EQS-News: EVN AG: Business development in the first quarter of 2025/26

EQS-News: EVN AG / Key word(s): Quarter Results
EVN AG: Business development in the first quarter of 2025/26

25.02.2026 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Highlights

• Business development in the first quarter in line with expectations
• Colder weather but generation coefficients for wind and water below
the long-term average
• Price- and volume-related earnings decline
• Positive development in the Network and South East Europe Segment
thanks to investment-related organic growth
• Increase in wind power and photovoltaic renewable generation
capacities by 42 MW
• Increase in battery storage capacity to 12 MW
• Ambitious investment programme with approximately 1bn of investments
annually in implementation
• Construction of the eight natural filter plant in Reisenberg, Lower
Austria

 

Energy sector environment

In Austria the temperature-related energy demand in the first quarter of
2025/26 was significantly above the long-term average and the previous
year level. Also in North Macedonia there was a slight increase in the
heating degree total. In Bulgaria, in contrast, temperatures were much
milder in year-on-year comparison.

Generation coefficients both for wind and water were – with the exception
of water flows in North Macedonia – clearly below the long-term average
and previous year in all markets. The average spot wholesale prices for
base load electricity were slightly lower than the previous year level.
Electricity sales volumes are negatively affected by the ongoing strong
competition and steadily increasing supplies from customers’ own
photovoltaic and battery storage systems.
 

Decrease in EBITDA and EBIT, Group net result above previous year

Revenue recorded by the EVN Group rose by 3.3% to EUR 830.7m in the first
quarter of 2025/26, above all due to regulatory price effects in the
distribution network companies in Lower Austria and Bulgaria. This
development was contrasted by a price- and volume-related decline in
revenues from renewable generation. In addition, the contract for the
provision of reserve capacity from the Theiss power plant was not extended
by the transmission network operator APG and therefore expired on 30
September 2025. That also contributed to the reduction of revenue from
thermal electricity generation.

Other operating income in the comparative period included insurance
compensation for damages which resulted from the flooding in Lower Austria
during September 2024. This was reflected in a decline of 24.2% to EUR
43.7m in the reporting period. Other operating income for the first
quarter of 2025/26 also includes a positive non-recurring effect from the
acquisition of a company.

The cost of electricity purchases from third parties and primary energy
expenses rose by 1.5% to EUR 424.0m, above all due to higher upstream
network costs at Netz Niederösterreich and an increase in procurement
costs at EVN Wärme. Contrasting factors included a decline in natural gas
procurement volumes and costs as well as lower procurement costs for
generation.

The cost of materials and services declined by 22.3% to EUR 62.9m. The
prior year value was influenced by repair costs for flood damages which
were covered by insurance.

Personnel expenses were 3.8% higher at EUR 119.8m. The main reasons
included adjustments required by collective bargaining agreements and a
slight increase in the average workforce to 7,719 (previous year: 7,695
employees). Other operating expenses rose by 4.9% to EUR 43.5m due to a
year-on-year increase in receivables write-offs.

The share of results from equity accounted investees with operational
nature fell by more than half to EUR 23.2m (previous year: EUR 47.1m). The
decline resulted from lower earnings contributions, especially from RAG,
Burgenland Energie and Verbund Innkraftwerke. The targeted continuation of
earnings normalisation at the supply company EVN KG was slowed by the
creation of a provision in connection with the new, legally required
social tariff.

Based on these developments, EBITDA declined by 2.2% year-on-year to EUR
247.4m.

The high volume of investments led to an increase of 8.4% in scheduled
depreciation and amortisation to EUR 94.2m. EBIT was 7.8% lower
year-on-year at EUR 153.2m.

Financial results, which were negatively influenced in the comparative
period by a foreign exchange effect related to a deconsolidation, improved
to EUR –11.1m in the first quarter of 2025/26 (previous year: EUR –16.9m).

