Slides
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Vienna - 5th of November 2026 VERBUND AG Results for quarters 1–3/2026 By our own power.
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Results for quarters 1–3/2026 – 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, lower generation from PV ‒ Declined earnings contributions from the Grid but increased contribution from Sales segment as well as from All other segments ‒ Slightly higher 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 (27/10/26): €121.1 Page 3 Hedging volumes 20261/ TWh MtM (27/10/26): €134.4 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 95.9 16.9 8.9 30/6/26 30/9/26 14.3 11.5 107.1MtM (27/10/26): €90.3 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 87.0 3.0 18.4 30/6/26 30/9/26 16.8 86.0 1.1 85.8 25.5 0.4 31/3/26 86.2 25.5 0.4 30/6/26 30/9/26 1.6 24.2 96.5 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 234 241 Q1–3/2025 Q1–3/2026 FY 2026e Approx. 310 348 275 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 Q1–3/2026 ‒ Hydropower: 15,984 GWh (–20.2%) ‒ Lower hydro coefficient in Q1–3/2026 (0.61 vs. 0.79) ‒ Reservoirs: 3,460 GWh (–10.6%) ‒ Lower average achieved prices ‒ Contribution from flexibility products decreased by €2.2m 838 Q1–3/2025 Q1–3/2026 1,586 Q1 Q2 0.84 Q3 0.83 0.72 0.78 0.63 0.49 Q1–3/2025 (0.79) Q1–3/2026 (0.61) long-term average ‒ Limberg III - repairs to the two damaged rotors by the responsible supplier are proceeding according to plan ‒ Unit 2 recommissioning started end of September ‒ Recommissioning of unit 1 planned in December 2026 ‒ 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 Q1–3/2026: 1,273 GWh (+6.5%) ‒ Austria 163 GWh (+2.8%) ‒ Germany 191 GWh (+19.1%) ‒ Romania 287 GWh (+0.8%) ‒ Spain 631 GWh (+6.9%) ‒ Lower generation from photovoltaics in Q1–3/2026: 349 GWh (–2.3%) ‒ Austria: 9 GWh (+38.5%) ‒ Spain: 326 GWh (–5.1%) ‒ Italy 13 GWh (+95.1%) − Installed wind and PV capacity at 1,280 MW in Q1–3/2026 (+19 MW vs. HY 2026) − Further development of the co-location and hybridisation portfolio − Project development continued in Austria, Germany, Spain, Romania, Italy and Albania EBITDA/ €m New renewables coefficient 123 86 Q1–3/2025 Q1–3/2026 Q1 Q2 0.88 Q3 0.76 0.79 0.89 0.74 0.75 Q1–3/2025 (0.81) Q1–3/2026 (0.80) 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 ‒ EBITDA increased mainly due to positive valuation effects, higher margins and a better result in the end customer business ‒ Business: Q1–3/2026: €+259.4m (Q1–3/2025: €+116.0m) ‒ Customers: Q1–3/2026: €+20.5m (Q1–3/2025: €–1.8m) ‒ Contribution from flexibility products decreased by €1.3m ‒ 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 114 280 Q1–3/2025 Q1–3/2026 Page 7
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Grid segment EBITDA Grid segment Q1–3/2026: €289m (Q1–3/2025: €305m) APG EBITDA/ €m GCA EBITDA/ €m * Local GAAP: stable earnings ‒ Differences compensated by a regulatory account (2026e: €654m; special account: €237m) IFRS: volatile earnings (no regulatory account) Contribution from APG in Q1–3/2026 (IFRS): €222m EBITDA APG WACC for regulatory period 2026 (nominal pre-tax) ‒ 4.16% for old assets with commissioning date up to 2022 ‒ 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 256 222 Q1–3/2025 Q1–3/2026 Guidance APG 2026E Approx. 370 RAB 2025: €3,229m RAB 2026: €3,662m RAB 2025: €656m RAB 2026: €605m 49 67 Q1–3/2025 Q1–3/2026 Guidance GCA 2026E Approx. 65 Contribution from GCA in Q1–3/2026 (IFRS) ‒ €67m 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 ‒ Utilisation of CCGT Mellach at the previous year’s level ‒ Thermal Power: 1,035 GWh (+0.3%) ‒ Strong increase in EBITDA ‒ high realised margins, particularly at the beginning of the year ‒ Contribution from flexibility products increased by €10.8m Current information ‒ CCGT Mellach was operated on a market-driven basis in Q1–3/2026 as well as being dispatched by APG to relieve network congestion ‒ Tender for grid reserve 2026/27: Contracting of the Mellach district heating power plant for the period from 1 October 2026 to 30 September 2027, line 10 of the Mellach CCGT from 1 April 2027 to 30 September 2027 and line 20 from 1 May 2027 to 31 August 2027 by APG EBITDA/ €m 25 53 Q1–3/2025 Q1–3/2026 KELAG contribution to financial result/ €m 68 49 Q1–3/2025 Q1–3/2026 Page 9
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Non-recurring effects Page 10 €m Detail Q1–3/2026 Q1–3/2025 EBITDA 0 0 Impairments GCA, Spanish renewables –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 Change in Austrian corporate income tax rate – impact on deferred taxes –24 46 Taxes Effects due to the non-recurring effects above 14 -6 Minorities Effects due to the non-recurring effects above 27 -9 Group result Total –40 57
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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 416 614 Q1–3/2025 Q1–3/2026 +48% Q1–3/2025 Q1–3/2026 2,111 1,499 -29% 304 394 Q1–3/2025 Q1–3/2026 +30% Page 11 685 725 Q1–3/2025 Q1–3/2026 1,212 1,156 -44% Reported Adjusted
