Slides
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EVN conference call Q. 1 2025/26 results 26 February 2026
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2 Conference Call, Q. 1 2025/26 results Highlights Q. 1 2025/26 • Segment developments balanced by diversified business model - results for the first quarter in line with expectations – Growth – supported by investment-related organic growth – recorded in the regulated network segment and in South East Europe – Substantial price- and volume-related earnings decline in the Generation segment • Continued progress in the expansion of wind power, photovoltais and battery storage – Installed capacities at the end of December 2025: – wind power: 561 MW – photovoltaics: 133 MWp – battery storage: 12 MW • Closing of WTE sale to STRABAG expected
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3 Conference Call, Q. 1 2025/26 results Key financials Q.1 2025/26 • Increase in revenue – Positive regulatory price effects in the network companies in Lower Austria and Bulgaria – Higher revenue at EVN Wärme due to colder temperatures – Contrasted by a price- and volume-related decline in revenues from renewable generation • EBITDA and EBIT below previous year – Lower results from equity accounted investees – Increase of scheduled depreciation and amortisation due to our high investment programme • Increase in financial result – Negatively influenced in the comparative period by a foreign exchange effect related to a deconsolidation Q. 1 2025/26 +/– EURm % Revenue 830.7 3.3 EBITDA 247.4 -2.2 Depreciation and amortisation -94.2 -8.4 Effects from impairment tests 0.0 — EBIT 153.2 -7.8 Financial results -11.1 34.4 Group net result 126.9 9.8 Net cash flow from operating activities -50.6 -57.6 Investments1) 163.7 -3.8 Net debt 1,326.5 2.0 % Equity ratio2) 60.4 — EUR Earnings per share 0.71 9.8 1) In intangible assets and property, plant and equipment. 2) Changes reported in percentage points.
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4 Conference Call, Q. 1 2025/26 results 30.09.2024 30.09.2025 31.12.2025 1,326.5 Solid balance sheet structure • Strong balance sheet is the basis for EVN’s ambitious investment programme • Ratings: Moody´s (A1, stable) and Scope (A+, stable) • EVN’s goal is to maintain solid A category ratings Net debt (EURm) and Gearing (%)Balance sheet structure (%) 31.12.2025 86.7 13.3 11.2 __ 28.3 ___ 60.4 __ Current liabilities Equity Non-current liabilitiesNon-curent assets Current assets 1,155.91,129.3 Net debt 16.8% 17.3% Gearing19.5%
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5 Conference Call, Q. 1 2025/26 results Energy • Increase in sales volumes of heat, decline in electricity and natural gas – Colder temperatures y-o-y and ongoing expansion in the heat network – Decline in sales volumes of electricity and natural gas y-o-y due to intensified competition and the steady increase in electricity supplies from customers own photovoltaic and battery storage systems • EBITDA and EBIT below previous year – Decline in revenue due to volume and price effects in the marketing of EVN´s own generation; weather related increase in revenue at EVN Wärme as a contrasting factor – Corresponding decline in operating expenses (lower primary energy costs) – Contribution from equity accounted investees: 10.1m (previous year: EUR 12.4m); slowed earnings normalisation of EVN KG due to the creation of a provision in connection with the new, legally required social tariff Sales volumes to end customers Q. 1 2025/26 +/– GWh % Electricity1) 1,499 -7.7 Natural gas1) 1,138 -2.5 Heat 693 6.1 Financial performance Q. 1 2025/26 +/– EURm % Revenue 162.7 -9.4 EBITDA 45.2 -11.2 EBIT 37.4 -14.9 1) Mainly sales volumes from EVN KG and EnergieAllianz in Austria and Germany; the results from these two sales companies are included in EBITDA under the share of results from equity accounted investees with operational nature.
