H1 Interim Report 2025 Financial Year
We inspire with energy.
Our future: #cIimatepositive
MVV in Figures
1 Oct 2024 to 31 Mar 2025 | 1 Oct 2023 to 31 Mar 2024 | % change | |
Financial key figures | |||
Sales and earnings | |||
Adjusted sales excluding energy taxes (Euro million) | 3,484 | 4,425 | - 21 |
Adjusted EBITDA 1 (Euro million) | 378 | 399 | - 5 |
Adjusted EBIT 1 (Euro million) | 273 | 299 | - 9 |
Adjusted net income for period 1 (Euro million) | 176 | 198 | - 11 |
Adjusted net income for period after minority interests 1 (Euro million) | 131 | 149 | - 13 |
Capital structure | |||
Adjusted total assets at 31 March 2025/30 September 2024 2 (Euro million) | 6,169 | 5,947 | + 4 |
Adjusted equity at 31 March 2025/30 September 2024 2 (Euro million) | 2,592 | 2,526 | + 3 |
Adjusted equity ratio at 31 March 2025/30 September 2024 2 (%) | 42.0 | 42.5 | - 1 |
Net financial debt at 31 March 2025/30 September 2024 (Euro million) | 1,315 | 926 | + 42 |
Cash flow and investments | |||
Cash flow from operating activities (Euro million) | - 48 | - 99 | + 52 |
Investments (Euro million) | 202 | 149 | + 36 |
Share | |||
Adjusted earnings per share 1 (Euro) | 1.98 | 2.27 | - 13 |
Non-financial key figures | |||
Electricity generation capacity from renewable energies at 31 March 2025/30 September 2024 3, 4 (MWe) | 697 | 678 | + 3 |
Electricity generation volumes from renewable energies 5 (kWh million) | 683 | 737 | - 7 |
Completed development of new renewable energies plants (MWe) | 383 | 144 | + 166 |
Operations management for renewable energies plants (MWe) | 4,249 | 3,954 | + 7 |
Number of employees at 31 March 2025/31 March 2024 (headcount) | 6,680 | 6,447 | + 4 |
Number of trainees at 31 March 2025/31 March 2024 (headcount) | 268 | 276 | - 3 |
|
Highlights 4
Interim Group Management Report 6
Group Business Performance 6
Business Framework 6
Earnings, Asset and Financial Position 9
Employees 14
Forecast, Opportunity and Risk Situation 15
Forecast for the 2025 Financial Year 15
Opportunity and Risk Situation 16
Interim Consolidated Financial Statements 17
Income Statement 17
Statement of Comprehensive Income 18
Balance Sheet 19
Statement of Changes in Equity 21
Cash Flow Statement 22
Notes to Interim Consolidated Financial Statements 24
Notes to Income Statement 27
Notes to Balance Sheet 30
Responsibility Statement 40
Further Information 41
Financial Calendar 41
Imprint/Contact 42
HighlightsClearly on course: #climatepositive
Increased dividend approved
We are consistently implementing our Mannheim Model with its three aspects of heat transition, electricity transition and green customer solutions. By issuing a Europe-wide call for tenders for a second river heat pump in March 2025, we are promoting the third stage of expansion for green heat in Mannheim. This new plant, which will be built close to our first river heat pump on the site of the Grosskraftwerk Mannheim (GKM) power plant, is to
have thermal capacity of around 150 megawatts (MWt). One of the largest plants of its kind in Europe, it will then supply climate-friendly heat to a further total of around 40,000 households in the Rhine-Neckar metropolitan region. Furthermore, we plan to build
a hydrogen-capable district heat reheater with a rated thermal input of up to 160 megawatts at the GKM site. Construction work on this plant is due to start in 2026 and operations are scheduled to begin in autumn 2028. By offering smart customer solutions, we are making our contribution to the electricity transition. We are cooperating with the digital electricity provider Ostrom, a Berlin-based startup, to offer dynamic electricity rates and support households in optimising their energy consumption. These dynamic rates are directly linked to price movements on the electricity exchange. Together with our MVV energy management system, customers can deliberately shift their electricity consumption to times when prices are low, i.e. when large volumes of electricity are available from wind turbines and photovoltaic systems, and thus reduce their energy costs.
This year's Annual General Meeting was held at Mannheim's Rosengarten on 14 March 2025. It was also the last Annual General Meeting to which Dr. Georg Müller, our previous Chief Executive Officer, submitted his report. As of 1 April 2025,
Dr. Gabriël Clemens took over as MVV's new CEO.
Our shareholders approved the proposal made by the Executive and Supervisory Boards and approved a regular dividend of Euro
1.25 per share for the 2024 financial year, equivalent to an increase of Euro 0.10 per share compared with the previous year. Based on the closing price of our share at the end of the 2024 financial year, our dividend yield stands at 4.0 percent, while the distribution total amounts to Euro 82.4 million.
Our First Six MonthsAdjusted sales
3.5Euro billion
Adjusted EBIT
273Euro million
Investments
202Euro million
Interim Group Management Report
Group Business Performance
Business Framework Economic and Energy Policy
Further reduction in growth forecasts for Germany
The latest economic forecasts for 2025 remain very subdued. In April, the International Monetary Fund (IMF) further reduced its economic growth forecast for Germany. Not least in view of the aggressive tariff policies adopted by the USA, which could result in a global economic slowdown, the experts stated that zero growth was to be expected. In April, the Joint Economic Forecast project group also issued a downward correction in its growth forecast for gross domestic product in 2025. It cut this forecast by 0.7 percentage points to 0.1 % and confirmed that the German economy remained in crisis. According to the experts, existing domestic and foreign policy uncertainties concerning further economic developments in Germany were being exacerbated both by the fact that the economic policy decisions by the new Federal Government were in some cases still outstanding and by developments in the US economy. Consumer confidence still seemed to be subdued. Germany's economic weakness resulted not only from macroeconomic factors but was also of a structural nature. Macroeconomic developments impact above all on the operating business in our Customer Solutions and New Energies reporting segments.
