Elia Group (ELI) H2 2025 earnings summary

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.