- Underlying Operating Profit of €424 million – in line with the same period in 2024
- Profit after Tax of €313 million
- Increased investment in critical infrastructure of €1.3 billion
- Net Debt decreased slightly to €6.6 billion
- €4 was invested in capital investment projects for every €1 of Profit after Tax earned by ESB so far this year
- Results provide basis for continued strong investment to deliver a more sustainable and resilient energy future for customers nationwide, and to support the delivery of the National Development and Climate Action Plans
Issued at 7am, 16th September 2025
ESB Group has today published its Interim Financial Statements for the six months ended 30 June 2025 (H1 2025). The consistent, strong and stable financial performance provides a basis for continued investment in a more sustainable and resilient energy system for customers, in line with ESB’s Net Zero carbon emissions by 2040 strategy.
Underlying operating profit of €424 million for the period is in line with the same period last year (€419 million), with underlying business growth being offset by the impact of Storm Éowyn
Higher income is a consequence of increased investment in recent years, in addition to disciplined cost control across ESB Group. In addition, margins in the Customer Solutions’ business returned to more normal levels as energy prices stabilised compared to the levels seen during the energy crisis. However, there were significant costs associated with Storm Éowyn, which brought huge disruption for customers in January. Every available resource was deployed by ESB Networks and NIE Networks to restore power to customers and repair the damage as quickly as possible – and that has resulted in additional operating costs of approximately €100 million, which are reflected in the results for this period.
ESB continues its significant capital investment in critical energy infrastructure and network resilience, to ensure a reliable and sustainable electricity system. During the first six months of 2025, ESB invested over €1.3 billion in vital energy infrastructure and network resilience projects, an increase of €400 million on the same period in 2024. Over €700 million of this relates to investment in electricity network infrastructure to enhance resilience and add capacity for new housing, connect renewable generation and support Ireland’s growing economy. In addition, over €500 million was invested in electricity generation, primarily comprised of investment in onshore, offshore and solar renewable energy projects.
Overall, ESB’s Net Assets increased to €5.9 billion as of 30 June 2025, up from €5.3 billion at 30 June 2024, while Net Debt decreased slightly to €6.6 billion.
Commenting on the results, Paul Stapleton, ESB’s Chief Financial Officer, said:
“At the beginning of the year, we had an unprecedented extreme weather event in Storm Éowyn which significantly impacted electricity supply and was very challenging for our customers. ESB Networks and NIE Networks are continuing to work to further enhance the performance and the capacity of the network, as well as investing in renewable energy sources.
“ESB’s financial results for the first half of 2025 show a continuation of our robust performance. The fact that these results are substantially in line with what we reported over the same period last year is reflective of more stable global energy markets following an unprecedented period of upward volatility in energy prices. However, while wholesale energy prices have stabilised, they remain volatile and are at levels significantly higher than experienced pre-energy crisis.
“ESB remains committed to further growth in the level of capital investment to ensure a reliable and sustainable electricity system as we transition to net zero carbon emissions. Maintaining the financial strength of ESB is critical to fund this investment.”
Paul Stapleton added: “€4 was invested in capital investment projects for every euro of Profit after Tax earned by ESB so far this year.”
On Electric Ireland’s recent pricing announcement, he noted: “Electric Ireland has announced that gas prices will be cut and residential electricity prices will be kept unchanged for its almost 1.1 million residential customers from November. Electric Ireland is very mindful of the impact of continued elevated energy prices, and remains committed to supporting customers in so far as is feasible.”
This period saw notable milestones for ESB Group in the transition towards net zero carbon emissions, including the sale of Corby Gas Power Station in GB and the end of coal generation at Moneypoint power station. The latter move is part of the longer-term transformation of the Co Clare site into a renewable energy hub.
The first half of 2025 also saw the 1,080MW Inch Cape offshore wind farm in Scotland secure a £3.5 billion project financing package, with construction now well under way. The 448MW Neart na Gaoithe offshore wind farm off Scotland’s east coast became fully operational during the period. ESB is a 50% JV partner in both of these projects, through which significant capability and scale in the offshore sector is being developed, which will be very valuable in the Irish market in due course.
ESB is also investing in people, with employee numbers averaging almost 10,000 in the first six months of 2025, an increase of over 1,000 in the past two years. This month, more than 225 new employees were welcomed to the organisation under the graduate and apprentice recruitment programmes, which continues to develop capability for the future.
The full interim financial results for H1 2025 can be accessed here.
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