Amendment to Basic Law strengthens Climate Transformation Fund
Just days before the 21st Federal Parliament elected in February 2025 was constituted, in March the incumbent Federal Parliament adopted an amendment to German Basic Law enabling debt-financed investments to be made in defence, infrastructure and climate protection outside the framework of the country's "debt brake". Of the "Special Funds" of Euro 500 billion thereby adopted for infrastructure and climate protection, a sum of Euro 100 billion will be channelled into the Climate and Transformation Fund (KTF). The approval of these investments over a twelve-year period is foreseen. There is therefore a chance that the Federal Fund for Efficient Heat Networks (BEW), which forms part of the KTF, will also receive additional funding. The exact structures still have to be specified in federal legislation. MVV Energie AG already applied for funds from the KTF at the end of the 2024 financial year. Applications for funds from other group companies are also foreseeable.
Federal Parliament sets energy policy course before end of legislative period
Shortly before the end of the previous legislative period, the 20th Federal Parliament adopted a number of laws affecting energy policy. These included an extension to the German Combined Heat and Power Act (KWKG) and provisions in the German Energy Industry Act (EnWG), German Renewable Energies Act (EEG) and German Metering Point Operation Act (MsBG) which reduce feed-in peaks from photovoltaic systems and improve the ramping up of smart meters. These should thus reduce the systemic costs of the energy supply. The extension to the KWKG legislation in particular will provide the energy industry with greater certainty in terms of promoting investments in heat grids and combined heat and power plants.
EU Commission presents "Clean Industrial Deal"
At the end of February 2025, the EU Commission presented a proposal for combining competitiveness and decarbonisation in the EU. The goal is to accelerate decarbonisation, reindustrialisation and innovation to enable the unchanged requirements of the Green Deal to be implemented more effectively and efficiently. Among others, core action points include the affordability of energy, promoting the supply of and demand for clean, decarbonised products and boosting the circular economy. This Commission strategy, which is not legally binding, is due to be formulated in legislation in the next twelve months. This will subsequently have to be implemented in national law by member states.
Market Climate
Wholesale prices stabilise
Wholesale prices (average) H1: 1 October to 31 March
FY 2025 FY 2024 +/- change % change
Crude oil 1 (US$/barrel) | 74.49 | 82.31 | - 7.82 | - 10 |
Natural gas 2 (Euro/MWh) | 37.99 | 37.97 | + 0.02 | 0 |
Coal 3 (US$/tonne) | 116.66 | 108.30 | + 8.36 | + 8 |
CO2 rights 4 (Euro/tonne) | 73.72 | 73.66 | + 0.06 | 0 |
Electricity 5 (Euro/MWh) | 87.50 | 94.08 | - 6.58 - 7 | |
Brent crude oil; front month
Trading Hub Germany market region; front-year
Front-year
Front December contract
Front-year
While wholesale prices for gas and emission rights hardly changed compared with the previous year in the period under report, wholesale coal prices increased. By contrast, average wholesale electricity prices showed a reduction compared with the previous year's period. This development is attributable to electricity market-specific topics, such as expected power plant deployment and the expansion in renewable energies.
Conventional generation spreads lose ground as electricity prices fall
Due to the reduction in wholesale electricity prices, the margins for conventional generation from gas (clean spark spread, CSS) and coal (clean dark spread, CDS) also declined year-on-year in the period under report. Furthermore, the price differential between the CDS and the CSS contracted due to the rise in wholesale coal prices. In the context of our hedging concept, changes in these spreads may impact in particular on operating earnings in Generation and Infrastructure, the reporting segment to which the marketing of generation positions in our Generation business field is allocated.
Impact of Weather Conditions
Cooler weather conditions lead to higher degree day figures
Lower outdoor temperatures, which are reflected in higher degree day figures, generally lead to higher heat energy requirements at our customers. In the first six months of our 2025 financial year, it was colder overall, with regional variations, than in the previous year's comparative period.
Degree day figures were around 10 % higher than the previous year's figures.
Wind volumes significantly lower than in previous year
Like our customers' heat requirements, the volume of electricity generated by our renewable energies plants is also determined by weather conditions. Wind volumes, which play a key role in determining the amount of electricity generated by our wind turbines, are particularly important in this respect.
Overall, the volume of usable wind in the regions relevant to our business was around 4 % higher than the long-term average in the first six months of our 2025 financial year. The wind yield nevertheless fell significantly short of the previous year's figure, which in turn exceeded the longterm average by around 51 % at our wind locations over the same period. In this comparison, we use the "EMD-ERA Wind Index" with a reference period (historic average).
Earnings, Asset and Financial Position
The period under report comprises the first six months of the 2025 financial year - from 1 October 2024 to 31 March 2025. Unless otherwise indicated, the following comments refer to the MVV Group (MVV), i.e. to all companies fully consolidated and the updated measurement of those shareholdings that are recognised at equity. Figures have been rounded up or down to the nearest million-euro amounts. Discrepancies may therefore arise between the aggregated sums of individual items and the totals stated.
Presentation of Earnings Performance
Material operating developments
MVV H1: 1 October to 31 March
Euro million | FY 2025 | FY 2024 | +/- change | % change |
Sales and earnings | ||||
Adjusted sales excluding energy taxes | 3,484 | 4,425 | - 941 | - 21 |
Adjusted EBIT | 273 | 299 | - 26 | - 9 |
of which Customer Solutions | 61 | 120 | - 59 | - 49 |
of which New Energies | 42 | 77 | - 35 | - 45 |
of which Generation and Infrastructure | 164 | 89 | + 75 | + 84 |
of which Other Activities | 6 | 13 | - 7 | - 54 |
Turnover | ||||
Electricity (kWh million) | 10,423 | 10,969 | - 546 | - 5 |
Heat (kWh million) | 3,651 | 3,635 | + 16 | + 0 |
Gas (kWh million) | 11,054 | 11,682 | - 628 | - 5 |
Water (m3 million) 1 | 18.5 | 18.1 | + 0.4 | + 2 |
Usable residual waste delivered (tonnes 000s) | 1,067 | 1,093 | - 26 - 2 | |
Previous year's figure adjusted
In sales, we eliminate the difference between the hedge and reporting date prices as of the respective realisation date pursuant to IFRS 9. This resulted in a net total of Euro 96 million in the realisation period from 1 October 2024 to 31 March 2025 (previous year: Euro 557 million). The reduction in adjusted sales is mainly due to the decline in electricity wholesale prices, as well as to lower electricity and gas volumes.
