VERBUND (VER) Q2 2026 earnings summary

Executive summary

• EBITDA fell 24.9% to €1,061.5m and group result dropped 35.4% to €518.1m, mainly due to exceptionally poor hydrological conditions and lower contract prices, partially offset by higher wind, PV, grid, sales, and thermal segment earnings.

• Net debt increased 35.5% to €3,817.4m; gearing rose to 36.2%.

• Electricity sales volume declined 4.1% year-over-year, with notable decreases in own generation and sales to traders.

• Ongoing expansion in renewables and grid infrastructure, with major projects in Austria, Germany, Spain, Italy, and Romania.

Financial highlights

• Revenue declined to €3,593.8m from €4,036.4m year-over-year, an 11% decrease.

• EBITDA margin dropped from 35.0% to 29.5%; EBIT margin from 27.6% to 19.9%.

• Operating cash flow decreased 34.6% to €875.2m; free cash flow after dividends at -€1,076.8m.

• Additions to tangible assets up 37% to €217m; renewables & others up 33% to €344m; total additions to property, plant, and equipment increased 34.3% to €560.3m.

• Earnings per share fell 35.4% to €1.49.

Outlook and guidance

• 2026 EBITDA expected between €2,100m and €2,400m; group result €1,000m–€1,150m, assuming average hydro, wind, and PV generation in H2.

• Dividend payout planned at 45–55% of adjusted group result (€1,050m–€1,200m).

• 86% of planned hydropower generation for 2026 already hedged at €87.0/MWh.

• Sensitivities: +/-1% hydro generation impacts group result by €9.6m; wind/PV by €1.8m; €1/MWh price change by €2.1m.