EQS-News: VERBUND AG / Key word(s): Half Year Results/Change in Forecast
VERBUND AG: Results for quarters 1–2/2025: declining earnings due to
significantly below-average water supply
31.07.2025 / 07:58 CET/CEST
The issuer is solely responsible for the content of this announcement.
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VERBUND’s earnings in quarters 1–2/2025 fell significantly below the
previous year’s level due to a considerable decline in electricity
production from hydropower. EBITDA was down by 19.8% year-on-year to
€1,413.0m. The Group result dropped 11.8% to €802.7m, and the Group result
after adjusting for non-recurring effects declined by 22.3% year-on-year
to €783.6m.
The hydro coefficient for the run-of-river power plants fell to 0.76, or
36 percentage points below the comparative prior-year figure (1.12) and
24 percentage points below the long-term average. Generation from annual
storage power plants decreased by 3.5% in quarters 1–2/2025 compared with
the prior-year reporting period. Generation from hydropower plants was
thus down by a total of 4,891 GWh, or 28.3%, to 12,401 GWh. Electricity
generation from VERBUND’s new renewables generation facilities also
declined. At 0.78, the new renewables coefficient from wind and
photovoltaics in quarters 1–2/2025 was 22 percentage points below the
planned value and 16 percentage points lower than the prior-year figure
(0.94). Generation from wind power and photovoltaics therefore fell by
135 GWh to 1,064 GWh.
However, earnings performance was positively impacted by the higher level
of average sales prices achieved for own generation from hydropower, which
increased by €3.9/MWh to €117.2/MWh. The high sales prices in
quarters 1–2/2025 were largely attributable to early “limit” sales at the
start of 2023 as well as from November 2023 onwards. This enabled VERBUND
to benefit during quarters 1–2/2025 from the very high wholesale prices
for electricity in place at that time.
Earnings were also boosted by a higher temporary contribution from the
electricity grid, driven in part by higher auction revenues for
cross-border transmission capacities. However, the additional profit
generated will be clawed back through regulatory mechanisms in subsequent
periods. The Sales segment also performed well in quarters 1–2/2025 thanks
in part to stabilisation of the business with end-customers as well as
higher revenues from power plant optimisation measures. Earnings
additionally benefitted from the contribution from flexibility products,
which increased by 25.4% to €163.8m in quarters 1–2/2025.
Earnings forecast for 2025 adjusted
Based on expectations of average levels of own generation from hydropower,
wind power and solar power as well as the current opportunities and risks
identified, VERBUND expects EBITDA of between around €2,750m and €3,100m
and a reported Group result of between around €1,450m and €1,650m in
financial year 2025. The adjusted Group result is expected to be between
€1,430m and €1,630m. VERBUND’s planned payout ratio for financial year
2025 is between 45% and 55% of the Group result after adjusting for
non-recurring effects. The earnings forecast is contingent on the Group
not being impacted by any further legal or regulatory
changes.
KPIs
Unit Q1–2/2024 Q1–2/2025 Change
Revenue €m 3,892.6 4,036.4 3.7%
EBITDA €m 1,762.4 1,413.0 –19.8%
Operating result €m 1,282.3 1,113.1 –13.2%
Group result €m 910.1 802.7 –11.8%
Earnings per share € 2.62 2.31 –11.8%
EBIT margin % 32.9 27.6 –
EBITDA margin % 45.3 35.0 –
Cash flow from operating activities €m 1,850.2 1,338.4 –27.7%
Free cash flow before dividends €m 1,331.6 769.5 –42.2%
Free cash flow after dividends €m –602.4 –559.9 –
Performance of VERBUND shares % –12.4 –6.9 –
Gearing % 24.4 23.2 –
Additional information as well as the Interim Financial Report for
quarters 1–2/2025 2025 is available on the website www.verbund.com > Group
> Investor Relations > Latest financial results and 5-year comparison >
Latest financial results.
Contact:
Andreas Wollein
Head of Group Finance and Investor Relations
T.: +43 (0)5 03 13 - 52604
F.: +43 (0)5 03 13 - 52694
mailto:investor-relations@verbund.com
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31.07.2025 CET/CEST This Corporate News was distributed by EQS Group.
www.eqs.com
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Language: English
Company: VERBUND AG
Am Hof 6A
1010 Wien
Austria
Phone: 0043-1-53113-52604
Fax: 0043-1-53113-52694
E-mail: investor-relations@verbund.com
Internet: www.verbund.com
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2177328
End of News EQS News Service
2177328 31.07.2025 CET/CEST
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