As expected, MVV's adjusted EBIT of Euro 273 million in the first six months of the current financial year fell short of the previous year's figure of Euro 299 million.
The reduction in earnings in the Customer Solutions reporting segment was due above all to the fact that, in the first two quarters of the previous year, we were still able to generate margins from wholesale price-related additional revenues.
Adjusted EBIT in the New Energies reporting segment was adversely affected chiefly by wind volumes falling significantly short of the previous year's figure. Earnings contributions in our environmental energy business also fell short of the previous year's figure, with this principally resulting from lower plant availability levels and lower electricity revenues. Overall, segment earnings were lower than in the previous year.
The rise in adjusted EBIT in the Generation and Infrastructure reporting segment was driven by factors including a year-on-year improvement in our generation plant availability and higher income at our grid companies due to regulatory factors. Our gas-powered CHP plant in Kiel made a particularly marked contribution in this respect. This plant benefited both from increased technical availability and from a flexible mode of operation made possible, among other factors, by favourable weather conditions.
The change in adjusted EBIT in the Other Activities reporting segment is mainly due to positive one-off items in the previous year.
The development in electricity and gas volumes mainly reflects the reduction in our trading volumes. Heat turnover was at the same level as in the previous year.
Reconciliation with adjusted EBIT
Reconciliation of EBIT (income statement) with adjusted EBIT
H1: 1 October to 31 March
Euro million | FY 2025 | FY 2024 | +/- change |
EBIT as reported in income statement | 241 | 232 | + 9 |
Derivative measurement and realisation items | 30 | 65 | - 35 |
EBIT before result of IFRS 9 derivative measurement and realisation | 271 | 297 | - 26 |
Interest income from finance leases | 2 | 2 | 0 |
Adjusted EBIT | 273 | 299 | - 26 |
We refer to adjusted EBIT in our value-based management. To calculate this key figure, we adjust our operating earnings before interest and taxes to eliminate the positive and negative earnings items resulting from fair value measurement as of the reporting date of those financial derivatives recognised pursuant to IFRS 9. These stood at a net notal of Euro - 30 million as of 31 March 2025 (previous year: Euro - 65 million). These measurement items are determined by the development in prices on the commodities and energy markets. They have no impact on payments, neither do they affect our operating business or dividend.
Development in other key income statement items
In cost of materials, we eliminate the difference between the hedge and reporting date prices pursuant to IFRS. The adjusted cost of materials fell by Euro 916 million to Euro 2,766 million. This reduction in cost of materials is above all a reflection of lower electricity and gas wholesale prices.
Primarily as a result of collectively agreed pay rises and workforce growth at individual group companies, employee benefit expenses rose year-on-year by Euro 27 million to Euro 312 million.
Adjusted income from derivative financial instruments decreased by Euro 30 million to Euro
4 million, while adjusted expenses for derivative financial instruments fell by Euro 14 million to Euro 9 million. These developments were caused above all by measurement items in connection with cavern management.
The development in other operating income in the period under report was particularly shaped by one-off income from the reimbursement of an allocation and from energy tax refunds. Overall, other operating income rose by Euro 14 million to Euro 56 million. Other operating expenses fell year-on-year by Euro 12 million to Euro 120 million, with the main reason for this being lower service charges with trading partners in the direct marketing business.
Depreciation and amortisation increased by Euro 6 million to Euro 106 million.
Mainly on account of lower interest income from cash investments, the adjusted financial result
decreased by Euro 5 million to Euro - 13 million.
At Euro 45 million, adjusted non-controlling interests were Euro 3 million lower than in the previous year.
See Income Statement on Page 17 and Notes to Income Statement from Page 27
Presentation of Asset Position
Development in balance sheet
Total assets decreased by Euro 715 million compared with 30 September 2024 to Euro 7,161 million. Among other factors, this was due to the changed level of market prices and resultant changes in the fair values of energy trading transactions recognised under IFRS 9. These changes are reflected in the development in asset-side and liability-side derivative financial instruments and in the change in deferred tax assets and liabilities, Notes 9, 12 and 18. Asset-side derivative financial instruments fell by Euro 938 million to Euro 1,000 million, while liability-side derivative financial instruments decreased by Euro 964 million to Euro 982 million.
Non-current assets declined by Euro 51 million to Euro 4,162 million. Current assets fell by Euro 664 million to Euro 2,999 million. The increase in trade receivables by Euro 303 million to Euro 760 million is largely consistent with customary seasonal developments. Largely due to purchases of emission rights, current other non-financial receivables and assets rose by Euro 123 million overall to Euro 353 million. Cash and cash equivalents fell by Euro 298 million to Euro 481 million. This reduction is chiefly attributable to outgoing payments for investments and the dividend. Inflows of funds from security deposits for counterparty default risk (margins) had an opposing and thus positive impact on liquid funds.
MVV's equity including non-controlling interests stood at Euro 2,601 million and was thus Euro 86 million higher than at the previous year's balance sheet date.
Non-current debt decreased by Euro 29 million to Euro 2,281 million. Current debt fell by Euro 772 million to Euro 2,279 million. The reduction in other provisions by Euro 63 million to Euro 112 million chiefly resulted from the utilisation of provisions for services not yet invoiced, as well as of provisions for personnel obligations. Other non-financial liabilities rose by Euro 62 million overall to Euro 296 million, with this development being due in particular to the increase in other contract liabilities and in liabilities in connection with the German Fuel Emission Trading Act (BEHG).
For Group management purposes, we adjust our consolidated balance sheet as of 31 March 2025 to eliminate cumulative items resulting from IFRS 9 measurement as of the reporting date. We eliminate items of Euro 992 million from the asset side (30 September 2024: Euro 1,929 million). These mainly include the positive fair values of derivatives. On the equity and debt side, we reduce debt by Euro 984 million to eliminate the negative fair values and allocable deferred taxes (30 September 2024: Euro 1,940 million). Under equity, we eliminate the net balance, which amounted to Euro 8 million (30 September 2024: Euro - 11 million). This led to adjusted equity of Euro 2,592 million as of 31 March 2025 (30 September 2024: Euro 2,526 million). Based on total adjusted assets of Euro 6,169 million (30 September 2024: Euro 5,947 million), the adjusted equity ratio therefore stood at 42.0 % as of 31 March 2025, compared with 42.5 % as of
30 September 2024.
See Balance Sheet on Page 19 and Notes to Balance Sheet from Page 30
Investments
We invested a total of Euro 202 million in the first half of our 2025 financial year (previous year: Euro 149 million).
