Elia Group NV/SA — Earnings Release 2023

Jul 26, 2023

PRESS RELEASE | Brussels, 26 July 2023, 8:00 am – Elia Group (Euronext: ELI)

Half-year results: Empowering the grid for a sustainable energy transition

Regulated information

Highlights

• Grid investments are on track and showing positive progress, with €299.8 million invested in Belgium and €521.5 million in Germany
• Belgium's Federal Development Plan approved, setting course for independent and sustainable energy system
• Second draft of Germany's Grid Development Plan published, enabling climate neutrality and massive integration of renewables
• The German regulator BNetzA has initiated the initial stages of slightly enhancing returns for the period 2024- 2028
• Elia Group part of Bel ESG index, reaffirms sustainability commitment with more green instruments to bolster its liquidity
• The net profit Elia Group share totaled €162.5 million¹ , following solid results across all segments
• The financial outlook for 2023 has been reaffirmed, with an upward revision in CAPEX for Germany. Ensuring adequate funding of capital investment in essential infrastructure is crucial to maintain the momentum of the energy transition and avoid any setbacks that could hinder our progress towards a sustainable future.

"The energy transition is clearly shifting into a higher gear. Renewable records are being broken over again. The spread of electrification across the Belgian and German mobility, heating and industrial sectors is ramping up at a faster speed and earlier than forecasted. In recent years, Elia Group has fully prepared itself to face these challenges. We have heavily focused on digitalisation and on ensuring a timely, high-quality, and cost-effective infrastructure delivery. This aligns with the societal demand for a reliable, sustainable, and affordable electricity system."

Chris Peeters, CEO Elia Group

¹ Net profit Elia Group share refers to the net profit attributable to owners of ordinary shares.

1. Achievements in the first half of 2023

New targets and concrete plans are triggering fundamental changes across both the supply and demand sides of the electricity system

In May 2023, for the first time ever over the course of a month, wind farms and solar panels across the EU generated more electricity than fossil fuel power plants. Similar progress is occurring on the demand side, with electrification spreading across the transportation, heating, and industrial sectors. This is happening both earlier and at a faster speed than anticipated.

The Russian invasion of Ukraine and the gas crisis have clearly raised energy-related policy to 'code orange' levels. Significant policy developments aimed at speeding up the energy transition came into force. New measures were adopted to accelerate the build-out of renewable energy, infrastructure construction and electrification levels. The energy transition is being geared up as awareness has grown that speeding up our journey to net zero is not only beneficial for the climate, but will also offer long-term price stability and protect against high gas and electricity prices.

Accelerated digitalisation and the timely realisation of grid infrastructure will have a major impact on efficiency and the affordability of the electricity system

Within the next two to three decades, the European economy will undergo a shift from one which runs on fossil fuels to a sustainable one. Elia's recent (June 2023) "Adequacy and Flexibility Study for Belgium 2024-2034" stated that any delay in unlocking flexibility or realising grid infrastructure will result in additional capacity needs. If security of supply is to be achieved in the most (cost-)efficient way possible, investing in accelerated digitalisation is as important as investments in the timely build-out of grid infrastructure.

By combining digitalisation and electrification, we can reduce system costs. This entails fostering more flexible consumption by incentivising the usage of millions of appliances during off-peak periods. It requires digital meters, smart charging and smart usage standards, data exchange platforms, and market reforms.

The urgent need for investments in infrastructure to meet the growing demand for electricity and integrate renewables into the system is widely recognised. However, concerns about potential impacts on consumer bills has led to a reluctance to act. This hesitation is one of the main challenges we have to overcome, as it ultimately also generates benefits for consumers (e.g. drop in whole sale price of electricity² ).

With an intensified commitment to the delivery of infrastructure and participation of flexibility, our decision-makers have the responsibility to steer this energy transition towards success.

² According to the Renewable Energy Market Update of June 2023 published by the International Energy Agency (IEA), the average wholesale price of Electricity in the European Union in 2022 would have been 8% higher without the additional renewable capacity that displaced an estimated 230 TWh of fossil fuel generation since Russia's invasion of Ukraine.

SIGNIFICANT ACHIEVEMENTS IN INFRASTRUCTURE WORKS

BELGIUM

Reinforcement of the 380 kV backbone (HTLS cables)

The reinforcement programme of the existing 380 kV backbone was begun several years ago. The commissioning of Horta-Avelin line last year marked the successful upgrading of a first important axis (Mercator-Horta-Avelgem-Avelin). The next important reinforcement project concerns the central eastern backbone (in yellow) between the substations of Mercator, Van Eyck, Gramme and Courcelles. The reinforcement works for Massenhoven-Meerhout-Van Eyck and Mercator-Bruegel axes are currently ongoing, with works expected to be fully completed in 2026. The upgrade of the 380 kV axis between Gramme and Van Eyck was begun in February 2023, with works expected to be fully completed in 2030.

Elia awards construction contract for Princess Elisabeth Island

Elia has awarded the engineering, procurement, construction & installation (EPCI) contract for the Princess Elisabeth Island to DEME and Jan De Nul: two global players in offshore construction who together form the joint venture TM EDISON. The foundation work for the Princess Elisabeth Island will begin in early 2024 and will last for two and a half years. The artificial island will be located 45 km off the Belgian coast and will form a crucial link in Belgium's energy supply. It will open up the future Princess Elisabeth wind zone (that will have a capacity of 3.5 GW) and help to connect our country to Great Britain and Denmark via additional interconnectors (Nautilus and TritonLink respectively).

The EU procurement process for the AC substation that will be built on the island was started in April, when the invitation to tender was sent out. The preparation of the DC cable tender process was also kicked off following the launch of a European selection criteria procedure.

GERMANY

SuedOstLink project kick-off in Germany

On 22 March 2023, 50Hertz held the groundbreaking ceremony which marked the first day of the construction of the SuedOstLink's (SOL) first converter located in the Wolmirstedt substation near Magdeburg. The SOL is one of the most important grid development projects for the German energy transition and covers a distance of 540 km. It will reliably transport large amounts of electricity generated by onshore and offshore wind farms from the north of Germany to the south of the country. It will therefore supply electricity to several millions of households and companies and ensure the stability of the German and European power grids.

Successful cable pulling onto the Baltic Eagle platform

The Baltic Eagle offshore wind farm (part of Ostwind 2) is one step closer to being connected to 50Hertz's onshore grid. Two 220 kV subsea transmission cables have been successfully pulled onto the wind farm's transformer platform in the Baltic Sea. The Baltic Eagle wind farm is currently being constructed by Iberdrola about 30 km off the coast of Rügen Island and will comprise 50 wind turbines in total. Once operational (at the end of 2024), the wind farm will generate electricity which will amount to the annual consumption of 475,000 German households.

First wind turbines from Arcadis Ost 1 offshore wind farm feed electricity into the German grid

Electricity has begun flowing into the 50Hertz transmission grid via the grid connection for the Arcadis Ost 1 offshore wind farm (part of Ostwind 2), which is located in the German Baltic Sea, off the coast of Rügen. Most of the wind farm's 27 wind turbines have been successfully connected to the joint offshore transformer platform. The wind farm will have a total capacity of 247 MW.

50Hertz orders major components for the Gennaker project in the Baltic Sea

50Hertz has committed to ordering two offshore substations for the Gennaker wind farm, which is being developed by Skyborn Renewables. With a planned capacity of 927 MW, this offshore wind farm will be the largest in the German Baltic Sea. The tender for the design, construction and installation of the two transmission platforms has been won by a Dutch-Belgian consortium.

GRID OF THE FUTURE

Green light given for Elia's Federal Development Plan 2024-2034

In June, the Belgian Federal Minister of Energy Tinne Van der Straeten officially approved Elia's 2024-2034 Federal Development Plan (FDP). The law requires an FDP to be drawn up and published every four years. Each plan translates European objectives, federal energy policy and regional economic development policies into concrete projects. By providing sufficient transmission capacity in a timely manner, this plan would make Belgium's energy system more independent, resilient, and sustainable. The major considerations of this plan have already been considered in the 5-year investment plan announced by Elia (€7.2 billion for 2023-2027).

Second draft of the grid development plan 2037/2045 published by Germany's four TSOs

In June, the four German system operators (50Hertz, Amprion, TenneT and TransnetBW) submitted the second draft of the grid development plan (GDP) for 2037/2045 to the Federal Network Agency (Bundesnetzagentur, BNetzA). The GDP 2037/2045 is a milestone in Germany's energy transition. For the first time, it describes a power grid that can allow Germany to achieve climate neutrality by 2045 and reflects the faster deployment of variable renewables as reflected in the Federal Government's 2022 Easter Package ('Osterpaket'). Given that the electricity consumption is expected to double by 2045 compared to today and will exceed 1,000 TWh, the GDP assumes a five-fold increase in installed capacity from renewable energy sources up to around 700 GW by 2045. Integrating these renewables and enabling secure grid operations requires huge grid investments that need to be supported by an adequate remuneration. The final version of the GDP is expected to be published at the beginning of 2024. The measures it includes could be legally incorporated into the Federal Requirements Plan in the first half of next year.

Agreement reached regarding Bornholm Energy Island

The German and Danish governments have signed an agreement relating to the Bornholm Energy Island. The agreement creates the conditions for Energinet and 50Hertz to join forces and allocate responsibility for different tasks related to the realization of the innovative electricity hub that will be built on the island of Bornholm in the Baltic Sea, including responsibility for the construction of several hundreds of kilometres of 525 kV DC offshore and onshore cables. At least 3 GW of offshore wind power capacity will be made available to both countries' energy markets via Bornholm Energy Island in future.

Belgian-German collaboration regarding a second interconnector

Elia and Amprion, one of the four German system operators, have signed a Memorandum of Understanding (MoU) regarding the construction of a second cross-border interconnector. Preliminary studies have shown that a second interconnector would have the potential to help both countries meet their future energy needs, creating socioeconomic welfare for consumers in Belgium and Germany – and, by extension, for the whole of Europe. Amprion and Elia plan to publish a concept note by mid-2024 that will serve as the basis for the further design and development of the project, if it is supported by an adequate remuneration.

SYSTEM MANAGEMENT

New power-to-heat plant inaugurated in Hamburg

In June, 50Hertz inaugurated one of the largest Power-to-Heat (PtH) units in Hamburg. At times when there is more green electricity generated than consumed, the plant will convert wind power from northern Germany into green district heating and hot water. The unit, which has a capacity of 80 MW, will supply up to 27,000 households in Hamburg with green district heating. It will therefore help to prevent up to 100,000 tonnes of CO² emissions every year. Additionally, 50Hertz has signed a new contract for the construction and operation of another power-to-heat plant in Leipzig. In future, the total capacity of 50Hertz' power-to-heat portfolio which will be available to reduce grid bottlenecks will be increased to more than 200 MW.

Elia publishes its adequacy and flexibility study

Elia has published its biennial study that explores both Belgium's adequacy and flexibility needs and the measures required to guarantee the country's security of supply for the period 2024-2034. Electrification is spreading across society both earlier and at a faster speed than predicted. This is creating additional capacity needs, which can be addressed by the country's capacity remuneration mechanism. Flexible consumption has the potential to flatten consumption peaks and manage the variability of renewable energy sources, so directly contributing to security of supply. Flexibility is an important lever for reducing capacity needs linked to Belgium's rising electricity demand.

INTERNATIONAL COLLABORATION

Summit in Ostend aims to make the North Sea Europe's green energy hub

The second North Sea Summit was held on 24 April and hosted by Belgium. The summit, which took place in the heart of the Port of Ostend, brought together national politicians from nine countries, European leaders, and leading representatives from the European offshore renewable industry. Elia was one of the main summit partners. Participants took part in various roundtable discussions and signed the 'Offshore Renewable Industry Declaration', which had been prepared ahead of the event. The North Sea Summit was the perfect opportunity for Elia to showcase its model of Belgium's Princess Elisabeth Island. During the summit, Elia signed a Memorandum of Understanding with TenneT, agreeing to undertake a joint study about how to optimise and increase onshore and offshore interconnector capacity between the two countries.

Strengthening energy collaboration in the Baltic Sea

During the Baltic Offshore Wind Forum on 9 May, two letters of intent were signed which aim to strengthen collaborations relating to renewable energy generated in the Baltic Sea. The first letter of intent, signed by 50Hertz and its Estonian counterpart Elering, related to the Baltic WindConnector project: an interconnector which will transport electricity from Estonian offshore wind farms to Germany. The second, which 50Hertz signed alongside a number of Baltic TSOs (Elering from Estonia, Augstsprieguma tīkls AS from Latvia, and Litgrid AB from Lithuania) – aims to develop the offshore networks of the countries involved.

