EVN (EVN) Q3 24/25 earnings summary

Executive summary

• Revenue increased by 5% year-over-year to EUR 2,360.4m, with EBITDA up 14.2% to EUR 713.6m and EBIT up 18.3% to EUR 447.1m.

• Group net result declined by 9.4% to EUR 434.7m, mainly due to lower financial results and an impairment loss from discontinued operations.

• Operating business benefited from cooler weather, increasing natural gas and heat sales, but electricity sales to industrial customers in Germany fell.

• Ambitious investment program continued, with CapEx up 22% to EUR 535 million, targeting annual investments of EUR 900 million until 2030.

• Major contract signed for the sale of the international project business to STRABAG, with closing expected within six months.

Financial highlights

• Revenue rose 5% year-on-year to EUR 2.4 billion, driven by positive volume and price effects in network and supply companies.

• EBITDA increased 14.2% to EUR 713.6m; EBIT up 18.3% to EUR 447.1m.

• Group net result at EUR 434.7m, down 9.4% year-on-year; financial result dropped 43.3% due to lower dividend income.

• Net debt at EUR 1,119.5m, with gearing ratio at 16.6%.

• Gross cash flow at EUR 762m, cash flow from operating activities at EUR 627.2m.

Outlook and guidance

• Full-year net result expected between EUR 400m and EUR 440m, assuming stable regulatory and energy policy environment.

• Annual investments of EUR 900m planned until 2030, focused on networks, renewables, e-charging, and water.

• Dividend policy targets at least EUR 0.82 per share, with a medium-term payout ratio of 40% of group net results, adjusted for extraordinary effects.

• EBIT for the energy segment expected to stabilize, with midterm EBIT margin target of 3%-5%.

• Southeast Europe segment EBIT guidance remains EUR 60m–EUR 90m.