EQS-News: EVN AG: Business development in the first half of 2025/26

EQS-News: EVN AG / Key word(s): Half Year Results
   EVN AG: Business development in the first half of 2025/26

   28.05.2026 / 07:30 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   Highlights

     • Group net result for the first six months above previous year, outlook
       for 2025/26 confirmed
     • Sale of the international project business completed
     • Continued expansion of renewable generation capacities to 561 MW
       (wind) und 133 MWp (photovoltaics)
     • Project start for the construction of a further cross-regional
       drinking water supply pipeline in Lower Austria
     • New cooperation between EVN and AVIA petrol stations for the expansion
       of the e-charging infrastructure
     • Progress as planned on the EUR 1bn investment programme for the
       2025/26 financial year
     • Confirmation of external credit ratings: Moody’s: A1 (outlook stable),
       Scope Ratings: A+ (outlook stable)

   Energy sector environment

   The first half of the 2025/26 financial year was influenced by
   substantially colder weather in year-on-year comparison throughout Austria
   and North Macedonia. The heating degree total – which defines the
   temperature-related demand for energy – was above the long-term average in
   Austria. In contrast, the weather was milder than the previous year in
   Bulgaria.

   The generation coefficients for wind and water in EVN’s core markets were
   substantially below the previous year and the long-term average during the
   reporting period. Water flows in North Macedonia represented an exception
   with volumes that significantly exceeded the long-term average.

   The primary energy prices for natural gas declined year-on-year despite
   the instable geopolitical environment because the reporting period did not
   include the full impact of the upward trend triggered by the Iran crisis.
   The market prices for electricity also followed this trend. The price of
   CO₂ emission certificates fluctuated during the reporting period but the
   average price rose above the level in the previous year. The feed-in of
   renewable electricity, above all from photovoltaic equipment, has become a
   major influencing factor for the development of electricity prices.

   Revenue, EBITDA and Group net result above previous year

   Revenue recorded by the EVN Group rose by 3.2% to EUR 1,787.0m in the
   first half of 2025/26, above all due to regulatory price effects at the
   distribution network companies in Lower Austria and Bulgaria. This
   positive development was contrasted by price- and volume-related revenue
   declines in the renewable generation business. In addition, the contract
   for the supply of reserve capacity from the Theiss power plant was not
   extended by the transmission network operator APG and the plant is not
   producing for the market.

   Other operating income in the previous year included insurance
   compensation for the damages caused by flooding in Lower Austria during
   September 2024. In the reporting period, this position included a
   positive, non-recurring effect from the acquisition of a company. These
   effects resulted in a year-on-year decline of 7.6% in other operating
   income to EUR 85.4m in the first half of 2025/26.

   The cost of energy purchases from third parties and primary energy
   expenses increased primarily due to higher upstream network costs at Netz
   Niederösterreich and higher procurement costs for EVN Wärme. However, this
   development was offset by a decline in natural gas procurement volumes and
   costs as well as lower procurement costs for generation. The Bulgarian
   network company recorded an increase in the cost of energy purchases from
   third parties despite a decline in the procurement costs for network
   losses due to government compensation payments to cover added costs in the
   previous year. In total, this position was nearly unchanged year-on-year
   at EUR 916.9m.

   The cost of materials and services declined by 12.6% year-on-year to EUR
   133.2m. The previous year was influenced by repair costs for flood damages
   which were covered by insurance. Adjustments required by collective
   bargaining agreements were responsible for an increase in personnel costs
   to EUR 240.2m.

   The share of results from equity accounted investees with operational
   nature fell by 10.2% to EUR 68.0m. Lower earnings contributions were
   received, above all, from RAG (after an extraordinary high previous year),
   Burgenland Energie and the Verbund Innkraftwerke. Earnings at the supply
   company EVN KG continued to normalise, but were weakened by the
   recognition of a provision related to the new, legally required social
   tariff. Based on these developments, EBITDA improved by 7.9% year-on-year
   to EUR 553.3m.

   The high volume of investments led to an increase of 7.4% in scheduled
   depreciation and amortisation, including the effects of impairment
   testing, to EUR 190.5m. EBIT rose by 8.2% over the previous year to EUR
   362.9m in the first half of 2025/26.

   Financial results in the previous year were influenced by a foreign
   exchange effect but improved to EUR –22.3m in the first half of 2025/26
   (previous year: EUR –29.4m).

   The result before income tax rose by 11.3% to EUR 340.5m. After the
   deduction of EUR 37.8m in income tax expense (previous year: EUR 41.3m),
   the results of discontinued operations which were recognised in connection
   with the deconsolidation of the international project business and the
   earnings attributable to non-controlling interests, Group net result for
   the period equalled EUR 312.4m. That represents a year-on-year increase of
   24.7%.

