EVN (EVN) Q2 24/25 earnings summary

Executive summary

• Group net profit for HY1 2024/25 was EUR 250.6 million, up 25.7–27.7% year-over-year, reflecting solid business development driven by a diversified model and increased energy demand from colder weather, despite lower renewable generation and declining market prices.

• Expansion milestones in renewables achieved: wind power capacity reached 500 MW and photovoltaic capacity surpassed 100 MWp, with SBTi targets validated and aligned with the Paris Agreement's 1.5°C goal.

• Progress on key infrastructure projects, including the Waldviertel pipeline, Reisenberg filter plant, and new e-charging cooperation.

• External credit ratings confirmed: Moody's A1 (stable) and Scope A+ (stable).

• IFRS 5 disclosure and ongoing negotiations for the sale of international project business to STRABAG, with deconsolidation of Moscow sludge-fired CHP plants completed.

Financial highlights

• Revenue rose 6.6% year-over-year to EUR 1,731.1 million, driven by higher volumes and prices in core markets.

• Group EBITDA increased 20.1% to EUR 512.8 million; EBIT up 27.7–28% to EUR 335.4 million.

• Net debt stood at EUR 1,295.0 million as of March 2025; equity ratio at 60.9%.

• Investments rose 22.7–23% to EUR 318 million, mainly in network infrastructure and renewables.

• Market capitalisation at 31 March 2025 was EUR 3,957 million, with share price at EUR 21.45.

Outlook and guidance

• Full-year group net result for 2024/25 expected between EUR 400 million and EUR 440 million, assuming stable regulatory and policy environment.

• Dividend policy confirmed: minimum EUR 0.82 per share, with a medium-term payout ratio of 40% of adjusted group net result.

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

• Segment outlooks: networks and environment segments adjusted upward; generation and South East Europe expected below prior year.

• No significant impact expected from the WTE transaction.