Update on Eesti Energia credit rating by Moody’s

On 11 February 2026, Moody’s has affirmed Eesti Energia AS credit rating Baa3 and maintained the negative outlook. Rating is constrained by the short remaining life of the oil shale-based electricity generation activities, ongoing earnings volatility in shale oil-related activities due to commodity price fluctuations, and the Company’s relatively small size in Europe’s evolving electricity markets.

Details on the publication can be found here: https://www.enefit.com/en/ettevottest/investorile

Danel Freiberg
Head of Treasury and Financial Risk Management
Eesti Energia AS
Tel: +372 5594 3838
Email: [email protected]

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