Report on expected developments
The SEFE Group anticipates that its results in the 2026 financial year will be roughly in line with the previous year. The Group anticipates that its gross operating profit will increase slightly compared to 2025, but EBITDA and the result for the period will probably be moderately lower. This estimate is based on the following assumptions about the performance of the business activities.
In the Trading business area, the Group is targeting an increase in earnings compared to 2025. This forecast is based on the market stabilisation during the year, which allows for a higher risk appetite and thus expanded trading activity. The Group expects to generate additional earnings from the optimisation of existing LNG contracts, in particular through expanded flexibility options regarding origination volumes and sales markets, as well as through increased regasification capacity. In the Sales business area, the Group anticipates it will probably fall somewhat short of the strong results it realised in 2025. This shortfall will be due primarily to declining margins, which can be offset only partially by the increase in sales volumes and the expanded offering of power and biogas.
The Group anticipates that the Infrastructure business area will continue to make a significant contribution to the financial key performance indicators in 2026. The SEFE Group will continue to focus on regulated and partially regulated infrastructure activities to ensure stable cash flows, maintain strategic flexibility and contribute to the security of the European energy supply. Revenue from the marketing of storage capacities will probably remain low, however, because seasonal spreads are expected to stay narrow or even inverted. In the transport business, GASCADE and NGT will continue to expand the regulated hydrogen infrastructure and contribute to strengthening the security of the gas supply. This includes, in particular, pipeline conversions to bolster the German hydrogen core network and other measures in accordance with the requirements of the network development plan. Going forward, GASCADE plans to begin developing carbon transport concepts to position itself early in the field of decarbonised energy systems.
SEEHG, in its capacity as the parent company of the SEFE Group, conducts holding functions and otherwise does not perform operating activities. Dividend payments to SEEHG in 2026 are not planned. Due to a lower tax expense, the company expects that the result for the period in the 2026 financial year will be slightly higher than the level achieved in the year under review.