Investments: H1, 1 October to 31 March | ||||
Euro million | FY 2025 | FY 2024 | +/- change | % change |
Customer Solutions | 20 | 10 | + 10 | + 100 |
New Energies | 87 | 61 | + 26 | + 43 |
Generation and Infrastructure | 72 | 67 | + 5 | + 7 |
Other Activities | 23 | 11 | + 12 | + 109 |
Total | 202 | 149 | + 53 | + 36 |
Our largest projects involved | ||||
Investments in green heat generation plants, including building a backup plant to secure and cover peak load requirements for district heat, building a river heat pump and the new grids thereby required
Building several windfarms and a PV system and taking these over into our proprietary portfolio
Expanding the high-voltage grid (110 kV) in the Offenbach urban region
Maintaining and renewing our distribution grids to safeguard supply reliability
Acquiring a 74.9 % stake in Data Center Partners, a German developer of data centres.
Presentation of Financial Position
Current and non-current financial debt increased by Euro 91 million to Euro 1,796 million. The taking up of loans for investment projects was countered by repayments of existing loans. At the same time, cash and cash equivalents decreased by Euro 298 million to Euro 481 million, a development chiefly due to outgoing payments for investments and the dividend. Inflows of funds from security deposits for counterparty default risk (margins) had an opposing, and thus positive impact on cash and cash equivalents. Overall, net financial debt rose by Euro 389 million to Euro 1,315 million.
As of 31 March 2025, MVV posted cash and cash equivalents of Euro 481 million (31 March 2024: Euro 599 million).
See Cash Flow Statement on Page 22 and Note 24
Employees
Personnel figures (headcount) at balance sheet date
31 Mar
2025
31 Mar
2024
+/- change % change
MVV 1 6,680 6,447 + 233 + 4
of which in Germany 6,090 5,900 + 190 + 3
of which abroad 590 547 + 43 + 8
1 Including 268 trainees (previous year::276)
We had a total of 6,680 employees as of 31 March 2025, 233 more than one year earlier. This increase is attributable above all to the expansion in the workforce in our growth fields. A total of 6,090 employees worked for us in Germany, while 590 people were employed at our foreign subsidiaries. Of our employees abroad, 358 worked at the international shareholdings of Juwi,
while 161 were employed at the British subsidiaries of MVV Umwelt and 71 at further companies. A total of 268 people were in training across the Group as of 31 March 2025.
Forecast, Opportunity and Risk Situation
Forecast for the 2025 Financial Year Earnings Performance
Alongside weather conditions, the earnings performance of the Customer Solutions reporting segment is particularly dependent on market conditions and the competitive climate. Now that wholesale prices have declined on the energy markets, we also expect to see lower earnings in our energy trading business and from marketing renewable energies. Overall, we therefore expect adjusted EBIT in this segment to fall significantly short of the previous year's figure in the 2025 financial year.
We also expect to see a significant reduction in adjusted EBIT in the New Energies reporting segment. In general, earnings in this reporting segment are influenced by the development in waste and biomass prices and volumes, wholesale prices on energy markets, the availability of our plants, weather conditions and wind volumes. In addition, the development of wind power and photovoltaics projects is by its nature highly volatile.
In the Generation and Infrastructure reporting segment, we expect adjusted EBIT to significantly exceed the previous year's figure. Earnings in this reporting segment are affected above all by the development in procurement costs for fuels and CO2 emission rights, as well as by weather conditions and the availability of our plants. Moreover, earnings at our grid companies are chiefly influenced by changes in regulatory requirements.
In addition to the factors listed above, our expectations concerning adjusted EBIT also depend
on further macroeconomic developments and conditions on the energy markets. Furthermore, our forecast assumes that no geopolitical situation will arise that leads to restrictions in the availability of commodities, compromises supply chains or results in any other crisis scenario.
At the end of the first six months of our 2025 financial year and based on the assumptions for our reporting segments, from an operating perspective we still without amendment expect the Group's adjusted EBIT to amount to between Euro 350 million and Euro 400 million in the 2025 financial year.
Investments
From a current perspective, we will significantly increase our investments in the 2025 financial year compared with the previous year (Euro 417 million).
Opportunity and Risk Situation
At the end of the first half, the risk situation is shaped by growing uncertainties on the energy trading market, geopolitical developments, and increasing tensions between the transformation towards greater sustainability and climate-positive business activity on the one hand and international competitiveness on the other. We present our opportunity and risk management system in detail from Page 122 onwards of our 2024 Annual Report. There, we explain the risk categories relevant to our business and the associated opportunities and risks.
We are aware of current geopolitical changes and are adapting our approach. Our close integration into the overall economy may have effects that we can only influence to a limited extent. Currently, the greatest opportunities and risks relate to the realisability on time and on budget of projects in our renewable energies project development business, wholesale energy prices, market conditions and the competitive climate, the availability of our generation plants and, where applicable, those of our partners, and recently in particular to future national and international economic policy and the regulatory framework. Our business performance as an energy supplier and service provider is also influenced by the volume of demand from our customers in view of weather conditions and macroeconomic developments. Additional uncertainties result from potential price rises at upstream suppliers that we potentially may not be able to charge on to our customers in full or which may negatively affect the viability of our infrastructure investments. Existing uncertainties also include the availability of upstream products, such as fuels and operating materials, in supply chains. Given the overall intensification in the cyber-IT threat, we are continually optimising our existing measures and developing additional measures to enhance our IT security.
We continue to align our hedging strategy to changes in the wholesale energy markets, to technical and product-specific conditions and to our customers' requirements. The general development in prices continues to involve fluctuations due to market volatility. We are therefore closely monitoring the corresponding impact on security deposits on the energy exchanges (margins).
