Slides
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EVN conference call Q. 1-3 2025/26 results 27 August 2026
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2 Conference Call, Q. 1-3 2025/26 results Highlights Q. 1-3 2025/26 • Solid business development despite severely below-average wind and water flows • Normalisation of operating results in the supply business • EVN’s strategic focus on diversified renewable growth and BESS addresses challenging market environment – Dry and hot weather conditions across Europe, resulting in lower hydro availability, increased intraday market volatility and highlighting the importance of diversification and flexibility • Installed wind capacity increase to 570 MW (target for 2030: 770 MW) • Continued growth in e-mobility adaption in Austria supports EVN’s focus on charging infrastructure investments • Implementation of this year´s investment program fully on track
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3 Conference Call, Q. 1-3 2025/26 results Key financials Q.1-3 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-related decline in revenues from renewable generation, with additional negative volume effects in hydropower • EBITDA and EBIT above previous year – Positive, non-recurring effect from the acquisition of a fiber- infrastructure company – Increase of scheduled depreciation and amortisation due to our high investment programme • Positive non-cash one-off effect from deconsolidation of international project business – OCI recycling of foreign exchange effects previously recorded in equity and valuations Q. 1-3 2025/26 +/– EURm % Revenue 2,433.1 3.1 EBITDA 748.5 4.9 Depreciation and amortisation -288.0 -9.1 Effects from impairment tests -0.1 0.95 EBIT 460.4 3.0 Financial results 116.0 24.0 Group net result 525.1 20.8 Net cash flow from operating activities 630.5 0.5 Investments1) 535.5 0.1 Net debt 942.2 -15.8 % Equity ratio2) 62.3 61.3 EUR Earnings per share 2.94 20.8 1) In intangible assets and property, plant and equipment. 2) Changes reported in percentage points.
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4 Conference Call, Q. 1-3 2025/26 results 30.09.2024 30.09.2025 30.06.2026 942.2 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 (%) 30.06.2026 90.1 9.9 8.7 __ 29.0 ___ 62.3 __ Current liabilities Equity Non-current liabilitiesNon-curent assets Current assets 1,155.91,129.3 Net debt 16.8% 17.3% Gearing13.8%
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5 Conference Call, Q. 1-3 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 above previous year – Decline in revenue due to price effects in the marketing of EVN´s own generation despite temperature-related increases in heating business – Corresponding decline in operating expenses (lower primary energy costs) – Contribution from equity accounted investees increased to 46m (previous year: EUR 9.2m), reflecting the continued normalization of our equity-consolidated supply company EVN KG Sales volumes to end customers Q. 1-3 2025/26 +/– GWh % Electricity1) 4,002 -10.3 Natural gas1) 2,955 -1.1 Heat 1,852 2.6 Financial performance Q. 1-3 2025/26 +/– EURm % Revenue 461.3 -9.8 EBITDA 110.2 30.9 EBIT 85.6 35.0 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. 1-3 2025/26 results Generation • Electricity generation volumes below prior year level – Commissioning of new wind parks offsets decline in wind flows – Water flows below average – 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 – Lower earnings contribution from equity accounted Verbund Innkraftwerke Electricity generation volumes Q. 1-3 2025/26 +/– GWh % Total 1,688 -7.0 Renewable energy sources 1,564 -0.6 Thermal energy sources 125 -48.5 Financial performance Q. 1-3 2025/26 +/– EURm % Revenue 217.6 -17.9 EBITDA 75.7 -41.9 EBIT 38.0 -57.8
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7 Conference Call, Q. 1-3 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 • Stable electricity network volumes and lower natural gas distribution volumes • Increase in revenue – Higher system network tariffs reflecting ongoing investments – Positive revenue development for internet services and drinking water supplies • 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. 1-3 2025/26 +/– GWh % Electricity 6,184 0.7 Natural gas1) 10,082 -5.9 Financial performance Q. 1-3 2025/26 +/– EURm % Revenue 703.4 14.7 EBITDA 348.3 21.3 EBIT 195.4 31.5 1) Including network sales to EVN´s power stations.
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8 Conference Call, Q. 1-3 2025/26 results South East Europe • Higher network distribution and energy sales volumes – Slight increase in the heating degree in North Macedonia and milder weather in Bulgaria – Rising demand from household customers in North Macedonia and economic effects in Bulgaria lead to an increase in energy sales volumes • EBITDA and EBIT above prior year – Revenue growth in Bulgaria supported by positive price and volume effects – Lower market prices and network losses in North Macedonia reduce costs for energy purchases from third parties – Increase in expenses for third party energy purchases despite decline in procurement costs for network losses; the prior year value included government compensation payments in Bulgaria • First co-located large battery storage project commissioned – Capacity expanded from 20 MWh to 40 MWh during summer Key energy business indicators Q. 1-3 2025/26 +/– GWh % Electricity generation volumes 383 16.3 Network distribution volumes 11,771 2.3 Electricity sales volumes 9,474 2.8 Heat sales volumes 177 -4.8 Financial performance Q. 1-3 2025/26 +/– EURm % Revenue 1,256.3 5.4 EBITDA 153.7 19.2 EBIT 80.0 31.0
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9 Conference Call, Q. 1-3 2025/26 results Cash flows • Improved CF from operating activities – Higher result before income tax – Correction of non-cash earnings components – Working capital influenced by increase in trade receivables • Improved CF from investing activities – Inflow from the sale of the international project business – Year-on-year increase in investments as well as higher construction and investment subsidies – Increase in investments in cash funds • Lower CF from financing activities – Scheduled repayments – Dividend payment Q. 1-3 2025/26 +/– EURm in % Gross cash flow 750.0 -1.6 Net cash flow from operating activities 630.5 0.5 Net cash flow from investing activities -257.4 48.4 Net cash flow from financing activities -229.5 — Net change in cash and cash equivalents 143.6 —
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10 Conference Call, Q. 1-3 2025/26 results Key messages and outlook for 2025/26 financial year • Group net result for 2025/26 is expected to be within a range of EUR 470m to EUR 490m – Guidance uplift also reflects positive non-cash and non-recurring effects • 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 – Four-fifths in Lower Austria • Capital Markets Day planned on 1 October 2026 in London
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11 Conference Call, Q. 1-3 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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12 Conference Call, Q. 1-3 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.