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Investing.com -- Elia (EBR:ELI) reported results for the first half (H1) of 2025 that were broadly in line with analyst estimates and reiterated its outlook for the full year.
The Belgian utility posted net income of €270 million, slightly higher than Morgan Stanley’s estimate of €261 million.
While the Non-Regulated segment came in slightly weaker than expected—due to higher financing costs and losses in other businesses—this was partly offset by a strong €15.5 million contribution from NEMO, the Belgian-UK interconnector.
The company reiterated its full-year 2025 EBITDA guidance range of €490–540 million, which sits below the current consensus estimate of €526 million and Morgan Stanley (NYSE:MS)’s €530 million projection.
As a result, the Wall Street firm said it "wouldn’t expect significant changes to earnings on the back of this update."
"We expect a neutral reaction to Elia’s 1H25 results," the bank added.
Barclays (LON:BARC) analysts were more optimistic, noting that they would "see share price outperformance vs the SX6P today as justified."
Elia shares were 0.8% higher in European trading as of 09:40 GMT.
Capex plans remain unchanged. Elia continues to target €1.5 billion in Belgium and €3.6 billion in Germany for the full year, reaffirming its commitment to grid expansion and energy transition infrastructure.
No new information was provided on the German regulatory review process for the post-2029 period, but analysts expect it to be a key discussion point during the earnings call.
On the balance sheet, net financial debt excluding EEG liabilities came in at €11.6 billion, helped by working capital inflows.