Interim Consolidated Financial StatementsIncome Statement
Income statement | |||||
Euro 000s | 1 Jan 2025 to 31 Mar 2025 | 1 Jan 2024 to 31 Mar 2024 | 1 Oct 2024 to 31 Mar 2025 | 1 Oct 2023 to 31 Mar 2024 | Notes |
Sales | 1,688,132 | 1,988,949 | 3,481,276 | 3,956,525 | |
Less electricity and natural gas taxes | 50,404 | 45,032 | 93,544 | 89,034 | |
Sales less electricity and natural gas taxes | 1,637,728 | 1,943,917 | 3,387,732 | 3,867,491 | 1 |
Changes in inventories | - 2,007 | 9,705 | 28,332 | 12,840 | 2 |
Own work capitalised | 9,149 | 7,561 | 15,776 | 12,577 | |
Income from derivative financial instruments | - 69,313 | 250,273 | 203,118 | 660,898 | 4 |
Other operating income | 28,622 | 19,812 | 56,407 | 42,496 | 5 |
Cost of materials | 1,267,271 | 1,586,888 | 2,718,916 | 3,171,493 | 3 |
Employee benefit expenses | 160,306 | 147,175 | 311,773 | 285,090 | |
Expenses for derivative financial instruments | - 58,899 | 239,192 | 189,177 | 669,084 | 4 |
Other operating expenses | 55,588 | 56,232 | 120,297 | 132,320 | 5 |
Impairment losses on financial instruments | - 878 | 912 | 4,688 | 5,803 | |
Income from companies recognised at equity | - | - 338 | 97 | 5 | |
Other income from shareholdings | - | - | 180 | 25 | |
EBITDA | 180,791 | 200,531 | 346,791 | 332,542 | |
Depreciation and amortisation | 53,744 | 50,162 | 105,756 | 100,360 | |
EBIT | 127,047 | 150,369 | 241,035 | 232,182 | |
of which result of IFRS 9 derivative measurement and realisation | - 22,879 | - 24,014 | - 29,913 | - 65,414 | |
of which EBIT before result of IFRS 9 derivative measurement and realisation | 149,926 | 174,383 | 270,948 | 297,596 | |
Financing income | 6,998 | 9,216 | 17,753 | 23,380 | 6 |
Financing expenses | 15,595 | 16,957 | 28,008 | 31,163 | 6 |
EBT | 118,450 | 142,628 | 230,780 | 224,399 | |
Taxes on income | 38,380 | 45,048 | 76,416 | 71,558 | 7 |
Net income for period | 80,070 | 97,580 | 154,364 | 152,841 | |
of which non-controlling interests | 15,870 | 28,211 | 55,595 | 25,249 | |
of which earnings attributable to MVV Energie AG shareholders (net income for period after minority interests) | 64,200 | 69,369 | 98,769 | 127,592 8 | |
Basic earnings per share (Euro) | 0.97 | 1.05 | 1.50 | 1.94 | |
Diluted earnings per share (Euro) | 0.97 | 1.05 | 1.50 | 1.94 | |
Statement of Comprehensive Income
Statement of income and expenses recognised in group equity
1 Jan 2025 | 1 Jan 2024 | 1 Oct 2024 | 1 Oct 2023 | |
Euro 000s | to 31 Mar 2025 | to 31 Mar 2024 | to 31 Mar 2025 | to 31 Mar 2024 |
Net income for period | 80,070 | 97,580 | 154,364 | 152,841 |
Cash flow hedges 1 | - 39,217 | - 19,389 | 46,418 | - 130,328 |
Hedging costs | - | - 473 | - | 109 |
Currency translation differences | - 2,220 | 3,065 | 1,150 | 2,925 |
Reclassifiable share of companies recognised at equity | - | - 444 | - | - 342 |
Items that may subsequently be reclassified to profit or loss | - 41,437 | - 17,241 | 47,568 | - 127,636 |
Actuarial gains and losses | - | - | - | - |
Non-reclassifiable share of companies recognised at equity | - | - | - | - |
Items that will not be reclassified to profit or loss | - | - | - | - |
Other comprehensive income | - 41,437 | - 17,241 | 47,568 | - 127,636 |
Total comprehensive income | 38,633 | 80,339 | 201,932 | 25,205 |
Non-controlling interests 1 | 14,202 | 45,987 | 55,161 | 33,649 |
Total comprehensive income attributable to MVV Energie AG shareholders | 24,431 | 34,352 | 146,771 | - 8,444 |
1 Previous year's figures adjusted |
Balance Sheet
Balance sheet | |||
Euro 000s | 31 Mar 2025 | 30 Sep 2024 | Notes |
Assets | |||
Non-current assets | |||
Intangible assets | 344,282 | 322,407 | |
Property, plant and equipment | 3,221,304 | 3,145,387 | |
Right-of-use assets | 155,993 | 159,284 | |
Investment properties | 2,624 | 2,534 | |
Interests in companies recognised at equity | 125,912 | 123,491 | |
Other financial assets | 10,657 | 10,338 | |
Asset-side derivative financial instruments | 183,221 | 323,943 | 9 |
Other financial receivables and assets | 52,173 | 54,041 | 10 |
Other non-financial receivables and assets | 20,838 | 22,441 | 11 |
Deferred tax assets | 45,378 | 49,232 | 12 |
4,162,382 | 4,213,098 | ||
Current assets | |||
Inventories | 387,256 | 357,179 | |
Asset-side derivative financial instruments | 820,127 | 1,617,289 | 9 |
Trade receivables | 760,021 | 457,050 | 13 |
Other financial receivables and assets | 154,869 | 187,200 | 10 |
Other non-financial receivables and assets | 352,862 | 229,893 | 11 |
Income tax receivables | 43,021 | 35,399 | |
Cash and cash equivalents | 480,747 | 778,908 | 14 |
2,998,903 | 3,662,918 | ||
7,161,285 | 7,876,016 |
Balance sheet | |||
Euro 000s | 31 Mar 2025 | 30 Sep 2024 | Notes |
Equity and debt | |||
Equity | 15 | ||
Share capital | 168,721 | 168,721 | |
Capital reserve | 455,241 | 455,241 | |
Accumulated net income | 1,656,498 | 1,640,112 | |
Accumulated other comprehensive income | - 37,333 | - 85,439 | |
Capital of MVV | 2,243,127 | 2,178,635 | |
Non-controlling interests | 357,400 | 335,888 | |
2,600,527 | 2,514,523 | ||
Non-current debt | |||
Provisions | 149,170 | 145,742 | 16 |
Financial debt | 1,547,769 | 1,463,508 | 17 |
Liability-side derivative financial instruments | 160,632 | 317,211 | 18 |
Other financial liabilities | 32,026 | 31,891 | 19 |
Other non-financial liabilities | 213,427 | 187,098 | 20 |
Deferred tax liabilities | 178,250 | 164,675 | 12 |
2,281,274 | 2,310,125 | ||
Current debt | |||
Other provisions | 111,792 | 175,390 | 16 |
Tax provisions | 5,462 | 5,842 | 16 |
Financial debt | 248,395 | 241,787 | 17 |
Liability-side derivative financial instruments | 821,148 | 1,628,669 | 18 |
Trade payables | 554,569 | 548,452 | |
Other financial liabilities | 79,218 | 93,130 | 19 |
Other non-financial liabilities | 296,216 | 234,131 | 20 |