STAKEHOLDER ENGAGEMENT

Let's connect! brings together 300 stakeholders to discuss the topic of flexibility

On 27 March, Elia brought together its main partners and stakeholders from across the energy sector for its annual Stakeholders Day. Attendees were able to find out about and discuss Elia's future activities, particularly in terms of flexibility. The latter will play a key role in the successful integration of large amounts of renewable energy into the power system and will therefore be crucial for reaching net zero. The evening consisted of numerous discussions and presentations about the many ways in which certain consumers are already providing the grid with flexibility and benefiting from it. At the end of the year, Elia Group will publish its annual vision paper which will cover the subject in more detail.

INNOVATION

A European first: an autonomous robot inspects an Elia converter hall

Elia is using an autonomous robot to inspect ALEGrO's high-voltage direct current (HVDC) converter station in Lixhe, Belgium. This is a European first. The autonomous robot was installed in the station during the hall's yearly outage period, which lasted for a week. The hall has since been re-energised, meaning that no humans can safely enter it.

The robot, which is inspecting the hall using several different sensors, is the product of a two-year collaboration launched by Elia Group with Siemens Energy, Ross Robotics and Nemo Link that involved countless tests.

Pilot project aiming to improve traceability of green energy launched in Germany

50Hertz, LichtBlick and Granular Energy, a start-up, have launched a pilot project which aims to provide hourly transparency on the origin of green power. As part of the project, several LichtBlick corporate customers have been given access to a platform set up by Granular Energy to track the time at which they purchase green electricity from specific renewable generation plants. The certificates of origin generated in the process can then be collected and managed via 50Hertz's Energy Track & Trace Register. The project will be evaluated to determine whether detailed guarantees of origin certificates can deliver benefits for the entire electricity system.

FINANCE

Elia places first €500 million green bond

In January, Elia Transmission Belgium (ETB) successfully launched a €500 million green bond, with a fixed coupon of 3.625%. These costs are fully passthrough under the Belgian regulatory framework (embedded debt principle). With the proceeds, Elia will finance infrastructure projects linked to the integration of renewable energy into the grid and the energy transition. The issuing of this green bond demonstrates that ETB is able to diversify its financing sources and investor base in order to implement its ambitious investment plans.

Elia Group issues €500 million hybrid securities along with a capped tender offer on its existing hybrid security

In March, Elia Group SA/NV successfully priced €500 million hybrid securities. These securities carry a fixed coupon of 5.85% (€29.25 million per annum) until June 15, 2028, with a reset every five years thereafter. They are callable from March 15, 2028. The issue has been rated BBB- by Standard & Poors. The purpose of this transaction was to actively manage Elia Group's hybrid layer by refinancing a portion of its outstanding €700 million hybrid securities. The new securities, combined with the €100 million from Elia Group's June 2022 capital increase allocated to hybrid equity content replacement, fully replace the outstanding hybrid securities in terms of equity content according to S&P. Concurrently, Elia Group tendered €499.4 million of the outstanding €700 million hybrid securities.

Eurogrid GmbH secures €600 million Green Loan for Baltic Sea offshore grid connection

Eurogrid GmbH, the parent company of 50Hertz Transmission GmbH, has secured a syndicated Green Loan of €600 million with a ten-year term from seven banks. The funds for this loan are provided by the banks and refinanced under KfW's "Climate Protection Programme for Companies." The loan will be used to co-finance the offshore grid connection for the Gennaker wind farm project in the Baltic Sea. This achievement represents an important milestone in Eurogrid's sustainable financing strategy and contributes to the advancement of the German energy transition.

Following the Green Loan Eurogrid secures additional liquidity for investments in the power grid infrastructure

Eurogrid has secured additional funds from the capital market to invest in the power grid infrastructure for the energy transition. Eurogrid successfully issued a 7-year bond valued at €650 million, with a fixed interest rate of 3.722%. The proceeds from this bond placement will be utilized for servicing a bond that is due in November 2023.

REGULATORY

BNetzA launches public consultation to revise Equity Return for 4th Regulatory Period

The BNetzA (German regulator) launched a public consultation to revise the equity return (fair margin) for the 4th regulatory period (2024-2028). The initial return was 5.07% pre-tax (4.13% post-tax), based on a 10-year average interest rate of 0.74%. The BNetzA proposes for new onshore investments after December 31, 2023 to replace the base interest rate by an annual variable prime rate – instead of the 10-year average previously defined - plus a constant risk premium. For 2024, this would result in an initial imputed return of equity of 7.09% pre-tax (5.87% posttax) and exclusively applied to new investments made under the Capital Cost Adjustment model. At this stage, the current proposal only impacts a limited portion of 50Hertz's regulated asset base and therefore is estimated to have a minor impact on the future net result (around 20 bps of ROE). The consultation will end in August 2023, and a binding regulation will be issued by the end of the year. A similar consultation will take place for offshore investments. Adjusting the equity return is crucial for new and existing investments in the grid infrastructure to account for interest rate increases and support long-term investments. The proposal by the Federal Network Agency is an initial step in addressing these needs.

Belgium: higher regulatory return needed to deliver investment plan on time

The energy transition is underway throughout Europe. It requires huge investment in infrastructure and support from the public authorities. Belgium has a central role to play in this transition, not only because of its position at the heart of Europe, but also to ensure the country's security of supply and affordability of the electricity bill for industrial and retail consumers.

In this context, it is crucial that the regulator ensures an adequate return, which should make it possible to finance the timely execution of investments in the network. Elia is in discussions with the regulatory authorities on the subject. No progress can be reported at this stage.

AWARDS

Elia named 'Top Employer' for sixth time in a row

Elia has been named one of the best employers in Belgium for the sixth time in a row. Its overall score improved again, rising from 86% to 88%. Elia made most of its progress in the areas of "diversity and inclusion" (+13.53%) and "sustainability" (+11.67%). The Top Employer label rewards companies that offer their employees excellent working environments. This year, 87 Belgian companies received the award. It serves as excellent recognition for the hard work all our employees undertook last year.

Elia Group joins the new sustainable index: BEL®ESG

Elia Group is one of 20 companies that has been selected to be part of the new BEL®ESG stock market index. This sustainability index is designed to meet the increasing market demand for the improved visibility of sustainable investment tools. It will monitor 20 Brussels-based listed companies that have adopted the best environmental, social, and governance (ESG) practices. We are proud to be part of this index, which confirms that ActNow, our ESG programme, is sound.

CORPORATE GOVERNANCE

Elia Group's Ordinary General Meeting held on 16 May

During Elia Group's Ordinary General Meeting in Brussels, all the proposed agenda items were approved, including the payout of a gross dividend of €1.91 per share. Bernard Gustin was re-elected as Chairman of the Board of Directors. The voluntary resignations of Luc De Temmerman and Cécile Flandre reduced the number of Elia Group's directors from 14 to 12.

Stefan Kapferer confirmed as CEO of 50Hertz for another five years

The Supervisory Board of 50Hertz confirmed Stefan Kapferer's position as Chief Executive Officer of 50Hertz for another five years until the end of November 2028. Stefan Kapferer has many years of management expertise that he has acquired in various positions in politics and the energy industry. He joined 50Hertz in December 2019 and has played a key role in positioning the group as a key player in the German 'Energiewende'.

Elia Group´s compass for a sustainable future

Our ActNow programme embeds stainability into our strategy and business activities through concrete and measurable targets for the Group to reach.

DIMENSION 1: Climate action

Continuing the implementation of our infrastructure projects (as mentioned earlier) and our efforts to unlock flexibility options (as discussed in the adequacy flex study above), remain our biggest means for driving climate action in the European electricity market.

Besides those efforts, Elia Group Internal Carbon Price (ICP) increased from €55 per ton of CO2 equivalents to €200 per ton of CO2 equivalents at the beginning of this year. By doing so, we aim to demonstrate the monetary value of greenhouse gas emissions throughout the organisation, incorporating it into our investment decisionmaking processes.

The collaborative initiative "Energy Track & Trace," jointly developed with Elering and Energinet, has successfully initiated its first project in partnership with green energy provider LichtBlick and start-up Granular Energy. Through this project, LichtBlick's corporate clients now have the ability to track and validate the renewable source of the electricity they utilize. This digital evidence is generated every quarter-hour, empowering companies in their pursuit of achieving 24/7 carbon-free energy.

Dimension 2: Environment &circular economy

In our endeavor to measure the CO2 impact of our infrastructure works, we successfully identified the building materials with the largest carbon footprint. To further this initiative, we are now exploring strategies to reduce the embedded CO2. As part of this endeavor, we have initiated a project to find a low-carbon alternative for the high-density polyethylene tubes used to pull our high-voltage cables trough.

To combat the growth of an exotic invasive plant - Japanese knotweed - our teams are using sheep. The sturdy stems of Japanese knotweed can cause damage to buildings, pipes and roads. As part of our project, around fifty sheep were deployed at the Massenhoven high-voltage substation in Antwerp. The project is being carried out in collaboration with Kemp, a non-profit organisation from Geel, which aims to increase biodiversity through the help of sheep.

DIMENSION 3: Health & Safety

Towards the end of last year, 50Hertz achieved ISO 14001 certification for its environmental protection management. Notably, the existing ISO 45001-certified occupational health and safety management system was certified together with the ISO 14001 environmental management system. This integrated approach establishes an HSE (Health, Safety, and Environmental) management system for all 50Hertz sites, enhancing the quality of both systems and establishing the groundwork for an integrated management system.

Supporting these efforts, our SALUS project focuses on implementing an ITbased solution for Environment, Health, and Safety (EHS) management. It is a pre-requisite for the certification above and will streamline and standardize the EHS processes, making them easier to manage and maintain compliance with applicable legislation and permits. It also enhances data collection in the field, allowing our experts to report, monitor, and respond to incidents more effectively.

To promote personal wellbeing, several initiatives have been organized over the past months, amongst others a Digital Detox Challenge to reduce screen time, especially over the summer holidays.

DIMENSION 4: Diversity, equity &inclusion (DEI)

Over the last six months, our Diversity, Equity & Inclusion team, with the support of the ambassador network, has arranged a series of events. These events have encompassed inspiring keynote speeches, informal networking opportunities, and special celebrations for Pride Month. To reinforce these efforts, we have set a new goal to achieve a minimum of 30% female inflow, aiming for 25% women representation in the Elia Group by 2028. This objective is particularly ambitious considering our technical background.

As mentioned above, Elia has been named as one of Belgium's 'best employers' for the sixth year in a row. Elia was noted as having made the most progress in sustainability-related areas with the biggest improvement in Diversity & Inclusion where our score climbed up by 13.53%, reflecting our ongoing efforts promoting the topic and integrating it into our daily business practices.

DIMENSION 5: GOVERNANCE , ETHICS &COMPLIANC E

The release of our 2022 annual report marks another milestone in our commitment to integrating the principles of the international framework. Additionally, we have successfully completed the first voluntary ESG audit on certain sustainability KPI's. These endeavors are part of a larger project aimed at preparing our organization for compliance with the CSRD framework.

2. Key Figures

2.1 Consolidated results and financial position of Elia Group

Key results

Key figures (in € million)	1H 2023	1H 2022	Difference (%)
Revenue, other income and net income (expense) from settlement mechanism	1,889.3	1,952.1	(3.2%)
Equity accounted investees	15.0	24.5	(38.8%)
EBITDA	605.9	544.2	11.3%
EBIT	336.3	296.3	13.5%
Net finance costs	(60.4)	(43.8)	37.9%
Adjusted net profit	199.7	186.7	7.0%
Net profit	199.7	186.7	7.0%
Non-controlling interests	22.5	19.8	13.8%
Net profit attributable to the group	177.1	166.9	6.1%
Hybrid securities	14.6	9.6	52.1%
Net profit attributable to owners of ordinary shares	162.5	157.4	3.2%
Key figures of the financial position (in € million)	2023	2022	Difference (%)
Total assets	20,996.4	20,594.3	2.0%
Equity attributable to owners of the company	5,188.6	5,319.6	(2.5%)
Net financial debt	5,376.0	4,431.6	21.3%
Net financial debt, excl. EEG and similar mechanisms	7,751.6	7,367.6	5.2%
Key figures per share	1H 2023	1H 2022	Difference (%)
Reported earnings per share (in €) (Elia share)	2.21	2.29	(3.4%)
Equity attributable to owners of the company per share (in €)	61.0	63.4	(3.8%)

See the glossary for definitions

See Section 4 for information on adjusted items

Comparative figures for Total assets, Equity and Net financial debt as at 31/12/2022

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);
• 50Hertz Transmission (Germany), which comprises regulated activities in Germany;
• Non-regulated segment and Nemo Link, which comprises non-regulated activities within Elia Group, Nemo Link, Elia Grid International, Eurogrid International, re.alto, WindGrid and the financing cost linked to the acquisition of an additional 20% stake in Eurogrid GmbH in 2018.

