and amendedstandards and interpretations issued but not yeteffective Certain new and amended standards and interpretations are is- sued but not yet effective up to the date of issuance of the con- solidated financial statements. The Group intends to adopt these standards, amendments and interpretations, if applicable, when they become effective. The nature of each new standard and amendment to be adopted by the Group has been described be- low: IFRS 18: PRESENTATION AND DISCLOSUREIN FINANCIAL STATEMENTS The standard will be effective for annual periods beginning on or after 1 January 2027 with early adoption permitted. The new standard brings changes to the structure of the income statement and mandatory subtotals, as well as the re- quirement to present additional information on certain key fig- ures definedbymanagement. The standard has a considerable impact on the consolidated fi- nancial statements REGULATORY ASSETS AND REGULATORYLIABILITIES: POSSI- BLE NEW STANDARD The International Accounting Standards Board published in Jan- uary 2021 an exposure draft on Regulatory Assets and Regula- tory Liabilities. The Exposure Draft sets out the IASB’s proposals for a model to account for regulatory assets and regulatory liabilities. If issued as a new IFRS Standard, the proposals would replace IFRS 14 Regulatory Deferral Accounts . The IASB discussed feedback on the Exposure Draft during October and November 2021 and will begin redeliberating the proposals in the Exposure Draft at a future meeting. Group is following closely the development of this initiative a nd evaluating impacts. 39 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) ![doc1p39i2]()![doc1p39i3]() 6 OTHER NOTES 6.1 TAXES 6.1.1 Income taxes ACCOUNTING POLICY INCOME TAXES Current income tax assets and liabilities for the current pe- riod are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are en- acted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the consolidated statement of profit or loss. Management periodically evalu- ates positions taken in the tax returns with respect to situa- tions in which applicable tax regulations are subject to inter- pretation and establishes provisions where appropriate. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS INCOME TAXES Uncertainties exist with respect to the interpretation of com- plex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the long-term nature and complexity of existing contractual agreements, differ- ences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessi- tate future adjustments to the tax estimation. The Group companies establish provisions based on rea- sonable estimates. In the case that the final taxes are differ- ent than the amounts initially recognized, these differences will affect income tax and provisions for deferred tax during the year when the determination of tax differences took place. Management estimates that the estimated tax shown in the consolidated financial statement represents a reasona- ble estimate of the Group's tax position. The major components of income tax expense for the years ended 31 December 2025 and 2024 are: CONSOLIDATED STATEMENTOF PROFIT AND LOSS EUR 1,000 2025 2024 Current income tax charge -2 507 -2 503 Adjustments in respect of current incometax of previous periods 0 -3 Deferred taxes -15 641 -18 311 Income tax expensereported in the consoli- dated statement ofprofit or loss -18 148 -20 817 CONSOLIDATED STATEMENTOF OCI EUR 1,000 2025 2024 Deferred tax related toitems recognised in OCI during the year: Remeasurement gains (losses)on defined benefit plans 2 -13 Deferred tax chargedto OCI 2 -13 INCOME TAX RATE Tax on profit before tax deviatesfrom the nominal tax calculatedac- cording to the tax rate as follows: EUR 1,000 2025 2024 Profit before tax 73 748 84 901 Theoretical income tax using the nominaltax rate of 20.0% (2024: 20.0%) -14 750 -16 980 - tax-free income items -192 0 - expenses that are non-deductible intaxation -819 -55 - adjustment of taxes based on previous peri- ods 0 -3 - deductible income not recorded in profitand loss (group contribution) -2 387 -3 779 Income tax in the incomestatement -18 148 -20 817 Effective tax rate was 25% (2024: 25%) 40 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) ![doc1p40i3]() 6.1.2 Deferred tax ACCOUNTING POLICY DEFERRED TAX Deferred tax is provided using the liability method on tempo- rary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable tempo- rary differences, except: ● When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transac- tion that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. ● In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled,and it is probable that the temporary differences will not reverse in the fore- seeable future. Deferred tax assets are recognised for all deductible tempo- rary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be availa- ble against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: ● When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects nei- ther the accounting profit nor taxable profit or loss. ● In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differ- ences will reverse in the foreseeable future and taxable profit will be available against which the temporary differ- ences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Un- recognised deferred tax assets are reassessed at each report- ing date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside the state- ment of profit or loss is recognised outside the statement of profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive in- come or directly in equity. The Group offsets deferred tax assets and deferred tax lia- bilities if, and only if, it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxa- ble entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to real- ise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax lia- bilities or assets are expected to be settled or recovered., ![doc1p40i2]()![doc1p40i4]() ACCOUNTING JUDGEMENTS DEFERRED TAX The Group recognizes deferred tax assets by taking into ac- count their recoverability, based on the existence of de- ferred tax liabilities with similar maturities for netting and the possibility of generation of sufficient future taxable profits. The management assessed the deferred tax booked in the financial statements to be recoverable. The estimations and the actual flows of taxes paid or re- ceived could differ from the estimates made by the Group as a result of unforeseen future legal changes in estimates. ACCOUNTING ESTIMATES DEFERRED TAX The Group has deferred tax assets and liabilities which are expected to be realised through the consolidated statement of profit or loss over certain periods of time in the future. The calculation of deferred tax assets and liabilities involves making certain assumptions and estimates regarding the fu- ture tax consequences attributable to differences between the carrying amounts of assets and liabilities as recorded in the financial statements and their tax basis. 