Verbund Ag Class A · VIE:VER

Verbund Ag Class A — Q1-3 2021 Earnings Presentation

22 slides from Verbund Ag Class A's earnings presentation, Nov 4, 2021

  1. Slide 1: © VERBUND AG, www.verbund.com

    © VERBUND AG, www.verbund.com

  2. Slide 2: Results for quarters 1–3/2021

    VERBUND Results for quarters 1–3/2021 Vienna, 4/11/2021 © VERBUND AG, www.verbund.com

  3. Slide 3: At a glance

    At a glance Influencing factors • Higher average achieved contract prices for own generation from hydro production (higher short term prices, lower forward prices) • Hydro coefficient 1 percentage point below the long term average but 1 percentage point above Q1-3/2020 • Lower production from reserv

  4. Slide 4: Hedging volumes

    Hedging volumes Hedging volumes 20211/ TWh Hedging volumes 20221/ TWh MtM MtM 51.6 (26/10/21): 44.9 47.3 62.0 (26/10/21): 44.1 56.3 €58.0 49.2 €88.8 44.6 5.7 2.9 0.9 8.7 13.4 10.0 21.4 23.7 21.5 18.0 16.6 19.2 12.0 15.3 3.8 7.4 31/12/20 31/3/21 30/6/21 30/9/21 31/12/20 31/3/21 30/6/21 30/9/21 Hedgin

  5. Slide 5: Hydro segment

    Hydro segment EBITDA/ €m Facts and figures  Lower generation from hydropower in +18% Q1-3/2021 842 715  Hydropower: 23,680 GWh (–2.4%)  Slightly higher hydro coefficient in Q1–3/2021 (0.99 vs. 0.98)  Storage power: 3,637 GWh (–10.7%) Q1-3/2020 Q1-3/2021  Higher average achieved prices Hydro coe

  6. Slide 6: New renewables segment

    New renewables segment EBITDA/ €m Facts and figures  Lower generation from wind power in 43 -37% Q1-3/2021: 587 GWh (–13.7%)  Austria 157 GWh (–6.3%) 27  Germany 113 GWh (–24.1%)  Romania 317 GWh (–12.8%) Q1-3/2020 Q1-3/2021  Photovoltaic: 1.6 GWh New renewables coefficient 1.07 1.03 0.99 long-

  7. Slide 7: Sales segment

    Sales segment EBITDA/ €m Facts and figures +45%  The improvement in EBITDA results 82 from higher sales to end customers 57 due to higher volumes and prices  Flexibility products increased by €9m  535.000 end customers (+3%) Q1-3/2020 Q1-3/2021 Current information  E-Mobility provider SMATRICS 

  8. Slide 8: All other segments

    All other segments EBITDA/ €m Facts and figures  Lower thermal power generation due to less use +2% for congestion management 31 32  Thermal Power: 313 GWh (–61.3%)  CCGT Mellach: 312 GWh (–33.9%)  Mellach district heating power plant: 1 GWh (–99.7%) Q1-3/2020 Q1-3/2021  Flexibility products de

  9. Slide 9: Grid segment

    Grid segment RAB 2020: €1,692m APG EBITDA/ €m RAB 2021: €1,920m Local GAAP: stable earnings and cash flows approx. • Differences compensated by a regulatory account 210 168 161 IFRS: volatile earnings (no regulatory account) APG WACC for regulatory period (2018-2022) • Approximately 5% (4.88% pre ta

  10. Slide 10: Key financial figures (1)

    Key financial figures (1) EBITDA/ €m Group result/ €m +16% +23% 1,151 1,151 587 566 990 990 478 468 Reported Reported Adjusted Adjusted Q1-3/2020 Q1-3/2021 Q1-3/2020 Q1-3/2021 64.3 Additions/ €m Margins/ % to tangible assets EBITDA margin 39.2 +19% EBIT margin 430 47.1 362 27.5 Q1-3/2020 Q1-3/2021 Q

  11. Slide 11: Key financial figures (2)

    Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m 136 -40% 852 511 -596 Q1-3/2020 Q1-3/2021 Q1-3/2020 Q1-3/2021 Net debt/ €m Gearing/ % +48% 2,776 41.9 1,881 27.4 31.12.2020 30.9.2021 31.12.2020 30.9.2021 © VERBUND AG, www.verbund.com Page 11

