Elia Group Elia raises 850m + 1.35bn rights issue plan, very strong FY24 results
Elia announced a EUR 2.2bn equity package, which includes 850m through a private placement (PIPE). The private placement involves key investors such as ATLAS Infrastructure, BlackRock, Canada Pension Plan Investment Board and Publi-T/NextGrid. Elia also committed to a 1.35bn rights issue, which is already 55% subscribed. Elia Group reported FY24 Net profit (Elia Share) of EUR 421.3m, +29.8% yoy vs. our 365.3m expected. That is far above Elia guidance of 355-395m. FY24 EPS of 5.73 vs. our estimate of 4.97. The GE net profit came 37m above our expectation on higher remuneration from capex and also the Non-regulated loss of 9.2m was much better than guidance and our 31.2m expected loss (FX hedge). The Net profit outlook FY25 amounted to a 490m to 540m range vs. our expectation of 530m. The Capex FY24-28 was also raised by 1.6bn to 31.6bn. Analyst call at 10H00.Elia System Operator develops, operates and maintains very-high-voltage (380 kV, 220 kV and 150 kV) and high-voltage (70 kV, 36 kV and 30 kV) networks, providing its customers with consultancy and engineering services. Whether in Belgium, Germany or elsewhere in Europe or the U.S., Co. ensures that electricity flows reliably from energy producers to distributors and large corporate customers. Co.'s main activities include transmission operator, system operator and market facilitator, developing and maintaining grid infrastructure, connecting electrical installations to grids, providing transparent access to grids, while taking initiatives to improve electricity market operations.
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