41 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) CHANGE IN DEFERRED TAX ASSETSAND LIABILITIES IN 2025 Deferred tax assets Balance sheet 1 Jan 2025 Recognised in the statement of profit or loss Recognised in other compre- hensive income Balance sheet 31 Dec 2025 EUR 1,000 Defined benefit plans 20 -3 2 18 Liabilities related to contracts withcus- tomers 11 657 2 204 0 13 861 Finance leases 6 0 0 6 Cloud computing arrangements 36 -8 0 28 Total 11 719 2 193 2 13 913 Deferred tax assets 11 719 13 913 Deferred tax liabilities Balance sheet 1 Jan 2025 Recognised in the statement of profit or loss Recognised in other compre- hensive income Balance sheet 31 Dec 2025 EUR 1,000 Interest-bearing liabilities 794 275 0 1 069 Depreciation differences 148 527 21 872 0 170 400 Measurement of assets at fair value in acquisition 45 449 -4 314 0 41 135 Total 194 770 17 834 0 212 604 Deferred tax liabilities 194 770 212 604 CHANGE IN DEFERRED TAX ASSETSAND LIABILITITES IN 2024 Deferred tax assets Balance sheet 1 Jan 2024 Recognised in the statement of profit or loss Recognised in other compre- hensive income Balance sheet 31 Dec2024 EUR 1,000 Defined benefit plans 39 -6 -13 20 Liabilities related to contracts withcus- tomers 9 899 1 758 0 11 657 Finance leases 11 -5 0 6 Cloud computing arrangements 18 18 0 36 Total 9 967 1 765 -13 11 719 Deferred tax assets 9 967 11 719 Deferred tax liabilities Balance sheet 1 Jan 2024 Recognised in the statement of profit or loss Recognised in other compre- hensive income Balance sheet 31 Dec2024 EUR 1,000 Interest-bearing liabilities 949 -155 0 794 Depreciation differences 123 982 24 546 0 148 527 Measurement of assets at fair value in acquisition 49 762 -4 313 0 45 449 Total 174 693 20 077 0 194 770 Deferred tax liabilities 174 693 194 770 ![doc1p42i1]() 42 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 6.2 PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS ACCOUNTING POLICY PENSION OBLIGATIONS Pension arrangements are categorised as defined benefits or defined contribution plans. Under defined contribution plans, the Group pays fixed pension contributions and has no legal or constructive obligation to make additional pay- ments. This category includes the Finnish Statutory Employ- ment Pension Scheme (TyEL). Payments relating to defined contribution pension plans are recognised in the consoli- dated statement of profit or loss under personnel expenses for the period in which they are due. For defined benefit plans, pension costs are assessed using the projected unit credit method. The cost of providing pensions is recorded in the consolidated statement of profit or loss as to spread the service cost over the service lives of employees. The defined benefit obligation is calculated annually on the reporting date and is measured as the present value of the estimated future cash flow. The Group applies the IAS 19 standard to calculations on defined benefit pension plans. Under this standard, all actu- arial gains and losses are recognised in the period in which they occur in total in other comprehensive income and the net defined benefit liability or asset is presented in full on the consolidated statement of financial position. The ex- pected return on plan assets is calculated using the same discount rate as applied for discounting the benefit obliga- tion to its present value.Current and past service costs as well as net interest on net defined benefit liability are rec- orded in the consolidated statement of profit or loss. Items arising from the remeasurement of the net defined benefit liability are recognised in consolidated statement of other comprehensive income.The Group has defined contribution pension plans concerning additional pensions. The benefits are insured by an insurance company. The benefits include both defined benefit (DB) and de- fined contribution (DC) parts as defined in IAS 19. In the fol- lowing tables, figures are presented for DB part of the plan. Items recognised on the consolidated statement of financial po- sition at 31 December: EUR 1,000 2025 2024 Items recognised on theconsolidated statement of financial positionat 31 December Current value of funded obligations 1 362 1 528 Fair value of assets -1 269 -1 429 Deficit 93 99 Value of the obligationon the consolidated statement of financial position 93 99 The obligations of defined benefit pension plans have changed as follows: EUR 1,000 2025 2024 Obligation at the beginning of the year 1 528 1 557 Interest expenses 45 60 Actuarial losses -35 90 Benefits paid -176 -180 Obligation at the endof the year 1 362 1 528 The fair value of the assets of defined benefit pension plans has developed as follows: EUR 1,000 2025 2024 Fair value of plan assets at the beginningof the year 1 429 1 365 Expected income from assets 42 54 Actuarial gains -43 158 Payments by the employer 17 33 Benefits paid -176 -180 Fair value of plan assetsat the end of the year 1 269 1 429 43 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. K irjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) The obligation in the consolidated statement of financial position consists of the following items: EUR 1,000 2025 2024 Obligation at the beginning of the year 99 192 Net cost recognised in the statementof profit or loss 3 6 Payments by the employer -17 -33 Profits and losses recognised in othercompre- hensive income 8 -67 Value of the obligationat year end 93 99 Items recognised in the consolidated statement of profit or loss: EUR 1,000 2025 2024 Interest income -42 -54 Interest expenses 45 60 Total 3 6 Items recognised in the consolidated statement of other compre- hensive income for the year: EUR 1,000 2025 2024 Actuarial gains/(losses)on assets 43 -158 Actuarial gains/(losses)on obligations -35 90 Total 8 -67 Sensitivity analysis of defined benefit pension plans The following table shows how the discount rate affects to projected benefit obligation, related service cost and interest cost. 2025 Assumption EUR 1,000 Defined bene- fit obligations Fair value of Plan assets Net Liability Net interest Discount rate 3.5% 1 362 1 269 93 3 0.5% increase 1 301 1 217 84 3 0.5% decrease 1 428 1 325 103 3 2024 Assumption EUR 1,000 Defined bene- fit obligations Fair value of Plan assets Net Liability Net interest Discount rate 3.1 % 1 528 1 429 99 3 0.5% increase 1 457 1 368 89 3 0.5% decrease 1 605 1 496 109 3 44 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) As the defined benefit plans are managed by an external insur- ance company, it is not possible to present a division of the fair values of the plan assets. Expected contributions for 2026are estimated to be EUR 11 thousand. The weighted average duration of defined benefit obligation is 10 years. The following table shows the maturity profile of the future benefit payments. EUR 1,000 2025 2024 Under 1 year 177 183 1-10 years 822 882 10-20 years 566 611 20-30 years 301 334 Over 30 years 149 171 Total 2 016 2 181 ACTURIAL ASSUMPTIONS USEDIN CALCULATIONS % 2025 2024 Discount rate 3,5 % 3,1 % Estimate of salary increases 2,2 % 2,1 % Inflation 2,0 % 1,9 % 6.3 RELATED PARTY DISCLOSURES In accordance with IAS 24, related parties include the board of directors, CEO and other members of the Elenia Oy group's man- agement team, the head of the Elenia Oy group's procurement and development unit, their close family members, and entities in which the above-mentioned persons directly or indirectly exer- cise control. In addition, related parties include Elenia's signifi- cant shareholders who own more than 20 percent of the compa- ny's shares or the combined number of votes of all shares. The company maintains lists of related parties. The company has guidelines for identifying related party transactions of enti- ties identified in the related party register, and they are obliged to notify the company in advance of their planned contracts and legal actions with companies belonging to the group, if the value of the transaction exceeds EUR 5,000.00. In addition, they are asked annually to confirm the related party activities that have been carried out. Related party transactions that are not part of the company's normal business or are made outside of the usual commercial terms are handled in the company in accordance with the applicable related party administration guidelines. Shareholders All of the shares in Elenia Verkko Oyj are owned by a Finnish company, Elenia Oy. Elenia's ultimate parent Elton Investments S.à r.l. is majority owned by a consortium of infrastructure investors: Société Foncière Européenne B.V.(SFE) and Allianz Infrastructure Lux- embourg I S.à r.l. (AIL), Lynx Elton S.à r.l. (Lynx Elton), Allianz Eu- ropean Infrastructure Acquisition Holding S.à r.l. (AEIAH), Elton Ventures S.à r.l., Manco Investment Oy and Valtion Eläkerahasto (VER). SFE and AIL are fully indirect subsidiaries of Allianz SE, and therefore members of the Allianz Group. AEIAH is an investment vehicle of the Allianz European Infrastructure Fund S.A. RAIF (AEIF), a fund managed by Allianz Capital Partners (ACP) and Lynx Elton is a vehicle managed by CapMan Infra and advised by ACP. Elton Ventures S.