Verbund Ag Class A · VIE:VER
Verbund Ag Class A — Verbund Ag Ord — FY2025 Earnings Presentation
34 slides from Verbund Ag Class A's earnings presentation, Mar 18, 2026
Slide 1: VERBUND AG Full year results 2025
By our own power. VERBUND AG Full year results 2025 Vienna - 18th of March 2026
Slide 2: Full year results 2025 – Influencing factors
Full year results 2025 – Influencing factors Influencing factors ‒Sightly lower average achieved contract prices for hydro power due to lower forward prices ‒Weak hydro coefficient of 0.79 in 2025, lower generation from reservoirs ‒Lower production from wind and PV but higher production from thermal
Slide 3: Hedging volumes
Hedging volumes Hedging volumes 20251/ TWh Hedging volumes 20261/ TWh 117.5 116.8 115.8 115.7 116.3 85.7 MtM 79.3 80.3 81.4 81.5 (27/2/26): €86.8 8.7 6.0 2.8 1.1 0.0 13.1 11.1 8.8 15.8 14.7 16.9 18.5 19.5 20.5 20.3 12.5 14.5 16.7 9.8 10.9 31/12/24 31/3/25 30/6/25 30/9/25 31/12/25 31/12/24 31/3/25 30
Slide 4: Impact on VERBUND of the levy on excess profits
Impact on VERBUND of the levy on excess profits • Extension of The Federal Act on the Electricity Energy Crisis Contribution in Austria • Tax periods 1 April 2025 to 31 March 2026 (period 3), 1 April 2026 to 31 March 2027 (period 4) ... until 1 April 2029 to 31 March 2030 (period 7) • Revenue caps:
Slide 5: Flexibility products
Flexibility products Flexibility products / €m • Control energy products: permanent balance between generation and consumption for grid stabilisation 275 274 Approx. 250 (primary/secondary/tertiary control energy) • Congestion management: all measures to prevent/counteract excess load flows 2024 202
Slide 6: Hydro segment
Hydro segment Facts and figures EBITDA/ €m ‒ Lower generation from hydropower in 2025 2,970 ‒ Hydropower: 25,370 GWh (–24.2%) ‒ Lower hydro coefficient in 2025 2,024 (0.79 vs. 1.09) ‒ Reservoirs: 5,136 GWh (–5.9%) ‒ Lower average achieved prices ‒ Contribution from flexibility products increased by
Slide 7: New renewables segment
New renewables segment Facts and figures EBITDA/ €m ‒ Lower generation from wind power in 2025: 1,714 GWh (–5.7%) ‒ Austria 225 GWh (–17.4%) 170 158 ‒ Germany 253 GWh (–13.4%) ‒ Romania 404 GWh (–11.1%) ‒ Spain 833 GWh (+4.2%) ‒ Lower generation from photovoltaic in 2025: 439 GWh (–1.6%) ‒ Austria:
Slide 8: Sales segment
Sales segment EBITDA/ €m Facts and figures 134 ‒ Stabilization of end-customer business ‒ Business: FY 2025: €+130.2m (FY 2024: €+84.0m) ‒ Customers: FY 2025: €+4.2m (FY 2024: €–77.1m) 7 ‒ Contribution from flexibility products decreased by 2024 2025 €25.2m Current information The Sales segment comp
Slide 9: Grid segment
Grid segment EBITDA Grid segment 2025: €440m (2024: €370m) Local GAAP: stable earnings ‒ Differences compensated by a regulatory account (2026e: €590m) APG EBITDA/ €m RAB 2025: €3,229m IFRS: volatile earnings (no regulatory account) RAB 2026: €3,662m 388 Contribution from APG in 2025 (IFRS): €388m E
Slide 10: All other segments
All other segments Facts and figures EBITDA/ €m ‒ Increased utilisation of CCGT Mellach 49 ‒ Thermal Power: 2,054 GWh (+58.1%) 35 ‒ CCGT Mellach: 2,052 GWh ‒ EBITDA increased mainly due to positive effects from the valuation of energy derivatives ‒ Contribution from flexibility products increased by
Slide 11: Non-recurring effects
Non-recurring effects €m Detail 2024 2025 EBITDA Total 0 0 Spanish, German and Austrian renewable assets/projects, Impairments -291 -51 transformer damage Kaprun (Limberg I) Reversal of impairments Spanish renewable assets/projects 114 51 Operating result Total -177 0 Other result from equity intere
Slide 12: Key financial figures (1)
Key financial figures (1) EBITDA/ €m Group result/ €m 4,490 4,490 2,616 2,266 3,480 3,480 1,976 1,875 2,738 2,738 1,489 1,472 Reported Reported Adjusted Adjusted 2023 2024 2025 2023 2024 2025 Additions to tangible assets (infrastructure) / €m Additions to tangible assets (renewables business & other
Slide 13: Key financial figures (2)
Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m 2,098 5,083 3,249 145 1,919 -793 2023 2024 2025 2023 2024 2025 Net debt/ €m Dividend; Payout ratio from adj. Group result/ €; % 74.3 73.5% on reported Group result 2023 incl. 55.1 49.2 special 4.15 dividend of 2,818
Slide 14: 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 15: Outlook
Outlook Earnings outlook 2026 ‒ EBITDA between approx. €2,000m and approx. €2,500m and reported Group result between approx. €900m and approx. €1,200m based on an average generation from hydro, wind and PV in 2026 as well as the actual opportunities and risk situation of the Group. The earnings fore
Slide 16: Appendix
Appendix Page 16
Slide 17: Financial liabilities
