On 6 November 2025, Latvenergo AS has priced a senior unsecured EU Green bond for the total nominal amount of EUR 400 million. The notes bear a fixed interest rate of 3.612%, have a maturity of 5 years and are issued under Latvenergo AS Euro Medium-Term Note Programme. The notes have a maturity date on 13 November 2030.

The transaction generated strong demand from institutional investors across Europe and beyond, including asset managers, investment funds, supranational institutions, and banks. More than 140 investors participated, with total demand exceeding the targeted amount by 5.5 times, reaching EUR 2.2 billion ahead of final pricing.

The notes were priced at 125 basis points over the mid swap rate and carry a coupon of 3.612%. Classified as European Green Bonds, the proceeds will be allocated to financing and refinancing Eligible Green Projects in line with the European Green Bond Factsheet.

“Each time we take a step forward, it is a pleasure to see the results of our work - and as Latvenergo takes a new step with eurobonds, we are truly pleased by the strong interest and trust shown by investors. Both we and Latvia have received high recognition as an environment for investment - the successful EUR 400 million European Green Bond issue confirms that international investors value our strategic direction and growth story. We are ready to continue this path by investing the raised funds in renewable energy projects, strengthening the transition to green energy, and contributing to the reduction of Latvia’s electricity imports” – Guntars Baļčūns, Member of the Management Board and Chief Financial Officer.

In this deal, Latvenergo AS has mandated BNP PARIBAS and J.P. Morgan SE as Global Coordinators and Joint Bookrunners, together with Skandinaviska Enskilda Banken AB (publ) and Luminor Bank AS as Joint Bookrunners. BNP PARIBAS and J.P. Morgan SE also acted as Joint Green Structuring Agent.

The notes will be admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) and the regulated market of AS Nasdaq Riga.

Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 29 453 897
E-mail: investor.relations@latvenergo.lv

www.latvenergo.lv

About Latvenergo

Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.

Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas, development of solar and wind parks in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas, development of solar and wind parks in Lithuania), Elektrum Next LT UAB (development of solar and wind parks), Elektrum Next SIA (development of solar and wind parks), Laflora Energy SIA (development of wind park), DSE Aizpute Solar SIA (development of solar park), Latvijas vēja parki SIA (development of wind parks), Telšiu vejo parkas, UAB (development of wind park in Lithiania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.