1. Business performance review
Pursuant to IFRS 8, the Group identified the following operating segments: Elia Transmission (Belgium), which comprises regulated activities in Belgium (i.e. the regulated activities of Elia Transmission Belgium); Non-regulated segment and Nemo Link, which comprises non-regulated activities within Elia Transmission Belgium and Nemo Link
Rounding – In general, all figures are rounded. Variances are calculated from the source data before rounding, meaning that some variances may not add up.
1.1.1. Segment Elia Transmission Belgium
Highlights
On track with investments to secure a reliable power system and drive sustainable electrification across Belgium
Strong results driven by an expanding asset base, increased equity from the capital increase and a solid performance on incentives
One-off tariff compensation for the financial cost linked to the capital increase
Net financial debt decreased, supported by a €1,050 million injection into ETB to strengthen liquidity and fund grid investments
Key results
at 30/06/2024
Changes in provisions are now included in EBITDA, with 1H 2024 restated accordingly
In the first half of 2025, Elia Transmission reported total revenue and other income
income (expense) from settlement mechanism) of €763.0 million, marking a 2.1% decrease compared to the same period in 2024, when the revenue was €779.3 million.
revenue, other income and net income (expense) from settlement
The grid revenue increased following the increase in tariffs and hence tariff sales but this variation was almost fully offset by regulatory movement. In the first half of 2025 Elia Transmission was having a negative net income from settlement mechanism (net expense) mainly due to significant lower system service cost, whereas in 2024 the revenue was increased by a reimbursement to the tariff from the previous years’ regulatory debt.
The decrease in other income is mainly explained by the non-controllable items recognized in Belgium in the first half of 2024, which covered significant amounts for insurance claim recoveries and the excess cap from the previous regulatory period paid by Nemo Link to Elia Transmission Belgium.
This effect was partially offset by several factors, including a higher regulated net profit, increased depreciations tied to the expanding asset base, and elevated net financial costs related to last year’s green bond issuance. Additionally, a one-off tariff compensation for the financial costs associated with the capital increase, specifically the portion allocated to ETB, contributed to the higher funding costs.
EBITDA rose to €333.2 million (+17.8%) due to a higher regulated net profit, higher depreciation linked to the growing asset base and higher net finance costs, all passed through into revenue. The EBIT also increased despite the increasing depreciation linked to the asset portfolio and the IFRS depreciation for intangible assets, capitalised borrowing costs and leasing. The contribution of equity-accounted investments slightly increased to €1.8 million, linked to the contribution from HGRT.
Net finance cost increased (+9.6%) compared to previous year. This was mainly driven by last year’s debt issuance to support ETB’s organic growth and lower interest income from cash deposits due to decreased interest rates. This was partially counterbalanced by an increased activation of borrowing costs due to the expansion of the asset base (+€7.2 million). ETB is well financed with the EIB green loan facility fully utilized at year end 2024 and the capital raise proceeds. ETB did not access the debt market in the first half of 2025. The average cost of debt remained flat at 2.5% (+10 bps) at end of June 2025. ETB maintains a well-balanced debt maturity profile, with all outstanding debt at fixed interest rates. The financial cost linked to Elia Group’s capital increase were allocated to the Belgian regulated activities on a pro-rata basis according to the use of proceeds. Under IFRS, these costs (€9.7 million) are directly accounted through equity.
Profit for the period rose by 31.7% to €129.8 million, mainly due to the following:
1. A higher fair remuneration (+€18.4 million) due to asset growth and higher equity. Additionally, ETB currently benefits from a higher equity remuneration compared to last year (underlying risk free rate 3.1% vs 2.9%)
2. Increase in incentives (+€3.9 million), reflecting a solid operational performance.This is primarily driven by the incentives associated to the timely commissioning of projects, maximum availability of the MOG following last year’s cable issue, and reduced reservation costs for ancillary services reserves. This was partly offset by a lower incentive for innovation and balancing.
