Weekly (AO) | Transition & ESG Weekly

Research evidence excerpt

Weekly (AO) | Transition & ESG Weekly

massively from EUR2bn at the end of 2019 to EUR18bn at the end of 2023, it has since then fluctuated in the EUR16-

18bn range, which provides a solid coverage of c4 years of forward revenues in the Transmission segment.

In its CMD (March 2025), Prysmian projected yearly awards in Transmission to be worth >EUR15bn as an average. Given that the

company has a 35- 40% market share, this should keep book-to-bill >1x for some years to come, continuing to favour solid pricing

which is filtering into an EBITA margin now >20%, and trending up.

Elia | Buy | Juan Rodriguez - Feedback from Virtual CEO/CFO tour PDF

We hosted Elia's CFO (Marco Nix) at our Virtual CEO/CFO tour. For the current plan, the group appears to be well on track to

achieve the EUR6.7-7.0bn capex for 2026 and the EUR31bn for the 2024-28 period.

The EUR690-740m net income target is also confirmed. In terms of funding, the recent EUR900m hybrids provide the group with

large flexibility going forward, backed by sufficient liquidity (EUR12bn). New debt is expected for the year.

On the remaining part (hybrids/minority disposals), all options remain on the table. Going forward, the current regulatory review

in Belgium with a 8.0% RoE is a positive compared to current levels and is based on conservative assumptions that (60% of

efficiencies achieved), providing confidence that this level will be achieved.

In Germany, discussions are ongoing, but for now, they expect something in line with current levels (post-adjustments). Group is

preparing for a EUR7-8.0bn capex per year going forward (EUR2-2.5bn in Belgium and EUR5-5.5bn in Germany), which should

continue the strong asset base of the group. A capital markets day could be expected next year, once there is better clarity on