EVN AG — Annual Report 2024

Dec 17, 2024

All eyes on the future

EVN Annual Financial Report 2023/24

Contents

Management report 03

• Energy policy environment 03
• General business environment 05
• Energy sector environment 06
• Business development 07
• Innovation, research and development 13
• Risk management 14
• Consolidated non-financial report 19
• Disclosures required by § 243a of the Austrian Commercial Code 20
• Outlook on the 2024/25 financial year 21
• 22 statements for 2023/24
• 23 Consolidated statement of operations
• 23 Consolidated statement of comprehensive income
• 24 Consolidated statement of financial position
• 25 Consolidated statement in changes in equity
• 26 Consolidated statement of cash flows
• 27 Consolidated notes
• 102 Auditors' report
• 107 Consolidated financial 195 Annual financial statements of EVN AG 2023/24 acc. to UGB (only available in German)
  • 109 Management report
  • 161 Financial statements
  • 169 Auditors' report
  • 174 Notes

Declaration by the Executive Board pursuant to § 124 (1) no. 3 of the Austrian Stock Exchange Act 2018 ("Börsegesetz 2018")

Management report

Energy policy environment

Energy and climate policy

European Union

The European Green Deal, the central project of the European Commission, covered the EU's legislative period from 2019 to 2024 and defined an important energy policy focus for its institutions. The goals to make Europe the first climate-neutral continent by 2050 and to substantially reduce greenhouse gas emissions by 2030 have therefore had a significant influence on the European energy sector legislation in recent years. The crisis triggered by the war in Ukraine and its influence on energy prices and the European economy also had an impact on energy policy decisions beginning in 2022.

One of the most important goals was, and still is, to contain the negative effects of extreme price fluctuations on the EU market and, in turn, on consumers.

The EU's extensive legislative packages for the energy sector were approved in the final version during spring 2024. The reforms for the electricity market design led to the amendment of the EU's Single Electricity Market Directive and Single Electricity Market Regulation. Amendments were also made to the Single Gas Market Directive and Regulation, which establish a framework for future hydrogen energy economy.

The major reforms in this legislative package make it easier for customers to participate in the electricity market – both as part of and outside energy communities. In addition, subsidies are now possible for investments in plants that generate electricity from renewable and non-fossil sources. These subsidies will take the form of price support via so-called bilateral difference agreements (contracts for difference) which are designed to counter an increase in market prices for customers. The European energy policy basically changes the role of customers by transforming them from pure consumers into active market participants who produce and trade electricity. Increased information requirements for network operators on available connection capacity should also improve the quality of European network expansion planning. The so-called hydrogen and gas decarbonisation package will facilitate the controlled conversion to hydrogen by creating uniform (regulatory) framework conditions for the construction of hydrogen infrastructure (networks and storage) and standardise the related planning across Europe.

The policy guidelines set by the European Commission for the new legislative period include, among others, the strengthening of the EU's competitive position as a priority. The Green Deal and the related goals and measures will also be continued.

Austria

The directives for the energy sector which were recently approved at the EU level must still be implemented into national law in Austria. This will be a task for the new federal government, which can build on a draft of the Electricity Industry Act ("Elektrizitätswirtschaftsgesetz", ElWG) prepared by the previous government as a replacement for the existing Electricity Industry and Organisation Act ("Elektrizitätswirtschafts- und organisationsgesetz", ElWOG).

A federal act was passed in June 2024 to alleviate crisis effects and improve market conditions in the event of market-dominating energy providers. The act is provisional and will expire on 31 December 2027.

Despite the market distortions triggered by the war in Ukraine, the EU accepted the single market and merit order as material and efficient pricing mechanisms after extensive consultations with energy experts. The reform packages for the European electricity market also include measures to prevent and/or contain price peaks. These measures will now flow into Austrian law and the national market design. The goal is to ensure more stable price development for end customers, also in Austria, without extreme distortions. However, energy providers still see a need for more precise and legally secure consumer protection regulations concerning pricing and cancellation possibilities.

Wide-ranging discussions in Austria have focused on the extent of Russian gas imports and possible measures to diversify procurement sources as well as the potential consequences for national gas supplies from the possible failure to extend the gas transit contract between Russia and Ukraine beyond 31 December 2024. Against this background, the Austrian Parliament passed several legal amendments in June 2024 to require gas supply companies that draw at least 25% of their volumes from Russia or unknown sources to prepare supply security concepts. The requirement to maintain a strategic gas reserve was also extended to 2027.

The planned Renewable Gas Act was not passed due to a lack of the required two-thirds majority in the Austrian Parliament. From the viewpoint of the energy sector, a minimum quota for green gas in connection with penalty payments would have led to a situation where the market price would be defined by the penalty.

Federal Act on the Energy Crisis Contribution for Electricity

To implement an EU regulation on temporary emergency intervention measures that was issued in autumn 2022, Austria passed the Federal Act on the Energy Crisis Contribution for Electricity for the period from 1 December 2022 to 31 December 2023. The law was subsequently extended beyond the original expiration date to 31 December 2024. The primary goal of the EU regulation and the related national laws was to present a temporary answer to the massive distortions on the international energy markets and the resulting effect on the European society and economy. Specifically, Austria introduced a levy on surplus revenues from electricity generation based on thresholds for wholesale electricity prices and the inclusion of eligible investments in renewable energies and energy efficiency measures.

Regulatory environment

Austria

The operation of the distribution networks and network infrastructure for electricity and natural gas in Lower Austria is the responsibility of EVN's group company Netz Niederösterreich. All investments and expenditures by this company to ensure the continuous operations of the network infrastructure are remunerated through network tariffs which are set by the E-Control Commission each year in accordance with the Austrian regulatory method.

Key parameters for the determination of the network tariffs include the interest-bearing capital base (regulatory asset base) of the network operator and the weighted average cost of capital. Also included is an incentive in the form of productivity factors, which serve as cost reduction targets for the respective company and also include inflationary adjustments. E-Control sets the weighted average cost of capital and cost reduction targets for an entire regulatory period, which equals five years in Austria. The current period for the natural gas and electricity distribution network began on 1 January 2023, respectively 1 January 2024. Here, the regulatory authority differentiated for the first time between the efficiency of the various network operators and between existing and new equipment in order to create incentives for further investments and efficiency improvements. This benefits network operators with higher productivity in industry comparison and provides a slightly higher return on the capital base for new investments. EVN's network company has received a very positive evaluation from the regulatory authority for its productivity in peer-group benchmarking.

The annual determination of network tariffs by E-Control includes, among others, the volume-based differences between planned and actual revenue in previous periods. National accounting rules require the correction of these differences during the same period and the recognition of an appropriate accrual to a regulatory account. In contrast, IFRS currently do not provide for the recognition of a regulatory account. The annual offset of the differences through network tariffs therefore leads to revenue and earnings fluctuations in EVN's consolidated financial statements. The IASB is currently working on a standard to permit the recognition of these differences.

Bulgaria

The delivery of electricity to industrial and commercial customers in Bulgaria is liberalised, and EVN Trading SEE serves as a supplier in this market segment. Household customers remain in the regulated market and are supplied by EVN Bulgaria EC, which also acts as a "supplier of last resort" for customers who do not select another supplier or cannot receive electricity from their chosen supplier through no fault of their own. In view of the current energy policy debate in Bulgaria, it can be assumed that the transfer of household customers to the liberalised market will be postponed at least to January 2026. Energy sales to customers in the regulated market segments and the procurement of the corresponding volumes are based on regulated prices.

A new three-year regulatory period for the electricity network in Bulgaria began on 1 July 2024. The regulatory method defines a revenue cap which covers recognised operating expenses, amortisation and depreciation as well as an adequate return on the regulatory asset base. The applied method also includes the projected network distribution volumes as well as an annually defined investment factor for planned future investments. EP Yug is responsible for the operation of the electricity distribution networks in EVN's Bulgarian supply area.

The Bulgarian regulatory authority set new energy tariffs for the regulated market segments as of 1 July 2024. Electricity prices for household customers in EVN's supply area were increased by 1.9% on average (previous year: average increase of 3.8%).

North Macedonia

EVN operates through various companies in North Macedonia: Network operations in the regulated market segment are the responsibility of Elektrodistribucija DOOEL, while customers in the liberalised market segment receive deliveries from the supply company EVN Macedonia Elektrosnabduvanje DOOEL. EVN Macedonia Elektrani DOOEL serves as a production company. Since 1 July 2019, EVN Home DOO has supplied electricity to all households and small businesses in the regulated market segments based on a license as the "supplier of universal service" and also serves as a "supplier of last resort" for customers who do not select another supplier or cannot receive electricity from their chosen supplier through no fault of their own. EVN Home's license for the regulated market segment was extended for a further five years in spring 2024.

The regulated electricity prices for the household customers supplied by EVN Home DOO are currently classified in four consumption-based categories. As of 1 January 2024, the average prices for all four categories were raised by 1.6% (1 July 2023: increase of 8.7% to 14.4% based on the category). The regulated electricity procurement price for EVN Home DOO was set at EUR 57.0 per MWh (previous year: EUR 56.0 per MWh). Network tariffs were raised by 13.4%, and a base fee of 200 denars (roughly EUR 3.3) per month was introduced independent of consumption.

A new three-year regulation period for the North Macedonian electricity network began on 1 January 2024 and froze recognised operating expenses, investments and network losses. Similar to the framework in Bulgaria, the regulatory method for the electricity network in North Macedonia defines a revenue cap which covers recognised operating expenses, amortisation and depreciation as well as an adequate return on the regulatory asset base.

Croatia

The liberalisation of the Croatian natural gas market for household customers was nearly complete in 2022. The market for commercial and industrial customers has been liberalised since 2012 and is characterised by increasing competition among the natural gas suppliers active in the country. The new LNG terminal near the island of Krk was commissioned on 1 January 2021 and has further diversified the country's natural gas supplies.

The capacity of the LNG terminal is currently undergoing expansion from 2.3 bn m³ per year to a transfer volume of 6.2 bn m³ per year by the end of 2026. The throughput capacity from the LNG terminal to the high-pressure pipelines leading to Slovenia and Hungary is also being increased. These projects will broaden diversification and increase the performance of Croatian energy supplies and strengthen supply security in the country. They should also help to further consolidate the volatility on the national natural gas market.

The Croatian government has taken various steps to hold energy prices for household and industrial customers as low as possible. Examples include a VAT reduction and the distribution of vouchers for energy costs.

General business environment

The global economy has generated only moderate growth to date in 2024. The USA has outpaced the eurozone, with Germany and Austria again at the lower end of the scale. Production in the emerging countries was reserved, and the pace of expansion has slowed notably, above all in China. Current forecasts are connected with a significant downward risk. Any escalation of geopolitical tensions, for example in the Near East or Ukraine, would destabilise global trade and reverse the recent downward inflationary spiral. That, in turn, would weaken the development of real incomes and reduce the speed of monetary policy easing. Global trade has also been increasingly burdened by protectionist tendencies, as is illustrated by the high customs duties imposed by the USA and European Union on Chinese electric cars. The counteractions threatened by China would limit the international exchange of goods and have a strong negative impact on global economic momentum. Growth in the eurozone is projected to equal approximately 0.8% in 2024 and range from 1.2% to 1.3% in 2025.

The Austrian economy remained in recession with a further decline in economic output during the first half of 2024. The 1.0% GDP reduction in 2023 was followed by continued weakness in the industrial and construction sectors in 2024, and consumption has failed to gain speed despite the substantial growth in real incomes. The loss of competitiveness resulting from the increasing cost basis has also had a negative effect on the Austrian export sector. These developments have caused the Austrian economy to fall notably behind in European

comparison and was recently reflected in a downward revision of GDP expectations to –0.6% for the 2024 calendar year. An improvement in consumer sentiment and stronger foreign demand, supported by the expected recovery of industrial activity in the eurozone, should help the domestic economy to regain momentum. This more optimistic picture is reflected in forecasts for moderate growth of 0.8% to 1.1% in 2025.

Bulgaria has recently faced the seventh in a series of elections in only three years due to the inability to form a stable majority in parliament. There are, however, hopes that a new and stable government will be able to start the many planned infrastructure projects and draw the EU subsidies on time. That would accelerate projects such as the expansion of the motorways and electricity networks. A stable government is also necessary for the

implementation of urgently needed structural reforms (e.g. in the justice system). Other pending issues include the fight against corruption and the current lack of specialists. The inflation rate in Bulgaria is declining but still somewhat higher than in the eurozone. Price stability within the ECB's requirements is, not least, a major criterion for the planned introduction of the euro as the Bulgarian currency at the end of 2025. In a final step, the Bulgarian parliament must set a concrete date for accession to the eurozone. Forecasts indicate that the 1.8% increase in the Bulgarian GDP in 2023 should be followed by further growth of 2.1% to 2.4% in 2024 and 2.5% to 3.1% in 2025.

Economic growth in Croatia has slowed recently but remains solid and is among the highest among the EU member states. The main driver for this development

GDP growth
	2025f	2024e	2023	2022	2021
EU-281) 2) 5)	1.2 to 1.3	0.7 to 0.8	0.4	3.3	6.2
Austria1) 2) 3) 5)	0.8 to 1.1	–0.6	–1.0	5.3	4.8
Bulgaria1) 2) 4) 5)	2.5 to 3.1	2.1 to 2.4	1.8	3.9	7.7
Croatia1) 2) 4) 5)	2.8 to 3.3	3.0 to 3.6	3.1	7.0	13.0
North Macedonia1) 4) 5)	2.6 to 3.6	2.0 to 2.5	1.0	2.2	4.5

1) Source: "European Economic Forecast, Autumn 2024", EU Commission, November 2024

2) Source: "Herbst-Prognose der österreichischen Wirtschaft 2024–2025", IHS, October 2024

3) Source: "Prognose für 2024 und 2025: Rezession in Österreich hält sich hartnäckig", WIFO, October 2024

4) Source: "Global Economic Prospects", World Bank, June 2024

5) Source: "World Economic Outlook", International Monetary Fund, October 2024

is private household consumption, which benefits from a robust labour market, declining jobless statistics and an increase in employment. Solid results from the tourism sector and the related positive effects apparently also play an important role in consumers' above-average optimism in a long-term comparison. The accompanying steady and strong increase in gross fixed capital investments is evidently linked to the growth in the construction sector, which is also supported by EU funds. This outlook points toward continuation of the 3.1% growth in 2023 with a further increase of 3.0% to 3.6% in 2024 and 2.8% to 3.3% in 2025.

Economic growth in North Macedonia is currently impaired by a sharp drop in exports. Above all, the ongoing recession in Germany, one of the country's most important export markets in the eurozone, represents a negative factor. Positive contributions were, however, recently made by a robust influx of foreign direct investment and strong real wage increases, which have led to an improvement in private and public sector consumption. Spending has also been supported by the decline in inflation to the European Union level. After a moderate growth rate of 1.0% in 2023, forecasts point to a GDP increase of 2.0% to 2.5% in 2024 and 2.6% to 3.6% in 2025.

Energy sector environment – indicators

		2023/24	2022/23
Heating-related energy demand1)	%
Austria		87.6	98.7
Bulgaria		70.1	77.7
North Macedonia		78.8	86.1
Cooling-related energy demand1)	%
Austria		143.4	101.2
Bulgaria		143.0	120.2
North Macedonia		205.0	131.0
Primary energy and CO2 emission certificates
Crude oil – Brent	EUR/bbl	77.9	78.8
Natural gas – THE2)	EUR/MWh	33.9	56.4
CO2 emission certificates	EUR/t	69.1	84.2
Electricity – EPEX spot market3)
Base load	EUR/MWh	75.2	134.4
Peak load	EUR/MWh	85.5	154.8

Energy sector environment

EVN's energy business is significantly influenced by ex ternal factors. The weather and current market prices, in particular, have an effect on sales to household customers. Mild temperatures and energy savings in reaction to higher prices can weaken the demand for electricity, natural gas and heat. Market prices and, as a result, EVN's procurement costs are dependent to a significant degree on the geopolitical climate. Demand by industrial customers has a different base and is primarily influenced by economic developments. Changes in customers' behaviour have also played an increasingly important role in recent years through the appearance of more and more so-called prosumers. The relevant factors for energy generation include wind and water flows as well as solar radiation.

The weather in EVN's three core markets was again characterised by milder temperatures during the 2023/24 financial year. The heating degree total – which defines the temperature-related demand for energy – was clearly below the previous year as well as the long-term average in Austria, Bulgaria and North Macedonia. In Bulgaria, it only reached 70.1 percentage points of the mean value.

The cooling degree total, which measures the temperature-related demand for cooling energy, rose substantially above the already high prior year levels in all three core markets during 2023/24. In North Macedonia, it was more than twice as high as the long-term average at 205.0 percentage points.

Both water and wind flows were very positive throughout the entire reporting year. The generation coefficients for wind were slightly below the long-term average in Austria and Bulgaria. That represents a sound improvement over the previous year in Austria and a slight de terioration in Bulgaria. The generation coefficients for water also improved substantially in Austria and Germany, but remained below the high previous year in North Macedonia.

Primary energy and energy prices continued to decline during 2023/24. With interim adjustments, the average EEX price for natural gas dropped from EUR 56.4 per MWh to EUR 33.9 per MWh. The prices of CO2 emission certificates were lower year-on-year as a result of general economic conditions: With an average of EUR 69.1 per tonne in 2023/24, they were roughly 18.0% below the EUR 84.2 per tonne recorded in the previous financial year.

These developments also had an impact on the market prices for electricity, which again declined significantly during the reporting year. The spot market prices for base load and peak load electricity averaged EUR 75.2 per MWh and EUR 85.5 per MWh, respectively (previous year: EUR 134.4 per MWh and EUR 154.8 per MWh). Due to the steadily increasing share of renewable generation capacity in the energy system, price developments during the year are now also significantly influenced by seasonal effects.

1) Calculated based on the heating degree total respectively cooling degree total; the basis (100%) corresponds to the adjusted long-term average for the respective countries.

2) Trading Hub Europe (THE) – European Energy Exchange (stock exchange price for natural gas)

3) EPEX Spot – European Power Exchange

/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

Business development

The scope of consolidation and changes in comparison with the previous year are explained in the notes to the consolidated financial statements. Effects from initial consolidations and deconsolidations are of minor signifi cance for the development of the consolidated state ment of operations and the consolidated statement of financial position.

See page 27ff

The notes to the consolidated financial statements also include an analysis of the potential effects of climate change, the war in Ukraine and the macroeconomic environment on the recoverability of assets in accord ance with IAS 36 and IFRS 9 and explain further uncer tainty in discretionary assessments.

See page 27ff

Statement of operations

Highlights 2023/24

• Revenue –13.6%, EBITDA –8.0%, Group net result –11.0%
• Revenue from electricity generation and the South East Europe Segment was reduced by a substantial decline in spot and forward prices (despite an increase in renewable production); a corresponding decrease was also recorded in the cost of energy purchases from third parties and primary energy expenses in all markets
• EBIT in South East Europe again exceeds the outlook due to a decline in the costs for network losses
• Equity accounted energy supply company EVN KG negatively affected by valuation effects
• Significantly higher dividend of EUR 182.1m from Verbund AG for the 2023 financial year (previous year: EUR 158.0m)
• Group net result slightly above outlook, but below the historically high previous year as predicted

Results of operations

Revenue recorded by the EVN Group declined by 13.6% to EUR 3,256.6m in 2023/24.

This development resulted primarily from the down ward trend in wholesale prices for electricity and natural gas in all three EVN core markets and from the resulting valuation effects from hedges. The pricerelated revenue decline in renewable production was offset in part by an increase in generation volumes. Other factors included the reduced use of the Theiss power plant for network stabilisation and a weath er-related decrease in heat sales volumes as well as lower network tariffs in Bulgaria which offset the overcompensation for the costs of network loss coverage in the previous year in accordance with the regulation methodology. Revenue in the inter national project business was also lower following the completion of the wastewater treatment plant in Kuwait. In contrast, Netz Niederösterreich was able to offset the revenue effects from declining natural gas network sales volumes with higher network tariffs for electricity in Lower Austria.

The revenue generated by EVN outside Austria amounted to EUR 1,716.2m (previous year: EUR 1,991.2m). As a share of Group revenue, it remained nearly unchanged at 52.7% (previous year: 52.8%).

Revenue by region

EBITDA by region

External revenue by segment

428.2 531.4

564.5

780.3

1,015.9

1,335.8

1,499.7

26.4 24.5

Networks 565.2

120.7 132.8

Energy

EURm 2022/23 2023/24

Generation

South East Europe

Environment

All Other Segments

EURm 2022/23 2023/24

South East Europe

Networks

114.7 159.5

93.2 78.6

189.5 255.0

111.9 96.0

7.2 29.5

Generation

–90.3 –90.1

Energy

Environment

All Other Segments

In line with the development of revenue, declining wholesale prices for electricity and natural gas also led to a reduction in the cost of electricity purchases from third parties and primary energy expenses in South East Europe and in electricity and heat generation. In addition, Netz Niederösterreich recorded a decline in the costs for network losses and upstream network costs. The cost of electricity purchases from third parties and primary energy expenses fell by a total of 18.7% to EUR 1,362.8m in 2023/24.

The cost of materials and services declined by 14.6% to EUR 565.8m corresponding to the development of revenue in the international project business.

Personnel expenses rose by 13.1% year-on-year to EUR 473.9m. The primary reasons were adjustments required by collective bargaining agreements and an increase in the average workforce to 7,568 (previous year: 7,255 employees).

Other operating expenses were 5.3% higher year-onyear at EUR 212.8m. They include an impairment loss of EUR 22.5m which was recognised to a receivable in the international project business during the first quarter of 2023/24 following a court of arbitration judgment. This position also includes the energy crisis contribution levy for electricity generation which, however, was lower than the previous year due to the development of market prices and an increased investment allowance.

The share of results from equity accounted investees with operational nature was again influenced by a negative contribution from the energy supply company EVN KG,

which amounted to EUR –162.3m (previous year: EUR –240.3m). Two valuation effects were the main reasons for this development: the impairment of EUR 39.7m to natural gas inventories previously purchased as a strategic reserve and the addition to provisions for the impending repayment of previous price increases which were based on disputed contract terms. Challenging framework conditions – above all intensified competition combined with customers' energy savings measures and supplies from private photovoltaic equipment – also reduced electricity and natural gas sales volumes and made planning for sales volumes more difficult. In contrast, a higher earnings contribution was received from Burgenland Energie (EUR 48.3m; previous year: EUR 31.0m) as a result of favourable generation conditions for renewable energy and structural preparations (change of consolidation method for a subsidiary of Burgenland Energie) for the further expansion of renewable generation. An additional positive effect was the further revaluation of EUR 16.8m to the Ashta hydropower plant (previous year: EUR 11.1m). The share of results from equity accounted investees amounted to EUR 30.8m (previous year: EUR –67.6m).

Based on these developments, EBITDA recorded by EVN declined by 8.0% year-on-year to EUR 799.4m.

The higher pace of investments led to an increase of 3.5% in scheduled depreciation and amortisation to EUR 348.3m. Impairment losses of EUR –24.9m were recorded in 2023/24 (previous year: EUR –3.9m) and primarily involved the EVN heating plants (EUR –18.5m, previous year: EUR –3.9m), EVN Naturkraft (EUR –2.4m, previous year: EUR 0.0) and the energy services (EUR –1.7m, previous year: EUR 0.0). Impairment tests of the district heating plants led, in total, to negative effects of EUR –2.2m (previous year: EUR –4.1m).

In the previous year, there was a revaluation of EUR 1.6m to EVN Wasser.

EBIT for the EVN Group amounted to EUR 426.2m in 2023/24 (previous year: EUR 528.5m).

Financial results totalled EUR 135.3m (previous year: EUR 127.6m) and resulted chiefly from a higher dividend from Verbund AG for the 2023 financial year. The positive trend was weakened, among others, by foreign exchange movements, an increase in interest expense and valuation effects related to the two combined heat and power plants in Moscow.

The result before income tax declined by 14.4% to EUR 561.6m. After the deduction of EUR 33.5m in income tax expense (previous year: EUR 74.0m) and the earnings attributable to non-controlling interests, Group net result for the 2023/24 financial year was 11.0% lower year-onyear at EUR 471.7m.

Statement of financial position

Asset and financial position

EVN's balance sheet total was a slight 0.7% lower yearon-year at EUR 10,913.6m as of 30 September 2024.

Property, plant and equipment and intangible assets increased substantially due to the high level of investments and were only reduced slightly by impairment losses of EUR 25.2m. Positive valuation effects – in particular to Burgenland Energie and the Ashta hydropower plant in Albania – increased the carrying amount of equity accounted investees, while the development

of the Verbund share led to a decline in other investments (EUR 74.50 as of 30 September 2024 versus EUR 77.05 as of 30 September 2023). Non-current assets rose by 3.4% to a total of EUR 9,699.7m.

In contrast, current assets fell by 24.8% during the reporting year to EUR 1,213.8m. The main underlying factors included reductions in trade receivables, receivables due from EVN KG resulting from the liquidity settlement with the EVN Group, and receivables from hedges. Price and volume effects were responsible for a decline in the carrying amount of natural gas supplies, and investments in cash funds were lower than the previous year.

EVN's equity rose by 4.1% to EUR 6,730.6m in 2023/24 based on the result recorded for the reporting period and despite the dividend of EUR 1.14 per share (including a special dividend of EUR 0.62 per share) for the 2022/23 financial year. The increase was reduced by valuation effects which were recorded directly in equity without recognition to profit or loss and which were mainly responsible for the decline in Group net result in the previous year. These effects described above increased equity by EUR 506.9m (previous year: reduction of EUR –737.1m). The equity ratio equalled 61.7% as of 30 September 2024 (30 September 2023: 58.8%).

Non-current liabilities declined by 2.3% to EUR 2,958.6m. The main reasons included reclassifications from noncurrent to current financial liabilities and the reduction of non-current tax liabilities in line with the lower valuation of the Verbund share. Contrary factors were the increase in construction costs and network subsidies that followed the rising investments in the network and heating business.

Condensed consolidated statement of operations
	2023/24 EURm	2022/23 EURm	+/– Nominal	%	2021/22 EURm
Revenue	3,256.6	3,768.7	–512.0	–13.6	4,062.2
Other operating income	127.3	127.5	–0.2	–0.2	109.5
Electricity purchases and primary energy expenses	–1,362.8	–1,675.5	312.7	18.7	–2,278.2
Cost of materials and services	–565.8	–662.7	96.9	14.6	–707.1
Personnel expenses	–473.9	–419.2	–54.7	–13.1	–372.2
Other operating expenses	–212.8	–202.2	–10.6	–5.3	–158.4
Share of results from equity accounted investees with operational nature	30.8	–67.6	98.4	–	98.9
EBITDA	799.4	869.0	–69.6	–8.0	754.8
Depreciation and amortisation	–348.3	–336.5	–11.8	–3.5	–318.0
Effects from impairment tests	–24.9	–3.9	–21.0	–	–105.2
Results from operating activities (EBIT)	426.2	528.5	–102.3	–19.4	331.6
Financial results	135.3	127.6	7.7	6.0	–30.5
Result before income tax	561.6	656.2	–94.6	–14.4	301.2
Income tax	–33.5	–74.0	40.6	54.8	–64.0
Result for the period	528.1	582.1	–54.0	–9.3	237.1
thereof result attributable to EVN AG shareholders (Group net result)	471.7	529.7	–58.0	–11.0	209.6
thereof result attributable to non-controlling interests	56.4	52.4	4.0	7.6	27.5
Earnings per share in EUR1)	2.65	2.97	–0.3	–11.0	1.18

1) There is no difference between basic and diluted earnings per share.

Value analysis

				+/–
		2023/24	2022/23	%	2021/22
Average equity	EURm	6,597.5	6,892.7	–4.3	6,932.7
WACC after income tax1)2)	%	5.0	5.0	0.0	5.0
Operating ROCE (OpROCE)1)3)	%	7.0	7.7	–0.7	5.5
Average capital employed3)	EURm	5,672.0	5,998.9	–5.4	5,683.2
Net operating profit after tax (NOPAT)3)	EURm	394.8	459.4	–14.0	313.4
EVA®	EURm	111.2	159.4	–30.2	29.3

1) Changes reported in percentage points

2) The WACC given is used for the purpose of corporate management.

3) Adjusted for impairment losses and one-off effects. The market value of the investment in Verbund AG is not included in capital employed in order to consistently determine the value contribution.

Current liabilities were 18.5% lower at EUR 1,224.4m. Declines were recorded, in particular, under current financial liabilities, tax liabilities and liabilities from hedges as of 30 September 2024 but were contrasted by an increase in trade payables.

Value analysis

EVN manages the Group according to the value creation concept and uses the economic value added method (EVA®) for this purpose. EVA® is calculated by multiplying the difference between operating return on capital employed (OpROCE) and the average cost of capital after tax (weighted average cost of capital, WACC) with average capital employed. Capital

employed equals equity plus interest-bearing loans or assets minus non-interest- bearing liabilities. The consistent calculation of the value contribution is ensured by excluding the market value of the investment in Verbund AG from capital employed and the dividend from Verbund AG from OpROCE.

The WACC – including EVN's specific company and country risks – was set at 5.0% for the purpose of corporate management. The operating return on capital employed (OpROCE) equalled 7.0% for the reporting year (previous year: 7.7%). The economic value added (EVA®) generated in 2023/24 totalled EUR 111.2m and shows the value created during the reporting year. Due to the decline in earnings, EVA® was below the prior year value of EUR 159.4m.

Condensed consolidated statement of financial position
	30.09.2024 EURm	30.09.2023 EURm	+/– Nominal	%	30.09.2022 EURm
Assets
Non-current assets
Intangible assets and property, plant and equipment	4,925.1	4,496.9	428.1	9.5	4,071.3
Investments in equity accounted investees and other investments	4,586.1	4,658.8	–72.7	–1.6	6,422.0
Other non-current assets	188.5	225.2	–36.6	–16.3	218.7
	9,699.7	9,380.9	318.8	3.4	10,712.0
Current assets	1,213.8	1,615.1	–401.2	–24.8	1,718.5
Total assets	10,913.6	10,996.0	–82.4	–0.7	12,430.5
Equity and liabilities
Equity
Issued capital and reserves attributable to shareholders of EVN AG	6,414.8	6,165.4	249.4	4.0	7,047.8
Non-controlling interests	315.7	298.9	16.8	5.6	273.3
	6,730.6	6,464.3	266.2	4.1	7,321.1
Non-current liabilities
Non-current loans and borrowings	987.8	1,103.5	–115.6	–10.5	1,150.8
Deferred tax liabilities and non-current provisions	1,160.9	1,153.7	7.2	0.6	1,463.0
Deferred income from network subsidies and other non-current liabilities	809.9	772.3	37.5	4.9	769.0
	2,958.6	3,029.4	–70.8	–2.3	3,382.8
Current liabilities
Current loans and borrowings	126.1	343.2	–217.1	–63.3	377.4
Other current liabilities	1,098.3	1,159.0	–60.7	–5.2	1,349.1
	1,224.4	1,502.2	–277.8	–18.5	1,726.5
Total equity and liabilities	10,913.6	10,996.0	–82.4	–0.7	12,430.5

Balance sheet structure

Net debt and gearing

EURm and %

Capital structure indicators

	30.09.2024 EURm	30.09.2023 EURm	Nominal	+/– %	30.09.2022 EURm
Non-current loans and borrowings and leasing liabilities	1,058.1	1,174.8	–116.7	–9.9	1,206.1
Current loans and borrowings1)	134.6	302.0	–167.4	–55.4	128.8
Cash and cash equivalents	–78.8	–20.2	–58.6	–	–36.9
Non-current and current securities	–250.5	–337.5	87.0	25.8	–285.6
Non-current and current loans receivable	–30.3	–29.5	–0.9	–3.0	–29.4
Financial net debt	833.1	1,089.7	–256.6	–23.5	983.1
Net debt	1,129.3	1,364.3	–235.0	–17.2	1,245.1
Equity	6,730.6	6,464.3	266.2	4.1	7,321.1
Gearing (%)2)	16.8	21.1	–4.3	–4.3	17.0

1) Excluding bank overdrafts contained in cash and cash equivalents

2) Changes reported in percentage points

Liquidity position

EVN's net debt, including non-current employee-related provisions, amounted to EUR 1,129.3m as of 30 September 2024 (previous year: EUR 1,364.3m). The gearing ratio declined from 21.1% to 16.8%.

The syndicated credit line of EUR 400m was refinanced prematurely at the end of April 2024 and replaced by a new syndicated credit facility of EUR 500m. This revolving credit agreement was concluded with a consortium of 12 banks and again serves as a strategic liquidity reserve. It has a term of five years, plus two one-year extension options, and is a so-called sustainability-linked credit line with conditions that are also tied to the fulfilment of specific sustainability criteria.

In order to safeguard financial flexibility, EVN AG holds additional contractually agreed bilateral credit commitments of EUR 315.0m. The credit lines represent a combined total of EUR 815.0m. There were no drawdowns as of 30 September 2024 and these facilities were therefore available in full.

Statement of cash flows

Gross cash flow was 10.8% lower than the previous year at EUR 982.2m in 2023/24. In addition to the drop in earnings, the correction of non-cash earnings components was a main factor for the decline. It was offset in part, however, by higher dividends from equity accounted companies and from Verbund AG. A contrasting positive

effect resulted from the correction of the higher scheduled depreciation, amortisation and impairment losses recorded in the previous year and non-cash earnings components in financial results.

A substantial year-on-year reduction in the capital commitment for the liquidity settlement with EVN KG and in receivables from hedging provided noticeable

Condensed consolidated statement

relief for working capital and supported an improvement in operating cash flow to EUR 1,166.7m (previous year: EUR 942.4m).

Cash flow from investing activities amounted to EUR –547.2m (previous year: EUR –929.0m). Investments continued to increase, but the previous year also included a capital injection provided by EVN to EVN KG.

of cash flows
	2023/24 EURm	2022/23 EURm	Nominal	+/– %	2021/22 EURm
Result before income tax	561.6	656.2	–94.6	–14.4	301.2
Non-cash items	420.6	444.5	–23.9	–5.4	433.2
Gross cash flow	982.2	1,100.7	–118.5	–10.8	734.3
Changes in current and non-current balance sheet items	218.8	–109.5	328.3	–	–556.7
Income tax paid	–34.3	–48.9	14.6	29.9	–26.6
Net cash flow from operating activities	1,166.7	942.4	224.3	23.8	151.0
Changes in intangible assets and property, plant and equipment incl. deferred income from network subsidies	–642.6	–570.4	–72.3	–12.7	–477.4
Changes in financial assets and other non-current assets	–11.2	–333.6	322.4	96.6	–50.7
Changes in current securities	106.6	–25.1	131.7	–	191.5
Net cash flow from investing activities	–547.2	–929.0	381.8	41.1	–336.7
Net cash flow from financing activities	–545.7	1.6	–547.3	–	115.8
Net change in cash and cash equivalents	73.8	14.9	58.9	–	–69.8
Cash and cash equivalents at the beginning of the period	20.2	36.9	–16.7	–45.3	122.3
Currency translation differences on cash and cash equivalents	–15.2	–31.7	16.4	51.9	–15.5
Cash and cash equivalents at the end of the period	78.8	20.2	58.6	–	36.9

Investment priorities1) 2023/24 EURm 2022/23 EURm +/– 2021/22 Nominal % EURm Energy 87.1 61.5 25.6 41.6 41.7 Generation 86.2 117.2 –31.0 –26.5 56.0 thereof renewable energy Lower Austria 74.0 100.9 –26.9 –26.7 43.1 thereof thermal power plants 9.6 15.5 –5.9 –38.0 10.3 Networks 399.8 356.0 43.8 12.3 334.3 thereof electricity networks 329.1 277.9 51.2 18.4 267.4 thereof natural gas networks 41.5 48.7 –7.2 –14.8 43.3 thereof internet and telecommunications networks 29.2 29.5 –0.3 –1.0 25.3 South East Europe 147.2 135.5 11.6 8.6 110.0 Environment 30.3 22.0 8.2 37.3 19.9 thereof cross-regional supply pipelines and local networks for drinking water 29.1 19.9 9.2 46.0 18.8 All Other Segments 2.5 1.8 0.7 39.9 2.1 Total 753.0 694.1 58.9 8.5 564.0

1) After consolidation

In addition, the investments in cash funds included under current financial investments declined in year-on-year comparison.

Cash flow from financing activities totalled EUR –545.7m (previous year: EUR 1.6m). It included the scheduled repayment of financial liabilities as well as the dividend payments to the shareholders of EVN AG and to non-controlling interests.

Cash flow totalled EUR 73.8m in 2023/24 (previous year: EUR 14.9m), and cash and cash equivalents equalled EUR 78.8m as of 30 September 2024 (previous year: EUR 20.2m). EVN also had contractually committed, undrawn credit lines of EUR 815.0m at its disposal at

the end of the reporting period to service potential short-term financing requirements.

Investments

Capital expenditure increased as forecasted and rose to EUR 753.0m in 2023/24 (previous year: EUR 694.1m). EVN's investment focal points remained unchanged on the network infrastructure, renewable generation, natural heat and drinking water.

Investments in the Energy Segment included the construction of a new biomass combined heat and power plant in St. Pölten and, above all, equipment

Structure of investments

EURm

Expenditures for innovation, research and development projects and share of subsidies1)

and network expansion projects in the heating business. The expansion of the e-charging infrastructure is the responsibility of the energy services business and is assigned to this segment.

In the Generation Segment, investments focused on the construction of further wind parks and large-scale photovoltaic systems in Lower Austria to support the attainment of expansion goals by 2030.

The further increase in investments in this segment underscores the enormous demand for actions, on the one hand, to protect supply security and, on the other

hand, to drive the conversion to a climate-neutral energy system. Continuous network expansion at all voltage levels together with the construction and/or expansion of transformer stations and substations represent the basic requirements to feed the growing electricity production from renewable sources into the energy system. Other investments in this segment were related to the kabelplus telecommunication network.

EVN's investments in the South East Europe Segment involved network investments to guarantee supply security, among others, through the construction of further large-scale photovoltaic plants in North Macedonia.

In line with its corporate strategy, EVN also sets focal points for its investments in the Environment Segment – namely the improvement of supply security and the quality of drinking water in Lower Austria. The focus here, in particular, is on the expansion of cross-regional supply pipelines.

Innovation, research and development

EVN's innovation, research and development activities are directed primarily to projects that safeguard supply security, protect the environment and resources, and

strengthen the company's competitive position. The overriding criterion for all projects is to provide a concrete benefit for customers.

In 2023/24, EVN spent approximately EUR 6.6m (previous year: approximately EUR 4.0m) on innovation, research and development projects. Public subsidies were received for these projects and represent a subsidy quota of 1.2%.

An important focal point for EVN's innovation activities are storage solutions that will allow surplus renewable production to be used in periods with lower energy

generation from renewable sources. A solution must still be found, particularly from a seasonal viewpoint, to support the transformation to a climate-neutral energy system. Electricity generation from wind power and photovoltaics now frequently exceeds demand during the summer half-year due to the expansion of capacity, but low water, wind and sun periods in Central Europe – above all during the winter half-year – can create challenging situations for supply security. In light of these developments, EVN is working, for example as a project partner with RAG, on a pilot plant that will use solar energy to operate an electrolyser. The resulting green hydrogen will be stored in an idle RAG natural gas storage facility and can be used during the winter to generate emission-free electricity and heat. Test operations at this plant started in summer 2024 under the direction of EVN. In other projects, EVN is evaluating the possibility to use surplus production from renewable sources for sector integration purposes or for the substitution of thermal generation. One example is the pilot hybrid storage facility in Theiss, which combines heat storage equipment with a 5 MW storage battery and photovoltaics.

Other EVN research projects involve innovative approaches to increasingly utilise flexibilities from various customers and smaller electricity producers to adjust the demand for energy over time in a manner that prevents demand peaks and makes it possible to cover requirements with the available renewable energy. The Green the Flex project, for example, has set a goal to combine the flexibility potential of 3,000 private customers into a so-called virtual power plant. Other contributions in this area were made by CyberGrid, a company acquired by EVN in 2022. It offers special IT solutions for the flexibility management of electricity networks and various individual projects (e.g. for the bi-directional charging of e-vehicles) within the framework of the Green Energy

Lab, an interdisciplinary innovation laboratory. Together with CyberGrid, a battery project also started during 2024 in areas close to photovoltaic, wind and hydropower plants. Its objective is to optimally coordinate the capacity of network and generation equipment.

In the area of e-mobility, EVN is a participant in the Car2Flex project. It covers three e-mobility use groups: private users, e-vehicle fleets (e.g. in companies), and e-car sharing for multi-family houses. The central issue is how to best integrate the rising share of electromobility in accordance with the mobility needs of the respective groups. Car2Flex is also designed to create new economic incentives, for example solutions that increase the customer's use of electricity from photovoltaics through interim storage in vehicle batteries. This optimised, flexible battery usage can increase the share of renewable generation and use and, in doing so, reduce costs.

Network operations are confronted with enormous challenges from the expansion of renewable generation and the related steady increase in highly volatile electricity feed-in from a wide range of decentralised equipment. EVN is therefore also pursuing innovative approaches and research projects in this area. One project concentrates on the use of battery storage facilities in the mediumvoltage network: Trials are currently in progress here as a means of temporarily shifting load peaks and creating flexibility in network operations.

In a project with the Vienna University of Technology, methods are being tested for the real-time analysis of data from the low-voltage network. EVN is also working on setting up a long range wide area network (LoRaWAN) for the energy-efficient transmission of data over large distances to create the basis for applications and solutions in the future Internet of Things.

Risk management

Definition of risk

The EVN Group defines risk as the potential deviation from planned corporate targets and objectives.

Risk management process

The primary goal of risk management is to protect current and future earnings and cash flows through the active identification and control of risk. As part of this process, a centrally organised corporate risk management department provides the decentralised risk managers with effective methods and tools for identifying and assessing risks. The responsible business units communicate their risk exposures to corporate risk management, which defines suitable actions to minimise these risks. The necessary actions are then implemented by the individual business units. The corporate risk management department is also responsible for analysing EVN's risk exposure. The risks related to sustainability, climate and compliance issues are identified annually and managed by specialised organisational units and/or processes in agreement with central risk management. EVN's risk management process includes the following steps:

• • Identification: The survey and/or revision of risks based on the latest risk inventory (review of risk inventory) and the identification of new risk positions and appropriate risk management countermeasures
• • Assessment and analysis: The qualitative and quantitative evaluation of the identified risks; the aggregation of risks from different points of view; and the modelling of earnings and cash flow distributions
• • Reporting: Discussion and evaluation of the risk profile by the Risk Working Committee and the Group Risk Committee; the implementation of further risk management measures where necessary; reporting on risk issues to the Audit Committee
• • Process review: Definition of the organisational units that must submit to an explicit risk assessment; regular reviews to determine whether the methods used to identify and assess risks should be modified to reflect changed conditions; routine reviews by the internal audit department

Responsibilities of the Risk Working Committee

The Risk Working Committee supports the corporate risk management department in the correct implementation of the risk management process. It evaluates and approves changes in risk (assessment) methods and defines the type and scope of risk reporting.

The voting members of the committee at the corporate level include the heads of the following corporate functions: controlling, legal and public affairs, finance, accounting, internal audit and the chief compliance officer (CCO) as well as an (internal) energy industry expert.

