Elia Group SA/NV

ENXTBR:ELI Stock Report

Market Cap: €13.1b

Elia Group Management

Management criteria checks 3/4

Elia Group's CEO is Bernard Gustin, appointed in Jan 2025, has a tenure of 1.67 years. total yearly compensation is €1.40M, comprised of 39.2% salary and 60.8% bonuses, including company stock and options. directly owns 0.004% of the company’s shares, worth €463.40K. The average tenure of the management team and the board of directors is 2.5 years and 4.3 years respectively.

Key information

Bernard Gustin

Chief executive officer

€1.4m

Total compensation

CEO salary percentage39.21%
CEO tenure1.7yrs
CEO ownership0.004%
Management average tenure2.5yrs
Board average tenure4.3yrs

Recent management updates

Recent updates

Narrative Update • Jun 26

ELI: Future Returns Will Hinge On Execution Versus Tightening Risk Perceptions

The latest Narrative Update on Elia Group reflects a shift in analyst views, with the average price target moving from about €115 to roughly €149, as analysts factor in revised assumptions on fair value, discount rates, revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent research on Elia Group highlights a mix of optimism around valuation support and caution around execution risks, which helps explain the shift in price targets and rating changes.
Analysis Article • Jan 16

Some Confidence Is Lacking In Elia Group SA/NV's (EBR:ELI) P/E

With a price-to-earnings (or "P/E") ratio of 24.2x Elia Group SA/NV ( EBR:ELI ) may be sending very bearish signals at...
Analysis Article • Dec 26

We Think Elia Group (EBR:ELI) Is Taking Some Risk With Its Debt

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article • Nov 02

Returns On Capital At Elia Group (EBR:ELI) Have Hit The Brakes

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...
Analysis Article • Oct 15

Elia Group SA/NV's (EBR:ELI) Popularity With Investors Is Under Threat From Overpricing

When close to half the companies in Belgium have price-to-earnings ratios (or "P/E's") below 15x, you may consider Elia...

CEO Compensation Analysis

How has Bernard Gustin's remuneration changed compared to Elia Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

€636m

Mar 31 2026n/an/a

€596m

Dec 31 2025€1m€548k

€557m

Sep 30 2025n/an/a

€533m

Jun 30 2025n/an/a

€509m

Mar 31 2025n/an/a

€465m

Dec 31 2024€135kn/a

€421m

Sep 30 2024n/an/a

€382m

Jun 30 2024n/an/a

€344m

Mar 31 2024n/an/a

€334m

Dec 31 2023€68kn/a

€325m

Sep 30 2023n/an/a

€336m

Jun 30 2023n/an/a

€347m

Mar 31 2023n/an/a

€344m

Dec 31 2022€104kn/a

€342m

Sep 30 2022n/an/a

€325m

Jun 30 2022n/an/a

€309m

Mar 31 2022n/an/a

€292m

Dec 31 2021€94kn/a

€276m

Sep 30 2021n/an/a

€263m

Jun 30 2021n/an/a

€251m

Mar 31 2021n/an/a

€250m

Dec 31 2020€75kn/a

€250m

Compensation vs Market: Bernard's total compensation ($USD1.60M) is below average for companies of similar size in the Belgian market ($USD2.83M).

Compensation vs Earnings: Bernard's compensation has increased by more than 20% in the past year.

CEO

Bernard Gustin

1.7yrs
Tenure
€1,398,028
Compensation

Mr. Bernard Gustin is Chairman of Supervisory Board of Eurogrid GmbH from July 3, 2025. Mr. Gustin is Chairman of Supervisory Board of 50Hertz Transmission GmbH. Mr. Gustin serves as Chief Executive Office...

Leadership Team

NamePositionTenureCompensationOwnership
Bernard Gustin
CEO & Member of Executive Management Board1.7yrs€1.40m0.0036%
€ 463.4k
Marco Nix
CFO & Member of Executive Management Board2.8yrs€820.62k0.00050%
€ 65.3k
Peter Michiels
Co-Chief HR Officer & Member of Executive Management Boardno data€758.50k0.0012%
€ 159.3k
Stefan Kapferer
Deputy CEO6.2yrs€1.05m0.00064%
€ 83.5k
Frederic Dunon
Member of Ex. Man. Board2.5yrs€956.48k0.0031%
€ 403.4k
Celine Haute
Chief HR Officer & Member of Executive Management Boardless than a year€399.07kno data
Stephanie Luyten
Head of Investor Relationsno datano datano data
Marleen Vanhecke
Head of Group Communication & Reputationno datano datano data
Yannick Dekoninck
Head of Capital Marketsno datano datano data
Olivier Feix
Head of Strategyno datano datano data
Bernard De Clercq
Head of Group EU Affairsno datano datano data
Robert Weigert
Head of Treasuryno datano datano data
2.5yrs
Average Tenure

Experienced Management: ELI's management team is considered experienced (2.5 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Michel Sirat
Non-Executive Independent Director1.3yrs€42.19kno data
Dominique Offergeld
Non-Executive Director16.3yrs€56.56kno data
Olivier Chapelle
Non-Executive Independent Director1.3yrs€27.13kno data
Roberte Kesteman
Independent Non-Executive director8.8yrs€53.90kno data
Lieve Creten
Independent director5.3yrsno datano data
Bernard Thiry
Non Executive Vice Chairman3.3yrs€54.07kno data
Nele Roobrouck
Advisory Directorno datano datano data
Christiaan Peeters
Non-Executive Directorless than a year€860.40kno data
Pieter De Crem
Non-Executive Chairman5.6yrs€41.54kno data
Maxime Saliez
Advisory Director5.6yrsno datano data
Pascale Van Damme
Independent Non-Executive Director4.3yrs€39.41kno data
Eddy Vermoesen
Non Executive Director3.3yrs€45.38kno data
4.3yrs
Average Tenure
64yo
Average Age

Experienced Board: ELI's board of directors are considered experienced (4.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/21 23:39
End of Day Share Price 2026/09/21 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Elia Group SA/NV is covered by 28 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Virginia Sanz de Madrid GrossBanco Santander
Bosco Muguiro EulateBanco Santander
Temitope SulaimanBarclays