à r.l. is an entity managed by Macquarie Infrastructure and Real Assets (Europe) Limited (MIRA) and whose majority shareholder is Macquarie Super Core Infrastruc- ture Fund SCSp. Manco Investment Oy is owned by five Elenia's key management persons. SUBSIDIARIES AND ASSOCIATES Elenia Verkko Group was formed on January 1, 2020, as a result of corporate restrucutrings. Elenia Verkko Oyj owns all the shares in Elenia Innovations Oy. SENIOR MANAGEMENT Elenia Verkko Oyj is managed by its Board of Directors. Elenia's senior management includes the Board of Directors and the CEO. Elenia Group has not had any business transactions with persons included in its senior management and Elenia Group has not granted loans to these persons. Five of the key management persons have invested into Elton Investment S.à r.l. which is the ultimate owner of Elenia Oy. The management investment is channelled through a management owned holding company Manco Investment Oy, which owns ap- proximately 0.3% of Elton Investment S.à r.l. after the arrange- ment. The equity investment has been made at fair market val- ues. MANAGEMENT TEAM Management team of Elenia Verkko Oyj's parent company Elenia Oy is included within the scope of the long-term incentive plan. Description of the long-term incentive plan has been dis- closed in note 2.3.3 45 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole m ääritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) BUSINESS TRANSACTIONS All transactions with related parties take place in an arm's length manner. Group companies have no intercompany transactions, but Elenia Verkko Oyj has transaction with a parent company Elenia Oy and upper Finnish entity Elenia Group Oy. Transactions are related to internal services and construction provided by Elenia Oy and Elenia Group Oy to Elenia Verkko Oyj. During the fiscal year 2025, the group has €25.6m long-term loan receivable from Elenia Group Oy. The meeting of Elenia Verkko Oyj’s shareholders decided on 12 March 2025 the equity repayment of €41.2m and on 15 De- cember 2025 the equity repayment of €101.2m. The meeting of Elenia Verkko Oyj’s shareholders decided on 25 April 2024 the equity repayment of €56.6m. Long-term loan receivable 1 Jan 2025 Decrease during 2025 Long-term loan receivable 31 Dec 2025 EUR 1,000 Elenia Group Oy 0 0 25 581 46 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [o](#a2056) [f financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 6.4 SIGNIFICANT EVENTS AFTERTHE REPORTING PERIOD In January, Elenia Verkko Oyj purchased in open market transactions an aggregate of EUR 117.8 mil- lion (in principal amount) of its 3.038 % fixed rate bonds due 2 July 2026 and cancelled them. Follow- ing the purchases and cancellation of the bonds, the outstanding principal amount of the bonds due 2 July is EUR 2.2 million. On 3 March, Fitch Ratings assigned Elenia Verkko Oyj a senior secured debt rating of BBB with stable outlook. Elenia Verkko Oyj’s bond and notes now hold BBB rating with stable outlook from both Fitch Ratings and S&P Global Ratings. ![doc1p47i1]() 47 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [P](#a20861) [ARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 6.5 CONSOLIDATED STATEMENT OF PROFIT OR LOSS (ADJUSTED FOR COMPARABILITY) ACCOUNTING POLICY EUR 1,000 Note 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Revenue 2.1.1 344 576 339 663 Items affecting comparability included in revenue -584 -116 Other operating income 2.2.1 1 877 1 694 Materials and services -82 619 -69 792 Employee benefit expenses 2.3.3 -4 165 -4 213 Other operating expenses 2.3.1 -37 274 -33 909 Operating expenses Total -124 057 -107 914 Items affecting comparability included in operating expenses -16 944 1 997 EBITDA 222 396 233 443 EBITDA before Items affecting comparability 239 924 231 563 Depreciation and amortisation 3 -102 592 -97 771 Operating profit 119 804 135 672 Operating profit before Items affecting comparability 137 332 133 791 The purpose of the table is to illustrate the underlying profitabil- ity of the business without any items affecting comparability (de- fined in the finance documentation as “exceptional, one off, non- recurring or extraordinary items”). The financial covenants re- lated to Group’s financing are calculated excluding Exceptional Items. In 2025 in total EUR -17 528 thousand was recognised as items affecting comparability. This amount consists of excep- tional network losses of EUR 441 thousand, costs that relate to legal actions due to regulatory changes of EUR 1 111 thousand and exceptional costs EUR 15 976 thousand consisting mainly of storm costs. In 2024 in total EUR 1 881 thousand was recognised as items affecting comparability. This amount consists of exceptional net- work losses of EUR 274 thousand, costs that relate to legal ac- tions due to regulatory changes of EUR 1 600 thousand, tempo- rary network upstream cost rebate of EUR 11 551 thousand and exceptional costs EUR 7 796 thousand. Finland’s transmission system operator, Fingrid granted re- bate for 3 months in 2024. This is the result of significantly higher than expected congestion in-come caused by electricity price differences at Finland’s boarders. Elenia’s distribution rev- enue decreased correspondingly by the proportion of grid ser- vice fees invoiced directly from customers connected to Elenia’s high voltage network. The maximum monthly average electricity price in Finland during the previous 10-year period was 57 €/MWh as per June 2021. On this basis, costs from network losses exceeding 60 €/MWh on a monthly basis are treated as exceptional. COMPARABILITY WITH PREVIOUS YEAR FIGURES Items affecting comparability include items whose adjustment substantially improves the compara- bility of figures from different years. Typically, they are exceptional either due to their size or na- ture, one-off or otherwise items that do not relate to the actual operative business of the Group. Such items may arise for example from unusually strong storms, legal costs, corporate and structural arrangements or financial arrangements. These items have been specified in the notes of the consol- idated financial statements. 48 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) PARENT COMPANY FINANCIAL STATEMENTS (FAS) 49 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) PARENT COMPANYINCOME STATEMENT EUR Notes 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Revenue 1.1 356 147 383,63 348 763 694,63 Other operating income 1.2 1 877 188,71 1 693 568,54 Materials and services 1.3 -82 618 689,96 -69 792 141,05 Personnel expenses 1.4 -4 181 497,77 -4 245 235,93 Depreciation, amortisation and impairment 1.5 -171 615 856,20 -166 781 511,96 Other operating expenses 1.6 -37 128 080,98 -34 282 473,75 Operating profit 62 480 447,43 75 355 900,48 Finance income and expenses 1.7 -47 421 921,38 -49 976 665,89 Profit / loss before appropriationsand taxes 15 058 526,05 25 379 234,59 Appropriations 1.8 Change in accelerated depreciations -109 362 242,93 -122 727 932,64 Group contributions 11 936 500,00 18 893 000,00 Income taxes 1.9 -2 506 889,39 -2 506 240,76 Profit / loss for the year -84 874 106,27 -80 961 938,81 50 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) PARENT COMPANYBALANCE SHEET EUR Notes 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Intangible assets 2.1 Intangible rights 22 126 900,12 22 321 344,87 Goodwill 1 842 424 904,89 1 894 162 289,89 Other capitalized long-term expenditure 18 420 107,45 19 297 549,72 1 882 971 912,46 1 935 781 184,48 Tangible assets 2.2 Land and water areas 2 331 705,08 2 334 274,42 Buildings and constructions 225 590,37 236 860,17 Network 2 148 693 827,77 2 137 960 627,46 Machinery and equipments 67 596 139,31 62 265 924,09 Advance payments and construction inprogress 13 947 223,53 12 216 354,26 2 232 794 486,06 2 215 014 040,40 Investments 2.3 Other shares