By our own power.
VERBUND AG
Results quarter 1/2026
Vienna - 13th of May 2026
Results quarter 1/2026 - Influencing factors
Influencing factors
‒Lower average achieved contract prices for hydro power
‒Significantly low hydro coefficient
‒Lower production from reservoirs
‒Higher generation from wind and PV
‒Lower contribution from Austrian Power Grid
‒Improved earnings from the sales segment
‒Lower contribution from flexibility products
85.7
31/12/25 31/3/26
81.5
81.4
80.3
Hedging volumes 20261/ TWh
Hedging volumes 20271/ TWh
88.0
92.1
81.0
81.8
86.0
MtM
(30/4/26):
€98.4
0.3 0.6
31/3/25 30/6/25
1.7
30/9/25
2.8
5.5
12.5
31/3/26
31/12/25
30/9/25
30/6/25
31/3/25
18.3
16.7
14.5
86.6
10.9
6.0
8.8
11.1
13.1
14.7
MtM
(30/4/26):
€92.1
25.1
25.4
20.3
23.0
24.0
Hedging volumes
Hedging volumes 20281 / TWh
85.8
MtM
(30/4/26):
€84.3
25.5
0.4
31/3/26
Historic contract prices
‒ FY2025: €116.3/MWh
‒ FY2024: €118.0/MWh
‒ FY2023: €167.1/MWh
Achieved contract price
Open volumes
Hedged volumes
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:
For existing installations: cap >€90/MWh
For new installations (commissioned after 1 April 2025): cap >€100/MWh
Exemptions for pumped storage, control power, congestion management, installations with EAG market premium1
95% of surplus revenues will be taxed
Investment offsets amounting to 75% of eligible investments during the tax period possible
Starting 2 May 2025 to 31 March 2026, the cap for eligible investments is a maximum of
€25/MWh
Investments made during the respective tax period are taken into account
VERBUND has also been affected by market interventions in Spain in Q1/2026
Levy in Q1/2026 on EBITDA level:
€7.9m in Austria
€1.6m in Spain
Flexibility products
Flexibility products / €m
Approx. 270
58 | 46 | |||
Q1/2025 | Q1/2026 | FY 2026e | ||
348 | ||||
275 | 274 | |||
2023 | 2024 | 2025 |
- Control energy products: permanent balance between generation and consumption for grid stabilisation (primary/secondary/tertiary control energy)
- Congestion management: all measures to prevent/counteract excess load flows
- Grid system services: provision of energy/capacity to make up for grid losses, disruption management, black-start capability, etc.
- Intraday trading: use of short-term daily price fluctuations to increase revenue
- Capacity and/or cold reserve: reservation of power plant capacities under reserve contracts with grid operators
- Pumping/reverse operations: Contributions from volumes resulting from pumping
- Segments: Hydro / Sales / All other segments - Thermal
Hydro segment
Facts and figures
‒ Lower generation from hydropower in Q1/2026
‒ Hydropower: 5,095 GWh (-6.8%)
‒ Lower hydro coefficient in Q1/2026 (0.78 vs. 0.83)
‒ Reservoirs: 1,279 GWh (-2.3%)
‒ Lower average achieved prices
‒ Contribution from flexibility products decreased by €9.7m
Current information
‒ Limberg III - repairs to the two damaged rotors by the responsible supplier are proceeding according to plan
‒ Recommissioning dates remain unchanged: summer 2026 for unit 2 and winter 2026 for unit 1
‒ All revitalization projects are on track
EBITDA/ €m
481
300
Q1/2025
Q1/2026
Hydro coefficient (run-of-river)
0.99
0.87
0.93
long-term
average
0.74
0.65
0.67
Q1/2025 (0.83)
Q1/2026 (0.78)
January
February
March
New renewables segment
Facts and figures
‒ Higher generation from wind power in Q1/2026: 609 GWh (+24.6%)
‒ Austria 68 GWh (+9.8%)
‒ Germany 88 GWh (+45.6%)
‒ Romania 124 GWh (+14.7%)
‒ Spain 330 GWh (+27.4%)
‒ Higher generation from photovoltaics in Q1/2026: 88 GWh (+0.3%)
‒ Austria: 2 GWh (+32.3%)
‒ Spain: 83 GWh (-3.3%)
‒ Italy 3 GWh (-)
Current information
− Installed wind and PV capacity unchanged at 1,256 MW in Q1/2026 (compared to FY25)
