EVN (EVN) Q3 23/24 earnings summary

Executive summary

• Revenue declined 13.9% year-over-year to €2,500.6 million, mainly due to lower wholesale prices and reduced gas-fired generation, while net result rose 14.5% to €479.6 million, supported by strong renewable generation and improved network tariffs.

• Renewables expanded significantly, with wind and water flows above average, raising the share of renewables in generation to 84%.

• Investments increased 15.2% to €438.6 million, focused on network infrastructure, renewables, and water supply, supporting long-term transformation goals.

• Mild weather and increased customer energy-saving led to lower energy demand and stabilized but lower wholesale prices compared to last year's peaks.

• Strategy includes annual investments of €700–900 million through 2030, mainly in Lower Austria.

Financial highlights

• EBITDA rose 9.3% to €657.9 million; EBIT up 11.3% to €399.9 million; group net result increased 14.5% to €479.6 million.

• Earnings per share rose 14.4% to €2.69.

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

• Net cash flow from operating activities was €829.1 million; investments totaled €438.6 million.

• Market capitalisation at 30 June 2024 was €5,360 million, up 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 forecasted at a minimum of €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 renewables, networks, and water.