EVN (EVN) Q1 24/25 earnings summary

Executive summary

• Q1 2024/25 saw revenue, EBITDA, EBIT, and net result all decline year-over-year, with revenue down 1.3% to EUR 804.1m and net result down 19.7% to EUR 115.5m.

• Results reflect a normalization after prior years' extraordinary gains from high electricity prices, with the group now expecting a net result of EUR 400–440 million for the year, nearly double pre-crisis levels.

• Ambitious investment program continues, with annual investments of around EUR 900m planned through 2030, focusing on network infrastructure, renewables, e-charging, and water supplies.

• Significant progress in renewables: 500 MW wind and over 100 MWp photovoltaics capacity as of Q1 2025, targeting 770 MW wind and 300 MW photovoltaics by 2030.

• Investments rose over 30% year on year to EUR 170 million in Q1, with three-fourths directed to Lower Austria.

Financial highlights

• Revenue declined 1.3% year on year to EUR 804.1 million, mainly due to lower prices for renewable generation and hedging effects.

• Group EBITDA was EUR 253.1 million, down 6% year on year; EBIT was EUR 166.2 million, down 11.4%.

• Net result for Q1 was EUR 115.5 million, a 19.7% decrease year on year; earnings per share fell 19.7% to EUR 0.65.

• Investments in Q1 reached EUR 170.2 million, up 33.5% year on year.

• Dividend proposal of EUR 0.90 per share, nearly 10% above the minimum policy level.

Outlook and guidance

• Full-year net result guidance confirmed at EUR 400–440 million, assuming stable regulatory and policy environment.

• Dividend policy targets at least EUR 0.82 per share, with a medium-term payout ratio of 40% of adjusted net results.

• Annual investments of EUR 900 million planned through 2030, focused on networks, renewables, e-charging, and water.