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VERBUND (VER) investor relations material
VERBUND Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA fell 19.8% to €1,413m and group result declined 11.8% to €803m in H1 2025, mainly due to lower hydropower output, adverse weather, and expanded regulatory levies, despite higher contract prices and improved grid and flexibility product income.
Hydro coefficient dropped to 0.76, causing a 28.3% decrease in hydropower output; wind generation also fell, while PV output rose slightly.
Flexibility products, grid, and sales segments showed improved earnings, partially offsetting declines in generation.
Windfall profit taxes in Austria, Spain, and Romania totaled €28.2m, with the Austrian levy extended to 2030.
No material events occurred after the reporting date up to July 22, 2025.
Financial highlights
Revenue rose to €4,036.4m (+3.7% year-over-year); EBITDA dropped 19.8% to €1,413m; group result fell 11.8% to €803m.
Operating cash flow declined 28% to €1,338.4m; free cash flow after dividends at -€559.9m.
Net debt increased 24.8% to €2,468m; gearing rose to 23.2%.
Additions to tangible assets totaled €417.1m in H1 2025.
Earnings per share declined to €2.31 from €2.62; EBITDA margin at 35.0%.
Outlook and guidance
FY 2025 EBITDA guidance set at €2,750m–€3,100m; group result expected between €1,450m and €1,650m, assuming average hydro and wind conditions and no further regulatory changes.
Sensitivities: ±1% hydro generation impacts group result by ±€7.5m; ±1% wind/PV by ±€1m; ±€1/MWh in wholesale price by ±€1.8m.
Dividend payout planned at 45–55% of adjusted group result (€1,430m–€1,630m).
87% of 2025 hydropower generation hedged at €115.8/MWh.
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