Électricité de Strasbourg Société Anonyme (ELEC) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €676.7M, down 11.3% year-over-year, mainly due to lower energy prices for 2025 delivery and the end of exceptional regulatory measures.

• Net income attributable to the group rose to €84.3M, up 6.3% compared to H1 2024.

• Operating income increased to €118.1M, up 15.4% year-over-year, benefiting from higher sales volumes and positive price effects.

• Electricity and gas volumes distributed and sold increased by 2.5% and 2.7% (electricity) and 3.3% (gas) respectively year-over-year.

• The group resumed regulated electricity distribution and sales in three new communes as of January 2025 and maintained high operational quality.

Financial highlights

• EBITDA reached €151.3M, up from €135.9M in H1 2024.

• Operating income was €118.1M, up 13.7% year-over-year.

• Current operating income grew 13.6% to €121.1M.

• Net financial result was €2.6M, stable year-over-year.

• Cash flow from operations increased to €191.3M from €168.3M in H1 2024.

• Dividend distribution increased to €11.00 per share (€78.9M total), up from €8.60 per share in 2024.

Outlook and guidance

• Anticipates continued investment in network resilience and renewable energy, with lithium extraction projects advancing to demonstration phase.

• Regulatory changes, including the end of ARENH and new tariff frameworks (TURPE 7), will impact the business model from 2026.

• Risks remain for H2 2025 due to climate uncertainty, energy price volatility, and customer receivables recovery.

• No material post-closing events reported.