EVN's major risks and opportunities as well as related risk mitigation measures

Risk/opportunity category Description		Risk mitigation measure
Market and competition risks/opportunities
Profit margin risks/opportunities (price and volume effects)	Energy sales and production: failure to meet profit margin targets • Procurement and selling prices (esp. for energy carriers) that are volatile and/or deviate from forecasts • Weaker demand (above all due to weather/climate change, politics, reputation or competition) • Decline in own generation • Reduced project volume in the environmental services business (in particular due to market saturation, limited resources for infrastructure projects, non-inclusion in or failure to win tenders) Potential climate risk	Procurement strategy tailored to the market environment; hedging strategies; diversification of customer segments and business areas; product portfolio that reflects customer demands; longer-term sale of power plant capacity
Supplier risk	Cost overruns on planned projects; incomplete performance of contracted services or failure to meet contract obligations	Partnerships; contractual controls wherever possible; third party expert opinions
Financial risks/opportunities
Foreign currency risks	Transaction risks (foreign exchange losses) and translation risks on the conversion of foreign currency amounts in the consolidated financial statements; foreign exchange risk in financing for Group companies	Monitoring; limits; hedging instruments
Liquidity, cash flow and financing risk	Failure to repay liabilities on schedule or to obtain the required liquidity/funds when needed at the expected conditions; potential climate risk	Long-term, centrally managed financial planning; safeguarding financing requirements (e.g. through credit lines)
Market price risks/opportunities	Decline or increase in the value of investments (e.g. funds) and listed strategic holdings (e.g. Verbund AG, Burgenland Holding); potential climate risk	Monitoring of loss potential via daily value-at-risk calculations; investment guidelines
Counterparty/credit risks (default risks)	Complete or partial failure of a business partner or customer to provide the agreed performance	Contractual construction; credit monitoring and credit limit systems; regular monitoring of customer behaviour; hedging instruments; insurance; systematic diversification of business partners
Investment risks	Failure of a core subsidiary or holding company to meet profit targets; potential climate risk	Representation on corporate bodies of the respective company
Rating changes	Higher refinancing costs due to rating downgrades; potential climate risk	Ensuring compliance with key financial indicators
Interest rate risks	Changes in market rates; increase in interest expense; negative effects of low interest rates on the valuation of assets and provisions and on future tariffs	Use of hedging instruments; fixed interest rates in financing contracts

EVN's major risks and opportunities as well as related risk mitigation measures

Risk/opportunity category	Description	Risk mitigation measure
Impairment risks	Recognition of impairment losses to receivables, goodwill, investments, generation equipment and other assets (profitability/value significantly dependent on electricity and primary energy prices and energy sector framework conditions); potential climate risk	Monitoring via sensitivity analyses
Guarantee risk	Financial loss due to claim of contingent liabilities; potential climate risk	Limit volume of guarantees as far as possible; routine monitoring
Strategy and planning risks
Technology risk	Late identification of and reaction to new technologies (delayed investments) or to changes in customer needs; investments in "wrong" technologies; potential climate risk	Active participation in external research projects; own demonstration facilities and pilot projects; ongoing adjustments to keep technologies at the latest level
Planning risk	Model risks; incorrect or incomplete assumptions; lost opportunities	Feasibility studies by experienced, highly qualified employees; monitoring of parameters and regular updates; four-eyes principle
Organisational risks	Inefficient or ineffective processes and interfaces; duplication; potential climate risk	Process management; documentation; internal control system (ICS)
Operating risks
Infrastructure risks	Incorrect design and use of technical facilities; potential climate risk	Elimination of technical weaknesses; regular inspections and reviews of current and planned infrastructure
Service disruptions/network breakdowns (own and third party), accidents	Supply interruptions; physical danger to persons or infrastructure through explosions/accidents; potential climate risk	Technical upgrading at interfaces of the different networks; expansion and maintenance of network capacity
IT/security risks (incl. cybersecurity)	System losses; data loss or unintended transfer; hacker attacks	Strict system and risk monitoring (internal control system); backup systems; technical maintenance; external audits; occupational safety and health measures; crisis training
Workforce risks	Loss of highly qualified employees; absence due to work accidents; surplus or shortfall of personnel; communication problems; cultural barriers; fraud; intentional or unintentional misrepresentations of transactions or items in the annual financial statements	Attractive work environment; occupational health care and safety measures; flexible working time models; training; events for employees for the exchange of information and networking purposes; internal control system (ICS)
External risks/opportunities
Legislative, regulatory and political risks/opportunities	Change in political and legal parameters and/or the regulatory environment (e.g. environmental laws, changes in the legal framework, shifting subsidy scheme, market liberalisation in South East Europe); political and economic instability; network operations: non-inclusion of actual operating costs in the network tariffs established by regulatory authority; potential climate risk	Cooperation with interest groups, associations and government agencies on a regional, national and international level; appropriate documentation and service charges

EVN's major risks and opportunities as well as related risk mitigation measures

Group Risk Committee and control

The results of the risk inventory and the related reports are presented to and discussed by the Group Risk Committee, which consists of the Executive Board of EVN AG, the heads of the organisational units and the members of the Risk Working Committee. The Group Risk Committee decides on any need for action, can establish working groups and assign specified tasks, and is authorised to approve the results of the risk inventory (risk reports).

Risk profile

In addition to the normal industry risks and uncertainties, EVN's risk profile is influenced primarily by political, legal and regulatory challenges and changes in the competitive environment. EVN carries out an annual risk inventory that is updated as needed through ad-hoc risk reports. This inventory includes the following categorisation of risks: market and competition risks, financial risks, operating risks, external risks, strategic and planning risks and other risks. These are largely assessed in terms of their financial impact on the EVN Group.

The tables on page 15ff show the risks classified under the above categories and the measures designated for their minimisation.

In line with the Sustainability and Diversity Improvement Act, the risk inventory aims to systematically identify potential risks and effects of EVN's business activities and business relations on areas of environmental, social and employee-related issues, the observance of human rights and the fight against corruption. The identified risks and their impact were dealt with in accordance with the steps defined by the risk management process.

Potential climate risks

EVN also places high priority on climate protection, and potential climate risks are therefore identified as part of the risk inventory. Climate risk is consciously not defined as a separate risk category but – wherever applicable – represents interdisciplinary material in the individual risk categories. A differentiation is made between transition risks and physical risks: Transition risks include the uncertainties which arise during the transition to a renewable energy system. Physical risks, in contrast, involve events and changes caused directly by climatic factors.

Following are several examples that illustrate the allocation of potential climate risks to EVN's risk categories:

• Weaker demand due to a mild winter: physical risk that is assigned to the category "profit margin risk"
• Decline in electricity production due to a climaterelated drop in water flows: physical risk that is assigned to the category "profit margin risk"
• Damage caused by extreme weather: physical risk that is assigned to the category "service disruptions/ network breakdowns"
• Change in environmental regulations: transition risk that is assigned to the category "external risks"; stricter requirements could possibly lead to additional costs
• Additional stress for the electricity network due to the ongoing expansion of substantially more volatile renewable generation: transition risk that is assigned to the category "operating risks" ("service disruptions/network breakdowns")

Risk and opportunity analysis for 2023/24

In view of the geopolitical crises during the past years and the resulting distortions on energy markets, EVN also monitored risk developments in the Group throughout the reporting period. Ad-hoc analyses were not required in 2023/24 but the assessment of the major risks with a potentially high impact was updated at the end of the first half-year. A report on these risks and their effects was also presented to the Audit Committee of EVN's Supervisory Board.

The following issues were identified as the major uncertainties with the potentially highest effects and analysed in particular detail in connection with the risk inventory carried out as of 30 September 2024 (excerpt):

• Impairment risks
• Completion risk for major international projects in the environmental business
• Cybersecurity

EVN's risk profile is influenced primarily by common industry risks and uncertainties and, in particular, by political, legal and regulatory challenges and changes. All these aspects are categorised as part of EVN's risk management process.

Overall risk profile

In addition to the uncertainties connected with the areas of business and operations outside Austria, EVN continues to be confronted with a challenging environment in its home market of Lower Austria. The overall risk profile of EVN is trending downwards. No future risks can be identified at the present time that could endanger the continued existence of the EVN Group.

The table on the pages 15 to 17 provides a summary of the material risks and uncertainties to which the EVN Group is exposed. For the first time, this table also includes opportunities for certain categories, if applicable.

Key features of the internal control and risk management system related to accounting processes

In accordance with § 267 (3b) and in connection with § 243a (2) of the Austrian Commercial Code, those companies whose shares are admitted for trading on a regulated market are required to disclose the key features of their internal control and risk management system for corporate accounting processes in the

management report. The Executive Board is responsible for establishing a suitable internal control and risk management system (ICS) for accounting processes as defined in § 82 of the Austrian Stock Corporation Act. The effectiveness of the ICS must be monitored by the Audit Committee in accordance with § 92 (4a) no. 4b of the Austrian Stock Corporation Act.

EVN's ICS for accounting processes is monitored at regular intervals by auditing the processes that are considered to be exposed to risk. The results of these monitoring activities are reported to the Executive Board and the Audit Committee. The ICS ensures clear lines of responsibility and eliminates unnecessary process steps, and thereby further improves the security of processes for the preparation of financial statements. The description of the major features of the ICS covers five interrelated components: control environment, risk assessment, control activities, information and communication, and monitoring.

Control environment

The Code of Conduct issued by EVN and the underlying values apply to all Group employees.

EVN's Code of Conduct is available under www.evn.at/code-of-conduct

The consolidated financial statements are prepared by Group accounting and controlling. The related processes are based on a uniform accounting guideline that defines the accounting policies to be applied as well as key processes and schedules for the entire Group. Binding instructions apply to the reconciliation of intragroup accounts and other work required for the preparation of the consolidated financial statements. All employees

involved in the accounting process have the necessary qualifications and undergo regular training. Complex actuarial opinions and valuations are prepared by external experts or specially qualified employees. The managers responsible for the specific processes – in general, the heads of the organisational units and corporate functions – are responsible for compliance with these processes and the related control measures.

Risk assessment and control activities

Multi-stage control measures have been implemented to prevent material misstatements in the presentation of transactions in order to ensure that the individual financial statements of all subsidiaries are recorded correctly. These measures include automated controls that are executed by the consolidation software as well as manual controls by the involved corporate functions. These corporate service departments carry out extensive plausibility checks of the individual subsidiaries' financial statements to ensure their correct transfer to the consolidated financial statements. The review of the financial statement data includes analyses at the position, segment and Group levels, both before and after consolidation. The consolidated financial statements are not released until these quality controls are complete at all levels.

EVN AG and the major domestic and foreign subsidiaries use SAP software (FI module, finance and accounting) for their accounting. The IFRS consolidated financial statements are prepared with the Hyperion Financial Management software, whereby the data from the individual financial statements of the consolidated companies are transferred by means of an interface. The accounting systems and all upstream systems are protected by restricted access as well as automated and mandatory manual control steps.

The ICS for financial reporting and all accounting-related processes are reviewed by the auditor at least once each year to verify compliance with the required controls, to evaluate any risk incidents that occurred during the financial year and to determine whether the controls are still suitable to deal with the existing risks. In the reporting period, a number of process adjustments and improvements were made as part of the continuous efforts to further develop the ICS for financial reporting.

Information, communication and monitoring

The Executive Board provides the Supervisory Board with quarterly reports on EVN's asset, financial and earnings position, together with a statement of financial position and a statement of operations. The Executive Board and

the Audit Committee also receive a report on the ICS for financial accounting twice each year, which contains basic information to evaluate the efficiency and effectiveness of the ICS and is designed to support the management of the ICS by the responsible corporate bodies. The report is prepared by ICS management in cooperation with the ICS Committee based on information supplied by the managers responsible for ICS, the persons who carried out the controls and the auditors.

This information is also distributed to management and key personnel in the involved companies to facilitate monitoring and control activities and thereby ensure the accuracy of accounting and reporting procedures. EVN's internal audit department carries out regular reviews of the ICS for financial accounting, and their findings are also included in the continuous improvement of this system.

Consolidated non-financial report

The consolidated non-financial statement required by the Austrian Sustainability and Diversity Improvement Act was prepared in accordance with § 267a of the Austrian Commercial Code and is presented as an independent non-financial report.

See page 12ff in the EVN Annual Report 2023/24

Disclosures required by § 243a of the Austrian Commercial Code

• 1. The share capital of EVN AG totalled EUR 330,000,000 as of 30 September 2024 and was divided into 179,878,402 zero par value bearer shares, each of which represents an equal stake in share capital. Shareholders are not entitled to the issue of individual share certificates. There is only one class of shares, and all shares carry the same rights and responsibilities. EVN AG shares are traded in the Prime Market segment of the Vienna Stock Exchange.
• 1. There are no restrictions on voting rights or agreements limiting the transfer of shares which exceed the general requirements of the Austrian Stock Corporation Act. However, it should be noted that the transferability of the investment owned by the province of Lower Austria, which holds its shares through NÖ Landes-Beteiligungsholding GmbH, St. Pölten, is limited by Austrian federal and provincial constitutional law.
• 1. NÖ Landes-Beteiligungsholding GmbH ("NLH") and Wiener Stadtwerke GmbH ("WSTW") established a tax participation association on 23 September 2021, for which they concluded an "agreement over the

creation of a tax participation association for their investments in EVN AG". This contract basically calls for the syndicated exercise of voting rights by NLH and WSTW in the Annual General Meetings of EVN but reflects only the voting weight in the Annual General Meeting based on the respective investments held by NLH and WSTW and in accordance with legal regulations and/or the articles of association (NLH continues to hold a simple – but not qualified – majority and WSTW continues to hold a blocking minority).

• 1. Based on the above-mentioned constitutional requirements, the province of Lower Austria is the major shareholder of EVN with a stake of 51.0%. The second largest shareholder is Wiener Stadtwerke GmbH, Vienna, with a stake of 28.4%; this company is wholly owned by the city of Vienna. As of 30 September 2024, EVN held treasury shares representing 0.9% of share capital and free float equalled 19.7%.
• 1. EVN has not issued any shares with special control rights.
• 1. Employees who own shares in EVN may exercise their voting rights personally at the Annual General Meeting. EVN does not have a stock option programme.
• 1. The Executive Board consists of at least two members. The Supervisory Board has a minimum of eight and a maximum of 12 members. Unless another majority is required by law, the Annual General Meeting passes its resolutions with a simple majority of the votes cast or with a majority of the capital represented in cases requiring a majority of capital.
• 1. There were no authorisations as defined by § 243a (1) no. 7 of the Austrian Commercial Code in effect during the 2023/24 financial year which entitled the Executive Board, in particular, to issue the company's shares. However, the possibility of issuing previously repurchased treasury shares to employees remains intact.
• 1. A change of control in EVN in the sense of § 243a (1) no. 8 of the Austrian Commercial Code is currently not possible because of the legal regulations described above under points 2. and 3. Therefore, there are no possible consequences of a change of control.
• 1. There are no agreements to provide compensation to the members of corporate bodies or employees in the event of a public takeover.

Outlook on the 2024/25 financial year

EVN intends to consistently pursue the realisation of its goals and plans in the 2024/25 financial year. In line with the Strategy 2030, the foundation was created in recent years – despite the many economic and geopolitical developments and energy sector distortions – to position EVN as the designer of a climate-neutral energy future. Infrastructure projects were developed, an open dialogue was carried out with stakeholders, and a concentrated focus was placed on planning and optimisation. Digitalisation projects, innovations and visions accompany and supplement this ambitious course. It has led to the more precise definition and further expansion of the investment programme, which will be reflected in investments by the Group of approximately EUR 900m annually up to 2030.

In the Generation Segment, EVN is continuing to concentrate on the expansion of wind power and photovoltaics. The project pipeline is well filled and sufficiently diversified to meet the goal for an increase to 770 MW of installed wind power capacity and 300 MWp of photovoltaic capacity. The completion of the projects currently under construction will bring EVN a major step forward. Moreover, the expansion of renewable generation is one of the major drivers for the initial transition plan that was revised in 2023/24 and submitted to the Science Based Target initiative for verification.

Most of the annual investments will continue to be directed to the expansion of the network infrastructure in the coming years. The greatest challenge for the electricity distribution network remains unchanged and involves the optimal integration of the high, and continuously rising, volatile feed-in volumes from wind and

photovoltaic equipment into Austria's energy system. Extensive network investments are also required to meet changing consumption patterns, for example the growing use of e-mobility or heat pumps.

Our approach to the issue of large battery storage reflects our conviction that innovation and pilot projects can lead to new business models. At the energy hub in Theiss, we are therefore constructing a large battery storage facility with a capacity of 70 MW which is planned for commissioning as a virtual power plant at the end of 2027. Our objective is the optimised management of this large battery in terms of energy efficiency to enable the marketing of surplus production from solar energy in times of effective demand. In addition to participation in the day-ahead or intraday market, we also see concrete applications of battery storage in network operations because the temporary shift and use of flexibilities can also have a positive influence on network stability.

We are continuing to address the challenges in energy sales with additional offers and services. On the other hand, EVN established an early position as a provider of charging infrastructure for e-mobility. We also offer transaction platforms and software solutions for energy communities and create attractive added value for customers in this area. The construction of e-charging infrastructure and the development of digital offers for customers will also increasingly determine the further development of our activities in South East Europe.

Our decision as regards the international project business is unchanged and means the future focus of the EVN Group will remain on the core energy business. Further strategic options for WTE are therefore under evaluation and naturally reflect the investor feedback from the

structured process for the complete sale of WTE that was terminated on 4 April 2024.

For the 2024/25 financial year, EVN expects Group net result within a range of EUR 400m to EUR 440m – under the assumption of a stable regulatory and energy policy environment.

The dividend policy was confirmed and is unchanged. As of the 2024/25 financial year, the dividend will equal at least EUR 0.82 per share in the future, whereby EVN wants its shareholders to appropriately participate in any additional earnings growth. In the medium term, a payout ratio equalling 40% of Group net result, adjusted for extraordinary effects, is targeted.

Our Group – with an integrated business model in the energy sector combined with internet and telecommunications services and drinking water supplies in Lower Austria that complement and complete our infrastructure offering – is a reliable partner for our customers. At the same time, these activities create the basis for successful and attractive positioning on the capital market.

Maria Enzersdorf, 27 November 2024

EVN AG The Executive Board

Stefan Szyszkowitz Alexandra Wittmann Stefan Stallinger CEO and Spokesman CFO and Member CTO and Member of the Executive Board of the Executive Board of the Executive Board

Consolidated financial statements for 2023/24

According to International Financial Reporting Standards

Consolidated statement of operations	23
Consolidated statement of comprehensive income	23
Consolidated statement of financial position	24
Consolidated statement of changes in equity	25
Consolidated statement of cash flows	26
Consolidated notes	27	Basis of preparation
	29	Basis of consolidation
	33	Accounting policies
	47	Notes to the consolidated statement of operations
	54	Notes to the consolidated statement of financial position
	72	Segment reporting
	76	Other information
EVN's investments	98
Auditors' report	102

Consolidated statement of operations

EURm	Note	2023/24	2022/23
Revenue	25	3,256.6	3,768.7
Other operating income	26	127.3	127.5
Cost of materials and services	27	–1,928.6	–2,338.2
Personnel expenses	28	–473.9	–419.2
Other operating expenses	29	–212.8	–202.2
Share of results from equity accounted investees with operational nature	30	30.8	–67.6
EBITDA		799.4	869.0
Depreciation and amortisation	31	–348.3	–336.5
Effects from impairment tests	31	–24.9	–3.9
Results from operating activities (EBIT)		426.2	528.5
Results from other investments		199.3	169.0
Interest income		8.1	16.5
Interest expense		–61.8	–57.4
Other financial results		–10.2	–0.5
Financial results	32	135.3	127.6
Result before income tax		561.6	656.2
Income tax	33	–33.5	–74.0
Result for the period		528.1	582.1
thereof result attributable to EVN AG shareholders (Group net result)		471.7	529.7
thereof result attributable to non-controlling interests		56.4	52.4
Earnings per share in EUR1)	34	2.65	2.97
Dividend per share in EUR	46	0.90 2)	1.14

Consolidated statement of comprehensive income

EURm	Note	2023/24	2022/23
Result for the period		528.1	582.1
Other comprehensive income from
Items that will not be reclassified to profit or loss		–117.2	–388.2
Remeasurements IAS 19	47	–28.5	–26.7
Investments in equity accounted investees	47	–4.8	1.3
Shares and other equity instruments measured at fair value and reported in other comprehensive income	47, 63	–117.3	–479.0
Thereon apportionable income tax expense	47	33.4	116.2
Items that may be reclassified to profit or loss		96.0	–931.1
Currency translation differences	5	2.1	–15.9
Cash flow hedges	47	–38.1	235.4
Investments in equity accounted investees	47	163.0	–1,435.3
Thereon apportionable income tax expense	47	–31.0	284.8
Total other comprehensive income after tax		–21.2	–1,319.3
Comprehensive income for the period		506.9	–737.1
thereof income attributable to EVN AG shareholders		451.9	–790.5
thereof income attributable to non-controlling interests		54.9	53.3

1) There is no difference between basic and diluted earnings per share.

2) Proposal to the Annual General Meeting: dividend of EUR 0.90 per share

Consolidated statement of financial position (assets)

EURm	Note	30.09.2024	30.09.2023
Assets
Non-current assets
Intangible assets	35	262.4	211.2
Property, plant and equipment	36	4,662.7	4,285.7
Investments in equity accounted investees	37	1,144.0	1,103.4
Other investments	38	3,442.2	3,555.5
Deferred tax assets	51	31.1	50.9
Other non-current assets	39	157.5	174.3
		9,699.7	9,380.9
Current assets
Inventories	40	116.2	137.7
Income tax receivables		7.8	51.3
Trade and other receivables	41	837.1	1,083.6
Securities and other current financial investments	42	172.0	266.5
Cash and cash equivalents	61	78.8	70.2
Assets held for sale	43	2.0	5.8
		1,213.8	1,615.1
Total assets		10,913.6	10,996.0

Consolidated statement
of financial position (equity and liabilities)
EURm	Note	30.09.2024	30.09.2023
Equity and liabilities
Equity
Issued capital and reserves attributable to shareholders of EVN AG	44–48	6,414.8	6,165.4
Non-controlling interests	49	315.7	298.9
		6,730.6	6,464.3
Non-current liabilities
Non-current loans and borrowings	50	987.8	1,103.5
Deferred tax liabilities	51	766.3	785.9
Non-current provisions	52	394.6	367.7
Deferred income from network subsidies	53	726.1	683.3
Other non-current liabilities	54	83.8	89.1
		2,958.6	3,029.4
Current liabilities
Current loans and borrowings	55	126.1	343.2
Income tax liabilities		24.5	63.9
Trade payables	56	495.3	463.2
Current provisions	57	126.1	134.4
Other current liabilities	58	451.9	497.1
Liabilities in connection with assets held for sale	43	0.5	0.4
		1,224.4	1,502.2
Total equity and liabilities		10,913.6	10,996.0

Consolidated statement of changes in equity

EURm	Share capital	Share premium and capital reserves	Retained earnings	Valuation reserve	Currency translation reserve	Treasury shares	Issued capital and reserves of EVN AG shareholders	Non controlling interests	Total
Balance on 30.09.2022	330.0	254.6	2,979.9	3,478.3	23.2	–18.1	7,047.8	273.3	7,321.1
Comprehensive income	–	–	529.7	–1,304.3	–15.9	–	–790.5	53.3	–737.1
Dividends 2021/22	–	–	–92.7	–	–	–	–92.7	–27.7	–120.4
Change in treasury shares	–	0.4	–	–	–	0.4	0.8	–	0.8
Balance on 30.09.2023	330.0	254.9	3,417.0	2,174.0	7.3	–17.7	6,165.4	298.9	6,464.3
Comprehensive income	–	–	471.7	–21.8	2.1	–	451.9	54.9	506.9
Dividends 2022/23	–	–	–203.2	–	–	–	–203.2	–38.1	–241.4
Change in treasury shares	–	0.4	–	–	–	0.3	0.7	–	0.7
Balance on 30.09.2024	330.0	255.4	3,685.4	2,152.2	9.4	–17.5	6,414.8	315.7	6,730.6
Note	44	45	46	47	5	48		49

Consolidated statement of cash flows

EURm	Note	2023/24	2022/23
Result before income tax		561.6	656.2
+ Depreciation, amortisation/– revaluation of intangible assets and property, plant and equipment and other non-current assets	31	373.2	342.0
– Results of equity accounted investees and other investments	37, 38	–230.1	–101.4
+ Dividends from equity accounted investees and other investments		340.0	274.7
+ Interest expense		61.8	57.4
– Interest paid		–47.2	–46.0
– Interest income		–8.1	–16.5
+ Interest received		7.2	15.4
+ Losses/– gains from foreign exchange translations		9.9	3.9
+/– Other non-cash financial results		–4.5	–3.3
– Release of deferred income from network subsidies	60	–64.6	–64.1
– Gains/+ losses on the disposal of intangible assets and property, plant and equipment		–0.7	–3.3
– Gains/+ losses from deconsolidations		0.2	–
– Decrease/+ increase in non-current provisions	52	–23.5	–13.8
+ Impairments/ – write-ups due to revaluation of a disposal group		7.1	–0.3
Gross cash flow		982.2	1,100.7
+ Decrease/– increase in inventories and receivables		260.0	3.2
+ Increase/– decrease in current provisions		–8.4	–10.5
+ Increase/– decrease in trade payables and other liabilities		–32.8	–102.3
– Income tax paid		–34.3	–48.9
Net cash flow from operating activities		1,166.7	942.4

Consolidated statement of cash flows

EURm Note	2023/24	2022/23
+ Proceeds from the disposal of intangible assets and property, plant and equipment	5.5	6.2
+ Proceeds from network subsidies	104.5	114.5
+ Proceeds from the disposal of financial assets and other non-current assets	1.6	3.6
+ Proceeds from the disposal of current securities and other current financial investments	175.3	70.5
– Acquisition of intangible assets and property, plant and equipment	–752.5	–691.0
– Acquisition of financial assets and other non-current assets	–8.1	–331.3
– Acquisition of current securities and other current financial investments	–68.7	–95.6
– Acquisition of subsidiaries less acquired cash and cash equivalents 4	–4.7	–5.9
Net cash flow from investing activities	–547.2	–929.0
– Dividends paid to EVN AG shareholders 46	–203.2	–92.7
– Dividends paid to non-controlling interests	–38.1	–27.7
+ Sales of treasury shares	0.7	0.8
+ Increase in financial liabilities 60	–	256.7
– Decrease in financial liabilities 60	–293.2	–123.7
– Decrease in leasing liabilities 60	–11.8	–11.8
Net cash flow from financing activities	–545.7	1.6
Net change in cash and cash equivalents	73.8	14.9
Net change in cash and cash equivalents
Cash and cash equivalents at the beginning of the period1) 60	20.2	36.9
Other movements on cash and cash equivalents2)	–15.2	–31.7
Cash and cash equivalents at the end of the period1)	78.8	20.2
Net change in cash and cash equivalents	73.8	14.9

1) The addition of bank overdrafts results in cash and cash equivalents as reported on the consolidated statement of financial position.

2) Composition of other movements: EUR –15.0m (previous year: EUR –27.7m) restricted cash and EUR –0.2m

(previous year: EUR –3.6m) currency differences and EUR 0.0m (previous year: EUR –0.4m) change of consolidation scope.

Consolidated notes

Basis of preparation

1. General

EVN AG, as the parent company of the EVN Group (EVN), is a leading listed Austrian energy and environmental services provider. Its headquarters are located in A-2344 Maria Enzersdorf, Austria. In addition to serving its domestic market in the province of Lower Austria, EVN operates in the Bulgarian, North Macedonian, Croatian, German and Albanian energy industry. EVN is also active in the area of environmental services through subsidiaries that provide customers in 11 countries with water supply, wastewater treatment and thermal waste utilisation services.

The consolidated financial statements are prepared as of the balance sheet date of EVN AG. The financial year of EVN AG covers the period from 1 October to 30 September.

The consolidated financial statements are prepared on the basis of uniform accounting policies. In cases where the balance sheet date of a consolidated company differs from the balance sheet date of EVN AG, interim financial statements are prepared as of 30 September.

The consolidated financial statements are prepared on the basis of historical acquisition and production costs, unless indicated otherwise.

Certain items on the consolidated statement of financial position and the consolidated statement of operations are summarised to achieve a more understandable and clearly structured presentation. These positions are presented individually in the consolidated notes and explained according to the principle of materiality. In order to improve

clarity and comparability, the amounts in the consolidated financial statements are generally shown in millions of euros (EURm), unless otherwise noted. Small amounts below TEUR 50 as well as zero values are presented in the notes to the consolidated financial statements with "–" to improve readability. The rounding of individual positions and percentage rates can lead to minimal rounding differences.

The consolidated statement of operations is prepared in accordance with the nature of expense method.

2. Reporting in accordance with IFRS

Pursuant to § 245a of the Austrian Commercial Code, the consolidated financial statements were prepared in accordance with the current guidelines set forth in the IFRS issued by the International Accounting Standards Board (IASB) as well as the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) that were applicable as of the balance sheet date and had been adopted by the European Union (EU).

Standards and interpretations applied for the first time and changes in accounting policies

The following standards and interpretations were applied for the first time in the 2023/24 financial year:

Standards and interpretations applied for the first time

		Effective1)	Expected material effects on EVN's consolidated financial statements
	New standards and interpretations
IFRS 17	Insurance Contracts	01.01.2023	None
	Revised standards and interpretations
IAS 1	Disclosure of Accounting Policies	01.01.2023	None
IAS 8	Definition of Accounting Estimates	01.01.2023	None
IAS 12	Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction	01.01.2023	None
IAS 12	Amendments to IAS 12 Income Taxes – Pillar Two Model	01.01.2023	None
IFRS 17	Initial Application of IFRS 17 and IFRS 9 – Comparative Information	01.01.2023	None

1) In accordance with the official Journal of the EU, these standards are applicable to financial years beginning on or after the effective date.

The amendments to IAS 12 (International Tax Reform – Pillar Two Model Rules) introduced a temporary exemption from the requirement to recognise and disclose information on deferred tax assets and liabilities in connection with the implementation of the Pillar Two rules.

It is assumed that EVN's activities in countries where the statutory tax rate is below 15%, in particular Bulgaria, North Macedonia, Kuwait and Bahrain, are subject to the global minimum taxation rules. If the minimum taxation had already applied for the current 2023/24 financial year, the Group tax rate would increase by less than one percentage point based on the current figures.

The first-time mandatory application of the new and other amended standards and interpretations has no material impact on the consolidated financial statements.

Standards and interpretations already adopted by the EU, but not yet compulsory

		Effective1)	Expected material effects on EVN's consolidated financial statements
	Revised standards and interpretations
IAS 7, IFRS 7	Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments (Supplier Finance Arrangements)	01.01.2024	None
IAS 1	Classification of Liabilities as Current or Non-current	01.01.2024	None
IFRS 16	Lease Liability in a Sale and Leaseback	01.01.2024	None

1) In accordance with IASB, these standards are applicable to financial years beginning on or after the effective date.

The following standards and interpretations had been issued by the IASB as of 30 September 2024, but have not yet been adopted by the EU:

Standards and interpretations not yet applicable and not yet adopted by the EU

		Effective1)	Expected material effects on EVN's consolidated financial statements
	New standards and interpretations
IFRS 18	Presentation and Disclosure in Financial Statements	01.01.2027	Yes
IFRS 19	Subsidiaries without Public Accountability	01.01.2027	None
	Revised standards and interpretations
IAS 21	The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	01.01.2025	None
IFRS 9, IFRS 7	Amendments to the Classification and Measurement of Financial Instruments	01.01.2026	None
IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7	Annual Improvements	01.01.2026	None

1) In accordance with IASB, these standards are applicable to financial years beginning on or after the effective date.

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies to financial years beginning on or after 1 January 2027. The new standard brings with it the following requirements:

• Companies must classify all income and expenses in the statements of operations into five categories: operating activities, investing activities, financing activities, discontinued operations and income taxes. In addition, newly defined subtotals must be shown. However, the net result of the companies remains unaffected.
• Key performance indicators defined by management (management performance measures) must be explained in a separate note.
• Extended guidelines specify how information is to be structured and grouped in the financial statements.

In addition, companies are required to use the subtotal of the operating result as the starting point for the statement of cash flows if they present the operating cash flow using the indirect method.

For the EVN Group, the application of IFRS 18 is expected to result in significant changes to the presentation of the consolidated statement of operation. There will also be changes to the presentation of the consolidated statement of cash flows and other disclosures in the notes.

The introduction of IFRS 19 and the other amendments are not expected to have a material impact on EVN's consolidated financial statements.

Basis of consolidation

3. Consolidation methods

Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and assumed liabilities.

All significant companies whose financial and operating activities are directly or indirectly controlled by EVN AG (i. e. subsidiaries) are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has a right to variable returns from the investee and can influence the amount of these returns through its control.

This is usually the case when EVN's voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and is the primary beneficiary of any economic benefits arising from the business operations of these companies or if EVN is required to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are deconsolidated when control ends.

In accordance with IFRS 3, assets and liabilities (including contingent liabilities) obtained through business combinations are recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental potential that cannot be individually identified are recognised in local currency as goodwill and allocated to cash-generating units (CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35. Intangible assets and 22. Procedures and effects of impairment tests). Negative differences are recognised in profit or loss after a repeated measurement of the acquired company's identifiable assets and liabilities (including contingent liabilities) and measurement of the acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted for directly in equity without recognition through profit or loss.

Joint arrangements are included in the consolidated financial statements of EVN depending on the rights and obligations attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement is classified as a joint venture according to IFRS 11 and included at equity. If rights to the assets and obligations for the liabilities are involved, the joint arrangement is classified as a joint operation according to IFRS 11 and included in the consolidated financial statements through line-by-line consolidation.

Associates – i. e. companies in which EVN AG can directly or indirectly exercise significant influence – are included at equity.

Subsidiaries, joint ventures and associates are not consolidated if their influence on EVN's asset, financial and earnings position is considered to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment losses. The materiality of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external revenue and annual profit or loss as reported in the last available financial statements in relation to the respective Group totals.

Intragroup receivables, liabilities, income and expenses as well as interim profits and losses are eliminated unless they are immaterial. The consolidation procedure for profit or loss includes the effects of income taxes as well as the recognition of deferred taxes if permissible.

4. Scope of consolidation

The scope of consolidation is determined in accordance with the requirements of IFRS 10. Accordingly, 28 domestic and 26 foreign subsidiaries (including the parent company EVN AG) were fully consolidated in the consolidated financial statements as of 30 September 2024 (previous year: 26 domestic and 28 foreign subsidiaries). A total of 12 subsidiaries (previous year: 10) were not consolidated due to their immaterial influence on EVN's asset, financial and earnings position, either individually or in total.

The fully consolidated subsidiary EVN Energieservices GmbH, as the limited partner of EVN KG, participates to 100.0% in the profit or loss of EVN KG. EnergieAllianz serves as the general partner of EVN KG, but does not hold an investment in this company. Based on the agreement with EnergieAllianz regarding the management of EVN KG, there is joint control and EVN KG is therefore classified as a joint venture in the sense of IFRS 11 and consolidated

at equity. Contractual agreements also lead to the classification of the EnergieAllianz Group (EnergieAllianz and its subsidiaries) as a joint venture in the sense of IFRS 11; the group is therefore included in the consolidated financial statements at equity.

RBG, a fully consolidated company in which EVN AG has an unchanged interest of 50.03%, holds a 100.0% stake in RAG. RAG is consolidated at equity because contractual agreements prevent EVN from exercising control.

Bioenergie Steyr, in which EVN Wärme holds a stake of 51.0%, is included in EVN's consolidated financial statements at equity because contractual agreements exclude any possibility of control.

Verbund Innkraftwerke, Germany, in which EVN AG has an unchanged interest of 13.0%, is included at equity due to special contractual arrangements that allow for the exercise of significant influence.

The criteria for control defined by IFRS 10 are not considered to be met in companies with an investment of 50.0%. These companies are classified as joint ventures in the sense of IFRS 11 based on the respective contractual agreements and are therefore included in the consolidated financial statements at equity.

An overview of the companies included in the consolidated financial statements is provided under EVN's investments, starting on page 98. Notes 49. Non-controlling interests and 64. Disclosures of interests in other entities provide detailed information on the subsidiaries with major non-controlling interests as well as joint ventures and associates that are included in the consolidated financial statements.

The scope of consolidation (including EVN AG as the parent company) developed as follows during the reporting year:

Changes in the scope of consolidation

	Full consolidation	Equity	Total
30.09.2023	54	15	69
thereof foreign companies	28	5	33
Gradual acquisition of shares	1	–	1
Initial consolidation	1	–	1
Deconsolidation	–1	–1	–2
Reorganisation1)	–1	–	–1
30.09.2024	54	14	68
thereof foreign companies	26	5	31

1) Internal reorganisation

Bioenergie St. Pölten GmbH, Maria Enzersdorf, is a newly founded 100% subsidiary of EVN Wärme GmbH and was fully consolidated for the first time as of 17 October 2023.

The former 100% subsidiary EVN Trading DOOEL, Skopje, North Macedonia, was liquidated as of 27 November 2023 and deconsolidated as a result. This did not have any material effects on the consolidated financial statements.

Sludge2energy GmbH, Berching, Germany, which was fully consolidated for the first time in the previous year, was merged with WTE Wassertechnik GmbH, Essen, Germany, within the Group. The merger was entered in the commercial register on 15 January 2024.

EVN previously held 50% of the shares in EVN-ECOWIND Sonnenstromerzeugungs GmbH (ESO), Maria Enzersdorf, and included this company at equity in the consolidated financial statements. As of 28 August 2024, EVN acquired the remaining 50% of the shares in ESO. This resulted in an investment of 100% for EVN, and the company was fully consolidated as of 30 September 2024. At-equity accounting was discontinued on that same date.

The business purpose of ESO consists of the generation of electrical energy from its equipment, the feed-in of this energy into the distribution network of Netz Niederösterreich or into the transmission network, sales to electricity traders, and the marketing of secondary products from this activity. ESO currently operates a floating photovoltaic plant in Grafenwörth with a capacity of 24.5 MWp which feeds electricity into the public network. The assets owned by ESO consist primarily of this plant. The company has no employees and has outsourced the marketing of the generated energy.

The successive purchase of shares in ESO does not fall under the scope of application of IFRS 3. It represents the acquisition of assets and the assumption of liabilities because the company has neither a substantial process for service provision in the sense of IFRS 3 nor a own workforce.

The following table shows the fair value of the acquired assets and assumed liabilities as of the initial consolidation date:

Changes in the scope of consolidation

EURm	Fair value 30.09.2024
Property, plant and equipment	26.8
Intangible assets	0.3
Current receivables and other assets	0.4
Cash and cash equivalents	1.4
Total fair value of assets	29.0
Non-current liabilities	15.1
Current liabilities	1.2
Total fair value of liabilities	16.2
Net assets	12.7
Transferred consideration	12.7
thereof previous at-equity share (50%)	6.4
thereof consideration acquired (50%)	6.4

The purchase price mainly reflected the fair value of the acquired net assets, whereby EUR 6.2m have already been paid in cash. If the company had been fully consolidated from the beginning of the financial year, it would have increased revenue by EUR 4.9m and the result before income tax by EUR 2.7m.

The closing conditions for the purchase were met on 28 August, which also marks the date on which control in the sense of IFRS 10 was attained. However, the initial consolidation took place on 30 September 2024 in connection with the preparation of the financial statements for materiality reasons. If the company had been fully consolidated with the attainment of control on 28 August 2024, it would have increased revenue by EUR 0.4m and the result before income tax by EUR 0.2m.

This transaction represents a business combination through the successive purchase of shares to attain control. The fair value measurement of assets led to an increase in the company's net assets. Initially, the revaluation of the existing at-equity investment resulted in an increase of EUR 1.5m which was recognised to profit or loss. The revaluation gain was reported on the consolidated statement of operations under share of results from equity accounted investees with operational nature.

There were no IFRS 3 business combinations during the reporting period.

5. Foreign currency translation

All Group companies record their foreign currency business transactions at the mid exchange rate in effect on the date of the relevant transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the mid exchange rate on the balance sheet date. Any resulting foreign currency gains or losses are recognised in profit or loss. The exchange rate applied to the initial recognition of an asset, expense or income is derived from the date on which a company initially recognises the related non-monetary asset or non-monetary liability.

In accordance with IAS 21, the annual financial statements of Group companies that are prepared in a foreign currency are translated into euros for inclusion in the consolidated financial statements. This translation is based on the functional currency method, under which the assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation differences from long-term Group loans are recorded under the currency translation reserve in equity without recognition in profit or loss. Currency translation differences directly recognised in equity resulted in a change to equity of EUR 2.1m in 2023/24 (previous year: EUR –15.9m).

Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the mid exchange rates between the balance sheet date for the reporting year and the previous year as well as differences arising from the use of mid exchange rates to translate changes during the financial year are reported separately under currency translation differences in all tables.

Goodwill resulting from the acquisition of foreign subsidiaries is recorded at the exchange rate in effect on the acquisition date. This goodwill is subsequently allocated to the acquired company and translated at the exchange rate in effect on the balance sheet date. When a foreign company is deconsolidated, any related currency differences are recognised in profit or loss.

The following key exchange rates were used for foreign currency translation:

Foreign currency translation
	2023/24		2022/23
Currency	Exchange rate on the balance sheet date	Average1)	Exchange rate on the balance sheet date	Average1)
Albanian lek	98.79000	102.21769	106.68000	112.01423
Bulgarian lew2)	1.95583	1.95583	1.95583	1.95583
Bahrain dinar	0.42195	0.40908	0.39950	0.40042
Japanese yen	159.75000	162.77692	158.11000	148.73692
Kuwaiti dinar	0.34145	0.33341	0.32740	0.32669
North Macedonian denar	61.49250	61.53430	61.50160	61.58384
Polish złoty	4.27940	4.34257	4.62775	4.61934
Russian rouble	104.13450	98.66355	103.18475	83.21165

1) Average of the exchange rates on the last day of each month

2) The exchange rate was determined by Bulgarian law

Accounting policies

6. Intangible assets

Acquired intangible assets are recognised at acquisition cost less straight-line amortisation and any impairment losses, unless their useful life is classified as indefinite. Assets with a determinable limited useful life are amortised on the basis of that expected useful life, which as in the previous year, equals three to eight years for software and three to 40 years for rights. Customer relationships capitalised in connection with a business acquisition, which have a determinable useful life because of potential market liberalisation, are amortised on a straight-line basis over five to 15 years. The expected useful lives and amortisation curves are determined by estimating the timing and distribution of cash inflows from the corresponding intangible assets over time. Intangible assets with an indefinite useful life are measured at cost and tested annually for impairment (see note 22. Procedures and effects of impairment tests).

Internally generated intangible assets must meet the requirements of IAS 38 in order to be capitalised. This standard distinguishes between research and development expenses.

Service concessions that meet the requirements of IFRIC 12 are classified as intangible assets. Expenses and income are recognised according to the percentage of completion method at the fair value of the compensation received. The percentage of completion is assessed according to the cost-to-cost method. The requirements defined in IFRIC 12 are currently met by the Ashta hydropower plant which is included at equity.

7. Property, plant and equipment

Property, plant and equipment are carried at acquisition or production cost less scheduled straight-line depreciation and any necessary impairment losses. The acquisition or production cost also includes the estimated expenses for demolition and disposal if there is an obligation to decommission or demolish the plant and equipment or to restore property at the end of the asset's useful life. The present value of the estimated demolition and/or disposal costs is capitalised along with the acquisition or production cost and also recognised as a liability (provision). Production costs for internally generated fixed assets include appropriate material and manufacturing overheads in addition to direct material and labour costs.

Ongoing maintenance and repairs to property, plant and equipment are recognised in profit or loss, provided this work does not change the nature of the asset or lead to additional future benefits. If these measures enhance the value of the respective asset, the related expenses must be capitalised retroactively as part of the acquisition or production cost.

If the construction of property, plant and equipment continues over an extended period of time, these items are classified as "qualifying assets". The borrowing costs incurred during the construction period are then capitalised as a part of the production cost in accordance with IAS 23. In keeping with EVN's accounting policies, a project gives rise to a qualifying asset only if construction takes at least 12 months. Interest on borrowed capital is not capitalised if the amounts are insignificant over the entire construction phase.

Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and equipment subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its components. The expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.

