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VERBUND AG Vienna – 31 st of July 2025 Half year results 2025
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Half year results 2025 – Influencing factors Influencing factors ‒Significantly lower hydro coefficient (hydro coefficient: 0.76) ‒Slightly higher average achieved contract prices for hydro power ‒Lower generation from wind but higher generation from PV ‒Higher production from CCGT Mellach ‒Higher contribution from Austrian Power Grid ‒Improved earnings from the sales segment ‒Higher contribution from flexibility products ‒Negative impact from the extended levy on excess profits in Austria Page 2
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Hedging volumes Hedging volumes 2026 1/ TWh Hedging volumes 2027 1 / TWh Historic contract prices 1 Hydro production excluding volumes for holders of interests (at cost) and volumes resulting from pumping. ‒ FY2024: €118.0/MWh ‒ FY2023: €167.1/MWh ‒ FY2022: €115.1/MWh MtM (23/7/25): €82.7 Page 3 Hedging volumes 2025 1/ TWh 121.9 12.5 13.2 30/6/24 119.8 11.0 14.6 30/9/24 117.5 8.7 16.9 31/12/24 116.8 6.0 18.5 31/3/25 30/6/25 115.8 2.8 19.5 MtM (23/7/25): €112.5 MtM (23/7/25): €85.1 78.7 17.2 8.5 30/6/24 79.3 16.3 9.4 30/9/24 79.3 15.8 9.8 31/12/24 80.3 14.7 10.9 31/3/25 30/6/25 81.4 12.5 13.1 88.0 25.4 0.3 31/3/25 30/6/25 81.0 0.6 25.1 Achieved contract price Open volumes Hedged volumes
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Impact on VERBUND of the levy on excess profits Page 4 • 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 • From 1 April 2025 to 1 May 2025, the cap for eligi ble investments is a maximum of €72/MWh • 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 • Invest regulation (“ Investitions-Verordnung”) not published yet legal uncertainties • VERBUND has also been affected by market intervent ions in Spain and Romania in HY 2025 • Levy in HY 2025: €22.1m (Austria) / €4.8m (Spain) / €1.3m ( Romania) on EBITDA level • Expected impact on group profit for FY 2025: between €50m and €100m 1 Subsidy system for new renewables in Austria
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Flexibility products / €m • 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 Flexibility products 131 164 HY 2024 HY 2025 FY 25e Approx. 280 478 348 2022 2023 2024 275 Page 5
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Facts and figures EBITDA/ €m Current information Hydro coefficient (run-of-river) Hydro segment ‒ Lower generation from hydropower in HY 2025 ‒ Hydropower: 12,401 GWh (–28.3%) ‒ Lower hydro coefficient in HY 2025 (0.76 vs. 1.12) ‒ Reservoirs: 2,457 GWh (–3.5%) ‒ Slightly higher average achieved prices ‒ Contribution from flexibility products increased by €36 .3m HY 2024 HY 2025 1,501 1,021 January February 1.04 March 1.05 April 0.99 May 1.00 June 1.46 0.99 1.43 0.87 0.67 0.72 0.69 0.74 HY 2024 (1.12) HY 2025 (0.76) long-term average ‒ COD planned in 2025: ‒ 480 MW Limberg III pumped-storage power plant ‒ 14 MW Stegenwald run-of-river power plant * Page 6 * VERBUND share 50%
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New renewables segment Facts and figures Current information ‒ Lower generation from wind power in HY 2025: 844 GWh (–14.6%) ‒ Austria 113 GWh (–22.9%) ‒ Germany 110 GWh (–31.6%) ‒ Romania 204 GWh (–12.6%) ‒ Spain 417 GWh (–6.9%) ‒ Higher generation from photovoltaics in HY 2025: 219 GWh (+4.6%) ‒ Austria: 4 GWh (+8.0%) ‒ Spain: 214 GWh (+3.8%) ‒ Italy: 2 GWh − Installed wind and PV capacity in operation unchanged (1,182 MW) − Start of construction and construction preparation measures for large-scale photovoltaic plants in Spain, Italy, and Austria (around 690 MW) − Progress in the development of the VERBUND wind power portfolio: Grid connection agreements signed for two projects in Germany and Albania, and environmental and construction permits obtained for a project in Romania (total approx. 140 MW) EBITDA/ €m New renewables coefficient 88 93 HY 2024 HY 2025 January February 0.86 March 0.93 April 1.13 May 0.92 June 0.83 0.83 0.98 0.65 0.80 0.85 0.76 0.77 HY 2024 (0.94) HY 2025 (0.78) planned value Page 7
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Sales segment Current information Sales segment The Sales segment comprises ‒ trading ‒ sales and ‒ activities related to battery storage (core market) Facts and figures ‒ Stabilisation of end-customer business ‒ Business: HY 2025: €+91m (HY 2024: €+59m) ‒ Customers: HY 2025: €+4m (HY 2024: €–44m) ‒ Contribution from flexibility products decreased by €4. 5m ‒ Focus on ‒ Batteries ‒ 110 MW large-scale battery storage in operation ‒ Three large-scale battery storage projects with a total of 108 MW are currently being implemented ‒ Projects with a capacity of more than 400 MW are in development ‒ E-Mobility EBITDA/ €m 16 94 HY 2024 HY 2025 Page 8