− Signing of a framework agreement with Nordex for the supply of wind turbines totalling 700 MW
− Project development continued in Austria, Germany, Spain, Romania, Italy and Albania
March
February
January
Q1/2025 (0.76)
Q1/2026 (0.89)
0.65
0.75
0.80
planned
value
0.96 0.98
0.83
New renewables coefficient
Q1/2026
Q1/2025
36
59
EBITDA/ €m
EBITDA/ €m
49
37
Q1/2025
Q1/2026
Facts and figures
‒ Stabilisation of end-customer business
‒ Business: Q1/2026: €+31.3m (Q1/2025: €+29.4m)
‒ Customers: Q1/2026: €+18.0m (Q1/2025: €+7.2m)
‒ Contribution from flexibility products decreased by €2.9m
Sales segment
Current information
‒ Batteries
‒ 15 facilities with a total storage capacity of 110 MW are in operation
‒ Projects totalling 108 MW are under implementation
‒ Projects totalling approx. 300 MW are currently in the pre-construction phase
‒ Focus on Germany and co-location projects in Spain
The Sales segment comprises
‒ trading
‒ sales activities and
‒ activities related to battery storage (core market)
Grid segment
EBITDA Grid segment Q1/2026: €131m (Q1/2025: €145m)
Local GAAP: stable earnings
‒ Differences compensated by a regulatory account (2026e: €589m)
IFRS: volatile earnings (no regulatory account)
Contribution from APG in Q1/2026 (IFRS): €101m EBITDA
APG WACC for regulatory period 2026 (nominal pre-tax)
‒ 4.16% for old assets with commissioning date up to 2022
‒ 4.88% for new assets with commissioning date in 2023
‒ 6.33% for new assets with commissioning date in 2024
‒ 6.24% for new assets with commissioning date in 2025
‒ 6.11% for new assets with commissioning date in 2026
‒ Yearly update of WACC for new assets until 2028
Contribution from GCA in Q1/2026 (IFRS)
‒ €30m EBITDA
‒ no regulatory account in IFRS, only in local GAAP
GCA TSO WACC for regulatory period 2025-2027
‒ 4.37% for existing assets, 6.11% for new assets (2026)*
GCA DSO WACC for regulatory period (2023-2027)
‒ 3.72% for existing assets, 6.11% for new assets (2026)*
Guidance APG
2026E
Guidance GCA
2026E
Q1/2026
Q1/2025
17
30
RAB 2025: €656m
RAB 2026: €605m
Approx.
60
GCA EBITDA/ €m
Q1/2026
Q1/2025
101
127
RAB 2025: €3,229m
RAB 2026: €3,662m
Approx.
290
APG EBITDA/ €m
All other segments
Facts and figures
‒ Lower utilisation of CCGT Mellach
‒ Thermal Power: 828 GWh (-9.5%)
‒ Increase in EBITDA
‒ lower fuel expenses
‒ higher realised margins
‒ Contribution from flexibility products increased by €0.2m
Current information
‒ CCGT Mellach was operated predominantly on a market-driven basis in Q1/2026; both units were also dispatched by APG to relieve network congestion
‒ Tender for grid/reserve 2025/26:
Contracting of the Mellach district heating power plant for the period from 1 October 2025 to 30 September 2026 and line 10 of the Mellach CCGT for the period from
1 April 2026 to 30 September 2026 by APG
EBITDA/ €m
35
16
Q1/2025
Q1/2026
KELAG contribution to financial result/ €m
16
17
Q1/2025
Q1/2026
Key financial figures (1)
EBITDA/ €m
724
-26%
535
Q1/2025
Q1/2026
Additions to tangible assets (infrastructure) / €m
+52%
68
45
Q1/2025
Q1/2026
Q1/2026
Q1/2025
107
194
+80%
Additions to tangible assets (renewables business &
others) / €m
Q1/2026
Q1/2025
270
-32%
397
Group result/ €m
Key financial figures (2)
Operating cash flow/ €m
-16%
538
453
Q1/2025
Q1/2026
31.3.2026
31.12.2025
22.9
24.9
Gearing/ %
Free cash flow after dividends/ €m
289
-48%
150
Q1/2025
Q1/2026
Net debt/ €m
-6%
2,818
2,639
31.12.2025
31.3.2026
Outlook
Earnings outlook 2026
‒ EBITDA between approx. €2,100m and approx. €2,500m and reported Group result between approx. €1,000m and approx. €1,200m based on an average generation from hydro, wind and PV in Q2-4/2026 as well as the actual opportunities and risk situation of the Group.
