On 31 October 2025, Moody's Ratings affirmed Baa2 credit rating of Latvenergo AS. The outlook remains stable.

The rating affirmation reflects that Latvenergo continues to be supported by its strong market position in Latvia and its status as a leading electricity supplier in the Baltics. The company further benefits from relatively stable cash flows from its regulated distribution grid operations.

Concurrently, Moody's assigned a (P)Baa2 rating to Latvenergo's new senior unsecured Euro Medium Term Note (EMTN) Programme. As previously communicated, according to the investment financing plans, Latvenergo intends to raise EUR 300 - 400 million per year over the next 3 years through bond issuances in the capital markets.

The Baa2 rating is an investment-grade rating. It is used by local and international financial institutions to evaluate the company’s credit risk and helps the company secure financing on favourable terms. Moody’s has been assigning credit rating to Latvenergo AS since 2004, and the rating has remained at Baa2 with a stable outlook since 2015.

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.