EQS-News: EVN AG: Business development in the first three quarters of 2024/25

EQS-News: EVN AG / Key word(s): Quarter Results
   EVN AG: Business development in the first three quarters of 2024/25

   28.08.2025 / 07:30 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   Highlights

     • Earnings decline caused by significantly weaker conditions for
       renewable generation and offset effects from regulatory methodology in
       South East Europe
     • Temperature-related increase in energy demand and normalisation of
       earnings from energy supply business
     • Increase of 22% in investments in line with ambitious investment
       programme
     • Commissioning of two photovoltaic parks in Markgrafneusiedl and
       Grafenwörth with a total of 9.4 MWp
     • Commissioning of cross-regional drinking water supply pipeline (Krems
       – Zwettl) planned for September 2025
     • Contract signed with STRABAG in June 2025 for the sale of the
       international project business

    

   Energy sector environment

   Temperatures near the long-term average led to a year-on-year increase in
   temperature-related energy demand in Austria and Bulgaria. The heating
   degree total in North Macedonia was also slightly higher but still below
   the long-term average. The renewable generation coefficients for both wind
   and water were below average.

   The market prices for electricity increased during the reporting period,
   in particular due to the cooler temperatures and related higher demand as
   well as higher primary energy prices for natural gas. The development of
   these wholesale prices has become heavily dependent on the feed-in from
   renewable energy. Electricity sales volumes are negatively affected by the
   ongoing strong competition and the steadily increasing supplies from
   customers’ own photovoltaic systems.

    

   Increase in EBITDA and EBIT, Group net result below previous year

   Revenue recorded by the EVN Group rose by 5.0% to EUR 2,360.4m in the
   reporting period. The increase was supported by positive volume and price
   effects from the distribution networks and by the supply companies in
   Bulgaria and North Macedonia. Cooler temperatures in the winter half year
   were also responsible for an increase in revenue at EVN Wärme. These
   developments were contrasted by a price- and volume-related decline in
   revenue from the marketing of renewable generation and from natural gas
   trading as well as negative effects from the valuation of hedges.

   Higher procurement costs for the energy supply business in South East
   Europe were responsible for an increase of 14.9% in third party and
   primary energy expenses to EUR 1,207.1m. This increase was offset in part
   by lower procurement volumes and natural gas costs. The cost of materials
   and services rose by 9.9% to EUR 216.0m, chiefly due to repair costs for
   flood damages which were largely covered by insurance. This also led to an
   increase in other operating income. Personnel expenses were higher
   year-on-year but other operating expenses declined as they were influenced
   by a write-off of receivables in the previous year.

   The share of results from equity accounted investees with operational
   nature improved substantially to EUR 118.0m (previous year: EUR –1.4m).
   Higher earnings contributions from the supply company EVN KG and from
   Burgenland Energie and RAG were only slightly reduced by a decline at the
   Verbund Innkraftwerke. Based on these developments, EBITDA recorded by the
   EVN Group improved by 14.2% year-on-year to EUR 713.6m.

   The higher volume of investments led to an increase of 6.9% in scheduled
   depreciation and amortisation to EUR 264.0m. EBIT rose by 18.3% over the
   previous year to EUR 447.1m in the first three quarters of 2024/25.

   Financial results fell substantially during the reporting period, namely
   from EUR 164.7m in the first three quarters of the previous year to EUR
   93.5m. This decline resulted primarily from a reduction in the dividend
   from Verbund AG to EUR 2.80 per share for the 2024 financial year
   (previous year: EUR 4.15 per share). An additional factor involved a
   foreign exchange effect related to the deconsolidation of the two
   sludge-fired combined heat and power plants in Moscow following the
   closing of the sale on 31 October 2024.