   Ambitious investment programm and solid balance sheet structure

   The capital structure of EVN is stable and solid and provides a sound
   foundation for the realisation of the ambitious investment programme. The
   central objective is EVN`s contribution to the transformation of the
   energy system as a clear growth perspective. In line with the Strategy
   2030, EVN expects to invest an average of EUR 1bn each year until 2030. Of
   this total, roughly four-fifths will be directed to Lower Austria and
   focus on the network infrastructure, renewable generation, large battery
   storage, the e-charging infrastructure and drinking water supplies.

   In the first half of 2025/26, EVN and AVIA Austria launched a partnership
   to support the expansion of the e-charging infrastructure. EVN plans to
   install modern quick charging stations at the AVIA petrol stations in
   Austria, and the AVIA card will become a fuelling and charging card that
   can also be used at all EVN charging facilities. This cooperation
   represents an important milestone for electric mobility.

   Net debt totalled EUR 1,094.8m as of 31 March 2026 (30 September 2025: EUR
   1,155.9m). The decline resulted primarily from the receipt of the sale
   price for the international project business. EVN attaches great
   importance to an excellent credit standing. Through its cooperation with
   two international rating agencies, EVN aims to maintain ratings in the
   solid A range in order to safeguard long-term access to the capital
   markets at attractive conditions. Both ratings were confirmed by the
   rating agencies in April 2026 and in May 2026: Moody’s: A1 (outlook
   stable), Scope Ratings: A+ (outlook stable).

   Energy. Water. Life. – Developments in the energy and drinking water
   supply business

   Energy business

   In the reporting period EVN’s electricity generation was 6.7% lower
   year-on-year at 1,502 GWh. Of this total, renewable generation represented
   1,209 GWh (previous year: 1,212 GWh). The prevailing, unfavourable wind
   and water flows were largely offset by the further expansion of wind power
   and photovoltaic capacity. The reduction in thermal generation to 293 GWh
   (previous year: 397 GWh) is mainly attributable to the fact that the
   contract for the supply of reserve capacity was not extended by the
   Austrian transmission network operator. The share of renewable generation
   equalled 80.5% (previous year: 75.3%).

   The strong momentum for the expansion of renewable generation continued
   during the 2025/26 financial year. In the reporting period two further
   windparks were commissioned: Gnadendorf (28.8 MW) and Ebenfurth
   (repowering with an increase in installed capacity to 12.6 MW). Also an
   additonal photovoltaic park in Gaweinstal (EVN share: 3.3 MWp) was
   sucessfully completed. Work is currently proceeding on the construction of
   three further wind parks and one photovoltaic plant. Large battery storage
   facilities are currently under construction in Theiss (70 MW) and Dürnrohr
   (16 MW). Battery storage facilities represent a key technology for the
   successful road into a renewable energy future because they can optimally
   coordinate electricity, generation, consumption and storage.

   A well secured project pipeline ensures that EVN will meet its expansion
   targets for wind power (770 MW), photovoltaics (300 MWp) and battery
   storage (300 MW) by 2030.

   Drinking water supply

   Drinking water supplies in Lower Austria and the improvement of the
   related infrastructure to protect supply security remain a central focus
   of investments by EVN. The construction of the next cross-regional
   transport pipeline to connect Austria’s Weinviertel and Industrieviertel
   will provide sustainable, long-term security for drinking water supplies.
   This new pipeline will connect the water transport pipelines north and
   south of the Danube River in the eastern region of Vienna and create the
   first hydraulic link between these two supply areas. The roughly 24
   kilometre transport pipeline will include a Danube crossing and new
   pressure boosting plant to allow for flexible water supplies in both
   directions. The investment volume is expected to equal roughly EUR 15m and
   comissioning is planned for 2029/30.

   Sale of the international project business

   The sale of the international project business was completed following the
   fullfilment of all conditions. The EUR 100m purchase price was received
   and the intragroup cash pooling receivables were settled by STRABAG when
   the transaction closed at the beginning of March 2026.

   Outlook for the 2025/26 financial year confirmed

   EVN expects EBITDA and Group net result for the current 2025/26 financial
   year roughly at the prior year level – under the assumption of a stable
   regulatory and energy policy environment. Group net result is expected to
   range from approximately EUR 430m to EUR 480m.

   The Letter to Shareholders on the first half of 2025/26 is available under
   [1]www.investor.evn.at.

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   28.05.2026 CET/CEST This Corporate News was distributed by [2]EQS Group

   View original content: [3]EQS News

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   Language:    English
   Company:     EVN AG
                EVN Platz
                2344 Maria Enzersdorf
                Austria
   Phone:       +43-2236-200-12294
   E-mail:      [email protected]
   Internet:    www.evn.at
   ISIN:        AT0000741053
   WKN:         074105
   Indices:     ATX
   Listed:      Vienna Stock Exchange (Official Market)
   EQS News ID: 2334234


    
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