Lechwerke (LEC) H2 2025 earnings summary

Executive summary

• Achieved a bereinigtes EBIT of €199m (IFRS), third-highest in company history, despite challenging economic conditions and a 4.1% decline year-over-year.

• Group investments reached a record €281m, more than doubling annual investments over five years, focusing on grid expansion, digitalization, and infrastructure.

• Proposed dividend of €2.80 per share, with a total payout of €99.2m, yielding about 4% on year-end share price.

• Completed exit from gas business; focus now on electricity and sustainable infrastructure.

Financial highlights

• Revenue (IFRS) declined 10.3% to €1,481.4m; bereinigtes EBITDA stable at €292.5m; bereinigtes EBIT down 4.1% to €198.9m year-over-year.

• Net income (HGB) was €99.0m, down from €120.9m; cash flow from operations rose to €147.5m from €111.0m.

• Investments increased 4.5% to €280.8m; equity ratio at 30.6%, slightly lower due to higher balance sheet total.

• Dividend per share stable at €2.80; market capitalization at year-end €2.5bn.

Outlook and guidance

• For 2026, expects stable electricity sales to business and utility customers, but revenue likely to decline due to lower prices.

• Forecasts net income (HGB, adjusted) between €100m and €120m, maintaining dividend at prior-year level.

• Plans to keep headcount stable and focus on process efficiency and resource optimization.