Elia profits rise sharply despite US investment setback
Grid operator Elia Group has reported a record net profit in 2025, but its US investment portfolio partially weighed on the final result, according to the company’s annual figures released on Thursday.
The group, which operates the high-voltage electricity grid in Belgium and part of Germany, posted a net profit of 556.6 million euros last year, an increase of about one third and slightly above analysts’ expectations, according to estimates compiled by Bloomberg.
However, the result was reduced by a 99.1 million impairment charge linked to Elia’s stake in the American renewable energy developer energyRe Giga. The impact was partly offset by tax benefits in Belgium and Germany.
Scrapped US wind project
Elia invested in energyRe Giga in early 2024. The company had been involved in several renewable energy projects, including an offshore wind development in New Jersey. That project was abandoned in November after a difficult development process.
In its annual report, Elia pointed to “unfavourable regulatory developments and a less favourable market environment” in the US. The company also noted that president Donald Trump has been a vocal critic of wind energy.
“Nevertheless, we remain confident in the long-term potential of the American transmission market,” the group said.
Heavy investment in infrastructure
The year was also marked by a sharp increase in infrastructure investment. Elia invested 5.2 billion euros in 2025, “more than three times our historical annual average”. The group added that it remained on track to complete its current investment programme by 2028.
Gross operating profit (EBITDA) rose more than 17 per cent to 1.79 billion, although that came in below the 1.91 billion expected by analysts.
For 2026, Elia says its priorities will be continuing large infrastructure investments while maintaining strict cost control and operational performance.
The company expects net profit between 690 and 740 million this year, which would exceed current analyst forecasts. The dividend will remain unchanged at 2.05 euros per share.
The Elia Brabo III project in Beveren, July 2025 © BELGA PHOTO NICOLAS MAETERLINCK
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