3. A one -off tariff compensation for the financial costs linked to the capital increase (+€9.7 million)
4. Higher capitalised borrowing costs due to a higher level of assets under construction and the slight uptick in average costs of debt (+€7.2 million)
5. Regulatory settlements following the saldi 2024 review (-€2.0 million)
6. Other (-€6.0 million): this was mainly driven by lower activation of long-term issuance cost, lower contributions from employee benefits and higher damages to electrical installations.
Total assets increased by €1,166.1 million to €10,577.1 million due to the realisation of the investment programme €518.7 million and enhanced liquidity from the proceeds of the capital raise allocated to ETB (€1,050 million) in April 2025. This higher liquidity, combined with the partial financing of ETB’s CAPEX programme through operating cash flows – which also benefited from higher cash inflows from levies –led to a decrease in net financial debt to €3,275.4 million (-25.0%). Both the sustainability-linked RCF (€1.26 billion) and the commercial paper (€700 million), which was increased and received a short-term S&P rating (A-2) and STEP-label, remained undrawn at the end of June 2025. Elia Transmission Belgium is rated BBB+ with a stable outlook by Standard & Poors.
Equity increased to €4,138,3.0 million (+€1,063.3 million) driven by the net proceeds from the equity injection (after cost) (€1,040.3 million) and the half-year profit (+€129.8 million). This was partially offset by the dividend payment to Elia Group (-€69.3 million), a higher allocation of equity towards Nemo Link (-€29.8 million), the revaluation of post-employment benefit obligations (-€6.1 million) and the change in fair value of an interest rate hedge (-€1.6 million).
1.1.2. Non-regulated segment and Nemo Link
Highlights
Nemo Link showed strong operational performance although net contribution was constrained by cumulative cap
Interconnector availability remains excellent at 99.96%, demonstrating continuous operational excellence
Key results
Non-regulated activities and Nemo Link
* Changes in provisions are now included in EBITDA, with 1H 2024 restated accordingly
Non-regulated revenue increased to €29.1 million compared to €26.0 million the first half 2024, since more services have been provided by ETB towards other Elia Group affiliates (mainly 50Hertz and Elia Group).
Equity-accounted investments contributed €15.5 million to the Group’s result, which is almost entirely attributable to Nemo Link, marking a decrease of €9.2 million compared to 2024, Nemo having reached the cap.
EBIT fell to €14.1 million (-€12.9 million). This was mainly driven by the lower contribution from the associate Nemo Link.
Net finance costs remained stable at -€1.3 million and mainly included expenses related to the Nemo Link private placement.
Profit for the period decreased by €12.0 million to €13.5 million, in line with the effects commented here above.
Total assets increased to €305.9 million (+4.3%) while the net financial debt amounts to €130.7 million (-3.2%).
2. Statement on the true and fair view of the condensed consolidated interim financial statements and the fair overview of the interim management report
The undersigned Chairman of the Board of Directors Geert Versnick and Chief Executive Officer Frédéric Dunon declare that to the best of their knowledge:
a the condensed consolidated interim financial statements, which have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union, give a true and fair view of the equity, financial position and financial performance of the company, and the entities included in the consolidation as a whole
b the interim management report includes a fair overview of the information required under Article 13, paragraphs 5 and 6 of the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
Brussels, 18 July 2025
Frédéric Dunon
Geert Versnick Chief Executive Officer Chairman of the Board of Directors
3. Condensed consolidated interim financial statements
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of profit or loss
For a segmentation of the revenue, we refer to chapter 1 Business Performance Review. The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of profit or loss and other comprehensive income
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of changes in equity
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Condensed consolidated statement of cash flows
The accompanying notes are an integral part of these condensed
financial statements.
4. Notes to the condensed consolidated interim financial statements
4.1. General information
Elia Transmission Belgium NV/SA (hereinafter the ‘Elia’ or the ‘Company’) is established in Belgium, with its headquarters at 20 Boulevard de l’Empereur, B-1000 Brussels. The condensed consolidated interim financial statements for the first six months of 2025 include those of Elia Transmission Belgium SA/NV and its subsidiaries (together referred to as the 'Group' or 'Elia Transmission Belgium Group’) and the Group's interest in joint ventures and associates.
