Slides
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2026 half-year results Analyst and investor call 29.07.2026
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Bernard Gustin CEO Marco Nix CFO Stéphanie Luyten Head of IR, M&A, & Financial Partnerships
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Disclaimer 3 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIESAND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. This presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for any securities in the United States or in any jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 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4 Agenda 01 Highlights 02 Half-year results 2026 03 Outlook
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Highlights 01
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6 Belgian regulatory framework confirmed Key principles of the regulatory framework 2028-2031 Embedded debt principle Regulatory gearing: Incentives linked to operational targets (Including 4 new incentives) ¹Average return on equity determined on the BEGAAP reference equity (40% average RAB). 210YR OLO: 10-year Belgian linear bond rate with a floor of 1%. 3Estimated cost for the floor protection on the 10YR OLO. 4MOG II refers to the Princess Elisabeth Island (offshore energy island and AC installation). Cost+ model No volume risk Avg. 8.1% based on Belgian 10YR OLO2 of 3.4% 2028-2031 Average regulatory return1 Incentives ~2.0% Fair remuneration net return ~ 5.82% Risk premium MOG I & II4 ~0.3% 40% 6 Premium for floor 10YR OLO ~ -0.06%3 No significant changes compared to regulation 2024-2027 Additional incentives NEW No split of old and new RAB • Investment cost efficiency • Regional grid capacity reinforcing • Timely and quality delivery of studies • Forecasting accuracy for congestion management Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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7 German regulatory framework update Consultation and stakeholder dialogue ongoing Key draft principles 1 Unified ROE for all assets 2 Cost+ model with incentives 3 Standardised WACC for capital cost remuneration 4 Cost of debt based on reference rates1 TimingCurrent status Dec 2025 - Oct 2026 Draft determination / stakeholder input Dec 2026 Final determination of the TSO framework methodology End 2027 Determination of ROE 2029 Start of new regulatory period • BNetzA is aiming for a comprehensive process to develop the regulatory framework, involving all stakeholders, it is currently a draft. • A final assessment is only possible after the ROE has been determined. 2027 - 2028 Determination of methodologies for incentives 1Reference rates still to be defined Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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8 Turning infrastructure into industrial strength Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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9 Germany’s Network Development Plan 2037/2045 (2025) process April 2025 Scenario framework approved December 2025 First draft NEP published March 2026 Second draft submitted to BNetzA July-August 2026 BNetzA public consultation ongoing Open until 24 August 2026 H2 2026 / Early 2027 Final NEP confirmation by BNetzA Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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10 Belgium’s Federal Development Plan 2028-2038 Mar-Nov 2025 Development of scenarios with subsequent consultation June 2026 Submission of draft development plan to CREG 2027 Approval of the final GDP by the Federal Minister of Energy Early 2027 Submission to the Federal Ministry of Energy Oct-nov 2026 Public consultation Late aug-sept 2026 Publication of CREG advice on draft development plan Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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11 11 World’s first artificial energy island for offshore wind Princess Elisabeth Island 19 out of 23 caissons were installed by June 2026 Substantial progress on fabrication of AC modules & offshore AC cables €650m EIB loan & €47.5m EU grant PCI project Top 3 projects Belgium Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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12 Top 3 projects Belgium 12 New 380 kV corridor in Flanders, crucial for bringing offshore wind power inland and boosting grid capacity Ventilus Route is fixed Spatial plan published in May 2025 Building permit Granted Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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13 13 Ostwind 3 An offshore grid-connection project in the Baltic Sea, designed to integrate 300 MW of renewable energy into the German high-voltage grid Top 3 projects Germany Cable laying completed Jasmund offshore platform installed Commissioning planned in 2026 Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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14 14 Bornholm Energy Island Joint German–Danish project to build an offshore energy hub on the Danish island of Bornholm Top 3 projects Germany DK–DE agreement on project and offshore wind cost allocation Four converter systems ordered €645m EU grant PCI project Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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15 15 Subsea