Elia Group (ELI) Q1 2025 earnings summary

Executive summary

• Secured €2.2 billion equity via PIPE and rights issue, fully funding equity needs through 2028.

• Advanced major grid projects in Belgium (Brabo III, Ventilus, Massenhoven–Van Eyck) and Germany (SuedOstLink, Ostwind 3, Uckermark Line).

• Paused Princess Elisabeth Island HVDC contracts to explore cost-effective alternatives amid rising costs.

• Leadership transition: Bernard Gustin as CEO and Marco Nix as CFO.

Financial highlights

• Raised €2.2 billion: €850 million PIPE and €1.35 billion rights issue, increasing share count to 109.1 million.

• Eurogrid GmbH secured €1 billion green loan for offshore projects and increased its bond to €1.05 billion.

• EU granted €645 million to Bornholm Energy Island project.

Outlook and guidance

• Net profit (Elia Group share) expected between €490–540 million for 2025.

• Belgium: net profit guidance €255–285 million; ~€1.5 billion planned investments.

• Germany: net profit guidance €380–420 million; ~€3.6 billion planned investments.

• Non-regulated segment and Nemo Link expected to report a loss of €35–45 million, with Nemo Link contributing ~€25 million.

• Guidance excludes potential M&A transactions.