Austria · Delayed Price · Currency is EUR VERBUND AG Earnings Call Transcripts
Fiscal Year 2025
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Earnings declined in 2025 due to weak hydropower and regulatory levies, but investment momentum and operational improvements continued. 2026 guidance reflects ongoing market volatility and regulatory uncertainty, with a focus on grid, renewables, and disciplined capital allocation.
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Results for Q1–Q3 2025 declined due to low hydropower output and regulatory headwinds, but strong grid, flexibility, and sales performance partially offset the impact. 2025 EBITDA is guided at EUR 2.75–2.9 billion, with ongoing tax and regulatory uncertainties expected to persist.
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H1 2025 saw lower earnings due to weak hydro and wind, offset by strong flexibility products and grid income. Regulatory and market volatility remain key risks, with 2025 guidance maintained and CapEx delays in renewables. Net debt and regulatory account both increased.
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Q1 2025 saw a sharp drop in hydropower output and group earnings, offset by higher contract prices and strong grid and renewables performance. 2025 guidance assumes average hydro conditions for the rest of the year, with significant CAPEX planned for grid and Spanish renewables.
Fiscal Year 2024
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2024 saw lower earnings due to falling power prices and higher costs, despite increased hydro and renewables output. Guidance for 2025 reflects continued regulatory and market uncertainty, with major investments planned in grids and renewables.
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Q3 2024 saw lower electricity prices and EBITDA, despite strong hydro and renewables output. Guidance for 2024 was raised, with EBITDA expected at EUR 3.2–3.4 billion and group result at EUR 1.7–1.8 billion. Net debt increased, and market volatility remains a key risk.
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EBITDA and group results declined sharply year-over-year due to lower power prices and regulatory impacts, despite strong hydro and renewables output. Impairments and negative free cash flow weighed on results, but guidance for 2024 remains robust with a strong balance sheet and ongoing investment in renewables and hydrogen.