GELSENWASSER (WWG) H2 2025 earnings summary

Executive summary

• Revenue increased to €2,978.4 million, up €19.8 million year-over-year, driven by higher gas sales and network fees, despite lower electricity sales.

• EBIT rose to €127.8 million from €121.7 million, mainly due to improved network business and reversal of provisions after a gas storage contract sale.

• Net income attributable to shareholders was €103.4 million, down from €117.2 million, reflecting a lower financial result and higher taxes.

• The group maintained a strong equity position, with equity and similar funds rising to €1,260.0 million and an equity ratio of 44%.

Financial highlights

• Revenue: €2,978.4 million (+0.7% year-over-year).

• EBIT: €127.8 million (+5.0% year-over-year).

• Net income: €103.4 million (-11.8% year-over-year).

• ROCE: 6.3% (down from 6.9% in prior year).

• Investments: €180.6 million (+11% year-over-year).

• Cash flow from operations: €184.6 million.

Outlook and guidance

• For 2026, EBIT is expected to decrease by around 10% due to the absence of one-off effects from provision reversals.

• Water sales are projected to remain stable, while gas and electricity volumes are expected to decline due to reduced trading activities and the end of a cooperation.

• Planned investments for 2026: €236.1 million, focusing on network expansion and waterworks upgrades.