Elia initiated a strong FY26 outlook for Net Group Profit between EUR 690m and 740m vs. our new estimate of 699m. The outlook is now based on a 10y OLO of 3.2% vs. 3.1% previously and a 10y bund of 2.8% vs. 2.5%. In Germany (50Hz), the outlook is particularly strong thanks to high Capex remuneration and Interest capitalisation. We expect Elia shares to consolidate its strong performance as it has been a good hiding place in the current market uncertainty. Grids have become part of the Datacente...
The current context heralds a new period of uncertainty, but this will not undermine the growth cycle for utilities, marked by price normalisation, accelerating demand and the increasing complexity of the electricity system, due to the intermittency of renewables, congestion and the need for flexibility. In this context, selectivity is key, between players seeking profitable growth internationally and those waiting on their domestic market. We maintain our sector hierarchy in favour of earnings ...
Le contexte actuel ouvre une nouvelle période d’incertitude mais qui ne remettra pas en cause le cycle de croissance des Utilities, marqué par la normalisation des prix, l’accélération de la demande et la complexification accrue du système électrique, en raison de l’intermittence des renouvelables, des congestions et du besoin de flexibilité. Dans ce contexte, la sélectivité est déterminante, entre les acteurs qui cherchent la croissance rentable à l’international et ceux qui patientent sur leur...
The FY25 group net profit stood at 556.6m, a 32.1% increase yoy vs. our 525.9m expectation. This was mainly thanks to tax compensations in Germany and at the holding level. Net profit grew 58% at the 50Hz division to 388m vs. 368m expected that benefited from a higher 10y bund. ETB came in line with our expectation at 272m vs. 274m. The non-regulated division however realised a net profit of 5.3m vs. a net loss of 12.8m expected thanks to 44m tax compensation. Elia initiated a strong FY26 outloo...
Aalberts: In-line FY25, but low quality / AMG: 4Q25 beat by 7%; in-line 2026 guidance / Bekaert: In-line 2025, cautious outlook for 2026 to result in c.8% consensus cut / CMB.TECH: A small bit beat but not the full story / Corbion: Dividend sweetener / CTP: Q4 results lighter due to some delays; stronger 2026 outlook / DEME: Strong FY25 numbers and FY26 outlook / Elia Group: Preview FY25 results / SBM Offshore: Another step-up in shareholder return / Syensqo: Substantial miss in 4Q25; FY26 outlo...
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