VERBUND (VER) Q3 2026 earnings summary

Executive summary

• Q1–3 2026 EBITDA fell 29.0% to €1,498.5m and Group result declined 43.5% to €684.8m as exceptionally low water supply reduced hydro generation and earnings.

• Stronger Sales and other-segment contributions partly offset hydro weakness; FY 2026 guidance was specified at EBITDA ~€2,120m and adjusted Group result ~€1,050m.

Financial highlights

• Revenue declined 5.4% to €5,560.4m; EBIT fell 39.4% to €1,005.6m and adjusted Group result was €725.0m, down 37.3%.

• Operating cash flow decreased 26.5% to €1,216.3m; free cash flow before dividends fell 89.7% to €78.0m.

• Additions to property, plant and equipment rose 40.0% to €1,008.0m; cash capital expenditure on intangible assets and property, plant and equipment was €1,121.3m.

Outlook and guidance

• FY 2026 guidance: EBITDA ~€2,120m, reported Group result ~€1,010m and adjusted Group result ~€1,050m; assumes below-average water supply in October and average own hydro, wind and PV generation in November and December.

• Planned FY 2026 payout ratio is 45%–55% of Group result after adjustment for non-recurring effects.

• FY 2026 flexibility-products contribution forecast rose to ~€310m; 9M contribution was €241m.

• Each 1% change in hydro generation affects projected FY 2026 Group result by +/-€6.6m; wind and PV generation by +/-€1.8m, and each €1/MWh wholesale-price change by +/-€0.8m.