Elia Group (ELI) H2 2024 earnings summary

Executive summary

• Announced a €2.2 billion equity package, including €850 million PIPE and €1.35 billion rights issue, with strong commitments from cornerstone investors and reference shareholders, de-risking future funding needs.

• Achieved record investments of €4.8 billion in 2024, supporting major infrastructure projects in Belgium and Germany, and expanded international presence, notably in the U.S. with a minority stake in energyRe Giga.

• Delivered strong operational and financial results, with net profit attributable to shareholders of €421.3 million (+29.8% yoy), adjusted ROE of 8.4%, and EPS of €5.73, surpassing guidance.

• Maintained high grid reliability (99.9% Belgium, 99.8% Germany) and significant growth in regulated asset base (RAB) to €18.5 billion, up 28% year-over-year.

• Secured €9.7 billion in sustainable funding and maintained robust liquidity and credit ratings.

Financial highlights

• Group revenues reached €4,102.9 million (+3.8% yoy); net profit attributable to shareholders was €421.3 million (+29.8% yoy); EPS at €5.73 (+27.8% yoy).

• CAPEX totaled €4,804.3 million (+100.4% yoy), driving RAB to €18.5 billion (+27.8% yoy).

• Net debt (excl. EEG) increased 46.3% to €13,158.7 million; average cost of debt at 2.8%.

• Dividend of €2.05 per share proposed, in line with Belgian CPI; new shares from equity raise not entitled to 2024 dividend.

• EBITDA rose 24.8% to €1,531.9 million; EBIT up 35.3% to €912.2 million year-over-year.

Outlook and guidance

• CapEx plan for 2024–2028 increased to €31.6 billion, with €26.8 billion to be deployed after 2024.

• 2025 net profit guidance reaffirmed at €490–540 million, driven by €1.7 billion investment in Belgium and €3.8 billion in Germany.

• Anticipates annual RAB growth of over 20% through 2028; 60% of CapEx for 2025–2028 already committed.

• Equity needs of €4–4.5 billion through 2028 to be met via diverse funding toolkit, including hybrid bonds and asset rotation.

• Dividend policy to grow DPS with Belgian CPI.