Ukrenergo

State power transmission system operator Ukrenergo reported 2024 revenue of $2.5bn (+11% y-o-y), estimated adjusted EBITDA of $453m (+61% y-o-y), and a net loss of $0.9bn (vs. $10m net income in 2023). End-2024 cash rose 79% y-o-y to $369m, mostly held in Ukraine. Total debt increased 13% y-o-y to $2.4bn, and net debt rose 11% y-o-y to $2.1bn, implying a Debt/EBITDA ratio of 5.3x (down from 7.6x in 2023) and Net Debt/EBITDA of 4.5x (down from 6.5x). The company reported it had postponed repayment of state-owned bank loans by one year, but did not provide any update on its Eurobond restructuring.

Ukrenergo, Ukraine’s state-owned power transmission operator, announced a delay in the restructuring of its $825m state-guaranteed 2028 Eurobonds, without specifying a new timeline. The company said the delay was needed “to address certain requirements of the financing necessary for the tender offer leg of the transaction.” The restructuring had been expected to complete by early July. Ukrenergo reiterated its commitment to implement the restructuring agreement reached with the ad hoc bondholder group as soon as practicable and said it remains in contact with the group and its advisors.