Elia Group
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Elia Group (ELI) investor relations material

Elia Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary5 Mar, 2026

Executive summary

  • Achieved record CAPEX of €5.2 billion in 2025, driving 22.5% RAB growth and supporting Europe's energy transition, with major progress on infrastructure projects in Belgium and Germany.

  • Net profit attributable to shareholders rose 32% to €556.6 million, despite a €33.4 million negative impact from US portfolio adjustments.

  • Adjusted net profit increased 39.8% to €716.5 million, with strong operational performance and grid reliability above 99.9% in Belgium and 99.8% in Germany.

  • Strengthened balance sheet with €2.2 billion equity raised and €3.6 billion in green financing, maintaining investment-grade ratings and robust liquidity.

  • Attracted over 760 new employees and advanced sustainability initiatives, including new Scope 3 climate targets and expanded ecological corridors.

Financial highlights

  • Adjusted net profit rose 39.8% to €716.5 million; net profit attributable to shareholders up 32% to €556.6 million.

  • CAPEX reached €5.2 billion, more than triple the historical average; RAB increased 22.5% to €22.6 billion.

  • Earnings per share at €5.51; adjusted ROE at 7.3%.

  • Net financial debt increased by €1 billion to €14.1 billion; average cost of debt at 2.9% with 98% fixed rates.

  • Dividend of €2.05 per share proposed for 2025.

Outlook and guidance

  • 2026 net profit guidance: €690–740 million; CAPEX expected at €6.8 billion.

  • Belgium: adjusted net profit expected at €290–320 million; €1.7 billion planned investments.

  • Germany: adjusted net profit expected at €585–625 million; €5.1 billion planned investments.

  • Non-regulated and Nemo Link segment expected adjusted loss of €10–30 million.

  • Average annual RAB growth of over 20% expected for 2024–2028, with €21.6 billion cumulative CAPEX over next three years.

Drivers for the €99.1M US portfolio impairment
German state co-financing impact on 2026 tariffs
Grid capacity pressure from AI-driven data centers
Adequacy of German draft regulatory returns
Managing speculative storage connection requests
FFO to net debt threshold impact on CapEx
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Frequently asked questions

Elia Group SA/NV operates as a key player in the electricity transmission sector, managing and developing high-voltage electricity grids primarily in Belgium and Germany. The company is responsible for ensuring the reliable transmission of electricity from generators to distribution system operators and large industrial consumers. Its services are crucial for integrating renewable energy sources into the grid, maintaining grid stability, and facilitating electricity trade across borders. The company is headquartered in Brussels, Belgium, and its shares are listed on the Euronext Brussels.

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