and holdings 194 229,69 194 229,69 194 229,69 194 229,69 Total non-current assets 4 115 960 628,21 4 150 989 454,57 EUR Notes 31 Dec 2025 31 Dec 2024 Current assets Long-term receivables 2.4 Other receivables 6 393 322,52 1 582 937,54 Loan receivables from group companies 25 581 250,00 0,00 31 974 572,52 1 582 937,54 Short-term receivables 2.4 Trade receivables 17 523 343,11 15 667 639,04 Receivables from group companies 12 195 123,80 18 933 783,82 Other receivables 1 169 505,25 464 809,89 Prepayments and accrued income 45 502 550,32 44 685 520,60 76 390 522,48 79 751 753,35 Other current financial assets 100 090 951,18 0,00 Cash and cash equivalents 2.4 188 615 002,80 42 744 688,22 Total current assets 397 071 048,98 124 079 379,11 TOTAL ASSETS 4 513 031 677,19 4 275 068 833,68 51 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) PARENT COMPANYBALANCE SHEET EUR Notes 31 Dec 2025 31 Dec 2024 EQUITY AND LIABILITIES Capital and reserves 3.1 Subscribed capital 80 000,00 80 000,00 Non restricted equity 1 458 426 997,76 1 600 846 997,76 Retained earnings -317 144 366,43 -240 440 585,02 Profit / Loss for the financial year -84 874 106,27 -80 961 938,81 1 056 488 525,06 1 279 524 473,93 Cumulative accelerateddepreciations 3.2 852 005 797,67 742 643 554,74 Liabilities 3.3 Non-current liabilities Connection fees 200 882 618,20 201 433 677,35 Bonds and notes 1 799 487 000,00 1 689 500 000,00 Loans from financial institutions 350 000 000,00 250 000 000,00 2 350 369 618,20 2 140 933 677,35 Current liabilities Bonds and notes 140 000 000,00 0 Advances received 706 999,28 1 608 891,80 Trade payables 3 044 952,30 8 497 303,52 Liabilities to group companies 26 719 145,68 32 603 524,32 Other short-term liabilities 35 126 090,70 32 841 050,64 Accruals and deferred income 48 570 548,30 36 416 357,38 254 167 736,26 111 967 127,66 Total liabilities 2 604 537 354,46 2 252 900 805,01 TOTAL EQUITY AND LIABILITIES 4 513 031 677,19 4 275 068 833,68 52 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [F](#a20861) [INANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) PARENT COMPANYCASH FLOWSTATEMENT EUR 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Cash flow from operating activities Profit / Loss before appropriations andtaxes 15 058 526,05 25 379 234,59 Adjustments Depreciation, amortisation and impairment 171 615 856,20 166 781 511,96 Finance income and expenses 47 421 921,38 49 976 665,89 Other adjustments -232 085,66 -62 829,36 Cash flow before change inworking capital 233 864 217,97 242 074 583,08 Change in working capital: Increase (-) / decrease (+)in non-interest-bearing re- ceivables -2 654 784,14 2 082 015,67 Increase (+) / decrease (-)in non-interest-bearing liabili- ties -4 190 172,31 2 796 897,28 Operating cash flow beforefinancial items and taxes 227 019 261,52 246 953 496,03 Interest payments -47 642 906,56 -49 380 780,40 Interests received 3 581 959,09 2 146 395,29 Payments for other finance items -3 841 526,78 -2 372 890,75 Connection fee refunds 551 059,15 308 672,46 Taxes paid -2 506 889,39 -2 506 240,76 Cash flow from operating activities 177 160 957,03 195 148 651,87 EUR 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Cash flow from investing activities Capital expenditures -130 067 131,88 -130 051 074,21 Proceeds from disposals of investments 234 655,00 150 000,00 Loans granted -25 000 000,00 0,00 Cash flow from investing activities -154 832 476,88 -129 901 074,21 Cash flow from financing activities Proceeds from long-term borrowings 591 680 000,00 0,00 Repayment of long-term borrowings -244 520 214,39 0,00 Equity repayment -142 420 000,00 -100 000 000,00 Group contributions received 18 893 000,00 17 336 000,00 Cash flow from financing activities 223 632 785,61 -82 664 000,00 Change in cash and cashequivalents 245 961 265,76 -17 416 422,34 Cash and cash equivalents 1 Jan 42 744 688,22 60 161 110,56 Cash and cash equivalents31 Dec 288 705 953,98 42 744 688,22 Other current financial assets 100 090 951,18 0,00 Cash and cash equivalents 188 615 002,80 42 744 688,22 Cash and cash equivalents consistof bank deposits, fund investmentsand other short-term financial assets. In the balance sheet, the group bank accountis presented as receivable from groupcompanies, and in the cash flow statement as liquid assets. 53 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) NOTES TO THEPARENT COMPANYFINANCIAL STATEMENTS ACCOUNTING PRINCIPLES The financial statements of Elenia Oy have been prepared in ac- cordance with the Finnish Accounting Standards (FAS). Transactions denominated in foreigncurrencies and de- rivative agreements Transactions denominated in foreign currencies are recognised at the rate prevailing at the time of the transaction. At the bal- ance sheet date the receivables and liabilities in balance sheet denominated in foreign currencies are converted to Euro using the exchange rate prevailing at the balance sheet date. The pos- sible currency exchange rate differences are recognised in fi- nance income or costs or other operating costs in accordance with the underlying item. Presentation of bank balances The company's group bank account is presented as eitheran asset or liability from/to entities within the same group. Deferred tax liabilitiesand assets Deferred tax liabilities or assets have been calculated for tempo- rary differences between taxation and the financial statements using the tax rate established at the balance sheet date for the following years. The balance sheet includes the deferred tax lia- bility in its entirety and the deferred tax asset in the amount of the estimated probable receivable. During 2025, the company decided on a change to the ac- counting and calculation principles for deferred tax liabilities. As a result of this change, the company no longer recognizes a de- ferred tax liability arising from temporary differences between the book value and the tax value related to the allocation of goodwill. The company originally recognized this deferred tax li- ability in the 2020 financial statements based on particular pru- dence. The company has subsequently realized that this accounting principle leads to an incorrect view of the company’s financial position regarding the deferred tax liability. Due to its extensive investment program, the company holds a substantial tax depre- ciation base and is able to fully utilize declining balance depreciations for the foreseeable future and can therefore freely determine its taxable income. Consequently, the non-deductibil- ity of goodwill allocated to network assets is not material and will not affect the company’s financial position before the major- ity of the related deferred tax liability has been derecognized from the balance sheet through annual straight-line amortisa- tions. The comparative figures for the financial year 2024 have been restated to reflect the change in the accounting principles. After the restatement, profit / loss for the financial year 2024 is EUR -80 962 thousand (decreased by EUR 4 258 thousand com- pared to the profit / loss reported in the financial statements 2024), goodwill in the balance sheet is EUR 1 894 162 thousand (decreased by EUR 93 679 thousand) and deferred tax liability in the balance sheet is EUR 0 (decreased by EUR 89 421 thousand). Intangible and tangible assets For tangible and intangible assets have been used direct acquisi- tion prices which have been deducted with planned deprecia- tions. Depreciations according to the plan are linear and are based on the following assets economical lifetimes: Intangible fixed assets 3–30 years Goodwill 40 years Other capitalized long-term expenditures 5–25 years Buildings and construction 15–50 years Transmission network 25–40 years Distribution network 10–30 years Machinery and equipment 3–30 years Connection fees are non-refundable and therefore they have been booked as revenue in the profit and loss account. 