‒ For financial year 2026, VERBUND plans to pay out between 45% and 55% of the Group result after adjustment for non-recurring effects between approx. €1,000m and approx. €1,200m.
Sensitivities 2026
A change of 1% (generation from hydropower/windpower/PV) or €1/MWh (wholesale price) either way would be reflected as follows in the group result for 2026, other things being equal:
‒ Greater or less generation from hydropower:
+/- €13.8m
‒ Greater or less generation from windpower & PV: +/- € 1.8m
‒ Wholesale prices (renewable generation): +/- € 4.2m
Sensitivities 2026 as of 31 March 2026
Page 13
Appendix
Page 14
Financial liabilities
Q1/2026
Q1/2025
1,834
1,808
+1%
Financial liabilities/ €m
2026 2027 2028 2029 2030 2031 2032 2033 >2033
40
40
44
45
41
146
180
542
694
Debt maturity profile/ €m
Financial liabilities
‒ Book value Financial liabilities: €1,834.3m
Financial ratios
‒ Duration: 5.9 years
‒ Effective interest rate: 2.28% p.a.
‒ Uncommitted lines of credit: €2,355m 1)
‒ Commited lines of credit: €1,000m 2)
‒ Syndicated loan: €1,000m
Interest mix
‒ 87.2% fixed interest rate
‒ 12.8% floating interest rate
Currency
‒ 100% EUR
Rating
A/stable outlook A2/stable outlook
1) thereof used: €64m 2) thereof used: €0m
Page 15
Expansion of new renewables generation
(Wind & PV, without B2B, as of 31/3/2026)
Assets in operation:
910 MW Wind // 346 MWp PV
Assets in construction in MW gross⁴: 79 MW Wind // 1,277 MWp PV // 48 MW batteries
Target 2030:
Profitable expansion of 25% of total electricity generated through solar and onshore wind power projects
In operation/ in construction / target 2030:
425 MW / - MW / 452 MW
324 MWp / 1,138 MWp / 2,058 MWp EBITDA 2026e⁵: €88.2m
Historic CAPEX¹: €169.0m
CAPEX until 2030²: approx. €1,075.6m
In operation/ in construction / target 2030:143 MW / 18 MW / 413 MW
- MWp / - MWp / 217 MWp
Kavsakbendi -413 MW GDK
EBITDA 2026e⁵: €12.5m
Historic CAPEX¹: €10.1m
CAPEX until 2030²: approx. €485.6m
In operation/ in construction / target 2030:116 MW / - MW / 199 MW
12 MWp / - MWp / 133 MWp EBITDA 2026e⁵: €-6.9m
Historic CAPEX¹: €109.0m
CAPEX until 2030²: approx. €201.5m
In operation/ in construction / target 2030:226 MW / 109³ MW / 555 MW
- MWp / 60 MWp / 227 MWp EBITDA 2026e⁵: €34.9m
Historic CAPEX¹: €379.7m
CAPEX until 2030²: approx. €502.2m
In operation/ in construction / target 2030: In operation/ in construction / target 2030:- MW / - MW / 101 MW
10 MWp / 80 MWp / 296 MWp
EBITDA 2026e⁵: €-5.2m
Historic CAPEX¹: €44.8m
CAPEX until 2030²: approx. €310.4m
- MW / - MW / 75 MW
- MWp / - MWp / 46 MWp
EBITDA 2026e⁵: €0.0m
Historic CAPEX¹: €0m
CAPEX until 2030²: approx. €91.0m
¹ as of 31.12.2025, excl. M&A // ² acc. to March 2026 and autumn mid-term planning 2025, excl. M&A, excl. historical CAPEX // ³ incl. 48 MW batteries // ⁴ of these, 523 MW will gradually reach construction readiness (budget approval already granted in 2025) //
