EVN (EVN) Q4 23/24 earnings summary

Executive summary

• Achieved 500 MW installed wind capacity and over 100 MWp photovoltaics by year-end 2024, raising renewables share in generation from 77% to almost 85% year-over-year.

• Commissioned new wind and PV projects, with 2030 targets of 770 MW wind and 300 MW PV peak.

• Investments reached an all-time high of EUR 753 million, with 88.8% taxonomy-compliant.

• Dividend proposal of EUR 0.90 per share for the 96th AGM.

• Signed a term sheet for the potential sale of the German subsidiary WTE, focusing future strategy on the energy business.

Financial highlights

• Revenue declined 13.6% year-over-year to EUR 3,256.6 million, mainly due to lower wholesale prices and reduced project business revenue.

• Group EBITDA reached EUR 799.4 million; EBIT declined 19.4% to EUR 426.2 million; net result was EUR 471.7 million.

• Earnings per share declined 11.0% to EUR 2.65.

• Net cash flow from operating activities rose 23.8% to EUR 1,166.7 million; net debt stood at EUR 1.1 billion with a gearing ratio of 16.8%.

• Equity ratio improved by 2.9 percentage points to 61.7%.

Outlook and guidance

• Group net result for 2024-2025 expected between EUR 400 million and EUR 440 million, assuming stable regulatory and energy policy.

• Annual investments projected to rise to EUR 900 million until 2030, focusing on networks, renewables, e-mobility, and water supply.

• Dividend policy targets at least EUR 0.82 per share from 2024/25, with a medium-term payout ratio of 40% of adjusted net result.