olivLaw · European equity research
AB "KN Energies" KNE1L.VS
Lithuania · Nasdaq Vilnius · ISIN LT0000111650 · Vertical: Listed companies from Lithuania
AB 'KN Energies' operates the Klaipėda LNG terminal and related services for floating LNG import terminals in several countries. The company reported sales revenue of 99,916 TEUR in 2025, while diversifying toward new energies, CO2 and storage, according to its annual report.
At the close of 05 Nov 2026, AB "KN Energies" (KNE1L.VS) stock was 0.50 EUR (+2.06% on the day), with market capitalisation 180.3 m EUR, P/E 9.9 on diluted EPS of 0.05 EUR over the last 12 months, dividend yield 4.04%, beta 0.22, 52-week range 0.32–0.51 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 68.7
- strong (55–70)
- Bollinger (20, 2)
- 0.47 – 0.49
- above the upper band · %B 1.24 · band width 3.9%
- SMA 50 / 200
- 0.49 / 0.46
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.1% | −0.6% | +2.7 pp | — |
| 3 months | +4.0% | −4.2% | +8.2 pp | — |
| 6 months | +6.2% | +4.3% | +1.9 pp | — |
| Year to date | +21.9% | +7.5% | +14.4 pp | — |
| 1 year | +54.2% | +9.9% | +44.3 pp | +10.8% |
| 3 years | +138.0% | +49.8% | +88.1 pp | +50.0% |
| 5 years | +57.6% | +42.8% | +14.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 5.1, median 5.9, max 8.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 83.5 m | 93.7 m | 105.2 m |
| Revenue YoY | unavailable | +12.1% | +12.3% |
| Net income | 13.2 m | 15.4 m | 18.2 m |
| Net income YoY | unavailable | +16.2% | +18.5% |
| Diluted EPS | 0.04 | 0.04 | 0.05 |
| Diluted EPS YoY | unavailable | 0.0% | +25.0% |
| net % | 15.8% | 16.4% | 17.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 172.6 m EUR
- Total assets
- 555.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.80x
- ROE
- 10.8%
- ROA
- 3.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 83.5 m | 93.7 m | 105.2 m | esef· 07 Apr 2026verified |
| Cost of revenue | 60.0 m | 54.5 m | 62.9 m | esef· 07 Apr 2026verified |
| Gross profit | 23.5 m | 39.1 m | 42.3 m | esef· 07 Apr 2026verified |
| Operating income | 12.7 m | 24.5 m | 27.6 m | esef· 07 Apr 2026verified |
| Interest expense | 6.0 m | 7.6 m | 8.6 m | esef· 07 Apr 2026verified |
| Pre-tax income | 16.0 m | 19.3 m | 21.0 m | esef· 07 Apr 2026verified |
| Income tax | 2.7 m | 4.0 m | 2.8 m | esef· 07 Apr 2026verified |
| Net income | 13.2 m | 15.4 m | 18.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.04 | 0.04 | 0.05 | esef· 07 Apr 2026verified |
| Dividend per share | 0.00 | 0.01 | 0.02 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 19.5 m | 17.2 m | 12.4 m | esef· 07 Apr 2026verified |
| Receivables | 22.2 m | 30.3 m | 41.7 m | esef· 07 Apr 2026verified |
| Inventories | 1.6 m | 1.9 m | 1.6 m | esef· 07 Apr 2026verified |
| Current assets | 106.4 m | 100.7 m | 119.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 140.7 m | 426.8 m | 415.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 643.0 k | 469.0 k | 618.0 k | esef· 07 Apr 2026verified |
| Total assets | 563.7 m | 547.1 m | 555.0 m | esef· 07 Apr 2026verified |
| Accounts payable | 15.1 m | 16.9 m | 21.2 m | esef· 07 Apr 2026verified |
| Current liabilities | 221.4 m | 52.2 m | 66.6 m | esef· 07 Apr 2026verified |
| Equity | 153.2 m | 163.1 m | 172.6 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 330.7 m | 384.2 m | 364.2 m | esef· 07 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 180.3 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.27 – 0.62 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.35 – 0.62 (Mid 0.40)11 companies used · median multiple 7.9x · quartiles 7.1x – 12.3xAKO1L.VS, APG1L.VS, GRG1L.VS, INR1L.VS, IVL1L.VS, KNR1L.VS, LGD1L.VS, RSU1L.VS, VBL1L.VS, VLP1L.VS, ZMP1L.VS
- Dividend discount (DDM)0.27 – 0.37 (Mid 0.31)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.3% | 80 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.8x | 83 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 9.9x | 46 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.8% | 68 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial80/100 · 1/3 factors with a value
- Returns· partial68/100 · 1/2 factors with a value
- Valuation· partial46/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AB "KN Energies" (KNE1L.VS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 105.2 m EUR in 2025; YoY growth 12.3%; net margin 17.3%; ROE 10.8%.
