Elia Group (ELI) Q2 2026 earnings summary

Executive summary

• Net profit attributable to shareholders rose 29.4% year-over-year to €348.7 million, driven by asset base growth and higher regulatory returns in Belgium and Germany, with strong operational progress on major infrastructure projects supporting the energy transition.

• Financial outlook for 2026 reiterated, with expected investments of €6.5 billion and net profit guidance between €690 million and €740 million.

• Regulatory frameworks in Belgium confirmed for 2028–2031, with ongoing consultation in Germany for future periods, providing stability and visibility for future investments.

• Proactive funding actions, including a €900 million hybrid bond and new revolving credit facilities, enhanced balance sheet strength and liquidity.

Financial highlights

• Revenue increased to €2,563.5 million, up from €2,172.4 million year-over-year; EBITDA rose 17% to €1,056.1 million, and EBIT to €688.0 million (+21%).

• Adjusted profit for H1 2026 rose 26% to €410.9 million; net profit attributable to shareholders at €348.7 million.

• CapEx reached €1,926 million in H1 2026, funded by operating cash flow, equity raise, and disciplined debt use.

• Net financial debt (excluding EEG/EG) increased 3.7% to €14,603.6 million, with an average cost of debt at 3.04%.

• Basic earnings per share increased to €3.19.

Outlook and guidance

• Full-year 2026 net profit guidance reaffirmed at €690–740 million, including hybrid costs.

• Belgium expected to reach upper end of €290–320 million adjusted net profit; Germany guidance at €585–625 million.

• Full-year investments revised to €6.5 billion, with €1.7 billion in Belgium and €4.8 billion in Germany, reflecting project phasing and procurement efficiencies.

• International and holding activities now expected to be breakeven in 2026.