EVN (EVN) Q2 25/26 earnings summary

Executive summary

• Diversified business model and strong network and heating segments offset weaker generation, with growth in regulated networks and solid heating operations balancing declines in generation earnings.

• Group net result for the first six months increased 24.7% year-over-year to EUR 312.4m, with revenue up 3.2% to EUR 1,787.0m.

• Sale of the international project business to Strabag completed, resulting in positive deconsolidation effects and supporting strategic focus.

• Continued expansion in wind, photovoltaics, and battery storage, with installed capacities at 561 MW (wind), 133 MWp (solar), and 12 MW (battery) as of March 2026.

• New cooperation with AVIA petrol stations to expand e-charging infrastructure.

Financial highlights

• Revenue rose 3.2% year-over-year to EUR 1,787.0m, driven by regulatory price effects in network companies.

• Group EBITDA increased by 7.9% year-over-year to EUR 553.3m; EBIT up 8.2% to EUR 362.9m.

• Net result grew 24.7% to EUR 312.4m, including EUR 33m from discontinued operations.

• Net debt declined to EUR 1,094.8m as of 31 March 2026, mainly from the project business sale.

• Gross cash flow rose 1.7% year-over-year to EUR 487m; cash flow from operating activities at EUR 268.4m.

Outlook and guidance

• Full-year group net result expected between EUR 430m and EUR 480m, assuming stable regulatory and policy environment.

• EBITDA ambition for 2030 set at EUR 1.1–1.2bn, implying 8% annual growth from EUR 900m in the last financial year.

• Annual investments of EUR 1bn planned until 2030, focused on networks, renewables, battery storage, e-charging, and water supplies.

• Segment outlooks updated: positive for heating, stable for Southeast Europe, and lower for generation due to normalization and absence of prior year one-offs.

• Capital Markets Day scheduled for 1 October 2026 in London.