Elia's core business is managing, maintaining and developing very-high-voltage grids (380 kV, 220 kV and 150 kV) and high-voltage grids (70 kV, 36 kV and 30 kV). It is responsible for transmitting electricity from power generators in Belgium to customers, particularly distributors and major industrial users.
The Group also has a 50% stake in Nemo Link Ltd, which has constructed an electrical interconnector between the UK and Belgium: the Nemo Link interconnector. Nemo Link Ltd is a joint venture with National Grid Ventures (UK) and began commercial operations on 30 January 2019, with a transfer capacity of 1000 MW.
These condensed consolidated interim financial statements of the company as at and for the six months ended 30 June 2025 contain the financial position and performance of the company and its subsidiaries (collectively referred to as "the Group") and the Group's interests in joint ventures.
The condensed consolidated interim financial statements were approved by the Board of Directors of Elia Transmission Belgium SA/NV on 18 July 2025
4.2. Basis for preparation and changes to
the Group's accounting policies
Basis for preparation
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as approved by the European Union.
These condensed consolidated interim financial statements do not include all the information and disclosures required for a complete set of financial statements in accordance with IFRS accounting standards and should be read in conjunction with the Group’s last annual consolidated financial statements for the year which ended on 31 December 2024. These condensed statements include selected explanatory notes to explain events and transactions that are significant in terms of changes to the Group's position and performance that have occurred since the last annual consolidated financial statements were published.
The directors reassessed the going concern assumption of the Company and, at the time of approving the financial statements, held a reasonable expectation that the Group had adequate resources to continue in operational existence for the foreseeable future. The directors will therefore continue to adopt the going concern basis of accounting in the preparation of the financial statements.
No changes to the accounting policies for the Group have occurred when compared with the Annual Report 2024; please refer to the latter for a detailed overview of the accounting policies used.
New standards, interpretations and amendments adopted by the Group
The accounting policies applied when preparing these condensed consolidated interim financial statements are consistent with those used to prepare the Group's annual consolidated financial statements for the year which ended on 31 December 2024
The standards, interpretations and amendments effective as from 1 January 2025, can be summarized as follows:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
These new amendments did not have a material impact on the condensed consolidated interim financial statements of the Group.
Standards which have been issued but not yet effective
The below standards and interpretations have been published but are not yet applicable for the annual period beginning on 1 January 2025 and are not expected to have a material impact on the Group; they are therefore not set out in detail:
IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning on or after 1January2027, but not yet endorsed in the EU)
IFRS 19 Subsidiaries without Public Accountability – Disclosures (applicable for annual periods beginning on or after 1January 2027, but not yet endorsed in the EU)
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods beginning on or after 1January2026, Endorsed on 27th May 2025)
Annual Improvements – Volume 11 (applicable for annual periods beginning on or after 1January2026, endorsed on 9th July 2025)
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity (applicable for annual periods beginning on or after 1January2026, endorsed on 30th June 2025)
The Group is currently working to identify all impacts the new standard IFRS 18 will have on the primary financial statements and notes to the financial statements. The Group is also closely monitoring the changes expected in the context of the upcoming IFRS 20 standard for rate regulated activities, the text of which is expected by the end of the year.
4.3. Use of estimates and judgements
The condensed consolidated interim financial statements for the first half of 2025 have been prepared using estimates and judgements as indicated in note 2.5 accompanying the Group’s annual consolidated financial statements as of and for the year ended 31 December 2024
Geopolitical, economic and financial developments, particularly related to highly volatile commodities markets and the war in Ukraine, have prompted the Group to step up its risk oversight procedures, mainly with regard to measuring financial instruments, assessing the market risk as well as counterparty and liquidity risks. Amongst other figures, the estimates used by the Group used- to test for impairment and to measure provisions take into account this environment and the high level of market volatility.
