VERBUND (VER) Q4 2025 (Media) earnings summary

Executive summary

• 2025 marked a pivotal year for Strategy 2030, with targeted investments advancing growth, climate protection, and supply security despite political and market headwinds.

• Proactive measures included strict prioritization, operational efficiency, and flexible financial planning to address legislative delays, volatile markets, and extended windfall taxes.

Financial highlights

• Revenue declined 2.8% year-over-year to €8,013.6m; EBITDA fell 21.3% to €2,737.5m.

• Operating result dropped 22.5% to €2,112.3m; Group result decreased 20.6% to €1,489.4m.

• Earnings per share fell 20.6% to €4.29; EBITDA margin contracted to 34.2% from 42.2%.

• Cash flow from operating activities dropped 40.9% to €1,918.5m; free cash flow before dividend fell 74.2% to €536.8m.

• Net debt/EBITDA increased to 1.0 from 0.6 year-over-year.

Outlook and guidance

• 2026 EBITDA forecasted between €2,000m and €2,500m; Group result expected between €900m and €1,200m.

• Planned payout ratio for 2026 is 45–55% of adjusted Group result.

• Earnings guidance assumes no further legal or regulatory changes.