Equity Snap: Drax Group PLC (DRX LN): Mid-term EBITDA guidance increased

研报英文原文证据摘录

Equity Snap: Drax Group PLC (DRX LN): Mid-term EBITDA guidance increased

30 July 2026

Equity Snap: Drax Group PLC Equities Electric Utilities

(DRX LN)

Mid-term EBITDA guidance increased United Kingdom

◆ Mid-term EBITDA guidance increased by GBP50-100mn due Charles Swabey*

to BESS additions. FY26 expectations confirmed. Global Utilities & Renewables Analyst HSBC Bank plc

charles.swabey@hsbc.com

+44 20 3268 3954

Drax Group PLC (DRX LN, GBp759, Hold, TP GBp880)

Meike Becker*

(Priced as of 29 Jul 2026) Senior Global Utilities & Renewables Analyst

HSBC Bank plc

Guidance: Company confirms FY26 financial expectations with consensus adj. meike.becker@hsbc.com

EBITDA at GBP664m and a range of GBP643-681m. Medium-term adj. EBITDA +44 20 7991 6441

outlook now includes recent Battery Electricity Storage Systems (BESS) additions

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

and upgraded to GBP650-800m (from FY 2029), compared to previous guidance of not registered/ qualified pursuant to FINRA regulations

post-2027 adj. EBITDA guidance of GBP600-700m from FlexGen, Pellets and

Biomass Generation (unchanged). The updated guidance does not include the

proposed acquisition of Bluefield Solar Income Fund (BSIF) that is due to complete

on 31 July 2026.

Headline 1H 2026 results: Good operational performance across the group and

an improvement in the hedge book. Drax reported 1H26 adj. EBITDA of

GBP279mn, a 39% fall YoY, driven by lower achieved power prices and is inclusive

of planned and unplanned outage work in pumped storage. Adj EPS came in at

29.5p, a 54.6% fall YoY.

▪ Flexible generation & Energy solutions: 1H 2026 EBITDA of GBP77mn

(-5% YoY) due to major planned and unplanned outages Pumped Storage

and Hydro partly offset by EBITDA generated from OCGTs.