Elia Group (ELI) H1 2025 earnings summary

Executive summary

• Completed a €2.2 billion capital increase, the second largest in Brussels since 2009, strengthening the balance sheet and supporting record investment and growth to 2028.

• Net profit attributable to shareholders rose 48.4% year-over-year to €269.6 million, with adjusted net profit up 49% to €326 million, driven by strong operational performance in Belgium and Germany.

• Major progress on strategic grid projects in Belgium and Germany, including Princess Elisabeth Island, Ventilus, Bornholm Energy Island, SuedOstLink, and Ostwind 3/4.

• Workforce expanded by 421 new hires, with a 96.3% health rate, and leadership team reinforced with new CEO, CFO, and board appointments.

• Sustainability initiatives advanced, including new Scope 3 emissions targets and integration of energy management systems.

Financial highlights

• Revenue increased 9.3% year-over-year to €2,093.0 million; EBITDA up 33% to €903.3 million; EBIT up 47.6% to €569.7 million.

• €1.5 billion invested in the first half, supporting key grid projects; group CAPEX for H1 2025 was €1,488.6 million.

• Net financial debt (excluding EEG) reduced by 11.6% to €11,636.8 million, mainly due to the capital increase.

• Standard & Poor’s credit rating remains BBB/stable; group equity attributable to owners up 40.8% to €7,825.2 million.

• Earnings per share increased 23.3% to €2.90.

Outlook and guidance

• Full-year 2025 net profit expected between €490–540 million; group CAPEX guidance €5.1 billion.

• Belgium: Net profit guidance €255–285 million, with €1.5 billion planned investment.

• Germany: Net profit guidance €380–420 million, with €3.6 billion planned investment.

• Non-regulated and Nemo Link expected net loss of €35–45 million.

• Guidance excludes potential M&A transactions.