naturenergie holding (NEAG) H1 2025 earnings summary

Executive summary

• Energy sales declined by 12.1% year-over-year to 3,730 million kWh, mainly due to lower volumes in the business customer segment and reduced hydropower production.

• Operating income (EBIT) fell to €91.4 million from €102.7 million, while Adjusted EBIT was €87.9 million, down €1.8 million year-over-year.

• Net profit after tax was €70.3 million, a decrease of €7.4 million compared to the previous year.

• The group expanded investments significantly, with gross investments reaching €74.3 million and net investments €53.9 million, both above prior-year levels.

• Strategic focus remains on expanding renewable energy, modernizing infrastructure, and advancing digitalization.

Financial highlights

• Revenue (Betriebsertrag) decreased to €810.2 million from €868.6 million year-over-year.

• EBITDA was €121.0 million, down from €131.3 million in the prior year.

• Free cash flow improved to €13.6 million from -€0.7 million year-over-year.

• Equity ratio increased to 62.2% from 58.0% year-over-year.

• Number of employees rose to 1,261 from 1,226.

Outlook and guidance

• Net investments for 2025 are expected to exceed €150 million, with gross investments potentially reaching €180 million.

• Operational EBIT for the full year is forecast at around €160 million, despite challenges from hydrological conditions and natural events.

• Continued focus on expanding renewable generation, grid modernization, and decarbonizing heat supply.