MVV Energie (MVV1) investor relations material

Executive summary

• Operating environment remains challenging due to geopolitical conflicts, macroeconomic uncertainties, and a continued focus on energy system transformation and sustainability initiatives.

• Adjusted sales for H1 2026 were €3,142 million, down 10% year-over-year, mainly due to lower wholesale gas and electricity prices.

• Adjusted EBIT fell 31% to €188 million, with all major segments except Other Activities reporting lower earnings.

• Net income after minority interests dropped 39% to €80 million.

• Dividend of €1.30 per share was approved, up €0.05 from the previous year, yielding 4.3%.

Financial highlights

• Adjusted EBITDA for H1 2026 was €299 million, down 21% year-over-year.

• Adjusted net income for the period was €113 million, down 36% year-over-year.

• Cash flow from operating activities was €10 million, up from -€48 million in the prior year.

• Investments surged 77% to €358 million, mainly in waste-to-energy, grid expansion, and renewable projects.

• Net financial debt increased 42% to €1,623 million.

Outlook and guidance

• Full-year 2026 adjusted EBIT forecasted between €200 million and €240 million, reflecting continued margin pressure and lower energy prices.

• Investments for FY 2026 expected to significantly exceed the previous year’s €501 million.

• Guidance is subject to weather, market prices, fuel and CO2 costs, plant availability, and geopolitical stability.

• All major segments are forecast to deliver lower adjusted EBIT versus the prior year.