EQS-News: VERBUND AG: Results for quarter 1/2025: declining earnings due to significantly below-average water supply

VERBUND’s earnings for quarter 1/2025 saw a substantial year-on-year decline due to the extremely low water supply. EBITDA fell by 18.1% to €723.9m compared with the same period of the previous year and the Group result was down 21.6% to €396.7m.

The hydro coefficient for the run-of-river power plants dropped to 0.83, or 46 percentage points lower than the comparative prior-year figure (1.29) and 17 percentage points below the long-term average. Generation from annual storage power plants fell by 4.8% in quarter 1/2025 compared with the prior-year reporting period. Generation from hydropower thus decreased by 2,425 GWh to 5,468 GWh. Similarly, at 0.76, the new renewables coefficient from wind and photovoltaics in quarter 1/2025 was 24 percentage points below the planned value and 13 percentage points lower than in quarter 1/2024 (0.89). Generation from wind power and photovoltaics thus fell by 58.4 GWh to 576.1 GWh. Despite significantly higher generation from thermal power, VERBUND’s own generation in quarter 1/2025 was 21.3% lower than the previous year's figure. The higher average sales prices achieved had a positive effect on earnings. The sales price achieved for own generation from hydropower rose by €8.7/MWh to €126.8/MWh. This high sales prices in quarter 1/2025 was mainly attributable to premature “limit” sales at the start of 2023 and from November 2023 onwards, allowing VERBUND to benefit from the very high wholesale prices for electricity at that time. The higher earnings contribution from the Grid segment also improved earnings due to a much better result at Austrian Power Grid AG. The Sales segment likewise performed well in quarter 1/2025 as end-customer business stabilised. The contribution from flexibility products, which rose by 39.0% to €58.3 million in quarter 1/2025, also increased earnings.

 

Earnings forecast for 2025 adjusted

Based on expectations of average levels of own generation from hydropower, wind power and photovoltaics as well as the opportunities and risks identified, VERBUND expects EBITDA of between around €2,700m and €3,200m and a Group result of between around €1,350m and €1,700m in financial year 2025. VERBUND’s planned payout ratio for financial year 2025 is between 45% and 55% of the Group result of between around €1,350m and €1,700m, after adjusting for non-recurring effects. The earnings forecast is contingent on the Group not being impacted by any further legal or regulatory changes.

KPI
	Unit	Q1/2024	Q1/2025	Change
Revenue	€m	2,007.8	2,295.0	14.3%
EBITDA	€m	883.4	723.9	–18.1%
Operating result	€m	744.7	575.1	–22.8%
Group result	€m	506.0	396.7	–21.6%
Earnings per share	€	1.46	1.14	–21.6%
EBIT margin	%	37.1	25.1	–
EBITDA margin	%	44.0	31.5	–
Cash flow from operating activities	€m	929.3	538.4	–42.1%
Free cash flow before dividends	€m	675.0	289.9	–57.1%
Free cash flow after dividends	€m	675.0	289.0	–57.2%
Performance of VERBUND shares	%	-19.4	-6.5	–
Gearing	%	9.4	14.6	–

 

Additional information as well as the Interim Financial Report for quarter 1/2025 is available on the website www.verbund.com > Investor Relations > 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