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Vienna - 30th of July 2026 VERBUND AG Half year results 2026 By our own power.
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Half year results 2026 – Influencing factors Influencing factors ‒ Hydro coefficient significantly below the long-term average ‒ Lower production from reservoirs ‒ Lower average achieved contract prices for hydro power ‒ Higher generation from wind and PV ‒ Improved earnings contributions from the Grid and Sales segments as well as from thermal generation ‒ Lower contribution from flexibility products Page 2
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Hedging volumes Hedging volumes 20271/ TWh Hedging volumes 20281 / TWh Historic contract prices 1 Hydro production excluding volumes for holders of interests (at cost) and volumes resulting from pumping. ‒ FY2025: €116.3/MWh ‒ FY2024: €118.0/MWh ‒ FY2023: €167.1/MWh MtM (16/7/26): €89.5 Page 3 Hedging volumes 20261/ TWh MtM (16/7/26): €105.1 81.0 25.1 0.6 30/6/25 81.8 24.0 1.7 30/9/25 86.0 23.0 2.8 31/12/25 92.1 20.3 5.5 31/3/26 30/6/26 95.9 16.9 8.9 MtM (16/7/26): €92.5 81.4 13.1 12.5 30/6/25 81.5 11.1 14.5 30/9/25 85.7 8.8 16.7 31/12/25 86.6 6.0 18.3 31/3/26 30/6/26 87.0 3.0 18.4 85.8 25.5 0.4 31/3/26 30/6/26 86.2 25.5 0.4 Achieved contract price Open volumes Hedged volumes
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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 Flexibility products 164 136 HY 2025 HY 2026 FY 2026e Approx. 250 348 275 2023 2024 2025 274 Page 4
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Facts and figures EBITDA/ €m Current information Hydro coefficient (run-of-river) Hydro segment ‒ Lower generation from hydropower in HY 2026 ‒ Hydropower: 11,191 GWh (–9.8%) ‒ Lower hydro coefficient in HY 2026 (0.68 vs. 0.76) ‒ Reservoirs: 2,312 GWh (–5.9%) ‒ Lower average achieved prices ‒ Contribution from flexibility products decreased by €23.1m 657 HY 2025 HY 2026 1,021 January February 0.67 March 0.72 April 0.69 May 0.74 June 0.99 0.65 0.87 0.93 0.74 0.64 0.54 0.70 HY 2025 (0.76) HY 2026 (0.68) long-term average ‒ Limberg III - repairs to the two damaged rotors by the responsible supplier are proceeding according to plan ‒ Recommissioning dates remain unchanged: September 2026 for unit 2 and December 2026 for unit 1 ‒ All revitalization projects are on track Page 5
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New renewables segment Facts and figures Current information ‒ Higher generation from wind power in HY 2026: 952 GWh (+12.8%) ‒ Austria 117 GWh (+3.6%) ‒ Germany 136 GWh (+24.0%) ‒ Romania 208 GWh (+2.0%) ‒ Spain 491 GWh (+17.7%) ‒ Higher generation from photovoltaics in HY 2026: 221 GWh (+0.5%) ‒ Austria: 5 GWh (+34.5%) ‒ Spain: 208 GWh (–3.0%) ‒ Italy 8 GWh − Installed wind and PV capacity at 1,261 MW in HY 2026 − Further development of the co-location and hybridisation portfolio − Project development continued in Germany, Spain, Romania and Italy EBITDA/ €m New renewables coefficient 93 64 HY 2025 HY 2026 January February 0.80 March 0.85 April 0.76 May 0.77 June 0.83 0.96 0.65 0.98 0.75 0.72 0.80 0.69 HY 2025 (0.78) HY 2026 (0.82) planned value Page 6
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Sales segment Current information Sales segment The Sales segment comprises ‒ trading ‒ sales activities ‒ activities related to battery storage (core market) Facts and figures ‒ Stabilisation of end-customer business ‒ Business: HY 2026: €+92.2m (HY 2025: €+90.9m) ‒ Customers: HY 2026: €+13.3m (HY 2025: €+3.5m) ‒ Contribution from flexibility products decreased by €9.1m ‒ Batteries ‒ 15 facilities with a total storage capacity of 110 MW are in operation ‒ Projects totalling 108 MW are under implementation ‒ Projects totalling approx. 300 MW are currently in the pre-construction phase EBITDA/ €m 94 105 HY 2025 HY 2026 Page 7
