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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
VERBUND
VERBUND (VER) investor relations material
VERBUND Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q1–3 2026 EBITDA fell 29.0% to €1,498.5m and Group result declined 43.5% to €684.8m as exceptionally low water supply reduced hydro generation and earnings.
Stronger Sales and other-segment contributions partly offset hydro weakness; FY 2026 guidance was specified at EBITDA ~€2,120m and adjusted Group result ~€1,050m.
Financial highlights
Revenue declined 5.4% to €5,560.4m; EBIT fell 39.4% to €1,005.6m and adjusted Group result was €725.0m, down 37.3%.
Operating cash flow decreased 26.5% to €1,216.3m; free cash flow before dividends fell 89.7% to €78.0m.
Additions to property, plant and equipment rose 40.0% to €1,008.0m; cash capital expenditure on intangible assets and property, plant and equipment was €1,121.3m.
Outlook and guidance
FY 2026 guidance: EBITDA ~€2,120m, reported Group result ~€1,010m and adjusted Group result ~€1,050m; assumes below-average water supply in October and average own hydro, wind and PV generation in November and December.
Planned FY 2026 payout ratio is 45%–55% of Group result after adjustment for non-recurring effects.
FY 2026 flexibility-products contribution forecast rose to ~€310m; 9M contribution was €241m.
Each 1% change in hydro generation affects projected FY 2026 Group result by +/-€6.6m; wind and PV generation by +/-€1.8m, and each €1/MWh wholesale-price change by +/-€0.8m.
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Latest events from VERBUND
- Earnings fell sharply as weak hydropower output hit results, but renewables investment remains strong.VER
Q2 2026 (Media) - EBITDA and profit fell on weak hydro, but renewables and grid investment continued.VERQ2 2026
- EBITDA and group result fell sharply as weak hydro and lower prices outweighed renewables growth.VERQ1 2026
- EBITDA fell 21% to €2.7bn in 2025; €3.15/share dividend proposed; 2026 outlook cautious.VERQ4 2025 (Media)
- EBITDA fell 21.3% in 2025; 2026 outlook sees €2,000–2,500m EBITDA and €3.15/share dividend.VERQ4 2025
- EBITDA and profit fell sharply as weak hydro output and windfall taxes offset grid gains.VERQ3 2025
- EBITDA and group result fell on lower prices, but 2024 guidance was raised.VERQ3 2024
- EBITDA and profit fell on lower prices and impairments, but renewables and investment grew.VERH1 2024
- Lower prices and higher costs reduced earnings, but renewables and grid investment continues.VERQ4 2024
Next VERBUND earnings date
Q4 202618 Mar, 2027
VERBUND
Next VERBUND earnings date
Q4 202618 Mar, 2027
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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.