4.4. Subsidiaries, joint ventures and associates
Group structure
The below table provides an overview of our main subsidiaries, joint ventures, associated companies and other shareholdings held across the Group. The Group structure is also available on our website
Investments accounted for using the equity-method – Joint ventures
Nemo Link Ltd.United KingdomStrand 1-3, London WC2N 5EH50.0050.00
Investments accounted for using the equity-method – Associates
H.G.R.T S.A.S.France1 Terrasse Bellini, 92919 La Défense Cedex17.0017.00
Coreso SA/NVBelgiumAvenue de Cortenbergh 71, 1000 Brussels15.8415.84
Investments accounted for using IFRS9 - Other shareholdings
JAO SALuxembourg2, Rue de Bitbourg, 1273 Luxembourg Hamm4.004.00
There was no change in scope during the first half of 2025
The Elia Transmission Belgium segment reported total revenue, other income and net income (expense) from settlement mechanism of €763.0 million (Note 1.1.1) and the non-regulated segment and Nemo Link reported revenues and other income of €29.1 million (Note 1.1.2).
The higher revenue resulted from the increase in tariffs, almost fully offset by regulatory movements. In 2025, Elia Transmission was having net expense from the regulatory settlement mechanism mainly due to significantly lower costs than planned in the tariff proposal 2025. This is particularly the case for ancillary service costs. In 2024 the revenue was increased by a reimbursement to the tariff from the previous years’ debt.
The decrease in other income is mainly explained by the non-controllable items recognized in Belgium in the first half of 2024, which covered significant amounts for insurance claim recoveries and the excess cap from the previous regulatory period paid by Nemo Link to Elia Transmission Belgium.
No further geographical information is provided as revenues are generated in the countries where the grid infrastructure is located, which largely corresponds to the segments mentioned above.
The Group’s own production relates to time spent on investment projects by group employees. We refer to the segment reports for further details about the Group’s recognised revenues at segment level.
4.7. Acquisitions and disposals of (in)tangible fixed assets
A net sum of €507.0 million was invested in Elia Transmission Belgium (€0,0 million for non-regulated activities and NemoLink) in the first half of 2025
This amount includes €57.4 million intangible fixed assets (mainly licenses and software) and €449.6 million tangible fixed assets (mainly cable, overhead lines and other equipment related to the grid).
In Belgium, the Group continued to develop the MOG II project on the energy island. In 2025, the Group's CAPEX ambitions are significant, in line with the strategic CAPEX plan defined for Belgium. Capital expenditure is set to accelerate further in the second half of the year.
4.8. Trade and other receivables
Non current trade and other receivables
The non-current trade and other receivables have decreased from €55.0 million at 31 December 2024 to €42.3 million at 30 June 2025. The amount corresponds entirely to the amount of capital grant to be received under the Recovery and Resilience Facility (RRF) for the construction of the Princess Elisabeth Island project. As of 30 June 2025, Elia Transmission Belgium has booked a reduction in the capital grant to reflect the risk of delays.
In connection with the European Union's request to update the Belgian Recovery and Resilience Plan, it appeared that these risks necessitated Elia and the Belgian State to adjust the stage that can be reached within the timing set by European Union. The amount initially planned (€99.7 million) was based on the complete delivery of the island and its 23 caissons by 30 June 2026. It was deemed reasonable to adjust the original target in a prudent manner, leading to a reduction of €52.7 million resulting in a subsidy amount of €47 million.
Although the updated Belgian plan awaits validation by the EU, and although the Belgian state and Elia must formalize the subsidy terms in a new Protocol, the Group considered it reasonable to adjust as of 30 June 2025 the capital grant position, presented under other non-current liabilities, along with the related receivable.
As of 30 June 2025, the receivable amounts to €42.3 million, classified entirely as a long-term receivable, to compare with €55 million and €40 million reported as of 31 December 2024, respectively, as noncurrent trade and other receivables and current trade and other receivable. Current trade and other receivables
The current trade and other receivables decreased from €561.8 million at 31 December 2024 to €356.8 million at 30 June 2025 (-€205.0 million). The decrease is mainly attributable to a timing effect on top of the specific decreases identified in VAT and other taxes receivable (-€23.9 million), levies (-€67.9 million) and capital grant receivable (-€40.0 million - see here above).