Rounding – In general, all figures are rounded. Variances are calculated from the source data before rounding, meaning that some variances may not add up.

Financial

For the first six-month of 2023, revenue totalled €1,889.3 million, down by 3.2% compared to the previous period. This decrease was driven by lower revenues in Belgium (-€60.3 million) and Germany (-€27.1 million), which were partially offset by higher revenues from Elia Grid International as it expands its international consulting activities (+€4.2 million).

EBIT increased compared to the previous period, totalling €336.3 million (+13.5%), driven by a higher EBIT in both Belgium (+€10.0 million) and Germany (+€42.4 million). For Belgium, this increase was the result of a higher regulated net profit and lower depreciations of assets not covered by the tariffs. In Germany, the higher EBIT was mainly a result of higher investment remuneration and lower operational expenditures. Associates contributed to the Group's EBIT for €15.0 million (-€9.5 million). The decrease is entirely driven by a lower contribution of Nemo Link, which amounted to €13.3 million (-€9.6 million), as its revenues reached the cumulative cap under the cap & floor regulation in 2023.

Elia Group's (adjusted) net profit increased by 7.0%, reaching €199.7 million:

• Elia Transmission (Belgium) delivered a robust performance, reporting a (adjusted) net profit of €83.1 million (+€8.9 million). The higher result is mainly due to a higher fair remuneration driven by the increase of equity, a higher performance on incentives and the activation of costs linked to ETB's Green bond issuance. Prior year result benefited from a one-off tariff compensation for the financial costs linked to the capital increase.
• 50Hertz Transmission (Germany) (on a 100% basis) recorded a higher (adjusted) net profit of €112.5 million (+€13.8 million). The result is mainly driven by higher investment remuneration from asset growth and a reduction in operational costs. This is partially offset by higher depreciations and lower financial results as prior year valuation of long-term provisions benefitted from the sudden spike of forward interest rates.
• The non-regulated segment and Nemo Link recorded a decreased (adjusted) net profit of €4.0 million (- €9.9 million). This reduction can be attributed to the lower contribution of Nemo Link, which will reach the cumulative cap by year end and by higher costs incurred for the expansion of international offshore activities.

The net profit of Elia Group attributable to the owners of ordinary shares (after deducting the €22.5 million in non-controlling interest and €14.6 million attributable to hybrid securities holders) slightly increased to €162.5 million. This is the result of the execution of the investment programme in Belgium and Germany and solid performance of Nemo Link, although it was offset by higher interest expenses related to the hybrid securities. In 2023, Elia Group proactively managed its hybrid layer by refinancing part of its outstanding €700 million hybrid. It issued a new €500 million hybrid bond, accompanied by a capped tender offer on its existing hybrid security. The newly issued hybrid bond carries a coupon of 5.85% until June 15, 2028.

In the first half of the year, Elia Group invested €821.3 million. The primary focus was on reinforcing the internal backbone of both the Belgian and German grids, the development of the necessary offshore infrastructures enabling the integration of growing quantities of renewable energy into the grid and to further support the digitalization of our infrastructure.

Elia Group carried a total net financial debt of €5,376.0 million (+€944.4 million) at the end of June 2023. The primary factor behind this increase was Germany, where cash outflows for the EEG and similar mechanisms rose. The investment program in Belgium and Germany currently mainly relied on funding from operating cash flow.

Elia Group actively participated in the debt market during the first half of the year to enhance its liquidity position for future grid expansion. In line with the Group's sustainable finance goals, ETB successfully issued its first green bond of €500 million with a fixed rate of 3.625%, dedicated to funding eligible green projects. Moreover, Eurogrid obtained a syndicated Green Loan of €600 million from seven banks of which €120 million was drawn at the end of June, with a ten-year term. Eurogrid reentered the market in April, issuing a bond of €650 million. The bond has a tenor of seven years and was successfully placed at an interest rate of 3.722%. Furthermore, Elia Group has secured two bilateral Revolving Credit Facilities, amounting to a total of €120 million, which are currently entirely unused. Similarly, the commercial paper worth €35 million remains fully undrawn. These activities have resulted in an increase in Elia Group's average cost of debt to 1.9% (+20 bps). The credit rating of Elia Group by Standard & Poor's remains BBB+ with a negative outlook.

Equity attributable to owners of the company decreased by €131.0 million to €5,188.6 million (-2.5%). This was mainly driven by the 2022 dividend payment (-€140.4 million), the revaluation of post-employment benefit obligations (-€7.2 million) and the costs linked to the hybrid bonds (-€17.5 million). In addition, the hedge reserve decreased by €146.2 million, mainly due the revaluation of future contracts for grid losses by 50Hertz (-€132.2 million) and an interest rate hedge by ETB (-€14.3 million). This was partly offset by the profit attributable to the owners of the company (+€177.1 million).

2.1.A. Elia Transmission (Belgium)

Highlights

• Successful delivery of investments to uphold a reliable electricity system and promote sustainable electrification of society
• The solid operational performance is a result of an expanding asset base leading to higher fair remuneration and strong performance on incentives
• ETB successfully placed its inaugural €500 million Green Bond

Key results

Elia Transmission key figures (in € million)	1H 2023	1H 2022	Difference (%)
Revenue, other income and net income (expense) from settlement mechanism	673.1	733.4	(8.2%)
Revenues	650.2	648.7	0.2%
Other income	26.5	35.0	(24.3%)
Net income (expense) from settlement mechanism	(3.5)	49.7	(107.1%)
Equity accounted investees	1.7	1.7	0.0%
EBITDA	247.1	232.1	6.5%
EBIT	136.9	126.9	7.9%
Net finance costs	(28.1)	(31.4)	(10.5%)
Income tax expenses	(25.7)	(21.3)	20.7%
Net profit	83.1	74.2	12.0%
Adjusted items on net profit	0.0	0.0	n.r.
Adjusted net profit	83.1	74.2	12.0%
Key figures of the financial position (in € million)	2023	2022	Difference (%)
Total assets	8,060.3	7,848.6	2.7%
Total equity	2,848.6	2,907.1	(2.0%)
Net financial debt	3,198.1	2,916.2	9.7%
Free cash flow	(195.5)	(259.5)	(24.7%)

See the glossary for definitions

See Section 4 for information on adjusted items

Comparative figures for Total assets, Equity and Net financial debt as at 31/12/2022

Financial

Elia Transmission's revenue was down by 8.2% compared with 2022, decreasing from €733.4 million to €673.1 million. Revenue was impacted by a higher regulated net profit, higher depreciations linked to the growing asset base, more than offset by lower net financial cost due to interest income on cash deposits and lower costs for ancillary services. The lower ancillary services were driven by lower balancing activation costs, resulting from the drop in gas and electricity prices as prior year was marked by the start of the war in Ukraine.

The table below provides more details about revenue component changes:

(in € million)	1H 2023	1H 2022	Difference (%)
Grid revenue:	631.5	647.1	(2.4%)
Grid connection	23.2	22.2	4.4%
Management and development of grid infrastructure	231.1	239.3	(3.4%)
Management of the electrical system	76.5	74.3	3.0%
Compensation for imbalances	134.8	168.1	(19.8%)
Market integration	10.4	11.4	(8.8%)
International revenue	155.5	131.8	18.0%
Last mile connection	1.6	1.6	(0.8%)
Other revenue	17.1	0.0	n.r.
Subtotal revenue	650.2	648.7	0.2%
Other income	26.5	35.0	(24.3%)
Net income (expense) from settlement mechanism	(3.5)	49.7	(107.1%)
Total revenue and other income	673.1	733.4	(8.2%)

Revenues from grid connection, the management of the electrical system and market integration remained stable compared to 2022.

The revenues from the management and development of grid infrastructure decreased from €239.3 million to €231.1 million (-€8.2 million). This decrease can be attributed to lower revenues from consumption peaks, both on a yearly and monthly basis, primarily due to reduced consumption, particularly on the Distribution System Operator (DSO) side. Additionally, the income generated from the power put at disposal also decreased compared to the previous year. This decline can be mainly attributed to an optimization process and a reduction in power reserved by certain DSOs, which took place in September 2022.

Services rendered in the area of energy management and the individual balancing of balancing groups are paid under revenues from compensation for imbalances. These revenues, which decreased from €168.1 million to €134.8 million (-19.8%), were largely impacted by lower tariffs for maintaining and restoring the residual balance of individual access responsible parties (-€31.3 million). The changed market conditions, specifically lower gas and electricity prices compared to last year, has resulted in reduced balancing activation costs and subsequently a decline in the imbalance price.

International revenue increased to €155.5 million (+18.0%). This increase can primarily be attributed to the rise in yearly auction revenues (+€81.3 million). The yearly auctions took place in November 2022, during the peak of the crisis when nuclear unavailability in France remained problematic, leading to higher prices. However, this impact was partially offset by a decrease in income from daily auctions for flow-based congestion (-€44.5 million). This decrease

can be attributed to lower price spreads at the borders compared to the previous year, particularly with France. Overall, the energy market's situation is less tense compared to the previous year.

The last mile connection remained flat compared with previous year, while other revenues increased, mainly due to works delivered to third parties.

The settlement mechanism decreased from €49.7 million in 2022 to -€3.5 million in 2023 and encompassed both deviations in the current year from the budget approved by the regulator (-€52.5 million) and the settlement of net surpluses from the previous tariff period (€48.9 million).The operating surplus (-€52.5 million), with respect to budgeted costs and revenue authorised by the regulator, will be returned to consumers in a future tariff period. The surplus was primarily the result of higher costs for ancillary services (+€70.0 million), higher influenceable costs (+€41.4 million), adjustment of the controllable budget (+€26.2 million) and a higher net profit (+€13.5 million). This was more than offset by an increase in tariff sales (-€73.0 million), which was mainly driven by imbalance compensations, and higher international and other sales (-€143.0 million).

EBITDA rose to €247.1 million (+6.5%) due to a higher regulated net profit, higher depreciations linked to the growing asset base, partially offset by lower net finance costs, all passed through into revenue. The EBIT increase was more pronounced (+7.9%), mainly due the depreciations of assets not covered by tariffs, being the intangible assets expensed during the previous regulatory period and activated under IFRS and for leasing contracts. The contribution of equity-accounted investments remained flat at €1.7 million, linked to the contribution from HGRT.

Net finance cost decreased (-10.5%) compared with the previous year. This was mainly driven by higher interest income on cash deposits following the increase in interest rates and the activation of borrowing costs due to the growth of the asset base (+€4.2 million). This was partly offset by higher interest costs linked to ETB's bond issuance. Beginning 2023, Elia tapped the debt capital market with its inaugural €500 million Green bond for funding its eligible green projects. Elia proactively anticipated the rising interest rate environment by concluding interest rate swaps and this fully to the benefit of consumers. As a result, this issuance caused only a modest increase in the average cost of debt to 2.0% (+10 bps) at the end of June 2023. Elia maintains a well-balanced debt maturity profile with all outstanding debt at a fixed coupon.

(Adjusted) net profit rose by 12.0% to €83.1 million, mainly due to the following:

• 1. A higher fair remuneration (+€3.9 million) due to asset growth and higher equity.
• 2. Increase in incentives (+€6.2 million), reflecting a strong operational performance, primarily linked to a better performance on the incentive for interconnection capacity, influenceable costs and timely commissioning of projects resulting from favorable progress in the investment program. Despite the growth of our activities, the efficiency gain on controllable costs increased compared with the previous year, while the net contribution from incentives was slightly negatively impacted by an increase of the average tax rate.

• 3. Activation of the Green bond issuance costs under IFRS while fully covered by the tariffs (+€2.2 million).

• 4. Higher capitalised borrowing costs due to a higher level of assets under construction and the mentioned slight uptick in average costs of debt (+€0.9 million).