The estimated value range is 0.31–0.49 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.36 EUR, the price of 0.49 EUR leaves a potential of -28.2% (value / price − 1) and a margin of safety of -39.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.3%
- Current ratio: 1.8x
What contradicts it
- Interest coverage: 3.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Lithuania · same country · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LGD1L.VSLitgrid Ab | 571.2 m | 16.7 | 13.0% | 8.0% | +14.2% | +38% / +67% |
| IVL1L.VSAkcinė bendrovė "Invalda INVL" | 318.0 m | 7.0 | 19.7% | 230.8% | +44.6% | +21% / +165% |
| AKO1L.VSAB Akola group | 267.2 m | 7.2 | 10.5% | 2.5% | −4.4% | +4% / +58% |
| APG1L.VSAkcinė prekybos bendrovė "APRANGA" | 213.6 m | 13.2 | 23.9% | 5.3% | +4.9% | +22% / +44% |
| AMG1L.VSAB "Amber Grid" | 199.3 m | 120.0 | 0.8% | 2.0% | −6.4% | 0% / +4% |
| VLP1L.VSAb "vilkyškių Pieninė" | 184.2 m | 16.8 | 12.6% | 3.8% | +16.9% | +46% / +228% |
| KNE1L.VSAB "KN Energies" | 180.3 m | 9.9 | 10.8% | 17.3% | +12.3% | +41% / +139% |
| GRG1L.VSAB "Grigeo" | 131.7 m | 7.9 | 12.5% | 6.7% | +15.7% | +0% / +2% |
| RSU1L.VSAkcinė bendrovė "ROKIŠKIO SŪRIS" | 130.5 m | 7.6 | 11.1% | 4.3% | +8.7% | −7% / +46% |
| ZMP1L.VSAkcinė bendrovė "ŽEMAITIJOS PIENAS" | 117.1 m | 5.4 | 14.1% | 6.4% | +10.6% | +9% / +68% |
| KNR1L.VSAkcinė bendrovė "Kauno energija" | 88.7 m | 11.4 | 7.6% | 9.1% | −0.3% | +16% / +124% |
| VBL1L.VSAkcinė bendrovė "VILNIAUS BALDAI" | 37.4 m | 8.4 | 11.5% | 4.3% | +7.1% | −5% / +54% |
| INL1L.VSAkcinė bendrovė "INVL Baltic Farmland" | 23.7 m | 29.0 | 4.1% | 91.6% | +6.7% | +12% / +1% |
| INR1L.VSSpecialioji uždarojo tipo nekilnojamojo turto investicinė bendrovė "INVL Baltic Real Estate" | 21.5 m | 5.9 | 13.7% | 89.4% | +2.8% | −15% / +34% |
| NTU1L.VSAkcinė bendrovė "Novaturas" | 5.8 m | — | -64.2% | -3.8% | −3.6% | unavailable / unavailable |
| AUG1L.VSAUGA group, AB | — | — | -43.3% | -20.7% | −6.9% | +15% / −73% |
1- and 3-year price returns: for KNE1L.VS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.32 Total return -33% · Per year -33% | 0.56 Total return 17% · Per year 17% | 0.83 Total return 74% · Per year 74% |
| 3 years | 0.36 Total return -17% · Per year -6% | 0.70 Total return 57% · Per year 16% | 1.15 Total return 152% · Per year 36% |
| 5 years | 0.40 Total return 1% · Per year 0% | 0.89 Total return 108% · Per year 16% | 1.58 Total return 258% · Per year 29% |
- Exit P/E± 0.18
- Net margin± 0.12
- Annual revenue growth± 0.09
- Annual dilution± 0.01
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AB 'KN Energies' operates the Klaipėda LNG terminal and related services for floating LNG import terminals in several countries. The company reported sales revenue of 99,916 TEUR in 2025, while diversifying toward new energies, CO2 and storage, according to its annual report 1.
SWOT
Strengths
- The company holds long-term capacity contracts with users from several countries and an established operating infrastructure at Klaipėda 1.
- ISO certifications for quality, environment, health and safety and ISO 27001 for information security support internal control 1.
- Experience operating floating terminals in Germany and Brazil gives know-how for third-party services 1.
Weaknesses
- Revenue concentration on a small number of clients is a major risk, and the company has already been affected by the suspension of one important client 1.
- Regulated activity depends on tariffs set by NERC, which limits control over revenues 1.
- New activities such as CO2 and energy storage are still at the study stage and do not yet produce material revenue 1.
Opportunities
- Developing a CO2 value chain in the Baltic region could create a new revenue source if the legal framework is completed 1.
- Expansion into emerging markets in Asia and Latin America through co-investment or partnerships could diversify the portfolio 1.
- Hydrogen and derivative storage and handling could become a new activity if local production develops 1.
Threats
- Geopolitical changes and sanctions may reduce oil product or gas flows to the terminal 1.
- Sabotage, espionage and cyber-attack risks against critical infrastructure have risen in the Baltic countries 1.
- Global LNG prices and freight costs may make deliveries through Klaipėda less attractive than alternatives 1.
Risks
- Client concentrationhigh
Dependence on a small number of clients can quickly affect volumes and revenues if a major client reduces its activity 1.