4.9. Other financial assets
The total non-current other financial assets remained stable with a slightly increase by €0.4 million compared with the previous reporting period. This variation is mainly the result of the increase of the reimbursement rights.
'Other shareholdings' consists of a stake of 4.0% in JAO Joint Allocation Office SA. This investment is measured at fair value through other comprehensive income.
4.10. Derivative instruments
As per 30 June 2025 and as per 31 December 2024, the Group doesn’t have any derivative instruments.
Measurement
All the derivatives, if any, are measured at fair value though OCI and are reported in level 1 based on market-to-market values.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in fair value of cashflow hedging instruments.
In 1H 2025, the hedging reserve decreased from a €28.0 million to €26.4 million due to the recycling of the hedging reserve (-€4.2 million) resulting from the derivatives (IRS 2023 and 2024).
4.11. Deferred tax assets/liabilities
at the end of 30 June 2025, of which €2.9 million is
4.12. Shareholders
Capital increase
Following the equity raise of €2.2 billion completed by Elia Group on 8 April 2025 (including a private placement of €850 million), it has been decided by Elia Group to proceed with a capital increase of Elia Transmission Belgium SA/NV by an amount of €1,050 million (€555,0 million in share capital and €495 million in additional paid-in capital).
Costs directly attributable to the transaction amounted to €9.7 million.
Dividends
On 23 May 2025, shareholders approved payment of a gross dividend of €0.35 per share, corresponding to a total gross dividend of €99.7 million. The amount has been entirely paid on the 2nd June 2025 to Elia Group SA/NV.
4.13. Loans and borrowings
Loans and borrowings as at 30 June 2025 comprise the following:
The total loans and borrowings decreased from €5,113.8 million (31 December 2024) to €5,040.6 million (30 June 2025).
This variation is mainly explained by: €8.3 million of capital repayment of the amortising bond in the segment Non-regulated and Nemo Link;
• €14.0 million of nominal amount repayment of the amortising loan. Interest of €116.4 million was paid on these financial debts during the period.
The Group has various legal and constrictive obligations as follows:
Post employment obligations, including defined contribution plans, defined benefit plans and other personnel obligations: the obligation has increased over the period due to the service cost of the period not entirely compensated by the return on plan assets. Actuarial gain or losses are not significant in 1H 2025. We refer to note 6.15 which accompanies the annual consolidated financial statements as of and for the year which ended on 31 December 2024 for more details.
Provisions which cover the following items:
– Environment – Elia Re – Dismantling obligations
– Other, including litigation matters relating to business interruptions, contractual claims or disputes with third parties.
There were no significant changes to the provisions in the first half of 2025.
For more information, we refer to note 6.16 of the annual consolidated financial statements as of and for the year which ended on 31 December 2024. More information regarding contingent liabilities is disclosed in note 4.24.
4.15. Financial instruments
The table below shows a comparison of the carrying amount and fair value of financial instruments as at 30 June 2025 and the fair value hierarchy:
The above tables do not include fair value information for cash and cash equivalents, trade and other receivables, or trade and other payables, as their carrying amount is a reasonable approximation of fair value. The fair value of finance lease liabilities and accrued interests are not included as there is no requirement for disclosure.
Fair value hierarchy
Fair value is the amount for which an asset could be exchanged or a liability settled in an arm's-length transaction. IFRS 7 requires, for financial instruments that are measured in the statement of financial position at fair value and for financial instruments measured at amortised cost for which the fair value has been disclosed, the disclosure of fair value measurements by level in the following fair value measurement hierarchy:
Level 1: The fair value of a financial instrument that is traded in an active market is measured based on quoted (unadjusted) prices for identical assets or liabilities. A market is considered active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s-length basis.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These maximise the use of observable market data where these are available and rely as little as possible on entity-specific estimates. If all significant inputs required to assess the fair value of an instrument are observable, either directly (i.e. as prices) or indirectly (i.e. derived from prices), the instrument is included in level 2.
