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...
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