1H26 Results – Guidance reiterated, but with a constructive message

Research evidence excerpt

1H26 Results – Guidance reiterated, but with a constructive message

Update

July 29, 2026 05:52 AM GMT

Morgan Stanley Europe S.E., Paris Branch+MElia | Europe Arthur Sitbon, CFA

Equity Analyst

1H26 Results – Guidance Arthur.Sitbon@morganstanley.comMorgan Stanley & Co. International plc+ +33 1 42 90 71-03

Marina Fuentes Juan

Research Associatereiterated, but with a Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Robert Pulleyn

Equity Analyst and Commodity Strategistconstructive message

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

Sarah E Lester, CFA

AlphaSignals Earnings Reaction Equity Analyst

Sarah.Lester@morganstanley.com +44 20 7425-0551

Unchanged Modest upside Modest revision higher Arthur Descazeaud

Impact to our thesis Financial results versus consensus Direction of next 12-month Research Associate

consensus EPS Arthur.Descazeaud1@morganstanley.com +44 20 7677-1282

Source: Company data, Morgan Stanley Research

Elia (ELI.BR, ELIA AV)

Utilities | Belgium

Key Takeaways

Stock Rating Overweight

We expect a small positive reaction from Elia shares following the 1H26 results. Industry View Attractive

Price target €150.00

2026 net income target is reiterated, but we believe top half of the guided range Shr price, close (Jul 28, 2026) €136.00

52-Week Range €143.10-92.35

can be achieved based on updated divisional targets. Mkt cap, curr (mn) €14,830

Net debt (12/26e) (mn)* €19,649

In particular, the group has better divisional indications for Belgium and Other. EV, curr (mn)* €29,771

Capex outlook for 2026 slightly lowered in Germany. * = GAAP or approximated based on GAAP

2026 net income target reiterated, but we believe top half of the range is within

reach. Elia confirmed its guidance for 2026 group share (post hybrid) net income

guidance of €690-740mn.