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Grid segment EBITDA Grid segment HY 2026: €220m (HY 2025: €212m) APG EBITDA/ €m GCA EBITDA/ €m * Local GAAP: stable earnings ‒ Differences compensated by a regulatory account (2026e: €600m) IFRS: volatile earnings (no regulatory account) Contribution from APG in HY 2026 (IFRS): €170m EBITDA APG WACC for regulatory period 2026 (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 ‒ 6.11% for new assets with commissioning date in 2026 ‒ Yearly update of WACC for new assets until 2028 185 170 HY 2025 HY 2026 Guidance APG 2026E Approx. 305 RAB 2025: €3,229m RAB 2026: €3,662m RAB 2025: €656m RAB 2026: €605m 28 51 HY 2025 HY 2026 Guidance GCA 2026E Approx. 65 Contribution from GCA in HY 2026 (IFRS) ‒ €51m EBITDA ‒ no regulatory account in IFRS, only in local GAAP GCA TSO WACC for regulatory period 2025-2027 ‒ 4.37% for existing assets, 6.11% for new assets (2026)* GCA DSO WACC for regulatory period (2023-2027) ‒ 3.72% for existing assets, 6.11% for new assets (2026)* * WACC for new assets to be reviewed annually Page 8
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All other segments Facts and figures ‒ Slightly lower utilisation of CCGT Mellach ‒ Thermal Power: 939 GWh (–2.7%) ‒ Increase in EBITDA ‒ high realised margins, particularly at the beginning of the year ‒ Contribution from flexibility products increased by €4.8m Current information ‒ CCGT Mellach was operated on a market-driven basis in HY 2026 as well as being dispatched by APG to relieve network congestion ‒ Tender for grid/reserve 2025/26: Contracting of the Mellach district heating power plant for the period from 1 October 2025 to 30 September 2026 and line 10 of the Mellach CCGT for the period from 1 April 2026 to 30 September 2026 by APG EBITDA/ €m 18 47 HY 2025 HY 2026 KELAG contribution to financial result/ €m 49 45 HY 2025 HY 2026 Page 9
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Non-recurring effects Page 10 €m Detail HY 2026 HY 2025 EBITDA 0 0 Impairments Renewables Spain, Gas Connect Austria -52 0 Operating result Total -52 0 Other financial result Measurement of an obligation to return an interest (DKJ), others 12 25 Impairments TAG -18 0 Financial result -6 25 Taxes Effects due to the non-recurring effects above 14 -6 Minorities Effects due to the non-recurring effects above 24 0 Group result Total -20 19
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Key financial figures (1) EBITDA/ €m Group result/ €m Additions to tangible assets (infrastructure) / €m Additions to tangible assets (renewables business & others) / €m 259 344 HY 2025 HY 2026 +33% HY 2025 HY 2026 1,413 1,061 -25% 158 217 HY 2025 HY 2026 +37% Page 11 803 518 784 538 HY 2025 HY 2026 -35% Reported Adjusted
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Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m Net debt/ €m Gearing/ % 875 HY 2025 HY 2026 1,338 -35% -560 HY 2025 HY 2026 -1,077 Page 12 31.12.2025 30.6.2026 2,818 3,817+35% 24.9 31.12.2025 36.2 30.6.2026
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Outlook Page 13 Earnings outlook 2026 ‒ EBITDA between approx. €2,100m and approx. €2,400m and reported Group result between approx. €1,000m and approx. €1,150m based on an average generation from hydro, wind and PV in Q3-4/2026 as well as the actual opportunities and risk situation of the Group. ‒ For financial year 2026, VERBUND plans to pay out between 45% and 55% of the Group result after adjustment for non-recurring effects between approx. €1,050m and approx. €1,200m. Sensitivities 2026 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 2026, other things being equal: ‒ Greater or less generation from hydropower: +/– €9.6m ‒ Greater or less generation from windpower & PV: +/– €1.8m ‒ Wholesale prices (renewable generation): +/– €2.1m Sensitivities 2026 as of 30 June 2026 Page 13
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Appendix Page 14
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Debt maturity profile/ €m Financial liabilities/ €m Financial liabilities Financial liabilities ‒ Book value Financial liabilities: €3,030.3m Financial ratios ‒ Duration: 4.9 years ‒ Effective interest rate: 2.52% p.a. ‒ Uncommitted lines of credit: €1,855m 1) ‒ Commited lines of credit: €2,000m 2) ‒ Syndicated loan: €1,000m Interest mix ‒ 75.0% fixed interest rate ‒ 25.0% floating interest rate Currency ‒ 100% EUR Rating A/stable outlook A2/stable outlook 21 180 146 45 45 542 40 740 694 2026 2027 2028 2029 2030 2031 2032 2033 >2033 1) thereof used: €600m 2) thereof used: €0m HY 2025 HY 2026 1,761 3,030+72% Page 15