Income tax liabilities | 162,684 | 123,967 | |
2,279,484 | 3,051,368 | ||
7,161,285 | 7,876,016 |
Statement of Changes in Equity
Statement of changes in equity
Equity contributed Equity generated
Accumulated other
comprehensive income
Share | Capital | Accumulat | Currency | Fair value | Actuarial | Capital | Non- | Total | |||||||||
capital | reserve | ed net | translation | measure- | gains and | of MVV | controlling | capital | |||||||||
Euro 000s | of MVV Energie AG | of MVV Energie AG | income | difference | ment of financial instruments in hedges | losses | interests | ||||||||||
Balance at 1 October 2023 1 | 168,721 | 455,241 | 1,552,624 | 8,400 | - 5,421 | - 12,689 | 2,166,876 | 312,296 | 2,479,172 | ||||||||
Other comprehensive income 1 | - | - | - | 2,579 | - 138,615 | - | - 136,036 | 8,400 | - 127,636 | ||||||||
Net income for period | - | - | 127,592 | - | - | - | 127,592 | 25,249 | 152,841 | ||||||||
Total comprehensive income | - | - | 127,592 | 2,579 | - 138,615 | - | - 8,444 | 33,649 | 25,205 | ||||||||
Dividends paid | - | - | - 95,565 | - | - | - | - 95,565 | - 35,184 | - 130,749 | ||||||||
Capital increase/reduction at subsidiaries | - | - | - | - | - | - | - | - | - | ||||||||
Change in scope of consolidation/ level of shareholding | - | - | - | - | - | - | - | - 403 | - 403 | ||||||||
Balance at 31 March 2024 | 168,721 | 455,241 | 1,584,651 | 10,979 | - 144,036 | - 12,689 | 2,062,867 | 310,358 | 2,373,225 | ||||||||
Balance at 1 October 2024 | 168,721 | 455,241 | 1,640,112 | 17,850 | - 73,942 | - 29,347 | 2,178,635 | 335,888 | 2,514,523 | ||||||||
Other comprehensive income | - | - | - | 1,081 | 46,921 | - | 48,002 | - 434 | 47,568 | ||||||||
Net income for period | - | - | 98,769 | - | - | - | 98,769 | 55,595 | 154,364 | ||||||||
Total comprehensive income | - | - | 98,769 | 1,081 | 46,921 | - | 146,771 | 55,161 | 201,932 | ||||||||
Dividends paid | - | - | - 82,383 | - | - | - | - 82,383 | - 34,954 | - 117,337 | ||||||||
Capital increase/reduction at subsidiaries | - | - | - | - | - | - | - | - | - | ||||||||
Change in scope of consolidation/ level of shareholding | - | - | - | 104 | - | - | 104 | 1,305 | 1,409 | ||||||||
Balance at 31 March 2025 | 168,721 | 455,241 | 1,656,498 | 19,035 | - 27,021 | - 29,347 | 2,243,127 | 357,400 | 2,600,527 | ||||||||
1 Previous year's figures adjusted |
Cash Flow Statement
Cash flow statement 1 | ||
Euro 000s | 1 Oct 2024 to 31 Mar 2025 | 1 Oct 2023 to 31 Mar 2024 |
Net income for period before taxes on income | 230,780 | 224,399 |
Amortisation, depreciation and write-ups of intangible assets, property, plant and equipment and investment properties | 105,755 | 100,360 |
Financial result | 10,255 | 7,783 |
Interest received | 16,365 | 22,855 |
Change in non-current provisions | 1,533 | 2,058 |
Other non-cash income and expenses | 40,100 | 61,543 |
Result of disposal of non-current assets | - 1,354 | 4,243 |
Cash flow before working capital and taxes | 403,434 | 423,241 |
Change in other assets | - 417,429 | - 429,970 |
Change in other liabilities | 79,818 | 70,048 |
Change in current provisions | - 64,767 | - 81,884 |
Income taxes paid | - 48,613 | - 80,021 |
Cash flow from operating activities | - 47,557 | - 98,586 |
Payments for investments in intangible assets, property, plant and equipment and investment properties | - 186,448 | - 144,097 |
Proceeds from disposals of intangible assets, property, plant and equipment and investment properties | 6,323 | 218 |
Proceeds from subsidy payments | 2,555 | 5,260 |
Proceeds from sale of other financial assets, including at-equity companies, non-current lease receivables and loans | 420 | 900 |
Payments for acquisition of fully consolidated companies and other business units 2 | - 8,147 | - |
Payments for other financial assets, including at-equity companies, non-current lease receivables and loans | - 4,983 | - 4,076 |
Cash flow from investing activities | - 190,280 | - 141,795 |
Proceeds from taking up of loans | 165,111 | 110,639 |
Payments for redemption of loans | - 71,597 | - 81,860 |
Payments for redemption of lease liabilities | - 9,134 | - 7,694 |
Dividends paid | - 82,383 | - 95,565 |
Dividends paid to non-controlling interests | - 34,954 | - 35,184 |
Changes due to changes in capital at minorities | - 24 | - 398 |
Interest paid | - 26,898 | - 27,414 |
Cash flow from financing activities | - 59,879 | - 137,476 |
Cash-effective changes in cash and cash equivalents | - 297,716 | - 377,857 |
Change in cash and cash equivalents due to currency translation | - 445 | 1,406 |
Cash and cash equivalents at 1 October 2024 (2023) | 778,908 | 975,026 |
Cash and cash equivalents at 31 March 2025 (2024) | 480,747 | 598,575 |
of which cash and cash equivalents at 31 March 2025 (2024) with restraints on disposal | 3,284 | 2,759 |
1 See further disclosures on cash flow statement in Note 24
2 See disclosures in "Changes in scope of consolidation"
Cash and cash equivalents at 31 March 2025 (2024) | 480,747 | 598,575 |
Cash Flow Statement
Cash flow - aggregate presentation | ||
Euro 000s | 1 Oct 2024 to 31 Mar 2025 | 1 Oct 2023 to 31 Mar 2024 |
Cash and cash equivalents at 1 October 2024 (2023) | 778,908 | 975,026 |
Cash flow from operating activities | - 47,557 | - 98,586 |
Cash flow from investing activities | - 190,280 | - 141,795 |
Cash flow from financing activities | - 59,879 | - 137,476 |
Change in cash and cash equivalents due to currency translation | - 445 | 1,406 |
Notes to Interim Consolidated Financial Statements
Information about the company
MVV Energie AG has its legal domicile in Mannheim, Germany. It is the parent company of MVV and acts as an energy generator, distributor and service provider in its reporting segments of Customer Solutions, New Energies, Generation and Infrastructure and Other Activities.
