Drax Group PLC (FRA:D9F2)

Half Year 2026 Drax Group PLC Earnings Call Transcript

Jul 30, 2026 / 08:00 AM GMT

Transcript

Key Points

Positve

Drax Group PLC (DRXGF) delivered a good first half performance, providing around 6% of UK power and 10% of UK renewables.
The company commenced operations of Hirwan Power Station, adding 300 megawatts to its portfolio, and is upgrading two units at Kruken to add a further 40 megawatts.
Drax Group PLC (DRXGF) is targeting an increased group EBITDA of $650 million to $800 million in 2029, driven by BES developments.
The proposed acquisition of Bluefield Solar Income Fund (BSIF) adds a portfolio of about 900 megawatts of operational solar and wind assets, with 99% shareholder approval.
The company has a strong balance sheet with net debt of $1.025 billion, significantly below its long-term target of around 2 times EBITDA, and has returned $47 million via share buybacks year-to-date.

Negative

Adjusted EBITDA for the first half of 2026 was $279 million, lower than 2025 due to lower achieved forward power prices.
Pellet production EBITDA decreased from $74 million to $64 million due to reduced volumes from plant closures and outages.
FlexGen business EBITDA was impacted by an unplanned outage on Krugen units three and four, caused by a grid connection failure.
The commissioning of Millbrook and Progress OCGT sites is delayed, reflecting delays by relevant authorities and connect insights.
Development expenditure has been reduced as the market backdrop does not currently support significant investment in carbon removals.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DRX.L - Drax Group PLC
Half Year 2026 Drax Group PLC Earnings Call
Jul 30, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everybody and thank you for joining the call.

It's Will here and I'm joined by Frank. I'll provide an overview of the first half before handing it back to Frank to take you through the numbers.

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Unidentified_2 [2]
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Ladies and gentlemen, welcome to the Drugs PLC Half-Year Results 2026 Conference Call. I'm Vicki Vikorus, call operator.

I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded.

The presentation will be followed by a Q&A session. You can register

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