Électricité de Strasbourg Société Anonyme (ELEC) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €762.9M, down 16% year-over-year, mainly due to lower energy prices and reduced compensations from regulatory shields.

• Net income rose sharply to €79.3M, up 148.6% year-over-year, driven by lower energy procurement costs, higher electricity sales, and improved operational efficiency.

• The group maintained strong operational performance in distribution and commercial activities, despite adverse weather and continued energy sobriety among clients.

• Regulatory support measures (shields, amortisseurs) are phasing out, impacting revenue and compensation flows.

• Adopted "société à mission" status, reinforcing commitment to energy transition and regional engagement.

Financial highlights

• EBITDA reached €135.9M, up from €85.5M in H1 2023.

• Operating income was €102.3M, a significant increase from €38.2M year-over-year.

• Net financial result improved to €2.6M from a loss of €0.8M in H1 2023.

• Cash flow from operations was €168.3M, up from €61.3M in H1 2023.

• Dividend distribution increased to €61.7M (€8.60/share) versus €19.0M (€2.65/share) last year.

Outlook and guidance

• The group expects continued market volatility, regulatory changes, and climate factors to affect the second half of 2024.

• Ongoing investments in network modernization and renewable energy projects are prioritized.