Budapest Stock Exchange Plc · BET:BET
Budapest Stock Exchange — MVM Group — FY2025 Earnings Presentation
22 slides from Budapest Stock Exchange's earnings presentation, Apr 30, 2026
Slide 1: MVM Group Investor Presentation
MVM Group Investor Presentation Global Investor Call on FY 2025 Results 30 April 2026
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing. This document and any question-and- The material contained in this presentation has not been independently verified, is presented solely for answer sessions that follow the oral presentation do not contain all of the information th
Slide 3: Agenda and Today's Presenters
Agenda Today’s Presenters László Fazekas Chief Financial Officer Part 1 Overview Part Key Highlights and Progress 2 Árpád Nagy Group Funding, Treasury and IR Director Part Financial Results FY 2025 3 Part Financing overview 4 Gábor Tóth Group Controlling Director Part Summary 5 Balázs Szegner Part Q
Slide 4: FY 2025 at a glance
Overview of FY 2025 ▪ Continued solid financial performance with FY 2025 EBITDA at HUF 772 bn – in line with FY 2024 ▪ Carbon neutral electricity generation ~92% FY 2025 at a glance ▪ RES generation capacities reached 880 MW, focus shifts to flexible assets and BESS ▪ CCGT investments facilitating t
Slide 5: MVM Group is the Leading Energy Utility in Hungary and Key Player in CEE
MVM Group is the Leading Energy Utility in Hungary and Key Player in CEE More than 100 subsidiaries across 23 countries1 8th 772 largest company 100% bn HUF in Central and Owned by the EBITDA in FY 2025 Eastern Europe Hungarian State (-6% YoY) ▼ by sales2 IG ratings S&P: BBB-; neg. Fitch: BBB; neg.
Slide 6: Market-leading positions across Hungary's energy value chain & selected regional market positions
Market-leading positions across Hungary’s energy value chain & selected regional market positions Hungary Beyond the meter and Production Wholesale Infrastructure Retail other markets Roof-top solar Origination Universal service provision Nuclear Energy efficiency & Electricity 100% Trading Electric
Slide 7: MVM's Strategy KPIs and Achievements
MVM’s Strategy KPIs and Achievements MVM’s Group-level KPIs in the 4 pillars of the Strategy Customer-oriented adaptive Green transition Portfolio diversification Financial excellence organization Maintaining EBITDA levels of regulated Investment in RES and flexible assets assets Increasing the prop
Slide 8: Sustainability is a Key Element of MVM Group's strategy
Sustainability is a Key Element of MVM Group’s strategy Our ESG program reflects our priorities based on four pillars Further improvement of our sustainability performance and ESG Rating better ESG Rating Our current result 28.51 ESG rating is one of our core priorities than peers Direct emission re
Slide 9: MVM maintained its Strong Financial and Operational Performance in FY 2025
MVM maintained its Strong Financial and Operational Performance in FY 2025 Net sales revenue CAPEX1 (HUF bn) EBITDA (HUF bn) Net debt (HUF bn) (HUF bn) Lower sales revenue in connection with CAPEX HUF 432 bn completed, 50% in Stable EBITDA performance despite Leverage ratios well below covenant natu
Slide 10: Profit and Loss Overview – EBITDA Bridge
Profit and Loss Overview – EBITDA BRIDGE (in HUF bn) Strong operational performance despite one-off adverse impacts and gradual achievement of strategic goals 825 +7 + 72 + 109 772 - 13 - 35 - 194 Other& FY 2024 EBITDA Generation Infrastructure Wholesale Retail International Intersegments FY 2025 EB
Slide 11: Balance Sheet overview
Balance Sheet overview (in HUF bn) Net Debt / EBITDA Leverage ratios well below covenant thresholds 1 418 +345 1 291 1 124 -73 -49 +459 +258 1.6x 1.4x 1.7x -772 2023 2024 EBITDA Taxes & Capex & Dividend payment Inventories WOC & Other 2025 Net debt Net debt Interest paid Investments items (excluding
Slide 12: Financing Overview
Financing Overview Prudent financial policy and healthy funding structure MVM Financing strategy & funding priorities Debt maturity schedule as of 31 December 2025 (HUF Bn)2 Financial excellence / adherence to prudent financial policy remains a core strategic pillar. To achieve this, maintaining inv
Slide 13: Bonds issued
Bonds issued MVM HUF 10yr due 2031 MVM EUR 6yr due 2027 MVM USD 5yr due 2028 MVM USD 7yr due 2031 Green Bond Senior Senior Senior Senior Unsecured Unsecured Unsecured Unsecured Issuance Issuance Tenor Issuance: Issuance Tenor Tenor Nov 18. Tenor Mar 5. Sep 1. 2021 10 2021 6 Jun 9. 2023 5 2024 7 year
Slide 14: Business environment YTD 2026
Business environment YTD 2026 ▪ Iran conflict: blockage of Strait of Hormuz; far reaching destruction in energy infrastructure ▪ Conflict in the Ukraine continued ▪ Wheather conditions in Q1 2026 were supportive for MVM’s business ▪ New administration to be set in May after parliamentary election in
Slide 15: Summary
Summary Key Takeaways ► FY 2025 financial and operative results sustain solid performance ► ~92% carbon neutral electricity generation in FY 2025 ► Intensive capex program for energy transition continued ► Conservative Net Leverage ratio maintained ► Investment Grade credit ratings reaffirmed Please
Slide 16: Investor Relations
Investor Relations For further Questions please contact our Investor Relations Department MVM Investor Relations Balázs Szabolcs Szegner Head of Investor Relations +36 20 984 5274 szegner.balazs@mvm.hu IN CASE YOU WISH TO SUBSCRIBE TO MVM’S Attila Weinhardt INVESTOR NEWSLETTER FOR CAPITAL Investor R
Slide 17: Appendix
Slide 18: Business Environment Dynamics
Business Environment Dynamics Development of relevant commodity prices, weather conditions and exchange rates impacting operations and finances Stable EBITDA in a different environment due to diversified generation & supply portfolio and efficient trading & risk management 5-day moving average of mo
Slide 19: Summary of Financial Statements: Income Statement
Summary of Financial Statements: Income Statement HUF mn FY 2023 FY 2024 FY 2025 Δ ’25-’24 (%) Sales revenue 5 079 039 4 533 736 3 814 054 -16 Other operating income 1 238 002 882 978 911 379 +3 Operating expenses 5 672 486 4 859 355 4 251 064 -13 Operating profit 644 555 557 359 474 369 -15 Finance
Slide 20: Summary of Financial Statements: Cash Flow Statement
Summary of Financial Statements: Cash Flow Statement HUF mn FY 2023 FY 2024 FY 2025 Δ ’25 vs’24 (%) Profit / loss after tax 369 122 323 722 237 269 -27 Depreciation / Amortisation 265 926 268 045 297 601 +11 Changes in inventories 187 350 280 214 95 572 -66 Change in trade receivables 117 201 477 88
Slide 21: Summary of Financial Statements: Balance sheet
Summary of Financial Statements: Balance sheet HUF mn FY 2023 FY 2024 FY 2025 Δ ’25-’24 (%) Assets 7 025 452 5 704 646 5 717 106 +0 Total non-current assets 3 213 930 3 567 388 3 822 929 +7 PP&E 2 520 947 2 825 390 3 009 413 +7 Intangible assets 358 147 449 721 548 510 +22 Investments 210 883 223 00
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