Financial liabilities Financial liabilities Debt maturity profile/ €m ‒ Book value Financial liabilities: €1,926.6m 694 542 Financial ratios ‒ Duration: 5.7 years 180 ‒ Effective interest rate: 2.26% p.a. 146 ‒ Uncommitted lines of credit: €2,385m 1) 48 45 44 40 40 ‒ Commited lines of credit: €1,000
Slide 18: Income statement
Income statement €m 2024 2025 Total Total Revenue 8,244.6 8,013.6 Electricity revenue 7,027.3 6,541.3 Grid revenue 912.2 1,121.4 Other revenue 305.1 350.8 Other operating income 131.0 139.0 Expenses for electricity purchases & use of fuels –3,992.1 –4,204.2 Other operating & personnel expenses 1,087
Slide 19: Non-recurring effects influence Group result (in €m)
Non-recurring effects influence Group result (in €m) Group result reported 1,489 Impairments/Reversals (Spanish, German and Austrian renewable assets, 5 transformer damage Kaprun/Limberg I) Measurement of an obligation to return an interest (DKJ) 26 Merger HalloSonne/VERBUND 4 Remeasurement of deffe
Slide 20: Balance sheet (short version)
Balance sheet (short version) €m 31.12.2024 31.12.2025 Change Non-current assets 16,220 16,888 4% Current assets 2,498 1,721 -31% Total assets 18,718 18,610 -1% Equity 11,065 11,331 2% Non-current liabilities 5,880 5,518 -6% Current liabilities 1,774 1,761 -1% Total liabilities 18,718 18,610 -1% For
Slide 21: Cash flow statement (short version)
Cash flow statement (short version) €m 2024 2025 Change Cash flow from operating activities 3,249 1,919 –41% Cash flow from investing activities –1,166 –1,351 – Cash flow from financing activities –2,251 –1,289 – Change in cash and cash equivalents –169 –722 – Cash and cash equivalents at the end of
Slide 22: Strategy 2030
Strategy 2030 To accelerate the transition to tomorrow’s clean energy system, we are focusing on three strategic approaches as a leading European green energy player Empowering the expansion of Claiming a leading role as renewables in Europe a European hydrogen player Significant expansion of wind a
Slide 23: VERBUND strategy at a glance
VERBUND strategy at a glance We aim to lead the transition to a clean energy system Strengthening our integrated Empowering the expansion of Claiming a leading role as supplier role in the home market renewables in Europe a European hydrogen player Hydropower as a key element – receipt, Development
Slide 24: Internationalisation
Internationalisation Green production in Europe Integrated supplier on the domestic market VERBUND pursues an international approach European hydrogen player − VERBUND as a leading green electricity company in Austria and Europe − Driving forward the European transition to clean energy through cross
Slide 25: Expansion of new renewables generation
Expansion of new renewables generation (Wind & PV, without B2B, as of 31/12/2025) Assets in operation: In operation/ in construction / target 2030: EBITDA 2025: €15.1m In operation/ in construction / target 2030: 910 MW Wind // 346 MWp PV Historic CAPEX¹: €10.1m 143 MW / 18 MW / 413 MW 116 MW / – MW
Slide 26: Environmental Social Governance
Environmental Social Governance Page 26
Slide 27: Sustainability @ VERBUND
Sustainability @ VERBUND Sustainability is the core element of VERBUND’s vision Our focus is on customised, sustainable electricity products and energy-related services that enable our environmentally aware customers to make efficient use of energy. We are also working to shape the future of energy
Slide 28: EU-Taxonomy for ecological sustainability
EU-Taxonomy for ecological sustainability EU-Environmental objectives CRITERIA Forestry Substantial contribution to Manufacturing industry Climate change mitigation environmental objective(s) S Energy Do No Significant Harm E Climate change adaption C Energy Transportation Minumum social safeguards
Slide 29: VERBUND Climate Transition Plan
VERBUND Climate Transition Plan The path to net zero (greenhouse gas emissions) Climate Transition Plan Strategic Pillar Key implementation points Strengthening the integrated provider in Objective until 2030 the core market − Climate- and eco-friendly generation of electricity Reducing absolute gre
Slide 30: Ratings & rankings
Ratings & rankings Financial Ratings* Sustainability Ratings* A+ / CreditWatch negative** “A-” rating − Leadership “B” rating A2 / stable outlook “AAA” rating / leader category VERBUND is part of the following sustainability indices* among 141 utility companies 18.7/100 points / “Low Risk” * *** ISS
Slide 31: Capital market calendar 2026
Capital market calendar 2026 18/3/2026 Annual result and publication of annual report 2025 11/4/2026 Record date for Annual General Meeting 21/4/2026 Annual General Meeting 28/4/2026 Ex-dividend date 29/4/2026 Record date dividends 11/5/2026 Dividend payment date 13/5/2026 Result and interim report
Slide 32: 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 32
Slide 33: 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 34: By our own power.
By our own power.