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Expansion of new renewables generation (Wind & PV, without B2B, as of 30/6/2026) Page 16 Assets in operation: 914 MW Wind // 347 MWp PV Assets in construction in MW gross⁴: 79 MW Wind // 1.279 MWp PV // 48 MW batteries In operation/ in construction / target 2030: 425 MW / – MW / 452 MW 325 MWp / 1.139 MWp / 2,058 MWp Kavsakbendi – 413 MW GDK In operation/ in construction / target 2030: 143 MW / 18 MW / 413 MW – MWp / – MWp / 217 MWp In operation/ in construction / target 2030: 116 MW / – MW / 199 MW 12 MWp / – MWp / 133 MWp In operation/ in construction / target 2030: 231 MW / 109³ MW / 555 MW – MWp / 60 MWp / 227 MWp In operation/ in construction / target 2030: – MW / – MW / 75 MW – MWp / – MWp / 46 MWp In operation/ in construction / target 2030: – MW / – MW / 101 MW EBITDA 2026e⁵: €86.4m Historic CAPEX¹: €169.0m CAPEX until 2030²: approx. €933.0m ¹ as of 31.12.2025, excl. M&A // ² acc. to June 2026 and autumn mid-term planning 2025, excl. M&A, excl. historical CAPEX // ³ incl. 48 MW batteries // ⁴ of these, 523 MW will gradually reach construction readiness (budget approval already granted in 2025) as well as 164 MW will reach commissioning until end of 2026.// ⁵ incl. operating assets, development, personnel and corporate expenses 10 MWp / 80 MWp / 296 MWp EBITDA 2026e⁵: €-3.1m Historic CAPEX¹: €44.8m CAPEX until 2030²: approx. €301.7m EBITDA 2026e⁵: €-1.1m Historic CAPEX¹: €0m CAPEX until 2030²: approx. €25.1m EBITDA 2026e⁵: €34.8m Historic CAPEX¹: €379.7m CAPEX until 2030²: approx. €383.7m EBITDA 2026e⁵: €-10.5m Historic CAPEX¹: €109.0m CAPEX until 2030²: approx. €196.3m EBITDA 2026e⁵: €15.8m Historic CAPEX¹: €10.1m CAPEX until 2030²: approx. €402.5m Target 2030: Profitable expansion of 25% of total electricity generated through solar and onshore wind power projects
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CAPEX plan 2026-2028 (total of €6,789m) Growth CAPEX/ €m (total of €3,993m) Maintenance CAPEX/ €m (total of €2,796m) according to Q4 mid-term planning 2025, excl. M&A 10 15 30153 198 206 386305 381 325 768 33 1,021 25 2026 19 88 2027 43 -13 2028 1,548 1,469 976 Hydro segment New renewables segment Grid s egment - APG Grid segment - GCA Sales Others 58 67 61 293 436 441 424 427 435 2 417 2026 1 426 2027 0 476 2028 825 980 991 Page 17
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Income statement €m HY 2025 HY 2026 Total Total Revenue 4,036.4 3,593.8 Electricity revenue 3,299.7 2,855.1 Grid revenue 572.7 579.5 Other revenue 164.1 159.2 Other operating income 65.1 78.9 Expenses for electricity purchases & use of fuels -2,110.8 -1,997.7 Other operating & personnel expenses -558.3 -581.7 Measurement and realisation of energy derivatives -19.3 -31.7 EBITDA 1,413.0 1,061.5 Depreciation & amortisation -299.9 -296.0 Effects from impairment tests 0.0 -51.5 EBIT 1,113.1 714.0 Result from equity interests & oth. interests 53.3 48.8 Interest income/expense -27.6 -42.7 Other financial result 24.1 20.5 Effects from impairment tests 0.0 -18.0 Financial result 49.9 8.5 Taxes -259.7 -161.7 Group result 802.7 518.1 Minorities 100.5 42.7 Earnings per share (€) 2.31 1.49 Page 18
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Balance sheet (short version) Seite 19 €m 31.12.2025 30.6.2026 Change Non-current assets 16,888 17,005 1% Current assets 1,721 1,699 -1% Total assets 18,610 18,705 1% Equity 11,331 10,535 -7% Non-current liabilities 5,518 6,113 11% Current liabilities 1,761 2,057 17% Total liabilities 18,610 18,705 1% Page 19
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Cash flow statement (short version) €m HY 2025 HY 2026 Change Cash flow from operating activities 1,338 875 –35% Cash flow from investing activities –568 –653 – Cash flow from financing activities –1,352 –207 – Change in cash and cash equivalents –582 15 – Cash and cash equivalents at the end of the period 214 88 –59% Page 20
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Capital market calendar 2026 Result and interim report quarters 1–3/20265/11/2026 Page 21
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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 22
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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 23
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By our own power.