VERBUND (VER) Q2 2026 (Media) earnings summary

Executive summary

• Exceptionally low water levels in H1 2026 led to a significant decline in hydropower generation and lower average sales prices, resulting in a year-over-year drop in earnings.

• Wind and solar generation increased, partially offsetting the negative impact from hydropower.

• Positive results in grid, sales, and thermal segments, but overall earnings were down due to hydrological conditions.

• EBITDA dropped 24.9% to €1,061.5m, and Group result fell 35.4% to €518.1m compared to the same period last year.

• Adjusted Group result decreased 31.4% to €537.8m year-over-year.

Financial highlights

• EBITDA fell 24.9% year-over-year to €1,061 million in H1 2026.

• Net income dropped 35.4% to €518 million compared to H1 2025.

• Revenue decreased 11.0% to €3,593.8m in Q1-2/2026.

• Operating cash flow declined 34.6% to €875 million.

• Free cash flow after investments and dividends was negative at -€1,077 million.

Outlook and guidance

• 2026 EBITDA expected between €2,100 and €2,400 million; net income forecasted at €1,000–1,150 million.

• Dividend payout ratio targeted at 45–55% of adjusted net income (€1,050–1,200 million).

• Sensitivity: €1/MWh change in wholesale prices impacts net income by ±€2.1 million; 1% change in hydropower output affects net income by ±€9.6 million.