- Operational and environmental riskshigh
Major incidents can cause damage to infrastructure and the environment, and the company has put internal controls in place to limit this risk 1.
- Physical securityhigh
Rising espionage and sabotage activity in Lithuania and the Baltic countries may affect strategic facilities 1.
- Financial and currency risksmedium
Exposure to the euro-dollar and euro-real exchange rates and interest rate risk on loans can influence financial results 1.
- Compliance and sanctions risklow
Verification of suppliers, clients and contractors is essential given the current geopolitical context, though the probability of this risk is assessed as low 1.
Investment thesis
What would need to be true (bull case)
- If regional demand for LNG stays high, volumes at Klaipėda and revenues from long-term contracts could support profit growth 1.
- If the CCS Baltic project moves into the investment phase, the company could become a key operator of the regional CO2 chain 1.
- Experience operating floating terminals in several countries could generate third-party service revenue if new projects materialise 1.
What would break the thesis
- If a major client reduces its use of the terminal, regulated and commercial revenues could fall significantly 1.
- New energy and hydrogen activities are still under study, and legislative delays could postpone any revenue from these areas 1.
- If regulated tariffs or geopolitical sanctions change unfavourably, the operating margin could be affected 1.
What to watch
- Development of revenue and net profit from the regulated businessAnnual report 2026
- Application of the 1.69 EUR/MWh regasification tariff and other NERC tariffs for 20262026
- Adoption of the CO2 storage legal framework and completion of the FEED study2026
- Relationship with large clients and LNG volumes received at KlaipėdaQuarterly report 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company runs the Klaipėda LNG terminal, where 2,231 thousand tonnes of LNG were received in 2025 and 2.6 billion nm3 of gas were regasified and supplied to the transmission system 1. Its activities also include LNG reloading into small carriers and a small-scale reloading station that delivered 505.1 GWh in 2025 1. Sales revenue in 2025 was 99,916 TEUR and net profit 16,727 TEUR 1.
Internationally, KN Energies provides operation and commercial management services for FSRU terminals in Germany and takes part in the Açu terminal in Brazil through its local subsidiary 1. The company states it holds a 6.3% share of global floating LNG terminal operations and supported 46% of operational floating LNG import terminals in the European Union 1. Beyond its core business it aims to build positions in hydrogen carriers, CO2 storage and energy storage by 2030 1.
The NERC set the LNG regasification tariff for 2026 at 1.69 EUR/MWh, so regulated revenues depend on regulator decisions 1. Total investments in 2025 were 12.6 MEUR, mostly directed to terminal infrastructure 1.
Segments
Klaipėda LNG terminal
The terminal recorded 34 import cargo operations in 2025, up from 30 in 2024, and remains the core of the regulated business 1. Regasification capacity allocated for the 2025 terminal gas year was 35,899 GWh 1. Long-term contracts cover 24 TWh for 2023-2032 and 9 TWh for 2025-2032 1.
Market context
Demand for terminal capacity depends on joint gas demand of Lithuania and neighbouring countries, prices of competing gas supply, and global LNG supply 1. Freight costs and availability of LNG carriers also influence volumes reaching Klaipėda 1. The company reports 2.6 billion nm3 regasified in 2025 versus 2.1 billion nm3 in 2024 1.
The global floating LNG import terminal market is concentrated, and KNE's stated 6.3% share places it as a niche operator rather than a leader 1. The battery storage market is expanding quickly, but the company has so far only analysed business cases in this area 1.
Trends
- LNG demand in Eastern Europe and the Balticstailwind
Regional reliance on imported LNG could support volumes at Klaipėda, especially under long-term contracts 1.
- Transition to new energies and decarbonisationmixed
The national energy independence strategy and European CCS funding could open new activities, but the CO2 legal framework is only expected to be adopted in 2026 1.
- Tariff regulationheadwind
Tariffs and revenue caps set by NERC for 2026 limit the margin of regulated activities, and amendments to terminal rules can change operating conditions 1.
- Geopolitical and security risksheadwind
The loss of a major client in 2020 and sanctions on Belarus showed exposure to political change, and sabotage risk has grown in Europe 1.
Competitive position
Competition comes from other LNG terminals in the region and from pipeline gas sources in neighbouring countries, which may offer lower prices 1. The company says prices offered by competing sources and infrastructure limits shape demand for capacity 1.
In floating terminals, KN Energies competes with global operators of other FSRU and FSU terminals, and its position in Germany and Brazil depends on contracts won through projects such as DET and GNA 1.
- Other LNG terminals in the region
Competing terminals in the Baltics and Central Europe that influence demand for Klaipėda capacity, per the market factors described by the company 1.
- Pipeline gas suppliers
Gas sources from interconnected countries compete on price and quantity supplied, a factor the report names explicitly 1.
- Global FSRU terminal operators
Companies operating floating terminals in Europe and Asia with which KN Energies competes for operation and service projects 1.
- Energy storage operators
Companies in the flow battery and long-duration storage market that KN Energies analyses as potential competitors 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AB "KN Energies" · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.