EVN (EVN) Q1 25/26 earnings summary

Executive summary

• Q1 results aligned with expectations, supported by business diversification and investment-driven growth in regulated networks and South East Europe, while Generation earnings declined due to lower prices and volumes and below-average wind and water generation.

• Major CapEx program underway, targeting €1 billion annual investment through 2030, with significant progress in wind, PV, and battery storage expansion, including 561 MW wind, 133 MWp PV, and 12 MW battery storage by December 2025.

• Progress on sale of international project business, expected to close within 1–2 weeks; segment structure adjusted with water supply moved to network segment.

• Acquisition of a fiber infrastructure company resulted in a €10 million bad will gain and a positive non-recurring effect in Networks.

Financial highlights

• Revenue rose 3.3% year-over-year to €831 million, driven by regulatory price effects in network businesses and higher revenue at EVN Wärme.

• Group EBITDA declined 2.2% year-over-year to €247.4 million; EBIT down 7.8% to €153.2 million.

• Net result increased 9.8% to €126.9 million, aided by a positive tax effect and lower income tax expense.

• Net debt at quarter-end was €1,326.5 million, with gearing at 16.8%–19.7%.

• Gross cash flow up 9.5% year-over-year to €181 million; operating cash flow negative due to seasonal receivables.

Outlook and guidance

• Full-year group net result expected between €430–480 million, assuming stable regulatory and policy environment.

• Ambition for 2030: EBITDA of €1.1–1.2 billion, implying 8% annual growth from €900 million in FY24.

• Annual investments of €1 billion planned until 2030, focusing on network infrastructure, renewables, battery storage, e-charging, and water supplies.

• Net debt expected to remain stable this year, with increases of up to €200 million per year in subsequent years.