• 5. A one-off tariff compensation recognized in 2022 for the financial costs linked to the capital increase (-€3.4 million).
• 6. Other (-€0.9 million): this was primarily driven by lower provisions linked to employee benefits (+€0.8 million), lower depreciation of software and hardware (+€0.6 million) as some of the assets acquired during the previous regulatory period and covered by the regulatory methodology are written off. This is partially offset by slightly more damage to electrical installations compared with the previous year (-€0.4 million) and deferred tax effects (- €1.4 million).

Total assets increased by €211.7 million to €8,060.3 million due to the realisation of the investment programme and higher liquidity following ETB's Green bond issuance early 2023. Net financial debt increased to €3,198.1 million (+9.7%), as ETB's CAPEX programme was partially financed by cash flows from operating activities, which were negatively impacted by lower cash inflows from levies, and the issuance of a €500 million Green bond. The sustainability-linked RCF (€650 million) and the commercial paper (€300 million) were fully undrawn at the end of June 2023. Elia Transmission Belgium is rated BBB+ with a stable outlook by Standard & Poors.

Equity decreased to €2,848.6 million (-€58.5 million) as the half-year profit (+€83.1 million) was more than offset by the change in fair value of an interest rate hedge (-€14.2 million), dividend payment to Elia Group (-€89.7 million), a higher allocation of equity towards Nemo Link (-€30.5 million) and by the revaluation of post-employment benefit obligations (-€7.2 million).

Operational

The total load estimation decreased by 5.01% from 42.1 TWh in 2022 to 40.1 TWh in 2023 which is mainly due to a decrease of the DSO gross consumption but also by a lower gross consumption at Grid Users connected to Elia's grid level. The DSO consumption has been impacted by higher temperatures than last year, but also by an increase of the local production on the distribution grid (mainly solar) and a lower household's consumption behaviour due to high electricity prices observed during second half of 2022. The lower consumption of the Grid Users connected to Elia's grid is mainly explained by the Ukraine crisis since the second half of 2022. The total load in 2023 remained below the level observed before the pandemic, from 2014 (44.4 TWh) to 2019 (43.0 TWh). The net offtake from the Elia network decreased by 8.5% from 30.8 TWh in 2022 to 28.2 TWh in 2023.

Net injection on Elia network decreased by 17.1% from 32.8 TWh in 2022 to 27.2 TWh in 2023, mainly due to a lower nuclear production in 2023 compared to 2022, which is mainly explained by the decommissioning of Doel 3 in September 2022.

In 2023, Belgium remained a net exporter mainly due to the available nuclear injection capacity. However, compared to 2022, the net exports decreased from 3.7 TWh in 2022 to 0.7 TWh in 2023 mainly due to a lower nuclear injection

capacity than in 2022. Total exports decreased from 11.0 TWh in 2022 to 9.1 TWh in 2023.Total imports increased from 7.4 TWh in 2022 to 8.4 TWh in 2023. Overall electricity flows between Belgium and its neighbouring countries decreased from 21 TWh (2022) to 20 TWh (2023).

Investments

ETB made good progress in executing its investment plan during the first half of 2023. A total of €299.8³ million was invested in various activities, with a primary focus on expanding and enhancing the reliability of the 380 kV grid. This lays the necessary groundwork for further expansion of the offshore grid.

Within the Belgian grid, 159 replacement projects were carried out, amounting to a total investment of €56.3 million. Additionally, approximately €41.0 million was allocated towards supporting the digitalization of infrastructure and the development of new tools, ensuring the company keeps pace with technological advancements.

The ongoing works under the "Lendelede West" Investment program (€6.2 million) aim to rationalize the 70 kV transmission grid by upgrading it to a higher voltage level. These efforts will strengthen the support of the medium voltage grid and replace aging equipment. Progress has been made, including the commissioning of the capacitor bank in Wevelgem and the planned completion of a new 150 kV cable connection between Bas-Warneton and Wevelgem (19 km) in April of next year. Work is also in progress at the substations of Nordschote, Ieper, Bas-Warneton, and Wevelgem. The cable works for the Brabo III project (€11.3 million) were completed in Q2 2023, paving the way for the commencement of line works. Significant progress has been made in the ongoing restructuring of Mercator (€6.6 million). The project aims to extend the existing substation to ensure its future viability and robustness. By doing so, it will minimize the impact of incidents and maintenance on international electricity exchange flows. Construction works along the Massenhoven Van Eyck Corridor (€9.4 million) and the Mercator Bruegel Corridor (€13.7 million) have proceeded as planned. These projects involve upgrading the 380 kV lines by reinforcing lattice towers and installing new HTLS conductors along them. The construction works in Rimière, involving the creation of a new 380 kV substation and the extension of an existing 220 kV substation, are progressing on schedule. This project aims to create the necessary hosting capacity for the new CRM power plants in Les Awirs and Seraing by 2025, with an investment of €17.0 million. The preparation phase, including studies and procurement, for the installation of a second line along the 380 kV Gramme-Rimiere Corridor (~15 km) has been completed, the permit procedure is still ongoing.

From an offshore perspective, the Princess Elisabeth Island project is progressing well and the teams are currently engaged in detailed engineering with current investments amounting to €66.3 million.

³ Including the capitalisation of software and IAS 23 (Borrowing costs), IFRS 15 (Revenue recognition – Transfer of assets from customers) and IFRS 16 (Leasing), the total is €316.0 million.

2.1.B. 50Hertz (Germany)

Highlights

• Investment plan on track, with good progress on onshore and offshore projects
• The net result was positively influenced by asset growth and higher base year revenues, although it was partly offset by a decrease in the financial result
• In the first half of the year, 50Hertz successfully accessed debt markets on two occasions

Key results

50Hertz Transmission key figures (in € million)	1H 2023	1H 2022	Difference (%)
Revenue, other income and net income (expense) from settlement mechanism	1,222.0	1,249.1	(2.2%)
Revenues	1,445.5	991.1	45.9%
Other income	71.7	51.2	40.0%
Net income (expense) from settlement mechanism	(295.2)	206.8	(242.7%)
EBITDA	352.7	293.6	20.1%
EBIT	193.7	151.3	28.0%
Net finance costs	(30.2)	(7.8)	287.2%
Income tax expenses	(51.0)	(44.9)	13.6%
Net profit	112.5	98.7	14.0%
Of which attributable to the Elia group	90.0	78.9	14.1%
Adjusted items on net profit	0.0	0.0	n.r.
Adjusted net profit	112.5	98.7	14.0%
Key figures of the financial position (in € million)	2023	2022	Difference (%)
Total assets	11,734.8	11,638.1	0.8%
Total equity	1,997.5	2,180.6	(8.4%)
Net financial debt	1,975.7	1,255.3	57.4%
Net financial debt, excl. EEG and similar mechanisms	4,351.4	4,191.3	3.8%
Free cash flow	(579.8)	800.2	(172.5%)

Income, expenses, assets and liabilities are reported in the table at 100%

See the glossary for definitions

See Section 4 for information on adjusted items

Comparative figures for Total assets, Equity and Net financial debt as at 31/12/2022

Financial

50Hertz Transmission's total revenue and other income slightly decreased compared with 2022 (-2.2%).

Total revenues are detailed in the table below.

(in € million)	1H 2023	1H 2022	Difference (%)
Grid revenue:	1,440.0	990.6	45.4%
Revenue from incentive regulation	914.2	411.1	122.4%
Revenue from offshore regulation	206.0	147.8	39.4%
Energy revenue	319.8	431.7	(25.9%)
Other revenue (incl. last mile connection)	5.6	0.5	1097.3%
Subtotal revenue	1,445.5	991.1	45.9%
Other income	71.7	51.2	40.1%
Net income (expense) from settlement mechanism	(295.2)	206.8	(242.9%)
Total revenue and other income	1,222.0	1,249.1	(2.2%)

Revenues from incentive regulation consist of grid tariffs before the settlement mechanism; they are primarily driven by the regulatory remuneration for onshore activities (revenue cap).

Revenues from incentive regulation increased by €503.1 million. The main driver was the revenue cap increase (+€412.0 million) based on the high energy prices last year. It was mainly linked to the significantly higher cost allowance for pass-through energy costs for redispatch (+€332.2 million) and grid losses (+€35.7 million). Further increases result from the voluntary commitment to utilise electricity in electrical heat generating units instead of limiting the renewable energy production in the scope of temporary measures to reduce overloads on the transmission grid (+€33.5 million). Another driver were the volume effects. Last year the infeed of renewable energy into the distribution grid was much higher than expected, leading to lower volumes in the transmission grid. Even though the volume effect in 2023 is still negative, it was less pronounced than last year (+€91.1 million).

Revenues from offshore surcharge include all revenues derived from the offshore grid surcharge. This includes regulatory remuneration for the connection of offshore wind farms, the reimbursement of offshore liability payments and offshore costs charged to 50Hertz by third parties, e.g. other TSOs.

The offshore surcharge revenues increased compared with the previous year (+€58.2 million) as the pass-through costs charged to 50Hertz by third parties increased compared with 2022 (+€43.9 million). Additionally, the remuneration of 50Hertz's own offshore grid connection costs increased (+€14.3 million), driven by ongoing offshore investments (e.g. Ostwind 2 and Ostwind 3).

Energy revenues include all revenues related to system operations and are mostly corresponding costs charged on to third parties, such as redispatch measures, costs for reserve power plants or control power costs. Revenues generated from auctioning off interconnector capacity are also included in this section.

Energy revenues strongly decreased compared to the previous year (-€112.0 million), due to the sharp drop in energy prices since last year. The charges to other TSOs for redispatch measures decreased significantly (-€67.0 million), as did the revenues from the compensation of involuntary exchanges at the grid's borders (-€48.7 million). Furthermore, revenues from the auctioning of interconnector capacities dropped due to the price developments (- €38.6 million), as did the revenues from reserve power plants (-€34.9 million). These decreases were partially compensated by an increase of control power costs charged to balancing groups (+€71.9 million).

Other income rose (+€20.5 million), as a result of higher own work capitalised following the increase in staffing to execute and manage the investment programme (+€10.5 million) as well as higher revenues from service level agreements (+€9.2 million).

The net regulatory income (expense) from settlement mechanism neutralises regulatory time lags. It consists of two components: firstly, the neutralisation of differences between cost allowances in the tariffs and the actual costs incurred for the current year (-€370.5 million); secondly, the balancing of said differences from prior years (+€75.3 million).

EBITDA increased to €352.7 million (+20.1%). The growing onshore and offshore asset base benefitted the investment remuneration (+€50.5 million). Base year revenues increase due a higher remuneration of the capital costs and the opex compared to last year (+€4.7 million). The operational costs remained well under control, although important expenditures in digitalisation and IT in order to manage the growing complexity of operating the system. Furthermore, the EBITDA also benefitted from a higher energy bonus (+€4.6 million), especially for grid losses. Finally, 50Hertz continued to expand its talent pool in order to keep up with the increasingly larger and more complex investment programme, leading to additional staffing costs (-€14.2 million), which were partially compensated for by the higher own work capitalised and revenues from service level agreements (+€12.7 million).

There was a less pronounced increase in EBIT (+€42.4 million) which was driven by increasing depreciations (-€16.4 million) following mainly offshore commissionings. Furthermore, operating provisions remained flat (-€0.1 million) and no adjusted items occurred in 2023.

The net financial result decreased to -€30.2 million (-€22.4 million), driven primarily by the higher interest costs linked to Eurogrid's bond issuances (-€16.7 million). Furthermore, the valuation of long-term provision for congestion income from interconnectors slightly increased, while last year' financial result was marked by a strong drop in the valuation of this liability due to the spike of forward interest rates (-€14.3 million). This is partially offset by the higher capitalised borrowing cost due to the execution of the investment programme (+€9.5 million)

(Adjusted) net profit increased to €112.5 million (+14.0%) as a result of:

• 1. Higher investment remuneration (+€35.4 million) following the growth of the asset base.
• 2. Decreased OPEX and other costs (+€5.6 million).
• These effects were partially offset by:
• 3. Higher depreciations (-€11.5 million) due to the commissioning of projects.
• 4. Lower financial results (-€15.7 million), driven primarily by the higher interest costs and last year's revaluation of long-term provisions partially offset by capitalised borrowing cost.