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Grid segment EBITDA Grid segment HY 2025: €212.4m (HY 2024: €175.9 m) APG EBITDA/ €m GCA EBITDA/ €m * Local GAAP: stable earnings ‒ Differences compensated by a regulatory account (2025e:€604m) IFRS: volatile earnings (no regulatory account) Contribution from APG in HY 2025 (IFRS): €185m EBITDA APG WACC for regulatory period 2025 (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 ‒ Yearly update of WACC for new assets for each tariff setting process until 2028 128 185 HY 2024 HY 2025 Guidance APG 2025E Approx. 330 RAB 2024: €2,827m RAB 2025: €3,229m RAB 2024: €641m RAB 2025: €656m 47 28 HY 2024 HY 2025 Guidance GCA 2025E Approx. 50 Contribution from GCA in HY 2025 (IFRS) ‒ €28m EBITDA ‒ no regulatory account in IFRS, only in local GAAP GCA TSO WACC for regulatory period 2025-2027 ‒ 4.37% for existing assets, 6.41% for new assets* GCA DSO WACC for regulatory period (2023-2027) ‒ 3.72% for existing assets, 6.24% for new assets* * WACC for new assets to be reviewed annually Page 9
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All other segments Facts and figures ‒ Increased utilisation of CCGT Mellach ‒ Thermal Power: 965 GWh (+128.1%) ‒ EBITDA increased mainly due to positive effects from the valuation of energy derivatives ‒ Contribution from flexibility products increased by €1.4 m Current information ‒ In HY 2025, one line of the Mellach CCGT power plant was used for electricity and heating generation, the other line was conserved ‒ The Mellach district heating power plant was available exclusively for APG during the reporting period to avoid network congestion EBITDA/ €m 10 18 HY 2024 HY 2025 KELAG contribution to financial result/ €m 52 49 HY 2024 HY 2025 Page 10
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Key financial figures (1) EBITDA/ €m Group result/ €m Additions to tangible assets (infrastructure) / €m Additio ns to tangible assets (renewables business & others) / €m 340 259 HY 2024 HY 2025 -24% HY 2024 HY 2025 1,762 1,413 -20% 105 158 HY 2024 HY 2025 +51% Page 11 910 803 784 HY 2024 HY 2025 1,009 -12% Reported Adjusted
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Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m Net debt/ €m Gearing/ % HY 2024 HY 2025 1,850 1,338 -28% -602 -560 HY 2024 HY 2025 Page 12 31.12.2024 30.6.2025 1,977 2,468 +25% 17.9 31.12.2024 23.2 30.6.2025
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Outlook Page 13 Earnings outlook 2025 ‒ EBITDA between approx. €2,750m and approx. €3,100m and reported Group result between approx. €1,450m and approx. €1,650m based on a n average generation from hydro, wind and PV in Q3-4/2025 as well as the actual opportunities and risk situation of the Group. The earnings forecast is contingent on the Group not being impacted by any further legal or regulatory changes. ‒ For financial year 2025, VERBUND plans to pay out between 45% and 55% of the Group result after adjustment for non-recurring effects between approx. €1,430m and approx. €1,630m. Sensitivities 2025 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 2025, other things being equal: ‒ Greater or less generation from hydropower: +/ – €7.5m ‒ Greater or less generation from windpower & PV: +/– €0. 9m ‒ Wholesale prices (renewable generation): +/– €1.8m Sensitivities 2025 as of 30 June 2025 Page 13
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Appendix Page 14
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Non-recurring effects Page 15 €m Detail HY 2025 HY 2024 EBITDA 0 0 Impairments CCGT Mellach, GCA 0 -195 Operating result Total 0 -195 Other financial result Measurement of an obligation to return an interest (DKJ) 25 -17 Financial result 25 -17 Taxes Effects due to the non-recurring effects above -6 49 Minorities Effects due to the non-recurring effects above 0 64 Group result Total 19 -98
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Debt maturity profile/ €m Financial liabilities/ €m Financial liabilities Financial liabilities ‒ Book value Financial liabilities: €1,760.6m Financial ratios ‒ Duration: 6.8 years ‒ Effective interest rate: 2.24% p.a. ‒ Uncommitted lines of credit: €1,860m 1) ‒ Commited lines of credit: €1,000m 2) ‒ Syndicated loan: €1,000m Interest mix ‒ 90.8% fixed interest rate ‒ 9.2% floating interest rate Currency ‒ 100% EUR Rating A+/stable outlook A2/stable outlook 25 44 179 145 44 43 542 39 722 2025 2026 2027 2028 2029 2030 2031 2032 >2032 1) thereof used: €0m 2) thereof used: €0m HY 2024 HY 2025 2,337 1,761 -25% Page 16