As in the previous year, straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:

Expected useful life of property, plant and equipment

	Years
Buildings	10–50
Transmission lines and pipelines	15–50
Machinery	10–50
Meters	5–40
Tools and equipment	3–25

When property, plant and equipment are sold, the acquisition or production cost and accumulated depreciation are reported as a disposal. The difference between the net proceeds from the sale and the carrying amount are recognised to profit or loss and reported in other operating income or expenses.

Some leases include extension and cancellation options which are used by EVN to achieve maximum operating flexibility in the assets used by the Group. The determination of the contract term includes all facts and circumstances which could represent an economic incentive for the exercise of an extension option or the non-exercise of a cancellation option.

EVN evaluates at the beginning of the contract term whether a contract establishes a lease. If a lease is involved, a right of use and corresponding lease liability are recognised. The amount of the right of use represents the amount of the lease liability on the contract's initial recognition date, with an adjustment for any initial direct costs incurred by the lessee, payments at or before the beginning of the lease relationship, lease incentives and/or dismantling obligations. The carrying amount of the lease liability is determined by discounting the payments expected during the lease, the expected payments from issued residual value guarantees, the exercise prices for purchase options (if their exercise is sufficiently probable) and any payments for premature cancellation of the contract (if probable).

8. Investments in equity accounted investees

Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these investments are adjusted by the share of profit or loss attributable to EVN, less any dividends received, and by EVN's share of other comprehensive income and any other changes in equity. Investments accounted for according to the equity method are tested for impairment in accordance with IAS 36 if there are any indications of a loss in value (see note 22. Procedures and effects of impairment tests).

The share of results from equity accounted investees with operational nature is reported as part of results from operating activities (EBIT). (see notes 30. Share of results from equity accounted investees with operational nature and 64. Disclosures of interests in other entities).

9. Financial instruments

A financial instrument is a contract that gives rise to a financial asset in one company and a financial liability or an equity instrument in another company.

Primary financial instruments

Primary financial instruments are measured in accordance with the rules defined by IFRS 9. Initial recognition is based on fair value as of the settlement date, including transaction costs, unless the financial instruments are recognised at fair value through profit or loss. Primary financial instruments are recognised in the consolidated statement of financial position when EVN is contractually entitled to receive payment or other financial assets from another party.

Following the initial application of IFRS 9, EVN has classified its financial assets under the following measurement categories since 1 October 2018:

• Fair value through other comprehensive income (FVOCI)
• Fair value through profit or loss (FVTPL)
• At amortised cost (AC)

The classification of financial assets on initial recognition is based on the business model and the characteristics of the contractual cash flows.

A financial asset is classified at amortised cost (AC) when it is held to collect contractual cash flows and these cash flows consist entirely of interest and principal payments on the outstanding amount. EVN holds loans receivable, trade receivables, remaining other non-current assets, cash on hand and cash at banks within the framework of a business model whose objective is to collect contractual cash flows. Consequently, the cash flow criterion is also met and the financial assets are classified at amortised cost (AC).

The non-current and current securities held by EVN are held within a business model whose objective is neither to collect contractual cash flows nor to collect contractual cash flows and to sell financial assets. These securities are classified at fair value through profit or loss (FVTPL). Derivative financial assets (outside hedge accounting) must be classified at fair value through profit or loss (FVTPL) (see Derivative financial instruments).

Investments in equity instruments are generally measured at fair value through profit or loss (FVTPL). However, EVN decided, at the time IFRS 9 was initially applied, to exercise the "FVOCI option" provided by IFRS 9.5.7.5 and classify all its equity instruments irrevocably at fair value through other comprehensive income (FVOCI).

Financial liabilities are still classified under the following measurement categories:

• Fair value through profit or loss (FVTPL)

• At amortised cost (AC)

Subsequent measurement is based on the classification to the measurement categories listed above and the rules applicable to the individual categories. These rules are described in the notes to the individual items on the consolidated statement of financial position.

The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt instruments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as defined in IFRS 15. Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for expected future credit losses. The related classification is based on a threestage impairment model. When a financial asset is initially recognised, a loss allowance must be determined for the credit losses expected to occur within one year (risk category 1). Any significant deterioration in the debtor's credit standing leads to the extension of this timeframe to the full term of the financial asset (risk category 2). An impaired credit standing or actual default by the debtor results in reclassification to risk category 3. The criteria for the transfer between risk categories are based on EVN's internal rating system.

EVN determines the expected future credit loss by multiplying the "probability of default" (PoD) with the carrying amount of the financial asset "exposure at default" (EAD) and the actual loss resulting from customer default "loss given default" (LGD).

In contrast to the above-mentioned ECL model, the simplified approach does not include the measurement of the twelve-month expected credit loss but only the lifetime expected credit loss. A simplified approach must be applied to trade receivables and IFRS 15 contractual assets without a significant financing component. An option is also available to apply the simplified approach to trade receivables and IFRS 15 contractual assets with a significant financing component. EVN uses this option. The option to apply the simplified approach in accordance with IFRS 16 to lease receivables is not applied.

EVN uses the practical expedient defined by IFRS 9.B5.5.35 for trade receivables and measures the expected credit loss with a provision matrix (also see note 13. Trade and other receivables).

Derivative financial instruments

The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the financial sector are foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in commodity and product prices.

The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission certificates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certificates as well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or usage requirements, the criteria for the so-called "own use exemption" are met. The contracts are then not considered derivative financial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for possible impending losses from pending transactions in accordance with IAS 37. If the requirements for the own use exemption are not met – for example, by transactions for short-term optimisation – the contracts are recorded as derivatives in accordance with IFRS 9. Corresponding expenses and income from such derivative financial instruments are reported under results from operating activities.

Derivative financial instruments are recognised at fair value, which generally reflects the acquisition cost, when the respective contract is concluded and measured at fair value in subsequent periods. The fair value of derivative financial instruments is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions (under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities, depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note 63. Reporting on financial instruments).

EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The requirements defined by IFRS 9 for this designation include an approved underlying transaction or hedging instrument, the formal designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the hedge as well as an appropriately documented hedging strategy.

Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.

When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction (based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative are recognised immediately to profit or loss.

If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.g. inventories, the accumulated amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item, if it is recognised.

For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised, hedge accounting is terminated prospectively. A so-called "rebalancing" is generally carried out when the framework conditions change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition (for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).

If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging costs are reclassified immediately to profit or loss.

The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the hedging transaction.

Fair value hedges are used to hedge currency risks (also see notes 61. Risk managment and 63. Reporting on financial instruments).

Derivative financial instruments classified as fair value hedges under IFRS 9 serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in profit or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the underlying transaction, as far as it reflects the hedged risk. The related earnings are generally reported under the same position in the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset by the changes in the value of the hedged transactions.

The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives are generally offset by compensating changes in the underlying transactions.

10. Other investments

Other investments include, in addition to other investments, shares in associated companies which are not included in the consolidated financial statements due to immateriality. These shares are recorded at cost less any necessary impairment losses. The other investments were classified irrevocably at fair value through other comprehensive income ("FVOCI option") in accordance with IFRS 9.5.7.5 following the introduction of IFRS 9. The fair value of these investments is based on available information and derived from market quotations, discounted cash flow calculations or the multiplier method. The measurement and deconsolidation results from these equity instruments are recorded under other comprehensive income. Dividends received are still reported on the consolidated statement of operations under income from investments, despite the use of this option (also see note 32. Financial results).

11. Other non-current assets

Securities recorded under other non-current assets are initially recognised as FVTPL. These assets are recorded at fair value as of the acquisition date and subsequently measured at fair value as of the balance sheet date. Changes in fair value are recognised in the consolidated statement of operations.

Loans receivable are classified as AC, whereby the carrying amount on the acquisition date corresponds to the fair value. These loans are subsequently measured at amortised cost in keeping with the effective interest rate method and also reflect any necessary impairment losses.

Lease receivables arise from the international project business in the Environment Segment. They are classified as finance leases according to IFRS 16.

Receivables arising from derivative transactions are recognised as FVTPL. Gains and losses arising from changes in the fair value of derivative financial instruments are either recognised in profit or loss in the consolidated statement of operations or in other comprehensive income (see note 9. Financial instruments).

The measurement of the remaining non-current assets is based on acquisition or production cost or the lower net realisable value on the balance sheet date.

Costs incurred for obtaining a contract are capitalised as an asset when EVN assumes these costs can be recovered. The capitalised costs are amortised on a systematic basis depending on how the goods or services are transferred to the customer.

12. Inventories

The measurement of inventories is based on acquisition or production cost or the lower net realisable value as of the balance sheet date. For marketable inventories, these values are derived from the current market price. For other inventories, these figures are based on the expected proceeds less future production costs. Risks arising from the length of storage or reduced marketability are reflected in experience-based reductions. The moving average price method is used to determine the consumption of primary energy inventories as well as raw materials, auxiliary materials and fuels.

The inventories of natural gas held by EVN for trading purposes are measured through profit or loss in the consolidated statement of operations. In accordance with the dealer-broker exception for raw material and commodities traders, measurement is based on fair value less costs to sell. This represents the market price for day-ahead deliveries on the Trading Hub Europe (THE) – European Energy Exchange.

13. Trade and other receivables

Current receivables are generally recorded at amortised cost, which equals the acquisition cost less impairment losses for the components of the receivables that are expected to be uncollectible. EVN applies the practical expedient provided by IFRS 9.B5.5.35 to trade receivables and determines the expected credit loss with a provision matrix. The input factors for the matrix include analyses of default incidents in previous financial years based on different regional characteristics for the core markets. The expected credit losses determined by the matrix are ranked by the time (over)due based on historical default rates and subsequently written off through profit or loss. The compiled information is reviewed annually, and the default rates are adjusted if necessary. All other receivables are accounted for in accordance with the ECL model (also see note 9. Financial instruments).

Amortised costs, less any applicable impairment losses, can be considered appropriate estimates of the current value because the remaining term to maturity is generally less than one year.

Exceptions to the above procedure are receivables arising from derivative transactions which are recognised at fair value, and foreign currency items, which are measured at the exchange rates in effect on the balance sheet date.

Contract assets consist primarily of the Group's claims to consideration for performance on contract orders from the project business, in cases where the performance was completed but not yet invoiced as of the balance sheet date. Contract assets are reclassified to receivables when the rights become unconditional. This generally occurs when the Group issues an invoice to the customer.

14. Securities

Current securities, which consist mainly of investment certificates, are classified as FVTPL and measured at their fair value. Changes in fair value are recognised in profit or loss in the consolidated statement of operations.

15. Cash and cash equivalents

Cash and cash equivalents include cash on hand and demand deposits. Cash balances in foreign currencies are translated at the exchange rate in effect on the balance sheet date.

In accordance with internal Group guidelines, EVN invests cash and cash equivalents only with reputable financial institutions with good ratings. In this respect, it is assumed that cash and cash equivalents based on the external rating of banks and financial institutions have a low risk of default.

16. Assets and liabilities held for sale

Non-current assets as well as disposal groups that contain assets and liabilities are classified as held for sale when their sale is highly likely.

These assets and disposal groups are generally carried at the lower of their respective carrying amount and fair value less disposal costs. Any necessary recognition of an impairment loss to a disposal group is initially allocated to goodwill and, thereafter, to the remaining assets and liabilities on a proportional basis. Impairment losses resulting from the initial classification as held for sale as well as later gains and losses on revaluation are recognised to profit or loss.

Intangible assets and property, plant and equipment are no longer amortised, respectively depreciated once they have been classified as held for sale.

17. Equity

In contrast to borrowings, equity is defined by the IFRS framework as the "residual interest in the assets of an entity after deducting all of its liabilities". Equity is thus the residual value of a company's assets and liabilities.

Treasury shares held by EVN are not recognised as securities pursuant to IAS 32, but are instead reported at their (repurchase) acquisition cost and offset against equity. Any profit or loss resulting from the resale of treasury shares relative to the acquisition cost increases or decreases capital reserves.

The items recorded under other comprehensive income include certain changes in equity that are not recognised through profit or loss as well as the related deferred taxes. For example, this position contains the currency translation reserve, valuation results from equity instruments (FVOCI), the effective portion of changes in the fair value of cash flow hedges as well as all remeasurements according to IAS 19. This item also includes the proportional share of gains and losses recognised directly in equity accounted investees.

18. Provisions

Personnel provisions

The projected unit credit method is used to determine the provisions for pensions and similar obligations as well as severance payments. The expected pension payments are distributed according to the number of years of service by employees until retirement, taking expected future increases in salaries and pensions into account.

The amounts of the provisions are determined by an actuary as of each balance sheet date based on an expert opinion. The measurement principles are described in note 52. Non-current provisions. All remeasurements – at EVN, only gains and losses from changes in actuarial assumptions – are recognised under other comprehensive income in accordance with IAS 19.

The applied interest rate is based on the market yields for first-class, fixed-interest industrial bonds as of the balance sheet date, whereby the maturities of the benefits were taken into account.

The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is included under financial results.

The calculation of the provisions for severance payments, service anniversary bonuses, pensions and pension-related obligations, as in the previous year, was based on the Austrian mortality tables "AVÖ 2018-P – Rechnungsgrundlagen für die Pensionsversicherung", which were issued by the Actuarial Association Austria (AVÖ) on 15 August 2018.

Provisions for pensions and pension-related obligations

Under the terms of a company agreement, EVN AG is required to pay a supplementary pension on retirement to employees who joined the company prior to 31 December 1989. This commitment also applies to employees who, within the context of the legal unbundling agreement for the spin-off of the electricity and natural gas networks, are now employed by Netz Niederösterreich. The amount of this supplementary pension is based on performance as well as on the length of service and the amount of remuneration at retirement. EVN, in any case, and the employees, as a rule, also make contributions to the umbrella pension fund VBV Pensionskasse AG (VBV) and the resulting claims are fully credited toward pension payments. Therefore, EVN's obligations toward both retired employees and prospective beneficiaries are covered in part by provisions for pensions as well as by defined contribution payments on the part of VBV.

For employees who joined the company after 1 January 1990, the supplementary company pension was replaced by a defined contribution plan that is financed through VBV. VBV is responsible for the investment of the pension plan assets. Pension commitments were also made to certain employees, which require EVN to pay retirement benefits under certain conditions.

Provisions for pension-related obligations were recognised for liabilities arising from the vested claims of current employees and the current claims of retired personnel and their dependents to receive benefits in kind in the form of electricity and natural gas.

Provision for severance payments

Austrian corporations are required by law to make one-off severance payments to employees whose employment began before 1 January 2003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the respective employee's remuneration at the time the severance payment is made.

Employees in Bulgaria and North Macedonia are entitled to severance payments on retirement, which are based on the number of years of service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social protection measures contingent on the legal, economic and tax framework of the country in which they work.

The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after 31 December 2002 has been transferred to a defined contribution plan. The payments to this external employee fund are reported under personnel expenses.

Other provisions

The other provisions reflect all recognisable legal or factual commitments to third parties based on past events, where the amount of the commitments and/or the precise starting point was still uncertain. In these cases, a reliable estimate of the amount of the obligation is required. If a reliable estimate is not possible, a provision is not recognised. These provisions are recognised at the discounted settlement amount. They are measured based on the expected value or the amount most likely to be incurred.

Risk-free interest rates are used for the discount rates. If the risks and uncertainties in cash flows cannot be taken into consideration adequately, an adapted discount rate is used.

The provisions for service anniversary bonuses required by collective wage and company agreements are measured using the same parameters as the provisions for pensions and similar obligations. A new regulation in the collective agreement for salaried employees of Austrian utility companies entitles salaried employees whose employment relationship began after 31 December 2009 to a service anniversary bonus equalling one month's salary after 15, 20, 25, 30 and 35 years and to one-half month's salary after 40 years. This was taken into account accordingly. All remeasurements – at EVN, only gains and losses from changes in actuarial assumptions – involving service anniversary bonuses are recognised through profit or loss in accordance with IAS 19. The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is included under financial results.

Waste disposal and land restoration requirements resulting from legal and perceived commitments are recorded at the present value of the expected future costs. Changes in the estimated costs or the interest rate are offset against the carrying amount of the underlying asset. If the decrease in a provision exceeds the carrying amount of the asset, the difference is recognised through profit or loss. The related depreciation is corrected in accordance with the residual carrying amount and depreciated over the remaining useful life. If the asset has reached the end of its useful life, all subsequent changes to the provisions are recognised in profit or loss.

Provisions for onerous contracts are recognised at the amount of the unavoidable outflow of resources. This represents the lower of the amount that would result from performance of the contract and any compensatory payments to be made in the event of non-performance.

19. Liabilities

Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative financial instruments or liabilities arising from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of amortised cost. Non-current liabilities are discounted by applying the effective interest method.

With respect to financial liabilities, bullet loans and borrowings with a remaining term to maturity of over one year are classified as non-current and items with a remaining term to maturity of less than one year are reported under current loans and borrowings (for information on maturities see note 50. Non-current loans and borrowings).

If a liability can be settled within the next 12 months after the reporting date, this part is classified as current.

Network subsidies – which constitute payments made by customers to cover previous investments by EVN in the upstream network – represent an offset to the acquisition cost of these assets. In the electricity and natural gas network business, they are related to supply obligations by EVN. The granting of investment subsidies generally requires an operational management structure that complies with legal requirements and has been approved by the authorities.

Network and investment subsidies represent an offset to the acquisition or production cost of the related asset and, in accordance with the application of IAS 20 and IFRS 15, are recognised as liabilities. Network and investment subsidies are released on a straight-line basis over the average useful life of the respective assets. The release of network subsidies from the regulated business is reported under other operating income, while comparable items from the non-regulated business are reported under revenue (also see notes 2. Reporting in accordance with IFRS and 20. Revenue recognition).

A contract liability must be reported when consideration (e.g. a prepayment) has been transferred by the customer and the company has not yet provided goods or services. In the EVN Group, this generally takes place in connection with prepayments from the international project business.

20. Revenue recognition

IFRS 15 provides a five-step model for the recognition and measurement of revenue from contracts with customers. Under this model, revenue from contracts with customers is recognised when control over a good or service is transferred to the customer. A determination must therefore be made when a contract is concluded as to whether the resulting revenue should be recognised at a specific point in time or over time.

Revenue in the EVN Group results primarily from the sale (energy deliveries) and distribution (network utilisation/ network services) of electricity, natural gas, heat and water to industrial, household and commercial customers. The EVN Group also generates revenue from waste utilisation, telecommunications and the international project business. The provision of goods and services by the EVN Group generally takes place over a specific time period, and revenue is therefore recognised over time.

The major services are described below:

Energy deliveries

Revenue results primarily from the transfer of electricity, natural gas, heat and water. Since the customer uses these services as they are provided, revenue is recognised over time. Revenue is recognised at an amount that reflects the services provided and entitled to be invoiced by EVN. In particular for household customers who only receive one invoice per year, the variable consideration is determined by extrapolating the energy consumption based on usage profiles and current temperature trends. The payment terms for energy deliveries generally represent 14 days. There is no significant financing component.

Network utilisation and services

EVN supplies electricity, natural gas, heat and water to its customers within the framework of network usage. The related performance obligation lies, above all, in the continuous provision and availability of energy through the network infrastructure. Revenue from these services is also recognised over time and when the services are provided, as described above. The payment terms for network usage generally represent 14 days. There is no significant financing component.

Network subsidies constitute payments made by customers to cover previous investments by EVN in the upstream network, to the extent they represent compensation for granting usage or purchase rights. Network subsidies in the regulated electricity and natural gas business, where the regulator determines the amount and underlying reason, are recognised as liabilities in accordance with IAS 20 and reported, as in the past, under other operating income as income from the reversal of deferred income from network subsidies. The network subsidies for all other areas are recorded as non-refundable advance payments (liabilities) in accordance with IFRS 15 and have been released to profit or loss under other revenue since 2018/19 (also see note 2. Reporting in accordance with IFRS).

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

International project business

Revenue from the international project business is also recognised in accordance with the percentage of completion method as defined by IFRS 15. Projects are characterised by individual contract conditions with fixed prices and payments which follow a fixed schedule.

If the construction services provided exceed the amount of the payment, a contract asset is recognised. If the payments are higher than the construction services provided, a contract liability is recorded. The percentage of completion is determined by the cost-to-cost method, which calls for the recognition of revenue and contract results in relation to actually incurred production costs as a per cent of the expected total costs. Reliable estimates of the total costs for the contracts, selling prices and incurred costs are available. Any changes in the estimated total contract costs and possible resulting losses are recognised in profit or loss in the period incurred. The technological and financial risks which could occur during the remaining term of a project are included through individual estimates and an appropriate amount is added to the expected total costs. Impending losses from the valuation of projects not yet invoiced are expensed immediately. These losses are realised when it is probable that the total contract costs will exceed the contract revenue. In the case that customers terminate the contract for reasons other than the non-fulfilment of the service promised by the company, EVN has a legal claim that at least the expenses incurred plus the lost profit margin will be reimbursed.

Assignments in the international project business are generally characterised by fixed prices based on individual contract terms. Supplementary agreements represent variances between the performance actually provided and the contractually agreed performance that cannot be directly invoiced due to the existing contract regulations. An agreement must be reached with the customer over the possibility of invoicing and acceptance.

Supplementary agreements can cover subsequent changes to the contract performance as well as disputed receivables that result from defective performance.

Agreed changes in performance arise when the customer actively intervenes in the commissioned project and modifies the scope of performance. These types of changes are generally ordered by the customer prior to their execution. They represent a contract modification in the sense of IFRS 15.18 because all contract parties agree to the modification and/or to the price. In accordance with IFRS 15.21 (b), these changes are recognised as part of the existing contract because they are not distinct and can be allocated to an existing performance obligation.

Claims to compensation for additional costs caused by defective performance arise when they are within the customer's scope of responsibility. The complexity of the projects frequently leads to different opinions over the existence of a payment entitlement between the customer and the contractor. In accordance with IFRS 15.19, disputed claims represent contract modifications where the contract parties have not yet agreed on the scope of performance and/or the price. IFRS 15.56 requires the recognition of supplementary agreements only when they are highly probable and there is no, or hardly any uncertainty. The probability of a possible revenue reversal increases according to IFRS 15.57, among others, when the amount of consideration is highly dependent on external factors or actions by third parties and the uncertainty concerning the amount of consideration exists over a longer period of time. As soon as the entitlements are recognisable under IFRS 15.56, the amount to be recognised is estimated as the most likely amount (IFRS 15.53 lit b) due to the absence of a large number of similar contracts.

Other

EVN also generates revenue from telecommunications, waste utilisation and energy services. Most of the related contracts include services which are consumed by the customer as they are provided, and this revenue is also recognised over time. Revenue from waste utilisation is recognised at a point in time.

Dividends are recognised when a legal entitlement to payment arises.

The costs for obtaining contracts are expensed as incurred if the amortisation period for the related asset equals one year or less. Significant financing components are not included when the period between the transfer to the customer of the promised good or service and payment by the customer is less than one year.

Significant judgments related to revenue recognition

Consumption-based fees for energy deliveries and network utilisation represent variable consideration, which is determined according to the expected value method defined by IFRS 15.53a. Meterreading dates are spread over the entire year, especially for household customers with rolling invoices. The volumes of energy consumed during the period between the last meterreading and the balance sheet date must be extrapolated with statistical methods and therefore estimated. The procedure used by EVN assigns each customer to a standard consumption profile in the form of an annual consumption curve for electricity and/or natural gas and extrapolates each customer individually.

In the international project business, the percentage of completion is decisive for the recognition of revenue. Progress on the respective projects is determined by an input-based method (cost-to-cost method). This method requires numerous estimates and judgmental decisions, above all for the identification of incurred costs, total

contract costs and realisable contract revenue as well as the related contract risks (technical, political and financial risks). These estimates are reviewed regularly and adjusted if necessary.

21. Income taxes and deferred taxes

The income tax expense reported in the consolidated statement of operations comprises the current income tax expense for fully consolidated companies, which is based on their taxable income and the applicable income tax rate, as well as the change in deferred tax assets and deferred tax liabilities.

The following income tax rates were applied in calculating current income taxes:

Corporate income tax rates

%	2023/24	2022/23
Country of residence
Austria	23.0	24.0
Albania	15.0	15.0
Bulgaria	10.0	10.0
Germany1)	31.2–32.6	31.2–32.6
Croatia	18.0	18.0
Kuwait	15.0	15.0
Lithuania	15.0	15.0
North Macedonia	10.0	10.0
Montenegro	9.0	9.0
Poland	19.0	19.0
Romania	16.0	16.0
Russia	20.0	20.0
Slovenia	22.0	19.0
Czech Republic	21.0	19.0
Cyprus	12.5	12.5

1) The income tax rate varies depending on the applicable assessment rate for trade tax.

EVN utilised the corporate tax group option as of 30 September 2024. EVN AG is a member of a participation entity with NÖ Landes Beteiligungsholding GmbH as the majority participating company and Wiener Stadtwerke GmbH as the minority participating company. A group and tax settlement contract was concluded for this purpose. EVN also has the right to designate other corporate entities as members of this tax group.

The taxable profit of the companies belonging to this group is attributable to EVN AG, which calculates combined results based on the attributed taxable profit. The contract calls for the payment of a positive tax charge, when the aggregated results are positive. As in the previous year, the positive aggregated tax result is based on the allocation method. If the aggregated results are negative, the tax losses are kept on record and offset against future positive results. The related disclosures are reported under income taxes. The transfer of losses from foreign subsidiaries within group taxation leads to the recognition of a liability equal to the nominal amount of the future corporate income tax obligation.

As an offset for the transferred taxable results, the tax group contracts include a tax charge that is based on the stand-alone method. Transferred tax losses are kept on record as internal loss carryforwards for the respective tax group members and offset against future positive earnings. An exception to this procedure is the contract concluded with Burgenland Holding, which calls for a negative tax charge for this company if its taxable results are negative and the group's total results are positive. In other cases, the loss is recorded as an internal loss carryforward and refunded in later years in the form of a negative tax charge as soon as it is covered by positive earnings.

Future changes in the tax rate are taken into account if the relevant law has been enacted by the time the consolidated financial statements are prepared. Deferred taxes are calculated according to the liability method at the tax rate expected when short-term differences are reversed. Deferred tax assets and deferred tax liabilities are calculated and recognised for all temporary differences (i. e. the difference between the carrying amounts in the consolidated financial statements and the annual financial statements prepared for tax purposes that will balance out in the future).

Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable temporary differences to utilise these items. Tax loss carryforwards are recognised as deferred tax assets. Deferred tax assets and deferred tax liabilities are presented as a net amount in the consolidated financial statements if there is a legal right and intention to offset these items.

22. Procedures and effects of impairment tests

EVN carries out its impairment tests in accordance with the rules defined by IAS 36. Property, plant and equipment and intangible assets, including goodwill, are tested for impairment when there are internal or external indications of a loss in value. Intangible assets with an indefinite useful life and goodwill are tested at least once each year for signs of impairment.

The impairment testing of goodwill and assets for which no expected future cash flows can be identified is based on an assessment of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the technical and commercial ability to generate independent revenue. In the EVN Group, this definition applies to the electricity and heat generation plants, electricity, natural gas and water distribution systems, electricity procurement rights, telecommunications networks and facilities in the environmental services business.

The value in use is calculated in accordance with the requirements of IAS 36. Due to the long-term nature of investments in infrastructure assets, EVN uses cash flow projections that correspond to the economic useful life of the respective assets. Impairment tests for hydropower plants are generally based on the assumption that the concession will be reissued and therefore that the respective sites will exist indefinitely. After a detailed planning period of four years (previous year: seven years), a rough planning period follows for infrastructure facilities/longterm projects until the end of the economic useful life, albeit limited to the period in which external electricity price forecasts are available (currently 2050). As the period of the medium-term planning calculations approved by management was aligned with the Strategy 2030 in the 2022/23 financial year, the detailed planning period was adjusted one-off to seven years.

The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy defined in IFRS 13. Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value is estimated in accordance with Level 3 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated with a WACC-based discounted cash flow method, which is conceptually similar to the value in use procedure, but includes adjustments to the parameters in the DCF model to reflect a market participant's viewpoint.

The calculation of the fair value less disposal costs and the value in use is based on the future cash inflows and outflows which are basically derived from internal medium-term forecasts. The cash flow forecasts are based on the latest financial plans approved by management. The underlying assumptions also take climate-related effects into consideration. The assumptions for the future development of electricity prices are derived from the quotations on the futures market of the European Energy Exchange AG, Leipzig, Germany. For the period extending beyond this time, an average is developed from the forecasts issued by two well-known information service providers in the energy sector. Several scenarios are used for averaging. In this way, the risks that may influence electricity prices in the future are taken into account comprehensively.

A weighted average cost of capital which includes the deduction of income tax (WACC) is used as the discount rate. The equity component of the WACC reflects the risk-free interest rate, a country-specific premium plus a risk premium that incorporates the market risk premium and an appropriate beta coefficient based on peer group capital market indicators. The debt component of the WACC equals the basis interest rate plus a country-specific premium and a rating dependent risk premium. The equity and debt components are weighted according to a capital structure that is appropriate for the CGU based on peer group data at market values. The resulting WACC is used to discount the cash flows in the respective CGU.

For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is lower than the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.

23. Accounting estimates and forward-looking statements

The preparation of the consolidated financial statements in accordance with generally accepted IFRS accounting methods requires estimates and assumptions that have an effect on the assets, liabilities, income and expenses reported in the consolidated financial statements and on the amounts shown in the notes. The actual values may differ from these estimates. The assumptions and estimates are reviewed on a regular basis.

In particular, the following assumptions and estimates can lead to significant adjustments in the carrying amounts of individual assets and liabilities in future reporting periods.

In the international project business, changes in estimates for the progress on major projects can have a material effect. These estimates are particularly relevant for the large-scale project in Kuwait (construction of a wastewater treatment plant and corresponding sewage network) and the large-scale project in Bahrain (expansion of an existing wastewater treatment plant and contruction of a sewage sludge utilisation plant). Revenue is recognised in accordance with the percentage of completion method. In the case of disputed supplements as a result of changes in performance or disruptions to performance, receivables are only recognised if the eligibility criteria in accordance with IFRS 15.56 are met. This is the case if it is highly probable that the claims are enforceable. However, the assessment of the eligibility criteria for subsequent events requires considerable discretion. It depends largely on the contractual structure and the legal assessment of the respective circumstances (see notes 20. Revenue recognition and 25. Revenue).

Following the termination of the disposal process for the complete disposal of WTE in April 2024, strategic options for the international project business will continue to be evaluated with a view to concentrating on the energy business. EVN considers that the criteria for disclosure in accordance with IFRS 5 are not cumulatively met as at the reporting date.

Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital (WACC) is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components – which reflects a capital structure at market values – was derived from an appropriate peer group. Given the current volatility on the financial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis (see note 22. Procedures and effects of impairment tests).

For the valuation of the generation portfolio, the price structure beginning with the fifth year (when predictable market prices are no longer available on the electricity exchanges) was based on average forecasts from two wellknown market research institutes and information service providers in the energy sector. The most recent studies, which are updated annually due to the current volatility on the electricity markets, were used in each case. The following notes show the sensitivity of these assumptions for the largest CGUs, based on the carrying amount, where a triggering event was identified and for which an impairment loss or reversal was recognised in the financial statements: 35. Intangible assets, 36. Property, plant and equipment and 37. Investments in equity accounted investees.

The most important premises and judgmental decisions used to determine the scope of consolidation are described under notes 4. Scope of consolidation and 38. Other investments.

Assumptions and estimates must also be made when measuring companies accounted for using the equity method. In the 2023/24 financial year, significant estimates had to be made in particular for the termination price to which ZOV is entitled due to the termination of the concession agreement for a sewage treatment plant project by the City of Zagreb and for provisions for impending repayments of price increases in the past as a result of disputed contractual terms at EVN KG. In this regard, assumptions from concluded proceedings and settlements as well as expectations regarding the assertion of disputed claims have been included.

The valuation of the provisions for pensions, pension-related obligations and severance payments are based on assumptions for the discount rate, retirement age and life expectancy as well as pension and salary increases. The adjustment of these parameters in future periods can lead to valuation adjustments. Moreover, future changes in electricity and natural gas tariffs can lead to valuation adjustments in the pension-related obligations (see note 52. Non-current provisions).

Assumptions and estimates are also required to determine the useful life of non-current assets (see notes 6. Intangible assets and 7. Property, plant and equipment), and the provisions for legal proceedings and environmental protection (see note 18. Provisions) as well as estimates for other obligations and risks (see note 65. Other obligations and risks). In addition, it is necessary to make assumptions and estimates for the valuation of receivables and inventories (see notes 12. Inventories and 13. Trade and other receivables) and for the recognition of revenue (see note 20. Revenue recognition), as well for the usability of tax carry forwards (see note 51. Deferred taxes). These estimates are based on historical data and other assumptions considered appropriate under the given circumstances.

Information on climate change

As an energy and environmental services provider, EVN is committed to making a concrete contribution to climate protection. The company's strategic considerations include the special requirements created by the energy transformation and the far-reaching changes required by this transformation towards climate neutrality as well as the related effects on all sectors of the economy and on private households. Analyses in this context place a special focus on the requirements for climate protection, possible implementation tracks and the implications for the company's business model. These elements create an important basis for evaluating the opportunities and risks for our business resulting, from climate change and the related, rapidly changing regulations.

EVN terminated electricity generation from hard coal in 2020/21. In summer 2021, the company joined the Science Based Targets initiative (SBTi) and, in this connection, set five reduction goals for its activities. The EVN Climate Initiative "EVN for the climate" was launched in 2020/21 to realise these goals. It includes three focal points: the concrete reduction of CO₂ emissions, expansion of renewable energy capacities, and a contribution by EVN's research and development to climate protection. Success in this area will make an important contribution to realising the climate goal agreed in Paris to limit global warming to clearly below 2°C. In the 2023/24 financial year, the reduction targets were revised so that they correspond to the 1.5°C. target.

The majority of EVN's assets are subject to weather conditions beyond our control due to the generation and transmission or distribution technologies in use. This applies, in particular, to the in part exposed generation infrastructure (hydropower and wind power plants, photovoltaic equipment) and also to the transmission and distribution infrastructure. Climate changes can have a lasting influence on the hydropower, wind power and photovoltaic offering over the long term, which could lead to more extreme seasonal and annual deviations in generation. Changing climatic conditions can also lead to different demand-related behaviour. The declining demand for heating products will be accompanied by a greater demand for drinking water. In view of the high priority given to climate protection at EVN, potential climate risks are identified and assessed as part of the central risk management process. This active handling of risks can limit the effects on the company or support the conscious perception of opportunities for additional growth.

The impact of climate change on the recognition and valuation of assets and liabilities is evaluated at regular intervals. Climate-related earnings fluctuations – whether they result from production differences or changes in demand – are analysed with sensitivity and scenario calculations as part of the planning process and, after approval by management, transferred to the forecast calculations. The measures derived from the EVN Climate Initiative also flow into these calculations which, in total, form the basis for the impairment tests required by IAS 36 (see notes 22. Procedures and effects of impairment tests and 36. Property, plant and equipment). The risks arising from climate change are also included in the determination of the useful life of depreciable assets (see note 7. Property, plant and equipment), the measurement of inventories (see note 12. Inventories) and the recognition and measurement of provisions (see note 18. Provisions).

The CO₂ emissions from ten of our electricity generation and heating supply plants are covered by the EU's emission rights trading scheme (EU-ETS). In accordance with the EU ETS, we required a total of 239,485 CO2 emission certificates for the 2023 calendar year, some of which were granted free of charge. The required emission certificates a were purchased over the wholesale market (see notes 40. Inventories and 57. Current provisions).

Effects of the macroeconomic environment

The macroeconomic remains tense, similar to previous years. The war in Ukraine and other geopolitical developments are the subject of regular monitoring, especially with regard to the impairment testing of assets under IAS 36 and IFRS 9 as well as further uncertainty concerning estimates and judgments.

The course of the war in Ukraine, in particular, and the geopolitical situation, in general, is uncertain due to the strained situation and can lead to an increase in energy prices at any time. Moreover, reciprocal sanctions between the international community of nations and the Russian Federation as well as the potential termination of gas deliveries from Russia could have a significant negative impact on the energy market and exert added pressure on the macroeconomic environment. The volume of non-Russian gas and strategic gas inventories were increased in view of this possibility. Measures to support supply security are connected with higher costs and can have a negative influence on earnings in individual periods.

The volatile development of energy prices had a negative impact on earnings, above all in the energy supply business. To protect energy supplies over the long term, EVN successively purchased natural gas supplies and concluded future and forward contracts for electricity. The decline in the market prices for electricity and natural gas subsequently led to negative valuation effects for the recorded natural gas inventories and the recognition of provisions for contingent losses from onerous customer contracts (see note 30. Share of results from equity accounted investees with operational nature).

As a consequence of the political developments in Russia, EVN decided in the 2021/22 financial year to withdraw from this market and to sell the two combined heat and power plants in Moscow. The transaction was finally approved by the Russian government commission in October 2024 (see note 43. Assets and liabilities held for sale).

Economic developments have led to an increasing number of insolvencies across Europe. The EVN Group has included macroeconomic developments in the valuation of receivables through a forward-looking component, similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables in accordance with IFRS 9.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking component led to an increase of EUR 5.1m in the impairment loss allowance for trade receivables in 2023/24 (previous year: EUR 5.0m) (see the section on credit and default risk under note 61. Risk management).

Apart from price increases on the energy markets and the differing effects on EVN's activities and business fields, investments and operating expenses are also affected by high cost increases. These price increases can possibly only be passed on to customers with a delay. Macroeconomic developments can also have a – direct and indirect – negative influence on the demand for energy and, together with rising costs, have a negative influence on earnings.

Low net debt and a comfortable base of contractually committed, undrawn credit lines give EVN a constant, high degree of financial flexibility and solid liquidity reserves. Stabilising effects are provided, above all, by EVN's integrated business model and widely diversified customer portfolio. The EVN Group can, in any event, be considered a going concern.

24. Principles of segment reporting

The identification of operating segments is based on the internal organisational and reporting structure and information prepared for internal management decisions (the "management approach"). The Executive Board of the EVN Group (the chief operating decision-maker as defined in IFRS 8) reviews internal management reports on each operating segment at least once each quarter. EVN has defined the following operating segments: Generation, Energy, Networks, South East Europe, Environment and All Other Segments. This conforms in full to the internal reporting structure. The assessment of all segment information is consistent with the IFRS. EBITDA is used as an indicator to measure the earning power of the individual segments. For each segment, EBITDA represents the total net operating profit or loss before interest, taxes, amortisation of intangible assets and depreciation of property, plant and equipment for the companies included in the segment, taking intragroup income and expenses into account (see note 59. Notes to segment reporting).

Notes to the consolidated statement of operations

25. Revenue

Revenue from contracts with customers is recognised when control of a good or service is transferred to the customer. The consideration is recognised in the amount that the company expects to receive in exchange for these goods or services.

In addition to revenue from contracts with customers, EVN generates other revenue from its ordinary business activities. The revenue is presented separately in the following table:

Revenue
EURm	2023/24	2022/23
Revenue from contracts with customers	3,213.4	3,662.9
Other revenue	43.2	105.7
Total	3,256.6	3,768.7

Other revenue includes valuation effects of EUR 6.5m (previous year: EUR 73.7m) related to energy derivatives which are attributable to the Energy Segment. Positive and negative results from the valuation of these derivatives are offset for reporting. In addition, EVN recognised operating lease revenue of EUR 36.9m in the 2023/24 financial year (previous year: EUR 32.2m).

The following table shows the revenue from contracts with customers classified by segment and product:

Revenue
EURm	2023/24	2022/23
Electricity	313.5	437.1
Natural gas	126.9	191.0
Heat	224.8	239.6
Other	71.9	42.4
Energy	737.1	910.1
Electricity	65.4	75.7
Other	55.3	57.0
Generation	120.7	132.8
Electricity	389.3	374.6
Natural gas	88.0	103.0
Other	87.9	86.8
Networks	565.2	564.5
Electricity	1,308.9	1,464.4
Natural gas	7.7	9.9
Heat	11.3	11.9
Other	7.9	13.4
South East Europe	1,335.8	1,499.7
Environmental services	421.7	525.3
Electricity	5.1	4.9
Heat	1.4	1.3
Environment	428.2	531.4
Other	26.4	24.5
All Other Segments	26.4	24.5
Total	3,213.4	3,662.9

EVN generally recognises revenue over time in its core business of energy supplies and deliveries as well as in the international project business. An exception to this practice is the recognition of revenue by EVN Wärmekraftwerke in connection with the thermal waste utilisation plant in Dürnrohr, where revenue is recognised at a specific point in time. The related revenue amounted to EUR 55.1m in 2023/24 (previous year: EUR 51.9m).

Sales revenues which are expected to be realised in future in connection with performance obligations and which have not yet been met or have only been partially met as of 30 September 2024, mainly relate to network subsidies and performance obligations from the international project business.

In total, the remaining performance obligations amount to EUR 672.5m (previous year: EUR 942.5m) at the balance sheet date. Of this amount, EUR 599.0m (previous year: EUR 812.4m) relates to performance obligations from the international project business. Revenue is recognised on the basis of the percentage of completion and will be recognised within the next five years, depending on the project. The performance obligations from network subsidies in the non-regulated area are shown in the following table:

Transaction prices allocated to remaining performance obligations
	30.09.2024			30.09.2023
EURm	<1 year	1–5 years	>5 years	<1 year	1–5 years	>5 years
Network subsidies	7.2	30.4	35.9	7.0	28.1	34.0
Total	7.2	30.4	35.9	7.0	28.1	34.0

EVN applies the practical expedient provided by IFRS 15.B16 when the respective requirements are met and recognises revenue at the amount it is entitled to invoice. Moreover, contracts for electricity and natural gas deliveries as well as contracts for network utilisation in the household customer business are concluded for an indefinite period. The customer has a unilateral right to terminate the contracts at any time. As a result, EVN does not have a contractual right to transfer the related performance obligations or to receive consideration. EVN therefore uses the practical expedients provided by IFRS 15.121 for the two cases described above and does not disclose any information on the remaining performance obligations.

26. Other operating income

Other operating income

EURm	2023/24	2022/23
Income from the reversal of deferred income from network subsidies	58.3	58.3
Own work capitalised	38.1	29.8
Compensation and remunerations	7.0	7.0
Rental income	3.6	3.5
Result from the disposal of intangible assets, and property, plant and equipment	0.7	1.9
Change in work in progress	–1.3	3.6
Miscellaneous other operating income	20.9	23.4
Total	127.3	127.5

The reversal of deferred income from network subsidies in other operating income relates to grants related to the regulated area.

Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to business activities.

27. Cost of materials and services

Cost of materials and services
EURm	2023/24	2022/23
Electricity procurement costs	1,118.7	1,229.6
Gas procurement costs	174.1	355.3
Other energy expenses	70.0	90.6
Electricity purchases from third parties and primary energy expenses	1,362.8	1,675.5
Third-party services and other materials and services	565.8	662.7
Total	1,928.6	2,338.2

In the previous year, the cost of materials included valuation effects from derivative contracts in the energy sector in the amount of EUR 19.8m.

Other energy expenses include, in particular, biomass procurement costs and expenses for the use of purchased CO2 emission certificates.

The expenses for third-party services and other materials and services mainly relate to the project business of the Environment Segment and to third-party services for the operation and maintenance of plants. Moreover, this item also includes other expenses directly allocable to the provision of services.

28. Personnel expenses

Personnel expenses
EURm	2023/24	2022/23
Salaries and wages	372.8	331.7
Severance payments	5.6	5.0
Pension costs	11.0	4.8
Compulsory social security contributions and payroll-related taxes	75.8	68.1
Other employee-related expenses	8.7	9.6
Total	473.9	419.2

Personnel expenses include contributions to the VBV Pensionskasse in the amount of EUR 8.6m (previous year: EUR 7.8m) and contributions to company employee provision funds in the amount of EUR 2.5m (previous year: EUR 2.1m).

