Elia Group (ELI) Q1 2026 earnings summary

Executive summary

• Reiterated 2026 financial outlook, targeting net profit of €690–740 million, factoring in a new €900 million hybrid bond coupon.

• Advanced funding strategy with €900 million hybrid bond and new green/sustainability-linked revolving credit facilities.

• Significant progress on major grid projects in Belgium (Ventilus, Massenhoven–Van Eyck, Boucle du Hainaut) and Germany (Ostwind 3 & 4, Gennaker).

• Regulatory developments include Belgium's draft tariff methodology for 2028–2031 and Germany's updated Network Development Plan.

Financial highlights

• 2026 net profit guidance: €690–740 million, including hybrid bond coupon.

• Belgium: adjusted net profit expected at €290–320 million, with €1.7 billion planned investments.

• Germany: adjusted net profit expected at €585–625 million, with €5.1 billion planned investments.

• Non-regulated segment and Nemo Link expected to contribute a loss of €10–30 million, with Nemo Link's positive impact contingent on interconnector availability.

Outlook and guidance

• Full-year 2026 guidance reiterated; investment programs in Belgium and Germany subject to external risks.

• Guidance excludes potential M&A transactions.