54 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [P](#a20861) [ARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 1 NOTES TO INCOMESTATEMENT 1.1 Revenue EUR 1,000 2025 2024 Distribution income 341 651 336 684 Contracting income 1 488 1 286 Connection fee income 13 406 10 794 Other sales income 237 340 Voluntary outage compensation -635 -341 Total 356 147 348 764 1.2 Other operating income EUR 1,000 2025 2024 Revenue from collection of trade receiva- bles 976 1 019 Gains on the sale of scrap and usedfixed as- sets 233 63 Other operating income 668 612 Total 1 877 1 694 1.3 Materials and services EUR 1,000 2025 2024 Grid costs -37 344 -24 878 Network losses -14 771 -16 331 External services -28 172 -26 689 Materials -2 332 -1 895 Total -82 619 -69 792 1.4 Personnel expenses EUR 1,000 2025 2024 Salaries -3 527 -3 523 Pension expenses -600 -663 Other employee expenses -54 -60 Total -4 181 -4 245 Salaries and remuneration were not paidto CEO in 2025 or 2024. Average number of personnel duringthe fi- nancial year 80 75 1.5 Depreciations according to the plan EUR 1,000 2025 2024 Impairment -1 279 -1 916 Intangible fixed assets -1 094 -1 101 Goodwill -55 996 -55 996 Other capitalized long-term expenditure -2 818 -2 704 Buildings and constructions -11 -11 Network -101 049 -97 912 Machinery and equipments -9 369 -7 142 Total -171 616 -166 782 1.6 Other operating expenses EUR 1,000 2025 2024 Lease expenses -862 -812 Other external services -24 550 -24 439 Other operating expenses -11 717 -9 032 Total -37 128 -34 282 AUDIT CHARGES EUR 1,000 2025 2024 Auditing fees -138 -233 Fees for other services -68 -31 Total -206 -264 55 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 1.7 Financial income and expenses EUR 1,000 2025 2024 Interest and other financial income Other interest and financial income 10 331 2 146 Total 10 331 2 146 Interest and other financial expenses Interest expenses -51 307 -48 955 Other financial expenses -6 446 -3 168 Total -57 753 -52 123 Total financial incomeand expenses -47 422 -49 977 1.8 Appropriations EUR 1,000 2025 2024 Change in accelerated depreciations -109 362 -122 728 Group contribution received 11 937 18 893 Total -97 426 -103 835 1.9 Income taxes EUR 1,000 2025 2024 Income taxes for the financial period -2 507 -2 503 Adjustment in income taxes for theprevi- ous periods 0 -3 Total -2 507 -2 506 2 NOTES TO THE BALANCE SHEETASSETS 2.1 Intangible assets INTANGIBLE RIGHTS EUR 1,000 2025 2024 Cost 1 Jan 41 442 40 469 Investments 899 973 Disposals -12 0 Cost 31 Dec 42 329 41 442 Accumulated depreciation 1 Jan -19 120 -18 020 Depreciation according to the plan -1 094 -1 101 Disposals 12 0 Book value 31 Dec 22 127 22 321 GOODWILL EUR 1,000 2025 2024 Cost 1 Jan 2 259 730 2 259 730 Disposals -89 421 -93 679 Cost 31 Dec 2 170 309 2 166 050 Accumulated depreciation 1 Jan -271 889 -215 893 Depreciation according to the plan -55 996 -55 996 Book value 31 Dec 1 842 425 1 894 162 OTHER CAPITALIZED LONG-TERM EXPENDITURE EUR 1,000 2025 2024 Cost 1 Jan 339 933 337 990 Investments 1 941 1 943 Cost 31 Dec 341 874 339 933 Accumulated depreciation 1 Jan -320 636 -317 932 Depreciation according to the plan -2 818 -2 704 Book value 31 Dec 18 420 1 9 298 2.2 Tangible assets LAND AND WATER AREAS EUR 1,000 2025 2024 Cost 1 Jan 2 335 2 175 Investments 0 160 Disposals -3 0 Cost 31 Dec 2 333 2 335 Impairment -1 -1 Book value 31 Dec 2 332 2 334 BUILDINGS AND CONSTRUCTIONS EUR 1,000 2025 2024 Cost 1 Jan 3 119 3 119 Cost 31 Dec 3 119 3 119 Accumulated depreciation 1 Jan -2 883 -2 871 Depreciation according to the plan -11 -11 Book value 31 Dec 226 237 NETWORK EUR 1,000 2025 2024 Cost 1 Jan 3 458 428 3 349 535 Investments 113 061 113 030 Disposals -3 384 -4 137 Cost 31 Dec 3 568 105 3 458 428 Accumulated depreciation 1 Jan -1 320 467 -1 224 689 Impairment -1 279 -1 916 Disposals 3 384 4 050 Depreciation according to the plan -101 049 -97 912 Book value 31 Dec 2 148 694 2 137 961 56 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) MACHINERY AND EQUIPMENT EUR 1,000 2025 2024 Cost 1 Jan 132 963 108 020 Investments 14 700 24 943 Cost 31 Dec 147 663 132 963 Accumulated depreciation 1 Jan -70 697 -63 555 Depreciation according to the plan -9 369 -7 142 Book value 31 Dec 67 596 62 266 OTHER TANGIBLE ASSETS EUR 1,000 2025 2024 Cost 1 Jan 56 56 Cost 31 Dec 56 56 Accumulated depreciation 1 Jan -56 -56 ADVANCE PAYMENTS AND CONSTRUCTIONIN PROGRESS EUR 1,000 2025 2024 Cost 1 Jan 12 216 19 352 Increase 1 731 134 Decrease 0 -7 270 Book value 31 Dec 13 947 12 216 2.3 Investments HOLDINGS IN GROUP COMPANIES EUR 1,000 2025 2024 Cost 1 Jan 194 194 Book value 31 Dec 194 194 2.4 Receivables LONG-TERM RECEIVABLES EUR 1,000 2025 2024 Loan receivables 25 581 0 Other receivables 6 393 1 583 Long-term receivablestotal 31 975 1 583 SHORT-TERM RECEIVABLES Receivables from group companies EUR 1,000 2025 2024 Accrued income 259 41 Group contribution receivables 11 937 18 893 Group bank account Receivables from group companiestotal 12 195 18 934 External receivables EUR 1,000 2025 2024 Trade receivables 17 523 15 668 Other short-term receivables 1 170 465 Accrued income 45 503 44 686 External receivables total 64 195 60 818 External accrued income EUR 1,000 2025 2024 Sales accruals 42 809 43 950 Other accrued income and receivables 2 693 736 E xternal accrued incometotal 45 503 44 686 57 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [c](#a1575) [onsolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Short term receivablestotal 76 391 79 752 Total receivables 108 365 81 335 Other current financialassets 100 091 0 Cash and cash equivalents 188 615 42 745 58 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) 3 NOTES TO THE BALANCE SHEETSEQUITY AND LIA- BILITIES 3.1 Capital and reserves EUR 1,000 2025 2024 Subscribed capital 80 80 Non restricted equity 1 Jan 1 600 847 1 657 400 Equity repayment -142 420 -56 553 Non restricted equity 31 Dec 1 458 427 1 600 847 Retained earnings 1 Jan -317 144 -240 441 Profit / Loss for the financial year -84 874 -80 962 Total capital and reserves 1 056 489 1 279 524 Distributable equity 1 056 409 1 279 444 3.2 Cumulative accelerated depre- ciations EUR 1,000 2025 2024 Cumulative accelerated depreciations 852 006 742 644 Accelerated depreciations includedeferred tax liability of EUR 170 401 thousand. 3.3 Liabilities NON-CURRENT LIABILITIES EUR 1,000 2025 2024 Connection fee liability 1 Jan 201 434 201 742 Connection fee refunds -551 -309 Connection fee liability 31 Dec 200 883 201 434 Bonds and notes 1 799 487 1 689 500 Loans from financial institutions 350 000 250 000 Total non-current liabilities 2 350 370 2 140 934 CURRENT LIABILITIES EUR 1,000 2025 2024 Bond and notes 140 000 0 Advances received 707 1 609 Trade payables 3 045 8 497 Other short-term liabilities 35 126 32 841 Accrued expenses Salaries and social expenses 1 904 1 768 Accrued interest expenses 19 256 16 225 Other accrued expenses 27 410 18 424 Total 48 571 36 416 Liabilities to group companies Accrued expenses 6 497 4 783 Group bank account 20 222 27 821 Total 26 719 32 604 Total current liabilities 254 168 111 967 Total liabilities 2 604 537 2 252 901 59 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Maturity breakdown offinancial liabilities 31 December 2025 1,000 EUR Effective interest rate Under 1 year 1-5 years Maturity over 5 years Total Bonds 2,72 % 171 309 584 474 914 986 1 670 769 Notes 2,71 % 14 059 234 107 364 619 598 726 Loans from financial institutions 2,92 % 10 349 285 736 106 693 392 429 Total interest-bearing non-current liabilities 195 717 1 104 317 1 386 298 2 661 924 Maturity breakdown offinancial liabilities 31 December 2024 1,000 EUR Effective interest rate Under 1 year 1-5 years Maturity over 5 years Total Bonds 4,03 % 26 275 824 038 596 744 1 447 057 Notes 1,96 % 14 059 161 344 451 440 626 843 Loans from financial institutions 2,71 % 10 973 90 125 212 653 313 751 Total interest-bearing non-current liabilities 51 307 1 075 507 1 260 837 2 387 651 3.4 Liabilities and guaranteesfor debts EUR 1,000 2025 2024 Provided on behalf of own and group liabili- ties Guarantees Floating charges 9 000 000 9 000 000 Mortgages 200 000 202 000 Leasing agreements Within one year 135 142 After one year but not more than five years 123 45 Total 257 187 Other own liabilities Connection fees not included in thebal- ance sheet values 85 114 85 114 60 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Group bank accounts have been pledgedas security for loans from financial institutions andbonds. 