These condensed interim consolidated financial statements were prepared by the Executive Board on 12 May 2025. Neither the condensed interim consolidated financial statements nor the interim group management report were subject to any audit review requirements.
Accounting policies
The condensed interim consolidated financial statements for the period from 1 October 2024 to 31 March 2025 have been prepared in line with IFRS accounting requirements as adopted by the
EU, and in particular with IAS 34 "Interim Financial Reporting". As the interim consolidated financial statements do not include all notes and disclosures required of a complete set of annual financial statements, they should be read in conjunction with the consolidated financial statements as of
30 September 2024.
The accounting policies applied in the interim consolidated financial statements as of 31 March 2025 are essentially consistent with those applied in the consolidated financial statements as of 30 September 2024.
In preparing the interim consolidated financial statements, we have in some cases used assumptions and estimates which impacted on the amount and statement of recognised assets, liabilities, income and expenses. Actual figures could in individual cases deviate at a later point in time from the assumptions and estimates. Any resultant amendments would have a corresponding impact on earnings upon more accurate information becoming available.
Changes in scope of consolidation
Alongside MVV Energie AG, we include all material German and foreign subsidiaries in MVV's interim consolidated financial statements.
The number of companies included is presented in the following table:
Scope of consolidation
Companies fully
Companies
consolidated recognised at equity
1 October 2024 | 127 | 26 |
Additions | 6 | 1 |
Disposals | 10 | 1 |
31 March 2025 | 123 | 26 |
In the 2nd quarter of 2025, MVV Enamic GmbH, Mannheim, a company fully consolidated within the MVV Group, acquired 74.9 % of the shares in DCP Data Center Partners GmbH (DCP), Gräfeling. This led to the full consolidation of the aforementioned company. DCP's object involves performing planning, construction, consulting and other services related to real estate, infrastructure and data centre properties and projects in Germany and abroad. In this regard, the company offers services covering the whole value chain for developing data centres, from the identification of locations to the planning, construction, network connection, fibre optic integration, letting, operation and security of the data centre. The growing deployment of technologies such as artificial intelligence (AI) and high-performance computing (HPC) is creating great demand for data centres, as is the strong growth in cloud services. Companies require solutions that are ever more flexible, energy efficient and scalable. Against this backdrop, MVV intends to extend and step up its activities in the market for green data centre solutions. Here, there are close links to the company's core activities: sustainable energy supply, technical grid infrastructure, including planning and operating substations and heat use. DCP's business model particularly supplements the company's activities in early stages of the value chain on an internal basis. In the short and medium terms, it will only
be possible to extend the value chain stages by acquiring the corresponding know-how at DCP. The company's existing activity has been identified and stated by way of the purchase price allocation. The fair values of the assets and liabilities identifiable upon the full consolidation of DCP are presented in the following table.
Identifiable assets and liabilities
Euro 000s
DCP Data Center Partners GmbH Recognised
upon acquisition
Intangible assets 5,418
Property, plant and equipment 18
Other receivables and assets 36
Cash and cash equivalents 453
Provisions 54
Trade payables 40
Other liabilities 521
5,306
3,974
Deferred tax liabilities 4
Fair value of net assets Acquired share of net assets
Goodwill 6,628
The fixed purchase price of Euro 8,600 thousand was settled with liquid funds. The preliminary acquisition costs also include a variable component amounting to a maximum of Euro 5,000 thousand, which is linked to a medium-term incentive model for the duration of 5 years. The preliminary acquisition costs correspond to the total of the fair value of acquired net assets and goodwill. The value stated for receivables upon acquisition does not include any impairments. The costs associated with the business combination, which currently amount to Euro 157 thousand, are included in expenses for advisory services. These involve due diligence expenses and advisory services to determine the fair value of acquired net assets in accordance with IFRS. Since its full consolidation, DCP has contributed sales of Euro 52 thousand and earnings of Euro - 188 thousand.
If the company had already been included in consolidation as of 1 October 2024, it would have contributed sales of Euro 951 thousand and earnings of Euro 61 thousand.
The other five additions to fully consolidated companies were project companies previously included in the Juwi subgroup as other majority shareholdings, which have now been fully consolidated since the 1st and 2nd quarters of the year under report respectively. The disposals from fully consolidated subsidiaries also related to the Juwi subgroup. These involved 7 sales of project companies in the 1st and 2nd quarters of 2025 respectively and a merger in the 1st quarter of the year under report. Furthermore, the companies Corsoleil EURL i.L., Saint Florent, France and juwi Solar ZA Construction 2 (Pty) Ltd., Cape Town, South Africa, were liquidated in the 1st and 2nd quarters of the year under report respectively.
The addition to companies recognised at equity related to the acquisition of the joint venture Venari Properties GmbH, Weinheim, in the 1st quarter of 2025. This company was acquired by DC-Datacenter-Assets GmbH, Mannheim, a fully consolidated subsidiary of the MVV Group. Moreover, there was a change of status at a company recognised at equity in the 1stquarter. As a result, this company is now no longer reported as a separate shareholding.
