Électricité de Strasbourg Société Anonyme (ELEC) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was €628.3M, down 7.2% year-over-year due to lower energy prices.

• Operating income fell 29.3% to €83.6M, and net income attributable to the group dropped 32.9% to €56.5M.

• Energy markets normalized after two years of exceptional volatility, impacting profitability.

• Distribution volumes rose 1% to 3.34 TWh, with 90% of smart meters installed.

• The end of the ARENH regime shifted all electricity sourcing to market offers.

Financial highlights

• EBITDA for H1 2026 was €117.8M, down from €151.3M in H1 2025.

• Gross margin impacted by lower energy prices and increased CEE obligations.

• Consolidated equity at June 30, 2026, was €642.5M, down from €675.9M at year-end 2025.

• Net cash from operations was €132M, with a negative net change in cash of €-16.2M due to higher dividends and investments.

• Dividend payout increased to €13.70 per share (€98.2M total).

Outlook and guidance

• Uncertainties remain for H2 2026 regarding climate, energy price volatility, and customer payment risks.

• No specific quantitative guidance provided for the remainder of 2026.