EQS-News: VERBUND AG: Full-year 2025 results: solid results despite below-average water supply and windfall tax

EQS-News: VERBUND AG / Key word(s): Annual Results
   VERBUND AG: Full-year 2025 results: solid results despite below-average
   water supply and windfall tax

   18.03.2026 / 07:58 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   2025 was a crucial year for the implementation of our Strategy 2030. With
   a clear strategic focus and targeted investments, we are consistently
   pushing ahead with value-creating growth, climate protection and security
   of supply. This ambitious agenda was implemented in 2025 despite
   challenging political and market conditions – a test that once again
   confirmed our entrepreneurial resilience and the strength of our strategic
   management. The amendment to the Energy Crisis Contribution for
   Electricity Act extended the windfall tax until 2030 and reduced our scope
   for investment. In addition, delayed legislative procedures, declining
   futures prices and high spot market volatility increased the complexity of
   planning. We are proactively addressing these challenges through strict
   prioritisation, efficiency increases in operations and flexible financial
   planning to ensure the implementation of our core agenda while also taking
   advantage of opportunities arising from market shifts.

   Results for 2025

   Due to the significantly lower electricity generation from hydropower and
   the negative effects of the extended windfall tax in Austria, VERBUND’s
   results for financial year 2025 were lower than in the previous year, but
   remained at a high level. EBITDA fell by 21.3% year-on-year to €2,737.5m.
   The Group result was down 20.6% to €1,489.4m, and the Group result after
   adjustment for non-recurring effects amounted to €1,472.1m, down 25.5% on
   2024. At 0.79, the hydro coefficient for the run-of-river power plants was
   30 percentage points below the previous year’s level (1.09) and
   21 percentage points below the long-term average. Generation from the
   annual storage power plants declined by 5.9% year-on-year in 2025. As a
   result, total generation from hydropower plants was down 8,078 GWh, or
   24.2%, to 25,370 GWh. Due to lower wind supply and lower global radiation,
   electricity generation from wind power and photovoltaic installations –
   and therefore new renewable electricity generation facilities on the whole
   – also declined. In financial year 2025, the new renewables coefficient
   for wind and photovoltaic power was 0.82, which is 18 percentage points
   below the planned value and 9 percentage points below the 2024 level
   (0.91). Results were also negatively affected by expenses in connection
   with the measures to tax windfall profits, which amounted to €135.9m in
   the 2025 reporting period in Austria. The average sales prices achieved
   for the Group’s own production from hydropower declined only slightly
   despite lower futures prices on the wholesale electricity market, falling
   by €1.7/MWh to €116.3/MWh. The high average sales price achieved in 2025
   was mainly attributable to premature “limit” sales at high wholesale
   prices for electricity at the start of 2023 and from November 2023
   onwards. By contrast, results were positively influenced by the higher
   temporary earnings contribution from the electricity grid, partly due to
   higher auction revenues for cross-border transmission capacities, although
   this will be absorbed again in subsequent periods due to regulatory
   requirements. The Sales segment also performed well, partly due to the
   stabilisation of the end-customer business. The contribution from
   flexibility products remained at the previous year’s level at around
   €275m; in this segment, VERBUND benefits from its flexible power plant
   capacities amid increasing price volatility.

   Regular dividend and special dividend proposed

   A dividend of €3.15 per share for financial year 2025 will be proposed to
   the Annual General Meeting on 21 April 2026. The dividend breaks down into
   a regular dividend of €2.00 per share and a special dividend of €1.15 per
   share. The special dividend equates to an amount of approximately €400m
   and supports shareholder-oriented capital allocation. Distribution of the
   dividends is contingent on approval of the 2025 annual financial
   statements and a resolution being passed at the 2026 Annual General
   Meeting.

   Forecast for 2026

   Based on expectations of average levels of own generation from hydropower,
   wind power and solar power as well as the opportunities and risks
   identified, VERBUND expects EBITDA of between around €2,000m and €2,500m
   and a Group result of between around €900m and €1,200m in financial
   year 2026. VERBUND’s planned payout ratio for financial year 2026 is
   between 45% and 55% of the Group result of between around €900m and
   €1,200m, after adjustment for non-recurring effects. The earnings forecast
   is contingent on the Group not being impacted by any further legal or
   regulatory changes.

    

   KPIs                                           Unit    2024    2025 Change
   Revenue                                          €m 8,224.6 8,013.6  -2.8%
   EBITDA                                           €m 3,480.3 2,737.5 -21.3%
   Operating result                                 €m 2,726.0 2,112.3 -22.5%
   Group result                                     €m 1,875.3 1,489.4 -20.6%
   Earnings per share                                €    5.40    4.29 -20.6%
   EBIT margin                                       %    33.1    26.4      –
   EBITDA margin                                     %    42.2    34.2      –
   Cash flow from operating                         €m 3,248.6 1,918.5 -40.9%
   activities
   Free cash flow before dividends                  €m 2,078.8   536.8 -74.2%
   Free cash flow after dividends                   €m   144.8  –792.7      –
   Net debt/EBITDA                                   X     0.6     1.0      –
   Performance of VERBUND shares                     %   –16.7   –11.4      –
   (Proposed) dividend per                           €    2.80    2.00 -28.6%
   share          
   (Proposed) special dividend per                   €       –    1.15      –
   share           
   Share of generation from                          %    96.4    92.9  -3.6%
   renewables              
   Specific GHG emissions (Scope 1/   g CO[2]e/kWh        13.0    25.4 +95.6%
   total electricity generated)*

   * from electricity generation and transmission (excluding
   Gas Connect Austria) as a percentage of total electricity generated
   (including purchase rights, excluding electricity generated for district
   heating). Preliminary figures before ETS audit

   Additional information on VERBUND’s non-financial KPIs can be found in the
   Integrated Annual Report 2025, available on the VERBUND website at
   www.verbund.com > Group > Investor Relations > Financial result and
   five-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:[email protected]

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   18.03.2026 CET/CEST This Corporate News was distributed by [1]EQS Group

   View original content: [2]EQS News

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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:      [email protected]
   Internet:    www.verbund.com
   ISIN:        AT0000746409
   WKN:         877738
   Indices:     ATX
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 2293182


    
   End of News EQS News Service


   2293182  18.03.2026 CET/CEST

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