Total assets rose by €96.7 million compared with 2022 mainly due to the good progress on the investment programme, partially offset by working capital impacts linked to the decreasing energy prices. The free cash flow totalled -€579.8 million and was heavily affected by the high investment programme and the cash outflow for EEG and similar mechanisms (KWK⁴ and SPB⁵ ) (-€555.6 million) as the decreased energy prices led to lower cash inflows. 50Hertz acts as a trustee for these mechanisms.

The net financial debt increased by €720.4 million compared with end of 2022 due to the drop of the cash balance for EEG and similar mechanisms, while the execution of the investment programme was mainly financed from operating cash flow. As of June 2023, the cash position for these three schemes amounted to €2,375.7 million. Also in 2023, Eurogrid continued to tap the debt market to strengthen its liquidity position in view of the upcoming investments. Eurogrid secured a syndicated contract for an amortising loan of €600 million with a term of ten years with seven banks. The funds for this first Green Loan are provided by the banks and refinanced under KfW's "Climate Protection Programme for Companies". The funds will be used to co-finance the offshore grid connection for the Gennaker wind farm project. As of June, €120 million were drawn. Additionally, Eurogrid issued a new bond of 650 m€ with a tenor of 7 years and at a fixed rate 3.722%. Following these transactions, the average cost of debt increased to 1.8% (+30 bps) at the end of June 2023.

The total equity decreased by €183.1 million to €1,997.5 million. This decrease is primarily driven by the drop in hedge reserves (-€165.2 million). Since 2021, 50Hertz applies hedge accounting for the purpose of reducing the risk of fluctuations in the expected amount of grid losses. Due to the drop in energy prices, the fair value of these contracts decreased to -€106.3 million. Considering a deferred tax effect, a hedge reserve amounting to -€74.4 million was recorded in other comprehensive income. As the costs for grid losses are almost fully passed through to the tariffs, the fair value of the future contracts has no relevance for the current and future profitability of the company.

⁴ KWK (Kraft-Wärme-Kopplung): Combined Heat & Power

⁵ SPB (Strompreisbremse): Cap on energy prices

Operational

In 2023, a net volume of 19.9 TWh was drawn off from the 50Hertz grid, 7.2% less than last year (21.4 TWh). As usual, 50Hertz was a net exporter of electricity with a net export of 21.4 TWh (24.9 TWh in 2022); this followed from 32.0 TWh in exports and 10.0 TWh in imports (34.9 TWh and 10.0 TWh in 2022, respectively). As of June, the peak load was 7.3 GW (compared to 8.0 GW last year).

Investments

50Hertz invested €521.5 million in 2023, up 24.3% compared to last year. In total, €425.9 million was invested in onshore projects, while offshore investments amounted to €95.6 million.

Significant onshore investments include the DC line SuedOstLink (€85.4 million), crucial for connecting growing offshore production in northern Germany to southern consumption centers. Additionally, reinforcing the 380 kV overhead line between Röhrsdorf and Remptendorf is a major project, costing €55.8 million. Another important milestone achieved last year was the successful settlement of a 17-year lawsuit for the replacement of the old Uckermark line. This reinforcement project involves the southern Uckermark region (€46.3 million) and the northern Uckermark region (€11.7 million) overhead lines. Other noteworthy onshore projects to strengthen the grid include the restructuring of the Lauchstädt substation with STATCOM and MSCDN (€22.7 million), as well as the restructuring and reinforcement of the Wolmirstedt to Güstrow (€21.3 million) overhead line.

Regarding offshore investments, focus primarily lies on the Ostwind 3 project (€33.5 million), while the Ostwind 2 project (€33.3 million) is nearing final commissioning. Additionally, progress is being made in realising the connection for the offshore wind park Gennaker, with an investment of €23.9 million.

2.1.C. Non-regulated activities and Nemo Link

Highlights

• Nemo Link's strong performance in 2023 constrained by cumulative cap
• Higher costs driven by the further expansion of international offshore activities of WindGrid
• Successful issuance of €500 million hybrid securities together with a capped tender offer on its existing hybrid security

Key results

Non-regulated activities and Nemo Link Key figures (in € million)	1H 2023	1H 2022	Difference (%)
Total revenues and other income	26.4	18.3	44.3%
Equity accounted investees	13.3	22.9	(41.9%)
EBITDA	6.1	18.4	(66.8%)
EBIT	5.7	18.0	(68.3%)
Net finance costs	(2.1)	(4.5)	(53.3%)
Income tax expenses	0.4	0.4	0.0%
Net profit	4.0	13.9	(71.2%)
Of which attributable to the Elia Group	3.9	13.9	(71.9%)
Adjusted items on net profit	0.0	0.0	n.r.
Adjusted net profit	4.0	13.9	(71.2%)
Key figures of the financial position (in € million)	2023	2022	Difference (%)
Total assets	2,020.0	1,946.5	3.8%
Total equity	1,519.5	1,445.4	5.1%
Net financial debt	202.1	260.1	(22.3%)

See the glossary for definitions

See Section 4 for information on adjusted items

Comparative figures for Total assets, Equity and Net financial debt as at 31/12/2022

Non-regulated revenue increased by 44.3% to €26.4 million compared to 2022. Elia Grid International ('EGI') achieved an increase in revenues (+€4.2 million) by effectively utilizing its well-established consulting expertise in the energy industry to support countries in their pursuit of energy transition objectives. Furthermore, the intersegment transactions increased mainly between Elia Group SA, Elia Transmission Belgium and 50Hertz. The effect of these intersegment transactions is disclosed in 'Note 2.2. Segment reconciliation'.

Equity-accounted investments contributed €13.3 million to the Group's result, which is almost entirely attributable to Nemo Link. Despite the Nemo Link's strong performance in 2023, it contributed €9.6 million less to the overall result compared to 2022. This decline can be fully attributed to the fact that Nemo Link will reach the cumulative cap for the 5-year assessment, while prior year result still partially benefitted from lower performance for the years 2019- 2021.

In 2023, the electricity markets in Europe and the UK exhibited a more relaxed state following the turbulence experienced in 2022. This is evident from a normalization in flow direction, with only 19% of "reversal" flows from the

UK to BE compared to 44% in 2022. The long-term auctions for delivery in 2023 cleared at an average price of €21 per MWh, benefiting from the tense market environment during the time of the auctions. It is worth noting that most of these long-term auctions are T-1 auctions. However, day-ahead revenue indicates a clear market normalisation, with an average spread of €10 per MWh in 2023 compared to €31 per MWh in the previous year. Throughout 2023, the operational availability of the interconnector remained very high at 98.4%.

EBIT dropped to €5.7 million (-€12.3 million). This decrease was primarily due to the lower contribution from Nemo Link (-€9.6 million), the higher operating costs for the holding and WindGrid driven by the pursuit of inorganic growth ambitions (-€3.8 million), higher operating expenses for re.alto (-€0.2 million) and offset by lower other non-regulated costs and EGI (+€1.2 million).

Net finance cost dropped to €2.1 million, mainly consisting of interest expenses related to the senior bond (€2.6 million), expenses related to the Nemo Link private placement (€1.2 million) and other financial costs related to Elia Group SA. However, these costs were temporally balanced out by interest income from cash deposits (+€2.1 million) due to the Group's improved liquidity position resulting from the capital increase carried out last year. The costs linked to the issuance of new €500 million hybrid and the capped tender on its existing hybrid security are directly recognised in equity under IFRS.

(Adjusted) net profit decreased by €9.9 million to €4.0 million, mainly as a result of:

• 1. Lower contribution from Nemo Link (-€9.6 million).
• 2. Higher costs driven by the expansion of international offshore activities of WindGrid (-€2.8 million).
• 3. Lower cost for the holding (+€1.5 million) driven by higher interest income on cash deposits.
• 4. Other items (+€0.9 million) primarily driven by higher intersegment income and lower other non-regulated cost (+€1.1 million), partially offset by higher costs for re.alto (-€0.2 million).

Total assets increased by 3.8% amounting to €2,020.0 million (+€73.5 million) as the dividend payments from subsidiaries exceeds the payment of last year's dividend to shareholders (-€140.4 million). This led to a drop in net financial debt of €58.0 million to €202.1 million.

2.2 Segment reconciliation

Consolidated results (in € million) − period ended 30 June	2023	2023	2023	2023	2023
	Elia Transmission	50Hertz Transmission	Non regulated activities and Nemo Link	Consolidation entries & intersegment transactions	Elia Group
	( a )	( b )	( c )	( d )	( a ) + ( b ) + ( c ) + ( d )
Revenue	650.2	1,445.5	0.6	(0.7)	2,095.6
Other income	26.5	71.7	25.8	(31.6)	92.4
Net income (expense) from settlement mechanism	(3.5)	(295.2)	0.0	0.0	(298.7)
Depreciation, amortisation, impairment and changes in provisions	(110.2)	(159.0)	(0.4)	0.0	(269.6)
Results from operating activities	135.3	193.7	(7.7)	(0.0)	321.3
Share of profit of equity accounted investees, net of tax	1.7	0.0	13.3	0.0	15.0
Earnings before interest and tax (EBIT)	136.9	193.7	5.7	(0.0)	336.3
Earnings before depreciation, amortisation, interest and tax (EBITDA)	247.1	352.7	6.1	(0.0)	605.9
Finance income	8.4	9.8	2.4	0.0	20.6
Finance costs	(36.5)	(40.0)	(4.4)	0.0	(80.9)
Income tax expenses	(25.7)	(51.0)	0.4	0.0	(76.3)
Profit attributable to the owners of the company	83.1	90.0	3.9	(0.0)	177.1
Consolidated statement of financial position (in € million)	30.06.2023	30.06.2023	30.06.2023	30.06.2023	30.06.2023
Total assets	8,060.3	11,734.8	2,020.0	(818.7)	20,996.5
Capital expenditures	316.0	501.7	1.2	0.0	818.9
Net financial debt	3,198.1	1,975.7	202.1	0.0	5,376.0

3. Outlook and other information⁶

Energy is a crucial and strategically important resource. The energy transition is being accelerated not only due to climate concerns, but also because of high energy prices and geopolitical crises. Changes in production and consumption have a direct impact on the electricity system, making it vital to consider the future of the grid for social reasons.

In Germany, the draft Grid Development Plan (GDP) now envisions a power grid that can achieve climate neutrality by 2045, with electricity playing a key role in decarbonizing industries, transportation, and buildings through direct or indirect electrification. The importance of sector coupling for decarbonization is emphasized in this GDP more than ever before. The newly identified projects for 2045 include a total route length of 14,197 km, with 5,742 km onshore and 8,455 km offshore. The additional projects require huge investments.

Furthermore, the market capacity of suppliers is under pressure due to extensive investments by European TSOs and other industries. Delivery times are increasing, and there is limited room for negotiation. Suppliers selectively choose tenders, projects, and customers to de-risk their offers, and they renegotiate contracts and clauses even after tender awards. Elia Group is taking measures to mitigate these circumstances, including building long-term strategic partnerships, renegotiating existing contracts, reserving equipment production capacity, and implementing simplified tender processes in new contracts. If all these measures cannot be implemented, the execution of investment plans could be delayed.

Lastly, in the past few years, we have witnessed a notable absence of inflation and a consistent decrease in longterm risk-free interest rates. As a result, our regulators responded by acknowledging the diminishing returns on our capital. This approach made sense given the circumstances. However, the situation has now undergone a complete transformation. The current environment is characterized by increasing interest rates, necessitating prompt consideration and adjustment. If we fail to raise sufficient capital, we may face a deficiency in essential infrastructure. Such a scenario would impact the speed of the progress of the energy transition.

Therefore, ensuring adequate capital investment in essential infrastructure is crucial to maintain the momentum of the energy transition and avoid any setbacks that could hinder our progress towards a sustainable future.

⁶ The following statements are forward-looking and actual results may differ materially.

For 2023, Elia Group is confident in its ability to achieve its goal, aiming for an Adjusted Return on Equity (ROE adj.⁷ ) ranging from 6% to 7%.

• In Belgium, we reaffirm our objective to achieve a return on equity (ROE) ranging from 5% to 6%, while slightly adjusting our investment target to €700 million. The realisation of this investment programme is always prone to external risks.
• In Germany, we reaffirm our objective to achieve a return on equity (ROE) ranging from 8% to 10%. 50Hertz Transmission plans to make an investment of around €1,700 million, which is an upward adjustment made in order to ensure future capacities in the supplier market. The realisation of the investment programme is always prone to external risks.
• The non-regulated segment and Nemo Link, which comprises the return of Nemo Link, the return of the nonregulated activities (mainly re.alto, EGI and WindGrid) and the operating costs inherent in the management of a holding company, is expected to report a loss to the Group's result in the range of €0 million to -€5 million. Contingent upon the availability of the interconnector, Nemo Link is projected to contribute approximately €25 million to the financial result, considering the expectation that the cumulative cap over the 5-year regulatory period will be reached.

