eustream in the red
eustream, international gas pipeline operator controlled by EPH, lost €12.6m in a fiscal year to the end of July. It has long been the most profitable company in the country, posting a net profit of €3.3bn in 2013-22. After the Russian invasion, Russian gas shipments to the EU fell from the previous 60bn cubic meters a year to 17bn. The state, which owns 51%, has lost a source of generous dividends. Its results should improve, however, with Fitch rating agency expecting EBITDA to grow from €140m last year to €340m in the 2023-24 financial year. That would be a net profit of around €200m.
