EVN (EVN) Q3 25/26 earnings summary

Executive summary

• Solid business development achieved despite below-average wind and water flows, with normalization of operating results in the supply business and continued strategic focus on renewables, battery storage, and e-charging infrastructure.

• Investments reached record levels, exceeding half a billion euros, with 80% directed to Lower Austria and a focus on organic growth in network infrastructure and renewables.

• Significant progress in renewable generation capacity, including windpark repowering and commissioning of large battery storage facilities.

• Sale of the international project business closed, resulting in a positive EUR 206 million effect on net debt and non-recurring gains.

Financial highlights

• Revenue increased by 3.1% year-over-year to EUR 2,433.1 million, EBITDA rose 4.9% to EUR 748.5 million, and group net result surged 20.8% to EUR 525.1 million, driven by regulated networks and South East Europe segments.

• EBIT increased 3.0% to EUR 460.4 million; earnings per share climbed 20.8% to EUR 2.94.

• Net debt declined to EUR 942.2 million by end of June 2026, with gearing at 13.8% and equity ratio at 62.3%.

• Cash flow from operating activities totaled EUR 630.5 million; investments reached EUR 535.5 million.

• Share price at 30 June 2026 was EUR 29.80, up 27.4% year-over-year.

Outlook and guidance

• Group net profit for 2025/26 is expected to range from EUR 470 million to EUR 490 million, reflecting positive non-cash and non-recurring effects.

• Ongoing investment program targets up to EUR 1 billion annually until 2030, focusing on network infrastructure, renewables, battery storage, e-charging, and water supply.

• Dividend policy updated: at least EUR 0.90 per share for 2025/26, rising to at least EUR 1.10 by 2029/30, aiming for a 40% payout ratio.

• Long-term EBITDA target for 2029/30 is EUR 1.1–1.2 billion, driven by annual investments.