The guidance does not consider any potential M&A transactions.

⁷ Determined as the result attributable to ordinary shareholder/Equity attributable to owners of ordinary shares adjusted for the value of the future contracts (hedging reserve).

4. Adjusted items – Reconciliation Table

No adjusted items to report

5. Financial Calendar

Publication of half-year results 2023 26 July 2023 Quarterly statement: Q3 2023 24 November 2023 Capital Markets Day 8 December 2023 Publication of full-year results 2023 6 March 2024 Publication of 2023 Annual report 19 April 2024 General Meeting of Shareholders 21 May 2024 Quarterly Statement Q1 2024 22 May 2024 Ex-dividend date 30 May 2024 Record date 31 May 2024 Payment of dividend for 2023 1 June 2024

6. Joint auditors' review report

The joint statutory auditors, EY Bedrijfsrevisoren BV/Réviseurs d'Entreprises SRL represented by Mr Paul Eelen and BDO Bedrijfsrevisoren BV/Réviseurs d'Enterprises SRL represented by Mr Michaël Delbeke, have confirmed that their audit procedures, which have been substantially completed, have not revealed any material adjustments which would have to be made to the accounting information included in this press release.

7. Useful Links

— Press Release

• HY financial reports on the Elia Group website
• Elia Group will host a conference call for institutional investors and analysts today (26 July 2023) at 10:30 a.m. CET
• 2022 annual report

Disclaimer/Forward-looking statements

Certain statements in this press release are not historical facts and are forward-looking statements. From time to time, the Company may make written or oral forward-looking statements in reports to shareholders and in other communications. Forward-looking statements include, but is not limited to, the estimates of revenues, operating margins, capital expenditures, cash, future liquidity, working capital, and capital requirements, the Company's ability to raise capital and debt, other financial information, expected legal, political or regulatory evolutions, in Belgium and in and outside Europe, and other such estimates and evolutions, including amongst others the uncertainty with respect to the necessary regulatory approvals of costs and terms and conditions related to the operation of the grid, the expected development of the Company's business, projects, joint ventures and other co-operations, the execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth. Words such as "believe", "anticipate", "estimate", "expect", "intend", "predict", "project", "could", "may", "will", "plan", "remain confident" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forwardlooking statements will not be achieved. Investors should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. When relying on forward-looking statements, investors should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social, industry and legal environment in which the Company operates. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise, other than as required by applicable laws, rules or regulations. The Company makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario.

Glossary

Adjusted items

Adjusted items are those items that are considered by management not to relate to items in the ordinary course of activities of the Group. They are presented separately as they are important for the understanding of users of the consolidated financial statements of the performance of the Group and this compared to the returns defined in the regulatory frameworks applicable to the Group and its subsidiaries.

Adjusted items relate to:

• income and expenses resulting from a single material transaction not linked to current business activities (e.g. change in control in a subsidiary);
• changes to the measurement of contingent considerations in the context of business combinations;
• restructuring costs linked to the corporate reorganisation of the Group (i.e. a reorganisation project to isolate and ring-fence the regulated activities of Elia in Belgium from non-regulated activities and regulated activities outside Belgium).

Adjusted EBIT

EBIT - earnings before interest and taxes - is the adjusted result from operating activities, which is used to compare the Group's operational performance between years. Adjusted EBIT is defined as EBIT excluding adjusted items. Adjusted EBIT is calculated as total revenue less the cost of raw materials, consumables and goods for resale, services and other goods, personnel expenses and pensions, depreciations, amortisations and impairments, changes in provisions and other operating expenses, plus the share of equity-accounted investees (net of tax) plus or minus adjusted items.

(in € million) - period ended 30 June	Elia Transmission	50Hertz Transmission	2023 Non-regulated Consolidation activities and Nemo Link	entries & intersegment transactions	Elia Group
Results from operating activities	135.3	193.7	(7.7)	(0.0)	321.3
Share of profit of equity accounted investees (net of tax)	1.7	0.0	13.3	0.0	15.0
EBIT	136.9	193.7	5.7	(0.0)	336.3
Deduct:
Adjusted EBIT	136.9	193.7	5.7	(0.0)	336.3

(in € million) – period ended 30 June	2022
	Elia Transmission	50Hertz Transmission	Non-regulated Consolidation activities and Nemo Link	entries & intersegment transactions	Elia Group
Results from operating activities	125.2	151.3	(4.8)	0.0	271.8
Share of profit of equity accounted investees (net of tax)	1.7	0.0	22.9	0.0	24.5
EBIT	126.9	151.3	18.0	0.0	296.3
Deduct:
Adjusted EBIT	126.9	151.3	18.0	0.0	296.3

Adjusted net profit

Adjusted net profit is defined as net profit excluding adjusted items. Adjusted net profit is used to compare the Group's performance between years.

(in € million) - period ended 30 June	2023
	Elia Transmission	50Hertz Transmission	Non-regulated activities and Nemo Link	Elia Group
Profit for the period	83.1	112.5	4.0	199.7
Deduct:
Adjusted net profit	83.1	112.5	4.0	199.7
(in € million) - period ended 30 June		2022
	Elia Transmission	50Hertz Transmission	Non-regulated activities and Nemo Link	Elia Group
Profit for the period	74.2	98.7	13.9	186.7
Deduct:
Adjusted net profit	74.2	98.7	13.9	186.7

CAPEX

CAPEX - Capital Expenditures - are acquisitions of fixed assets (a.o. property, plant and equipment and intangible assets) minus the proceeds from the sale of fixed assets. 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, since 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 are used for the Group's operational performance. EBIT is calculated as total revenue less costs of raw materials, consumables and goods for resale, services and other goods, personnel expenses and pensions, depreciations, amortisations and impairments, changes in provision and other operating expenses, plus the share of equity-accounted investees.

(in € million) – period ended 30 June
	Elia Transmission	50Hertz Transmission	Non-regulated Consolidation activities and Nemo Link	entries & intersegment transactions	Elia Group
Results from operating activities	135.3	193.7	(7.7)	(0.0)	321.3
Share of profit of equity accounted investees (net of tax)	1.7	0.0	13.3	0.0	15.0
EBIT	136.9	193.7	5.7	(0.0)	336.3

(in € million) – period ended 30 June
	Elia Transmission	50Hertz Transmission	Non-regulated Consolidation activities and Nemo Link	entries & intersegment transactions	Elia Group
Results from operating activities	125.2	151.3	(4.8)	0.0	271.8
Share of profit of equity accounted investees (net of tax)	1.7	0.0	22.9	0.0	24.5
EBIT	126.9	151.3	18.0	0.0	296.3

EBITDA

EBITDA - earnings before interest, taxes, depreciation and amortisations - result from operating activities plus depreciations, amortisation and impairment plus changes in provisions plus share of profit of equity-accounted investees. EBITDA is used as a measure of the Group's operational performance, thereby extracting the effect of depreciations, amortisation and changes in provisions of the Group. EBITDA excludes the cost of capital investments such as property, plants, and equipment.

(in € million) – period ended 30 June			2023
	Elia Transmission	50Hertz Transmission	Non-regulated Consolidation activities and Nemo Link	entries & intersegment transactions	Elia Group
Results from operating activities	135.3	193.7	(7.7)	(0.0)	321.3
Add:
Depreciation, amortisation and impairment	110.8	158.9	0.4	0.0	270.0
Changes in provisions	(0.6)	0.1	0.0	0.0	(0.5)
Share of profit of equity accounted investees (net of tax)	1.7	0.0	13.3	$\overline{0}$	14.975
EBITDA	247.1	352.7	6.1	(0.0)	605.9

(in € million) – period ended 30 June			2022
	Elia Transmission	50Hertz Transmission	activities and Nemo Link	Non-regulated Consolidation entries & intersegment transactions	Elia Group
Results from operating activities	125.2	151.3	(4.8)	0.0	271.8
Add:
Depreciation, amortisation and impairment	104.5	142.4	0.3	0.0	247.3
Changes in provisions	0.7	(0.1)	0.0	0.0	0.5
Share of profit of equity accounted investees (net of tax)	1.7	0.0	22.9	0.0	24.5
EBITDA	232.1	293.6	18.4	0.0	544.2

Equity attributable to the owners of the company

Equity attributable to the owners of the company is equity attributable to ordinary shareholders and hybrid security holders, excluding non-controlling interests.

(in € million)	30 June 2023	31 December 2022
Equity	5,588.8	5,756.4
Deduct:
Non-controlling interests	400.2	436.7
Equity attributable to the owners of the company	5,188.6	5,319.6

Free cash flow

Free cash flow relates to 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.

(in € million) – period ended 30 June	2023
	Elia Transmission	50Hertz Transmission	Non-regulated Consolidation activities and Nemo Link	entries & intersegment transactions	Elia Group
Net cash from operating activities	112.5	(78.4)	3.0	(0.8)	37.0
Deduct:
Net cash used in investing activities	307.9	501.4	(191.1)	191.7	810.0
Free cash flow	(195.5)	(579.8)	194.0	(192.5)	(773.0)

(in € million) – period ended 30 June	2022
	Elia Transmission	50Hertz Transmission	activities and Nemo Link	Non-regulated Consolidation entries & interseament transactions	Elia Group
Net cash from operating activities	$-84.8$	1.211.4	290.7	0.0	1,417.1
Deduct:
Net cash used in investing activities	174.8	411.1	(149.6)	0.0	436.3
Free cash flow	(259.5)	800.2	440.3	0.0	980.8

Net finance costs

Net finance costs represent the net financial result (finance costs plus finance income) of the company.

Net financial debt

Net financial debt comprises non-current and current interest-bearing loans and borrowings (including lease liability under IFRS 16) minus cash and cash equivalents. Net financial debt is an indicator of the amount of the Group's interest-bearing debt that would remain if readily available cash or cash instruments were used to repay existing debt.

(in $\epsilon$ million)		30 June 2023			31 December 2022
	Elia Transmission	50 Hertz Transmission	Non-requiated activities and Nemo Link	Elia Group Total	Elia Transmission	50Hertz	Non-regulated Transmission activities and Nemo Link	Elia Group Total
Non-current liabilities:
Loans and borrowings	3.892.4	4.601.1	464.6	8.958.1	3.408.2	3.834.4	473.0	7.715.6
Add:
Current Liabilities:
Loans and borrowings	42.4	799.1	13.6	855.1	65.2	789.2	12.8	867.2
Deduct:
Current Assets:
Cash and cash equivalents	736.7	3.424.5	276.1	4,437.3	557.2	3.368.3	225.7	4,151.2
Net financial debt	3.198.1	1.975.7	202.1	5,376.	2.916.2	1.255.3	260.1	4,431.6
EEG and similar mechanisms - surplus		2.375.7		2,375.7		2.936.0		2.936.0
EEG and similar mechanisms - deficit
Net financial debt, exl. EEG and similar surcharges	3.198.1	4.351.4	202.1	7,751.	2.916.2	4,191.3	260.1	7,367.6

Regulatory asset base (RAB)

The regulated asset base is a regulatory concept and an important driver for determining the return on the invested capital in the TSO through regulatory schemes. The RAB is determined via the RABi (initial RAB determined by regulator at a certain point in time) and evolves with new investments, depreciations, divestments and changes in working capital on a yearly basis using the local GAAP accounting principles applicable in the regulatory schemes. In Belgium, when setting the 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 depreciations, as well as capital grants received for infrastructure projects.

