Montenegrin electricity transmission system operator CGES reported a net profit of 6 million euros in the first quarter of 2026, down from 7.7 million euros in the same period last year.
The company’s net sales in the first three months of the year reached 23.6 million euros, representing a decline of 8.9% year-on-year compared to the first quarter of 2025. At the same time, operating expenses increased slightly by 1.2%, reaching 17.3 million euros.
Total assets of CGES fell by 1.7% compared to the end of 2025, amounting to 369.2 million euros at the end of March 2026. The company’s retained earnings stood at 125.9 million euros, reflecting accumulated profits from previous periods.
On the liability side, long-term liabilities totaled 33.6 million euros, while short-term liabilities amounted to 20.2 million euros, indicating a relatively stable but slightly tightened financial structure.
Ownership of CGES remains dominated by the state, with the Government of Montenegro holding 55% of shares. Italian transmission operator Terna holds a 22.09% stake, while Serbian transmission system operator EMS also plays a significant role as a strategic shareholder.
EMS entered the ownership structure in late December 2015, acquiring approximately 10% of CGES shares on the Montenegrin Stock Exchange for about 13.9 million euros, and later increased its stake in January 2021 with an additional 5% shareholding, further strengthening regional transmission cooperation links.