61 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [C](#a2729) [onsolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Shares and Holdings a a a a a Domicile Share Vote share Share of ownership Nominal value EUR 1,000 Book value EUR 1,000 Subsidiary Elenia Innovations Oy Tampere 100 % 100 % 100 % 0 0 Other shares and holdings 194 194 62 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) ELECTRICITY NETWORKBUSINESS DIFFERENTI- ATED STATEMENTOF PROFITAND LOSS 1 000 EUR 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Revenue 356 101 348 561 Other operating income 1 845 1 662 Materials and services Materials and goods Purchase during the financialperiod Network losses -14 771 -16 331 Other materials -2 321 -1 835 Services Grid costs -38 845 -26 262 Other external services -28 152 -26 605 Personnel expenses Salaries -3 516 -3 478 Other personnel related costs -651 -709 Depreciation, amortisationand impairment Impairment of network -1 279 -1 916 Merger loss -90 988 -90 988 Network assets -77 215 -71 876 Other assets -2 135 -2 001 Other operating expenses Lease expenses -551 -413 Operational IT-systems -3 875 -3 663 Network rents and network leasing expenses -9 -61 Other operating expenses -31 167 -28 739 Operating profit 62 474 75 349 1 000 EUR 1 Jan - 31 Dec 2025 1 Jan - 31 Dec 2024 Finance income andexpenses Interest and other financial income From group companies From other companies 10 331 2 146 Interest and other financial expenses From other companies -57 753 -52 123 Profit / loss before appropriationsand taxes 15 052 25 372 Appropriations Change in accelerated depreciations Network assets -108 496 -121 916 Other assets -915 -876 Group contributions Group contribution received 11 937 18 893 Income taxes -2 507 -2 506 Loss for the year -84 929 -81 033 63 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) ELECTRICITY NETWORKBUSINESS DIFFERENTI- ATED BALANCESHEET 1 000 EUR 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Intangible assets Intangible rights 23 460 24 291 Goodwill 1 842 425 1 894 162 Other capitalized long-term expenditure 17 087 17 328 1 882 972 1 935 781 Tangible assets Land and water areas 190 190 Buildings and constructions 226 237 Electricity network 1 517 425 1 466 762 Merger losses 699 848 734 840 Machinery and equipments 1 159 769 Advance payments and construction inprogress 13 947 12 216 2 232 794 2 215 014 Total non-current assets 4 115 766 4 150 795 1 000 EUR 31 Dec 2025 31 Dec 2024 Current assets Long-term receivables Loan receivables Loan receivables 25 581 Other long-term receivables 6 393 1 583 31 975 1 583 Short-term receivables Trade receivables 17 523 15 668 Receivables from group companies 12 195 18 934 Other receivables 933 228 Prepayments and accrued income 45 503 44 686 76 154 79 515 Other current financial assets 100 091 Cash and cash equivalents 182 459 28 985 Total current assets 390 678 110 083 TOTAL ASSETS 4 506 445 4 260 878 64 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) ELECTRICITY NETWORKBUSINESS DIFFERENTI- ATED BALANCESHEET 1 000 EUR 31 Dec 2025 31 Dec 2024 Capital and reserves Subscribed capital 80 80 Non restricted equity 1 458 427 1 600 847 Retained earnings -303 309 -226 534 Profit / Loss for the financial year -84 929 -81 033 1 070 269 1 293 360 Cumulative accelerateddepreciations Cumulative accelerated depreciations,network assets 845 305 736 809 Cumulative accelerated depreciations,other assets 6 557 5 643 851 862 742 452 Liabilities Non-current liabilities Non-current liabilities, interest-free Connection fees 200 883 201 434 Non-current liabilities, interest-bearing Loans from financial institutions andother long-term loans 2 149 487 1 939 500 2 350 370 2 140 934 Current liabilities Current liabilities, interest-free Trade payables 3 044 8 484 Liabilities to group companies 6 497 4 783 Other short-term liabilities 35 126 32 841 Accruals and deferred income 49 278 38 025 Current liabilities, interest-bearing Current loans 140 000 233 944 84 133 Total liabilities 2 584 314 2 225 066 TOTAL EQUITY AND LIABILITIES 4 506 445 4 260 878 65 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) NOTES TO DIFFERENTIATEDFINANCIAL STATEMENTS According to the Electricity Market Act, a company operating on electricity market must differenti- ate its electricity network business from other business activities. This differentiation requirement also applies to legally separated network operator. Only items that are relevant for network busi- ness operations are included in the differentiated financial statements. The differentiated financial statements of electricity business should be published and attached to company's official financial statements. Differentiated financial statements include income statement and balance sheet, which should be derived from the accounting. In addition to Electricity Network business Elenia Verkko Oyj contains Elenia group's financing and administrative related services and items. Differentiation principles Income statement items have been allocated into the differentiated business directly on the basis of accounting. Balance sheet items have been allocated to the differentiated business directly on the basis of accounting or using an allocation key. Depreciation principles for intangible and tangible assets are based on Elenia Verkko Oyj's de- preciations rules which have been presented in the beginning of parent company notes. During 2025, Elenia Verkko Oyj decided on a change to the accounting and calculation principles for deferred tax liabilities. As a result of this change, the company no longer recognizes a deferred tax liability arising from temporary differences between the book value and the tax value related to the allocation of goodwill. The comparative figures in the differentiated accounts for the financial year 2024 have been re- stated to reflect the change in the accounting principles for deferred tax liabilities. After the restate- ment, profit / loss for the financial year 2024 in the differentiated statement of profit and loss is EUR -81 033 thousand (decreased by EUR 4 258 thousand compared to the profit / loss reported in the financial statements 2024), goodwill in the balance sheet is EUR 1 894 162 thousand (decreased by EUR 93 679 thousand), deferred tax liability in the balance sheet is EUR 0 (decreased by EUR 89 421 thousand) and Return on Equity for network business is 1.21% (decreased by 0.22 percentage points). Elenia Verkko Oyj has restated the comparative figures of network rents and network leasing expenses in the differentiated accounts for the financial year 2024. After the restatement the amount of networks rents is EUR 61 thousand (decreased by EUR 316 thousand compared to the amount reported in the financial statements 2024). In addition, the operational IT systems expenses of EUR 3 663 thousand for the year 2024 have been reported on a separate line in the statement of profit and loss. After these restatements, the amount of other operating expenses in the differenti- ated accounts for the financial year 2024 is EUR 28 739 thousand (decreased by EUR 3 346 thou- sand compared to the amount reported in the financial statements 2024). In connection with its routine end-of-regulatory-period review, the Energy Authority (the “EA”) has determined that Elenia Verkko Oyj has incorrectly presented two items in its differentiated ac- counts. These items were created in connection with the sale of the district heating business in 2019 and Elenia group’s reorganization in 2020. In the same context, the EA specified the accounting treatment of the reserve for invested unrestricted equity as well as cash and cash