Verbund Ag Class A · VIE:VER
Verbund Ag Class A — H1 2025 Earnings Presentation
25 slides from Verbund Ag Class A's earnings presentation, Jul 31, 2025
Slide 1: Half year results 2025
Half year results 2025 VERBUND AG Vienna – 31st of July 2025
Slide 2: Half year results 2025 – Influencing factors
Half year results 2025 – Influencing factors Influencing factors ‒Significantly lower hydro coefficient (hydro coefficient: 0.76) ‒Slightly higher average achieved contract prices for hydro power ‒Lower generation from wind but higher generation from PV ‒Higher production from CCGT Mellach ‒Higher c
Slide 3: Hedging volumes
Hedging volumes Hedging volumes 20251/ TWh Hedging volumes 20261/ TWh 121.9 119.8 117.5 116.8 115.8 MtM 79.3 79.3 80.3 81.4 MtM 78.7 (23/7/25): (23/7/25): €85.1 11.0 8.7 6.0 2.8 €112.5 12.5 13.1 17.2 16.3 15.8 14.7 16.9 18.5 19.5 13.2 14.6 10.9 12.5 8.5 9.4 9.8 30/6/24 30/9/24 31/12/24 31/3/25 30/6/
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 Approx. 280 generation and consumption for grid stabilisation (primary/secondary/tertiary control energy) 164 131 • Congestion management: all measures to prevent/counteract excess load flows HY 2024
Slide 6: Hydro segment
Hydro segment Facts and figures EBITDA/ €m ‒ Lower generation from hydropower in HY 2025 1,501 ‒ Hydropower: 12,401 GWh (–28.3%) ‒ Lower hydro coefficient in HY 2025 1,021 (0.76 vs. 1.12) ‒ Reservoirs: 2,457 GWh (–3.5%) ‒ Slightly higher average achieved prices ‒ Contribution from flexibility produc
Slide 7: New renewables segment
New renewables segment Facts and figures EBITDA/ €m ‒ Lower generation from wind power in HY 2025: 844 GWh (–14.6%) ‒ Austria 113 GWh (–22.9%) 93 ‒ Germany 110 GWh (–31.6%) 88 ‒ Romania 204 GWh (–12.6%) ‒ Spain 417 GWh (–6.9%) ‒ Higher generation from photovoltaics in HY 2025: 219 GWh (+4.6%) ‒ Aust
Slide 8: Sales segment
Sales segment Facts and figures EBITDA/ €m ‒ Stabilisation of end-customer business 94 ‒ Business: HY 2025: €+91m (HY 2024: €+59m) ‒ Customers: HY 2025: €+4m (HY 2024: €–44m) 16 ‒ Contribution from flexibility products decreased by €4.5m HY 2024 HY 2025 Current information The Sales segment comprise
Slide 9: Grid segment
Grid segment EBITDA Grid segment HY 2025: €212.4m (HY 2024: €175.9m) Local GAAP: stable earnings ‒ Differences compensated by a regulatory account (2025e: €604m) APG EBITDA/ €m RAB 2024: €2,827m IFRS: volatile earnings (no regulatory account) Approx. RAB 2025: €3,229m 330 Contribution from APG in HY
Slide 10: All other segments
All other segments Facts and figures EBITDA/ €m ‒ Increased utilisation of CCGT Mellach 18 ‒ Thermal Power: 965 GWh (+128.1%) ‒ EBITDA increased mainly due to positive effects from the 10 valuation of energy derivatives ‒ Contribution from flexibility products increased by €1.4m HY 2024 HY 2025 Curr
Slide 11: Key financial figures (1)
Key financial figures (1) EBITDA/ €m Group result/ €m -20% 1,762 -12% 1,413 1,009 910 803 784 Reported Adjusted HY 2024 HY 2025 HY 2024 HY 2025 Additions to tangible assets (infrastructure) / €m Additions to tangible assets (renewables business & others) / €m +51% -24% 158 340 259 105 HY 2024 HY 202
Slide 12: Key financial figures (2)
Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m -28% 1,850 1,338 -602 -560 HY 2024 HY 2025 HY 2024 HY 2025 Net debt/ €m Gearing/ % +25% 23.2 2,468 1,977 17.9 31.12.2024 30.6.2025 31.12.2024 30.6.2025 Page 12
Slide 13: Outlook
Outlook Earnings outlook 2025 ‒ EBITDA between approx. €2,750m and approx. €3,100m and reported Group result between approx. €1,450m and approx. €1,650m based on an average generation from hydro, wind and PV in Q3-4/2025 as well as the actual opportunities and risk situation of the Group. The earnin
Slide 14: Appendix
Appendix Page 14
Slide 15: Non-recurring effects
Non-recurring effects €m Detail HY 2025 HY 2024 EBITDA 0 0 Impairments CCGT Mellach, GCA 0 -195 Operating result Total 0 -195 Other financial result Measurement of an obligation to return an interest (DKJ) 25 -17 Financial result 25 -17 Taxes Effects due to the non-recurring effects above -6 49 Mino
Slide 16: Financial liabilities
Financial liabilities Financial liabilities Debt maturity profile/ €m ‒ Book value Financial liabilities: €1,760.6m 722 542 Financial ratios ‒ Duration: 6.8 years ‒ Effective interest rate: 2.24% p.a. 179 145 ‒ Uncommitted lines of credit: €1,860m 1) 25 44 44 43 39 ‒ Commited lines of credit: €1,000
Slide 17: Expansion of new renewables generation
Expansion of new renewables generation (Wind & PV, without B2B, as of 30/6/2025) Assets in operation: In operation/ in construction / target 2030: EBITDA 2025e: €13.1m In operation/ in construction / target 2030: 874 MW Wind // 308 MWp PV 125 MW / – / 233 MW Historic CAPEX¹: €1.6m 116 MW / – / 166 M
Slide 18: CAPEX plan 2025-2027 (total of €5,873m)
CAPEX plan 2025-2027 (total of €5,873m) according to Q4 mid-term planning 2024, excl. M&A Growth CAPEX/ €m (total of €4,004m) Maintenance CAPEX/ €m (total of €1,868m) 1,610 672 46 603 594 1,347 79 740 1,047 372 631 92 305 362 330 407 0 1 391 326 1 92 220 64 220 134 19 92 214 109 249 156 2 33 49 1 24
Slide 19: Income statement
Income statement €m HY 2024 HY 2025 Total Total Revenue 3,892.6 4,036.4 Electricity revenue 3,274.5 3,299.7 Grid revenue 457.7 572.7 Other revenue 160.4 164.1 Other operating income 74.2 65.1 Expenses for electricity purchases & use of fuels -1,901.7 -2,110.8 Other operating & personnel expenses -50
Slide 20: Balance sheet (short version)
Balance sheet (short version) €m 31.12.2024 30.6.2025 Change Non-current assets 16,220 16,165 0% Current assets 2,498 1,825 -27% Total assets 18,718 17,990 -4% Equity 11,065 10,655 -4% Non-current liabilities 5,880 5,481 -7% Current liabilities 1,774 1,854 5% Total liabilities 18,718 17,990 -4% Seit
Slide 21: Cash flow statement (short version)
Cash flow statement (short version) €m HY 2024 HY 2025 Change Cash flow from operating activities 1,850 1,338 –28% Cash flow from investing activities –513 –568 – Cash flow from financing activities –1,833 –1,352 – Change in cash and cash equivalents –495 –582 – Cash and cash equivalents at the end
Slide 22: Capital market calendar 2025
Capital market calendar 2025 5/11/2025 Result and interim report quarters 1–3/2025 Page 22
Slide 23: 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 23
Slide 24: 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 25: =_ ke Ko
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