AB Amber Grid (AMG1L) Q2 2026 earnings summary

Executive summary

• Achieved strong revenue growth and improved profitability in H1 2026, driven by higher regulated revenue caps and increased gas transmission volumes.

• Continued strategic focus on energy independence, infrastructure modernization, and integration of renewable gases, with major investments planned through 2035.

• Maintained robust governance, risk management, and compliance systems, with high transparency and anti-corruption standards.

Financial highlights

• Revenue reached €49.4 million in H1 2026, up 41% year-over-year, mainly due to a higher revenue cap and increased gas transmission volumes.

• EBITDA rose to €30.4 million (61.5% margin), up from €11.0 million (31.5%) in H1 2025.

• Adjusted EBITDA was €16.3 million (H1 2025: €15.4 million); adjusted net profit was €6.3 million (H1 2025: €6.6 million).

• Net income surged to €18.1 million (H1 2025: €2.8 million).

• Operating expenses decreased by 15.6% to €26.4 million, mainly due to lower natural gas costs.

• Investments totaled €7.4 million, up from €2.6 million in H1 2025.

• Dividend payout of €9.989 million (€0.0560 per share) approved for 2025.

Outlook and guidance

• Average gas transmission price for 2027 set to decrease by 15.8% to €1.28/MWh, reflecting a lower revenue cap and increased capacity bookings.

• Strategic focus on hydrogen and CO2 network development, with major projects scheduled post-2033.

• 10-year network development plan submitted, emphasizing modernization, safety, and integration of renewables.