Verbund Ag Class A · VIE:VER
Verbund Ag Class A — Verbund Ag Ord — H1 2026 Earnings Presentation
24 slides from Verbund Ag Class A's earnings presentation, Jul 30, 2026
Slide 1: VERBUND AG Half year results 2026
By our own power. VERBUND AG Half year results 2026 Vienna - 30th of July 2026
Slide 2: Half year results 2026 – Influencing factors
Half year results 2026 – Influencing factors Influencing factors ‒ Hydro coefficient significantly below the long-term average ‒ Lower production from reservoirs ‒ Lower average achieved contract prices for hydro power ‒ Higher generation from wind and PV ‒ Improved earnings contributions from the G
Slide 3: Hedging volumes
Hedging volumes Hedging volumes 20261/ TWh Hedging volumes 20271/ TWh 85.7 86.6 87.0 MtM 95.9 MtM 81.4 81.5 92.1 (16/7/26): 81.0 81.8 86.0 (16/7/26): €92.5 €105.1 13.1 11.1 8.8 6.0 3.0 20.3 16.9 25.1 24.0 23.0 14.5 16.7 18.3 18.4 12.5 8.9 1.7 2.8 5.5 0.6 30/6/25 30/9/25 31/12/25 31/3/26 30/6/26 30/6
Slide 4: Flexibility products
Flexibility products Flexibility products / €m • Control energy products: permanent balance between generation and consumption for grid stabilisation Approx. 250 (primary/secondary/tertiary control energy) 164 136 • Congestion management: all measures to prevent/counteract excess load flows HY 2025
Slide 5: Hydro segment
Hydro segment Facts and figures EBITDA/ €m ‒ Lower generation from hydropower in HY 2026 1,021 ‒ Hydropower: 11,191 GWh (–9.8%) ‒ Lower hydro coefficient in HY 2026 657 (0.68 vs. 0.76) ‒ Reservoirs: 2,312 GWh (–5.9%) ‒ Lower average achieved prices ‒ Contribution from flexibility products decreased
Slide 6: New renewables segment
New renewables segment Facts and figures EBITDA/ €m ‒ Higher generation from wind power in HY 2026: 952 GWh (+12.8%) ‒ Austria 117 GWh (+3.6%) 93 ‒ Germany 136 GWh (+24.0%) ‒ Romania 208 GWh (+2.0%) 64 ‒ Spain 491 GWh (+17.7%) ‒ Higher generation from photovoltaics in HY 2026: 221 GWh (+0.5%) ‒ Aust
Slide 7: Sales segment
Sales segment Facts and figures EBITDA/ €m ‒ Stabilisation of end-customer business 105 94 ‒ Business: HY 2026: €+92.2m (HY 2025: €+90.9m) ‒ Customers: HY 2026: €+13.3m (HY 2025: €+3.5m) ‒ Contribution from flexibility products decreased by €9.1m HY 2025 HY 2026 Current information The Sales segment
Slide 8: Grid segment
Grid segment EBITDA Grid segment HY 2026: €220m (HY 2025: €212m) Local GAAP: stable earnings ‒ Differences compensated by a regulatory account (2026e: €600m) APG EBITDA/ €m RAB 2025: €3,229m IFRS: volatile earnings (no regulatory account) Approx. RAB 2026: €3,662m 305 Contribution from APG in HY 202
Slide 9: All other segments
All other segments Facts and figures EBITDA/ €m ‒ Slightly lower utilisation of CCGT Mellach 47 ‒ Thermal Power: 939 GWh (–2.7%) ‒ Increase in EBITDA ‒ high realised margins, particularly at the beginning 18 of the year ‒ Contribution from flexibility products increased by €4.8m HY 2025 HY 2026 Curr
Slide 10: Non-recurring effects
Non-recurring effects €m Detail HY 2026 HY 2025 EBITDA 0 0 Impairments Renewables Spain, Gas Connect Austria -52 0 Operating result Total -52 0 Measurement of an obligation to return an interest (DKJ), Other financial result 12 25 others Impairments TAG -18 0 Financial result -6 25 Taxes Effects due
Slide 11: Key financial figures (1)
Key financial figures (1) EBITDA/ €m Group result/ €m 1,413 -25% -35% 1,061 803 784 518 538 Reported Adjusted HY 2025 HY 2026 HY 2025 HY 2026 Additions to tangible assets (infrastructure) / €m Additions to tangible assets (renewables business & others) / €m +37% +33% 217 344 158 259 HY 2025 HY 2026