The provisions of § 744 of the Austrian Social Security Act led to a reduction in pension adjustments compared with previous years and led to a decline of EUR 1.3m (previous year: EUR 4.9m) in pension costs.

The average number of employees was as follows:

Employees by segment1)
EURm	2023/24	2022/23
Generation	340	298
Networks	1,409	1,340
Energy	385	326
South East Europe	4,163	4,072
Environment	661	654
All Other Segments	610	564
Total	7,568	7,255

1) Average for the year

The average number of employees comprised 97.9% salaried and 2.1% wage employees (previous year: 97.8% salaried and 2.2% wage employees), whereby no distinction is made between salaried and wage employees in Bulgaria and North Macedonia. Wage employees are therefore counted together with salaried employees in these countries.

29. Other operating expenses

Other operating expenses

EURm	2023/24	2022/23
Write-up/write-off of receivables	36.7	20.7
Business operation taxes and duties	31.2	62.8
Legal and consulting fees, expenses related to process risks	23.6	20.9
Maintenance	24.7	14.7
Transportation and travelling expenses, automobile expenses	13.8	10.9
Telecommunications and postage	13.4	12.6
Advertising expenses	13.3	11.1
Insurance	10.4	9.3
Employee training	3.6	2.5
Miscellaneous other operating expenses	36.5	32.3
Total	212.8	202.2

The Austrian Federal Act on the Energy Crisis Contribution – Electricity introduced a levy of 90% on the surplus proceeds earned from electricity generation in Austria as of 1 December 2022. The threshold for the calculation of surplus proceeds was set at EUR 140 per MWh up to 31 May 2023 but reduced to EUR 120 per MWh as of 1 June 2023. The threshold can be increased up to EUR 180 per MWh, respectively EUR 160 per MWh based on the inclusion of allowable investments in renewable energies and energy efficiency measures. In January 2024, the Austrian federal government extended the collection period up to 31 December 2024 and increased the investment-related upper limit for the Energy Crisis Contribution – Electricity to EUR 200 per MWh.

The decline in business operation taxes and duties resulted primarily from a reduction of the levy through surplus proceeds and the related lower electricity prices. The levy on surplus proceeds from electricity generation in Austria resulted in expenses of EUR 9.8m (previous year: EUR 31.2m including the solidarity tax in North Macedonia that were recognised under business operation taxes and duties).

In connection with the Budva project in Montenegro, the Geneva Court of Arbitration issued a judgment that confirmed previous payments received by WTE but did not recognise any further claims. The outstanding receivables of EUR 22.5m from this project were therefore written off in full. As in previous years, a forward-looking component was included in 2023/24 to reflect expected future receivables defaults (see note 61. Risk management).

The item Legal and consulting fees. expenses related to process risks also include the change in the provision for process risks.

The increase in maintenance expenses is due in particular to flood damage. In September 2024, there were severe storms in eastern Austria, which especially affected Lower Austria. The extreme rainfall led to widespread flooding in many parts of the province, causing damage (see note 57. Current provisions).

Miscellaneous other operating expenses include environmental protection expenses, fees for monetary transactions, licenses, membership fees and administrative and office expenses.

30. Share of results from equity accounted investees with operational nature

Share of results from equity accounted investees with operational nature

EURm	2023/24	2022/23
EVN KG	–162.3	–240.3
RAG	78.0	79.1
Burgenland Energie	48.3	31.0
Verbund Innkraftwerke	21.4	28.8
Ashta	17.0	11.0
ZOV; ZOV UIP	10.6	10.8
Umm Al Hayman	6.6	6.4
EnergieAllianz	1.9	–3.3
Other companies	9.3	8.7
Total	30.8	–67.6

The share of results from equity accounted investees with operational nature (see note 64. Disclosures of interests in other entities) is reported as part of the results from operating activities (EBIT). The consolidated financial statements do not include any equity accounted companies of a financial nature.

The share of results from equity accounted investees with operational nature consists primarily of earnings contributions, impairment losses recognised to assets capitalised in connection with acquisitions and other necessary impairment losses and write-ups (see note 37. Investments in equity accounted investees).

The share of results from equity accounted investees with operational nature increased to EUR 30.8m in the 2023/24 financial year (previous year: EUR –67.6m). This was mainly due to the development of EVN KG (see note 37. Investments in equity accounted investees).

31. Depreciation and amortisation and effects from impairment tests

The procedure used for impairment testing is described as part of the disclosures on accounting policies under note 22. Procedures and effects of impairment tests.

Depreciation and amortisation and effects from impairment tests by items of the consolidated statement of financial position

EURm	2023/24	2022/23
Intangible assets	21.7	20.5
Property, plant and equipment	341.4	302.6
Other non-current assets1)	10.3	20.6
Write-up of property, plant and equipment	–0.3	–3.2
Total	373.2	340.4

1) Depreciation of capitalised contract costs

Depreciation and amortisation and effects from impairment tests

EURm	2023/24	2022/23
Scheduled depreciation and amortisation	348.3	336.5
Effects from impairment tests (impairment)1)	25.2	7.1
Effects from impairment tests (reversal of impairment)1)	–0.3	–3.2
Total	373.2	340.4

1) For details, see notes 35. Intangible assets and 36. Property, plant and equipment

32. Financial results

32. Financial results
EURm	2023/24	2022/23
Income from investments
Dividend payments	198.7	169.3
thereof Verbund AG	182.1	158.0
thereof Verbund Hydro Power GmbH	13.2	9.1
thereof Wiener Börse AG	1.7	1.5
thereof other companies	1.6	0.8
Valuation results/disposals	0.6	–0.3
Total income from investments	199.3	169.0
Interest results
Interest income on financial assets	1.9	1.9
Other interest income	6.2	14.6
Total interest income	8.1	16.5
Interest expense on financial liabilities	–37.9	–34.0
Interest expense personnel provisions	–12.9	–10.4
Other interest expense	–10.9	–12.9
Total interest expense	–61.8	–57.4
Total interest results	–53.7	–40.9
Other financial results
Results from changes in exchange rates and the disposal of securities from non-current financial assets	4.7	0.7
Results from changes in exchange rates and the disposal of current financial assets	4.5	2.8
Currency gains/losses	–9.9	–3.9
Other financial results	–9.5	–0.1
Total other financial results	–10.2	–0.5
Financial results	135.3	127.6

Interest income on financial assets includes interest from investment funds whose investment focus is on fixed-interest securities, as well as the interest component from leasing business. Other interest income includes income from liquid funds and securities held as current financial assets.

Interest income on financial assets recognised using the effective interest method amounted to EUR 7.2m (prior year: EUR 15.6m).

The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.

Other interest expense includes the interest expense for lease liabilities, the accrued interest expense on non-current provisions, expenses for current loans as well as leasing costs for biomass equipment, distribution and heating networks. The interest expense on liabilities not designated at fair value through profit or loss totalled EUR 48.9m (previous year: EUR 46.9m).

The increase in the financial result was mainly due to the dividend payment by Verbund AG in the amount of EUR 182.1m.

33. Income tax expense

Income tax expense
EURm	2023/24	2022/23
Current income tax income and expense	28.6	7.3
thereof Austrian companies	12.3	–14.2
thereof foreign companies	16.4	21.5
Deferred tax income and expense	4.8	66.7
thereof Austrian companies	7.0	51.9
thereof foreign companies	–2.1	14.9
Total	33.5	74.0

Calculation of the effective tax rate

	2023/24		2022/23
Currency	%	EURm	%	EURm
Result before income tax		561.6		656.2
Income tax rate/income tax expense at nominal tax rate	23.0	129.2	24.0	157.5
– Different corporate income tax rates in other countries	–2.6	–14.6	–3.6	–23.3
– Effect of tax rate change	–	–0.2	–0.3	–2.2
– Tax-free income from investments	–15.7	–88.4	–12.5	–82.0
+ Revaluation of deferred taxes	1.7	9.3	3.6	23.6
+ Impairment of goodwill	–	0.3	–	–
– Tax share valuations and impairment on Group receivables	–0.2	–0.9	–0.1	–0.6
+ Non-deductible expenses	0.5	3.0	0.6	3.7
– Other tax-free income	–0.3	–1.7	–0.5	–3.2
+ Aperiodic tax increases	0.5	3.0	0.3	1.7
– Other items	–1.0	–5.5	–0.2	–1.2
Effective tax rate/effective tax expense	6.0	33.5	11.3	74.0

The changes in the recognition and measurement of deferred taxes are mainly due to impairment of deferred tax assets.

The effective tax burden on EVN for the 2023/24 financial year amounts to 6.0% of earnings before taxes (previous year: 11.3%). The effective tax rate is a weighted average of the effective local income tax rates of all consolidated subsidiaries (see note 51. Deferred taxes).

34. Earnings per share

Earnings per share were calculated by dividing Group net result (= proportional share of net result attributable to EVN AG shareholders) by the weighted average number of ordinary shares outstanding in 2023/24, i. e. 178,259,311 (previous year: 178,225,093) (see note 48. Treasury shares). This amount may be diluted by so-called potential shares arising from stock options or convertible bonds. Since EVN does not have any such shares, there is no difference between basic and diluted earnings per share. Based on the Group net result of EUR 471.7m for the 2023/24 financial year (previous year: EUR 529.7m), earnings per share equalled EUR 2.65 (previous year: EUR 2.97).

Notes to the consolidated statement of financial position

Assets

35. Intangible assets

Goodwill is allocated to the CGUs "international project business" and "other CGUs". Rights and software include electricity procurement rights, transportation rights for natural gas pipelines and other rights (primarily software licenses). Other intangible assets primarily include the customer bases of the Bulgarian and North Macedonian electricity supply companies.

Reconciliation of intangible assets

2023/24 financial year

EURm	Goodwill	Rights and software	Other intangible assets	Total
Gross value 30.09.2023	216.2	524.1	60.1	800.3
Additions	–	54.9	–	54.9
Disposals	–	–4.6	–	–4.6
Transfers1)	–	17.6	–	17.6
Change in the scope of consolidation	–	0.3	–	0.3
Gross value 30.09.2024	216.2	592.3	60.1	868.6
Accumulated amortisation 30.09.2023	–213.2	–326.0	–49.9	–589.1
Scheduled amortisation	–	–18.3	–1.8	–20.1
Impairment losses	–1.2	–0.5	–	–1.6
Disposals	–	4.6	–	4.6
Accumulated amortisation 30.09.2024	–214.4	–340.1	–51.7	–606.2
Net value 30.09.2023	3.0	198.1	10.2	211.2
Net value 30.09.2024	1.8	252.2	8.4	262.4

1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets, as the classification as rights is more appropriate.

2022/23 financial year

EURm	Goodwill	Rights and software	Other intangible assets	Total
Gross value 30.09.2022	216.2	487.1	58.9	762.1
Additions	–	40.0	–	40.0
Disposals	–	–3.6	–	–3.6
Transfers	–	–0.2	–	0.2
Change in the scope of consolidation	–	0.7	1.2	1.9
Gross value 30.09.2023	216.2	524.1	60.1	800.3
Accumulated amortisation 30.09.2022	–213.2	–311.3	–46.7	–571.2
Scheduled amortisation		–17.3	–3.1	–20.5
Disposals		2.7		2.7
Accumulated amortisation 30.09.2023	–213.2	–326.0	–49.9	–589.1
Net value 30.09.2022	3.0	175.8	12.1	190.9
Net value 30.09.2023	3.0	198.1	10.2	211.2

The energy hub in Dürnrohr is a cash-generating unit (CGU) in the Generation Segment as part of EVN Wärmekraftwerke and contains the waste utilisation plant in Zwentendorf as well as the nearby power plant location in Dürnrohr. Goodwill of EUR 1.2m is allocated to this CGU. Impairment testing led to the full write-off of the EUR 1.2m in goodwill as well as write-downs of EUR 17.3m to property, plant and equipment. The recoverable amount was determined on the basis of the value in use and amounted to EUR 77.1m. A WACC after tax of 5.45% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 7.63%. An increase (decrease) of 0.5 percentage points in the WACC would have led, ceteris paribus, to a shortfall of EUR 22.3m (shortfall of EUR 13.8m) in the net assets of the CGU in 2023/24. An increase (decrease) of 5.0 percentage points in the revenue from waste utilisation would have not resulted, ceterus paribus, in any reduction of value (impairment loss of EUR 70.9m) in 2023/24.

The rights include EVN's electricity procurement rights to the Danube power plants in Freudenau, Melk and Greifenstein. The carrying amount totalled EUR 34.9m as of 30 September 2024 (previous year: EUR 37.6m) and will be amortised over the expected remaining operating life of the power plants.

A total of EUR 6.6m was invested in research and development during 2023/24 (previous year: EUR 3.9m). Of this total, EUR 4.2m was capitalised (previous year: EUR 1.1m). In addition, an impairment loss of EUR 0.5m was recognised to a development project based on the conclusion that there would be no future economic benefits for EVN.

36. Property, plant and equipment

Reconciliation of property, plant and equipment

2023/24 financial year

EURm	Land and buildings	Lines	Technical equipment	Meters	Other plants, tools and equipment	Equipment under construction	Total
Gross value 30.09.2023	1,084.0	5,163.9	2,966.1	328.7	273.6	409.7	10,225.9
Currency translation differences	–	0.1	–0.9	–	–	–	–0.7
Additions	24.1	163.0	122.9	23.9	43.1	336.7	713.7
Disposals	–4.0	–90.3	–59.1	–10.0	–22.8	–3.5	–189.7
Transfers1)	12.7	99.5	97.1	1.5	4.1	–232.7	–17.6
Change in the scope of consolidation	1.5	–	25.2	–	0.1	–	26.8
Gross value 30.09.2024	1,118.3	5,336.2	3,151.3	344.1	298.2	510.3	10,758.4
Accumulated amortisation 30.09.2023	–595.1	–2,904.8	–2,100.4	–143.7	–185.3	–10.9	–5,940.2
Currency translation differences	–	–	0.9	–	–	–	0.8
Scheduled depreciation	–31.5	–137.5	–91.1	–26.4	–31.3	–	–317.9
Impairment losses	–7.9	–1.9	–11.6	–	–0.2	–2.0	–23.6
Revaluation	0.1	0.1	0.1	–	–	–	0.3
Disposals	3.6	90.0	58.4	8.4	22.1	2.3	184.8
Transfers	–	9.8	–9.9	–	0.1	–	–
Change in the scope of consolidation	–	–	0.5	–	–	–	–
Accumulated amortisation 30.09.2024	–630.9	–2,944.4	–2,153.7	–161.7	–194.5	–10.7	–6,095.8
Net value 30.09.2023	488.8	2,259.2	865.6	185.0	88.3	398.8	4,285.7
Net value 30.09.2024	487.4	2,391.9	997.7	182.4	103.7	499.6	4,662.6

1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets, as the classification as rights is more appropriate.

2022/23 financial year

EURm	Land and buildings	Lines	Technical equipment	Meters	Other plants, tools and equipment	Equipment under construction	Total
Gross value 30.09.2022	977.5	4,930.7	2,782.4	320.0	240.5	351.0	9,602.2
Currency translation differences	–	–0.1	–34.3	–	–	–	–34.4
Additions	65.3	166.9	133.2	17.9	34.8	266.7	684.7
Disposals	–3.7	–14.6	–14.0	–9.3	–7.9	–0.6	–50.0
Transfers	43.4	79.2	84.6	0.1	4.6	–211.8	–
Change in the scope of consolidation	1.4	1.9	14.2	–	1.5	4.4	23.3
Gross value 30.09.2023	1,084.0	5,163.9	2,966.1	328.7	273.6	409.7	10,225.9
Accumulated amortisation 30.09.2022	–570.1	–2,784.4	–2,063.0	–126.4	–166.7	–11.3	–5,721.7
Currency translation differences	–	–	34.2	–	–	–	34.2
Scheduled depreciation	–28.3	–131.4	–83.2	–25.6	–26.9	–	–295.4
Impairment losses	–1.4	–4.3	–1.4	–	–	–	–7.1
Revaluation	2.0	0.7	0.5	–	–	–	3.2
Disposals	2.5	14.5	12.6	8.3	8.3	0.4	46.6
Transfers	0.2	0.1	–0.1	–	–	–0.1	0.1
Accumulated amortisation 30.09.2023	–595.1	–2,904.8	–2,100.4	–143.7	–185.2	–10.9	–5,940.2
Net value 30.09.2022	407.5	2,146.3	719.4	193.6	73.9	339.8	3,880.4
Net value 30.09.2023	488.8	2,259.2	865.6	185.0	88.3	398.8	4,285.7

Land and buildings included land with a value of EUR 76.0m (previous year: EUR 71.0m). There was no maximum amount mortgage as of 30 September 2024.

As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of 30 September 2024.

The impairment testing of assets in accordance with IAS 36 led to the recognition of the following impairment losses and write-ups in 2023/24:

The impairment test of the CGU "Dürnrohr/Zwentendorf" resulted in a full impairment of goodwill and an impairment of property, plant and equipment in the amount of EUR 17.3m (also see note 35. Intangible assets).

Wind parks and photovoltaic plants attributable to EVN Naturkraft that are not covered by the subsidy scheme were tested for impairment due to a decline in short-term forward electricity prices. In the Generation Segment, this led to the recognition of an impairment loss of EUR 1.4m to a photovoltaic plant. The recoverable amount was determined on the basis of the value in use and amounted to EUR 5.1m. A WACC after tax of 5.18% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.18%.

Various heating plants attributable to EVN Wärme in the Energy Segment were tested for impairment in 2023/24 due to a deterioration in the economic environment. The related calculations led to the recognition of an impairment loss of EUR 2.5m to one plant and to a revaluation of EUR 0.3m to another plant. The recoverable amount was determined on the basis of the value in use and amounted to EUR 9.0m. A WACC after tax ranging from 5.22% to 5.27% was used as the discount rate, which corresponds to an iteratively derived pre-tax WACC of 6.19%.

In addition, impairment losses of EUR 2.2m were recognised on property, plant and equipment in the financial year 2023/24, as no future inflow of benefits is expected.

EVN as the lessee

The most important application area for the EVN Group is formed by lease and easement agreements, as well as leased commercial and warehouse space which are assumed to be based on long-term leases. Rights of use totalling EUR 97.5m (previous year: EUR 95.6m) were contrasted by lease liabilities with a present value of EUR 78.8m (previous year: EUR 80.2m) as of 30 September 2024. The short-term portion of the lease liabilities equalled EUR 8.5m (previous year: EUR 8.8m).

In connection with subsequent measurement, the rights of use are amortised on a systematic basis over the shorter of the useful life and the remaining term of the lease. The conclusion of new agreements and the recognition of changes in estimates and modifications in 2023/24 led to an addition of EUR 9.8m (previous year: EUR 28.6m). Rights of use from lease agreements are reported as part of property, plant and equipment in accordance with IFRS 16; the development and amortisation of these rights of use are allocated to the following asset classes:

2023/24 financial year

EURm	Land and buildings	Lines	Technical equipment	Other plants, tools and equipment	Total
Rights of use 30.09.2023	76.5	17.7	0.1	1.3	95.6
Additions	5.1	4.0	0.4	0.2	9.8
Scheduled depreciation	–7.3	–0.7	–0.3	–0.4	–8.7
Disposals	–	–	–	–0.3	–0.3
Transfers	0.2	0.2	–	–	0.4
Change in the scope of consolidation	0.6	–	–	–	0.7
Rights of use 30.09.2024	75.2	21.3	0.2	0.8	97.5

2022/23 financial year

EURm	Land and buildings	Lines	Technical equipment	Other plants, tools and equipment	Total
Rights of use 30.09.2022	58.4	14.8	0.3	0.5	74.0
Additions	24.2	3.5	–	1.1	28.7
Scheduled depreciation	–6.5	–0.6	–0.3	–0.4	–7.7
Disposals	–0.7	–	–	–	–0.7
Transfers	–0.1	–	0.2	–0.1	–
Change in the scope of consolidation	1.2	–	–	–	1.3
Rights of use 30.09.2023	76.5	17.7	0.1	1.3	95.6

The determination of the rights of use and corresponding lease liabilities includes all sufficiently probable cash outflows. The cash outflows from leases totalled EUR 21.1m (previous year: EUR 19.9m) in 2023/24. The consolidated statement of operations contains EUR 3.7m (previous year: EUR 3.4m) of expenses from unrecognised leases, which include expenses from low-value leases, expenses from short-term leases (less than 12 months) and expenses from variable lease payments that were not included in the lease liability. The interest expense for lease liabilities totalled EUR 1.4m (previous year: EUR 1.3m) in 2023/24. The difference between the cash outflows presented here and the payments for lease liabilities resulted primarily from advance rental payments made in 2023/24. These advance payments are not reported under cash flow from financing activities because they are not related to lease liabilities; they are instead included under cash flow from investing activities.

37. Investments in equity accounted investees

The companies included in the consolidated financial statements at equity are listed in the notes under EVN's investments starting on page 98. Note 64. Disclosures of interests in other entities contains financial information on joint ventures and associates that are included at equity in EVN's consolidated financial statements.

All investments in equity accounted investees were recognised at their proportional share of IFRS income or loss based on an interim or annual report with a balance sheet date that does not precede the balance sheet date of EVN by more than three months. There were no listed market prices for the investments in equity accounted investees included in the consolidated financial statements.

Reconciliation of investments in equity accounted investees

2023/24 financial year

EURm
Gross value 30.09.2023	1,292.2
Additions	–
Disposals	–
Change in the scope of consolidation	–2.7
Gross value 30.09.2024	1,289.5
Accumulated amortisation 30.09.2023	–188.9
Currency translation differences
Change in the scope of consolidation	–3.7
Revaluation	18.3
Proportional share of results	12.5
Dividends	–140.8
Changes recognised in other comprehensive income	158.2
Accumulated amortisation 30.09.2024
Net value 30.09.2023	1,103.4
Net value 30.09.2024	1,144.0

2022/23 financial year
EURm
Gross value 30.09.2022	968.3
Additions	329.6
Disposals	–5.8
Gross value 30.09.2023	1,292.2
Accumulated amortisation 30.09.2022	1,419.7
Currency translation differences	–2.5
Change in the scope of consolidation	0.9
Revaluation	11.1
Proportional share of results	–78.7
Dividends	–105.3
Changes recognised in other comprehensive income	–1,434.0
Accumulated amortisation 30.09.2023	–188.9
Net value 30.09.2022	2,388.0
Net value 30.09.2023	1,103.4

The shares held by third parties in EVN-ECOWIND Sonnenstromerzeugungs GmbH, which was previously consolidated at equity, were acquired in full in the 2023/24 financial year and included in the consolidated financial statements of EVN AG for the first time as of 30 September 2024 by way of full consolidation. (also see note 4. Scope of consolidation).

Due to lower country risk premiums as at 30 September 2024, a reversal of an impairment loss of EUR 16.8m was recognised for the at-equity investment in the Ashta hydropower plant. The recoverable amount for EVN's share was determined on the basis of the value in use and amounted to EUR 52.9m. The discount rate used was a WACC after tax of 7.54% for the regulated period and 7.72% for the non-regulated period, which corresponds to an iteratively derived WACC before tax of 8.76% (also see note 30. Share of results from equity accounted investees with operational nature).

Due to the City of Zagreb exercising a contractually agreed right to terminate the concession agreement for a wastewater treatment plant project, which originally ran until 2028, the equity accounted investee project company ZOV

handed over the central wastewater treatment plant planned, built, financed and operated by WTE to the City of Zagreb on August 3, 2024. This also marked the end of the operational management of the operating company ZOV UIP, which was also accounted for using the equity method. A receivable from the City of Zagreb was recognized when the plant was handed over.

The at-equity investment in EnergieAllianz has a carrying amount of EUR 0.0m as at September 30, 2024. Negative results in the amount of EUR 3.4m (previous year: EUR 34.1m) were not taken into account as they would have led to a negative carrying amount.

38. Other investments

The item other investments includes holdings in affiliates and associates, which are not consolidated due to immateriality, as well as miscellaneous stakes of less than 20.0% that were not included at equity.

The shares in affiliates and associates which are not consolidated due to immateriality are measured at cost less any necessary impairment losses and totalled EUR 11.2m in 2023/24 (previous year: EUR 7.0m). The other investments classified as FVOCI consist primarily of shares in Verbund AG with a value of EUR 3,269.2m (previous year: EUR 3,381.1m) and miscellaneous other investments of EUR 161.7m (previous year: EUR 167.4m). The valuation adjustments were recorded under other comprehensive income, the dividends were recorded in the consolidated statement of operations (also see note 32. Financial results).

EVN AG and Wiener Stadtwerke Holding AG entered into an agreement on 22 September 2010 for the syndication of their directly and indirectly held shareholdings in Verbund AG. This agreement gives the two companies joint control over approximately 26% of the voting shares in Verbund AG. In spite of the syndicate agreement, the scope of possible influence over the financial and business policies of Verbund AG is very limited. The requirements for classification as a controlling influence (IAS 28) are therefore not met and the shares in Verbund AG are therefore accounted by applying IFRS 9.

The valuation of the investment in Verbund Hydro Power AG in 2023/24 based on the discounted cash flow method resulted in an impairment loss of EUR 6.7m in the Generation Segment. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 126.1m. A WACC after tax of 5.17% was used as the discount rate, which corresponds to an iteratively derived WACC before tax of 7.05%. The present value model underlying the valuation is based on publicly available information from the annual financial statements and, according to available data for electricity prices, forecasts the development of the years up to 2050 and a perpetual yield without a growth rate.

In the Networks Segment, the valuation of the investment in AGGM Austrian Gas Grid Management AG based on the discounted cash flow method resulted in the recognition of a write-up of EUR 0.3m. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 3.3m. A WACC after tax of 4.54% was used as the discount rate. The present value model underlying the valuation is based on a perpetual yield without a growth rate which, in turn, was developed from the average trend of data from the publicly available annual financial statements for 2020–2023 and a forecast for the 2024 financial year.

In the All Other Segments, the valuation of the investment in Wiener Börse AG based on the discounted cash flow method resulted in a write-up of EUR 0.8m in 2023/24. The recoverable amount was determined on the basis of fair value less costs to sell (Level 3 according to IFRS 13) and amounted to EUR 31.3m. A WACC after tax of 6.37% was used as the discount rate. The present value model underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield without a growth rate.

39. Other non-current assets

Other non-current assets
EURm	30.09.2024	30.09.2023
Non-current financial assets
Securities	78.5	71.0
Loans receivable	26.0	25.0
Lease receivables	8.7	10.1
Receivables arising from derivative transactions	1.1	11.7
Receivables and other assets	23.0	25.3
Non-current other assets
Contract assets	3.8	2.4
Contract costs	5.2	15.5
Primary energy reserves	0.8	0.8
Remaining other non-current assets	10.3	12.4
Total	157.5	174.3

Securities reported under other non-current assets consist mainly of shares in investment funds and serve as coverage for the provisions for pensions and similar obligations as required by Austrian tax law. The carrying amounts correspond to the fair value as of the balance sheet date.

Lease receivables relate to project business in connection with PPP projects. The decline in the fiscal year is mainly due to the contractually agreed redemption payments.

The reconciliation of the future minimum lease payments to their present value is as follows:

Terms to maturity of non-current lease receivables
		Remaining term to maturity as of 30.09.2024			Remaining term to maturity as of 30.09.2023
EURm	Principal components	Interest components	Total	Principal components	Interest components	Total
<5 years	8.7	0.6	9.3	8.9	0.7	9.6
>5 years	–	–	–	1.2	0.1	1.3
Total	8.7	0.6	9.3	10.1	0.8	10.9

The total of the principal components corresponds to the capitalised value of the lease receivables. The interest components correspond to the proportionate share of the interest component of the total lease payment and do not represent discounted amounts. The interest components of the lease payments in 2023/24 were reported as interest income on non-current assets.

Receivables and other assets include claims from trade receivables in North Macedonia that are reported under non-current assets as a result of instalment plan agreements. In addition, non-current receivables from the Bulgarian Post in the amount of EUR 16.3m are included.

Contract costs represent the costs for obtaining contracts, as defined in IFRS 15.91, and are related to the international project business. Contract costs totalling EUR 86.7m were capitalised in financial year 2019/20 and will be amortised on a systematic basis in line with the expected timing of the contract on which the costs are based and depending on how the goods or services are transferred to the customer. Therefore, the original depreciation period is between 2.5 years and 4 years. As a result of the current depreciation of EUR 10.3m (previous year: EUR 20.6m) in the financial year 2023/24, the book value decreased to EUR 5.2m (previous year: EUR 15.5m) (see note 31.Depreciation and amortisation and effects from impairment tests).

Current assets

40. Inventories

Inventories

EURm	30.09.2024	30.09.2023
Primary energy inventories	47.3	67.6
CO2 emission certificates	11.3	13.6
Raw materials, supplies, consumables and other inventories	49.8	47.8
Customer orders not yet invoiced	7.7	8.8
Total	116.2	137.7

Primary energy inventories consist primarily of natural gas. Gas inventories totalled EUR 40.9m as of 30 September 2024 (previous year: EUR 61.0m).

Part of the natural gas inventories are measured according to the broker-trader exception because they are held exclusively for trading. Consequently, these natural gas inventories are measured at fair value (Level 1) less costs to sell. The fair value of the inventories held for trading totalled EUR 5.7m (previous year: EUR 48.1m) as of 30 September 2024. Negative changes in the market value resulted in a revaluation through profit or loss of less than EUR 0.1m (previous year: EUR –10.5m) as of 30 September 2024.

The CO2 emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission Certificate Act and which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported under current provisions (see note 57. Current provisions).

Valuation allowances of EUR 0.2m were recognised to inventories in 2023/24 (previous year: EUR 0.9m) and were contrasted by revaluations of EUR 0.3m (previous year: EUR 0.2m). The inventories are not subject to any restrictions on disposal or other encumbrances.

41. Trade and other receivables

Trade and other receivables

EURm	30.09.2024	30.09.2023
Financial assets
Trade accounts receivable	250.2	331.2
Receivables from investments in equity accounted investees	40.6	147.7
Receivables from non-consolidated subsidiaries	1.6	3.1
Receivables from employees	0.1	10.0
Receivables arising from derivative transactions	25.8	69.1
Lease receivables	2.0	2.2
Other receivables and assets	109.3	155.8
	429.5	719.1
Other receivables
Taxes and levies receivable	68.9	58.1
Prepayments	109.0	128.0
Contract assets	229.6	178.4
	407.6	364.5
Total	837.5	1,083.6

Trade accounts receivable relate mainly to electricity, natural gas and heating customers and customers from the international project business. Notes to impairment losses and default risks for trade receivables can be found in note 61. Risk management.

Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.

The receivables arising from derivative transactions consist of the positive market values of derivatives in the energy business. Other receivables and assets include, among others, receivables from insurance and short-term loans receivable, as well as security retained in the international project business. The developement in contract assets

resulted primarily from contract orders in the international project business. In 2023/24, as in the previous year, no impairments were recognised in connection with contract assets.

As of 30 September 2024, as in the previous year, no receivables were pledged as collateral for EVN's own liabilities.

42. Securities and other financial investments

Composition of securities and other financial investments

EURm	30.09.2024	30.09.2023
Funds	159.9	229.5
thereof cash funds	159.7	229.3
thereof other fund products	0.2	0.2
Time deposits	–	14.1
Restricted cash	12.1	22.9
Total	172.0	266.5

The item "Restricted cash" includes bank balances that have been pledged and are therefore not available for general use by the Group.

43. Assets and liabilities held for sale

With its two fully consolidated subsidiaries OOO EVN Umwelt Service and OOO EVN Umwelt, EVN operates two sewage sludge-fired combined heat and power plants in Moscow. These are allocated to the Environment Segment. As a result of the war in Ukraine, the risk of an orderly continuation of business operations in Russia is more difficult to calculate. In view of these developments, EVN reviewed possible exit scenarios in the 2021/22 financial year and decided to sell the companies.

EVN had originally assumed that the sale would take place in the 2022/23 financial year, but there were unexpected delays due to additional requirements and bureaucratic hurdles. Although the agreement with the buyer had already been reached in the first quarter of the 2022/23 financial year, the mandatory approval of the Russian government

commission was still pending. Due to the lengthy approval process, the current difficult competitive situation in Russia and the conditions resulting from the government commission's decision, EVN AG agreed a price reduction with the buyer.

EVN meets all the prescribed requirements for the sale of the companies and assumes that the closing will now take place within the next 12 months in any case. The assets and liabilities in connection with the disposal group are therefore reported as current as at 30 September 2024 in accordance with IFRS 5.

Impairment losses of EUR 0.6m were recognised in other operating expenses as at 30 September 2024. Impairment losses on property, plant and equipment and intangible assets amounting to EUR 0.1m were also recognised. In addition, cash and cash equivalents in the amount of EUR 6.4m had to be derecognized. The derecognition was recognised in profit or loss in the financial result (also see note 32. Financial result).

Other comprehensive income includes cumulative expenses in connection with the disposal group. As at the balance sheet date, the difference from currency translation amounted to EUR –5.6m (previous year: EUR –5.4m). As of 30 September 2024, the disposal group was measured at fair value less costs to sell and comprised the following assets and liabilities:

Assets and liabilities held for sale
EURm	30.09.2024	30.09.2023
Current assets	2.0	5.8
Assets held for sale	2.0	5.8
Current liabilites	0.5	0.4
Liabilities held for sale	0.5	0.4

Current assets include EUR 2.0m (previous year: EUR 4.9m) of bank deposits which are subject to disposal restrictions due to the sanctions imposed by the Russian Federation.

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

Liabilities

Equity

The development of equity in 2023/24 and 2022/23 is shown on page 25.

44. Share capital

The share capital of EVN AG totals EUR 330.0m (previous year: EUR 330.0m) and is divided into 179,878,402 (previous year: 179,878,402) zero par value bearer shares.

45. Share premium and capital reserves

The share premium and capital reserves comprise appropriated capital reserves of EUR 205.9m (previous year: EUR 205.2m) from capital increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m), both in accordance with Austrian stock corporation law.

46. Retained earnings

Retained earnings of EUR 3,685.4m (previous year: EUR 3,417.0m) comprise the proportional share of retained earnings attributable to EVN AG and all other consolidated companies from the date of initial consolidation as well as the proportional share of retained earnings from business combinations achieved in stages.

Dividends are based on the result of EVN AG as reported in the annual financial statements and developed as follows:

Reconciliation of EVN AG's result for the period

EURm	2023/24
Reported result for the period 2023/24	265.7
Plus retained earnings from the 2022/23 financial year	0.5
Less additions to voluntary reserves	–105.0
Distributable result for the period	161.2
Proposed dividend	–160.5
Retained earnings for the 2024/25 financial year	0.7

Liabilities do not include the dividend of EUR 0.90 per share for the 2023/24 financial year which will be proposed to the Annual General.

The 95th Annual General Meeting on 1 February 2024 approved a proposal by the Executive Board and the Supervisory Board to distribute a dividend of EUR 0.52 per share plus an one-time special dividend of EUR 0.62 per share for the 2022/23 financial year. This resulted in a total dividend payment of EUR 203.2m. Ex-dividend day was 6 February 2024, dividend payment day was 9 February 2024.

47. Valuation reserves

The valuation reserve contains changes in the market value of cash flow hedges and financial assets classified at fair value through other comprehensive income (FVOCI), the IAS 19 remeasurements and the proportional share of changes in the equity of investments in equity accounted investees.

In addition, the statement of comprehensive income includes EUR 1.5m (previous year: EUR –0.9m) for the share of changes in the valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income, page 23).

The part of the valuation reserve attributable to equity accounted investees consists primarily of components from cash flow hedges that were recorded under equity as well as remeasurements in accordance with IAS 19 and the valuation of FVOCI instruments.

Valuation reserves

	30.09.2024			30.09.2023
EURm	Before tax	Tax	After tax	Before tax	Tax	After tax
Items recognised under other comprehensive income from
Financial assets classified at fair value through other comprehensive income	2,969.6	–682.9	2,286.7	3,087.0	–709.9	2,377.1
Cash flow hedges	–9.2	4.7	–4.5	28.9	–3.3	25.6
Remeasurements IAS 19	–128.1	28.7	–99.4	–99.6	22.3	–77.3
Investments in equity accounted investees	–45.2	14.5	–30.7	–204.9	53.5	–151.3
Total	2,787.1	–635.0	2,152.2	2,811.4	–637.4	2,174.0

In 2023/24, cash flow hedges totalling EUR –84.3m (previous year: EUR –15.4m) were transferred from other comprehensive income to the consolidated statement of operations. The year-on-year change resulted, above all, from the portfolio hedge electricity as well as from the hedging of net cash flows from the international project business (see note 63. Reporting on financial instruments). Due to the ineffectiveness of the hedges an amount of EUR 0.1m (previous year: EUR 0.0m) was recognised in profit or loss.

48. Treasury shares

A total of 23,876 treasury shares were sold during the reporting year to permit their issue as a special payment in accordance with a company agreement (previous year: 36,287 shares). EVN AG is not entitled to any rights arising from treasury shares. In particular, these shares are not entitled to dividends.

The number of shares outstanding developed as follows:

Reconciliation of the number of outstanding shares

	Zero par value shares	Treasury shares	Outstanding shares
30.09.2022	179,878,402	–1,659,357	178,219,045
Purchase of treasury shares	–	–	–
Disposal of treasury shares	–	36,287	36,287
30.09.2023	179,878,402	–1,623,070	178,255,332
Purchase of treasury shares	–	–	–
Disposal of treasury shares	–	23,876	23,876
30.09.2024	179,878,402	–1,599,194	178,279,208

The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share, equals 178,259,311 shares (previous year: 178,225,093 shares).

Financial information of subsidiaries with material Non-controlling interests
	30.09.2024			30.09.2023
EURm	RBG	BUHO	EVN Macedonia	RBG	BUHO	EVN Macedonia
Subsidiaries
Non-controlling interests (%)	49.97	26.37	10.00	49.97	26.37	10.00
Carrying amount of non-controlling interests	219.1	58.2	34.5	216.1	48.7	33.9

49. Non-controlling interests

The item non-controlling interests comprises the non-controlling interests in the equity of fully consolidated subsidiaries.

The following table provides information on each fully consolidated subsidiary of EVN with material non-controlling interests before intragroup eliminations:

of subsidiaries with material

Non-controlling interests (%)	49.97	26.37	10.00	49.97	26.37	10.00
Carrying amount of non-controlling interests	219.1	58.2	34.5	216.1	48.7	33.9
Result attributable to non-controlling interests	39.3	12.8	2.6	39.7	8.2	–0.1
Dividends attributable to non-controlling interests	35.1	3.0	–	25.0	2.7	–
Statement of financial position
Non-current assets	437.4	256.9	431.9	431.7	221.1	399.2
Current assets	0.8	10.6	59.3	0.4	10.4	67.3
Non-current liabilities	–	1.0	93.9	–	1.0	94.4
Current liabilities	0.2	–	19.1	–	–	19.8
		2023/24			2022/23
Statement of operations
Revenue	–	–	0.3	–	–	0.3
Result after income tax	78.7	48.7	25.7	79.4	31.2	5.4
Net cash flows
Net cash flow from operating activities	70.8	11.6	57.6	50.4	11.3	111.0
Net cash flow from investing activities	–	–	–50.1	–	–	–40.9
Net cash flow from financing activities	–70.3	–11.4	–10.0	–50.0	–10.4	–20.9

Non-current liabilities

50. Non-current loans and borrowings

Breakdown of non-current loans and borrowings

	Nominal interest rate (%)	Term	Nominal amount	Carrying amount 30.09.2024 EURm	Carrying amount 30.09.2023 EURm	Fair value 30.09.2024 EURm
Bonds				469.7	469.5	436.4
EUR bond	4.125	2012–2032	EUR 100.0m	98.9	98.8	106.1
EUR bond	4.125	2012–2032	EUR 25.0m	24.8	24.8	26.5
EUR bond	0.850	2020–2035	EUR 101.0m	101.0	101.0	76.2
Registered bond	2.005	2022–2034	EUR 5.0m	5.0	5.0	4.4
Registered bond	2.440	2022–2037	EUR 150.0m	150.0	150.0	131.7
Registered bond	3.900	2022–2038	EUR 90.0m	90.0	90.0	91.5
Bank loans (incl. promissory note loans)1)	0.00–4.99	until 2068	–	518.1	633.9	514.4
Total				987.8	1,103.5	950.8

1) In the 2023/24 financial year, a reclassification was made to current financial liabilities in the amount of EUR 161.2m.

The maturity structure of the non-current loans and borrowings is as follows:

51. Deferred taxes

Maturity of non-current loans and borrowings
	Remaining term to maturity as of 30.09.2024				Remaining term to maturity as of 30.09.2023
EURm	<5 years	>5 years	Total	<5 years	>5 years	Total
Bonds	–	469.7	469.7	–	469.5	469.5
thereof fixed interest	–	469.7	469.7	–	469.5	469.5
thereof variable interest	–	–	–	–	–	–
Bank loans	136.6	381.5	518.2	203.3	430.6	633.9
thereof fixed interest	131.7	276.5	408.2	199.7	325.6	525.3
thereof variable interest	4.9	105.0	109.9	3.6	105.0	108.6
Total	136.6	851.2	987.8	203.3	900.1	1,103.5

Bonds

All bonds involve bullet repayment on maturity.

The bonds are carried at amortised cost. Foreign currency liabilities are translated at the exchange rate in effect on the balance sheet date. In accordance with IFRS 9, hedged liabilities are adjusted to reflect the corresponding change in the fair value of the hedged risk in cases where hedge accounting is applied (see note 63. Reporting on financial instruments).

Bank loans

The loans consist of immaterial general borrowings from banks, as well as loans which are subsidised in part by interest and redemption grants from the Austrian Environment and Water Industry Fund. This position also includes EUR 247.0m (previous year: EUR 247.0m) of promissory note loans that were issued in October 2012, April 2020 and in July 2022.

Accrued interest is reported under other current liabilities.

Deferred taxes

EURm	30.09.2024	30.09.2023
Deferred tax assets
Employee-related provisions	–29.5	–25.2
Tax loss carryforwards	–1.5	–6.8
Investment depreciation	–12.0	–15.2
Property, plant and equipment	–14.8	–8.5
Provisions	–13.8	–7.3
Financial instruments	–1.0	–8.7
Other assets	–24.0	–31.1
Other liabilities	–21.5	–8.4
Deferred tax liabilities
Property, plant and equipment	153.1	113.7
Intangible assets	4.5	1.9
Investments	683.2	697.1
Provisions	0.7	5.0
Financial instruments	6.2	18.6
Other assets	4.0	4.8
Other liabilities	1.6	5.0
Total	735.2	735.1
thereof deferred tax assets	–31.1	–50.9
thereof deferred tax liabilities	766.3	785.9

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

Deferred taxes developed as follows:

Changes in deferred taxes

EURm	2023/24	2022/23
Deferred taxes on 01.10.	735.1	1,071.1
– Changes recognised directly in equity resulting from currency translation differences and other changes	–2.3	–1.7
– Changes in deferred taxes recognised through profit and loss	4.8	66.7
– Changes in deferred taxes recognised directly in equity from the valuation reserve	–2.4	–401.0
Deferred taxes on 30.09.	735.2	735.1
Projected tax results will permit the utilisation over the coming years of losses for which deferred tax assets were

previously recorded. Deferred tax assets of EUR 80.0m (previous year: EUR 75.1m) related to loss carryforwards were not recognised because they are not expected to be used within the foreseeable future. Of this total, EUR 8.8m will expire during the next five years (previous year: EUR 8.6m). The remaining loss carryforwards that were not capitalised can be carried forward for an indefinite period of time.

Deferred tax liabilities of EUR 134.2m (previous year: EUR 110.1m) on temporary differences of EUR 511.3m (previous year: EUR 407.2m) were not recognised because these differences will remain tax-free in the foreseeable future. These temporary differences arise from differences between the tax base of the participation interest and the proportional share of equity owned less retained earnings, respectively between the tax base of the participation interest and the carrying amount of the equity accounted investees (outside basis differences).

