Admie Holding (ADMIE) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong financial performance with significant year-over-year growth in revenue and net profit for both the holding and operating entities, with holding company revenue up 23.8% to €24.4m and net profit up 23% to €24.1m.

• IPTO Group revenue increased 18.6% year-over-year to €133.1m, with EBITDA up 21.5% to €99.2m and net income up 27% to €49.1m.

• Major infrastructure projects advanced, including interconnections for Crete, Cyclades, Dodecanese, and international links.

Financial highlights

• Holding company net profit rose 23% to €24.1m, with income up 24% to €24.4m compared to Q1 2025.

• IPTO Group EBITDA increased 21.5% to €99.2m; adjusted EBITDA margin was 73.2%.

• Cash position for the holding company was €15.6m at quarter-end, while IPTO Group held €210.6m.

• Group capital expenditures were €46.8m, lower than €84.7m in Q1 2025, reflecting investment phasing.

• Net debt for IPTO Group stood at €1,410.5m as of March 31, 2026.

Outlook and guidance

• Ongoing multi-year capex plan through 2034, with major interconnection and grid expansion projects underway.

• Regulatory WACC for 2026-2029 set between 6.87% and 7.02%, supporting stable returns.

• Regulatory approval for allowed revenue for 2026–2029 set system operation revenue at €445.4m and market operation at €21m for 2026.

• Share capital increase of €1bn approved to support the 2025–2034 development plan.

• ADMIE Holding to finance pro rata participation in IPTO’s capital increase via a new share offering up to €530m.