Lechwerke (LEC) H1 2026 earnings summary

Executive summary

• H1 2026 net income rose to €87.1m from €38.7m; adjusted net income was €67.0m, including a one-time fund-sale gain, and full-year adjusted guidance is €100m–€120m.

• Electricity sales volumes fell 16.7% YoY as sales to utilities and trading declined under the risk-and-return optimization strategy; business-customer volumes increased.

Financial highlights

• Revenue was €417.8m vs. €492.9m YoY; operating result increased to €43.4m from €27.3m, including €19.5m in gains from the partial fund sale.

• Profit before tax rose to €98.9m from €62.4m; net income was €87.1m vs. €38.7m, while income tax expense decreased to €11.8m from €23.7m.

• Financial investment result increased to €58.5m, supported by higher distributions and positive CTA securities market performance; interest result improved to -€3.0m from -€14.9m.

• Adjusted net income, excluding CTA valuation effects, was €67.0m vs. €48.7m YoY; the H1 figure benefited from the one-time fund-sale gain.

Outlook and guidance

• H2 electricity sales are expected at a similar level to H1; full-year business-customer volumes are expected above 2025, while residential and commercial volumes are forecast slightly lower.

• FY 2026 adjusted net income guidance is €100m–€120m; H1 adjusted earnings included the one-time gain from the partial fund sale, and results are expected within the range.

• A dividend around the prior-year level is targeted, subject to available funds and financing of continued grid expansion.

• 2026 property, plant and equipment investment is planned below 2025, mainly due to lower spending on the administration building and telecommunications.