Lechwerke (LEC) H1 2025 earnings summary

Executive summary

• Electricity sales fell 24.8% year-over-year to 2,838 GWh, and gas sales dropped 96.8% to 11 GWh due to strategic withdrawal from the gas business and lower demand in private and commercial segments.

• The company focused on optimizing risk, capital commitment, and returns, impacting sales volumes.

Financial highlights

• Revenue for H1 2025 was €492.9 million, down from €616.2 million year-over-year.

• Operating income rose to €27.3 million from €22.6 million, driven by improved sales performance.

• Net income after tax was €38.7 million, down from €69.4 million year-over-year.

• Cash flow from operating activities increased to €129.8 million from €55.3 million, mainly due to changes in net working capital.

• Cash flow from investing activities improved to -€2.7 million from -€49.1 million, reflecting fewer one-off transactions.

Outlook and guidance

• Stable electricity sales expected for H2 2025, matching H1 levels.

• Lower investment volume in property, plant, and equipment planned for 2025, with focus on energy infrastructure by subsidiaries.

• Adjusted net income forecasted between €100–120 million for 2025; dividend expected at prior-year level, subject to regulatory and economic conditions.