ELIA GROUP SA/NV

Latest Results (14.05.2026):

Elia Group SA/NV — Full‑year 2025 (year ended 31 December 2025): Elia delivered a heavy investment year, executing €5.2 billion of CAPEX, growing its regulatory asset base markedly and reporting adjusted net profit of €716.5 million (up 39.8% yoy) and net profit attributable to ordinary shareholders of €556.6 million. The group strengthened its balance sheet with a €2.2 billion equity raise and €3.6 billion of green debt issuance, while recognising €33.4 million of net adjusted items (mainly a €99.1 million US impairment partly offset by a German deferred tax revaluation and Belgian tax benefits). Management guides 2026 net profit to €690–740 million and will propose a €2.05 per‑share dividend.

CAPEX and RAB execution

CAPEX execution: €5.186 billion in 2025, driving a 22.5% year‑on‑year increase in Group RAB. Major project progress reported in Belgium (Ventilus, Boucle du Hainaut, BRABO III, offshore works) and Germany (SuedOstLink, Ostwind 3, Bornholm milestones).

Profitability — reported vs adjusted

Adjusted net profit: €716.5m (+39.8% vs 2024). Reported net profit: €683.1m (+33.3%). Net profit attributable to owners of ordinary shares: €556.6m. Adjusted items reduced net profit by €33.4m (notably a €99.1m non‑cash impairment on the US energyRe Giga portfolio, partly offset by a €46.5m deferred tax uplift in Germany and €19.2m Belgian tax consolidation benefit).

Funding, liquidity and balance sheet

Equity: increased to €8,150.2m (up €2.59bn) after a €2.2bn rights issue. Debt and liquidity: €3.6bn green debt raised in 2025; net financial debt €13,629.6m (incl. EEG), average cost of debt ~2.9%; available liquidity ~€11.9bn across cash, undrawn facilities and CP programmes. S&P reaffirmed Group BBB rating (stable).

Belgium (Elia Transmission) — key metrics

Adjusted net profit: €272.1m (+27.3%). Belgium closing RAB ~€7.8bn (100% basis). Net financial debt reduced to €3,849.3m; ETB placed a €500m EU green bond and received a €1.05bn equity push‑down from the group capital raise.

Germany (50Hertz) — key metrics

Adjusted net profit: €439.0m (+42.6%); reported net profit €485.5m benefiting from a €46.5m deferred tax revaluation. Germany closing RAB ~€14.8bn (100% basis). Net financial debt (100%) €9,296.7m; Eurogrid issued ~€3.1bn green bonds/loans and received a €600m equity injection.

Non‑regulated activities & US impairment

Adjusted net profit for non‑regulated segment and Nemo Link: €5.3m. Reported net loss: -€74.5m, reflecting -€99.1m of adjusted items for the reassessment of the US portfolio (energyRe Giga and WindGrid US) and a €19.2m tax consolidation benefit related to prior years. Nemo Link operationally strong (availability 98.7%).

Outlook and shareholder return

2026 guidance: group net profit expected between €690m and €740m. Planned 2026 investments detailed by segment (Belgium ~€1.7bn; Germany ~€5.1bn). Board to propose a €2.05 dividend per share at the General Meeting on 19 May 2026.