Elia Group SA

XMUN:E4S

Solid half: Elia Group said the first half of 2026 was a period of solid execution, with stronger profitability and continued progress on major grid projects in Belgium and Germany.

Guidance reaffirmed: The company kept full-year net profit guidance for Elia Group share at EUR 690 million to EUR 740 million, while raising Belgium toward the top of its range and improving the outlook for International & holding activities.

CapEx trimmed: 2026 CapEx was cut by EUR 300 million, mainly because some spending has shifted out of this year and because of procurement and scheduling effects tied to major offshore projects, especially LanWin 6.

Regulatory progress: Management said Belgium’s new tariff methodology is constructive and Germany’s regulatory review is moving forward, though key decisions on WACC and incentives are still pending.

Project milestones: The group highlighted progress on Princess Elisabeth Island, Ventilus, Ostwind 3, North Sea Connector 2 and other backbone reinforcements, underscoring that execution remains on track.

Tarchon deal: Elia announced a planned investment in Project Tarchon, a 1.4 gigawatt U.K.-Germany interconnector, with minority exposure and most of the capital coming from CPP Investments and project financing.