The changes recorded under other comprehensive income are primarily attributable to financial instruments (EUR –35.0m; previous year: EUR –51.8m), associates (EUR 39.0m; previous year: EUR 343.2m) and employee-related provisions (EUR –6.4m; previous year: EUR –6.0m).

52. Non-current provisions

Non-current provisions
EURm	30.09.2024	30.09.2023
Provisions for pensions	191.5	177.0
Provisions for pension-related obligations	27.1	23.6
Provisions for severance payments	77.6	74.1
Other non-current provisions	98.4	93.1
Total	394.6	367.7

The calculation of provisions for pensions and similar obligations and provisions for severance payments is mainly based on the following calculation principles:

The discount rate for the measurement of the provision for pensions and pension-related obligations was set at 3.4% as of 30 September 2024 (previous year: 4.3%). Provisions for severance payments are measured at an interest rate of 3.3% (previous year: 4.3%). The different discount rates result from the different duration of the personnel provisions.

The following parameters are applied:

• Austrian mortality tables AVÖ 2018-P Rechnungsgrundlagen für die Pensionsversicherung
• Remuneration increases and pension icreases for the following year: 4.0% (previous year: 7.0%)
• Remuneration increases and pension icreases for the year 2026: 2.75% (previous year: 3.5%)
• Remuneration increases and pension icreases for subsequent years: 2.25% (previous year: 2.25%)

Reconciliation of provisions for pensions

EURm	2023/24	2022/23
Present value of pension obligations (DBO) as of 01.10.	177.0	172.0
+ Service costs	–0.4	–4.0
+ Interest costs	7.6	6.4
– Payments	–12.2	–12.3
+/– Actuarial loss/gain	19.5	14.9
thereof
Financial assumptions	18.5	–1.5
Assumptions based on experience	1.0	16.4
Present value of pension obligations (DBO) as of 30.09.	191.5	177.0

As of 30 September 2024, the weighted average remaining term equalled 11.9 years for the pension obligations (previous year: 11.0 years). Pension payments are expected to total EUR 12.3m in 2024/25 (previous year: EUR 12.3m).

Reconciliation of the provisions for pension-related obligations

EURm	2023/24	2022/23
Present value of the provisions for pension-related obligations (DBO) as of 01.10.	23.6	20.2
+ Service costs	0.2	0.2
+ Interest costs	1.0	0.8
– Payments	–1.3	–2.2
+/– Actuarial loss/gain	3.6	4.6
thereof
Financial assumptions	3.1	–2.0
Assumptions based on experience	0.5	6.6
Present value of the provisions for pension-related obligations (DBO) as of 30.09.	27.1	23.6

As of 30 September 2024, the weighted average remaining term equalled 14.4 years for the pension-related obligations (previous year: 13.6 years). The payments for pension-related obligations are expected to total EUR1.5m in 2024/25 (previous year: EUR 2.0m).

Reconciliation of the provision for severance payments EURm 2023/24 2022/23 Present value of severance payment obligations (DBO) as of 01.10. 74.1 69.7 + Service costs 2.4 2.4 + Interest costs 3.3 2.5 – Severance payments –7.7 –8.5 – Transfers 0.1 –0.1 +/– Actuarial loss/gain 5.4 8.1 thereof Financial assumptions 3.6 –3.4 Assumptions based on experience 1.8 11.5 Present value of severance payment obligations (DBO) as of 30.09. 77.6 74.1

As of 30 September 2024, the weighted average remaining term of the severance payment obligations equalled 5.6 years (previous year: 5.8 years). Severance payments are expected to total EUR 9.2m in 2024/25 (previous year: EUR 10.1m).

A change in the actuarial parameters (ceteris paribus) would have the following effect on the provisions for pensions, pension-related obligations and severance payments:

Sensitivity analysis for provision for pensions

		30.09.2024		30.09.2023
%	Change in assumption	Decrease in assumption/ change in DBO	Increase in assumption/ change in DBO	Decrease in assumption/ change in DBO	Increase in assumption/ change in DBO
Interest rate	0.50	6.24	–5.57	5.69	–5.16
Remuneration increases	1.00	–1.20	1.33	–1.17	1.24
Pension increases	1.00	–9.55	11.59	–8.86	10.58
Remaining life expectancy	1 year	–4.38	4.46	–4.19	4.24

Sensitivity analysis for provision for pension-related obligations

		30.09.2024		30.09.2023
%	Change in assumption	Decrease in assumption/ change in DBO	Increase in assumption/ change in DBO	Decrease in assumption/ change in DBO	Increase in assumption/ change in DBO
Interest rate	0.50	7.56	–6.73	7.07	–6.32
Pension increases	1.00	–11.49	14.19	–10.71	13.10
Remaining life expectancy	1 year	–3.48	3.50	–3.21	3.21

Sensitivity analysis for provision for severance payments

		30.09.2024		30.09.2023
%	Change in assumption	Decrease in assumption/ change in DBO	Increase in assumption/ change in DBO	Decrease in assumption/ change in DBO	Increase in assumption/ change in DBO
Interest rate	0.50	2.83	–2.69	2.90	–2.75
Remuneration increases	1.00	–5.43	5.91	–5.61	6.12

The sensitivity analysis was carried out separately for each key actuarial parameter. Only one parameter was changed at a time during the examination, while the other variables remained constant (ceteris paribus). The method used to calculate the changed obligation reflected the calculation of the actual obligation. The analytical capacity of this method is limited because the interdependencies between the individual actuarial parameters are not taken into account. With respect to the severance compensation obligations, a sensitivity analysis was not carried out for the remaining life expectancy because this parameter has only an immaterial effect on the liability.

Reconciliation of other non-current provisions

EURm	Service anniversary bonuses	Rents for network access	Process costs and risks	Environmental and disposal risks	Other non-current provisions	Total
Carrying amount 01.10.2023	21.0	6.8	2.3	57.0	6.0	93.1
Interest expense	1.0	–0.1	0.7	1.6	–	3.2
Use	–1.7	–	–0.3	–0.7	–1.6	–4.3
Release	–	–6.0	–1.5	–1.2	–3.6	–12.3
Additions	3.7	0.2	4.2	6.3	7.8	14.0
Reclassification	–1.6	2.9	–0.8	–0.6	–4.1	–4.3
Change in scope of consolidation	–	–	–	0.9	–	0.9
Carrying amount 30.09.2024	22.3	3.7	4.5	63.3	4.6	98.4

Rents for network access involve provisions for rents to gain access to third-party facilities in Bulgaria. Various legal proceedings and lawsuits, which for the most part arise from operating activities and are currently pending, are reported under process costs and risks. Environmental and disposal risks primarily encompass the estimated costs for demolition or disposal as well as provisions for environmental risks and risks related to contaminated sites. At the present time, the use of the provisions for environmental and disposal risks is expected within a timeframe of one to 19 years. Reclassifications consist chiefly of a transfer from the current to the non-current section due to the adjustment of estimates for the time required to meet renaturation obligations.

53. Deferred income from network subsidies

The investment subsidies are related primarily to heating plants, facilities operated by EVN Wasser, small hydropower plants and wind power plants operated by EVN Naturkraft and facilities operated by network companies.

Deferred income from network subsidies

EURm	Network subsidies (IFRS 15)	Network subsidies (regulated business)	Investment subsidies	Total
Carrying amount 01.10.2023	62.1	554.2	66.9	683.3
Additions	10.7	105.0	5.6	121.3
Reclassification	–6.5	–69.6	–4.7	–80.8
Changes in the scope of consolidation	–	–	2.3	2.3
Carrying amount 30.09.2024	66.3	589.7	70.1	726.1

Term to maturity of other

non-current liabilities

	Remaining term to maturity as of 30.09.2024			Remaining term to maturity as of 30.09.2023
EURm	<5 years	>5 years	Total	<5 years	>5 years	Total
Liabilities from derivative transactions	0.4	–	0.4	8.4	–	8.4
Leasing liabilities	35.4	34.9	70.2	22.4	48.9	71.3
Remaining other non-current liabilities	11.1	2.0	13.1	5.9	3.3	9.3
Total	46.9	36.9	83.8	36.8	52.3	89.1

Current liabilities

55. Current loans and borrowings

Bank overdrafts are included under cash and cash equivalents in the consolidated statement of cash flows.

54. Other non-current liabilities

Other non-current liabilities
EURm	30.09.2024	30.09.2023
Liabilities from derivative transactions	0.4	8.4
Leasing liabilities	70.2	71.3
Remaining other non-current liabilities	13.1	9.3
Total	83.8	89.1

The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward exchange transactions in connection with the international project business.

The remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for contract costs incurred and long-term compensation payments received.

Current loans and borrowings
EURm	30.09.2024	30.09.2023
Bonds	–	77.8
Bank loans	126.1	215.4
Bank overdrafts and other current loans	–	50.0
Total	126.1	343.2

The JPY bond in the amount of EUR 76.1m included in current financial liabilities in the previous year was repaid in full on 9 January 2024.

Loans amounting to EUR 117.3m (previous year: EUR 293.2m) were reclassified to current financial liabilities as they are due within the next 12 months.

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

56. Trade payables

Trade payables include obligations resulting from outstanding invoices amounting to EUR 131.9m (previous year: EUR 149.0m).

57. Current provisions

Reconciliation of current provisions

EURm	Personnel entitlements	Rents for network access	Process risks	Other current provisions	Total
Carrying amount 01.10.2023	87.1	2.9	1.6	42.9	134.4
Currency translation effects	–	–	–	0.1	0.1
Use	–12.0	–	–0.7	–34.0	–46.6
Release	–	–	–	–4.4	–4.4
Additions	20.7	–	–	17.4	38.2
Reclassification	1.6	–2.9	0.8	4.9	4.4
Carrying amount 30.09.2024	97.4	–	1.8	27.0	126.1

The provisions for personnel entitlements comprise special payments not yet due, outstanding leave and liabilities resulting from a voluntary early retirement programme for employees. The provisions for legally binding agreements totalled EUR 2.8m as of the balance sheet date (previous year: EUR 3.5m).

Provisions for contingent losses of EUR 20.8m (previous year: EUR 24.2m) were formed in connection with business activities in the context of the planning and construction of environmental infrastructure projects. The provisions result from contractual obligations.

As a result of the flood damage in September 2024, other current provisions of EUR 5.7m were recognised for maintenance measures on uninsured assets that are subject to a supply contract (see note 29. Other operating expenses).

58. Other current liabilities

Other current liabilities

EURm	30.09.2024	30.09.2023
Financial liabilities
Liabilities to investments in equity accounted investees	79.5	28.8
Liabilities to non-consolidated subsidiaries	14.5	12.4
Deferred interest expenses	12.3	14.5
Liabilities arising from derivative transactions	9.3	30.6
Leasing liabilities	8.5	8.8
Other financial liabilities	102.8	176.9
	226.9	272.2
Other liabilities
Contract liabilities	47.0	29.2
Prepayments received	61.2	64.6
Deferred income from network subsidies	71.0	67.7
Liabilities relating to social security	12.8	13.6
Energy taxes	2.0	0.9
Value added tax	14.7	14.3
Other taxes and duties	16.2	34.7
	225.0	224.9
Total	451.9	497.1

The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these companies as well as amounts due to EnergieAllianz for the distribution and procurement of electricity.

Liabilities from derivative transactions include negative market values of derivatives in the energy sector and forward exchange transactions for environmental infrastructure projects.

Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals, liabilities to employees and deposits received.

Contract liabilities mainly relate to advance payments received from customers from the international project business for which revenue was recognised over a certain period of time. The contract liabilities of EUR 29.2m reported in the previous year were recognized as revenue in the 2023/24 financial year.

Segment reporting

Segment reporting

		Energy	Generation			Networks		South East Europe		Environment		All Other Segments		Consolidation1)		Total
EURm	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24	2022/23
External revenue	780.3	1,015.9	120.7	132.8	565.2	564.5	1,335.8	1,499.7	428.2	531.4	26.4	24.5	–	–	3,256.6	3,768.7
Internal revenue (between segments)	19.5	19.3	305.3	349.2	78.5	73.4	2.5	1.6	0.5	0.7	95.8	83.9	–502.1	–528.1	–	–
Total revenue	799.8	1,035.2	426.0	481.9	643.7	637.9	1,338.3	1,501.2	428.7	532.2	122.2	108.4	–502.1	–528.1	3,256.6	3,768.7
Operating expenses	–703.4	–859.9	–212.7	–224.2	–381.7	–402.6	–1,139.6	–1,261.8	–414.9	–488.4	–134.0	–120.1	498.2	524.8	–2,488.0	–2,832.1
Share of results from equity accounted investees operational	–156.5	–238.8	43.7	42.7	–	–	–	–	17.3	18.3	126.3	110.2	–	–	30.8	–67.6
EBITDA	–60.1	–63.6	257.0	300.4	262.0	235.4	198.8	239.4	31.0	62.2	114.6	98.5	–3.9	–3.4	799.4	869.0
Depreciation and amortisation	–30.2	–26.6	–67.5	–45.4	–168.8	–156.8	–84.0	–79.9	–23.8	–32.7	–2.7	–2.5	3.9	3.4	–373.2	–340.4
thereof impairment losses	–4.2	–5.8	–21.0	–1.1	–	–	–	–	–0.1	–0.3	–	–	–	–	–25.2	–7.1
thereof revaluation	0.3	1.6	–	–	–	–	–	–	–	1.6	–	–	–	–	0.3	3.2
Results from operating activities (EBIT)	–90.3	–90.1	189.5	255.0	93.2	78.6	114.7	159.5	7.2	29.5	111.9	96.0	–	–	426.2	528.5
EBIT margin (%)	–11.3	–8.7	44.5	52.9	14.5	12.3	8.6	10.6	1.7	5.5	91.5	88.6	–	–	13.1	14.0
Interest income	1.0	–	8.3	6.3	0.6	0.5	5.3	2.9	4.0	2.6	52.8	47.7	–63.8	–43.5	8.1	16.5
Interest expense	–7.1	–4.3	–5.7	–4.5	–30.7	–22.4	–15.3	–12.4	–26.1	–20.2	–40.7	–37.0	63.8	43.5	–61.8	–57.4
Financial results	–5.9	–4.7	4.0	2.3	–29.7	–21.8	–10.0	–10.0	–37.9	–20.9	226.8	200.6	–11.9	–17.9	135.3	127.6
Result before income tax	–96.2	–94.8	193.4	257.3	63.5	56.8	104.8	149.6	–30.8	8.6	338.7	296.6	–11.9	–17.9	561.6	656.2
Goodwill	–	–	–	1.2	1.8	1.8	–	–	–	–	–	–	–	–	1.8	3.0
Carrying value of investments in equity accounted investees	49.8	37.7	230.3	239.7	–	–	–	–	166.9	170.8	696.6	655.2	–	–	1,143.6	1,103.4
Total assets	642.1	674.0	1,186.2	1,193.3	2,756.8	2,562.7	1,488.5	1,402.7	1,014.8	1,072.0	6,164.9	6,195.2	–2,339.7	–2,103.8	10,913.6	10,996.0
Total liabilities	510.4	464.2	432.6	442.4	2,018.1	1,838.6	896.4	895.4	820.5	849.3	1,774.4	2,075.7	–2,269.5	–2,033.9	4,183.0	4,531.6
2) Investments	89.9	63.6	87.5	121.7	399.8	356.0	147.2	135.5	30.7	22.9	2.5	1.8	–4.6	–7.4	753.0	694.1

1) Described below in the notes on segment reporting

2) In intangible assets and property, plant and equipment

Segment information by product – revenue

EURm	2023/24	2022/23
Electricity	2,125.5	2,462.5
Natural gas	222.5	304.0
Heat	237.5	252.8
Environmental services	421.7	525.3
Others	249.4	224.1
Total	3,256.6	3,768.7

Segment information by country – non-current assets1) 30.09.2024 30.09.2023 EURm Intangible assets Property, plant and equipment Intangible assets Property, plant and equipment Austria 198.6 3,600.9 181.9 3,270.1 Germany 0.6 20.1 0.7 9.9 Bulgaria 35.0 564.5 10.9 565.1 North Macedonia 11.9 426.5 12.8 385.4 Others 16.2 50.7 4.9 55.1 Total 262.4 4,662.7 211.2 4,285.7

Segment information by country – revenue1)

EURm	2023/24	2022/23
Austria	1,540.4	1,777.4
Germany	357.7	458.4
Bulgaria	798.1	934.9
North Macedonia	534.9	562.2
Others	25.6	35.7
Total	3,256.6	3,768.7

1) The allocation of segment information by countries is based on the location of the companies.

1) The allocation of segment information by countries is based on the location of the companies.

59. Notes to segment reporting

The segments of business cover the following activities:

Notes to segment reporting

Business areas	Segments Major activities
Energy business	Energy	• Marketing of electricity produced in the Generation Segment • Procurement of electricity, natural gas and primary energy carriers • Trading with and sale of electricity and natural gas to end customers and on wholesale markets • Production and sale of heat • 45.0% investment in EnergieAllianz1) • Investment as sole limited partner in EVN KG1)
	Generation	• Generation of electricity from renewable energy and thermal production capacities for network stabilisation at Austrian and international locations • Operation of a thermal waste utilisation plant in Lower Austria • 13.0% investment in Verbund Innkraftwerke (Germany)1) 49.99% investment in Ashta run-of-river power plant (Albania)1) •
	Networks	• Operation of distribution networks and network infrastructure for electricity and natural gas in Lower Austria • Internet and telecommunication services in Lower Austria and Burgenland
	South East Europe	• Operation of distribution networks and network infrastructure for electricity in Bulgaria and North Macedonia • Sale of electricity to end customers in Bulgaria and North Macedonia • Generation of electricity from hydropower and photovoltaics in North Macedonia • Generation, distribution and sale of heat in Bulgaria • Construction and operation of natural gas networks in Croatia • Energy trading for the entire region
Environmental services business	Environment	• Water supply and wastewater disposal in Lower Austria • International project business: planning, construction, financing and/or operation (depending on the project) of plants for drinking water supplies, wastewater treatment and thermal waste utilisation2)
Other business activities	All Other Segments	• 50.03% investment in RAG-Beteiligungs-Aktiengesellschaft, which holds 100% of the shares in RAG1) • 73.63% investment in Burgenland Holding, which holds a stake of 49.0% in Burgenland Energie1) 12.63% investment in Verbund AG3) • • Corporate services

1) The earnings contribution represents the share of results from equity accounted investees with operational nature and is included in EBITDA.

2) Following the termination of the sales process for the complete disposal of WTE in April 2024, further strategic options are under evaluation for the international project business consistent with EVN's focus on the core energy business.

³⁾ Dividends are included under financial results.

Principle of segment allocation and transfer pricing

Subsidiaries are allocated directly to their respective segments. EVN AG is allocated to the segments on the basis of data from the cost accounting system.

The transfer prices for energy between the individual segments are based on comparable prices for special contract customers, and thus represent applicable market prices. For the remaining items, pricing is based on cost plus an appropriate mark-up.

Reconciliation of segment results at the Group level

Services performed between segments are eliminated in the consolidation column. The results in the total column reflect the amounts shown in the consolidated statement of operations.

Group disclosures

IFRS 8 requires additional segment information classified by products (external revenues broken down by products and services) and countries (external revenues and non-current assets broken down by countries) if this information is not already provided as part of the segment reporting.

Information on transactions with major external customers is required only if these transactions amount to 10.0% or more of a company's external revenues. EVN has no transactions with customers that meet this criterion because of its large number of customers and diverse business activities.

Other information

60. Consolidated statement of cash flows

The consolidated statement of cash flows shows the changes in cash and cash equivalents during the reporting year as a result of cash inflows and outflows. The consolidated statement of cash flows is presented in accordance with the indirect method. Non-cash expenses were added to and non-cash income was subtracted from profit before income tax.

Cash and cash equivalents
EURm	30.09.2024	30.09.2023
Cash	78.8	70.2
thereof cash on hand	0.1	0.1
thereof cash at banks	78.7	70.1
Bank overdrafts	–	–50.0
Total	78.8	20.2

As of 30 September 2024, EUR 12.1m (previous year: EUR 22.9m) were subject to disposal restrictions and were reclassified from cash and cash equivalents (also see note 42. Securities and other financial investments).

Network subsidies from the regulated business are released to other operating income (also see note 26. Other operating income), and those from the non-regulated business to revenue.

Reversal of network and investment subsidies

EURm	2023/24	2022/23
Income from the reversal of network and investment subsidies (regulated business)	58.3	58.3
Revenue from the reversal of network subsidies (non-regulated business)	6.3	5.8
Total	64.6	64.1

The change in financial liabilities, which is primarily attributable to cash flow from financing activities, is shown in the following table:

Cash flow from financing activities

2023/24 financial year

	Current financial	Non-current financial
EURm	liabilities	liabilities	Leasing liabilities	Total
Balance on 01.10.2023	343.2	1,103.5	80.2	1,526.8
Payments made	–293.2	–	–11.8	–305.0
Reclassification of liquid funds	–50.0	–	–	–50.0
Currency translation	–	0.9	–	0.9
Change in fair value	–	–0.9	–	–0.9
Change in costs for the procurement
of funds	–	0.5	–	0.5
Other changes	0.8	9.2	10.4	20.4
Reclassifications	125.2	–125.2	–	–
Balance on 30.09.2024	126.1	987.8	78.8	1,192.7

2022/23 financial year

EURm	Current financial liabilities	Non-current financial liabilities	Leasing liabilities	Total
Balance on 01.10.2022	377.4	1,150.8	61.8	1,590.0
Payments received	–	256.7	–	256.7
Payments made	–122.4	–1.3	–11.8	–135.5
Reclassification of liquid funds	–205.1	–	–	–205.1
Currency translation	–	–0.1	–	–0.1
Change in fair value	–	–9.9	–	–9.9
Change in costs for the procurement of funds	–	0.4	–	0.4
Other changes	–	–	30.2	30.2
Reclassifications	293.2	–293.2	–	–
Balance on 30.09.2023	343.2	1,103.5	80.2	1,526.8

61. Risk management

Risk management supports the pursuit of corporate objectives, in particular

• the targeted securing of existing and future earnings and cash flow potential
• ensuring the Group's solvency and financing capability and
• optimising the result, taking into account the risk-opportunity calculation.

Risk management is carried out with regard to market risks, liquidity risks and credit and default risks.

Market risk represents the risk that the fair value or future cash flows of a financial instrument fluctuate as the result of market risk factors. Market risk is classified in the following three components: interest rate, foreign exchange and other market risks.

Market risk: Interest rate risk

EVN defines interest rate risk as the risk that fluctuations in the fair value or future cash flows of a financial instrument due to changes in the market interest rate could adversely affect interest income and expense as well as equity. This risk control through the regular monitoring of interest rate risk and hedging strategies that include the use of derivative financial instruments (also see notes 9. Financial instruments and 63. Reporting on financial instruments).

In addition to the ongoing calculation of the market value of financial liabilities, EVN also monitors the interest rate risk using a value-at-risk (VaR) calculation, in which the VaR is calculated with a confidence level of 99.0% for the holding period of one day using the variance-covariance method (delta-gamma approach). As at the balance sheet date, the interest rate VaR (taking into account the hedging instruments used) amounted to EUR 5.0m (previous year: EUR6.5m). The decline recorded here is due to the reduction in outstanding loans and bonds in the 2023/24 financial year and the lower volatility on the interest rate markets. At the same time, the interest rate VaR reflects the high level of fixed-interest financial liabilities of 90% as at 30 September.2024 (previous year: 87%). For the financial liabilities with variable interest rates as at the balance sheet date, an increase in the market interest rate/reference interest rate of 100 basis points would mean an increase in interest expenses of EUR 1.1m p. a. (previous year: EUR1.1m p. a.).

Market risk: Foreign exchange risk

The risk of currency fluctuations affecting earnings arises for EVN from transactions that are not conducted in euros. Receivables, liabilities, cash and cash equivalents that are not held in the Group's functional currency (including BGN,

BHD, KWD, MKD, PLN, RON, RUB, USD) may be exposed to currency risks. With the redemption of the bond issued in Japanese yen (JPY) in January 2024, a significant driver of currency risk in the financial area at EVN has ceased to exist. The financial liabilities are now denominated exclusively in euros.

Exposure management (FX) includes reducing the EVN Group's physical, immediately available or daily maturing cash and cash equivalents in foreign currencies to the necessary, economically reasonable minimum at all times. BGN and MKD are considered EVN's core currencies and are not subject to active foreign currency risk management.

A material driver for foreign exchange risk in the operational business is the Umm Al Hayman wastewater treatment project in Kuwait. The EVN Group serves as the general contractor and, as such, is responsible for the planning and construction of a wastewater treatment plant (contract value: approximately EUR 600m, converted) and – together with partners – of a sewage network with pumping stations (contract value: approximately EUR 950m, converted). The Group is exposed to transactional foreign exchange risks to the extent that the currencies for settlement of the project transactions differ from the Group's functional currency. These transactions are carried out chiefly in euro (EUR), US dollar (USD) and Kuwaiti dinar (KWD). In accordance with the relevant Group guideline, foreign exchange risks from expected net cash flows by currency from project transactions are hedged over the next 12 months. This practice can vary for large-scale projects, where hedging can also extend beyond the 12 month period. Forward exchange transactions are used to hedge currency risk and formally designated in macro-cash flow accounting. These contracts are principally designated as cash flow hedges.

The EVN Group is expanding an existing sewage treatment plant in Bahrain and building a sewage sludge incineration plant. As with the project in Kuwait, the company is also exposed to currency risks in Bahrain. Forward exchange transactions were used to hedge the highly probable net cash inflows expected. Due to the progress of the project, the cash flow hedge designation set up in the financial year 2022/23 for hedging transactions relating to the Bahrain dinar (BHD) was closed.

The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area amounted to EUR 0.3m as of 30 September 2024 (previous year: EUR 0.2m) after the inclusion of hedging instruments.

Other market risks

EVN defines other market risks as the risk of price changes resulting from market fluctuations in primary energy, CO2 emission certificates, electricity and securities.

In EVN's energy trading activities, energy trading contracts are entered into for the purpose of managing price risk. Price risks result from the procurement and sale of electricity, natural gas and CO2 emission certificates.

EVN uses futures, forwards and swaps to hedge the prices of the primary energy carriers electricity, natural gas and CO2 emission certificates in the energy business. These swaps are generally fulfilled. The contracts which cover expected procurement, sale or usage requirements are evaluated as own-use transactions (also see note 63. Reporting on financial instruments).

A change of 5% in market prices would have the following effects in connection with derivative financial instruments in the energy business:

Sensitivities market price
%	2023/24		2022/23
	+5%	–5%	+5%	–5%
Effect on equity (cash flow hedges valuation reserve)	–2.0	+2.0	–5.3	+5.3
Impact on operating result	–0.1	+0.1	–2.7	+2.7

The price risk for securities results from fluctuations on the capital markets. The most significant securities position held by EVN is its investment in Verbund AG. The price risk VaR for the Verbund AG shares held by EVN as of the balance sheet date was EUR 124.4m (previous year: EUR 145.7m), whereby the price would be influenced by the sale of a large block of Verbund shares by EVN. The decrease in VaR compared to the last balance sheet date is due to a lower market value of the Verbund share portfolio held and lower volatility compared to the last balance sheet date.

Liquidity risk

Liquidity risk represents the risk of not being able to raise the required financial resources to settle liabilities on their due date as well as the inability to raise the necessary liquidity at the expected terms and conditions. EVN minimises this risk by means of short-term and medium-term financial and liquidity planning. In concluding financing agreements, special attention is paid to managing the terms to maturity in order to achieve a balanced maturity profile and thus avoid the bundling of repayment dates. The EVN Group uses cash pooling to equalise liquidity balances.

The liquidity reserve as of 30 September 2024 comprised cash and cash equivalents of EUR 78.8m (previous year: EUR 70.2m), short-term time deposits of EUR 0.0m (previous year: EUR 12.6m) and current securities of EUR 159.7m (previous year: EUR 216.8m) which can be sold at any time. Moreover, EVN had EUR 500.0m in a contractually agreed and unused syndicated line of credit (previous year: EUR 400.0m) and EUR 315.0m (previous year: EUR 286.0m) of contractually agreed and unused bilateral lines of credit as of the balance sheet date. The liquidity risk was therefore extremely low. The gearing ratio equalled 16.8% as of the balance sheet date (previous year: 21.1%) and underscores EVN's sound capital structure.

Expected occurrence of cash flows of loans and borrowings and other liabilities

30.09.2024

			Contractually stipulated payment flows
EURm	Carrying amount	Total payment flows	< 1 year	1–5 years	> 5 years
Bonds	469.7	570.6	10.6	39.1	520.9
Bank loans	644.2	753.1	143.7	187.2	422.2
Lease liabilities	78.8	98.7	8.9	28.7	61.1
Liabilities arising from derivative transactions1)	9.7	10.2	9.8	0.4	–
Liabilities from contract costs	5.2	5.2	5.2	–	–
Total	1,207.6	1,437.7	178.1	255.3	1,004.3

30.09.2023

			Contractually stipulated payment flows
EURm	Carrying amount	Total payment flows	< 1 year	1–5 years	> 5 years
Bonds	547.3	719.0	93.7	58.6	566.7
Bank loans	927.1	980.2	234.7	259.1	486.4
Lease liabilities	80.2	96.6	9.4	27.8	59.4
Liabilities arising from derivative transactions1)	39.1	42.3	33.2	9.1	–
Liabilities from contract costs	15.5	15.5	15.5	–	–
Total	1,531.4	1,853.6	386.5	354.6	1,112.5

1) Forward exchange transactions (USD/KWD) are included in the carrying amount. Cash flows from forward exchange transactions, however, are shown in the tables on page 90 in the respective foreign currency.

All financial liabilities not shown in the table are current and the associated cash flows are therefore due within one year.

Credit and default risk

Credit and default risk represents the risk of a loss when business partners fail to meet their contractual obligations. This risk is inherent to all agreements with delayed payment terms or fulfilment at a later date. Default risk generally arises in connection with trade receivables and the debt instruments held as financial assets by the Group. The carrying amount of the financial assets and contractual assets represents the maximum default risk.

To limit credit risk, the company evaluates the credit standing of its business partners. Internal and external ratings (including Standard & Poor's, Moody's, Fitch and KSV 1870) of the counterparties are used for this purpose, and the business volume is limited in accordance with the rating and the probability of default. Sufficient collateral is required before a transaction is entered into if the partner's credit rating is inadequate.

EVN monitors credit risk and limits default risk for financial receivables and for derivatives and forward transactions which are concluded to hedge the risks connected with EVN's energy business or are related to end customers and other debtors.

In order to reduce credit risk, hedging transactions are entered into only with well-known banks that have good credit ratings. EVN also ensures that funds are deposited at banks with the best possible credit standing based on international ratings.

The default risk for customers is monitored separately at EVN and supported primarily by ratings and experiencebased values. Default risk is also minimised with efficient receivables management and the continuous monitoring of customer payment behaviour.

The recognition of impairment losses to financial assets carried at amortised cost and to contractual assets in accordance with IFRS 15 has been based on the ECL model for expected credit losses since 1 October 2018.

EVN measures the impairment losses for trade receivables without a significant financing component and for contractual assets at an amount equal to the expected lifetime credit losses. In contrast, the impairment losses

• for financial assets with a low default risk as of the balance sheet date and
• for bank deposits without a significant increase in the default risk since initial recognition are based on the expected 12-month credit loss.

From the viewpoint of the EVN Group, a financial asset has a low default risk when its credit rating meets the "investment grade" definition. The Group sees this condition as met with an internal rating of 4 or higher or with an equivalent rating of BBB– or higher from Standard and Poor's (S&P).

EVN uses appropriate and reliable information which is relevant and available without undue expenditure of time and expense to determine whether the default risk of a financial asset has increased significantly since initial recognition and to estimate the expected credit losses. The default risk of a financial asset is assumed to have increased significantly when the related credit rating has declined to 5b on EVN's internal rating scale, which represents the S&P equivalent of B+.

The EVN Group considers a financial asset to be in default when:

• the debtor is unlikely to meet his/her credit obligations in full without measures by the Group to realise collateral (if available), or
• the financial asset declines to 5c on EVN's internal rating scale, which represents the S&P equivalent of CCC+, or
• payment on trade receivables has not been received after a second reminder or insolvency proceedings are opened over a company or private person.

Default probabilities and collection rates based on the applicable rating category are used to calculate the required impairment loss. The amount of the impairment loss equals the present value of the expected credit loss.

The following table includes information on the default risk and expected credit losses for financial instruments carried at amortised cost. It does not cover trade receivables, receivables from equity accounted investees, receivables from non-consolidated investments or amounts due from employees. The risk allowance for all financial instruments represents the expected 12-month credit loss because the default risk is low. The amounts shown in the table include both current and non-current components.

Major financial instruments covered by the ECL model

30.09.2024

EURm	Equivalent S&P	Default probability (%)1)	Loans receivable	Lease receivables	Bank deposits2) 3)	Calculated impairment4)
EVN rating class 1	AAA	–	–	3.8	–	–
EVN rating class 2	Up to AA–	0.07	–	–	–	–
EVN rating class 3	Up to A–	0.07	29.1	6.9	55.5	–
EVN rating class 4	Up to BBB–	0.33	–	–	27.1	–
EVN rating class 5a	Up to BB–	1.48	–	–	6.0	–
EVN rating class 5b	Up to B–	6.78	–	–	2.2	–
EVN rating class 5c	Up to D	25.98	–	–	–	–
No rating	–	–	1.3	–	–	–
Total			30.3	10.7	89.2	–

EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with different time ranges.

In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence the expected credit losses on trade receivables. The economic developments in recent years did not lead to a sharp rise in receivables defaults by customers, in particular because of numerous government support measures. However, this has currently been reflected in an increasing number of insolvencies in Europe, and we expect higher receivables defaults in the future. For this reason, the EVN Group recognised a EUR 5.1m (previous year: EUR 5.0m) higher impairment loss to trade receivables for the 2023/24 financial year via a forward-looking component.

30.09.2023

EURm	Equivalent S&P	Default probability (%)1)	Loans receivable	Lease receivables	Bank deposits2) 3)	Calculated impairment4)
EVN rating class 1	AAA	–	–	7.4	–	–
EVN rating class 2	Up to AA–	0.03	–	–	0.3	–
EVN rating class 3	Up to A–	0.05	19.4	4.9	39.7	–
EVN rating class 4	Up to BBB–	0.22	9.2	–	41.0	–
EVN rating class 5a	Up to BB–	0.91	–	–	10.0	–
EVN rating class 5b	Up to B–	5.53	–	–	2.1	–
EVN rating class 5c	Up to D	24.70	–	–	–	–
No rating	–	–	0.9	–	–	–
Total			29.5	12.3	93.1	–

1) Assumed loss ratio (60% for banks, 80% for corporates)

2) Due to the daily maturity, a one-day probability of default is applied to account balances;

for money market deposits, the PoD of the average volume-weighted residual term is taken into account.

3) Bank balances also include restricted cash in the amount of EUR 12.1m (previous year: EUR 22.9m).

4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude.

The following tables include information on the default risk and expected credit losses for trade receivables, which were determined on the basis of a provision matrix for EVN's core markets:

Expected credit losses in Austria

30.09.2024

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.0–0.1	0.1	43.7	43.7	–
Up to 89 days overdue	0.1–0.6	0.8	9.6	9.5	0.1
Up to 179 days overdue	4.6–19.7	12.0	2.2	1.9	0.3
Up to 359 days overdue	7.9–55.2	16.4	3.3	2.8	0.5
>360 days overdue	15.5–100.0	34.3	12.5	8.2	4.3
Total			71.3	66.1	5.2

Expected credit losses in Bulgaria

30.09.2024
EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.0–2.7	0.37	47.8	47.6	0.2
Up to 89 days overdue	2.1–100.0	6.51	7.9	7.4	0.5
Up to 179 days overdue	28.4–100.0	63.80	1.2	0.4	0.7
Up to 359 days overdue	63.2–100.0	87.82	1.4	0.2	1.2
>360 days overdue	100.0	100.00	14.3	–	14.3
Total			72.5	55.6	17.0

30.09.2023

30.09.2023

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.0–0.1	–	98.6	98.6	–
Up to 89 days overdue	0.1–0.6	1.1	7.9	7.8	0.1
Up to 179 days overdue	4.6–19.7	13.6	1.9	1.6	0.3
Up to 359 days overdue	7.9–55.2	18.9	2.7	2.2	0.5
>360 days overdue	15.5–100.0	38.6	11.0	6.8	4.3
Total			122.2	117.0	5.2

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.0–0.5	0.13	53.4	53.3	0.1
Up to 89 days overdue	3.0–42.3	8.23	5.9	5.3	0.5
Up to 179 days overdue	31.7–54.9	39.75	1.2	0.7	0.5
Up to 359 days overdue	63.6–98.1	88.96	1.7	0.2	1.5
>360 days overdue	100.0	100.00	13.6	–	13.6
Total			75.7	59.6	16.1

Expected credit losses in North Macedonia

30.09.2024

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.4–100.0	55.2	145.3	65.1	80.2
thereof instalment agreements	27.5–100.0	88.5	87.7	10.1	77.5
thereof without instalment agreements	0.4–36.6	4.7	57.6	54.9	2.7
Up to 89 days overdue	2.4–100.0	9.7	23.6	21.3	2.3
Up to 179 days overdue	42.3–100.0	80.5	6.6	1.3	5.3
Up to 359 days overdue	52.6–100.0	95.2	10.9	0.5	10.4
>360 days overdue	100.0	100.0	169.7	–	169.7
Total			356.1	88.2	267.9

30.09.2023

EURm	Default probability range (%)	Default probability average (%)	Gross amount	Net amount	Cumulative impairment loss
Not overdue	0.4–100.0	50.25	126.0	62.7	63.3
thereof instalment agreements	17.5–100.0	83.90	71.9	11.6	60.3
thereof without instalment agreements	0.4–36.6	5.51	54.1	51.1	3.0
Up to 89 days overdue	2.4–100.0	13.29	23.2	20.1	3.1
Up to 179 days overdue	42.3–100.0	81.39	6.6	1.2	5.4
Up to 359 days overdue	52.6–100.0	96.61	14.2	0.5	13.7
>360 days overdue	100.0	100.00	156.1	–	156.1
Total			326.2	84.5	241.7

The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average probability of default than the category "up to 89 days overdue".

The remaining gross trade receivables of EUR 62.2m (previous year: EUR 102.8m) are related primarily to the international project business. As the majority of clients are state-related companies, the probability of default was assessed using external ratings and the receivables were individually impaired if necessary. For receivables with a gross carrying amount of EUR 30.2m (previous year: EUR 70.7m), which fall into stage 3, impairments totalling EUR 15.4m (previous year: EUR 23.7m) were recognized.

In financial year 2023/24, impairments of EUR 36.7m (previous year: EUR 20.7m) were recognised for trade receivables. The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year, no impairment of contract assets was necessary.

The following table shows the development of impairment losses to trade receivables in 2023/24:

Impairment losses – trade receivables
EURm	2023/24	2022/23
Balance on 01.10.	286.7	287.1
Additions	36.7	20.7
Disposal	–17.9	–21.1
Balance on 30.09.	305.4	286.7

The Group's maximum default risk for the items reported on the consolidated statement of financial position as of 30 September 2024 and 30 September 2023 reflect the carrying amounts shown in notes 39. Other non-current assets, 41. Trade and other receivables and 42. Securities and other financial investments, excluding financial guarantees.

The maximum default risk for derivative financial instruments equals the positive fair value (see note 63. Reporting on financial instruments).

The maximum risk from financial guarantees is described in note 65. Other obligations and risks.

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

62. Capital management

EVN's goal in the area of capital management is to maintain a solid capital structure in order to use the resulting financial strength for value-creating investments and an attractive dividend policy. EVN has defined an equity ratio of more than 40% and net debt coverage of more than 50% as its targets. As of 30 September 2024, the equity ratio equalled 61.7% (previous year: 58.8%). Net debt coverage, which represents the ratio of funds from operations to net debt, equalled 83.7% (previous year: 79.4%). Net debt is calculated as the total of current and non-current financial liabilities minus cash and cash equivalents, current and non-current securities and loans receivable, plus non-current personnel provisions.

Capital management

EURm	30.09.2024	30.09.2023
Non-current loans and borrowings and leasing liabilities	1,058.1	1,174.8
Current loans and borrowings1)	134.6	302.0
Cash and cash equivalents	–78.8	–20.2
Non-current and current securities	–250.5	–337.5
Non-current and current loans receivable	–30.3	–29.5
Net financial debt	833.1	1,089.7
Non-current personnel provisions2)	296.2	274.6
Net debt	1,129.3	1,364.3
Funds from operations	945.2	1,082.9
Equity	6,730.6	6,464.3
Gearing (%)	16.8	21.1
Net debt coverage (%)	83.7	79.4

1) Excluding bank overdrafts contained in cash and cash equivalents

2) Excluding provisions for service anniversary bonuses

The EVN Group uses cash pooling to manage liquidity and optimise interest rates. EVN AG and each of the participating Group subsidiaries have concluded a corresponding contract that defines the modalities for cash pooling.

63. Reporting on financial instruments

Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in accordance with financial methods, e.g. by discounting the expected cash flows at the prevailing market interest rate. The input factors required for the calculations are explained below.

The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore, the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.

The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy according to IFRS 13.

Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a market participant to determine an appropriate price. There were no reclassifications between the various levels during the reporting period.

Information on classes and categories of financial instruments

			30.09.2024		30.09.2023
EURm	Measure ment category	Fair value hierarchy (according to IFRS 13)	Carrying amount	Fair value	Carrying amount	Fair value
Classes
Non-current assets
Other investments1)
Investments	FVOCI	Level 3	161.7	161.7	167.4	167.4
Miscellaneous investments	FVOCI	Level 1	3,269.2	3,269.2	3,381.1	3,381.1
Other non-current assets
Securities	FVTPL	Level 1	78.5	78.5	71.0	71.0
Loans reveivable	AC	Level 2	26.0	26.5	25.0	24.1
Lease receivables	AC	Level 2	8.7	8.7	10.1	9.6
Receivables arising from derivative transactions	FVTPL	Level 2	1.1	1.1	11.7	11.7
Trade and other receivables	AC		23.0	23.0	25.3	25.3
Current assets
Current receivables and other current assets
Trade and other receivables	AC		403.9	404.3	650.0	650.0
Receivables arising from derivative transactions	FVTPL	Level 2	25.8	25.8	69.1	69.1
Securities and other financial investments	FVTPL	Level 1	172.0	172.0	266.5	266.5
Cash and cash equivalents
Cash on hand and cash at banks	AC		78.8	78.8	70.2	70.2
Non-current liabilities
Non-current loans and borrowings
Bonds	AC	Level 2	469.7	436.4	469.5	393.5
Bank loans	AC	Level 2	518.2	514.4	633.9	599.4

		Fair value	30.09.2024		30.09.2023
EURm	Measure ment category	hierarchy (according to IFRS 13)	Carrying amount	Fair value	Carrying amount	Fair value
Classes
Other non-current liabilities
Other liabilities	AC		13.1	13.1	9.3	9.3
Liabilities arising from derivative transactions	FVTPL	Level 2	0.4	0.4	8.2	8.2
Liabilities arising from derivative transactions	FVTPL	Level 3	–	–	0.3	0.3
Current liabilities
Current loans and borrowings	AC		126.1	126.1	343.2	343.2
Trade payables	AC		495.3	495.3	463.2	463.2
Other current liabilities
Other financial liabilities	AC		217.6	217.6	241.6	241.6
Liabilities arising from derivative transactions	FVTPL	Level 2	8.9	8.9	24.3	24.3
Liabilities arising from derivative transactions	FVTPL	Level 3	0.4	0.4	6.3	6.3
thereof aggregated to measurement categories
Fair value through other comprehensive income	FVOCI		3,430.9	–	3,548.5	–
Financial assets designated at fair value through profit or loss	FVTPL		277.3	–	418.4	–
Financial assets and liabilities at amortised cost	AC		2,380.8	–	2,941.3
Financial liabilities designated at fair value through profit or loss	FVTPL		9.7	–	39.1	–

1) See note 10. Other investments

The above table with information on the classes and categories of financial instruments shows cash flow hedges (portfolio hedge – electricity) together with derivative financial instruments that are carried at fair value through profit or loss. A separate presentation is not possible due to the offsetting of derivative financial instruments based on conventional netting agreements in the energy business (see note 9. Financial instruments). The valuation category FVTPL therefore includes positive fair values of EUR 20.5m (previous year: EUR 71.5m) and negative fair values of EUR –2.2m (previous year: EUR –1.9m) which were measured at fair value through other comprehensive income (FVOCI).

