In 2025, the Encevo Group confirmed the resilience of its business model in a demanding and structurally evolving energy market marked by volatility, geopolitical uncertainty and shifting energy demand patterns.
While revenues declined due to lower average electricity prices and reduced gas volumes, the group delivered strong operational performance and achieved its second-best historical operating result. At the same time, Encevo continued to increase its level of investment, actively preparing Luxembourg and the Greater Region for the next phase of electrification and decarbonisation.
Solid performance in a normalising market environment
The group recorded a net profit of EUR 154 million, reflecting a solid underlying performance following an exceptionally strong 2024.
Turnover amounted to EUR 3.4 billion, mainly impacted by lower market prices and volumes. Despite this, EBITDA remained strong at EUR 346 million, confirming the stability of the group’s operations and its disciplined management approach.
This performance demonstrates Encevo’s ability to operate reliably and profitably in a structurally evolving energy market.
High investments focused on infrastructure and future readiness
Encevo reached an investment level of EUR 311 million, the second highest in its history.
A significant share – EUR 218 million – was allocated to grid infrastructure. These investments are essential to ensure security of supply, accommodate growing electricity demand and integrate increasing volumes of renewable energy.
In parallel, the group continued to invest in renewable energy (EUR 48 million), digitalisation and customer solutions, while maintaining a strong financial position and a disciplined approach to capital allocation, prioritising long-term value creation and resilience to market volatility.
Renewable growth and increasing system flexibility
The Encevo Group continued to expand its renewable energy portfolio, reaching an installed capacity of 814 MW. Renewable electricity production exceeded 1 TWh, corresponding approximately to the annual electricity consumption of all Luxembourg households.
At the same time, the group is increasingly focusing on flexibility solutions, including battery storage systems and demand-side management, to address the growing complexity of the energy system driven by renewable generation.
Grids as the backbone of the energy transition
Secure and resilient grid infrastructure remains a strategic priority for the group and a key enabler of electrification.
Creos continued to advance key projects, including the 380kV interconnection with Germany, strengthening long-term security of supply and cross-border resilience, as well as the reinforcement and expansion of electricity grids, the digitalisation of operations, and the further development of the national energy data platform Leneda.
These initiatives are critical to ensuring system resilience and enabling the large-scale integration of renewable energy and new uses such as electric mobility and electrified heating.
Customer solutions adapted to a changing market
Enovos continued to adapt its product portfolio to a more dynamic market environment. New offers include fixed, dynamic and time-of-use tariffs, energy sharing solutions, and enhanced digital tools such as the MyEnovos app.
These solutions are designed to give customers a greater choice, transparency and control over their energy consumption and costs, while enabling more active participate in the energy transition.
Technical services enabling the transition
Teseos further strengthened its role in delivering integrated technical solutions, supporting customers with electrification, energy efficiency and decentralised systems. The focus is increasingly on delivering end-to-end solutions and leveraging synergies across the group.
This marks a shift from a phase of expansion to a phase of integration and operational excellence.
Outlook: navigating complexity with a clear strategic direction
Looking ahead, the energy sector is expected to remain characterised by volatility, regulatory evolution and increasing complexity.
In this environment, Encevo will continue to prioritise investments in grid infrastructure, renewable energy and digital solutions, further develop flexibility solutions and maintain disciplined capital allocation and strong risk management.
By continuing to advance electrification and strengthen its infrastructure, the group is contributing to a more secure, competitive and sustainable energy system. Building on its solid operational and financial foundations, the group enters 2026 in a strong position to continue delivering reliable, competitive and sustainable energy solutions.
Esch-sur-Alzette, 13 May 2026