   The result before income tax declined by 0.4% year-on-year to EUR 540.5m.
   After the deduction of EUR 53.7m in income tax expense (previous year: EUR
   42.6m) and the earnings attributable to non-controlling interests, Group
   net result for the period equalled EUR 434.7m. That represents a
   year-on-year decline of 9.4%. The earnings from discontinued operations
   (reporting under IFRS 5 of the available-for-sale parts of the
   international project business) which are included in Group net result
   amounted to EUR -10.0m (restated prior year value: EUR 16.9m).

    

   Solid balance sheet structure and ambitious investment programme

   EVN has a solid and stable capital structure which provides a sound
   foundation for the realisation of the extensive investment programme in
   accordance with the Strategy 2030 of approximately EUR 900m annually. The
   transformation of the energy system as a growth perspective coincides with
   EVN’s Strategy 2030. Investments rose by 22% year-on-year to over EUR 530m
   in the reporting period. Investments focus on the network infrastructure,
   renewable generation, e-charging infrastructure as well as drinking water
   supplies; three-fourths of them in Lower Austria. Net debt totalled EUR
   1.119,5m as of 30 June 2025 (30 September 2024: EUR 1,129.3m).

    

   Energy. Water. Life. – Developments in the energy and environmental
   services business

   Energy business

   EVN’s electricity generation was 12.3% lower year-on-year at 2,268 GWh in
   the reporting period. Capacity expansion was unable to offset below
   average wind and water flows which led, in total, to a decline of 17.5% in
   renewable generation to 1,789 GWh. The increase in thermal generation to
   480 GWh (previous year: 417 GWh) is attributable to the increased use of
   the Theiss power lant for network stabilisation by the Austrian
   transmission network operator. The share of renewable generation equalled
   78.8% (previous year: 83.9%).

   In the reporting period good progress in the expansion of renewable
   generation was achieved. Realisation of current wind power projects is
   proceeding on schedule. Two wind parks in Gnadendorf (28.8 MW) and
   Prellenkirchen (47.6 MW, repowering project) are currently under
   construction. In May and June 2025 commissioning of two further
   photovoltaic parks in Markgrafneusiedl (5 MWp) and Grafenwörth (4.4 MWp)
   took place.

    

   Environmental and water business

   Drinking water supplies in Lower Austria and the improvement of the
   related infrastructure to protect supply security remain a central focus
   of investments. Construction of the final section of the 60 km
   cross-regional transport pipeline from Krems to Zwettl proceeded as
   planned during the reporting period, and completion of the entire pipeline
   is scheduled for September 2025. In addition, a natural filter plant is
   currently under construction in Reisenberg, a town in Lower Austria’s
   Industrieviertel.

   In June 2025 the signing of the contract with STRABAG for the sale of the
   international project business took place. Closing is subject to receipt
   of the necessary third party permits and approvals as well as the
   fulfilment of customary contractual conditions and will presumably occur
   within the next six months.

    

   Confirmation of the outlook for the 2024/25 financial year

   EVN expects Group net result within a range of EUR 400m to EUR 440m for
   the current 2024/25 financial year based on the assumption of a stable
   regulatory and energy policy environment.

   The dividend is planned to equal at least EUR 0.82 per share in the
   future, whereby EVN wants its shareholders to appropriately participate in
   any additional earnings growth. A payout ratio equalling 40% of Group net
   result, adjusted for extraordinary effects, is targeted for the medium
   term.

    

   The Letter to Shareholders on the first three quarters of 2024/25 is
   available under [1]www.investor.evn.at.

    

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   28.08.2025 CET/CEST This Corporate News was distributed by EQS Group.
   www.eqs.com

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   Language:    English
   Company:     EVN AG
                EVN Platz
                2344 Maria Enzersdorf
                Austria
   Phone:       +43-2236-200-12294
   E-mail:      info@evn.at
   Internet:    www.evn.at
   ISIN:        AT0000741053
   WKN:         074105
   Indices:     ATX
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 2189482


    
   End of News EQS News Service


   2189482  28.08.2025 CET/CEST

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