⁵ incl. operating assets, development, personnel and corporate expenses
Page 16
CAPEX plan 2026-2028 (total of €6,789m)
according to Q4 mid-term planning 2025, excl. M&A
2028
2027
2026
-13
206 30
15
386
381
88
198
10
25
153
305
976
43 325
768
1,021
1,469
19
1,548
33
Growth CAPEX/ €m (total of €3,993m)
Hydro segment New renewables segment Grid segment - APG Grid segment - GCA Sales Others
2028
2027
2026
61
47
6
67
42
6
58
41
7
441
436
2
293
0
1
424
435
427
825
991
980
Maintenance CAPEX/ €m (total of €2,796m)
Income statement
€m | Q1/2025 | Q1/2026 | |
Total | Total | ||
Revenue | 2,295.0 | 1,938.5 | |
Electricity revenue | 1,895.7 | 1,538.2 | |
Grid revenue | 304.3 | 301.2 | |
Other revenue | 95.0 | 99.2 | |
Other operating income | 22.8 | 24.8 | |
Expenses for electricity purchases & use of fuels | -1,303.3 | -1,137.3 | |
Other operating & personnel expenses | -268.7 | -289.8 | |
Measurement and realisation of energy derivatives | -21.9 | -1.7 | |
EBITDA | 723.9 | 534.6 | |
Depreciation & amortisation | -148.8 | -148.1 | |
Effects from impairment tests | 0.0 | 0.0 | |
EBIT | 575.1 | 386.5 | |
Result from equity interests & oth. interests | 15.5 | 18.4 | |
Interest income/expense | -12.2 | -18.8 | |
Other financial result | -1.9 | -1.2 | |
Effects from impairment tests | 0.0 | 0.0 | |
Financial result 1.3 -1.6 | |||
Taxes | -131.2 | -80.1 | |
Group result | 396.7 | 269.8 | |
Minorities | 48.6 | 35.0 | |
Earnings per share (€) | 1.14 | 0.78 | |
Balance sheet (short version)
€m | 31.12.2025 | 31.3.2026 | Change |
Non-current assets | 16,888 | 16,869 | 0% |
Current assets | 1,721 | 1,745 | 1% |
Total assets | 18,610 | 18,614 | 0% |
Equity | 11,331 | 11,510 | 2% |
Non-current liabilities | 5,518 | 5,443 | -1% |
Current liabilities | 1,761 | 1,661 | -6% |
Total liabilities | 18,610 | 18,614 | 0% |
Cash flow statement (short version)
€m | Q1/2025 | Q1/2026 | Change |
Cash flow from operating activities | 538 | 453 | -16% |
Cash flow from investing activities | -248 | -463 | - |
Cash flow from financing activities | -65 | 45 | - |
Change in cash and cash equivalents | 226 | 36 | -84% |
1,021 109 -89%
Capital market calendar 2026
30/7/2026
Result and interim report quarters 1-2/2026
5/11/2026
Result and interim report quarters 1-3/2026
VERBUND Board of Directors
Michael Strugl
CEO, Chairman of the Executive Board
Peter F. Kollmann
CFO, Deputy Chairman of the Executive Board
Susanna Zapreva-Hennerbichler
Member of the Executive Board
Achim Kaspar
Member of the Executive Board
Investor Relations Team
Andreas Wollein
Head of Group Finance and Investor Relations
Martin Weikl
Senior Investor Relations Manager
Stefan Wallner
Senior Investor Relations Manager
Tibor Hanifl
Investor Relations Manager (ESG)
T +43(0)503 13-52614
andreas.wollein@verbund.com
T +43(0)503 13-52614
investor-relations@verbund.com
T +43(0)503 13-52614
investor-relations@verbund.com
T +43(0)503 13-52614
investor-relations@verbund.com
By our own power.