EVN (EVN) Q3 23/24 earnings summary

Executive summary

• Revenue declined 13.9% year-over-year to €2,500.6m, mainly due to lower wholesale prices, mild weather, and reduced gas-fired generation, while renewable generation expanded to 84% of total output.

• EBITDA increased 9.3% to €657.9m, and group net result rose 14.5% to €479.6m, supported by strong renewables, improved network tariffs, and higher dividends from equity investees.

• Investments rose 15.2% to €438.6m, focused on network infrastructure, renewables, and water supply, with annual investment expected at €700–900 million through 2030, mainly in Lower Austria.

• Wholesale electricity and energy carrier prices stabilized at lower levels after last year's peaks, with energy demand below long-term average due to mild weather and customer energy-saving measures.

• Significant progress in wind and solar expansion, with wind capacity at 478 MW and a milestone of 500 MW expected by year-end.

Financial highlights

• Revenue: €2,500.6m (-13.9% year-over-year); EBITDA: €657.9m (+9.3%); EBIT: €399.9m (+11.3%); group net result: €479.6m (+14.5%).

• Earnings per share rose 14.4% to €2.69.

• Net debt decreased 22.8% to €1,134.7m; equity ratio improved to 62.4%; gearing at 17%.

• Cash flow from operating activities was €829.1m; investments totaled €438.6m (+15.2%).

• Market capitalisation at 30 June 2024: €5,360m (+45.7% year-over-year).

Outlook and guidance

• Group net result for 2023/24 expected at the upper end of €420–460 million, assuming stable regulatory and policy conditions.

• Dividend forecast is at least €0.82 per share; mid-term payout ratio targeted at 40% of adjusted group net result.

• Annual investment program of €700–900 million planned through 2030, focused on networks, renewables, and water.