Return on Equity (adj.) (%)

The Return on Equity (RoE adj.) is the net profit attributable to ordinary shareholders divided by the equity attributable to ordinary shareholders adjusted for the value of the future contracts (hedging reserve). The denominator does therefore not include the accounting impact of hybrid securities in IFRS (i.e. it excludes the hybrid security from equity and considers the interest costs to be 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 adj. provides an indication of the ability of the Group to generate profits relative to its invested equity

(in € million) – period ended 30 June	2023	2022
Profit for the period	199.7	186.7
Deduct:
Profit attributable to holders of hybrid securities	14.6	9.6
Profit attributable to non-controlling interests	22.5	19.8
Profit attributable to equity holders of ordinary shares (A)	162.6	157.3
Divided by:
Equity attributable to ordinary shares	4,483.6	4,656.8
Deduct:
Hedging reserve in equity related to future grid losses (50 Hertz)	$-59.5$	352.3
Adjusted equity attributable to ordinary shares (B)	4,543.2	4,304.6
Return on Equity (adj.) $(\% ) = (A) / (B)$	3.58%	3.65%

Net debt/EBITDA

Net debt/EBITDA is the net financial debt divided by EBITDA. The net debt/EBITDA ratio provides an indication of the number of years it would take for the Group to pay back its interest-bearing debt net of cash based on its operational performance.

EBITDA/Gross interest

EBITDA/Gross interest is the EBITDA divided by the pre-tax interest charges. The EBITDA-to-interest coverage ratio expresses to what extent the operational performance enables the Group to pay off annual interest expenses.

Equity attributable to owners of the company per share (in €)

This is the equity attributable to owners of the company divided by the number of shares outstanding at the year's end excluding own shares held by the company.

(in € million) – period ended 30 June	2023	2022
Equity attributable to ordinary shares	4.483.614.462.0	4,656,805,788.1
Divide by:
Number of shares outstanding	73,507,880	73,456,328
Equity attributable to owners of ordinary shares	61.0	63.4

Reported earnings per share (in €) (Elia share)

This is the net profit attributable to owners of the ordinary shares divided by the weighted average number of ordinary shares (end of period).

(in € million) – period ended 30 June	2023	2022
Net profit attributable to owners of ordinary shares	162.5	157.4
Divide by:
Weighted average number of ordinary shares	73.501.310	68,773,950
Reported earnings per share (in €) (Elia share)	2.21	2.29

About Elia Group

One of Europe's top five TSOs

Elia Group is a key player in electricity transmission. We ensure that production and consumption are balanced around the clock, supplying 30 million end users with electricity. Through our subsidiaries in Belgium (Elia) and the north and east of Germany (50Hertz), we operate 19,349 km of high-voltage connections, meaning that we are one of Europe's top 5 transmission system operators. With a reliability level of 99.99%, we provide society with a robust power grid, which is important for socio-economic prosperity. We also aspire to be a catalyst for a successful energy transition, helping to establish a reliable, sustainable and affordable energy system.

We are making the energy transition happen

By expanding international high-voltage connections and incorporating ever-increasing amounts of renewable energy into our grid, we are promoting both the integration of the European energy market and the decarbonisation of society. We also continuously optimise our operational systems and develop new market products so that new technologies and market parties can access our grid, thus further facilitating the energy transition.

In the interest of society

As a key player in the energy system, Elia Group is committed to working in the interest of society. We are responding to the rapid increase in renewable energy by constantly adapting our transmission grid. We also ensure that investments are made on time and within budget, with a maximum focus on safety. In carrying out our projects, we manage stakeholders proactively by establishing two-way communication channels between all relevant parties very early on in the development process. We also offer our expertise to different players across the sector in order to build the energy system of the future.

International focus

In addition to its activities as a transmission system operator, Elia Group provides consulting services to international customers through its subsidiary Elia Grid International. In recent years, the Group has launched new non-regulated activities such as re.alto - the first European marketplace for the exchange of energy data via standardised energy APIs - and WindGrid, a subsidiary which will continue to expand the Group's overseas activities, contributing to the development of offshore electricity grids in Europe and beyond.

The legal entity Elia Group is a listed company whose core shareholder is the municipal holding company Publi-T.

eliagroup.eu

For further information, please contact:

Investor Relations

Yannick Dekoninck | M +32 478 90 13 16 | investor.relations@elia.be Stéphanie Luyten | M +32 467 05 44 95 | investor.relations@elia.be Corporate Communication Marleen Vanhecke | M +32 486 49 01 09 | marleen.vanhecke@elia.be

Annexes:

Basis for segment reporting

The Group has opted for a segment reporting in conformity with the different regulatory frameworks that currently exist within the Group. This reporting approach closely reflects the Group's operational activities and is also in line with the Group's internal reporting to the Chief Operating Decision Maker (CODM), enabling the CODM to better evaluate and assess the Group's performance and activities in a transparent way.

Pursuant to IFRS 8, the Group has identified the following operating segments based on the aforementioned criteria:

• Elia Transmission (Belgium), which comprises the activities based on the Belgian regulatory framework: the regulated activities of Elia Transmission Belgium NV/SA, Elia Asset NV/SA, Elia Engineering NV/SA, Elia Re SA, HGRT SAS, Coreso NV/SA, SA whose activities are directly linked to the role of Belgian transmission system operator and are subject to the regulatory framework applicable in Belgium.
• 50Hertz Transmission (Germany), which comprises the activities based on the German regulatory framework: Eurogrid GmbH, 50Hertz Transmission GmbH and 50Hertz Offshore GmbH, whose activities are directly linked to the role of transmission system operator in Germany.
• Non-regulated activities and Nemo Link, comprising:
• o Elia Group NV/SA, which mainly comprises the holding activities in the Elia Transmission (Belgium) and 50Hertz Transmission (Germany) segment;
• o Eurogrid International NV/SA;
• o The holding activities in Nemo Link Ltd. This company comprises and manages the Nemo project, which connects the UK and Belgium using high-voltage electricity cables, enabling power to be exchanged between the two countries and for which a specific regulatory framework has been set up.
• o The non-regulated activities of the Elia Transmission (Belgium) segment. 'Non-regulated activities' refers to activities which are not directly related to the role of TSO.

• o EGI (Elia Grid International NV/SA, Elia Grid International GmbH, Elia Grid International Pte. Ltd Singapore (closed in 2022), Elia Grid International LLC Saudi Arabia and Elia Grid International Inc Canada (new subsidiary incorporated in 2022), companies supplying specialists in consulting, services, engineering and procurement, creating value by delivering solutions based on international best practice while fully complying with regulated business environments.

• o Re.Alto-Energy BV/SRL and re.alto GmbH, a start-up company founded in August 2019, which is building a platform to facilitate users to exchange energy data and services.

• o Windgrid, a new entity created during the reporting period 2022 to manage the significant investments in renewable energy production and the offshore grid expected in the future.

The CODM has been identified by the Group as Boards of Directors, CEOs and Management Committees of each segment. The CODM periodically reviews the performance of the Group's segments using various indicators such as revenue, EBITDA and operating profit.

The information presented to the CODM follows the Group's IFRS accounting policies, so no reconciling items have to be disclosed.

Consolidated statement of profit or loss

(in € million) - Period ended 30 June	Notes	2023	2022
Revenue		2,095.6	1,618.6
Raw materials, consumables and goods for resale		(11.7)	(29.3)
Other income		92.4	77.0
Net income (expense) from settlement mechanism		(298.8)	256.5
Services and other goods		(1,067.9)	(1, 205.5)
Personnel expenses		(199.5)	(177.0)
Depreciation, amortisation and impairment		(270.0)	(247.3)
Changes in provisions		0.5	(0.5)
Other expenses		(19.3)	(20.7)
Results from operating activities		321.3	271.8
Share of profit of equity accounted investees (net of tax)		15.0	24.5
Earnings before interest and tax (EBIT)		336.3	296.3
Net finance costs		(60.4)	(43.8)
Finance income		20.5	0.8
Finance costs	(4.19)	(80.9)	(44.6)
Profit before income tax		275.9	252.5
Income tax expense	(4.20)	(76.3)	(65.8)
Profit for the period		199.7	186.7
Profit attributable to:
Equity holders of the parent - equity holders of ordinary shares		162.5	157.4
Equity holders of the parent - hybrid securities		14.6	9.6
Non-controlling interest		22.5	19.8
Profit for the period		199.7	186.7
Earnings per share (in $\epsilon$ )
Basic earnings per share		2.21	2.29
Diluted earnings per share		2.21	2.29

Rounding – In general, all figures are rounded. Variances are calculated from the source data before rounding, implying that some variances may not add up.

Consolidated statement of profit or loss and comprehensive income

(in € million) $-$ Period ended 30 June	Notes	2023	2022
Profit for the period		199.7	186.7
Other comprehensive income (OCI)
Items that may be reclassified subsequently to profit or los
Net changes in fair value of cash flow hedges		(254.6)	290.4
Foreign currency translation differences of foreign operations		0.0	0.0
Related tax		75.4	(86.8)
Items that will not be reclassified to profit or loss:
Remeasurements of post-employment benefit obligations		(9.6)	(3.9)
Net changes in fair value of investments		0.0	32.7
Related tax		2.4	1.0
Other comprehensive income for the period, net of tax		(186.4)	233.4
Total comprehensive income for the period		13.3	420.1
Total comprehensive income attributable to:
Equity holders of the parent - ordinary shareholders		9.2	346.1
Equity holders of the parent - hybrid securities holders		14.6	9.6
Non-controlling interest		(10.5)	64.4
Total comprehensive income for the period		13.2	420.1

Rounding – In general, all figures are rounded. Variances are calculated from the source data before rounding, implying that some variances may not add up.

Consolidated statement of financial position

(in $\epsilon$ million) - As at	Notes	30 June 2023	31 December 2022
ASSETS
NON-CURRENT ASSETS		15,536.2	14,941.9
Property, plant and equipment	(4.6)	12,380.0	11,844.7
Goodwill		2.411.1	2,411.1
Intangible assets	(4.6)	251.9	210.5
Equity-accounted investees	(4.4)	274.0	261.2
Other financial assets	(4.8)	122.4	117.2
Trade and other receivables non-current	(4.7)	95.0	95.5
Deferred tax assets	(4.9)	1.8	1.7
CURRENT ASSETS		5,460.3	5,652.4
Inventories		21.4	21.6
Trade and other receivables	(4.7)	903.5	1,206.2
Current tax assets		38.7	28.6
Other financial assets	(4.8)	11.5	219.7
Cash and cash equivalents		4,437.3	4,151.2
Deferred charges and accrued revenues		47.9	25.1
Total assets		20,996.4	20,594.3
EQUITY AND LIABILITIES
EQUITY		5,588.8	5,756.4
Equity attributable to owners of the Company		5,188.6	5,319.6
Equity attributable to ordinary shares:		4,483.6	4,618.3
Share capital	(4.10)	1,823.3	1,823.1
Share premium	(4.10)	739.1	738.6
Reserves		181.3	173.0
Hedging reserve		(27.0)	119.2
Treasury shares		(1.6)	(1.8)
Retained earnings	(4.12)	1,768.6	1,766.2
Equity attributable to hybrid securities holders		704.9	701.4
Non-controlling interest		400.2	436.7
NON-CURRENT LIABILITIES		9,810.8	8,548.0
Loans and borrowings	(4.13)	8,958.1	7,715.6
Employee benefits	(4.14)	85.0	75.0
Provisions	(4.14)	147.8	146.2
Deferred tax liabilities	(4.9)	167.5	223.7
Other liabilities	(4.17)	452.5	387.6
CURRENT LIABILITIES		5,596.7	6,289.8
Loans and borrowings	(4.13)	855.1	867.2
Provisions	(4.14)	10.3	8.6
Trade and other payables	(4.16)	3,820.9	4,804.2
Current tax liabilities		23.8	26.6
Other liabilities	(4.17)	18.6	0.0
Accruals and deferred income	(4.18)	868.1	583.3