equivalents in the differentiated accounts. On 28 May 2025 Elenia Verkko Oyj received a decision from the EA, requiring it to change the accounting treatment accordingly and as further detailed below. The decision pertains solely to in- formation presented in this note and does not require the restatement of historical financial state- ments. Elenia does not concur with the EA on their view of the correct accounting treatment and has appealed to the market court. The court process is currently ongoing and a ruling is expected to- wards the end of 2026. However, despite the market court process, Elenia is obliged to follow EA’s instructions at this time. Elenia Verkko Oyj has made changes to the differentiation principles of financial statements for the financial period 1 January – 31 December 2024 based on the decision received from the EA on 28 May 2025 as follows: The non-restricted equity (EUR 1,600.8 million at the end of the financial year ended 31 De- cember 2024) has been allocated in its entirety to the network business. The interest income received by Elenia Verkko Oyj from the loan receivable from Elenia Group Oy in the financial years 2020 and 2021 has been allocated to other than network business. The impact of the change on retained earnings for the financial year 1.1.-31.12.2024 is EUR 2.6 mil- lion. Any reconciliations between the balance sheets of the differentiated financial statements have been made to the item cash and cash equivalents. 66 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated f inancial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Electricity Network business'key figures 1 000 EUR 2025 2024 INVESTMENTS Intangible assets Intangible rights 1 187 1 066 Other capitalized long-term expenditures Connection fees 1 600 1 607 Other capitalized long-term expenditures 53 244 Tangible assets of electricity networkbusiness Land and water areas 0 160 Electricity network 110 535 111 113 Demolition costs 2 526 1 917 Meters 14 079 24 943 Other tangible assets 621 0 OTHER KEY FIGURES Refundable connection fees 200 883 201 434 Capital gain on the sales of a power lineincluded in the other operating income 216 63 Mandatory outage compensations 7 842 4 804 EU DSO Entity membership fees 6 5 R&D expenses in the profit and lossaccount during the financial year 57 224 Operative expenses included in securityof supply incentive during thefinancial year Demolition costs in the balance sheet atthe end of the financial year 42 120 41 326 Return On Equity, network business(%) 0,72 % 1,21 % Average number of personnel in the networkbusiness 81 75 67 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [C](#a1584) [onsolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) SIGNATURES TOTHE FINANCIAL STATEMENTS Tampere,11 March 2026 Jorma Myllymäki Chairman of the Board of Directors CEO Jarkko Kohtala Anne-Marie Malmberg Ville Sihvola Tommi Valento AUDITORS NOTE A report on the audit carried out has been issued today. Tampere, 12 March 2026 Ernst & Young Oy Authorized Public Accountant Firm Miikka Hietala KHT 68 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) AUDITOR’S REPORT (TRANSLATION OF THE FINNISH ORIGINAL) To the Annual General Meeting of Elenia Verkko Oyj Report on theAudit of the FinancialStatements Opinion We have audited the financial statements of Elenia Verkko Oyj (business identity code 3001882-6) for the year ended 31 December, 2025. The financial statements comprise the consolidated balance sheet, income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and notes, including material accounting policy information, as well as the parent company’s balance sheet, income statement, statement of cash flows and notes. In our opinion ● the consolidated financial statements give a true and fair view of the group’s financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU. ● the financial statements give a true and fair view of the parent company’s financial per- formance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory require- ments. Our opinion is consistent with the additional report submitted to the Board of Directors. Basis for Opinion We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor’s Responsibilities for the Audit of Fi- nancial Statements section of our report. We are independent of the parent company and of the group companies in accordance with the ethi- cal requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements. In our best knowledge and understanding, the non-audit services that we have provided to the par- ent company and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 2.3.1. to the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. K ey Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the finan- cial statements section of our report, including in relation to these matters. Accordingly, our audit in- cluded the performance of procedures designed to respond to our assessment of the risks of mate- rial misstatement of the financial statements. The results of our audit procedures, including the pro- cedures performed to address the matters below, provide the basis for our audit opinion on the ac- companying financial statements. We have also addressed the risk of management override of internal controls. This includes consid- eration of whether there was evidence of management bias that represented a risk of material mis- statement due to fraud. There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the consolidated financial statements or the parent company’s financial statements. Key Audit Matter How our audit addressed the Key Audit Matter Revenue Recognition We refer to the Group’s accounting policies and the notes to the consolidated financial state- ments 2.1. Revenue from the distribution of electricity is recognized at the time of delivery. Revenue includes large volume of transac- tions and the Group focuses on revenue as a key performance measure which could cre- ate an incentive for premature revenue recognition. Our audit procedures included, among others: ● We assessed the reasonableness of the Group’s accounting policies over revenue recognition and compliance with applicable accounting standards. ● We assessed the IT-systems, processes, and methods for revenue recognition. ● We examined the recorded sales transactions during the year against underlying documents. ● We examined the sales accruals. ● We obtained confirmations of open accounts receivable balances at year end from customers and analyzed credit 69 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) invoices issued after the balance sheet date. ● We performed data-analytics procedures on revenues. ● We considered the appropriateness of the Group’s disclosures in respect of revenues. Responsibilities of the Board ofDirectors and the ManagingDirector for the Financial Statements The Board of Directors and the Managing Director are responsible for the preparation of consoli- dated financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial state- ments in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors and the Managing Director are respon- sible for assessing the parent company’s and the group’s ability to continue as going concern, disclos- ing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so. Auditor’s Responsibilities forthe Audit of the Financial Statements Our objectives are to obtain reasonable assurance on whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material mis- statement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten- tional omissions, misrepresentations, or the override of internal control. ● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of ex- pressing an opinion on the effectiveness of the parent company’s or the group’s internal control. ● Evaluate the appropriateness of accounting policies used and the reasonableness of ac- counting estimates and related disclosures made by management. ● Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast sig- nificant doubt on the parent company’s or the