Elia Group SA: Q1 Trading Statement: Set for delivery

Research evidence excerpt

Elia Group SA: Q1 Trading Statement: Set for delivery

Equity Research

European Utilities & Clean Energy

20 May 2026

Elia Group SA

Q1 Trading Statement: Set for

delivery First Look

Q1 trading statement. FY26 guidance reiterated. Belgian draft ELI.BR/ELI BB OVERWEIGHT

POSITIVEmethodology for 2028-31 published: 40% equity gearing ratio EuropeanEnergy Utilities & Clean

kept, c.5.8% post-tax base ROE, expected to come to 8.1% Price Target EUR 154.00

with incentives. New funding secured via RCFs and hybrids. Price (19-May-26) EUR 132.80 Potential Upside/Downside +16.0%

Source: Bloomberg, Barclays ResearchStrong project execution with pipeline on track. Reiterate OW

This morning, Elia released its Q1 2026 trading statement. European Utilities & Clean Energy

Laura Marconi

FY26 guidance reiterated: Elia reiterates its guidance of achieving a €690-€740m net profit at +44 (0)20 3555 0762

group level, comprised of €290-€320m adjusted net profit in Belgium and €585-625m net profit laura.marconi@barclays.com

in Germany (at 100%). Over the year, the group is planning to invest c.€1.7bn in Belgium and c. Barclays, UK

€5.1bn in Germany. Dominic Nash, PhD

+44 (0)20 3134 2364

Belgian draft methodology for regulatory period 2028-2031 published: Overall methodology dominic.nash@barclays.com

looks aligned with the current framework. The final tariff methodology is expected to be Barclays, UK

published no later than 30 June 2026. Peter Crampton

+44 (0)20 3555 0125

•• The equity gearing ratio is kept at 40% of RAB and excess equity is still remunerated at the peter.crampton2@barclays.com

reference OLO rate plus 70bps. Barclays, UK

•• The average post-tax base ROE is expected to amount to c.5.8%.

•• Assuming average OLO levels of 3.4% and the effective achievement of incentive targets,