EQS-News: VERBUND AG: Full-year 2025 results: solid results despite below-average water supply and windfall tax

EQS-News: VERBUND AG / Key word(s): Annual Results
VERBUND AG: Full-year 2025 results: solid results despite below-average
water supply and windfall tax

18.03.2026 / 07:58 CET/CEST
The issuer is solely responsible for the content of this announcement.

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2025 was a crucial year for the implementation of our Strategy 2030. With
a clear strategic focus and targeted investments, we are consistently
pushing ahead with value-creating growth, climate protection and security
of supply. This ambitious agenda was implemented in 2025 despite
challenging political and market conditions – a test that once again
confirmed our entrepreneurial resilience and the strength of our strategic
management. The amendment to the Energy Crisis Contribution for
Electricity Act extended the windfall tax until 2030 and reduced our scope
for investment. In addition, delayed legislative procedures, declining
futures prices and high spot market volatility increased the complexity of
planning. We are proactively addressing these challenges through strict
prioritisation, efficiency increases in operations and flexible financial
planning to ensure the implementation of our core agenda while also taking
advantage of opportunities arising from market shifts.

Results for 2025

Due to the significantly lower electricity generation from hydropower and
the negative effects of the extended windfall tax in Austria, VERBUND’s
results for financial year 2025 were lower than in the previous year, but
remained at a high level. EBITDA fell by 21.3% year-on-year to €2,737.5m.
The Group result was down 20.6% to €1,489.4m, and the Group result after
adjustment for non-recurring effects amounted to €1,472.1m, down 25.5% on
2024. At 0.79, the hydro coefficient for the run-of-river power plants was
30 percentage points below the previous year’s level (1.09) and
21 percentage points below the long-term average. Generation from the
annual storage power plants declined by 5.9% year-on-year in 2025. As a
result, total generation from hydropower plants was down 8,078 GWh, or
24.2%, to 25,370 GWh. Due to lower wind supply and lower global radiation,
electricity generation from wind power and photovoltaic installations –
and therefore new renewable electricity generation facilities on the whole
– also declined. In financial year 2025, the new renewables coefficient
for wind and photovoltaic power was 0.82, which is 18 percentage points
below the planned value and 9 percentage points below the 2024 level
(0.91). Results were also negatively affected by expenses in connection
with the measures to tax windfall profits, which amounted to €135.9m in
the 2025 reporting period in Austria. The average sales prices achieved
for the Group’s own production from hydropower declined only slightly
despite lower futures prices on the wholesale electricity market, falling
by €1.7/MWh to €116.3/MWh. The high average sales price achieved in 2025
was mainly attributable to premature “limit” sales at high wholesale
prices for electricity at the start of 2023 and from November 2023
onwards. By contrast, results were positively influenced by the higher
temporary earnings contribution from the electricity grid, partly due to
higher auction revenues for cross-border transmission capacities, although
this will be absorbed again in subsequent periods due to regulatory
requirements. The Sales segment also performed well, partly due to the
stabilisation of the end-customer business. The contribution from
flexibility products remained at the previous year’s level at around
€275m; in this segment, VERBUND benefits from its flexible power plant
capacities amid increasing price volatility.

Regular dividend and special dividend proposed

A dividend of €3.15 per share for financial year 2025 will be proposed to
the Annual General Meeting on 21 April 2026. The dividend breaks down into
a regular dividend of €2.00 per share and a special dividend of €1.15 per
share. The special dividend equates to an amount of approximately €400m
and supports shareholder-oriented capital allocation. Distribution of the
dividends is contingent on approval of the 2025 annual financial
statements and a resolution being passed at the 2026 Annual General
Meeting.

Forecast for 2026

Based on expectations of average levels of own generation from hydropower,
wind power and solar power as well as the opportunities and risks
identified, VERBUND expects EBITDA of between around €2,000m and €2,500m
and a Group result of between around €900m and €1,200m in financial
year 2026. VERBUND’s planned payout ratio for financial year 2026 is
between 45% and 55% of the Group result of between around €900m and
€1,200m, after adjustment for non-recurring effects. The earnings forecast
is contingent on the Group not being impacted by any further legal or
regulatory changes.

 

KPIs Unit 2024 2025 Change
Revenue €m 8,224.6 8,013.6 -2.8%
EBITDA €m 3,480.3 2,737.5 -21.3%
Operating result €m 2,726.0 2,112.3 -22.5%
Group result €m 1,875.3 1,489.4 -20.6%
Earnings per share € 5.40 4.29 -20.6%
EBIT margin % 33.1 26.4 –
EBITDA margin % 42.2 34.2 –
Cash flow from operating €m 3,248.6 1,918.5 -40.9%
activities
Free cash flow before dividends €m 2,078.8 536.8 -74.2%
Free cash flow after dividends  €m 144.8 –792.7 –
Net debt/EBITDA X 0.6 1.0 –
Performance of VERBUND shares % –16.7 –11.4 –
(Proposed) dividend per € 2.80 2.00 -28.6%
share          
(Proposed) special dividend per € – 1.15 –
share           
Share of generation from % 96.4 92.9 -3.6%
renewables              
Specific GHG emissions (Scope 1/ g CO[2]e/kWh     13.0 25.4 +95.6%
total electricity generated)*

* from electricity generation and transmission (excluding
Gas Connect Austria) as a percentage of total electricity generated
(including purchase rights, excluding electricity generated for district
heating). Preliminary figures before ETS audit

Additional information on VERBUND’s non-financial KPIs can be found in the
Integrated Annual Report 2025, available on the VERBUND website at
www.verbund.com > Group > Investor Relations > Financial result and
five-year comparison > Latest financial results.

Contact: Andreas Wollein
Head of Group Finance and Investor Relations
T.: +43 (0)5 03 13 – 52604
F.: +43 (0)5 03 13 – 52694
investor-relations@verbund.com

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18.03.2026 CET/CEST This Corporate News was distributed by [1]EQS Group

View original content: [2]EQS News

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Language: English
Company: VERBUND AG
Am Hof 6A
1010 Wien
Austria
Phone: 0043-1-53113-52604
Fax: 0043-1-53113-52694
E-mail: investor-relations@verbund.com
Internet: www.verbund.com
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 2293182

 
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