Net results by measurement category1)

		2023/24	2022/23
EURm	Net result	Thereof impairment losses	Net result	Thereof impairment losses
Classes
Fair value through other comprehensive income (FVOCI)	–	–	–	–
Financial assets at amortised cost (AC)	–55.1	–43.1	–24.9	–20.8
Financial assets and liabilities at fair value through profit or loss (FVTPL)	5.9	–	88.3	–
Financial assets and liabilities (hedging)	–0.2	–	–8.3	–
Financial liabilities at amortised cost (AC)	0.2	–	9.7	–
Total	–49.1	–43.1	64.8	–20.8

1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.

Derivative financial instruments and hedging transactions

Derivative financial instruments are used primarily to hedge the company's liquidity, exchange rate, price and interest rate risks. The operative goal is to ensure the long-term continuity of the Group's earnings. All derivative financial instruments are integrated in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview of all main risk indicators.

The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These are reference values which, however do not provide a measure of the risk incurred by the company through the use of these financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit risk of the contracting parties. Derivative financial instruments are recognised at their fair value.

Derivative financial instruments comprise the following:

Derivative financial instruments

	30.09.2024			30.09.2023
		Nominal value1) Fair values2)		Nominal value1)			Fair values2)
	Purchases	Disposals	Positive	Negative	Net	Purchases	Disposals	Positive	Negative	Net
Forward exchange transactions
KWD3)	–	80.5	3.8	–4.8	–1.0	–	80.1	1.4	–12.3	–10.9
USD3)	–	23.2	0.1	–0.5	–0.4	–	111.4	2.3	–3.4	–1.0
BHD3)	–	–	–	–	–	–	8.4	–	–0.6	–0.6
BHD	–	6.7	–	–0.3	–0.3	–	4.7	0.1	–	0.1
KWD	–	–	–	–	–	–	1.8	–	–	–
RON	–	4.0	–	–	–	–	2.0	–	–	–
Currency swaps
JPYm (>5 years)3)	–	–	–	–	–	10,000.0	–	–	–19.4	–19.4
Derivatives energy
Futures electricity	39.7 GWh	234.0 GWh	5.3	–	5.3	–	18.4 GWh	0.6	–	0.6
Forwards/swaps electricity	761.4 GWh	183.0 GWh	0.8	–0.5	0.3	436.9 GWh	411.2 GWh	16.4	–10.9	5.5
Futures natural gas	68.1 GWh	281.1 GWh	0.3	–2.0	–1.6	809.6 GWh	1,071.7 GWh	6.7	5.1	1.6
Forwards/swaps natural gas	65.9 GWh	598.5 GWh	0.5	–4.0	–3.5	448.0 GWh	1,257.6 GWh	5.4	–0.5	4.9
Futures electricity)	35.2 GWh	576.0 GWh	9.9	–2.2	7.8	–	556.0 GWh	13.7	–	13.7
Forwards/swaps electricity3)	–	55.2 GWh	10.2	–	10.2	19.9 GWh	365.4 GWh	57.8	–10.6	47.2
Forwards/swaps natural gas3)	297.1 GWh	–	0.4		0.4	–	–	–	–	–
Recognition of offsetting clauses	–	–	–4.5	4.5	–	–	–	–23.6	23.6	–
Total after netting out	–	–	26.9	–9.7	17.2	–	–	80.9	–39.1	41.2

1) In m nominal currency; energy related in GWh

2) In EURm

3) Designated as a hedge in accordance with IFRS 9

Positive fair values are recognised as receivables from derivative transactions under other non-current assets or receivables and other current assets, depending on their remaining term to maturity. Negative fair values are recognised as liabilities from derivative transactions under other non-current liabilities or other current liabilities, depending on their remaining term to maturity. For counterparties with a master agreement that includes an offsetting clause, the positive and negative fair values are presented as a net amount for specific periods because of the applicable net settlement procedure. A maturity analysis of the derivative financial liabilities is provided in the table on liquidity risk (see note 61. Risk management).

EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match between the parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying transactions are recorded in the treasury management system as hypothetical derivates and evaluated to determine whether the relationship with the respective hedges was or will be effective. Possible sources of ineffectiveness are, for example, timing shifts or a change in the volume of an existing underlying transaction as well as adjustments for the credit risk of hedges and underlying transactions. All measures are based on internal guidelines.

As at the reporting date, the EVN Group applied the hedge accounting rules for hedging relationships in accordance with IFRS 9 for the hedging the currency risk from the Umm Al Hayman wastewater treatment project. In addition derivative financial instruments were used as part of cash flow hedge accounting to hedge the price risk from the planned future income from electricity sales at variable prices.

Umm Al Hayman/Bahrain

EVN concluded forward exchange contracts to hedge the planned net foreign currency cash flows from the Umm Al Hayman project and, as of the 2022/23 financial year, also from the project in Bahrain. The expected payments are therefore fully hedged. Due to the progress of the project, the hedge relationship for the project in Bahrain was terminated in the financial year 2023/24. A Group guideline requires the critical terms of these forward exchange contracts to reflect the hedged transaction as best as possible. The hedging does not result in any ineffectiveness if the expectations for the timing and amount remain unchanged.

EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based on the currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate whether the derivative designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows from the hedged transaction.

Portfolio hedge electricity

EVN implements a portfolio hedge to hedge the risk from the marketing of the Group's own electricity production. Under cash flow hedge accounting as defined by IFRS 9, derivative financial instruments (electricity forwards and electricity future contracts) are used to hedge the price risk from planned future income from electricity sales are variable prices. The underlying transaction represents the portfolio of future, highly probable sales of electricity produced by the EVN Group in Austria.

Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction and the hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The prospective effectiveness assessment principally takes place on a qualitative basis in accordance with the critical terms match method, which compares the key conditions of the hedging instrument with the underlying transaction. In order to minimise the risk of ineffectiveness from over-hedging, the hedges are not concluded for the total planned sales volumes. The major conditions between the hedging instruments and planned cash flows agree, and it is therefore assumed that the changes in the value of the hedging instruments will be offset in full by the changes in future cash flows. The hedged risks to which both the underlying transaction and hedging instrument are exposed therefore have an opposite influence on the value of the underlying transaction and hedging instrument.

For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not always fully offset the change in the value of future cash flows. The higher liquidity on the German market has created a situation where futures are increasingly seeing concluded in this market. The electricity price in Austria consists of a German electricity price plus a DE/AT spread. The futures products concluded in Germany therefore represent a hedge for the German price component included in the Austrian electricity prices.

If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured between the underlying transaction and the hedging instrument. If hedges are concluded on the German market due to a lack of sufficient liquidity, the risk component of the German price alone represents the underlying transaction for the hedging relationship – and in that way, achieves full coverage between the underlying transaction and the hedging instrument.

The ineffectiveness of hedges can be caused by changes in the credit risk of the counterparty or to a reduction in the expected electricity delivery volume.

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

Gas procurement

EVN AG applies the rules for hedge accounting as defined in IFRS 9 and uses derivative financial instruments to hedge the price risk from planned future costs for the procurement of gas at variable prices. The purpose of this price risk hedging is to fix the cash outflows for the use of natural gas in electricity and heat production.

The underlying transaction is formed by a portfolio of future, highly probably purchases of gas for electricity and heat production in the EVN Group. EVN AG generally uses swaps, forwards and futures. Derivatives are only designated as hedging instruments when the settlement date and the volume correspond to the future highly probably transaction.

Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction and the hedging instrument. In addition, default risk may not have a dominant influence on the changes in value. The prospective effectiveness assessment is based on the critical terms match method, which compares the terms, volumes and price basis of both instruments. If these conditions agree, it can be assumed that the changes in value of the hedge will be completely offset by future cash flows.

Possible sources of ineffectiveness are a reduction in the volume of the expected transaction and an increased risk of default through a deterioration in the counterparty's credit standing. These risks are minimised by hedging less than 100% of the volume, the progressive conclusion of hedging instruments and strict counterparty management.

Disclosures on hedging relationships

The JPY bond included in the previous year was repaid in full on January 9, 2024. This also terminated the hedging relationship using a cross-currency swap.

Fair value hedging instruments

30.09.2023

EURm	Carrying amount	Balance sheet position	Nominal amount	Change in fair value
Cross-currency swaps1)	–19.4	– Other current liabilities	10.01)	–8.3

1) JPYbn

Fair value hedge – underlying transaction

30.09.2023
EURm	Carrying amount	Fair value adjustment	Balance sheet position	Nominal amount	Change in fair value
JPY bond	–61.2	–1.9	Other non-current liabilities	10.01)	9.7

1) JPYbn

Cash flow hedges – underlying transactions

30.09.2024

EURm	Change in fair value	Reserve for measurement of cash flow hedges
Payments in KWD (Firm commitment)	–9.9	–12.3
Payments in USD (Firm commitment)	–1.0	–16.9
Payments in BHD (Firm commitment)	–0.6	–
Portfolio hedge electricity	134.0	19.7
Gas procurement	–0.8	0.4

30.09.2023

EURm	Change in fair value	Reserve for measurement of cash flow hedges
Payments in KWD (Firm commitment)	15.1	–22.4
Payments in USD (Firm commitment)	15.7	–18.1
Payments in BHD (Firm commitment)	–0.6	–0.2
Portfolio hedge electricity	189.8	69.6

30.09.2024

EURm	Carrying amount	Balance sheet position	Nominal amount	Change in fair value
FX forwards (KWD/EUR)	–1.0	Other current/non-current liabilities	80.51)	10.0
FX forwards (USD/EUR)	–0.4	Other current/non-current liabilities	23.22)	0.7
FX forwards (BHD/EUR)	–	Other current/non-current liabilities	–	0.6
Portfolio hedge electricity	20.1	Other current/non-current receivables	484.5 GWh	–51.4
Portfolio hedge electricity4)	–2.2	Other current/non-current liabilities	182.0 GWh	–0.3
Gas procurement hedge	0.4	Other current/non-current receivables	297.1 GWh	0.4

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

30.09.2023

EURm	Carrying amount	Balance sheet position	Nominal amount	Change in fair value
FX forwards (KWD/EUR)	–10.9	Other current/non-current liabilities	80.11)	14.7
FX forwards (USD/EUR)	–1,0	Other current/non-current liabilities	111.4 2)	18.5
FX forwards (BHD/EUR)	–0,6	Other current/non-current liabilities	8.4 3)	–0.6
Portfolio hedge electricity	71,5	Other current/non-current receivables	908.2 GWh	47.2
Portfolio hedge electricity5)	–10,6	Other current/non-current liabilities	33.0 GWh	172.4

1) Nominal amount in KWDm

2) Nominal amount in USDm

3) Nominal amount in BHDm

4) EUR 0.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship

5) EUR 8.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship

Effects on the statement of comprehensive income, statement of financial position and statement of operations

30.09.2024

EURm	Hedge gains/ losses recognised in other comprehensive income	Ineffectiveness recognised to profit or loss	Positions for which ineffectiveness was recognised	Reclassification from OCI to statement of operations	Positions for which reclassification was recognised	Basis adjustement
DBO project (KWD)	9.9	–	–	–0.2	Revenue	–
BOT project (USD)	1.0	–	–	–0.2	Revenue	–
Project Tubli (BHD)	0.6	–	–	0.3	Revenue	–
Portfolio hedge electricity	–134	–	–	84.3	Revenue	–
Gas procurement	0.8	–	–	–0.4	Gas procure ment	–

30.09.2023

EURm	Hedge gains/ losses recognised in other comprehensive income	Ineffectiveness recognised to profit or loss	Positions for which ineffectiveness was recognised	Reclassification from OCI to statement of operations	Positions for which reclassification was recognised	Basis adjustement
DBO project (KWD)	15.1	–	–	–6.3	Revenue	–
BOT project (USD)	15.7	–	–	–2.0	Revenue	–
Project Tubli (BHD)	–0.6	–	–	–0.3	Revenue	–
Portfolio hedge electricity	189.7	–	–	–6.7	Revenue	–

Expected occurrence of cash flows from forward exchange transactions

30.09.2024

Million foreign currency or exchange rate, GWh or EUR/MWh	< 1 year	> 1 year
USD
Nominal amount in USD	80.5	–
Average USD/EUR forward rate	1.1432	–
KWD
Nominal amount in KWD	23.2	–
Average KWD/EUR forward rate	0.3435	–
Hedging instruments portfolio hedge electricity
Nominal value in GWH	457.3	138.8
Average hedge price in EUR/MWh	123.7	88.9
Hedging instruments gas procurement
Nominal value in GWH	192.3	104.8
Average hedge price in EUR/MWh	38.5	39.1

30.09.2023

Million foreign currency or exchange rate, GWh or EUR/MWh	< 1 year	> 1 year
USD
Nominal amount in USD	99.4	12.0
Average USD/EUR forward rate	1.0693	1.1733
KWD
Nominal amount in KWD	40.9	39.2
Average KWD/EUR forward rate	0.3424	0.3481
BHD
Nominal amount in BHD	7.2	1.2
Average BHD/EUR forward rate	2.4089	2.3756
Hedging instruments electricity
Nominal value in GWH	700.9	200.7
Average hedge price in EUR/MWh	202.47	180.23

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

1. Disclosures of interests in other entities

An overview of the companies included in the consolidated financial statements is provided beginning on page 98 under EVN's investments.

Information on the joint ventures and associates that were included in EVN's consolidated financial statements at equity in 2023/24 is provided below.

The share of results from equity accounted investees with operational nature is reported as part of the results from operating activities (EBIT).

The following table shows the equity accounted investees with operational nature:

Joint ventures that were included at equity in the consolidated financial statements as of 30.09.2024 in accordance with IFRS 11

Company
Bioenergie Steyr GmbH
Degremont WTE Wassertechnik Praha v.o.s.
EnergieAllianz
EVN KG
EVN-WE Wind KG
Fernwärme St. Pölten GmbH
Fernwärme Steyr GmbH
RAG
Ashta
Umm Al Hayman Wastewater Treatment Company KSPC
ZOV

Associates that were included at equity in the consolidated financial statements as of 30.09.2024 in accordance with IAS 28

Company Burgenland Energie Verbund Innkraftwerke ZOV UIP

The following table provides summarised financial information on each individually material joint venture included in the consolidated financial statements:

Financial information of material joint ventures

	30.09.2024			30.09.2023
EURm	EVN KG	RAG	ZOV	Energie Allianz	EVN KG	RAG	ZOV	Energie Allianz
Statement of financial position
Non-current assets	3.9	566.6	2.6	32.8	0.5	537.2	134.6	118.5
Current assets	339.0	121.0	177.9	414.9	609.0	124.7	50.9	735.2
Non-current liabilities	9.2	245.6	–	7.9	18.6	216.3	–	37.3
Current liabilities	324.6	135.3	44.5	447.4	607.8	144.7	7.7	892.2
Reconciliation of the carrying amount of the share of EVN in the joint venture
Net assets	9.1	306.8	136.1	–7.6	–16.9	300.9	177.8	–75.8
Share of EVN in net assets (%)	100.0	100.0	48.50	45.00	100.00	100.00	48.50	45.00
Share of EVN in net assets	9.1	306.8	66.0	–3.4	–16.9	300.9	86.2	–34.1
+/– Revaluations	–	138.3	19.7	3.4	16.9	138.5	0.3	34.1
Carrying amount of the share of EVN in the joint venture	9.1	445.1	85.7	–	–	439.4	86.6	–
		2023/24			2022/23
Statement of operations
Revenue	906.2	671.1	31.6	2.102.9	1.378.3	558.0	21.8	3.028.7
Scheduled depreciation and amortisation	–	–48.7	–	–0.4	–0.3	–38.5	–	–0.5
Interest income	1.3	0.4	–	3.0	0.1	0.9	–	5.0
Interest expense	–2.3	–6.8	–	–2.7	–11.2	–5.0	–	–1.5
Income tax	–	–22.8	–3.1	–1.0	–	–27.6	–3.0	–1.8
Result for the period	–154.3	76.7	19.1	4.1	–240.3	79.5	13.8	3.5
Other comprehensive income	180.3	–2.4	–	64.1	–908.1	–1.2	–	–490.6
Comprehensive income	26.0	74.3	19.1	68.2	–1,148.5	78.3	13.8	–487.2
Dividends received by EVN	–	70.0	11.7	–	5.5	50.0	21.8	–

The following table provides summarised financial information on the individually immaterial joint ventures included in the consolidated financial statements:

Financial information of individually immaterial joint ventures (EVN share) EURm 2023/24 2022/23 Carrying value of the joint ventures as of the balance sheet date 182.4 167.9 Result for the period 14.6 15.1 Other comprehensive income –7.8 6.6 Comprehensive income 6.9 21.7

The following table provides summarised financial information on each individually material associate included in the consolidated financial statements:

Financial information of material associates

	30.09.2024			30.09.2023
EURm	Verbund IKW	ZOV UIP	Burgenland Energie	Verbund IKW	ZOV UIP	Burgenland Energie
Statement of financial position
Non-current assets	1,230.3	–	1,076.3	1,244.4	0.6	998.4
Current assets	130.8	4.4	439.7	244.2	7.9	361.4
Non-current liabilities	172.8	–	180.3	135.9	–	179.5
Current liabilities	47.6	1.3	905.5	43.7	4.0	809.9
Reconciliation of the carrying amount of the share of EVN in the associate
Net assets	1,140.6	3.1	430.2	1,309.0	4.5	370.4
Share of EVN in net assets (%)	13.00	31.00	49.00	13.00	31.00	49.00
Share of EVN in net assets	148.3	1.0	210.8	170.2	1.4	181.5
+/– Revaluations	20.8	0.1	40.7	22.2	–0.1	34.3
Carrying amount of the share of EVN in the associate	169.1	1.1	251.5	192.4	1.3	215.8
		2023/24			2022/23
Statement of operations
Revenue	302.4	20.3	1,043.7	391.2	19.7	920.8
Result for the period	175.7	3.1	89.5	231.0	4.5	33.0
Other comprehensive income	0.1	–	–2.7	5.4	–	10.2
Comprehensive income	175.8	3.1	86.8	236.4	4.5	43.2
Dividends received by EVN	44.7	1.6	11.3	13.0	1.5	11.2

The consolidated financial statements include no associates that are individually immaterial.

65. Other obligations and risks

The commitments entered into by EVN and the related risks are as follows:

Other obligations and risks

EURm	30.09.2024	30.09.2023
Guarantees in connection with energy transactions	146.6	208.6
Guarantees in connection with projects in the Environment Segment	752.6	710.7
Guarantees related to the construction and operation of
Energy networks	3.7	4.0
Power plants	94.7	84.2
Order obligations for investments in intangible assets and property, plant and equipment	299.9	266.3
Further obligations arising from guarantees or other contractual contingent liabilities	0.1	0.1
Total	1,297.6	1,273.9
thereof in connection with equity accounted investees	111.5	195.9

Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations or the actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared. The above-mentioned obligations were contrasted by corresponding recourse claims of EUR 32.9m (previous year: EUR 72.1m).

Other obligations and risks increased by EUR 23.7m to EUR 1,297.6m compared to 30 September 2023. This change mainly resulted from an increase in guarantees for environmental projects, in guarantees in connection with the construction and operation of power plants as well as from an increase in scheduled orders for investments in intangible assets and property, plant and equipment. This was offset by a reduction in guarantees in connection with energy transactions.

Contingent liabilities relating to guarantees in connection with energy transactions are recognised in the amount of the actual risk for EVN for those guarantees issued for the procurement or marketing of energy. This risk is measured by the changes between the stipulated price and the actual market price, whereby EVN is only exposed to procurement risks when market prices decline and to selling risks when market prices increase.

Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk assessment resulted in a contingent liability of EUR 146.6m (previous year: EUR 208.6m) as of 30 September 2024. The nominal volume of the guarantees underlying this assessment was EUR 549.6m (previous year: EUR 538.5m). As of 31 October 2024, the market price risk was EUR 110.8m based on an underlying nominal volume of EUR 522.4m.

Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future. The attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the legal proceedings and lawsuits, individually and as a whole, would not have a material negative effect on EVN's business, liquidity, profit or loss or financial position.

Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding capital contributions to affiliates as well as liabilities for affiliates' loans.

66. Information on transactions with related parties

In accordance with IAS 24, transactions with related parties arise through direct or indirect control, significant influence or joint management. Related parties further include close family members of the respective natural persons. Key management personnel and their close family members are also considered to be related parties.

EVN's related parties include all companies in the scope of consolidation, other subsidiaries, joint ventures and associates that are not included in the consolidated financial statements, as well as people who are responsible for the planning, management and supervision of the Group's activities. In particular, related parties also include the members of the Executive Board and the Supervisory Board as well as their family members. A list of the Group companies can be found starting on page 98 under EVN's investments.

The province of Lower Austria holds 51.0% of the shares of EVN AG through NÖ Landes-Beteiligungsholding GmbH, St. Pölten. Therefore, the province of Lower Austria and companies under its control or significant influence are classified as related parties of the EVN Group. Since the province of Lower Austria is a government-related entity which has control over EVN AG due to its majority shareholding, EVN has elected to apply the exemption provided by IAS 24.25. This exemption releases EVN from the requirement to disclose business transactions and outstanding balances with related parties when the related party is a government-related entity. The business transactions with companies under the control or significant influence of NÖ Landes-Beteiligungsholding GmbH are related mainly to the provision of electricity, natural gas, network and telecommunications services.

NÖ Holding GmbH holds 100% of the shares in NÖ Landes-Beteiligungsholding GmbH, which prepares and publishes consolidated financial statements.

Wiener Stadtwerke GmbH acquired 51,000,000 EVN shares on 5 August 2020. The closing of this transaction made the company, which is wholly owned by the city of Vienna, the second largest shareholder of EVN AG with an investment of 28.4%. Since the city of Vienna is a government-related entity which, based on the majority shareholding, can exercise significant influence over EVN AG, the exemption provided by IAS 24.25 was applied. This exemption permits the non-disclosure of business transactions and outstanding balances with related parties when the related pary is a government-related entity.

Transactions with related parties

Main shareholder

EVN is part of a joint venture with NÖ Landes-Beteiligungsholding GmbH as the main shareholder and Wiener Stadtwerke GmbH as the minority shareholder. A group and tax equalisation agreement was concluded to regulate the modalities. On the basis of this agreement, EVN has included further subsidiaries in this group of companies. This resulted in a current receivable of EUR 3.1m from NÖ Landes-Beteiligungsholding GmbH as of 30 September 2023 (previous year: current liability of EUR 5.4m). All business relationships with the main shareholder or companies attributable to the main shareholder are carried out at arm's length.

Wiener Stadtwerke GmbH

Based on a syndicate agreement, EVN and Wiener Stadtwerke GmbH together hold roughly 26% of the voting shares in Verbund AG through their direct and indirect investments (also see note 38. Other investments).

Based on the group and tax equalisation agreement, there is a receivable from Wiener Stadtwerke GmbH of EUR 0.8m as of 30 September 2024 (previous year: liability of EUR 3.1m).

EnergieAllianz is a joint energy distribution company comprising Burgenland Energie, EVN and Wien Energie GmbH, a wholly owned subsidiary of Wiener Stadtwerke GmbH. EVN holds 45% of the shares in EnergieAllianz, which is responsible for the trading and sale of electricity, natural gas and energy-related services for industrial, large-scale and business customers.

EVN and Wiener Stadtwerke GmbH jointly operate the project company EVN-Wien Energie Windparkentwicklungsund Betriebs GmbH & Co KG through their respective subsidiaries, EVN Naturkraft and Wien Energie GmbH, each of which holds an investment of 50% as a limited partner. This company is responsible for the development, construction and operation of wind parks.

Further joint investments, which are immaterial in scope, exist between the EVN Group and/or subsidiaries controlled by Wiener Stadtwerke GmbH.

Investments in equity accounted investees

Within the context of its ordinary business operations, EVN has concluded supply and service contracts with numerous companies included at equity in its consolidated financial statements. Long-term agreements were concluded with EnergieAllianz for the sale and procurement of electricity and natural gas, and long-term procurement contracts were concluded with Verbund Innkraftwerke for electricity.

The value of services provided to the investments in equity accounted investees listed above is as follows:

Transactions with joint ventures included at equity

EURm	2023/24	2022/23
Revenue	308.3	527.2
Cost of services received	–86.9	–153.5
Trade accounts receivable	41.0	61.2
Receivables from cash pooling	–	86.5
Trade accounts payable	32.9	28.8
Loans	5.9	7.4
Liabilities from cash pooling	46.6	–
Interest income from loans	0.3	0.4

Transactions with associates included at equity EURm 2023/24 2022/23

Cost of services received	–35.1	–48.1
Trade accounts payable	–	–

Transactions with related individuals

Executive Board and Supervisory Board

The payments to members of the Executive Board and the Supervisory Board consist primarily of salaries, severance payments, pensions and Supervisory Board remuneration.

In the past financial year Stefan Szyszkowitz (member and CEO and Spokesman of the Executive Board), Franz Mittermayer (member of the Executive Board until 31 March 2024), Stefan Stallinger (CTO and member of the Executive Board since 1 April 2024) and Alexandra Wittmann (CFO and member of the Executive Board since 1 September 2024) are members of the EVN Executive Board.

The remuneration paid to the active members of the Executive Board in 2023/24 totalled TEUR 1,547.8 (including compensation in kind and contributions to pension funds; previous year: TEUR 1,360.2).

Remuneration of the active Executive Board
		2023/24			2022/23
TEUR	Fixed remuneration	Variable remuneration1)	Compensation in kind	Fixed remuneration	Variable remuneration	Compensation in kind
Stefan Szyszkowitz	515.9	189.2	4.0	477.4	146.0	3.5
Franz Mittermayer	272.6	177.3	7.1	445.5	133.9	14.2
Stefan Stallinger	189.4	–	3.0	–	–	–
Alexandra Wittmann	30.7	–	0.1	–	–	–

1) Corresponds to the amounts paid in the 2023/24 financial year; the variable remuneration depends on the achievement of targets. Details can be found in the remuneration report.

In addition in 2023/24, pension fund contributions totalling TEUR 78.9 (previous year: TEUR 72.6) were made for Stefan Szyszkowitz, pension fund contributions totalling TEUR 35.4 (previous year: TEUR 67.1) and a severance payment totalling TEUR 378.2 for Franz Mittermayer, for Stefan Stallinger in the amount of TEUR 37.9 (previous year: TEUR 0) and for Alexandra Wittmann in the amount of TEUR 6.1 (previous year: TEUR 0).

In the 2023/24 financial year, the provision for pension obligations for Stefan Szyszkowitz resulted in an allocation of TEUR 1,509.5 (thereof TEUR 213.8 interest expense, thereof TEUR 1,135.3 actuarial gains/losses). In the previous year, the allocation totalled TEUR 856.1 (thereof TEUR 151.4 interest expense, thereof TEUR 568.3 actuarial gains/losses). Alexandra Wittmann and Stefan Stallinger are included exclusively in a defined contribution pension scheme.

In the 2023/24 financial year, the provision for severance payments for Stefan Szyszkowitz resulted in an allocation of TEUR 32.5 (thereof TEUR 14.8 interest expense, thereof TEUR 8.2 actuarial gains/losses). In the previous year, the allocation totalled TEUR 57.2 (thereof interest expense of TEUR 10.3, thereof actuarial gains/losses of TEUR 38.7). Alexandra Wittmann and Stefan Stallinger are subject to severance payments in accordance with the Austrian Company Employee and Self-Employment Provision Act.

In the 2023/24 financial year, contributions of TEUR 10.8 (previous year: TEUR 9.6) were made to the employee pension fund for Stefan Szyszkowitz, TEUR 7.1 (previous year: TEUR 9.1) for Franz Mittermayer and TEUR 2.5 (previous year: TEUR 0) for Stefan Stallinger.

The year-on-year change in the remuneration of the active members of the Executive Board is attributable primarily to the change in performance-based components and the annual wage and salary increases mandated by collective bargaining agreements.

Stefan Szyszkowitz is also entitled to a contractually agreed pension on retirement, against which ASVG pension benefits and benefits from the VBV pension fund are offset.

The payments to former members of the Executive Board or their surviving dependents amounted to TEUR 846.0 in 2023/24 (previous year: TEUR 1,034.4).

The additions to the provisions for severance payments and pensions for active members of senior management totalled TEUR 1,324.3 (thereof TEUR 232.8 interest expense and TEUR 908.0 of actuarial gains/losses). The comparative amounts for the previous year included income of TEUR 545.5 (thereof TEUR 95.4 interest expense and TEUR 353.4 of actuarial gains/losses).

The above amounts include expenses recognised in accordance with national law, as required by the Austrian Corporate Governance Code. In accordance with IAS 19, actuarial gains and losses are recorded under other comprehensive income.

Contributions to the employee fund on behalf of active members of senior management totalled TEUR 22.8 in 2023/24 (previous year: TEUR 19.9) and pension fund contributions amounted to TEUR 438.2 (previous year: TEUR 337.8).

The Supervisory Board remuneration totalled EUR 0.1m in 2023/24 (previous year: EUR 0.1m). The members of the Advisory Committee for Environmental and Social Responsibility received remuneration of EUR 0.1m during the reporting year (previous year: EUR 0.1m).

The basic principles underlying the remuneration system are presented in the remuneration report, which is part of the corporate governance report.

Transactions with other related companies

The disclosure requirements for the notes do not cover information on intragroup transactions. Therefore, business transactions between EVN and its subsidiaries are not reported. Business transactions with non-consolidated subsidiaries and companies not included at equity are generally not reported because they are immaterial.

Related parties can also be direct customers of a company within the EVN Group, whereby these business relationships reflect prevailing market rates and conditions and are immaterial in relation to the total income recorded by the EVN Group in 2023/24. The resulting items outstanding as of 30 September 2024 are reported under trade accounts receivable.

67. Significant events after the balance sheet date

The following significant events occurred between the reporting date of 30 September 2024 and the release for publication of the consolidated financial statements on 27 November 2024.

The closing for the sale of the two sewage sludge-fired combined heat and power plants in Moscow took place on 31 October 2024. The last remaining activities of the EVN Group in Russia were thus sold.

68. Information on management and staff

The corporate bodies of EVN AG are:

Executive Board

Stefan Szyszkowitz – CEO and Spokesman of the Ececutive Board Franz Mittermayer – Member of the Executive Board (until 31 March 2024) Stefan Stallinger – CTO and Member of the Executive Board (as of 1 April 2024) Alexandra Wittmann – CFO and Member of the Executive Board (as of 1 September 2024)

Supervisory Board

Chairman

Reinhard Wolf

Vice-Chairmen

Jochen Danninger Willi Stiowicek

Members

Georg Bartmann Maria Patek Veronika Wüster Philipp Gruber Peter Weinelt

Gustav Dressler Angela Stransky

Employee representatives

Friedrich Bußlehner (until 1 April 2024) Paul Hofer Irene Pincolitsch (as of 2 April 2024) Monika Fraißl Uwe Mitter Irene Pugl

69. Approval of the 2023/24 consolidated financial statements for publication

These consolidated financial statements were prepared by the Executive Board as of the date indicated below. The individual financial statements, which were also included in the consolidated financial statements after their adjustment to reflect International Financial Reporting Standards, and the consolidated financial statements of EVN will be submitted to the Supervisory Board on 16 December 2024 for examination, and the Supervisory Board will also be asked to approve the individual financial statements.

70. Audit fees

BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna, audited EVN's annual financial statements and consolidated financial statements for 2023/24. The expenses for the services of the Group auditor (including the international network within the meaning of § 271b UGB) were as follows:

Auditor expenses			2023/24 2022/23
		Group auditor	thereof BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft	Group auditor	thereof BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Auditor expenses	EURm	1.0	0.5	0.7	0.4
Auditing services	%	60.6	54.7	82.3	69.6
Audit-related services	%	10.8	21.2	10.5	16.7
Other consulting services	%	28.6	24.1	7.2	13.7

Maria Enzersdorf, 27 November 2024

EVN AG The Executive Board

Stefan Szyszkowitz Alexandra Wittmann Stefan Stallinger CEO and Spokesman CFO and Member CTO and Member of the Executive Board of the Executive Board of the Executive Board

EVN's investments according to § 245a (1) in connection with § 265 (2) UGB

The following table lists EVN's investments classified by segment of business. The list of companies not included in the consolidated financial statements of EVN AG for materiality reasons is based on the companies' last available local annual financial statements as of the respective balance sheet date. The data from companies that report in a foreign currency is translated into euros at the exchange rate on the balance sheet date of EVN.

1. EVN's investments in the energy business ≥20.0% as of 30 September 2024

1.1. Included in the consolidated financial statements of EVN

Company, registered office	Shareholder	Interest %	Balance sheet date	Method of consolidation 2023/24
Ashta Beteiligungsverwaltung GmbH ("Ashta"), Vienna	EVN Naturkraft	49.99	31.12.2023	E
Bioenergie Steyr GmbH, Behamberg	EVN Wärme	51.00	30.09.2024	E
Elektrorazpredelenie Yug EAD ("EP Yug"), Plovdiv, Bulgaria	BG SN Holding	100.00	31.12.2023	V
ENERGIEALLIANZ Austria GmbH ("EnergieAllianz"), Vienna	EVN ES	45.00	30.09.2024	E
EVN Bulgaria Elektrosnabdiavane EAD ("EVN Bulgaria EC"), Plovdiv, Bulgaria	BG SV Holding	100.00	31.12.2023	V
EVN Bulgaria EAD ("EVN Bulgaria"), Sofia, Bulgaria	EVN	100.00	31.12.2023	V
EVN Bulgaria Fernwärme Holding GmbH ("BG FW Holding"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Bulgaria RES Holding GmbH ("EVN Bulgaria RES"), Maria Enzersdorf	EVN Naturkraft	100.00	30.09.2024	V
EVN Bulgaria Stromerzeugung Holding GmbH ("BG SE Holding"), Maria Enzersdorf	EVN Naturkraft	100.00	30.09.2024	V
EVN Bulgaria Stromnetz Holding GmbH ("BG SN Holding"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Bulgaria Stromvertrieb Holding GmbH ("BG SV Holding"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Bulgaria Toplofikatsia EAD ("TEZ Plovdiv"), Plovdiv, Bulgaria	BG FW Holding	100.00	31.12.2023	V
EVN Croatia Plin d.o.o ("EVN Croatia"), Zagreb, Croatia	Kroatien Holding	100.00	31.12.2023	V
ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2023	V

Company, registered office	Shareholder	Interest %	Balance sheet date	Method of consolidation 2023/24
EVN Energieservices GmbH ("EVN ES"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Energievertrieb GmbH & Co KG ("EVN KG"), Maria Enzersdorf	EVN ES	100.00	30.09.2024	E
EVN Geoinfo GmbH ("EVN Geoinfo"), Maria Enzersdorf	Utilitas	100.00	30.09.2024	V
EVN Home DOO, Skopje, North Macedonia	EVN Macedonia/ EVN Supply	100.00	31.12.2023	V
EVN Kavarna EOOD ("EVN Kavarna"), Plovdiv, Bulgaria	EVN Bulgaria RES	100.00	31.12.2023	V
EVN Kroatien Holding GmbH ("Kroatien Holding"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Macedonia AD ("EVN Macedonia"), Skopje, North Macedonia	EVN Macedonia	90.00	31.12.2023	V
EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2023	V
EVN Macedonia Elektrosnabduvanje DOOEL ("EVN Supply"), Skopje, North Macedonia	EVN Macedonia	100.00	31.12.2023	V
EVN Mazedonien GmbH ("EVN Mazedonien"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
evn naturkraft Erzeugungsgesellschaft m.b.H. ("EVN Naturkraft"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Service Centre EOOD, Plovdiv, Bulgaria	EVN Bulgaria	100.00	31.12.2023	V
EVN Trading South East Europe EAD ("EVN Trading SEE"), Sofia, Bulgaria	EVN Bulgaria	100.00	31.12.2023	V
EVN Wärme GmbH ("EVN Wärme"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Wärmekraftwerke GmbH ("EVN Wärmekraftwerke"), Maria Enzersdorf	EVN/ EVN Bet. 52	100.00	30.09.2024	V

Method of consolidation

1.1. Included in the consolidated financial statements of EVN

Company, registered office	Shareholder	Interest %	Balance sheet date	Method of consolidation 2023/24
EVN-WIEN ENERGIE Windparkentwicklungs- und Betriebs GmbH & Co KG ("EVN-WE Wind KG"), Vienna	EVN Naturkraft	50.00	30.09.2024	E
Fernwärme St. Pölten GmbH, St. Pölten	EVN	49.00	31.12.2023	E
Fernwärme Steyr GmbH, Steyr	EVN Wärme	49.00	30.09.2024	E
Hydro Power Company Gorna Arda AD, Sofia, Bulgaria	BG SE Holding	76.00	31.12.2023	V
kabelplus GmbH ("kabelplus"), Maria Enzersdorf	Utilitas	100.00	30.09.2024	V
Netz Niederösterreich GmbH ("Netz Niederösterreich"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
Verbund Innkraftwerke GmbH ("Verbund Innkraftwerke"), Töging, Germany1)	EVN Naturkraft	13.00	31.12.2023	E
Wasserkraftwerke Trieb und Krieglach GmbH ("WTK"), Maria Enzersdorf	EVN Naturkraft	70.00	30.09.2024	V
EVN-ECOWIND Sonnenstromerzeugungs GmbH, Maria Enzersdorf	EVN Naturkraft	100.00	30.09.2024	V
Bioenergie St. Pölten GmbH, Maria Enzersdorf	EVN Wärme	100.00	30.09.2024	V

1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest ≤ 20.0% because of special contractual arrangements that allow for the exercise of significant influence.

1.2. Not included in the consolidated financial statements of EVN due to immateriality

Company, registered office	Shareholder	Interest %	Shareholders' equity TEUR	Last year's profit/loss TEUR	Balance sheet date	Method of consolidation 2023/24
cyberGRID GmbH, Vienna	Utilitas	100.00	296 (6)	–258 (1)	30.09.2024 (31.03.2023)	NV
Biowärme Amstetten-West GmbH, Amstetten	EVN Wärme	49.00	3,277 (2,641)	637 (429)	31.12.2023 (31.12.2022)	NE
EVN Macedonia Holding DOOEL, Skopje, North Macedonia	EVN	100.00	395 (403)	8 (–10)	31.12.2023 (31.12.2022)	NV
Bioenergie Wiener Neustadt GmbH, Wiener Neustadt	EVN Wärme	90.00	1,184 (964)	220 (157)	31.12.2023 (31.12.2022)	NV
Energie Zukunft Niederösterreich GmbH, Heiligenkreuz	EVN	50.00	211 (660)	–449 (–462)	31.12.2023 (31.12.2022)	NE
EVN-WIEN ENERGIE Windpark entwicklungs- und Betriebs GmbH ("EVN-WE Wind GmbH"), Vienna	EVN Naturkraft	50.00	40 (39)	1 (1)	30.09.2023 (30.09.2022)	NE
Fernwärme Mariazellerland GmbH, Mariazell	EVN Wärme	48.86	941 (582)	358 (296)	31.12.2023 (31.12.2022)	NE
Kraftwerk Nußdorf Errichtungs und Betriebs GmbH & Co KG, Vienna	EVN Naturkraft	33.33	12,836 (10,337	3,999 (1,500)	31.12.2023 (31.12.2022)	NE
Kraftwerk Nußdorf Errichtungs und Betriebs GmbH, Vienna	EVN Naturkraft	33.33	45 (41)	3 (3)	31.12.2023 (31.12.2022)	NE
Netz Niederösterreich Beteiligung 31 GmbH ("Netz Bet. 31"), Maria Enzersdorf	Netz NÖ	100.00	16,187 (14,923)	1,264 (–)	30.09.2024 (30.09.2023)	NV
Netz Niederösterreich Liegenschafts besitz 31 GmbH, Maria Enzersdorf	Netz Bet. 31	100.00	16,181 (15,455)	–519 (27)	30.09.2024 (30.09.2023)	NV
E.GON GmbH, Heiligenkreuz	Utilitas	100.00	2,766 (–)	–269 (–)	30.09.2024 (–)	NV
EVN Biogas GmbH, Maria Enzersdorf	EVN Wärme kraftwerke	100.00	30 (–)	–5 (–)	30.09.2024 (–)	NV
EH Solar Contracting Solutions GmbH, St. Pölten	EVN Energieservices	50.00	–	–	–	NE
Zephyr Energy GmbH, Maria Enzersdorf	EVN Naturkraft	74.90	–	–	–	NV

2. EVN's investments in the environmental services business ≥20.0% as of 30 September 2024

2.1. Included in the consolidated financial statements of EVN

Company, registered office	Shareholder	Interest %	Balance sheet date	Method of consolida tion 2023/24
Cista Dolina – SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia	WTE Betrieb	100.00	30.09.2024	V
Degremont WTE Wassertechnik Praha v.o.s., Prague, Czech Republic	WTE	35.00	31.12.2023	E
EVN Beteiligung 52 GmbH ("EVN Bet. 52"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Umwelt Beteiligungs und Service GmbH ("EVN UBS"), Maria Enzersdorf	EVN Umwelt	100.00	30.09.2024	V
EVN Umweltholding und Betriebs-GmbH ("EVN Umwelt"), Maria Enzersdorf	EVN	100.00	30.09.2024	V
EVN Wasser GmbH ("EVN Wasser"), Maria Enzersdorf	EVN/Utilitas	100.00	30.09.2024	V
OOO EVN Umwelt Service, Moscow, Russia	EVN UBS	100.00	31.12.2023	V
OOO EVN Umwelt, Moscow, Russia	EVN UBS	100.00	31.12.2023	V
Storitveno podjetje Laško d.o.o., Laško, Slovenia	WTE	100.00	30.09.2024	V
Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait	WTE	50.00	31.12.2023	E
WTE Abwicklungsgesellschaft Kuwait mbH, Essen, Germany1)	International	100.00	30.09.2024	V
WTE Betriebsgesellschaft mbH ("WTE Betrieb"), Hecklingen, Germany1)	WTE	100.00	30.09.2024	V
WTE International GmbH ("International"), Essen, Germany	WTE	100.00	30.09.2024	V
WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait	International	100.00	30.09.2024	V
WTE otpadne vode Budva DOO, Podgorica, Montenegro	WTE	100.00	31.12.2023	V
WTE Projektentwicklung GmbH, Maria Enzersdorf	WTE	100.00	30.09.2024	V
WTE Projektna družba Bled d.o.o., Bled, Slovenia	WTE	100.00	30.09.2024	V
WTE Wassertechnik GmbH ("WTE"), Essen, Germany	EVN Bet. 52	100.00	30.09.2024	V
WTE Wassertechnik (Polska) Sp.z.o.o., Warshaw, Poland	WTE	100.00	30.09.2024	V
Zagrebačke otpadne vode d.o.o. ("ZOV"), Zagreb, Croatia	WTE	48.50	31.12.2023	E
Zagrebačke otpadne vode – upravljanje i pogon d.o.o. ("ZOV UIP"), Zagreb, Croatia	WTE	29.00	31.12.2023	E

2.2. Not included in the consolidated financial statements of EVN due to immateriality

Company, registered office	Shareholder	Interest %	Shareholders' equity TEUR	Last year's profit/loss TEUR	Balance sheet date	Method of consolidation 2023/24
Abwasserbeseitigung Kötschach-Mauthen Errichtungs und Betriebsgesellschaft mbH, Kötschach-Mauthen	WTE Projekt entwicklung GmbH	26.00	320 (301)	19 (41)	31.12.2023 (31.12.2022)	NE
EVN Projektgesellschaft Müll verbrennungsanlage Nr. 1 mbH in Liqu. ("EVN MVA1"), Essen, Germany	WTE Wassertechnik	100.00	– (–)	–743 (– 1.006)	30.04.20221) (30.09.2021)	NV
JV WTE Tecton Azmeel W.L.L., Al Seef (Manama), Bahrain	WTE Wassertechnik	50.00	–924 (–617)	–234 (–704)	30.09.2023 (30.09.2022)	NE
Wasserver- und Abwasser entsorgungsgesellschaft Märkische Schweiz mbh, Buckow, Germany	WTE Wassertechnik	49.00	586 (566)	22 (3)	31.12.2023 (31.12.2022)	NE
Viennatal-Sammelkanal Gesellschaft m.b.H, Unter tullnerbach	EVN Wasser	50.00	866 (866)	– (–)	31.12.2023 (31.12.2022)	NE
WTE Baltic UAB, Kaunas, Lithuania	WTE Wassertechnik	100.00	298 (262)	36 (6)	30.09.2024 (30.09.2023)	NV
WTE desalinizacija morske vode d.o.o., Podgorica, Montenegro	WTE Betrieb	100.00	–838 (–689)	–149 (–25)	31.12.2023 (31.12.2022)	NV
WTE Projektgesellschaft Natrium hypochlorit mbH ("WTE Hyp"), Essen, Germany	EVN Bet. 52	100.00	23 (24)	–1 (–1)	30.09.2024 (30.09.2023)	NV

1) The company is still in the liquidation phase. The liquidation balance sheet was prepared on April 30, 2022; no further annual financial statements are prepared.