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Expansion of new renewables generation (Wind & PV, without B2B, as of 30/6/2025) Page 17 Assets in operation: 874 MW Wind // 308 MWp PV Assets in construction: 18 MW Wind // 107 MWp PV In operation/ in construction / target 2030: 407 MW / 18 MW / 439 MW 299 MWp / 25 MWp / 2.053 MWp Kavsakbendi – 413 MW GDK In operation/ in construction / target 2030: 125 MW / – / 233 MW – / – / 288 MWp In operation/ in construction / target 2030: 116 MW / – / 166 MW 8 MWp / 4 MWp / 89 MWp In operation/ in construction / target 2030: 226 MW / – / 453 MW – / – / 135 MWp In operation/ in construction / target 2030: – / – / 75 MW – / – / 45 MWp In operation/ in construction / target 2030: – / – / 111 MW EBITDA 2025e: €96.2m Historic CAPEX¹: €60.4m CAPEX until 2030²: approx. €896m ¹ as of 31.12.2024, excl. M&A // ² acc. to autumn mid-term planning 2024, excl. M&A, excl. historical CAPEX – / 79 MWp / 263 MWp EBITDA 2025e: €-7.5m Historic CAPEX¹: €24.2m CAPEX until 2030²: approx. €309m EBITDA 2025e: €-1.4m Historic CAPEX¹: €0m CAPEX until 2030²: approx. €74m EBITDA 2025e: €36.0m Historic CAPEX¹: €364.8m CAPEX until 2030²: approx. €393m EBITDA 2025e: €8.9m Historic CAPEX¹: €105.7m CAPEX until 2030²: approx. €124m EBITDA 2025e: €13.1m Historic CAPEX¹: €1.6m CAPEX until 2030²: approx. €311m Target 2030: Profitable expansion of 25% of total electricity generated through solar and onshore wind power projects
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CAPEX plan 2025-2027 (total of €5,873m) Growth CAPEX/ €m (total of €4,004m) Maintenance CAPEX/ €m (total of €1,868m) according to Q4 mid-term planning 2024, excl. M&A 92 109 249 214 326 391 407 330 631 740 -15 79 19 134 2025 46 92 2026 92 64 2027 1,347 1,610 1,047 Hydro segment New renewables segment Grid segment - APG Gri d segment - GCA Sales Others 49 43 63 156 220 220 362 305 372 1 33 2 2025 0 24 1 2026 1 16 1 2027 603 594 672 Page 18
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Income statement €m HY 2024 HY 2025 Total Total Revenue 3,892.6 4,036.4 Electricity revenue 3,274.5 3,299.7 Grid revenue 457.7 572.7 Other revenue 160.4 164.1 Other operating income 74.2 65.1 Expenses for electricity purchases & use of fuels -1,901.7 -2,110.8 Other operating & personnel expenses -504.5 -558.3 Measurement and realisation of energy derivatives 201.7 -19.3 EBITDA 1,762.4 1,413.0 Depreciation & amortisation -285.4 -299.9 Effects from impairment tests -194.7 0.0 EBIT 1,282.3 1,113.1 Result from equity interests & oth. interests 55.8 53.3 Interest income/expense -18.2 -27.6 Other financial result -13.0 24.1 Effects from impairment tests 0.1 0.0 Financial result 24.7 49.9 Taxes -297.6 -259.7 Group result 910.1 802.7 Minorities 99.3 100.5 Earnings per share (€) 2.62 2.31 Page 19
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Balance sheet (short version) Seite 20 €m 31.12.2024 30.6.2025 Change Non-current assets 16,220 16,165 0% Current assets 2,498 1,825 -27% Total assets 18,718 17,990 -4% Equity 11,065 10,655 -4% Non-current liabilities 5,880 5,481 -7% Current liabilities 1,774 1,854 5% Total liabilities 18,718 17,990 -4% Page 20
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Cash flow statement (short version) €m HY 2024 HY 2025 Change Cash flow from operating activities 1,850 1,338 –28% Cash flow from investing activities –513 –568 – Cash flow from financing activities –1,833 –1,352 – Change in cash and cash equivalents –495 –582 – Cash and cash equivalents at the end of the period 469 214 –54% Page 21
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Capital market calendar 2025 Result and interim report quarters 1–3/2025 5/11/2025 Page 22
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VERBUND Board of Directors Michael Strugl CEO, Chairman of the Executive Board Peter F. Kollmann CFO, Deputy Chairman of the Executive Board Achim Kaspar Member of the Executive Board Susanna Zapreva- Hennerbichler Member of the Executive Board Page 23
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Investor Relations Team Andreas Wollein Head of Group Finance and Investor Relations T +43(0)503 13-52614 andreas.wollein@verbund.com Martin Weikl Senior Investor Relations Manager T +43(0)503 13-52614 investor-relations@verbund.com Stefan Wallner Senior Investor Relations Manager T +43(0)503 13-52614 investor-relations@verbund.com Tibor Hanifl Investor Relations Manager (ESG) T +43(0)503 13-52614 investor-relations@verbund.com Page 24