The result before income tax declined by 4.8% to EUR 142.1m. After the
deduction of EUR 14.4m in income tax expense (previous year: EUR 27.7m),
which was reduced by the reversal of a tax provision, and the earnings
attributable to non-controlling interests, Group net result for the period
equalled EUR 126.9m. That represents a year-on-year increase of 9.8%.
 

Ambitious investment programme as stable economic factor for the energy
future

The capital structure of EVN is stable and solid and provides a sound
foundation for the realisation of the ambitious investment programme. The
central objective is EVN`s contribution to the transformation of the
energy system as clear growth perspective. In line with the Strategy 2030
EVN expects to invest an average of EUR 1bn each year until 2030. Of this
total, roughly four fifths will be directed to Lower Austria and focus on
the networks infrastructure, renewable generation, large battery storage,
the e-charging infrastructure and drinking water supplies.

Net debt totalled EUR 1,326.5m as of 31 December 2025 (30 September 2025:
EUR 1,155.9m). The increase is seasonally influenced by higher receivables
from EVN’s energy business as of the reporting date. EVN attaches great
importance to an excellent credit standing. Cooperating with two
international rating agencies EVN aims to maintain ratings in the solid A
range to safeguard long-term access to the capital markets at attractive
conditions.
 

Energy. Water. Life. – Developments in the energy and drinking water
supply business

Energy business

EVN’s electricity generation was 10.1% lower year-on-year at 740 GWh in
the first quarter of 2025/26. The additional capacity expansion for wind
and photovoltaic generation was unable to offset the below-average wind
and water flows. This led, in total, to a decline of 8.9% in renewable
generation to 598 GWh. The decrease in thermal generation to 142 GWh
(previous year: 167 GWh) is mainly attributable to the fact that the
contract for the provision of reserve capacity was not extended by the
Austrian transmission network operator. The share of renewable generation
equalled 80.8% (previous year: 79.7%).

The strong momentum for the expansion of renewable generation continued
also during the reporting period. After the successful commissioning of
further wind and photovoltaic parks in the first quarter of the business
year 2025/26, EVN had a total of 1,022 MW of installed renewable
electricity generation capacity and 12 MW of battery storages as of 31
December 2025. A well-filled project pipeline ensures the attainment of
the expansion goals for wind power (770 MW), photovoltaic (300 MWp) and
battery storage (300 MW) by 2030. In Austria, the construction
respectively the repowering of four wind power projects and one
photovoltaic park is currently ongoing. In addition, there are continuous
test phases for co-location battery storage projects. Battery storage
facilities are seen as the key technologies for a successful road into a
renewable energy future because they can optimally coordinate electricity
generation, consumption and storage.

Drinking water supply

Starting with the 2025/26 fiscal year the environmental business will no
longer be reported as a separate segment. EVN Wasser, which is responsible
for drinking water supplies in Lower Austria, has been assigned to the
Networks Segment as of the reporting period.

Drinking water supplies in Lower Austria and the improvement of the
related infrastructure to protect supply security remain a central focus
of investments by EVN. In Reisenberg in the Industrieviertel in Lower
Austria, construction of the already eights natural filter plant is
proceeding as planned. Commissioning of this plant is expected to take
place in summer 2026.

Sale of the international project business

The contract with STRABAG for the sale of the international project
business was signed in June 2025. The closing of the transaction is
expected by the end of March 2026.
 

Confirmation of the outlook for the 2025/26 financial year

EVN expects EBITDA and Group net result for the current 2025/26 financial
year roughly at the prior year level – under the assumption of a stable
regulatory and energy policy environment. Group net result is expected to
range from approximately EUR 430m to EUR 480m.

The Letter to Shareholders on the first quarter of 2025/26 is available
under [1] www.investor.evn.at.

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25.02.2026 CET/CEST This Corporate News was distributed by [2]EQS Group

View original content: [3]EQS News

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Language: English
Company: EVN AG
EVN Platz
2344 Maria Enzersdorf
Austria
Phone: +43-2236-200-12294
E-mail: info@evn.at
Internet: www.evn.at
ISIN: AT0000741053
WKN: 074105
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2280934

 
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2280934  25.02.2026 CET/CEST

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