Currency translation
We based currency translation in the condensed interim consolidated financial statements on the following main exchange rates:
Currency translation
Reporting date rate Average rate
1 Euro
31 Mar
2025
30 Sep
2024
1 Oct 2024
to 31 Mar
2025
1 Oct 2023
to 31 Mar
2024
British pound (GBP) 0.835 0.835 0.834 0.862
US dollar (USD) 1.082 1.120 1.060 1.080
South African rand (ZAR) 19.878 19.226 19.275 20.335
Source: European Central Bank
Seasonal influences on business activities
Substantial areas of our business are subject to seasonal weather conditions. Lower outdoor temperatures, for example, led to higher heating requirements, and thus to rising demand for heat and gas from our customers. For this reason, we regularly generate higher volumes of sales and earnings in the first two quarters of our financial year.
Notes to Income Statement
Sales
We provide a depiction of sales broken down into their value chain stages in the segment report.
Sales fell by Euro 479,759 thousand. Gas and electricity revenues decreased, with this mainly being due to lower trading volumes and lower electricity wholesale prices. This was countered by developments in sales from project development and from solar and wind projects.
Translated into group currency, sales at our foreign subsidiaries came to Euro 227,999 thousand (previous year: Euro 126,898 thousand).
Changes in inventories
Changes in inventories mainly relate to unfinished projects and project rights.
Cost of materials
Due in particular to lower electricity wholesale prices, cost of materials fell by Euro 452,577 thousand compared with the previous year.
Income from and expenses for derivative financial instruments
The change in income from and expenses for derivative financial instruments compared with the previous year is attributable to a lower level of changes in market prices in the current reporting period. Measurement in accordance with IFRS 9 led to a positive net effect of Euro 13,941 thousand in the first half of the 2025 financial year (previous year: negative effect of Euro 8,186 thousand).
5. Other operating income and other operating expenses | ||
Other operating income | ||
Euro 000s | 1 Oct 2024 to 31 Mar 2025 | 1 Oct 2023 to 31 Mar 2024 |
Reimbursements | 12,848 | 3,848 |
Agency agreements and personnel supplies | 10,749 | 15,414 |
Reversal of provisions | 5,249 | 3,564 |
Operating taxes | 4,182 | 572 |
Income from currency translation | 2,220 | 3,719 |
Employee benefits | 3,168 | 2,534 |
Rental income | 2,758 | 3,056 |
Income from disposal of assets | 2,661 | 49 |
Miscellaneous | 12,572 | 9,740 |
Other operating expenses | ||
Euro 000s | 1 Oct 2024 to 31 Mar 2025 | 1 Oct 2023 to 31 Mar 2024 |
Contributions, fees and duties | 23,898 | 22,743 |
Maintenance, repairs and IT services | 19,324 | 12,536 |
Expenses for advisory services | 18,059 | 16,282 |
Rental, leasing, IT application and other recurring expenses | 13,084 | 10,164 |
Other services | 9,409 | 21,573 |
Other employee-related expenses | 9,279 | 8,650 |
Public relations expenses | 6,417 | 7,666 |
Operating taxes (including energy taxes) | 3,676 | 10,573 |
Expenses for currency translation | 2,094 | 3,702 |
Expenses for office materials and specialist literature | 1,281 | 1,499 |
Miscellaneous | 13,776 | 16,932 |
56,407 | 42,496 |
120,297 | 132,320 |
Other operating income rose by Euro 13,911 thousand compared with the previous year. This increase is primarily due to a one-off item involving the reimbursement of an allocation within the reimbursements category and energy tax refunds in the operating taxes category.
Other operating expenses fell year-on-year by Euro 12,023 thousand. The principal reason for this was the reduction in service charges with trading partners in the direct marketing business in the other services category.
Financing income and financing expenses
The net financial result, which chiefly comprises interest expenses for loans, fell by Euro 2,472 thousand to Euro 10,255 thousand. This was due above all to lower interest income from cash investments.
Taxes on income
Taxes on income rose by Euro 4,858 thousand. This largely resulted from an increase in deferred taxes relating to IFRS 9 measurement items, which exceeded the reduction in current taxes due to lower earnings.
Earnings per share
Share of earnings attributable to MVV Energie AG shareholders and earnings per share
1 Oct 2024
to 31 Mar
2025
1 Oct 2023
to 31 Mar
2024
Share of earnings attributable to MVV Energie AG shareholders (Euro 000s) 98,769 127,592
Number of shares (weighted average in 000s) 65,907 65,907
Earnings per share (Euro) 1.50 1.94
Notes to Balance Sheet
Asset-side derivative financial instruments
Asset-side derivative financial instruments showed a reduction of Euro 937,884 thousand compared with 30 September 2024. This development was due in particular to the fulfilment of contracts that reported high fair values as of this reporting date, as well as to market price movements.
Other financial receivables and assets
Other financial receivables and assets decreased by Euro 34,199 thousand compared with 30 September 2024. This is mainly due to the reduction in receivables from security deposits for energy trading transactions.
Other non-financial receivables and assets
The increase in other non-financial receivables and assets by Euro 121,366 thousand compared with 30 September 2024 resulted above all from the acquisition of emission rights.
Deferred taxes
The change of Euro 17,429 thousand in deferred tax receivables and tax liabilities is primarily attributable to measurement items for energy trading transactions recognised under IFRS 9.
Trade receivables
The increase in trade receivables by Euro 302,971 thousand compared with 30 September 2024 is largely consistent with customary seasonal developments.
Cash and cash equivalents
The reduction in cash and cash equivalents is principally due to high outflows of funds for investments in major projects, as well as to payment of the dividend for the 2024 financial year.
Dividends paid
The Annual General Meeting on 14 March 2025 approved an increase in the regular dividend for the 2024 financial year by Euro 0.10 to Euro 1.25 per share (total distribution: Euro 82,383 thousand). In addition, a total of Euro 34,954 thousand was distributed to minority shareholders on subsidiary level.
Provisions
Provisions decreased by Euro 60,550 thousand compared with 30 September 2024. This reduction is primarily due to the utilisation of provisions for services not yet invoiced and of provisions for personnel-related obligations.
Financial debt
Financial debt rose by Euro 90,869 thousand compared with 30 September 2024. This increase particularly results from the taking up of new loans to finance investment projects. This factor was countered by regular repayments of existing loans.