Latvenergo AS has published its European Green Bond Allocation Report 2025 for the European Green Bonds (ISIN: XS3227294132) issued on 13 November 2025, together with the post-issuance review carried out by Sustainable Fitch Ireland Limited.

The post-issuance review includes an assessment of the European Green Bond Allocation Report's compliance with Regulation (EU) 2023/2631 of the European Parliament and of the Council on European Green Bonds (the EuGB Regulation), as well as an assessment of the economic activities financed by the bond issuance against Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment (the EU Taxonomy Regulation). As a result of its review, Sustainable Fitch has concluded that Latvenergo European Green Bond (ISIN: XS3227294132) fully complies with the requirements of both the EuGB Regulation and the EU Taxonomy Regulation.

Key Facts on the Allocation of Proceeds

• EU environmental objective: Climate change mitigation through increased renewable energy generation capacity and the development of low-carbon transport infrastructure.
• Wind energy: EUR 351.3 million (87.8% of total allocation).
• Solar energy: EUR 21.8 million (5.5%).
• Hydropower: EUR 19.7 million (4.9%).
• Storage of electricity: EUR 5.7 million (1.4%).
• Low-carbon transport infrastructure: EUR 1.5 million (0.4%).
• Capital expenditure and operating expenditure: 95% and 5%, respectively.
• Financing and refinancing: 82% (2025) and 18% (2023-2024), respectively.

Latvenergo AS is purposefully implementing its medium-term operational strategy and sustainability strategy, under which it plans to significantly expand renewable energy generation capacity across the Baltic region. The company’s commitment to achieving climate neutrality by 2050 is further demonstrated by its investment activity, with 97.5% of Latvenergo AS investments in 2025 aligned with the EU Taxonomy criteria.

“Independent assessment of Sustainable Fitch confirms that the proceeds of our European Green Bond have been fully allocated to environmentally sustainable projects aligned with the EU Taxonomy. It also demonstrates our transparent and responsible approach to the use of green financing. We continue to invest in projects that strengthen the energy independence of the Baltic region, contribute to climate goals, and create long-term value for investors, customers, and society as a whole,” says Guntars Baļčūns, Member of the Management Board and Chief Financial Officer of Latvenergo AS.

More information on Latvenergo AS sustainability objectives is available in the Latvenergo Group Consolidated and Latvenergo AS Annual Report. Information on the issued bonds is available in the Investors / Financial Information / Bonds section of the company’s website.

Additional information:
Inese Vilciņa
Head of Investor Relations and Sustainability
Phone: +371 29 110 880
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 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.