GELSENWASSER (WWG) H1 2025 earnings summary

Executive summary

• Significant portfolio changes included the founding of GWerk GmbH, the acquisition of a biotech site via Infrareal, and the sale of a 25% stake in KGE gas storage.

• New contracts in water, gas, and electricity were secured, with notable multi-year supply agreements.

• Water and gas sales volumes increased slightly, while electricity sales declined due to lower trading activity.

Financial highlights

• Revenue rose by 30.0% year-over-year to €1,665.0 million, driven by higher spot market prices for gas and electricity.

• EBIT decreased by €6.5 million to €71.7 million, mainly due to the absence of prior-year one-off gains.

• Net income fell by €9.3 million to €59.0 million compared to the first half of 2024.

• Cash flow from operations dropped to €53.7 million from €91.7 million year-over-year.

Outlook and guidance

• Pre-tax profit for 2025 is expected to be slightly below the budgeted €90.6 million.

• No single risk is seen as threatening the company's medium-term existence, but simultaneous major risks could impact results and liquidity.