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Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m Net debt/ €m Gearing/ % Q1–3/2025 Q1–3/2026 1,654 1,216 -26% -574 Q1–3/2025 Q1–3/2026 -1,218 Page 12 31.12.2025 30.9.2026 2,818 3,980+41% 24.9 31.12.2025 37.9 30.9.2026
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Outlook Page 13 Earnings outlook 2026 ‒ VERBUND has specified its guidance for financial year 2026, and based on the current opportunities and risks identified, expects EBITDA of around €2,120m, a reported Group result of €1,010m and an adjusted Group result of around €1,050m. These projections supersede the previously published forecast ranges. ‒ The updated forecast takes account of below-average water supply in October 2026. For November and December 2026, the guidance assumes average own generation from hydropower, wind power and photovoltaics. ‒ VERBUND’s planned payout ratio for financial year 2026 is between 45% and 55% of the Group result, after adjusting for non-recurring effects. 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: +/– €6.6m ‒ Greater or less generation from windpower & PV: +/– €1.8m ‒ Wholesale prices (renewable generation): +/– €0.8m Sensitivities 2026 as of 30 September 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: €3,193.6m Financial ratios ‒ Duration: 4.4 years ‒ Effective interest rate: 2.54% p.a. ‒ Uncommitted lines of credit: €1,650m 1) ‒ Committed lines of credit: €2,000m 2) ‒ Syndicated loan: €1,000m Interest mix ‒ 71.5% fixed interest rate ‒ 28.5% floating interest rate Currency ‒ 100% EUR Rating A/stable outlook A2/stable outlook 19 180 145 45 44 542 40 740 693 2026 2027 2028 2029 2030 2031 2032 2033 >2033 1) thereof used: €751m 2) thereof used: €0m Q1-3/2025 Q1-3/2026 1,768 3,194+81% Page 15
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Expansion of new renewables generation (Wind & PV, without B2B, as of 30/9/2026) Page 16 Assets in operation: 926 MW Wind // 354 MWp PV Assets in construction in MW gross⁴: 68 MW Wind // 1,275 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: 154 MW / 7 MW / 413 MW – MWp / – MWp / 217 MWp In operation/ in construction / target 2030: 116 MW / – MW / 199 MW 12 MWp / 3 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: –M W / –M W / 7 5 M W – MWp / – MWp / 46 MWp In operation/ in construction / target 2030: – MW / – MW / 101 MW EBITDA 2026e⁵: €85.9m Historic CAPEX¹: €169.0m CAPEX until 2030²: approx. €916.3m ¹ as of 31.12.2025, excl. M&A // ² acc. to September 2026 planning and autumn mid-term planning 2025, excl. M&A, excl. historical CAP EX // 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 17 MWp / 73 MWp / 296 MWp EBITDA 2026e⁵: €-2.2m Historic CAPEX¹: €44.8m CAPEX until 2030²: approx. €287.4m EBITDA 2026e⁵: €0.0m Historic CAPEX¹: €0m CAPEX until 2030²: approx. €24.8m EBITDA 2026e⁵: €39.1m Historic CAPEX¹: €379.7m CAPEX until 2030²: approx. €343.4m EBITDA 2026e⁵: €-11.2m Historic CAPEX¹: €109.0m CAPEX until 2030²: approx. €203.6m EBITDA 2026e⁵: €22.7m Historic CAPEX¹: €10.1m CAPEX until 2030²: approx. €402.1m 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 Q1–3/2025 Q1–3/2026 Total Total Revenue 5,876.7 5,560.4 Electricity revenue 4,812.7 4,480.5 Grid revenue 842.7 868.7 Other revenue 221.4 211.2 Other operating income 93.9 115.4 Expenses for electricity purchases & use of fuels –3,016.0 –3,290.5 Other operating & personnel expenses –831.2 –862.1 Measurement and realisation of energy derivatives –12.3 –24.8 EBITDA 2,111.1 1,498.5 Depreciation & amortisation –452.5 –441.4 Effects from impairment tests 0.0 –51.5 EBIT 1,658.6 1,005.6 Result from equity interests & oth. interests 72.6 52.9 Interest income/expense –43.6 –70.3 Other financial result 27.6 20.9 Effects from impairment tests 0.0 –18.0 Financial result 56.5 –14.5 Taxes –334.6 –248.9 Group result 1,212.2 684.8 Minorities 168.3 57.4 Earnings per share (€) 3.49 1.97 Page 18
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Balance sheet (short version) Seite 19 €m 31.12.2025 30.9.2026 Change Non-current assets 16,888 17,410 3% Current assets 1,721 2,273 32% Total assets 18,610 19,683 6% Equity 11,331 10,513 -7% Non-current liabilities 5,518 6,320 15% Current liabilities 1,761 2,850 62% Total equity and liabilities 18,610 19,683 6% Page 19
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Cash flow statement (short version) €m Q1–3/2025 Q1–3/2026 Change Cash flow from operating activities 1,654 1,216 –26% Cash flow from investing activities -899 1,141 – Cash flow from financing activities –1,365 –66 – Change in cash and cash equivalents –610 9 – Cash and cash equivalents at the end of the period 185 82 –56% Page 20
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Capital market calendar 2027 Page 21 Dividend payment date Result and interim report quarter 1/2027 10/5/2027 12/5/2027 Result and interim report quarters 1–2/2027 Result and interim report quarters 1–3/2027 29/7/2027 10/11/2027 Ex-dividend date Record date dividends 27/4/2027 28/4/2027 Annual result and publication of annual report 2026 Record date for Annual General Meeting 18/3/2027 10/4/2027 Annual General Meeting20/4/2027
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VERBUND Board of Directors Michael Strugl CEO/CFO, 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.