Verbund : Investor Presentation Quarter 1/2026

About this update from Verbund Ag Class A

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 2026 1 / TWh Hedging volumes 2027 1 / 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 2028 1 / 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 premium 1 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% Cash and cash equivalents at the end of the period 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 [email protected] T +43(0)503 13-52614 [email protected] T +43(0)503 13-52614 [email protected] T +43(0)503 13-52614 [email protected] By our own power.

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