Slide 12: Key financial figures (2)
Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m 1,338 -35% 875 -560 -1,077 HY 2025 HY 2026 HY 2025 HY 2026 Net debt/ €m Gearing/ % 36.2 +35% 3,817 24.9 2,818 31.12.2025 30.6.2026 31.12.2025 30.6.2026 Page 12
Slide 13: Outlook
Outlook Earnings outlook 2026 ‒ EBITDA between approx. €2,100m and approx. €2,400m and reported Group result between approx. €1,000m and approx. €1,150m based on an average generation from hydro, wind and PV in Q3-4/2026 as well as the actual opportunities and risk situation of the Group. ‒ For fina
Slide 14: Appendix
Appendix Page 14
Slide 15: Financial liabilities
Financial liabilities Financial liabilities Debt maturity profile/ €m ‒ Book value Financial liabilities: €3,030.3m 740 694 542 Financial ratios ‒ Duration: 4.9 years ‒ Effective interest rate: 2.52% p.a. 180 146 ‒ Uncommitted lines of credit: €1,855m 1) 21 45 45 40 ‒ Commited lines of credit: €2,00
Slide 16: Expansion of new renewables generation
Expansion of new renewables generation (Wind & PV, without B2B, as of 30/6/2026) Assets in operation: In operation/ in construction / target 2030: EBITDA 2026e⁵: €15.8m In operation/ in construction / target 2030: 914 MW Wind // 347 MWp PV Historic CAPEX¹: €10.1m 143 MW / 18 MW / 413 MW 116 MW / – M
Slide 17: CAPEX plan 2026-2028 (total of €6,789m)
CAPEX plan 2026-2028 (total of €6,789m) according to Q4 mid-term planning 2025, excl. M&A Growth CAPEX/ €m (total of €3,993m) Maintenance CAPEX/ €m (total of €2,796m) 1,548 1,469 980 991 33 19 825 976 427 435 1,021 768 43 424 325 1 0 381 2 386 436 441 305 88 293 25 10 198 15 206 30 153 -13 41 58 6 4
Slide 18: Income statement
Income statement €m HY 2025 HY 2026 Total Total Revenue 4,036.4 3,593.8 Electricity revenue 3,299.7 2,855.1 Grid revenue 572.7 579.5 Other revenue 164.1 159.2 Other operating income 65.1 78.9 Expenses for electricity purchases & use of fuels -2,110.8 -1,997.7 Other operating & personnel expenses -55
Slide 19: Balance sheet (short version)
Balance sheet (short version) €m 31.12.2025 30.6.2026 Change Non-current assets 16,888 17,005 1% Current assets 1,721 1,699 -1% Total assets 18,610 18,705 1% Equity 11,331 10,535 -7% Non-current liabilities 5,518 6,113 11% Current liabilities 1,761 2,057 17% Total liabilities 18,610 18,705 1% Seite
Slide 20: Cash flow statement (short version)
Cash flow statement (short version) €m HY 2025 HY 2026 Change Cash flow from operating activities 1,338 875 –35% Cash flow from investing activities –568 –653 – Cash flow from financing activities –1,352 –207 – Change in cash and cash equivalents –582 15 – Cash and cash equivalents at the end of 214
Slide 21: Capital market calendar 2026
Capital market calendar 2026 5/11/2026 Result and interim report quarters 1–3/2026 Page 21
Slide 22: VERBUND Board of Directors
VERBUND Board of Directors Michael Strugl Peter F. Kollmann CEO, Chairman of the CFO, Deputy Chairman of Executive Board the Executive Board Susanna Zapreva- Hennerbichler Achim Kaspar Member of the Executive Member of the Executive Board Board Page 22
Slide 23: Investor Relations Team
Investor Relations Team Andreas Wollein Martin Weikl Stefan Wallner Tibor Hanifl Head of Group Finance and Senior Investor Relations Senior Investor Relations Investor Relations Investor Relations Manager Manager Manager (ESG) T +43(0)503 13-52614 T +43(0)503 13-52614 T +43(0)503 13-52614 T +43(0)50
Slide 24: By our own power.
By our own power.