naturenergie holding (NEAG) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 declined to €662M from €810M year-over-year, mainly due to lower energy sales and reduced prices in long-term contracts.

• Adjusted EBIT dropped to €61.7M from €87.9M, reflecting lower hydro production and competitive pressures in photovoltaics.

• Net income decreased to €46M from €70.3M, impacted by lower sales volumes and prices.

• Strategic focus remains on infrastructure modernization, renewable expansion, and digitalization.

Financial highlights

• Operating income (EBIT) was €68.3M, down from €91.4M year-over-year.

• Free cash flow improved to €25.1M from €13.6M, supported by lower receivables and tax payments.

• Equity increased to €1,349.1M, with an equity ratio of 66.7%.

• Bruttoinvestitionen (gross investments) were €65.8M, down from €74.3M.

Outlook and guidance

• Full-year 2026 EBIT is forecasted at around €120M, despite weak hydro conditions.

• Bruttoinvestitionen for 2026 are expected to exceed €180M, focusing on grid, renewables, and decarbonization.

• Key risks include water flow variability, market prices, regulatory changes, and FX rates.