group’s ability to continue as a going con- cern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the au- dit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the parent company or the group to cease to continue as a going concern. ● Evaluate the overall presentation, structure and content of the financial statements, in- cluding the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view. ● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with rele- vant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applica- ble, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or reg- ulation precludes public disclosure about the matter or when, in extremely rare circumstances, we d etermine that a matter should not be communicated in our report because the adverse 70 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Other Reporting Requirements Information on our audit engagement We were first appointed asauditors on 13.5.2019, andour appointment represents a totalperiod of uninterruptedengagementof7years.EleniaVerkkoOyjhasbeenapublicinterestentitysince 1.7.2020. Other information The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the report of the Board of Directors and the information included in the Annual Report, but does not include the financial statements and our auditor’s report thereon. We have obtained the report of the Board of Directors prior to the date of this auditor’s report, and the Annual Report is expected to be made available to us after that date. Our opinion on the financial statements does not cover the other information. In connection with our audit of the financial statements, our responsibility is to read the other infor- mation identified above and, in doing so, consider whether the other information is materially incon- sistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. With respect to report of the Board of Directors, our responsibility also includes considering whether the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations. In our opinion, the information in the report of the Board of Directors is consistent with the infor- mation in the financial statements and the report of the Board of Directors has been prepared in ac- cordance with the applicable laws and regulations. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Tampere March 12 th , 2026 Ernst & Young Oy Authorized Public Accountant Firm Miikka Hietala Authorized Public Accountant 71 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [of financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) INDEPENDENT AUDITOR’S REPORT ONELENIA VERKKO OYJ’S ESEF-CONSOLIDATEDFINANCIAL STATEMENTS ( TRANSLATION OF THE FINNISH ORIGINAL ) To the Board of Directors of Elenia Verkko Oyj We have performed a reasonable assurance engagement on the financial statements 743700XGU4ZB5G4RPK50-2025-12- 31.zip of Elenia Verkko Oyj (y-identifier: 3001882-6) that have been prepared in accordance with the Commission’s regulatory technical standard for the financial year ended 31.12.2025. Responsibilities of the Board ofDirectors and the Manag- ing Director The Board of Directors and the Managing Director are responsi- ble for the preparation of the company’s report of Board of Di- rectors and financial statements (the ESEF financial statements) in such a way that they comply with the requirements of the Commission’s regulatory technical standard. This responsibility includes: ● preparing the ESEF financial statements in XHTML for- mat in accordance with Article 3 of the Commission’s regulatory technical standard ● tagging the primary financial statements, notes and company’s identification data in the consolidated finan- cial statements that are included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of the Commission’s regulatory technical standard and ● ensuring the consistency between the ESEF financial statements and the audited financial statements. The Board of Directors and the Managing Director are also re- sponsible for such internal control as they determine is neces- sary to enable the preparation of ESEF financial statements in a ccordance the requirements of the Commission’s regulatory technical standard. Auditor’s Independence and QualityManagement We are independent of the company in accordance with the ethical requirements that are applicable in Finland and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The firm applies International Standard on Quality Management (ISQM) 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements Auditor’s Responsibilities Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance on the financial statements that have been prepared in accordance with the Commission’s technical regulatory standard.We express an opinion on whether the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, in accordance with the requirements of Article 4 of the Commission's regulatory technical standard. Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted a reasonable assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000. The engagement includes procedures to obtain evidence on: ● whether the primary financial statements in the consol- idated financial statements that are included in the ESEF financial statements have been tagged, in all ma- terial respects, with iXBRL tags in accordance with the requirements of Article 4 of the Commission’s regula- tory technical standard and ● whether the notes and company's identification data in the consolidated financial statements that are included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the requirements of Article 4 of the Commission's regulatory technical standard and ● whether there is consistency between the ESEF finan- cial statements and the audited financial statements. The nature, timing and extent of the selected procedures depend on the auditor’s judgement. This includes an assessment of the risk of material deviations due to fraud or error from the requirements of the Commission’s technical regulatory standard. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial statements, notes and company's identification data in the consolidated financial state- ments that are included in the ESEF financial statements of Elenia Verkko Oyj 743700XGU4ZB5G4RPK50-2025-12-31.zip for the financial year ended 31.12.2025 have been tagged, in all material respects, in accordance with the requirements of the Commission's regulatory technical standard. Our opinion on the audit of the consolidated financial state- ments of Elenia Verkko Oyj for the financial year ended 31.12.2025 has been expressed in our auditor's report dated 12.3.2026. With this report we do not express an opinion on the audit of the consolidated financial statements nor express an- other assurance conclusion. 72 ELENIA VERKKO OYJGROUP FINANCIAL STATEMENT 2025 CONTENTS Virhe. Viitteen lähdettäei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. [CONSOLIDATED FINANCIAL STATEMENTS](#a1535) [Consolidated statement](#a1584) [of profit or loss](#a1584) [6](#a1584) [consolidated statement](#a1575) [of comprehensive income](#a1575) [6](#a1584) [Consolidated statement](#a2056) [o](#a2056) [f financial position](#a2056) [7](#a2056) [Consolidated statement](#a2729) [of cash flows](#a2729) [8](#a2729) [Consolidated statement](#a3286) [of changes in equity](#a3286) [9](#a3286) Notes to the consolidated financial statements Virhe. Kirjanmerkkiä ei ole määritetty. 1 Virhe. Viitteenlähdettä ei löytynyt. Virhe. Kirjanmerkkiä ei ole määritetty. 2 [Operating profit](#a5104) [14](#a5104) 3 [Investments and lease commitments](#a8027) [20](#a8027) 4 [Capital structure and financial items](#a11534) [27](#a11534) 5 [Consolidation](#a16373) [37](#a16373) 6 [Other notes](#a17269) [39](#a17269) [PARENT COMPANY](#a20861) [FINANCIAL STATEMENTS](#a20861) [48](#a20861) [signatures to the financial statements](#a30233) [67](#a30233) [auditor’s report](#a30481) [68](#a30481) Helsinki 23.3.2026 Ernst & Young Oy Authorized Public Accountant Firm Miikka Hietala Authorized Public Accountant