1) The relief options of § 264 (3) of the German Commercial Code (dHGB) are used.

Method of consolidation

V: Fully consolidated company (subsidiary) JO: Company included as joint operation E: Company included at equity NV: Non-consolidated subsidiary NJO: Company not included as a joint operation NE: Company not included at equity

3. EVN's investments in other business activities ≥20.0% as of 30 September 2024

3.1. Included in the consolidated financial statements of EVN

Company, registered office	Shareholder	Interest %	Balance sheet date	Method of consolidation 2023/24
Burgenland Holding Aktiengesellschaft ("Burgenland Holding" bzw. "BUHO"), Eisenstadt	EVN	73.63	30.09.2024	V
Burgenland Energie AG ("Burgenland Energie"), Eisenstadt	BUHO	49.00	30.09.2024	E
EVN Business Service GmbH ("EVN Business"), Maria Enzersdorf	Utilitas	100.00	30.09.2024	V
R138-Fonds, Vienna	EVN/Netz Niederösterreich/ EVN Wasser	100.00	30.09.2024	V
RAG-Beteiligungs-Aktiengesellschaft ("RBG"), Maria Enzersdorf	EVN	50.03	31.03.2024	V
RAG Austria AG ("RAG"), Vienna	RBG	100.00	31.12.2023	E
UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H. ("Utilitas"), Maria Enzersdorf	EVN	100.00	30.09.2024	V

3.2. Not included in the consolidated financial statements of EVN due to immateriality

Company, registered office	Shareholder	Interest %	Sharehold ers' equity TEUR	Last year's profit/loss TEUR	Balance sheet date	Method of consolidation 2023/24
e&i EDV Dienstleistungs gesellschaft m.b.H., Vienna	EVN	50.00	255 (261)	74 (65)	30.09.2024 (30.09.2023)	NE

We have audited the consolidated financial statements of EVN AG, Maria Enzersdorf, Auditors' report

Report on the Consolidated Financial Statements

Audit Opinion

We have audited the consolidated financial statements of

EVN AG, Maria Enzersdorf,

and of its subsidiaries (the Group) comprising the consolidated statement of financial position as of 30 September, 2024, the consolidated statement of operations, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the fiscal year then ended and the notes to the consolidated financial statements.

Based on our audit the accompanying consolidated financial statements were prepared in accordance with the legal regulations and present fairly, in all material respects, the assets and the financial position of the Group as of 30 September, 2024 and its financial performance for the year then ended in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and with requirements stated in § 245a UGB.

Basis for opinion

We conducted our audit in accordance with the regulation (EU) no. 537/2014 (in the following "EU regulation") and in accordance with Austrian Standards on Auditing. Those standards require that we comply with International Standards on Auditing (ISAs). Our responsibilities under those regulations and standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of the Group in accordance with the Austrian Generally Accepted Accounting Principles and professional requirements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained until the date of this auditor's report is sufficient and appropriate to provide a basis for our opinion by this date.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the fiscal year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

EVN Annual Financial Report 2023/24 Management report Financial statements Annual financial statements of EVN AG Declaration by the Executive Board

Below are the key audit matters, from our viewpoint:

• Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees

Impairment of intangible assets, property, plant and equipment and investments in equity accounted investees

Facts and reference to further information

Intangible assets, property, plant and equipment (PPE) and investments in equity accounted investees with a total carrying amount of EUR 6.068,7 mn account for 56% of total assets of the group as of 30 September 2024.

Accounting standards require an assessment to be made at each reporting date, whether there is any indication that the recoverable amount has decreased significantly. For those items of intangible assets, PPE and equity accounted investees, for which impairment losses were recognised in prior periods, the Group assesses whether the impairment loss no longer exists and therefore needs to be reversed.

Intangible assets and property, plant and equipment for which no separate future cash flows can be identified are tested for impairment at the level of the cash-generating units. By determining the value in use or, if necessary, the value less costs to sell, estimates must be made regarding the development of revenues and expenses and the resulting cash surpluses, as well as assumptions for determining the discount rate used.

The result of the valuation is therefore subject to estimation uncertainties. A change in the macroeconomic, industry or corporate situation in the future may lead to a reduction in cashflows and thus to impairment losses. For the consolidated financial statements, there is a risk of incorrect valuation of intangible assets, property, plant and equipment, and investments in equity accounted investees.

Auditing procedure

During our audit, we have obtained an understanding of how the Group monitors impairment triggers. In doing so, we critically assessed the processes implemented to determine whether they are suitable for the valuation of intangible assets, property, plant and equipment, and investments in equity accounted investees. We also assessed the related key internal controls and evaluated their form and implementation. We critically assessed the triggers for impairments and reversals and have compared them with our own estimates.

We have critically discussed and evaluated the underlying forecasts and assumptions for the valuation and assessed their appropriateness based on current and expected developments and other evidence. In consultation with our valuation specialists, we assessed the measurement technique model, planning assumptions and measurement parameter for selected issues, on which the discount rate is based. We assessed the appropriateness of planning estimates by comparing actual cash flows with prior period estimated cash flows on a sample basis and discussing deviations with staff responsible for planning. We agreed that the respective results of the valuations were properly accounted for.

Reference to further information

The procedures and effects of impairment tests are described in section 22 of the notes to the consolidated financial statements. Further information can be found in section 23 Accounting estimates and forward-looking statements. The effects of impairment tests are presented in section 31 (Depreciation and amortisation and effects from impairment tests) and in sections 35 (Intangible assets), 36 (Property, plant and equipment) and 37 (Investments in equity accounted investees) of the notes to the consolidated statement of financial position.

Other information

Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements, the Group's management report and the auditor's report thereon.

We received the consolidated non-financial report and the consolidated corporate governance report before the date of the auditor's report, and we expect to receive the remaining parts of the annual report after that date.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, to consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and of the Audit Committee for the Consolidated Financial Statements

Management is responsible for the preparation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and with requirements stated in § 245a UGB, for them to present a true and fair view of the assets, the financial position and the financial performance of the Group and for such internal controls as management determines are necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The Audit Committee is responsible for overseeing the Group's financial reporting process.

Auditor's responsibilities for the audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU regulation and in accordance with Austrian Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the EU regulation and in accordance with Austrian Standards on Auditing, which require the application of ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also:

• identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• We plan and conduct the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group, as a basis for forming an audit opinion on the consolidated financial statements. We are responsible for directing, supervising, and reviewing the audit activities carried out for the purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

Comments on the Group Management Report

Pursuant to Austrian Generally Accepted Accounting Principles, the Group management report is to be audited as to whether it is consistent with the consolidated financial statements and as to whether it was prepared in accordance with the applicable legal regulations.

Regarding the consolidated non-financial report contained in the group management report, it is our responsibility to check whether it has been prepared, to read it, and to assess whether this other information contains material inconsistencies with the consolidated financial statements or with the knowledge we obtained during the audit, or otherwise appears to be materially misstated.

Management is responsible for the preparation of the Group's management report in accordance with Austrian Generally Accepted Accounting Principles

We conducted our audit in accordance with Austrian Standards on Auditing for the audit of the Group's management report.

Opinion

In our opinion, the management report for the Group was prepared in accordance with the valid legal requirements, comprising the details in accordance with § 243a UGB (Austrian Company Code) and is consistent with the consolidated financial statements.

Statement

Based on the findings during the audit of the consolidated financial statements and due to the thus obtained understanding concerning the Group and its circumstances no material misstatements in the Group's management report came to our attention.

Additional information in accordance with Article 10 of the EU Regulation

We were elected as auditor by the ordinary General Meeting on 1 February 2024. We were appointed by the Supervisory Board on 2 February 2024. We have been appointed to audit the consolidated financial statements without interruption since the 2020/21 financial year.

We confirm that the audit opinion in the section "Report on the consolidated financial statements" is consistent with the additional report to the Audit Committee referred to in article 11 of the EU regulation.

We declare that no prohibited non-audit services (article 5 par. 1 of the EU regulation) were provided by us and that we remained independent of the audited company in conducting the audit.

Responsible austrian certified public accountant

The engagement partner on the audit resulting in this independent auditor's report is Mr. Gerhard Posautz, Certified Public Accountant.

Vienna, 27 November, 2024

BDO Assurance GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Gerhard Posautz Johannes Waltersam Auditor Auditor

This report is a translation of the original report in German, which is solely valid.

EVN AG Jahresabschluss 2023/24

nach UGB

EVN AG

EVN Platz 2344 Maria Enzersdorf Österreich

Sitz der Gesellschaft: 2344 Maria Enzersdorf Registriert Landesgericht Wr. Neustadt FN 72000 h UID Nr. ATU14704505

Inhalt

Lagebericht 109

Jahresabschluss 161

• Bilanz zum 30. September 2024 162
• Gewinn- und Verlustrechnung für das Geschäftsjahr 2023/24 164
• Entwicklung des Anlagevermögens 166
• Beteiligungen der EVN AG 167
• Uneingeschränkter Bestätigungsvermerk 169

Anhang 174

Lagebericht EVN AG für das Geschäftsjahr 2023/24

Bericht des Vorstandes

ENERGIEPOLITISCHES UMFELD

Energie- und Klimapolitik Europäische Union

Der europäische Green Deal galt für die europäische Legislaturperiode von 2019 bis 2024 als das zentrale Projekt der Europäischen Kommission und definierte damit einen wichtigen energiepolitischen Fokus der EU-Institutionen. Die Zielsetzungen, Europa bis 2050 zum ersten klimaneutralen Kontinent zu machen und bereits bis 2030 die Treibhausgasemissionen erheblich zu reduzieren, hatten daher in den letzten Jahren maßgeblichen Einfluss auf die europäische Gesetzgebung für den Energiesektor. Ab 2022 prägten zudem die durch den Ukrainekrieg ausgelöste Krise sowie deren Einfluss auf die Energiepreise und die europäische Wirtschaft die energiepolitischen Weichenstellungen. Eines der wesentlichen Ziele war und ist es dabei, die negativen Auswirkungen extremer Preisschwankungen auf den EU-Markt und damit letztlich auf die Verbraucher*innen einzudämmen.

Die in der abgelaufenen Legislaturperiode der EU erarbeiteten umfassenden Gesetzespakete für den Energiebereich wurden im Frühjahr 2024 final beschlossen. Die damit auf den Weg gebrachten Reformen im Strommarktdesign führten zu Novellen der EU-Elektrizitätsbinnenmarktrichtlinie und der EU-Elektrizitätsbinnenmarktverordnung. Zusätzlich erfolgten Novellen der Gasbinnenmarktrichtlinie und -verordnung, die auch einen Rahmen für eine zukünftige Wasserstoffwirtschaft festlegen.

Wesentliche Neuerungen dieser Gesetzespakete betreffen etwa Erleichterungen für Kund*innen bei der Teilnahme am Strommarkt – sowohl im Rahmen von wie auch außerhalb von Energiegemeinschaften. Hinzu kommt die Möglichkeit einer Förderung neuer Anlagen zur Stromerzeugung aus erneuerbaren bzw. nichtfossilen Quellen durch Preisstützung mittels sogenannter zweiseitiger Differenzverträge (Contracts for Difference), die gleichzeitig einem Anstieg der Marktpreise für die Kund*innen entgegenwirken sollen. Generell verändert die europäische Energiepolitik die Rolle der Kund*innen, indem diese von reinen Verbraucher*innen auch zu aktiven Marktteilnehmer*innen werden können, die Strom produzieren und handeln. Zudem sollen Informationsverpflichtungen für Netzbetreiber über verfügbare Anschlusskapazitäten die Qualität der europäischen Netzausbauplanung verbessern. Das sogenannte Gas- und Wasserstoffpaket wiederum soll einen geregelten Umstieg auf Wasserstoff ermöglichen, indem einheitliche (regulatorische) Rahmenbedingungen für die Errichtung der erforderlichen Wasserstoffinfrastruktur (Netze und Speicher) geschaffen und Planungen dafür europaweit vereinheitlicht werden.

Für die neue Legislaturperiode hat die europäische Kommission in ihren politischen Leitlinien u. a. die Stärkung der Wettbewerbsfähigkeit als Priorität benannt. Zudem werden der Green Deal und die damit verbundenen Ziele und Maßnahmen fortgeführt.

Österreich

In Österreich müssen die auf EU-Ebene zuletzt beschlossenen Richtlinien für den Energiebereich noch in nationales Recht umgesetzt werden. Dieser Aufgabe wird sich die

neue Bundesregierung widmen müssen. Sie kann dabei auf einem Entwurf der Vorgängerregierung für das Elektrizitätswirtschaftsgesetz (ElWG) aufsetzen, das an die Stelle des bestehenden Elektrizitätswirtschafts- und organisationsgesetzes (ElWOG) treten soll.

Im Juni 2024 wurde das mit 31. Dezember 2027 befristete Bundesgesetz zur Abmilderung von Krisenfolgen und zur Verbesserung der Marktbedingungen im Falle von marktbeherrschenden Energieversorgern beschlossen.

Die EU hat trotz der durch den Ukrainekrieg ausgelösten Marktverwerfungen nach ausgiebigen Konsultationen mit Energieexpert*innen den Binnenmarkt und die Merit Order als wesentliche und effiziente Mechanismen für die Preisbildung anerkannt. In ihren Reformpaketen für den europäischen Strommarkt hat sie gleichzeitig Maßnahmen gesetzt, die Preisspitzen vermeiden bzw. eindämmen sollen. Diese werden nun in die österreichische Gesetzgebung bzw. in das nationale Marktdesign einfließen. Ziel ist es dabei, auch in Österreich künftig wieder eine stabilere Preisentwicklung für Endkund*innen ohne extreme Verwerfungen zu gewährleisten. Aus Sicht der Energielieferant*innen sind jedoch weiterhin präzisere und rechtssichere Konsument*innenschutzbestimmungen in Bezug auf die Preisgestaltung und die Kündigungsmöglichkeiten erforderlich.

Ausführlich diskutiert wurden in Österreich das Ausmaß der russischen Gasimporte, mögliche Maßnahmen zur weiteren Diversifizierung der Bezugsquellen sowie potenzielle Folgen einer Nichtverlängerung des mit 31. Dezember 2024 endenden Gas-Transitvertrags zwischen Russland und der Ukraine auf die nationale Gasversorgung. Vor diesem Hintergrund hat das österreichische Parlament im Juni 2024 Gesetzesänderungen beschlossen, die jene Gasversorgungsunternehmen, die zumindest 25 % ihrer Mengen aus Russland oder aus unbekannten Quellen beziehen, zur Erstellung eines Versorgungssicherheitskonzepts verpflichtet. Zudem wurde die Verpflichtung, eine strategische Gasreserve vorzuhalten, bis 2027 verlängert.

Das geplante Erneuerbaren-Gas-Gesetz konnte mangels der erforderlichen Zwei-Drittel-Mehrheit im österreichischen Parlament nicht beschlossen werden. Aus Sicht der Energiebranche hätte eine Mindestquote für grünes Gas im Zusammenspiel mit Strafzahlungen dazu geführt, dass der Marktpreis durch die Höhe der Strafzahlung definiert worden wäre.

WIRTSCHAFTLICHES UMFELD

Im bisherigen Verlauf des Jahres 2024 wuchs die Weltwirtschaft nur moderat. Dabei zeigte sich die Dynamik in den USA höher als im Euroraum, in dem sich wiederum Deutschland und Österreich am unteren Ende der Skala finden. In den Schwellenländern entwickelte sich die Produktion verhalten, besonders in China hat sich das Expansionstempo spürbar verlangsamt. Die aktuellen Prognosen sind mit erheblichen Abwärtsrisiken behaftet. Eine Eskalation der geopolitischen Spannungen, etwa im Nahen Osten oder in der Ukraine, würde den Welthandel bremsen und die zuletzt im Sinkflug befindliche Inflation wieder antreiben. Damit würden sich die Realeinkommen schwächer entwickeln, und die Geldpolitik würde wohl langsamer gelockert werden. Zusätzlich wird der Welthandel zunehmend von protektionistischen Tendenzen belastet. So haben die USA und die Europäische Union hohe Zölle auf chinesische Elektroautos eingeführt. Im Raum stehende Gegenmaßnahmen Chinas würden den internationalen Güteraustausch weiter einschränken und die wirtschaftliche Dynamik damit stark beeinträchtigen. Für den Euroraum prognostizieren die Wirtschaftsforscher*innen aktuell für das Jahr 2024 ein Wachstum von rund 0,8 %, 2025 dürfte das Plus zwischen 1,2 % und 1,4 % liegen.

Die österreichische Wirtschaftsleistung ist in der ersten Hälfte 2024 weiter zurückgegangen. Nach einer Reduktion des BIP um 1,0 % im Jahr 2023 hat sich die Rezession in Industrie und Bauwirtschaft auch im laufenden Jahr fortgesetzt, und auch der Konsum hat trotz kräftiger Realeinkommenszuwächse noch nicht wieder angezogen. Der Verlust an Wettbewerbsfähigkeit durch den Anstieg der Kostenbasis belastet auch die österreichische Exportwirtschaft. Damit fällt die österreichische Wirtschaft im europäischen Vergleich spürbar zurück. Dies führte zuletzt zu einer Rücknahme der BIP-Erwartungen für das Kalenderjahr 2024 auf –0,6 %. Mit einer Aufhellung der Konsumstimmung und einer stärkeren Auslandsnachfrage, getragen durch die erwartete Erholung der Industriekonjunktur im Euroraum, sollte die heimische Wirtschaft wieder an Schwung gewinnen. Für 2025 wird deshalb mit einem moderaten Wachstum zwischen 0,8 % und 1,6 % gerechnet.

Energiewirtschaftliches Umfeld - Kennzahlen
		2023/24	2022/23
Heizungsbedingter Energiebedarf1	46
Osterreich		87,6	98,7
Bulgarien		70, 1	77,7
Nordmazedonien		78.8	86,1
Kühlungsbedingter Energiebedarf"	96
Osterreich		143.4	101 2
Bulgarien		143.0	120,2
Nordmazedonien		205.0	131.0
Primärenergie und CO2-Emissionszertifikate
Rohol = Brent	EUR/Barrel	77.9	78,8
Erdgas - NCG®	EUR/MWH	33,9	56.4
CO2-Emissionszertifikate	EUR/T	60,1	84,2
Strom - EPEX Spotmarkt"
Grundlaststrom	EUR/MWh	75,2	134,4
Spitzeniaststrom	EUR/MWT	85.5	154.8

ENERGIEWIRTSCHAFTLICHES UMFELD

Das Energiegeschäft der EVN ist wesentlich durch externe Einflussfaktoren geprägt. So wird der Vertrieb an Haushaltskund*innen vor allem von der Witterung und vom aktuellen Marktpreisniveau beeinflusst. Milde Temperaturen und Einsparmaßnahmen angesichts hoher Preise können die Nachfrage nach Strom, Erdgas und Wärme dämpfen. Dabei hängen die Marktpreise und damit die Beschaffungspreise der EVN wesentlich vom geopolitischen Umfeld ab. Die Nachfrage der Industriekund*innen wiederum ist primär durch die wirtschaftliche Entwicklung bestimmt. In den letzten Jahren spielen auch Veränderungen im Verhalten der Kund*innen, die sich mehr und mehr zu sogenannten Prosumers entwickeln, eine immer größere Rolle. Für die Energieerzeugung sind schließlich das Windund Wasserdargebot sowie die Sonneneinstrahlung relevant.

Im Geschäftsjahr 2023/24 war die Witterung in allen drei Kernmärkten der EVN erneut von sehr milden Temperaturen geprägt. Die Heizgradsumme – sie definiert den temperaturbedingten Energiebedarf – lag in Österreich, Bulgarien und Nordmazedonien jeweils sowohl deutlich unter dem Vorjahreswert als auch unter dem langjährigen Durchschnitt. In Bulgarien erreichte sie sogar nur 70,1 % des üblichen Mittelwerts.

Die Kühlgradsumme, die den Energiebedarf für Kühlung bemisst, stieg im Geschäftsjahr 2023/24 hingegen in allen drei Kernmärkten im Vergleich zu den bereits hohen Vorjahreswerten nochmals deutlich an. In Nordmazedonien war sie mit 205,0 % sogar mehr als doppelt so hoch wie im langjährigen Durchschnitt.

Sowohl das Wasser- als auch das Winddargebot gestaltete sich in der Berichtsperiode insgesamt sehr positiv. Die Erzeugungskoeffizienten für Wind kamen in Österreich und Bulgarien knapp unter dem langjährigen Durchschnitt zu liegen. In Österreich bedeutete dies eine deutliche Verbesserung zum Vorjahr, in Bulgarien eine leichte Verschlechterung. Auch die Erzeugungskoeffizienten für Wasser verbesserten sich in Österreich und Deutschland spürbar, während sie in Nordmazedonien hinter dem hohen Vorjahreswert zurückblieben.

Die Primärenergie- und Energiepreise zeigten sich in der Berichtsperiode weiterhin rückläufig. Nach unterjährigen Schwankungen reduzierte sich der durchschnittliche EEX-Börsenpreis für Erdgas zum Bilanzstichtag von zuvor 56,4 Euro pro MWh auf 33,9 Euro pro MWh. Auch die Preise für CO2-Emissionszertifikate kamen konjunkturbedingt unter den Vergleichswerten des Vorjahres zu liegen: Mit durchschnittlich 69,1 Euro pro Tonne im Geschäftsjahr 2023/24 lagen sie um rund 18,0 % unter dem Wert von 84,2 Euro pro Tonne in der vorangegangenen Berichtsperiode.

Diese Entwicklungen wirkten sich auch auf die Marktpreise für Strom aus, die im Berichtsjahr ebenfalls einen neuerlichen deutlichen Rückgang verzeichneten: Die Spotmarktpreise für Grund- und Spitzenlaststrom lagen bei durchschnittlich 75,2 Euro pro MWh bzw. 85,5 Euro pro MWh (Vorjahr: 134,4 Euro pro MWh bzw. 154,8 Euro pro MWh). Aufgrund des kontinuierlich ansteigenden Anteils an erneuerbaren Erzeugungskapazitäten im Energiesystem sind die unterjährigen Preisentwicklungen mittlerweile auch stark von saisonalen Effekten beeinflusst.

WIRTSCHAFTLICHE ENTWICKLUNG

Kennzahlen zur Ertragslage

	2023/2024	2022/23		Veränderung
	Mio. EUR	Mio. EUR	Mio. EUR	%
Umsatzerlöse	740,0	936,4	-196,4	-21,0

Die Umsatzerlöse sanken auf 740,0 Mio. EUR und setzen sich aus Stromerlösen in Höhe von 369,2 Mio. EUR (VJ: 485,4 Mio. EUR), Gaserlösen in Höhe von 140,7 Mio. EUR (VJ: 242,0 Mio. EUR) und sonstigen Umsatzerlösen in Höhe von 230,0 Mio. EUR (VJ: 209,0 Mio. EUR) zusammen.

Die Stromerlöse sanken gegenüber dem Vorjahr um 116,2 Mio. EUR, die Gaserlöse um 101,2 Mio. EUR, während die sonstigen Umsatzerlöse um 21,0 Mio. EUR stiegen. Die Reduktion der Stromerlöse ist hauptsächlich auf die im Vergleich zum Vorjahr stark gesunkenen Strompreise zurückzuführen. Der Rückgang ist hierbei deutlich bei den gesunkenen Stromerlösen im Stromhandel mit Dritten sichtbar. Die Reduktion der Gaserlöse ist ebenfalls auf die im Vergleich zum Vorjahr stark gesunkenen Gaspreise aber auch auf geringere Gashandelsaktivitäten zurückzuführen.

	Berechnung	2023/24	2022/2023	Veränderung
		Mio. EUR	Mio. EUR	Mio. EUR	%
Ergebnis vor Zinsen und Steuern	Ergebnis vor Steuern + Zinsen und ähnliche Aufwendungen gemäß § 231 (2) Z 15 UGB	323,9	473,8	-149,9	-31,6

Die sonstigen betrieblichen Erträge betrugen im Geschäftsjahr 2023/24 1,4 Mio. EUR (Vorjahr: 1,9 Mio. EUR).

Die Aufwendungen für Primärenergie, CO2-Kosten und Strombezug betrugen im abgelaufenen Geschäftsjahr 451,5 Mio. EUR (Vorjahr: 682,5 Mio. EUR). Der Rückgang ist in erster Linie auf preisbedingte geringere Aufwendungen für Strom- und Gasbezug zurückzuführen. Dieser Effekt wird verstärkt durch gesunkene Aufwendungen für CO2 Zertifikate.

An Materialaufwand und sonstigen bezogenen Leistungen fielen 118,1 Mio. EUR (Vorjahr: 106,2 Mio. EUR) an. Dies bedeutet gegenüber dem Vorjahr einen Anstieg von 11,9 Mio. EUR.

Der Personalaufwand betrug im Geschäftsjahr 2023/24 102,3 Mio. EUR (Vorjahr: 96,6 Mio. EUR) und ist insbesondere auf die kollektivvertraglichen Anpassungen zurückzuführen. Bei der EVN AG waren durchschnittlich 570 Angestellte auf Vollzeitbasis (Vorjahr: 561 Angestellte) beschäftigt. Daraus resultierte ein Personalaufwand pro Mitarbeiter von 180,0 Tsd. EUR (Vorjahr: 172,2 Tsd. EUR). Der Umsatz pro Mitarbeiter betrug 1,3 Mio. EUR (Vorjahr: 1,7 Mio. EUR).

Die Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen betrugen im Berichtszeitraum 5,5 Mio. EUR und sind damit um rd. 1,0 Mio. EUR niedriger als im Vorjahr.

Die sonstigen betrieblichen Aufwendungen beliefen sich auf 35,6 Mio. EUR (Vorjahr 31,4 Mio. EUR).

Aufgrund der oben angeführten Rahmenbedingungen verzeichnete die EVN AG ein positives Betriebsergebnis in Höhe von 28,4 Mio. EUR (Vorjahr 15,1 Mio. EUR).

Das Finanzergebnis ist vor allem durch Beteiligungserträge, Zinsaufwendungen und -erträge, Wertpapiererträgen und Aufwendungen aus Finanzanlagen geprägt. Das Beteiligungsergebnis sank gegenüber dem Vorjahr von 431,1 Mio. EUR auf 358,5 Mio. EUR. Die sonstigen Zinsen und ähnlichen Erträgen beliefen sich auf 27,1 Mio. EUR (VJ: 29,6 Mio. EUR). Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen und Wertpapieren des Umlaufvermögens erhöhten sich auf 5,5 Mio. EUR (VJ: 1,9 Mio. EUR). Die Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens stiegen vor allem wegen höherer Abschreibungen auf Anteile an verbundenen Unternehmen auf 130,2 Mio. EUR (VJ: 33,8 Mio. EUR). Die Zinsen und ähnlichen Aufwendungen betrugen im Geschäftsjahr 75,1 Mio. EUR (VJ: 69 Mio. EUR).

Insgesamt konnte ein Finanzergebnis in Höhe von 220,4 Mio. EUR erzielt werden, welches um 169,2 Mio. EUR oder 43,2 % unter dem Vorjahr liegt.

Die beschriebenen Entwicklungen führten zu einem Ergebnis vor Steuern von 248,8 Mio. EUR. Dies bedeutet einen Rückgang von 156,0 Mio. EUR.

	Berechnung	2023/24	2022/23
		%	%
Eigenkapitalrentabilität	Ergebnis vor Steuern	8,4	14,6
	durchschnittliches Eigenkapital

Die Eigenkapitalrentabilität belief sich im Geschäftsjahr 2023/24 auf 8,4%. Im Geschäftsjahr 2022/23 betrug diese 14,6%.

	Berechnung	2023/24	2022/23
		%	%
Gesamtkapitalrentabilität	Ergebnis vor Zinsen und Steuern	6,4	9,5
	durchschnittliches Gesamtkapital

Im Geschäftsjahr 2023/24 konnte eine Gesamtkapitalrentabilität von 6,4% erzielt werden. Im Geschäftsjahr 2022/23 betrug diese 9,5%.

Kennzahlen zur Vermögens- und Finanzlage

	Berechnung	30.09.2024	30.09.2023	Veränderung
		Mio. EUR	Mio. EUR	Mio. EUR	%
Nettoverschuldung	Verzinsliches Fremdkapital - Flüssige Mittel	-180,4	166,3	-346,6	n.a.

Das verzinsliche Fremdkapital und die flüssigen Mittel berechnen sich dabei folgendermaßen:

	Berechnung	30.09.2024	30.09.2023	Veränderung
		Mio. EUR	Mio. EUR	Mio. EUR	%
Verzinsliches Fremdkapital	Anleihen +Verbindlichkeiten aus Schuldscheindarlehen +Verbindlichkeiten gegenüber Kreditinstituten +Finanzverbindlichkeiten gegenüber verbundenen Unternehmen und beteiligten Unternehmen +Rückstellungen für Abfertigungen +Rückstellungen für Pensionen +Rückstellungen für	1.677,3	1.982,6	-305,3	-15,4
	Jubiläumsgelder

		30.09.2024	30.09.2023	Veränderung
		Mio. EUR	Mio. EUR	Mio. EUR	%
Flüssige Mittel	Ausleihungen an verbundene Unternehmen, Forderungen aus Cash Pooling, Kassenbestand, Schecks, Guthaben bei Kreditinstituten, Wertpapiere des UV sowie aus sonstigem Finanzvermögen	1.857,7	1.816,4	41,3	2,3

	Berechnung	30.09.2024	30.09.2023	Veränderung
		Mio. EUR	Mio. EUR	Mio. EUR	%
Nettoumlaufvermögen	Umlaufvermögen	33,4	-28,8	62,2	216
	- langfristiges
	Umlaufvermögen
	=Kurzfristiges
	Umlaufvermögen
	- kurzfristiges
	Fremdkapital
	=Nettoumlaufvermögen

	Berechnung	30.09.2024	30.09.2023
		%	%
Eigenkapitalquote	Eigenkapital Gesamtkapital	60,9	56,6

Die Bilanzsumme betrug per 30.09.2024 4.922,3 Mio. EUR (VJ: 5.182,1 Mio. EUR) und reduzierte sich damit gegenüber dem Vorjahr um 259,8 Mio. EUR bzw. 5,0 %. Das Eigenkapital der Gesellschaft belief sich auf 2.995,7 Mio. EUR (VJ: 2.932,4 Mio. EUR).

Der stärkere Anstieg des Eigenkapitals führte insgesamt zu einer um 4,3%-Punkte höheren Eigenkapitalquote.

	Berechnung	30.09.2024	30.09.2023
		%	%
Nettoverschuldungsgrad	Nettoverschuldung Eigenkapital	n.a.1	5,7

Geldflussrechnung

	Berechnung	2023/24	2022/23	Veränderung
		Mio. €	Mio. €	Mio. €	%
Geldflussrechnung	Geldfluss aus dem Ergebnis	426,3	541,5	-115,2	-21,3
	Netto-Geldfluss aus der laufenden Geschäftstätigkeit	583,5	402,5	160,9	40,0
	Netto-Geldfluss aus der Investitionstätigkeit	-64,1	-536,4	492,3	-91,8
	Netto-Geldfluss aus der Finanzierungstätigkeit	-518,6	10,0	-528,7	n.a.
	Zahlungswirksame Veränderung des Finanzmittelbestandes	0,7	-123,8	124,6	n.a.

Ausgehend von einem Jahresüberschuss in Höhe von 265,7 Mio. EUR belief sich der Cashflow aus dem Ergebnis im abgelaufenen Geschäftsjahr auf 426,3 Mio. EUR und der Cashflow aus der laufenden Geschäftstätigkeit auf 583,5 Mio. EUR.

Der Cashflow aus der Investitionstätigkeit betrug -64,1 Mio. EUR, wobei die Veränderung zum Vorjahr vor allem auf niedrigere Investitionen in Finanzanlagen zurückzuführen ist.

Ausgehend von der im Geschäftsjahr 2023/24 durchgeführten Ausschüttung aus dem Bilanzgewinn 2022/23 in Höhe von 203,2 Mio. EUR und Abnahme der Finanzverbindlichkeiten in Höhe von 315,5 Mio. EUR, weist die EVN AG einen Cashflow aus der Finanzierungstätigkeit in Höhe von -518,6 Mio EUR aus.

Insgesamt resultierte aus dieser Entwicklung eine Erhöhung des Finanzmittelbestandes (bestehend aus Forderungen aus Cash Pooling, Taggeldguthaben bei Kreditinstituten und Wertpapieren des Umlaufvermögens) von 0,7 Mio. EUR. Die Veränderung der

¹ Keine Nettoverschuldung vorhanden

Verbindlichkeiten aus Cash Pooling werden im Cashflow aus der Finanzierungstätigkeit ausgewiesen.

Zweigniederlassungen

EVN verfügt über keine Zweigniederlassungen im Sinne des § 243 Abs 3 Z 4 UGB.

Innovation, Forschung und Entwicklung

Die EVN konzentriert ihre Innovations-, Forschungs- und Entwicklungsaktivitäten primär auf Projekte zur Gewährleistung der Versorgungssicherheit, zur Schonung von Klima und Umwelt sowie zur Stärkung der Wettbewerbsfähigkeit des Unternehmens. Übergeordnetes Kriterium ist bei allen Projekten die Anforderung, einen konkreten Nutzen für Kund*innen zu erbringen.

In der Berichtsperiode hat die EVN insgesamt rund 1,5 Mio. Euro (Vorjahr: rund 1,0 Mio. Euro) für Innovations-, Forschungs- und Entwicklungsprojekte aufgewendet. Für diese Projekte wurden Förderungen in Anspruch genommen, die einer Förderquote von 1,8 % entsprechen.

Ein wesentlicher Schwerpunkt in den Innovationsaktivitäten der EVN gilt Lösungen zur Speicherung erneuerbarer Überschussproduktion für Perioden mit geringer Energieerzeugung. Besonders für die saisonale Speicherung muss auf dem Weg zu einem klimaneutralen Energiesystem noch eine Lösung gefunden werden. Denn die Stromerzeugung aus Windkraft und Photovoltaik übersteigt im Sommerhalbjahr mittlerweile häufig die Nachfrage, während es im Winterhalbjahr bei geringem Wasser-, Wind- und Sonnenaufkommen in Zentraleuropa zu herausfordernden Situationen für die Versorgungssicherheit kommen kann. Vor diesem Hintergrund engagiert sich die EVN z. B. als Projektpartnerin bei einer Pilotanlage der RAG, die Sonnenenergie zum Betrieb einer Elektrolyseanlage nutzt. Der auf diese Weise produzierte grüne Wasserstoff wird in eine natürliche Erdgasspeicherspeicherstätte der RAG eingespeichert und kann im Winter zur emissionsfreien Strom- bzw. Wärmeerzeugung genutzt werden. Die Anlage hat im Sommer 2024 unter Federführung der EVN ihren Probebetrieb aufgenommen. In anderen Projekten forscht die EVN an Möglichkeiten, Überschussproduktion aus erneuerbaren Quellen für sektorenübergreifende Zwecke oder zur Substitution thermischer Erzeugung zu nutzen. Ein Beispiel dafür ist der Pilot-Hybridspeicher Theiß, eine Kombination eines Wärmespeichers mit einem 5-MW-Batteriespeicher und einer Photovoltaikanlage.

Weitere Forschungsschwerpunkte der EVN betreffen innovative Ansätze zur vermehrten Nutzung von Flexibilitäten verschiedener Abnehmer*innen und kleinerer Stromproduzent*innen, um die Energienachfrage zeitlich so zu verändern, dass Nachfragespitzen vermieden werden und der Bedarf mit den gerade verfügbaren Energiemengen aus erneuerbarer Produktion gedeckt werden kann. Das Projekt Green the Flex setzt sich etwa zum Ziel, die Flexibilitätspotenziale von 3.000 Privatkund*innen zu einem sogenannten virtuellen Kraftwerk zusammenzufassen. Weitere Beiträge leisten in diesem Bereich die 2022 von der EVN erworbene Tochtergesellschaft CyberGrid mit speziellen IT-Lösungen für das Flexibilitätsmanagement von Stromnetzen sowie diverse Einzelprojekte (z. B. solche zum bidirektionalen Laden von E-Fahrzeugen) im Rahmen des Green Energy Lab, eines branchenübergreifenden Innovationslabors. Ebenfalls mit Beteiligung der CyberGrid wurden im Jahr 2024 Batterieprojekte im unmittelbaren Umfeld von Photovoltaik-, Wind- und Wasserkraftanlagen gestartet, um die Kapazität von Netz- und Erzeugungsanlagen optimal aufeinander abzustimmen.

Im Bereich der E-Mobilität ist die EVN am Leitprojekt Car2Flex beteiligt. Dieses befasst sich mit drei verschiedenen Anwendergruppen von Elektromobilität: den Privatnutzer*innen, den E-Fahrzeugflotten (z. B. in Unternehmen) und dem E-Car-Sharing in Mehrparteienwohnhäusern. Im Mittelpunkt steht die Frage, wie – entsprechend den Mobilitätsbedürfnissen der jeweiligen Gruppen – der steigende Anteil von Elektromobilität am besten zu integrieren ist. Zudem sollen die Car2Flex-Konzepte neue wirtschaftliche Anreize schaffen, so etwa mit Lösungen, die den Eigenverbrauch von Strom aus Photovoltaik durch Zwischenspeicherung in der Batterie eines Fahrzeugs steigern. Durch diese optimierte, flexible Batterienutzung können der Anteil an erneuerbarer Energieerzeugung und -nutzung erhöht und Kosten gespart werden.

Der Ausbau der erneuerbaren Energieerzeugung stellt angesichts der stetig zunehmenden, hoch volatilen Stromeinspeisung aus vielen dezentralen Anlagen den Netzbetrieb vor enorme Herausforderungen. Deshalb verfolgt die EVN auch in diesem Bereich diverse innovative Lösungsansätze und Forschungsprojekte. Konkret wird etwa der Einsatz von Batteriespeichern im Mittelspannungsnetz getestet, um Spannungsspitzen temporär zu verschieben und dadurch Flexibilitäten im Netzbetrieb zu schaffen. In einem gemeinsamen Projekt mit der TU Wien werden wiederum Methoden zur Echtzeitanalyse von Daten aus dem Niederspannungsnetz erprobt. Zudem arbeitet die EVN im Netzbetrieb am Aufbau eines Long Range Wide Area Network (LoRaWAN), das eine energieeffiziente Datenübertragung über große Entfernungen ermöglicht und damit die Grundlage für Anwendungen und Lösungen im künftigen Internet der Dinge schafft.

Risikomanagement

Risikodefinition

Im EVN-Konzern ist Risiko als die potenzielle Abweichung von geplanten Unternehmenszielen definiert.

Risikomanagementprozess

Primäres Ziel des Risikomanagements ist die gezielte Sicherung bestehender und zukünftiger Ertrags- und Cash-Flow-Potenziale durch aktive Risikosteuerung. Dazu stellt ein zentral organisiertes Risikomanagement den dezentralen Risikoverantwortlichen im Rahmen des Risikomanagementprozesses geeignete Methoden und Werkzeuge zur Identifikation und Bewertung von Risiken zur Verfügung. Die risikoverantwortlichen Geschäftseinheiten kommunizieren ihre Risikopositionen an das zentrale Risikomanagement. Hier werden geeignete Maßnahmen zur Risikominimierung definiert, für deren Umsetzung wiederum die dezentralen Geschäftseinheiten verantwortlich sind. Ebenso erfolgt hier die Analyse des Risikoprofils der EVN. Die jährliche Erfassung und das Management von Risiken mit Bezug auf Nachhaltigkeit, Klima und Compliance erfolgen im Einklang mit dem zentralen Risikomanagementprozess durch darauf spezialisierte Organisationseinheiten bzw. Prozesse. Insgesamt umfasst der Risikomanagementprozess der EVN die folgenden Schritte:

• Identifikation: Erhebung bzw. Überarbeitung der Risiken auf Basis der letzten Risikoinventur (Review des Risikoinventars) und Identifikation von neuen Risiken und entsprechenden Risikosteuerungsmaßnahmen

• Bewertung und Analyse: Qualitative und quantitative Bewertung der identifizierten Risiken, Aggregation der Risiken nach unterschiedlichen Betrachtungsperspektiven und Modellierung der Ergebnis- und Cash-Flow-Verteilungen

• Berichterstattung: Diskussion und Beurteilung des Risikoprofils im Risikoarbeitsausschuss und im Konzernrisikoausschuss sowie gegebenenfalls Einleitung von weiteren Risikosteuerungsmaßnahmen; Risikoberichterstattung an den Prüfungsausschuss

• Prozess-Review: Definition jener organisatorischen Einheiten, die einer expliziten Risikobetrachtung zu unterziehen sind; regelmäßige Überprüfung, ob die festgelegten Methoden bei geänderten Verhältnissen modifiziert werden müssen; regelmäßige Prüfung durch die Interne Revision

Aufgaben des Risikoarbeitsausschusses

Der Risikoarbeitsausschuss unterstützt das zentrale Risikomanagement bei der ordnungsgemäßen Umsetzung des Risikomanagementprozesses. Er beurteilt und genehmigt Änderungen in Bezug auf die (Bewertungs-)Methodik und definiert Art und Umfang der Risikoberichterstattung. Mitglieder des Risikoarbeitsausschusses auf Konzernebene sind die Leiter der Konzernfunktionen Controlling, Recht und Public Affairs, Finanzwesen, Rechnungswesen, Interne Revision, der Chief Compliance Officer (CCO) sowie ein (unternehmensinterner) energiewirtschaftlicher Experte.

Konzernrisikoausschuss und Kontrolle

Im Konzernrisikoausschuss, der aus dem Vorstand der EVN AG, den Leitern der Organisationseinheiten und den Mitgliedern des Risikoarbeitsausschusses besteht, werden die Ergebnisse der Risikoinventur sowie die Berichte präsentiert und diskutiert. Er entscheidet über den weiteren Handlungsbedarf, kann Arbeitsgruppen einberufen sowie Arbeitsaufträge erteilen und verabschiedet die Ergebnisse der Risikoinventur (Risikoberichte).

