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 (Ventilus, Boucle du Hainaut, Brabo III, Princess Elisabeth Island) and Germany (SuedOstLink, Ostwind 3, Bornholm Energy Island, new high-voltage lines).

• Net profit attributable to shareholders rose to €556.6 million, despite a €99.1 million impairment on U.S. assets due to regulatory uncertainty.

• Strengthened balance sheet with €2.2 billion equity raised and €3.6 billion in green financing, maintaining strong liquidity and affirmed credit ratings.

• Addressed grid congestion challenges, advocated for prioritizing mature projects, and advanced sustainability initiatives including new Scope 3 climate targets and expanded ecological corridors.

• Over 760 new employees hired and leadership strengthened to support investment program scale.

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, up 7.9% year-over-year; RAB increased 22.5% to €22.6 billion.

• EBITDA grew to €1,794.5 million (+17.2%), EBIT to €1,052.9 million (+15.4%).

• Net financial debt (excluding EEG) increased 7.0% to €14.1 billion, with 98% at fixed rates and average cost of debt at 2.9%.

• Dividend proposal of €2.05 per share 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 to report an adjusted loss of €10–30 million.

• RAB projected to grow over 20% annually (2024–2028), supported by €21.6 billion cumulative CapEx over next three years.