DTEK Energy

DTEK Energy boosted 2025 sales by 24% y-o-y to $1.8bn, while EBITDA surged by 44% to $0.8bn, implying an EBITDA margin of 45% (+6.3pp). Operating cash flow increased 2.6x to $901m, cash outflow from investing activities rose by 37% to $251m, while financing cash outflows jumped 7x y-o-y to $673m. Total debt declined by 22% y-o-y to $0.9bn, implying a Debt/EBITDA ratio of 1.0x, down from 1.9x in 2024. End-2025 cash stood at a relatively low $83m (-21% y-o-y). The company also disclosed that it repurchased $253m of its 2027 bonds during 2025 at an average price of 83% of par and continued repurchases in 2026, booking a UAH 823m ($19m) buyback gain.

DTEK Group sees “no bad news” for investors and no haircuts, CEO Maksym Timchenko said during a press briefing, citing the earlier DTEK Renewables restructuring and the ongoing DTEK Oil & Gas restructuring as examples. Timchenko added that “we seek to extend for three to four years with an amortization schedule.”