interconnector that will allow electricity to move between the UK and Germany in both directions 1.4 GW HVDC link connecting the UK and Germany WindGrid & CPP Investments combining transmission expertise and long-term capital Regulated asset - Progressing through approval processes Majority-owned by CPP Investments, with WindGrid holding a 25% look-through stake Note: The transaction is expected to be completed by the end of 2026 subject to regulatory and closing conditions Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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16 Transactions of 1H 2026 €900 million Hybrid securities €5.25 billion Green RCF €2 billion Sustainability- linked RCF €325 million Schuldschein1 Elia Group 50Hertz Elia Transmission Belgium 50Hertz 1Promissory note loan Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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Half-year results 2026 02
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18 Dividend & Hybrid coupon -881 Net impact from borrowings 137 Other -507 484 4,417 1H 2026 9,750 3,849 FY 2025 -1,292 Operating CF 1,926 Gross Capex 314 Income tax & Interest paid 316 14,083 14,604 10,693 +3.7% 1H 2026 Elia Group net debt excl. EEG evolution 1 Net debt excluding EEG and similar mechanisms. €14,603.6 million Net debt excl. EEG1 +3.7% yoy 100% Fixed debt ratio Calculated on gross debt Strong funding profile supports investment execution, limiting net debt increase ETB 50Hertz International & holding activities 3.0% Average cost of debt +11 bps BBB/stable outlook S&P rating +3.7% Key Figures Net debt excl. EEG1(€m) Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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19 1H 2026 key figures 19 1 Includes 100% of investments realised by 50Hertz. 2 Net profit Elia Group share refers to the net profit attributable to owners of ordinary shares. 3 New hires joining ETB consolidated, 50Hertz consolidated and the International & Holding segment. 4 Pending SBTi approval | absolute emissions | base year: 2024 | Scope 3 emissions intensity target linked to transformer capacity growth. CAPEX1 €1,926 million +29.4% yoy €348.7 million +29.4% yoy Net profit Elia Group share2 New hires3 334 New SBTi-aligned targets by 20354 -63% scope 1 & 2 emissions -66% scope 3 emissions Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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20 -11.8 1H 2025 ETB 50Hertz 8.6 International & holding activities -3.2 1H 2026 325.6 410.9 207.5 129.8 33.5 43.3 250.8 163.3 +26.2% 1H 2026 Elia Group results Asset growth, higher returns and improved International & holding contribution drive adjusted net profit growth Key figures Adjusted profit for the period evolution (€m) €2,317.5 million €348.7 million Revenues +10.7% yoy Profit for the period Elia Group share +29.4% yoy 0.0 -41.5 -14.5 9.0 -50.1 -21.0 Adjusted items Non-controlling interests Hybrid securities Profit for the period Elia Group share 269.6 348.7 +26.2% Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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21 1H 2026 Profit for the period Elia Group share 21 Half-year 2026 (in €m) Profit / (loss) for the period NCI & Hybrid Profit for the period Elia Group share [A] 163.3 250.8 5.7 419.9 (50.1) (21.0) 348.7Reported Adjusted items 9.0+ Group contribution (2023) 9.0Total [B] [A]-[B] 163.3 250.8 (3.2) 410.9Adjusted Belgium Germany International & Holding activities Elia Group Elia GroupNCI Hybrid 9.0 9.0 Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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22 1H 2026 Elia Transmission Belgium (Adjusted) Profit for the period evolution (€m) Revenues €796.2 million +4.3% yoy Key figures Asset growth and increased returns underpin earnings Fair remuneration 2.4 Incentives Cap. Borrowings (IFRS) 4.8 Debt issuance cost (IFRS) 4.3 CREG Review -9.9 Capital Increase (IFRS) 1H 2026Other 4.3 129.8 163.3 11.7 22.7 95.3 21.1 6.5 21.7 25.2 116.4 1H 2025 +25.8% Profit for the period €163.3 million +25.8% yoy Fair remuneration Incentives Other +25.8% Equity remuneration 5.82%1 1Based on a risk-free rate of 3.4%. Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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23 1H 2026 Elia Transmission Belgium Equity (€m) Liquidity €3.1 billion Maturity profile (€m) BBB+/ Stable outlook (S&P) €2 billion sustainability linked RCF Average cost of debt of 2.8% Weighted debt duration – 6.6 years €3.1bn liquidity and well-balanced maturity profile 24.8 FY 2025 23.3 1H 2026 4,382.8 4,355.8 4,358 4,333 -0.6% 700 2,000 355 Unused CP Committed undrawn credit lines Cash Hedge Equity 50 50 50 50 50 50 50 14 50 50 50 50 14 14 50 50 14 14 14 14 14 2031 2032 200 500 2033 2034 500550 800 2036 2037 2038 2039 514 314 614 414 500 2026 250 2027 2028 350 2029 64 800 20352030 64 764 550 850864 Bonds EIB Green Loan Amortising Loan Green Bond -0.6% Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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24 1H 2026 50Hertz Transmission Germany Strong asset growth more than offsets expansion- related costs (Adjusted) Profit for the period evolution (€m)Key figures Revenues €1,542.8 million +15.3% yoy Profit for the period €250.8 million +20.8% yoy H1 2025 Investment Remun. -13.4 Depr. -4.4 Onshore Opex and other costs -19.9 Financial Result H1 2026 207.5 250.8 36.4 171.1 80.9 64.1 186.7 +20.9%+20.8% IFRS adjustments Reg. Remuneration (incl. leverage) Equity remuneration 6.07%1 1Based on a risk-free rate of 3.1%. Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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25 1H 2026 50Hertz Transmission Germany €8.0 billion Average cost of debt of 2.9%1 BBB/ Stable outlook (S&P) €5.25 billion green RCF €8.8bn liquidity provides substantial funding flexibility Equity (€m) Liquidity Maturity profile (€m) -5 3,970 FY 2025 27 4,101 1H 2026 3,965 4,128 +4.1% Hedge reserve Equity 150 5,250 750 325 1,187 348 75 200 306 306 306 200 306 125 231 106 800 50 600 50150 650 750 940 306 750 249 800 200 750 120 500 1,050 2035 2037 2038 2040 2044 225 850 2026 1,506 1,246 1,256 1,056 994 1,031 1,156 800 2027 2028 1,200 2029 2030 2031 2032 2033 2034 1,056 Bond Green bond Loan Green Loan Private Placement NSV (registered bond) Weighted debt duration – 7.3 years Overdraft Facility Revolving Facility CP Promissory Note Loans Cash EEG, KWK, SPB Cash +4.1% 1Exc. Commitment / non utilization fees for RCF and other supplementary costs of debt Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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26 Group contribution tax benefit and lower financing costs significantly reduce overall loss Profit for the period benefits from a successful FY 2023 tax claim Key figures Profit for the period-11.8 5.7 Adj. item: group contribution fiscal year 20230.0 +9.0 Revenues €42.2 million +14.4% yoy Profit for the period €5.7 million +€17.5 million yoy 1H 2026 International & holding activities Adjusted profit/loss for the period evolution (€m) 1H 2025 11.5 Holding WindGrid (incl. energyRe) 0.9 Other 1H 2026 -11.8 -3.9 -3.2 +8.6+8.6 Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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Outlook 03
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28 2026 Outlook Elia Group Net profit Elia Group share CAPEX €690-740m1 €6.5bn 1Taking into account the coupon on the €900 million hybrid bond issued. 2Factoring in a Belgian 10-year OLO of ~3.4% 3Factoring in a base rate of 3.1% for regulatory return on equity in Germany Germany CAPEX €4.8bn (Adjusted) Net profit €585-625m3 Belgium CAPEX €1.7bn (Adjusted) Net profit €290-320m² ranging towards the upper end International & holding activities (Adjusted) Net profit/loss Around break-even Half-year results 2026 Half-year results 2026 Highlights Highlights Outlook Outlook
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29 Glossary Adjusted items Adjusted items include income and expenses arising from material transactions or events that are not linked to the Group’s recurring business activities and that, due to their nature or size, are relevant for users to understand the Group’s underlying performance. These may include: • Impairments or reversals of impairments; • Effects from changes in tax legislation or tax rates affecting fiscal years other than the current reporting period; • Restructuring or reorganisation costs; • Remeasurements related to business combinations (e.g., contingent consideration); • Other significant non-recurring items that affect comparability. Adjusted profit for the period Adjusted profit for the period is defined as profit for the period excluding the adjusted items Basic earnings per share (€/share) The profit for the period attributable to owners of the ordinary shares divided by the weighted average number of ordinary shares (end of period) excluding treasury shares. Net debt (excl. EEG and similar mechanisms) Net financial debt comprises non-current and current interest-bearing loans and borrowings (including lease liability under IFRS 16) minus cash and cash equivalents and EEG and similar mechanisms Profit for the period Elia Group share Profit for the period attributable to the ordinary shareholders, hence this is post deduction of NCI and coupon attributable to hybrid securities holders. RAB Elia Group Closing RAB including 100% of Belgium and Germany. RoE (adj.) Ratio between profit for the period attributable to ordinary shareholders and equity attributable to ordinary shareholders adjusted for the value of the future contracts (hedging reserve). The return on equity is adjusted to exclude the accounting impact of hybrid securities in IFRS (i.e. exclude the hybrid security from equity and consider the interest costs as part of comprehensive income). As from 2021, it also excludes the effect of hedge accounting related to the future contracts entered into by 50Hertz to hedge the risk of fluctuations in the expected amount of grid losses. The RoE provides an indication of the ability of the Group to generate profits relative to its invested equity
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Investor Relations investor.relations@elia.be For any questions regarding Elia Group and its shares, please contact: Elia Group Investor Relations, Boulevard de l’Empereur 20 1000 Brussels, Belgium E-mail: investor.relations@elia.be Information about the Group (press releases, annual reports, share prices, disclosures, etc.) can be found on Elia Group's website www.eliagroup.eu Stéphanie Luyten Stéphanie.luyten@elia.be Maryline Vaeremans maryline.vaeremans@elia.be Neven Meulders neven.meulders@elia.be