EVN (EVN) Q1 24/25 earnings summary

Executive summary

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

• Structural earnings improvements have established a new normal for group net results, now guided at EUR 400–440 million for the year, up from EUR 200–250 million two years ago.

• Significant progress in renewable expansion: wind capacity reached 500 MW and PV over 100 MWp, with targets of 770 MW wind and 300 MW PV by 2030.

• Annual investments of around EUR 900 million are planned through 2030, with Q1 investments up over 30% year-on-year to EUR 170 million, focused on renewables, e-charging, network infrastructure, and water.

• Three-fourths of investments are in Lower Austria, with continued focus on future growth areas like battery storage.

Financial highlights

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

• Group EBITDA was EUR 253.1 million (-6% year-on-year); EBIT EUR 166.2 million (-11.4%); net income EUR 115.5 million (-19.7%).

• Earnings per share decreased 19.7% to EUR 0.65.

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

• Other operating income rose due to insurance compensation for flood damages.

Outlook and guidance

• Full-year group net result is guided at EUR 400–440 million, assuming stable regulatory and energy policy conditions.

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

• No significant impact expected from the planned WTE transaction.