Amprion successfully concludes the first half-year and further strengthens its financial position

Dortmund, Thursday, 20 August 2026
Amprion successfully concludes the first half-year and further strengthens its financial position
 

• Adjusted consolidated net income increases by 19% to EUR 343 million
• Capital expenditures (HGB) rise by 4% to around EUR 2.0 billion
• Successful issuance of the first hybrid bond
• Early refinancing and increase of the syndicated loan facility to EUR 6.5 billion
• Equity injections largely committed through 2031

Revenues under IFRS declined by around 11% to EUR 2.7 billion in the first half of the year compared with the prior-year period. This decrease is largely driven by planned regulatory compensation effects.
At EBITDA and consolidated net income level, adjustments are made for regulatory effects in order to present business performance on a more period-appropriate basis. Against this backdrop, adjusted EBITDA rose by around 16% to approximately EUR 920 million, and adjusted consolidated net income increased by around 19% to EUR 343 million. For the first time, this figure also includes adjustments resulting from regulatory changes regarding the capitalization of borrowing costs, which were previously directly reflected in the reported consolidated net income. Funds from operations (FFO), adjusted for regulatory effects, also increased significantly, reaching EUR 702 million and thus around 26% above the level of the prior-year period.
First energy corridors nearing completion
Capital expenditures under German GAAP (HGB) amounted to around EUR 2.0 billion, representing an increase of approximately 4% compared with the prior-year period. From the end of 2026 onwards, Amprion plans to complete one major project every year – the so‑called energy corridors that will connect Germany’s power‑generating North with the industrial centers in the West and South of the country. Completion of the Ultranet project is scheduled for the end of 2026.
For the current 2026 financial year, total investments of around EUR 7 billion are expected for the upgrade and expansion of the transmission grid. By the end of 2030, the planned investment volume amounts to approximately EUR 42 billion.
Further development of the financing strategy
Amprion successfully advanced its green financing strategy in the first half of 2026 and consistently broadened the diversification of its financing instruments. At the beginning of the year, the company issued a green triple‑tranche senior bond with a total volume of EUR 2.6 billion.
In April, this was followed by the inaugural issuance of a green dual‑tranche hybrid bond with a total volume of EUR 1.0 billion. Hybrid capital will therefore be a key building block in Amprion’s capital structure to finance the growth.
The existing syndicated loan facility was refinanced at an early stage and its volume more than doubled. The new facility of EUR 6.5 billion was agreed with a total of 15 banks. With this expanded and more international banking group, Amprion is strengthening its financial flexibility for funding its investment program. At the same time, the increased volume of the syndicated loan facility addresses the requirements of international rating agencies, which continue to assess Amprion’s credit quality with solid investment‑grade ratings.
Expected equity injections largely secured
In the first half of the year, RWE AG (RWE) acquired an indirect stake of around 35% in Amprion from its majority shareholder M31 Beteiligungsgesellschaft mbH & Co. Energie KG. In addition to the interests held via RWE Alkaios Holding GmbH, the joint venture between RWE and Apollo Global Management, RWE now holds a total indirect stake of around 55% in Amprion. Amprion’s direct ownership structure remains unchanged. Based on these shareholdings, RWE will provide equity of around EUR 6.5 billion up to 2031. This covers more than half of Amprion’s planned equity requirements for the coming years.
Peter Rüth, CFO of Amprion, commented: “By mid‑year 2026, we achieved important milestones in the context of our financing strategy and in several major projects, accompanied by a very good operating performance. We are very pleased with the confidence of our shareholders and the capital markets as we continue jointly on this successful path going forward.”
Green Finance Investor Report 2025
As part of its half‑year reporting, Amprion has also published its annually updated Green Finance Investor Report. The report provides investors with comprehensive information and a high degree of transparency regarding the appropriate use of proceeds from the green bonds. Amprion applies a portfolio‑based approach to project allocation. As of 31 December 2025, the green project portfolio amounted to EUR 14.7 billion, compared with funds raised of EUR 7.6 billion.
The incoming funds are used exclusively for sustainable projects that meet the criteria of the Amprion Green Finance Framework.
The 2026 half‑year financial report, the tables reconciling the adjusted, unaudited half‑year figures, as well as the current factbook are available at the following link.
The Green Finance Investor Report 2025 can be accessed at the following link.
Investor contact:
Patrick Wang
Head of Investor Relations
T +49 231 5849-12297
ir@amprion.net
Amprion connects
Amprion is a leading transmission system operator in Europe. Our 11,000 kilometre-long, extra-high voltage grid extends from the North Sea to the Alps and spans seven federal states. It is the backbone of the German economy and transports electricity for 29 million people. Located in the heart of Europe, it serves as a European electricity trading hub. On 31 December 2025, Amprion employed 3,400 people. They support our core objectives of readying the grid for a climate-neutral future and maintaining the stability of the German and European electricity grids at a crucial time.