Level 3: If one or more of the significant inputs used in applying the valuation technique is not based on observable market data, the financial instrument is included in level 3. The fair value amount included under ‘Other financial assets’ has been determined by referring to either (i) recent transaction prices, known by the group, for similar financial assets or (ii) valuation reports issued by third parties.
The fair value of financial assets and liabilities, other than those presented in the table above, approximates to their carrying amounts largely due to the short-term maturities of these instruments.
Other financial assets
The fair value of other financial assets increased by €0.4 million compared with previous year. This increase has mainly resulted from reimbursement rights and the fair value of the SICAV.
The fair value of SICAV falls into level 1, i.e. valuation is based on the listed market price on an active market for identical instruments.
Loans & borrowings
The fair value of the bank loans and bond issues decreased by €21.8 million, due to a better pricing on the market. Fair value was determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy).
The fair value of other bank loans approximates to their carrying amounts largely due to the short-term maturities of these instruments.
4.16. Trade and other payables
The current trade and other payables increased compared to 2024 with €117.3 million from €816.8 million at 31 December 2024 to €934.2 million at 30 June 2025. This is mainly explained by the levies (+€128.5 million ) partly offset by a decrease in trade payables (timing effect).
4.17. Other liabilities
The total other liabilities has decreased following the downward adjustment of the capital grant for the Princess Elisabeth Island. As explained in Note 4.8, the project might not be completed by the end of June 2026, a portion of the subsidy received under the Recovery and Resilience Facility (RRF) for the construction of the Princess Elisabeth Island project may be at risk, which has triggered a reduction of the capital grant.
4.18. Accruals and deferred income
The deferral account from the settlement mechanism (€180.7 million) increased compared with the year end 2024 (€66.0 million). In 2025, Elia Transmission is having net expenses from the regulatory settlement mechanism mainly due to significantly lower costs than planned in the tariff proposal 2025. This is particularly the case for ancillary service costs.
4.19. Net finance costs
Net finance costs slightly increased compared to the first half of 2024 (+€3.1 million), primarily due to lower finance income (-€7,3 million in interests deposits). This variation has been partly offset by a decrease in finance costs of € 3.8 million, driven by higher capitalized borrowing costs compared to 2024 (€8.2 million in 2024 versus €15.8 million in 2025) partly offset by various higher other finance costs
4.20. Income tax
Excluding the share of profit of equity-accounted investees, the best estimate of the weighted average annual income tax rate expected for the full financial year was 23.4% for the six months to June 2025 compared to 24.5% for the six months to June 2024
Over the period, the Group’s tax position evolved from a tax receivable of €46.2 million to a tax liability of €13.1 million. This change is mainly explained by: the enrollment and subsequent reimbursed by the tax authorities of the tax receivable 2023 (-€15.5 million);
• the refund of €25.2 million related to excess advance tax payments made in 2024 (-€25.2 million) the tax liability resulting from the tax calculation as per 30 June 2025 (-€18.5 million).
4.21. Settlement mechanism (regulatory framework)
The settlement arising from the tariff regulation mechanism for the year ended 31 December 2024 was finalized in June 2025 by the CREG and was accounted for in the period ended 30 June 2025 affecting the net profit for the period by -€6.5 million.
For further detail about the regulatory framework which was applicable in 2024, we refer to notes 9.1 and 9.2 which accompanies the annual consolidated financial statements as at and for the year which ended on 31 December 2024
4.22. Related parties
Controlling entities
The core shareholder of Elia Transmission Belgium is still Elia Group SA/NV. Other than the yearly dividend payment, no transactions occurred with the core shareholder during the six months ended 30 June 2025
Transactions with key management personnel
Key management personnel include Elia's Board of Directors and Elia’s Management Committee, both of which have a significant influence over the entire Group.
Key management personnel did not receive stock options, special loans or other advances from the Group during the year.
There were no significant transactions with entities in which Elia’s key management personnel exercise a significant influence (e.g. holding positions such as CEO, CFO or members of the Management Committee) in the first half of 2025.
Transactions with joint ventures and associated companies
Details relating to transactions with joint ventures and associated companies are shown below:
Transactions with other related parties
In addition, Elia's Management Committee also assessed whether transactions occurred with entities in which they or members of the Board of Directors exercise a significant influence (e.g. positions as CEO, CFO, vice-presidents of the Management Committee, etc.).
