Admie Holding (ADMIE) investor relations material

Executive summary

• Delivered strong double-digit earnings growth in H1 2026, with net profit up 36.7% to €92.4 million and EBIT up 45%, driven by higher IPTO contribution and successful capital increases at both ADMIE Holding and IPTO.

• Completed a €530 million equity raise at the holding level, enabling participation in IPTO's €1 billion capital increase to support a €6 billion investment plan for 2026–2029.

• Major project milestones include completion of the Southern Cyclades interconnection, start of Dodecanese interconnection construction, and advancement of the Great Sea Interconnector with Meridiam as majority shareholder.

• Cash and cash equivalents increased to €66 million at the holding level, with equity rising to €1,354.1 million.

Financial highlights

• Group revenue rose 22.6% year-over-year to €270.5 million in H1 2026; EBITDA increased 26.4% to €193 million; EBIT up 45% to €136.3 million; net profit up 36.7% to €92.4 million.

• Adjusted for a €2 million one-off gain, adjusted EBITDA grew 24.3% to €191.9 million, adjusted EBIT 41.4% to €135.2 million, and adjusted net income 33% to €91.6 million.

• ADMIE Holding’s share of IPTO profits increased 32.8% to €45.8 million; net profit up 32.1% to €45.1 million.

• CapEx for H1 2026 was €157.2 million, with full-year CapEx guidance reaffirmed at approximately €700 million.

• Net debt at end-June 2026: €500.3 million; cash at €66 million for ADMIE Holding and €1,096.6 million for IPTO Group.

Outlook and guidance

• Full-year 2026 guidance for adjusted EBITDA remains €350–380 million and net profit €165–185 million, with no revision despite strong H1 performance.

• The €6 billion 2026–2029 investment program is fully funded, supported by a stable regulatory framework with pre-tax WACC rising from 6.87% in 2026 to 7.02% by 2029.

• CapEx expected to accelerate in H2, in line with historical trends and guidance.

• No assumption of early application of 2026 tariffs in projections; guidance does not factor in potential tariff changes.

• Strategic objectives for 2025–2027 focus on asset optimization, shareholder value, operational efficiency, and expanding investor relations.