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VERBUND (VER) investor relations material
VERBUND Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
EBITDA for Q1–3/2025 declined by 19.6% to €2,111m, and Group result fell 12–13% to €1,212m, mainly due to low hydropower output, contract prices, and increased regulatory levies.
Operating cash flow dropped 29% to €1,654m, and free cash flow after dividends was negative at -€574m.
Significant investments continued in renewables and grid infrastructure, with major projects in Austria, Spain, Romania, and Germany.
Windfall tax expenses rose to €119.2m across Austria, Spain, and Romania.
Market volatility, geopolitical tensions, and regulatory uncertainties persisted, including the extension of Austria's profit tax system.
Financial highlights
Revenue for Q1–3/2025 was stable at €5,876.7m, with electricity sales volume down 8.3% due to lower hydropower output.
EBITDA margin declined to 35.9%, and EBIT margin to 28.2%.
Net debt increased 25% to €2,477m, with gearing up to 22.4% from 17.9%.
Earnings per share was €3.49, down 12.6% year-over-year.
Additions to tangible assets reached €720m, with infrastructure additions up 48% to €304m.
Outlook and guidance
FY2025 EBITDA is forecast between €2,750m and €2,900m; Group result between €1,500m and €1,600m, assuming average Q4 generation and no further regulatory changes.
Adjusted Group result expected at €1,450m–€1,550m; dividend payout planned at 45–55% of adjusted Group result.
Sensitivities: ±1% hydro generation impacts results by ±€3.7m; ±1% wind/PV by €0.5m; ±€1/MWh in wholesale price by €0.8m.
Future windfall tax impact on earnings
Explain energy derivatives result swing
Low generation vs. higher spot prices: strategy?
Mitigate recurring Austrian profit tax impact
Rationale for low 2027 hedging level
Future CapEx balance: pumped storage vs. batteries
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Frequently asked questions
VERBUND AG is an electricity utility company specializing in the generation, transmission, trading, and distribution of electricity primarily from renewable energy sources, including hydro, biomass, wind, and solar. The company is engaged in the construction, operation, and maintenance of power plants and also participates in the trading of electricity and gas, as well as certificates on European exchanges. The company is headquartered in Vienna, Austria, and its shares are listed on the stock exchange.
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