There were some transactions with parties in which these key persons have a significant influence. All these transactions took place in the normal course of Elia’s business activities. There were expenses for a total amount of €218.2 thousand and €37.5 thousand revenues in the first half of 2025 and no outstanding receivable per 30 June 2025
Furthermore, we here disclose the transactions of the period between Elia Transmission Belgium and the German segment (Eurogrid GmbH and its subsidiaries): sales of €27.7 million and purchases of €23.2 million resulting in an open position of €10.4 million receivable and 4.1 million payable as per 30 June 2025
4.23. Seasonal fluctuations
Part of the Group's revenue profile follows a seasonal pattern, primarily due to the higher volumes of electricity consumed during the winter that have to be transmitted by the grid operator from power generators to distributors and large industrial customers, and also due to the impact of renewable energy, which is highly sensitive to weather conditions and hence has a considerable effect on revenue inflows and the course of business.
4.24. Commitments and contingencies
As of 30 June 2025, the Group had rights and commitments not reflected in the balance sheet for a total of €4,284.0 million.
They mainly related to CAPEX and OPEX expenditure commitments, as well as various guarantees given to suppliers or public authorities (“performance bonds”, "contractual guarantees",...) and received from customers (contractual guarantees, notably with BRPs).
Contingent liabilities
As stated in Note 4.14, the Group defends litigation matters relating to business interruptions, contractual claims or disputes with third parties. Generally, in line with good business practice, the group does not recognize any pending proceeding which has not matured and/or where the probability of existing or future exposure is unlikely, where financial impact is not estimable and for which no contingent liabilities are able to be quantified.
Nevertheless, at the end of June 2025, it may be relevant to note that, in connection with an open procedure, the group received, in 2023, a judgement that could result in it having to pay compensation amounting to around €14.0 million. The Group decided to file on appeal against the court’s decision. The Group and its lawyers are confident that their arguments will be heard. The probability of an outflow is considered remote and no provision has been recognized in connection with this litigation. As per 30 June 2025, the procedure is still ongoing.
Other contingencies and commitments
Project risks and related contingencies
As per 30 June 2025, the situation concerning the Princess Elisabeth Island project remains globally unchanged from the disclosure at the end of December 2024. The construction of the artificial island's foundations and the implementation of previously signed alternating current (HVAC) contracts continues, with some delays in execution still possible.
Discussions about the “variation request” introduced by a contractor and rejected by the Group have continued, without reaching a mutual agreement. As provided in the contract, the process is now entering a new phase: dispute settlement with third-party experts; but the Group's risk assessment remains unchanged from the end of 2024. The case remains complex, but Elia does not anticipate significant impacts on its financial statements; any potential impact is expected to be capitalizable.
The Group continues to closely monitor the advancement of this project. Additionally, as mentioned in Note 4.8 and Note 4.17, the risk of delays have led the Group to reflect, as of 30 June 2025, a reduction of the capital subsidy granted for the project with the framework of the Recovery and Resilience Facility (EU instrument to support project of Member States and help the EU emerge stronger and more resilient from the recent crisis). This decision is based on a highly cautious revision of the project's progress. The Group is making every effort to adhere to the initial schedule and minimize the impact of delays on the overall project cost.
4.25. Events after the reporting date
No significant events that would result in the financial statement being adjusted occurred after the closing of the financial statements as of 30 June 2025
4.26. Regulatory framework
4.26.1 Regulatory framework in
Belgium
In 2025, no significant changes to the regulatory framework applicable for the regulatory period 2024-2027 in Belgium (as described in note 9.1 which accompanies the annual consolidated financial statements as at and for the year ended on 31 December 2024).
4.26.2 Regulatory framework for the Nemo Link interconnector
In 2025, there were no significant changes to the regulatory framework for the Nemo Link interconnector. (as described in note 9.2 which accompanies the annual consolidated financial statements as at and for the year which ended on 31 December 2024).