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6 Conference Call, Q. 1 2025/26 results Generation • Electricity generation volumes below prior year level – Y-o-y decrease in renewable energy generation driven by lower water and wind flows – No production at Theiss power plant due to the non-renewal of the reserve capacity contract by APG • EBITDA and EBIT below previous year – Revenue decreased due to declining market prices and lower generation volumes – Lower earnings contribution from equity accounted Verbund Innkraftwerke Electricity generation volumes Q. 1 2025/26 +/– GWh % Total 578 -12.6 Renewable energy sources 529 -9.8 Thermal energy sources 49 -34.4 Financial performance Q. 1 2025/26 +/– EURm % Revenue 73.6 -27.3 EBITDA 26.3 -54.4 EBIT 14.1 -69.1
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7 Conference Call, Q. 1 2025/26 results Networks • Adjustment of segment structure – Segment structure was adjusted with the 2025/26 financial year to reflect the sale of the international project business – EVN Wasser, which is responsible for drinking water supplies in Lower Austria, is now assigned to the Networks Segment • Decrease in electricity and natural gas network sales volumes – Decrease in electricity network sales volumes to industrial and commercial customers caused by economic effects and increase in customers’ own electricity supplies from their photovoltaic and battery storage systems • Increase in revenue – Higher system network tariffs reflecting ongoing investments • EBITDA and EBIT above prior year – Higher upstream network costs – Positive non-recurring effect in connection with the acquisition of a company by kabelplus in December 2025 – Increase in investments reflected in higher schedule depreciation and amortization Network distribution volumes Q. 1 2025/26 +/– GWh % Electricity 2,173 -1.4 Natural gas1) 3,901 -8.7 Financial performance Q. 1 2025/26 +/– EURm % Revenue 238.8 22.6 EBITDA 127.0 45.1 EBIT 76.9 83.7 1) Including network sales to EVN´s power stations.
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8 Conference Call, Q. 1 2025/26 results Investments boost capacity to integrate variable wind and solar generation • 1,000 km of medium- and low-voltage cables installed per year • 700 new transformer stations annually • 55 substations built of expanded by 2034 Capex split network infrastructure 65% 20% 5% 10% Substations Low- and medium voltage grid High voltage Transformer stations investments up to EUR 470 million annually
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9 Conference Call, Q. 1 2025/26 results South East Europe • Higher network distribution and energy sales volumes – Slight increase in the heating degree total in North Macedonia and clearly milder weather in Bulgaria – Rising demand from household customers leads to an increase in energy sales volumes • EBITDA and EBIT above prior year – Revenue increased y-o-y due to positive volume and price effects – Lower market prices and declining network losses in North Macedonia reduce costs for energy purchases from third parties – Absence of catch-up effects recorded in the previous year according to the regulatory methodology in Bulgaria Key energy business indicators Q. 1 2025/26 +/– GWh % Electricity generation volumes 124 10.7 Network distribution volumes 3,946 1.6 Electricity sales volumes 3,036 0.9 Heat sales volumes 57 -16.2 Financial performance Q. 1 2025/26 +/– EURm % Revenue 424.0 4.5 EBITDA 39.0 26.1 EBIT 14.7 68.6
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10 Conference Call, Q. 1 2025/26 results Cash flows • Lower CF from operating activities – Increase in trade receivables – Renewed increase in the capital commitment for EVN KG • Improved CF from investing activities – Increase in construction and investment subsidies, despite lower year-on-year volume of investments – Recent reduction of cash funds • Improved CF from financing activities – Scheduled repayments Q. 1 2025/26 +/– EURm in % Gross cash flow 180.9 9.5 Net cash flow from operating activities -50.6 -57.6 Net cash flow from investing activities 36.2 — Net cash flow from financing activities -6.4 63.6 Net change in cash and cash equivalents -20.8 -44.1
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11 Conference Call, Q. 1 2025/26 results Key messages and outlook for 2025/26 financial year • Group net result for 2024/25 is expected to be within a range of EUR 430m to EUR 480m – Subject to a stable regulatory and energy policy environment • Annual investments of ~EUR 1 bn p.a. until 2030 – Focal points: network infrastructure, renewable generation, large battery storage, e-charging infrastructure and drinking water supplies – Roughly four-fifths in Lower Austria • Capital Markets Day planned on 1 October 2026 in London
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12 Conference Call, Q. 1 2025/26 results Contact details • Alexandra Wittmann, CFO • IR contact partners: – Sarah Kallina – Karin Krammer – Matthias Neumüller – Gerald Reidinger • IR contact details – E-mail: investor.relations@evn.at – Phone +43 2236 200-12128 – Phone: +43 2236 200-12867 • Information on the internet – www.evn.at – www.investor.evn.at – www.responsibility.evn.at – LinkedIn: #EVNxIR • Headquarters of EVN AG – EVN Platz 2344 Maria Enzersdorf
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13 Conference Call, Q. 1 2025/26 results Disclaimer Certain statements made in this presentation may constitute „Forward-Looking Statements” within the meaning of the U.S. federal securities law. Forward-looking information is subject to various known and unknown risks and uncertainties. These include statements concerning our expectations and other statements that are not historical facts. The Company believes any such statements are based on reasonable assumptions and reflect the judgement of EVN’s management based on factors currently known by it. No assurance can be given that these forward-looking statements will prove accurate and correct, or that anticipated, projected future results will be achieved. For additional information regarding risks, investors are referred to EVN’s latest Annual report.