  12. Slide 12: Financial liabilities

    Financial liabilities Debt maturity profile/ €m Financial liabilities/ €mn 672 552 +82% 1,848 1,016 110 11 25 25 20 12 10 2021 2022 2023 2024 2025 2026 2027 2028 >2028 Q1-3/2020 Q1-3/2021 Financial liabilities Interest mix Rating • Book value Financial liabilities: €1,848m • 68% fixed interest rate

  13. Slide 13: Outlook

    Outlook Sensitivities 2021 A change of 1% (generation from hydropower/windpower) or €1/MWh (wholesale price) either way would be reflected as follows in the group result for 2021, other things being equal: • Greater or less generation from hydropower: +/– €6.2m • Greater or less generation from wind

  14. Slide 14: Appendix

    Appendix © VERBUND AG, www.verbund.com

  15. Slide 15: CAPEX plan 2021-2023 (total of €2,257m)

    CAPEX plan 2021-2023 (total of €2,257m) Growth CAPEX/ €m (total of €1,373m) 529 447 55 397 84 166 99 86 44 Hydro segment 245 263 220 New renewables segment 34 33 45 Grid segment 2021 2022 2023 Others Maintenance CAPEX/ €m (total of €884m) 301 296 287 166 168 151 0 0 Hydro segment 0 103 106 121 New r

  16. Slide 16: Non-recurring effects

    Non-recurring effects €m Detail Q1–3/2021 Q1–3/2020 EBITDA 0 0 Impairments WPP Kuchalm/Austria -1 -15 Operating result Total -1 -15 Other equity interests Transition consolidation Smatrics GmbH & CoKG 12 Other financial result Measurement of an obligation to return an interest (DKJ) 13 26 Impairment

  17. Slide 17: Income statement

    Income statement €m Q1-3/2020 Q1-3/2021 Total Total Revenue 2,522.7 1,790.6 Electricity revenue 2,064.3 1,214.0 Grid revenue 357.7 450.0 Other revenue 100.7 126.6 Other operating income 54.4 56.3 Expenses for electricity purchases & use of fuels 1,159.0 -213.2 Other operating & personnel expenses -4

  18. Slide 18: Balance sheet (short version)

    Balance sheet (short version) €m 31.12.2020 30.9.2021 Change Non-current assets 11.352 12.478 10% Current assets 702 2.663 – Total assets 12.054 15.141 26% Equity 6.874 6.632 -4% Non-current liabilities 4.045 4.493 11% Current liabilities 1.135 4.016 – Total liabilities 12.054 15.141 26% © VERBUND A

  19. Slide 19: Cash flow statement (short version)

    Cash flow statement (short version) €m Q1-3/2020 Q1-3/2021 Change -172,2294 Cash flow from operating activities 852 511 -40% Cash flow from investing activities -423 -772 – Cash flow from financing activities -422 260 – Change in cash and cash equivalents 7 -1 – Cash and cash equivalents at the end

  20. Slide 20: Capital market calendar 2022

    Capital market calendar 2022 17/3/2022 Annual result and publication of annual report 2021 15/4/2022 Record date for Annual General Meeting 25/4/2022 Annual General Meeting 2/5/2022 Ex-dividend date 3/5/2022 Record date for dividends 13/5/2022 Dividend payment date 12/5/2022 Result and interim repor

  21. Slide 21: Management

    Management Michael Strugl Peter Kollmann Achim Kaspar Chairman of the CFO, Member of the Member of the Executive Board Executive Board Executive Board © VERBUND AG, www.verbund.com Page 21

  22. Slide 22: Investor relations team

    Investor relations team Andreas Wollein Head of Group Finance and Martin Weikl Stefan Wallner Investor Relations Senior Investor Relations Manager Investor Relations Manager T +43(0)503 13-52614 T +43(0)503 13-52616 T +43(0)503 13-52617 andreas.wollein@verbund.com martin.weikl@verbund.com stefan.wal

Verbund — Q1-3 2021 Earnings Presentation on 6ix