5. Joint statutory auditor's report to the board of directors of Elia Transmission Belgium
NV on the review of the condensed consolidated interim financial information as at 30 June 2025 and for the six-month period then ended
Introduction
We have reviewed the accompanying condensed consolidated statement of financial position of Elia Transmission Belgium NV as at 30 June 2025, the condensed consolidated statement of profit or loss, the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the six-month period then ended, and notes to the interim financial information (“the condensed consolidated interim financial information”). The board of directors is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope
of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information as at 30 June 2025 and for the six-month period then ended is not prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union.
Brussels, 22 July 2025
Joint statutory auditors
BDO Réviseurs d’Entreprises SRL / Bedrijfsrevisoren BV represented by
Michaël Delbeke*
Partner
*Acting on behalf of a BV/SRL
EY Réviseurs d’Entreprises SRL / Bedrijfsrevisoren BV represented by
Frédéric De Mee*
Partner
*Acting on behalf of a BV/SRL
6. Alternative performance measures
The half-year financial report contains certain financial performance measures that are not defined by IFRS accounting standards and are used by management to assess the financial and operational performance of the Group. The main alternative performance measures used by the Group are explained and/or reconciled with our IFRS measures (Consolidated Financial Statements) in this document.
The following APM’s appearing in the half-year financial report are explained in this appendix:
CAPEX (Capital Expenditures).
EBIT
EBITDA
Free cash flow
Net finance costs
Net financial debt
Equity attributable to the owners of the company (per share)
Reported earnings per share (in €) (Elia share)
Regulatory Asset Base (RAB)
CAPEX (Capital Expenditures)
CAPEX (Capital Expenditures) = Acquisitions of fixed assets (a.o. property, plant and equipment and intangible assets) minus proceeds from sale of fixed assets. Capital expenditures, or CAPEX, are investments realised by the Group to acquire, upgrade, and maintain physical assets (such as property, buildings, an industrial plant, technology, or equipment) and intangible assets. CAPEX is an important metric for the Group as it affects its Regulated Asset Base (RAB) that serves as basis for its regulatory remuneration.
EBIT
EBIT (Earnings Before Interest and Taxes) = result from operating activities, which is used for the operational performance of the Group. The EBIT is calculated as total revenue less costs of raw materials, consumables and goods for resale, services and other goods, personnel expenses and pensions, depreciation, amortisation and impairment, changes in provision and other operating expense and plus the share of equity accounted investees.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) = results from operating activities plus depreciation, amortisation and impairment plus share of profit of equity accounted investees. EBITDA is used as a measure for the operational performance of the Group, thereby extracting the effect of depreciation, amortisation and impairments of the Group. EBITDA excludes the cost of capital investments like property, plant, and equipment. Please note that until 31 December 2024, the changes in provisions were also excluded from EBITDA. This has been amended for the half-year report as at 30 June 2025 in order to better comply with the commonly accepted definition of EBITDA.
Add:
* Changes in provisions are now included in EBITDA, with 1H 2024 restated accordingly
cash flow
Free cash flow = Cash flows from operating activities minus cash flows from investment activities. Free cash flow provides an indication of the cash flows generated by the Group.
Net finance costs
Represents the net financial result (finance costs plus finance income) of the Group.
Net financial debt
Net financial debt = Non-current and current interest-bearing loans and borrowings (incl. lease liability under IFRS 16) minus cash and cash equivalents. Net financial debt is an indicator of the amount of interest-bearing debt of the Group that would remain if readily available cash or cash instruments were used to repay existing debt.
Regulatory Asset Base (RAB)
Regulated asset base (RAB) is a regulatory concept and an important driver to determine the return on the invested capital in the TSO through regulatory schemes. The RAB is determined as follows: RABi (initial RAB determined by regulator at a certain point in time) and evolves with new investments, depreciation, divestments and changes in working capital on a yearly basis using the local GAAP applicable in the regulatory schemes. In Belgium when setting 8the initial RAB, a certain amount of revaluation value (i.e. goodwill) was taken into account which evolves from year to year based on divestments and/or depreciation.