EVN (EVN) Q4 24/25 earnings summary

Executive summary

• Revenue rose 3.8% year-over-year to EUR 3 billion, driven by positive volume and price effects in Bulgaria and North Macedonia.

• Group EBITDA increased by 19.2% to EUR 909.1 million, and EBIT rose by 21.4% to EUR 490.9 million, reflecting strong operational performance and insurance compensation for flood damages.

• Group net result declined by 7.4% to EUR 436.7 million, mainly due to lower dividend income and higher tax expense.

• Investments exceeded EUR 900 million for the first time, with a focus on renewables, infrastructure, and network expansion.

• Dividend proposal maintained at EUR 0.90 per share, with a policy targeting at least EUR 1.10 by 2029-30 and a payout ratio of about 40%.

Financial highlights

• Revenue: EUR 3,000.0 million (+3.8% YoY).

• EBITDA: EUR 909.1 million (+19.2% YoY).

• EBIT: EUR 490.9 million (+21.4% YoY).

• Net result: EUR 436.7 million (-7.4% YoY).

• Net debt: EUR 1,155.9 million, gearing ratio at 17.3%.

Outlook and guidance

• EBITDA and group net results for 2025-26 expected to be roughly at prior year level; net result guidance: EUR 430-480 million.

• 2030 EBITDA ambition set at EUR 1.1-1.2 billion, implying an 8% CAGR.

• Dividend policy aims for gradual increases, reaching at least EUR 1.10 per share by 2029-30.

• Continued high investments, especially in networks, renewables, and battery storage.

• Target ROCE above 6% on average; commitment to strong A category credit ratings.