45

Consolidated statement of changes in equity

(in $\epsilon$ million) - Year ended 30 June								Equity attributable to hybrid securities	Le
	Share capital	Share premium	Hedging reserve		shares	Retained earnings	to ordinary shares Equity attributable		Equity attributable ď	Non-controlling	Total equity
				Reserves					the owners company	interests
					Treasury
									$\overline{6}$
Balance at 1 January 2022	1,709.2	262.8	197.1	173.0	(0.8)	1,509.2	3,850.6	701.4	4,552.0	386.4	4,938.4
Profit for the period						167.0	167.0		167.0	19.8	186.7
Other comprehensive income			165.5			23.3	188.8		188.8	44.6	233.4
Total comprehensive income for the period			165.5			190.2	355.7		355.7	64.4	420.1
Transactions with owners, recorded directly in
Contributions by and distributions to Owners
Shares issued	118.2	471.9					590.1		590.1		590.1
Issuance costs	(6.9)						(6.9)		(6.9)		(6.9)
Share-based payment expenses
Hybrid: dividend accrual						(9.6)	(9.6)	9.6
Hybrid: coupon paid
Hybrid: tax effect on dividend accrual						(2.4)	(2.4)		(2.4)		(2.4)
Acquisition of treasury shares					(0.9)		(0.9)		(0.9)		(0.9)
Dividends to non-controlling interests										(24.0)	(24.0)
Dividends						(120.3)	(120.3)		(120.3)		(120.3)
Other				3.2		(2.9)	0.3		0.3		0.3
Total contributions and distributions	111.3	471.9		3.2	(0.9)	(135.1)	450.4	9.6	460.0	(24.0)	436.0
Total transactions with owners	111.3	471.9		3.2	(0.9)	(135.1)	450.4	9.6	460.0	(24.0)	436.0
Balance at 30 June 2022	1,820.5	734.7	362.6	176.2	(1.7)	1,564.3	4,656.8	711.0	5,367.8	426.8	5,794.5
Balance at 1 January 2023	1,823.1	738.6	119.2	173.0	(1.8)	1,766.2	4,618.3	701.4	5,319.7	436.7	5,756.4
Profit for the period						177.1	177.1		177.1	22.5	199.7
Other comprehensive income			$-146.2$			$-7.2$	$-153.5$		$-153.5$	$-33.0$	$-186.5$
Total comprehensive income for the period			$-146.2$			169.9	23.7		23.7	$-10.5$	13.2
Transactions with owners, recorded directly in
Contributions by and distributions to Owners Shares issued	0.1	0.5					0.6		0.6
Hybrid: issuance of hybrid securities								0.6	0.6		0.6 0.6
Hybrid: set-up fee & agio						(3.3)	(3.3)		(3.3)		(3.3)
Hybrid: dividend accrual						(3.0)	(3.0)	3.0	0.0		0.0
Hybrid: coupon paid						(11.2)	(11.2)		(11.2)		(11.2)
Acquisition of treasury shares					0.2		0.2		0.2		0.2
Dividends to non-controlling interests										(26.0)	(26.0)
Dividends						(140.4)	(140.4)		(140.4)		(140.4)
Other		0.0		8.2		(8.9)	(0.6)		(0.6)	0.0	(0.6)
Total contributions and distributions	0.2	0.5	0.0	0.0	0.2	(167.5)	(158.3)	3.6	(154.7)	(26.0)	(180.7)
Total transactions with owners	0.2	0.5	0.0	0.0	0.2	(167.5)	(158.3)	3.6	(154.7)	(26.0)	(180.7)
Balance at 30 June 2023	1,823.3	739.1	(27.0)	173.0	(1.6)	1.768.6	4.483.7	704.9	5,188,6	400.2	5,588.8

Consolidated statement of cash flows

(in € million) – period ended 30 June	Notes	2023	2022
Cash flows from operating activities
Profit for the period		199.7	186.7
Adjustments for:
Net finance costs		60.4	49.5
Other non-cash items		1.2	1.1
Current income tax expense		55.5	22.1
Profit or loss of equity accounted investees, net of tax		(15.0)	(24.5)
Depreciation of property, plant and equipment and amortisation of intangible assets		270.0	247.3
Loss / proceeds on sale of property, plant and equipment and intangible assets		1.9	(4.8)
Impairment losses of current assets		0.3	0.5
Change in provisions	(4.14)	(5.1)	(0.8)
Change in deferred taxes		20.7	43.7
Changes in fair value of financial assets through profit or loss		(0.1)	0.0
Cash flow from operating activities		589.6	520.8
Change in inventories		(0.3)	0.3
Change in trade and other receivables	(4.7)	329.9	(174.0)
Change in other current assets		(21.5)	(12.5)
Change in trade and other payables		(1,012.2)	1,393.8
Change in other current liabilities		322.3	(180.7)
Changes in working capital		(381.7)	1,026.9
Interest paid		(100.4)	(67.1)
Interest received		16.0	0.7
Income tax paid		(86.4)	(64.1)
Net cash from operating activities		37.0	1,417.3
Cash flows from investing activities
Acquisition of intangible assets	(4.6)	(59.0)	(19.4)
Acquisition of property, plant and equipment	(4.6)	(755.1)	(586.9)
Proceeds from sale of property, plant and equipment		1.9	18.8
Proceeds from capital decrease from equity accounted investees		0.0	33.0
Dividend received		2.2	22.1
		(810.0)	(532.3)
Net cash used in investing activities
Cash flow from financing activities Proceeds from the issue of share capital		0.6	590.1
Proceeds from the issue of hybrid securities		500.0	0.0
Repayment of hybrid securities		(499.4)	0.0
Expenses related to the issue of share capital and hybrid		(3.2)	(6.9)
Purchase of own shares		(0.1)	(0.7)
Dividend paid	(4.12)	(140.4)	(120.3)
Hybrid coupon paid		(11.2)	0.0
Dividends to non-controlling parties		(26.0)	(24.0)
Repayment of borrowings	(4.13)	(28.1)	(89.0)
Proceeds from withdrawal of borrowings		1,266.8	0.0
		1,059.0	349.2
Net cash flow from (used in) financing activities Net increase (decrease) in cash and cash equivalents		286.1	1,234.3
Cash & Cash equivalents at 1 January		4, 151.2	3,049.4
Cash & Cash equivalents at 30 June		4,437.3	4,283.7
Net variations in cash & cash equivalents		286.1	1,234.3

Notes to the condensed consolidated financial statements

General information

Elia Group NV/SA (hereinafter "the company" or "Elia") is established in Belgium, having its head office at Boulevard de l'Empereur 20, B-1000 Brussels.

Elia Group is active in electricity transmission. We ensure that production and consumption are balanced around the clock, supplying 30 million end users with electricity. With subsidiaries in Belgium (Elia) and north-east Germany (50Hertz), we operate 19,349 km of high-voltage connections

The group also has a 50% stake in Nemo Link Ltd, which has constructed an electrical interconnector between the UK and Belgium known as 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.

With around 2,750 employees and a transmission system comprising some 18,990 km of high-voltage connections serving 30 million consumers, the Elia group is one of Europe's top five TSOs. It efficiently, reliably and securely transmits electricity from generators to distribution system operators and major industrial consumers, while also importing and exporting electricity from and to neighbouring countries. The group is a driving force behind the development of the European electricity market and the integration of energy generated from renewable sources. In addition to its system-operator activities in Belgium and Germany, the Elia group offers businesses a range of consultancy and engineering services. The group operates under the legal entity Elia Group SA/NV, a listed company whose reference shareholder is municipal holding company Publi-T SC.

The consolidated financial statements of the company as at and for the full year 2022 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.

Basis for preparation and changes to the Group's accounting policies

a. Basis for preparation

The condensed consolidated interim financial statements were prepared in accordance with IAS 34 Interim Financial Reporting, issued by the IASB as approved by the European Union.

The condensed consolidated interim financial statements do not include all the information and disclosures required for a complete set of IFRS financial statements and should be read in conjunction with the Group's last annual

consolidated financial statements for the year ended 31 December 2022. However, selected explanatory notes are included to explain events and transactions that are significant for an understanding of the changes in the Group's position and performance since the last annual consolidated financial statements.

There were no changes in the accounting policies for the Group compared to the Annual Report 2022. We refer to this Annual Report for a detailed overview of the accounting policies used.

b. New standards, interpretations and amendments adopted by the Group

The accounting policies applied when preparing the condensed consolidated interim financial statements are consistent with those used to prepare the Group's annual consolidated financial statements for the year ended 31 December 2022.

Standards, interpretations and amendments, effective as from 1 January 2023, can be summarised as follows:

• IFRS 17 Insurance Contracts;
• Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information;
• Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies;
• Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates;
• Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction;
• Amendments to IAS 12 Income taxes: International Tax Reform Pillar Two Model Rules (effective immediately but not yet endorsed in the EU – disclosures are required for annual periods beginning on or after 1 January 2023).

These new, revised or amended standards did not have a material impact on the consolidated financial statements of the Group.

c. Standards issued but not yet effective

The below standards and interpretations are published, but not yet applicable for the annual period beginning on 1 January 2023 and are not expected to have a material impact for the Group and are therefore not set out in detail:

• Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Noncurrent and Non-current Liabilities with Covenants (applicable for annual periods beginning on or after 1 January 2024, but not yet endorsed in the EU);

• Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning on or after 1 January 2024, but not yet endorsed in the EU);

• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements (applicable for annual periods beginning on or after 1 January 2024, but not yet endorsed in the EU).

Use of estimates and judgements

The condensed consolidated interim financial statements for the first half of 2023 were 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 2022.

Developments in the economic and financial environment, particularly relating to highly volatile commodities markets and the war in Ukraine, have prompted the Group to step up its risk oversight procedures, mainly in measuring financial instruments, assessing the market risk as well as counterparty and liquidity risks. The estimates used by the Group, among other things, to test for impairment and to measure provisions, take into account this environment and the sharp market volatility.

Subsidiaries, joint ventures and associates

a. Group structure

For detailed accounting policies in respect to 'Business combinations and Goodwill', we refer to note 3.1 in the Group's annual consolidated financial statements as at and for the year ended 31 December 2022.

The below table provides an overview of subsidiaries, joint ventures, associated companies and other shareholdings held across the group.

Name	Country of establishment	Headquarters	Stake %
			2023	2022
Subsidiaries
Elia Transmission Belgium NV/SA	Belgium	Bd de l'Empereur 20, 1000 Brussels	99.99	99.99
Elia Asset NV/SA	Belgium	Bd de l'Empereur 20, 1000 Brussels	99.99	99.99
Elia Engineering NV/SA	Belgium	Bd de l'Empereur 20, 1000 Brussels	100.00	100.00
Elia Re SA	Luxembourg	Rue de Merl 65, 2146 Luxembourg	100.00	100.00
Elia Grid International NV/SA	Belgium	Bd de l'Empereur 20, 1000 Bussels	90.00	90.00
Elia Grid International GmBH	Germany	Heidestraße 2, 10557 Berlin	90.00	90.00
Elia Grid International LLC	Saudi Arabia	Al Akaria Plaza Olaya Street,	90.00	90.00
		Al Olaya Riyadh 11622

		20 Collyer Quay #09-01, Singapore
Elia Grid International Pte. Ltd.	Singapore	049319	-	-
Elia Grid International Inc.	Canada	1500-850 2 ST SW, T2P0R8 Calgary	90.00	90.00
Eurogrid International NV/SA	Belgium	Bd de l'Empereur 20, 1000 Brussels	100.00	100.00
Eurogrid GmbH	Germany	Heidestraße 2, 10557 Berlin	80.00	80.00
50Hertz Transmission GmbH	Germany	Heidestraße 2, 10557 Berlin	80.00	80.00
50Hertz Offshore GmbH	Germany	Heidestraße 2, 10557 Berlin	80.00	80.00
Re.Alto-Energy BV/SRL	Belgium	Bd de l'Empereur 20, 1000 Brussels	100.00	100.00
Re.Alto-Energy GmbH	Germany	Ratingstraße 9, 40213 Dusseldorf	100.00	100.00
WindGrid NV/SA	Belgium	Bd de l'Empereur 20, 1000 Brussels	100.00	100.00
Investments accounted for using
the equity method – Joint Ventures
Nemo Link Ltd.	United Kingdom	Strand 1-3, London WC2N 5EH	50.00	50.00
Investments accounted for using
the equity method – Associates
H.G.R.T S.A.S.	France	1 Terrasse Bellini, 92919 La Défense	17.00	17.00
		Cedex
Coreso NV/SA	Belgium	Avenue de Cortenbergh 71, 1000	22.16	22.16
		Brussels
Investments accounted for using
IFRS9 - other shareholdings
JAO SA	Luxembourg	2, Rue de Bitbourg, 1273 Luxembourg	7.20	7.20
		Hamm
European Energy Exchange (EEX)	Germany	Augustusplatz 9, 0409 Leipzig	4.32	4.32
TSCNET Services GmbH	Germany	Dingolfinger Strasse 3, 81673 Munich	5.36	5.36
Kurt-Sanderling-Akademie des	Germany	Gendarmenmarkt, 10117 Berlin	8.32	8.32
Konzerthausorchester Berlin
Decarbon1ze GmbH	Germany	Berliner Freiheit 2, 10785 Berlin	5.27	-

During the first semester of 2023, the group acquired a participation in the German company Decarbon1ze GmbH.

In the next few years, large-scale investments in renewable energy production and the offshore grid are due to be undertaken.