Risikoprofil

Neben den branchenüblichen Risiken und Ungewissheiten ist das Risikoprofil der EVN vor allem durch politische, rechtliche und regulatorische Herausforderungen und Veränderungen im Wettbewerbsumfeld geprägt. Im Rahmen der jährlich durchgeführten Risikoinventur, deren Ergebnisse im Bedarfsfall um Ad-hoc-Risikomeldungen aktualisiert werden, erfolgt eine Kategorisierung in Markt- und Wettbewerbs-, Finanz-, Betriebs-, Umfeld-, Strategie- und Planungsrisiken sowie sonstige Risiken. Diese werden großteils bezüglich ihrer finanziellen Auswirkungen auf den EVN Konzern bewertet. In der nachfolgenden Tabelle werden, die entsprechend diesen Kategorien ermittelten wesentlichen Risiken sowie Maßnahmen zu deren Minimierung beschrieben.

In der Risikoinventur werden in der EVN im Sinn des NaDiVeG sowohl potenzielle Risiken als auch Auswirkungen der Geschäftstätigkeit der EVN und ihrer Geschäftsbeziehungen auf Umwelt-, Sozial- und Arbeitnehmerbelange, die Achtung der Menschenrechte und die Bekämpfung von Korruption systematisch erhoben. Die identifizierten Risiken bzw. Auswirkungen wurden entsprechend den im Risikomanagementprozess vorgesehenen Schritten weiter behandelt.

Potenzielle Klimarisiken

Angesichts des hohen Stellenwerts des Themas Klimaschutz bei der EVN werden im Zuge der Risikoinventur gezielt auch potenzielle Klimarisiken erhoben. Klimarisiko ist jedoch bewusst nicht als eigene Risikokategorie definiert, sondern wird – sofern zutreffend – als Querschnittsmaterie den einzelnen Risikokategorien der EVN zugeordnet. Dabei wird zwischen Transitionsrisiken und physischen Risiken unterschieden. Zu den Transitionsrisiken zählen Unsicherheiten, die aus dem Übergang in Richtung eines erneuerbaren Energiesystems resultieren. Physische Risiken betreffen hingegen Ereignisse und Veränderungen, die unmittelbare klimatische Ursachen haben.

Im Folgenden einige Beispiele, die die Zuordnung potenzieller Klimarisiken zu den Risikokategorien der EVN illustrieren:

• Nachfragerückgang aufgrund eines milderen Winters: physisches Risiko, das der Kategorie Deckungsbeitragsrisiko zugeordnet wird
• Rückgang der Stromproduktion durch ein klimabedingt geringes Wasserdargebot: physisches Risiko, das der Kategorie Deckungsbeitragsrisiko zugeordnet wird
• Schaden durch ein Extremwetterereignis: physisches Risiko, das der Kategorie Störungen/Netzausfall zugeordnet wird
• Änderung von Umweltauflagen: Transitionsrisiko, das der Kategorie Umfeldrisiko zugeordnet wird; strengere Auflagen könnten potenziell Mehrkosten verursachen
• Zunehmende Belastung für das Stromnetz durch den laufenden Ausbau der deutlich volatileren, erneuerbaren Erzeugung: Transitionsrisiko, das der Kategorie Betriebsrisiko (Störungen/Netzausfall) zugeordnet wird

Risiko- und Chancenanalysen im Geschäftsjahr 2023/24

Vor dem Hintergrund der geopolitischen Krisen während der vergangenen Jahre und der daraus resultierenden Verwerfungen auf den Energiemärkten führte die EVN auch unterjährig ein Monitoring der Risikoentwicklung für die Gruppe durch. Ad-hoc-Analysen waren im Berichtszeitraum nicht erforderlich, es erfolgte jedoch zum Ende des ersten Halbjahres 2023/24 eine Aktualisierung der Bewertung der wesentlichen Risiken mit potenziell hohen Auswirkungen. Das Risikomanagement berichtete über diese Risiken sowie deren Auswirkungen auch dem Prüfungsausschuss des Aufsichtsrats der EVN.

In der zum Bilanzstichtag durchgeführten Risikoinventur wurden u. a. folgende wesentliche Unsicherheiten mit potenziell hohen Auswirkungen identifiziert und folglich mit besonderem Augenmerk analysiert (Auswahl):

• Wertminderungs-/Impairmentrisiken
• Fertigstellungsrisiko bei internationalen Großprojekten im Umweltbereich
• Cybersecurity

Das Risikoprofil des EVN Konzerns ist vor allem durch die branchenüblichen Risiken und Ungewissheiten und insbesondere durch politische, rechtliche und regulatorische Herausforderungen geprägt. Die Kategorisierung all dieser Aspekte folgt dem Risikomanagementprozess der EVN.

Gesamtrisikoprofil

Neben den Ungewissheiten im Zusammenhang mit Geschäftsfeldern und -betrieben außerhalb Österreichs ist die EVN auch im Heimmarkt Niederösterreich mit einem weiterhin herausfordernden Umfeld konfrontiert. Damit ist das Gesamtrisikoprofil der EVN tendenziell gesunken. Gegenwärtig sind keine Risiken für die Zukunft erkennbar, die den Fortbestand des EVN Konzerns gefährden könnten.

In der Tabelle auf den Seiten 18 bis 22 werden die wesentlichen Risiken und Ungewissheiten zusammenfassend erläutert. Erstmals werden in dieser Tabelle, sofern zutreffend, auch die Chancen für die einzelnen Kategorien erwähnt.

Wesentliche Merkmale des internen Kontroll- und -Risikomanagementsystems im Hinblick auf den Rechnungslegungsprozess

Die Einrichtung eines angemessenen internen Kontroll- und Risikomanagementsystems (IKS) im Hinblick auf den Rechnungslegungsprozess liegt gemäß § 82 AktG in der Verantwortung des Vorstands und ist gemäß § 92 Abs. 4a Z. 4b AktG vom Prüfungsausschuss auf seine Wirksamkeit hin zu überwachen.

Das IKS für den Rechnungslegungsprozess der EVN wird durch Kontrollen der identifizierten risikobehafteten Prozesse in regelmäßigen Abständen überwacht, und die Ergebnisse daraus werden dem Management und dem Prüfungsausschuss berichtet. Das IKS gewährleistet klare Zuständigkeiten und eliminiert überflüssige Prozessschritte, wodurch die Sicherheit in den Abläufen für die Erstellung der Finanzberichterstattung weiter erhöht wird. Die Beschreibung der wesentlichen Merkmale besteht aus den fünf zusammenhängenden Komponenten Kontrollumfeld, Risikobeurteilung, Kontrollmaßnahmen, Information und Kommunikation sowie Überwachung.

Kontrollumfeld

Der von der EVN festgelegte Verhaltenskodex und die darin zugrunde gelegten Wertvorstellungen gelten für alle Mitarbeiter des gesamten Konzerns. Zum EVN Verhaltenskodex siehe www.evn.at/verhaltenskodex.

Die Erstellung des Jahresabschlusses erfolgt durch die kaufmännischen Konzernfunktionen der EVN. Der Abschlussprozess der EVN basiert auf einer einheitlichen Bilanzierungsrichtlinie, die neben den Bilanzierungsvorschriften auch die wesentlichen Prozesse und Termine konzernweit festlegt. Für die konzerninternen Abstimmungen und die sonstigen Abschlussarbeiten bestehen verbindliche Anweisungen. Die am Rechnungslegungsprozess beteiligten Mitarbeiter erfüllen die qualitativen Anforderungen und werden regelmäßig geschult. Komplexe versicherungsmathematische Gutachten und Bewertungen werden durch darauf spezialisierte Dienstleister oder qualifizierte Mitarbeiter erstellt. Für die Einhaltung der Prozesse sowie der korrespondierenden Kontrollmaßnahmen sind die jeweiligen Prozessverantwortlichen – das sind im Wesentlichen die Leiter der Organisationseinheiten sowie der Konzernfunktionen – verantwortlich.

Risikobeurteilung und Kontrollmaßnahmen

Zur Vermeidung von wesentlichen Fehldarstellungen bei der Abbildung von Transaktionen wurden mehrstufig aufgebaute Sicherungsmaßnahmen mit dem Ziel implementiert, dass die Einzelabschlüsse sämtlicher Tochtergesellschaften richtig erfasst werden. Diese Maßnahmen umfassen sowohl automatisierte Kontrollen in der Konsolidierungssoftware als auch manuelle Kontrollen in den kaufmännischen Konzernfunktionen. Auf Basis der Abschlüsse der Tochterunternehmen führen diese Fachabteilungen umfangreiche Plausibilitätsüberprüfungen durch, damit die Daten der Einzelabschlüsse ordnungsgemäß in den Konzernabschluss übernommen werden. Die Überprüfung der Abschlussdaten sieht vor, dass die Daten vor und nach der Konsolidierung zentral auf Positions-, Segment- und Konzernebene analysiert werden. Erst nach Durchführung dieser Qualitätskontrollen auf allen Stufen erfolgt die Freigabe des Konzernabschlusses.

Das Rechnungswesen der EVN AG und der wichtigsten in- und ausländischen Tochtergesellschaften wird mit dem ERP-Softwaresystem SAP, Modul FI (Finanz- /Rechnungswesen) geführt. Die Erstellung des Konzernabschlusses nach IFRS erfolgt mit der Software Hyperion Financial Management, in die die Werte der Einzelabschlüsse der konsolidierten Gesellschaften mittels Schnittstelle übernommen werden. Die Rechnungswesensysteme sowie alle vorgelagerten Systeme sind durch Zugriffsberechtigungen und automatische sowie zwingend im Prozess vorgesehene manuelle Kontrollschritte geschützt.

Das IKS für die Finanzberichterstattung und die für das Rechnungswesen relevanten Prozesse werden mindestens einmal jährlich vom zuständigen Assessor dahingehend überprüft, ob die Kontrollen durchgeführt worden sind, ob es im Geschäftsjahr Risikovorfälle gegeben hat und ob die Kontrollen weiterhin geeignet sind, die vorhandenen Risiken abzudecken. Im Berichtszeitraum wurden im Sinn der kontinuierlichen

Weiterentwicklung des IKS für die Finanzberichterstattung Prozessanpassungen und verbesserungen durchgeführt.

Information, Kommunikation und Überwachung

Der Aufsichtsrat wird vom Vorstand vierteljährlich mit einem umfassenden Bericht über die Vermögens-, Finanz- und Ertragslage, der sowohl eine Bilanz als auch eine Gewinn-und-Verlust-Rechnung enthält, informiert. Darüber hinaus ergeht zweimal jährlich ein Bericht über das IKS für die Finanzberichterstattung an den Vorstand und den Prüfungsausschuss, der als Informationsgrundlage zur Beurteilung der Effizienz und Effektivität des IKS dient und die Steuerbarkeit des IKS durch die dafür vorgesehenen Gremien gewährleisten soll. Dieser Bericht erfolgt durch das IKS-Management in Zusammenarbeit mit dem IKS-Komitee auf Basis der Informationen der IKS-Bereichsverantwortlichen, der Kontrolldurchführenden und der Assessoren.

Zur Wahrnehmung der Überwachungs- und Kontrollfunktion im Hinblick auf eine ordnungsgemäße Rechnungslegung und Berichterstattung werden die relevanten Informationen zudem auch den Leitungsorganen und wesentlichen Mitarbeitern der jeweiligen Gesellschaft zur Verfügung gestellt. Die Interne Revision der EVN führt regelmäßig Prüfungen des IKS für die Finanzberichterstattung durch, deren Ergebnisse ebenfalls bei den laufenden Verbesserungen des IKS Berücksichtigung finden.

Einsatz von Finanzinstrumenten

Die EVN setzt derivative Finanzinstrumente zur Absicherung des Unternehmens gegen Marktpreisänderungs-, Liquiditäts-, Wechselkurs- und Zinsänderungsrisiken ein. Zu diesem Zweck hat das Unternehmen ein Kontrollumfeld geschaffen, welches im Rahmen des Risikomanagements Richtlinien und Abläufe für die Beurteilung der Anwendung von Derivaten umfasst. Weitere Informationen finden sich im Anhang der EVN AG im Kapitel 3.2.7.

Gesamtrisikoprofil

Neben den Ungewissheiten im Zusammenhang mit Geschäftsfeldern und -betrieben außerhalb Österreichs ist die EVN auch im Heimmarkt Niederösterreich mit einem weiterhin herausfordernden Umfeld konfrontiert. Im Geschäftsjahr 2023/24 haben die Unsicherheiten allerdings abgenommen. Damit hat sich das Gesamtrisikoprofil der EVN tendenziell reduziert, jedoch noch nicht bis auf das Vorkrisenniveau. Gegenwärtig sind keine Risiken für die Zukunft erkennbar, die den Fortbestand des EVN Konzerns gefährden könnten.

In der folgenden Tabelle werden die wesentlichen Risiken und Ungewissheiten zusammenfassend erläutert. Erstmals werden in dieser Tabelle, sofern zutreffend, auch die Chancen für die einzelnen Kategorien erwähnt.

Risiko- /Chancenkategorie	Beschreibung	Maßnahme zur Risikominimierung
Markt- und Wettbewerbsrisiken/-chancen
Deckungsbeitragsrisiko/- chance (Preis- und Mengeneffekte)	Energievertrieb und -produktion: Nichterreichen der geplanten Deckungsbeiträge • Volatile bzw. vom Plan abweichende Bezugs und Absatzpreise (insb. für Energieträger) • Nachfragerückgänge (insb. beeinflusst durch Witterung bzw. Klimawandel, Politik, Reputation oder Wettbewerb) • Rückgang der Eigenerzeugung • Rückgang des Projektvolumens im Umweltbereich (insb. infolge Marktsättigung, eingeschränkter Ressourcen für Infrastrukturprojekte oder Nichtberücksichtigung bzw. Unterliegen bei Ausschreibungen)	Auf das Marktumfeld abgestimmte Beschaffungsstrategie; Absicherungsstrategien; Diversifizierung der Kundensegmente sowie Geschäftsfelder; auf Kundenbedürfnisse abgestimmte Produktpalette; längerfristiger Verkauf von Kraftwerkskapazitäten
Lieferantenrisiko	Potenzielles Klimarisiko Überschreiten der geplanten (Projekt-)Kosten; mangelhafte Erfüllung oder Nichterfüllung vertraglich zugesagter Leistungen	Partnerschaften; möglichst weitgehende vertragliche Absicherung; externe Expertise
Finanzrisiken
Fremdwährungsrisiken	Transaktionsrisiken (Fremdwährungskursverluste) und Translationsrisiken bei der Fremdwährungsumrechnung im Konzernabschluss; nicht währungskonforme Finanzierung von Konzerngesellschaften	Überwachung; Limits; Absicherungsinstrumente
Liquiditäts-, Cash-Flow und Finanzierungsrisiko	Nicht fristgerechte Begleichung eingegangener Verbindlichkeiten; Risiko, erforderliche Liquidität/Finanzmittel bei Bedarf nicht zu den erwarteten Konditionen beschaffen zu können; potenzielles Klimarisiko	Langfristig abgestimmte und zentral gesteuerte Finanzplanung; Absicherung des benötigten Finanzmittelbedarfs (u. a. durch Kreditlinien)

Preis- /Kursänderungsrisiken/- chancen	Kurs-/Wertverluste bei Veranlagungspositionen (z. B. Fonds) und börsennotierten strategischen Beteiligungen (z. B. Verbund AG, Burgenland Holding AG); potenzielles Klimarisiko	Monitoring des Verlustpotenzials mittels täglicher Value-at-Risk-Ermittlung; Anlagerichtlinien
Counterparty- /Kreditrisiken (Ausfallrisiken)	Vollständiger/teilweiser Ausfall einer von einem Geschäftspartner oder Kunden zugesagten Leistung	Vertragliche Konstruktionen; Bonitäts-Monitoring und Kreditlimitsystem; laufendes Monitoring des Kundenverhaltens; Absicherungsinstrumente; Versicherungen; gezielte Diversifizierung der Geschäftspartner
Beteiligungsrisiken	Nichterreichen der Gewinnziele einer kerngeschäftsnahen Beteiligungsgesellschaft; potenzielles Klimarisiko	Vertretung in Gremien der jeweiligen Beteiligungsgesellschaft
Rating-Veränderung	Bei Verringerung der Rating Einstufung höhere Refinanzierungskosten; potenzielles Klimarisiko	Sicherstellung der Einhaltung relevanter Finanzkennzahlen
Zinsänderungsrisiken	Veränderungen der Marktzinsen; steigender Zinsaufwand; negative Auswirkungen eines niedrigen Zinsniveaus auf die Bewertung von Vermögenswerten und Rückstellungen sowie auf künftige Tarife	Einsatz von Absicherungsinstrumenten; Zinsbindung in Finanzierungsverträgen
Wertminderungs- /Impairment-Risiken	Wertberichtigung von Forderungen; Wertminderung von Firmenwerten, Beteiligungen, Erzeugungsanlagen und sonstigen Vermögenswerten (Wirtschaftlichkeit/Werthaltigkeit maßgeblich von Strom- und Primärenergiepreisen und energiewirtschaftlichen Rahmenbedingungen abhängig); potenzielles Klimarisiko	Monitoring mittels Sensitivitätsanalysen
Haftungsrisiko	Finanzieller Schaden durch Schlagendwerden von Eventualverbindlichkeiten; potenzielles Klimarisiko	Haftungen auf erforderliches Mindestmaß beschränken; laufendes Monitoring

Strategie- und Planungsrisiken
Technologierisiko	Spätes Erkennen von und Reagieren auf neue Technologien (verzögerte Investitionstätigkeit) bzw. auf Veränderungen von Kundenbedürfnissen; Investitionen in die "falschen" Technologien; potenzielles Klimarisiko	Aktive Teilnahme an externen Forschungsprojekten; eigene Demonstrationsanlagen und Pilotprojekte; ständige Anpassung an den Stand der Technik
Planungsrisiko	Modellrisiko; Treffen von falschen bzw. unvollständigen Annahmen; Opportunitätsverluste	Wirtschaftlichkeitsbeurteilung durch erfahrene, gut ausgebildete Mitarbeiter; Monitoring der Parameter und regelmäßige Updates; Vier-Augen-Prinzip
Organisatorische Risiken	Ineffiziente bzw. ineffektive Abläufe und Schnittstellen; Doppelgleisigkeiten; potenzielles Klimarisiko	Prozessmanagement; Dokumentation; internes Kontrollsystem (IKS)
Betriebsrisiken
Infrastrukturrisiken	Falsche Auslegung und Nutzung der technischen Anlagen; potenzielles Klimarisiko	Beheben von technischen Schwachstellen; regelmäßige Kontrollen und Überprüfungen der vorhandenen und künftig benötigten Infrastruktur
Störungen/Netzausfall (Eigen- und Fremdanlagen), Unfälle	Versorgungsunterbrechung; Gefährdung von Leib und Leben bzw. Infrastruktur durch Explosionen/Unfälle; potenzielles Klimarisiko	Technische Nachrüstung bei den Schnittstellen der unterschiedlichen Netze; Ausbau und Instandhaltung der Netzkapazitäten
IT-/Sicherheitsrisiken (inkl. Cybersecurity)	Systemausfälle; Datenverlust bzw. unbeabsichtigter Datentransfer; Hackerangriffe	Stringente (IKT-)System- und Risikoüberwachung; Back-up Systeme; technische Wartung; externe Prüfung; Arbeitssicherheitsmaßnahmen; Krisenübungen
Mitarbeiterrisiken	Verlust von hochqualifizierten Mitarbeitern; Ausfall durch Arbeitsunfälle; personelle Über oder Unterkapazitäten; Kommunikationsprobleme; kulturelle Barrieren; Betrug; bewusste bzw. unbewusste Fehldarstellung von Transaktionen bzw. Jahresabschlussposten	Attraktives Arbeitsumfeld; Gesundheits- und Sicherheitsvorsorge; flexible Arbeitszeitmodelle; Schulungen; Veranstaltungen für Mitarbeiter zum Informationsaustausch und zum Networking; internes Kontrollsystem (IKS)

Umfeldrisiken
Gesetzgebungs-, regulatorische und politische Risiken/Chancen	Veränderung der politischen und rechtlichen Rahmenbedingungen sowie des regulatorischen Umfelds (z. B. Umweltgesetze, wechselnde rechtliche Rahmenbedingungen, Änderung des Förderregimes, Marktliberalisierung in Südosteuropa); politische und wirtschaftliche Instabilität; Netzbetrieb: Nichtanerkennung der Vollkosten des Netzbetriebs im Netztarif durch den Regulator; potenzielles Klimarisiko	Zusammenarbeit mit Interessenvertretungen, Verbänden und Behörden auf regionaler, nationaler und internationaler Ebene; angemessene Dokumentation und Leistungsverrechnung
Rechts- und Prozessrisiko	Nichteinhalten von Verträgen; Prozessrisiko aus diversen Verfahren; regulatorische bzw. aufsichtsrechtliche Prüfungen	Vertretung in lokalen, regionalen, nationalen und EU-weiten Interessenvertretungen; Rechtsberatung
Soziales und gesamtwirtschaftliches Umfeld	Konjunkturelle Entwicklungen; Schulden-/Finanzkrise; stagnierende oder rückläufige Kaufkraft; steigende Arbeitslosigkeit; potenzielles Klimarisiko	Weitestgehende Ausschöpfung von (anti-) zyklischen Optimierungspotenzialen
Vertragsrisiken	Nichterkennen von Problemen im juristischen, wirtschaftlichen und technischen Sinn; Vertragsrisiko aus Finanzierungsverträgen	Umfassende Legal Due Diligence; Zukauf von Expertise/Rechtsberatung; Vertragsdatenbank und laufendes Monitoring
Sonstige Risiken
Unerlaubte Vorteilsgewährung, Non-Compliance, Datenschutzrechtliche Vorfälle	Weitergabe vertraulicher interner Informationen an Dritte und unerlaubte Vorteilsgewährung/Korruption; Verletzung des Schutzes personenbezogener Daten	Interne Kontrollsysteme; einheitliche Richtlinien und Standards; Verhaltenskodex; Compliance-Organisation
Projektrisiko	Projektbudgetüberschreitungen beim Aufbau neuer Kapazitäten; potenzielles Klimarisiko	Vertragliche Absicherung der wirtschaftlichen Parameter
Co-Investment-Risiko	Risiken im Zusammenhang mit der Durchführung von Großprojekten gemeinsam mit Partnerunternehmen; potenzielles Klimarisiko	Vertragliche Absicherung; effizientes Projektmanagement

Sabotage	Sabotage z. B. bei Erdgasleitungen, Kläranlagen und Müllverbrennungsanlagen	Geeignete Sicherheitsvorkehrungen; regelmäßige Messung der Wasserqualität und der Emissionswerte
Imagerisiko	Reputationsschaden; potenzielles Klimarisiko	Transparente und proaktive Kommunikation; nachhaltige Unternehmenssteuerung

EVN Aktie (Angaben nach § 243a UGB)

• 1. Per 30. September 2024 betrug das Grundkapital der EVN AG 330.000.000 Euro und war unterteilt in 179.878.402 Stück auf Inhaber lautende nennwertlose Stückaktien, die jeweils im gleichen Umfang am Grundkapital beteiligt sind. Der Anspruch auf Einzelverbriefung der Aktien ist ausgeschlossen. Es existiert nur diese eine Aktiengattung. Alle Aktien verkörpern die gleichen Rechte und Pflichten und werden auf dem Prime Market der Wiener Börse gehandelt.
• 1. Es gibt keine über die Bestimmungen des Aktiengesetzes hinausgehenden Beschränkungen der Stimmrechte bzw. Vereinbarungen über die Beschränkung der Übertragbarkeit von Aktien. Hinzuweisen ist jedoch darauf, dass die Übertragbarkeit der Beteiligung des Landes Niederösterreich, das seine Anteile über die NÖ Landes-Beteiligungsholding GmbH, St. Pölten, hält, durch bundes- und landesverfassungsgesetzliche Bestimmungen eingeschränkt ist.
• 1. Die NÖ Landes-Beteiligungsholding GmbH ("NLH") und die Wiener Stadtwerke GmbH ("WSTW") haben am 23. September 2021 eine steuerliche Beteiligungsgemeinschaft gegründet, wofür sie einen "Vertrag über die Bildung einer steuerlichen Beteiligungsgemeinschaft betreffend Anteile der Parteien an der EVN AG" abgeschlossen haben. Dieser Vertrag sieht grundsätzlich eine syndizierte Ausübung der Stimmrechte von NLH und WSTW in der Hauptversammlung der EVN vor, bildet aber nur das sich ohnehin nach Gesetz und/oder Satzung aufgrund des jeweiligen Aktienbesitzes von NLH und WSTW ergebende Stimmgewicht in der Hauptversammlung ab (im Ergebnis verfügt NLH weiterhin über die einfache – nicht aber eine qualifizierte – Mehrheit und WSTW weiterhin über eine Sperrminorität).
• 1. Auf Basis der oben erwähnten verfassungsrechtlichen Vorschriften ist das Land Niederösterreich mit 51,0 % Mehrheitsaktionär der EVN. Zweitgrößte Aktionärin der EVN ist mit 28,4 % die Wiener Stadtwerke GmbH, Wien, die zu 100 % im Eigentum der Stadt Wien steht. Der Anteil, der von der EVN gehaltenen eigenen Aktien, betrug zum Stichtag 0,9 %; der Streubesitz belief sich somit auf 19,7 %.
• 1. Es wurden keine Aktien mit besonderen Kontrollrechten ausgegeben.
• 1. Mitarbeiter*innen, die im Besitz von Aktien sind, üben ihr Stimmrecht unmittelbar selbst bei der Hauptversammlung aus. Es besteht in der EVN kein Aktienoptionsprogramm.
• 1. Der Vorstand besteht aus mindestens zwei Mitgliedern. Der Aufsichtsrat besteht aus mindestens acht und höchstens zwölf Mitgliedern. Sofern das Gesetz nicht zwingend eine andere Mehrheit vorschreibt, beschließt die Hauptversammlung mit einfacher Mehrheit der abgegebenen Stimmen und in Fällen, in denen eine Kapitalmehrheit erforderlich ist, mit einfacher Mehrheit des bei der Beschlussfassung vertretenen Grundkapitals.
• 1. Befugnisse des Vorstands im Sinn des § 243a Abs. 1 Z. 7 UGB, insbesondere hinsichtlich der Möglichkeit, Aktien auszugeben, bestanden im Geschäftsjahr 2023/24 nicht. Davon unberührt blieb jedoch die Möglichkeit, bereits zurückgekaufte eigene Aktien an Mitarbeiter*innen auszugeben.
• 1. Aufgrund der oben, insbesondere in den Punkten 2. und 3., erwähnten Rechtslage kann in der EVN derzeit ein Kontrollwechsel im Sinn des § 243a Abs. 1 Z. 8 UGB nicht eintreten. Dasselbe gilt für allfällige Folgewirkungen eines Kontrollwechsels.
• 1. Entschädigungsvereinbarungen zugunsten von Organen oder Mitarbeiter*innen für den Fall eines öffentlichen Übernahmeangebots bestehen nicht.

NICHTFINANZIELLE ERKLÄRUNG (ANGABEN NACH § 243b UGB)

Die vorliegende nichtfinanzielle Erklärung erfüllt die Anforderungen der EU-Richtlinie 2014/95/EU zur Angabe nichtfinanzieller und die Diversität betreffender Informationen (NFI-Richtlinie), in Österreich umgesetzt durch das Nachhaltigkeits- und Diversitätsverbesserungsgesetz (NaDiVeG). Hinsichtlich der Angaben zu Diversität wird auf den Corporate Governance-Bericht verwiesen. Dieser findet sich unter www.evn.at/corporate-governance-bericht.

Unter dem Titel "EVN Ganzheitsbericht" integriert die EVN Gruppe jährlich ihren Geschäftsbericht und ihre Nachhaltigkeitserklärung über das vergangene Geschäftsjahr. Unser Anspruch ist es, eine gleichrangige Berichterstattung über finanzielle und nichtfinanzielle Themen einschließlich der Corporate Governance zu gewährleisten. In Vorbereitung auf die für die EVN Gruppe ab dem Geschäftsjahr 2024/25 verpflichtende Anwendung der Corporate Sustainability Reporting Standards (CSRD) orientiert sich bereits der Ganzheitsbericht 2023/24 an der Struktur der European Sustainability Reporting Standards (ESRS). Es wird jedoch ausdrücklich darauf hingewiesen, dass die konzernweite Darstellung der nichtfinanziellen Informationen für das Geschäftsjahr 2023/24 noch nicht den Anspruch erhebt, sämtlichen Anforderungen der ESRS zu entsprechen.

Die gemäß NaDiVeG geforderten Informationen zu Umwelt-, Sozial- und Arbeitnehmerbelangen, zur Achtung der Menschenrechte und zur Bekämpfung von Korruption des EVN Konzerns finden sich im Berichtsteil "Nachhaltigkeitserklärung" des EVN Ganzheitsberichts 2023/24 und sind zur besseren Orientierung zudem eigens im Inhaltsverzeichnis gekennzeichnet.

Die in die nichtfinanzielle Erklärung einbezogenen Daten und Kennzahlen beziehen sich auf die Muttergesellschaft des EVN Konzerns, der EVN AG, und umfassen den Zeitraum 1. Oktober 2023 bis 30. September 2024.

Geschäftsmodell

Die Aktivitäten der international tätigen EVN Gruppe umfassen das Energie- und das Umweltgeschäft. Der Hauptsitz des Unternehmens befindet sich in Niederösterreich, weitere Kernmärkte sind Bulgarien und Nordmazedonien. Insgesamt ist die EVN Gruppe derzeit in 13 Ländern aktiv.

Operative Geschäftsbereiche der EVN Gruppe

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Für das internationale
Projektgeschäft - es umfasst die
Planung, Errichtung, Finanzierung
und Betriebsführung von Anlagen
für gie Turkyvasserver- und die
Abwasserentsorgung sowie die
thermische Abfall- und
Kärschlammyerwertung = werden
strategische Optionen evalulert, da
sich die EVN künftig auf das
Energiegeschaft konzentneren
mochte

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Die vor- und nachgelagerte Wertschöpfungskette des EVN Konzerns lässt sich in folgende drei Hauptkategorien unterteilen:

• Stromerzeugung und -speicherung
• Betrieb von Leitungsnetzen
• Versorgung der Kund*innen mit Strom, Erdgas und Wärme
• Umweltgeschäft (Trinkwasserversorgung in Niederösterreich, internationale Projekte in den Bereichen Abwasserbehandlung und Klärschlammverwertung)

Unternehmensstrategie

Die EVN sieht sich in der Ausübung ihrer Geschäftstätigkeit stets in der Verantwortung, neben der Gewährleistung der Versorgungssicherheit für ihre Kund*innen einen wesentlichen Beitrag im Kampf gegen den Klimawandel zu leisten. Dies betrifft insbesondere die Minimierung der von der EVN Tätigkeit verursachten Emissionen. Angesichts der hohen Bedeutung dieser Thematik hat die EVN auf Basis der Strategie 2030 die EVN Klimainitiative entwickelt. Die EVN Klimainitiative konkretisiert die Dekarbonisierungsziele des EVN Konzerns und bündelt alle Maßnahmen zum Ausbau erneuerbarer Erzeugungskapazitäten – und damit auch der Zielsetzungen zur Reduktion von Treibhausgasemissionen.

Da die Entwicklung der wesentlichen Markt- und Umfeldfaktoren mit Unsicherheiten behaftet ist, hat die EVN im Rahmen ihres Strategieprozesses auch Sensitivitäts- und Szenarioanalysen durchgeführt, um in weiterer Folge belastbare Rückschlüsse für die Ableitung konkreter Maßnahmen zu ziehen. Zudem analysiert sie für die energiewirtschaftlichen Rahmenbedingungen etwaige Abweichungen von Planannahmen und deren Auswirkungen regelmäßig auf Managementebene, so z. B. in den vierteljährlich stattfindenden Lenkungsausschüssen der Segmente, in denen sich Vorstandsmitglieder und Führungskräfte mit internen Expert*innen austauschen. Die aggregierten Erkenntnisse erörtert der Vorstand wiederum regelmäßig mit dem Aufsichtsrat.

Initialer 1,5°C-Übergangsplan

Im Geschäftsjahr 2023/24 hat sich die EVN intensiv mit einer Überarbeitung und Verschärfung ihrer bestehenden CO2e-Reduktionsziele beschäftigt, um sie in Einklang mit dem 1,5°C-Ziel des Pariser Klimaabkommens zu bringen. Die Modellierung der Zielpfade erfolgte wie bereits bei der ersten Zieldefinition im Jahr 2021 auf Basis der von der Science Based Targets Intitiative (SBTi) definierten Methodik, die dem Sonderbericht "1,5°C globale Erwärmung" des Weltklimarats (IPCC) folgt, sowie des Greenhouse Gas Protocol. Bereits bestehende Maßnahmen wurden geprüft und wo möglich intensiviert, gleichzeitig wurden neue Zielsetzungen definiert.

Basierend darauf wurde ein initialer Übergangsplan mit konkreten Maßnahmen für den gesamten EVN Konzern entwickelt. Dieser wurde im Berichtsjahr vom Vorstand genehmigt und auch unserem Prüfungsausschuss des Aufsichtsrats vorgelegt. Unser initialer 1,5°C-Übergangsplan steht damit in Einklang mit der durch den EVN Vorstand und Aufsichtsrat genehmigten Strategie 2030. Der initiale Übergangsplan des EVN Konzerns enthält vier Zielsetzungen zur Reduktion unserer CO2e-Emissionen. Zwei Intensitätsziele zielen auf die Reduktion der spezifischen CO2e-Emissionen ab, zwei weitere Ziele geben eine absolute CO2e-Reduktion vor. Die Zielsetzungen betreffen Emissionen aus der Strom- und Wärmeerzeugung, im Bereich Scope 2 insbesondere Emissionen aus den Strom-Netzverlusten sowie aus unserem Gas-Netzabsatz. Auch der CO2e-Ausstoß sowie biogene Emissionen der thermischen Abfallverwertungssanlage in Zwentendorf/Dürnrohr (letztere aufgrund von Vorgaben von SBTi) sind von der Zielsetzung umfasst. Als Basisjahr wird das Geschäftsjahr 2021/22 herangezogen, erreicht werden sollen die Ziele bis zum Ende des Geschäftsjahres 2030/31.

Wesentliche Treiber dieses Prozesses sind:

• Weiterer starker Ausbau unserer erneuerbaren Erzeugungskapazitäten, vor allem in den Bereichen Windkraft und Photovoltaik
• Kontinuierliche Reduktion der Emissionen aus Strom-Netzverlusten in den südosteuropäischen Märkten Bulgarien und Nordmazedonien
• Ausbau der Fernwärmenetze zur Versorgung zusätzlicher Kund*innen mit Naturwärme
• Substitution von Erdgas in der Wärmeproduktion durch erneuerbares Gas
• Substitution von Erdgas in der Gasversorgung von Endkund*innen durch erneuerbares Gas
• Reduktion des Gasabsatzes an Endkund*innen der EVN aufgrund von Umstellungen auf alternative Heizsysteme z. B. Wärmepumpen
• Substitution von Erdgas in der Stromproduktion zur Produktion von Ausgleichsenergie (Netzreserve) durch erneuerbares Gas

Kernstrategien 2030

1. Ermöglichen eines erneuerbaren Energiesystems

• Wir bekennen uns dazu, einen wesentlichen Beitrag zur Erreichung der österreichischen und europäischen Klimaziele zu leisten.
• Dieses Bekenntnis bekräftigen wir durch die Ausarbeitung eines 1,5°C-Übergangsplans.
• Eine zentrale Maßnahme zur Verwirklichung unserer Ziele stellt dabei der Ausbau unserer erneuerbaren Erzeugungskapazitäten in unseren Kernmärkten Niederösterreich, Bulgarien und Nordmazedonien dar, insbesondere in den Bereichen Windkraft und Photovoltaik.
• Die zunehmende Überschussproduktion aus erneuerbarer Erzeugung erfordert innovative Ansätze für eine effiziente sektorübergreifende Nutzung von Energie. Wir arbeiten aus voller Überzeugung an Initiativen, durch die Ökostrom auch zur

Dekarbonisierung anderer Bereiche, so etwa des Wärme- und Verkehrssektors, beitragen kann. Zu diesem Zweck investieren wir in den Ausbau von E-Ladeinfrastruktur ebenso wie in den vermehrten Einsatz von Wärmepumpen.

• Neben der Sektorkopplung arbeiten wir an Projekten zur Speicherung von Überschussproduktion aus erneuerbarer Energie. Konkrete Vorhaben betreffen die Bewirtschaftung von Großbatteriespeichern sowie die Erzeugung und Speicherung von grünem Wasserstoff.

2. Netzausbau für eine erneuerbare Energiezukunft

• Eine effiziente, leistungsfähige und digitale Stromnetzinfrastruktur ist Voraussetzung für ein CO2-freies Energiesystem. Die kontinuierlich zunehmende Einspeisung von Wind- und Sonnenstrom sowie Änderungen im Verbraucherverhalten – vor allem durch E-Mobilität und die Transformation des Wärmesektors – erfordern erhebliche Ausbaumaßnahmen in unserem Netzgebiet. Zu diesem Zweck realisieren wir in den nächsten Jahren ein ambitioniertes Investitionsprogramm. Es umfasst die Verlegung zusätzlicher Leitungen auf allen Spannungsebenen ebenso wie die Errichtung zusätzlicher Umspannwerke und Trafostationen.
• Neben diesen Bauvorhaben setzen wir auch verstärkt auf Digitalisierung. Der Einsatz smarter Technologien und Applikationen in der Netzsteuerung optimiert das Lastenmanagement und damit die Einspeisung und Nutzung von Ökostrom, vor allem während Produktionsspitzen. Durch eine intelligente digitale Netzsteuerung können wir erforderliche Investitionen in die Hardware optimieren.
• Die bisher für Erdgas genutzte Infrastruktur wird auf den künftigen Transport von Wasserstoff und erneuerbares Gas vorbereitet.

3. Digitale Angebote für Kund*innen

• Die Transformation des Energiesystems verändert Rolle und Verhalten unserer Kund*innen. Durch private Stromerzeugung mittels Photovoltaikanlagen sowie eigene Batteriespeicher, Wärmepumpen oder E-Ladestationen werden aus Stromabnehmer*innen aktive Teilnehmer*innen am Energiemarkt.
• Unser Anspruch ist es, diese Entwicklungen durch spezielle Dienstleistungen und Angebote zu unterstützen bzw. zu ermöglichen und dadurch den veränderten Kund*innenbedürfnissen Rechnung zu tragen. Auf Basis unserer Expertise im Energiesektor entwickeln wir dazu Softwarelösungen und -applikationen, die unseren Kund*innen bequem und zuverlässig die Teilnahme am Energiemarkt ermöglichen, etwa im Rahmen von Energie-Gemeinschaften.
• Für alle Kund*innengruppen verfolgen wir eine Strategie der konsequenten Digitalisierung unserer Vertriebsprozesse, um die interne Abwicklung effizienter zu gestalten und dadurch die Servicequalität und das Angebot für unsere Kund*innen laufend zu verbessern.

4. Verlässliche Trinkwasserversorgung

• Wie im Energiegeschäft gilt auch für unser Trinkwassergeschäft in Niederösterreich der höchstmögliche Anspruch in Sachen Versorgungssicherheit und -qualität. Entwicklungen wie der steigende Wasserverbrauch durch demografische Veränderungen sowie die Zunahme witterungsbedingter Verbrauchsspitzen machen es unabdingbar, dass wir in den nächsten Jahren auch in die Trinkwasserversorgung verstärkt investieren.
• Investitionsschwerpunkte sind dabei der Ausbau überregionaler Leitungsnetze sowie Kapazitätssteigerungen in den Pumpwerken. Mit diesen Maßnahmen gewährleisten wir, dass künftig ausreichende Wasserressourcen möglichst effizient in alle Regionen unseres Versorgungsgebiets verteilt werden können.

• Darüber hinaus investieren wir laufend in die Verbesserung der Wasserqualität. Zu diesem Zweck errichten wir Naturfilteranlagen, um das Wasser mittels Membrantechnik rein physikalisch – also ohne Einsatz von Chemikalien – zu enthärten und zu reinigen.

5. Lösungen für die Kreislaufwirtschaft

• Die EVN betreibt in Niederösterreich eine moderne, ökologisch optimierte thermische Abfallverwertungsanlage. Die bei der Abfallverbrennung gewonnene Energie wird zur Erzeugung von Strom und Fernwärme genutzt.
• Auf Basis unseres Know-hows und unserer langjährigen Erfahrung in der thermischen Abfallverwertung betreiben wir zudem eine thermische Klärschlammverwertungsanlage. Auch hier werden Strom und Fernwärme erzeugt.
• Darauf aufbauend prüfen wir derzeit die Errichtung einer weiteren Anlage zur thermischen Behandlung von Klärschlamm und planen dabei auch die Rückgewinnung von Phosphor aus Klärschlamm.

Proaktive Einbindung der EVN Stakeholder

Die EVN verfolgt das Konzept der nachhaltigen Unternehmensführung und strebt in diesem Sinne eine ausgewogene Berücksichtigung ökonomischer, ökologischer und sozialer Gesichtspunkte an. Damit sind alle ethischen, sozialen und umweltbezogenen Aspekte – sprich die Themenfelder Environment, Social und Governance (ESG) – umfasst, für die die EVN auch den Überbegriff "Nachhaltigkeit" verwendet. Ein angemessener Ausgleich der Anliegen aller am Unternehmen Interessierten – der Stakeholder – ist dabei das Leitmotiv. Das Wertegerüst der EVN umfasst grundlegende Aussagen zu Vision, Mission und Unternehmenswerten sowie verbindliche Dokumente zu konzernweiten Verhaltens- und Handlungsregeln. Als Mitglied des UN Global Compact bekennt sie sich zudem explizit zur Einhaltung globaler Prinzipien ethischen wirtschaftlichen Handelns.

Die EVN legt hohen Wert auf einen regelmäßigen, proaktiven und offenen Dialog mit allen Stakeholdern. Oberstes Prinzip ist dabei die angemessene und gut ausbalancierte Berücksichtigung jener Anliegen, die von verschiedenen Stakeholder-Gruppen an uns herangetragen werden. Denn wir sind davon überzeugt, dass die gesellschaftliche

Akzeptanz unserer Geschäftstätigkeit eine wesentliche Voraussetzung für unseren langfristigen und nachhaltigen Unternehmenserfolg und für die positive öffentliche Wahrnehmung der EVN darstellt. Um dies zu erreichen, setzen wir auf einen institutionalisierten Austausch auf allen Hierarchieebenen und in unterschiedlichen, den jeweiligen Zielgruppen angepassten Formaten. Dabei kommunizieren wir sowohl zu regelmäßig wiederkehrenden Terminen als auch anlassbezogen. Auf diese Weise wollen wir gewährleisten, dass unsere Stakeholder mit ihren berechtigten Anliegen strukturiert und frühzeitig gehört und in weiterer Folge konkret adressiert werden.

Verschiedene interne Organisationabläufe

stellen sicher, dass der Vorstand über wichtiges Stakeholder-Feedback informiert wird. Dazu werden etwa die vierteljährlich stattfindenden Steering Committees, die zu allen Segmenten

sowie zu den Themen Nachhaltigkeit und Public Affairs stattfinden, oder die zur Steuerung von Projekten eingerichteten Lenkungsausschüsse genutzt. In diesen Gremien sind neben dem Gesamtvorstand auch die fachlich und inhaltlich relevanten Führungskräfte vertreten. Im Fall von Bauvorhaben bilden Due-Diligence-Prüfungen zu ökologischen und sozialen Aspekten bereits in der Frühphase die Grundlage für interne Entscheidungsprozesse bis hin zur Genehmigung der Projekte durch den Vorstand bzw. – bei größeren Vorhaben – auch den Aufsichtsrat. Zusätzlich zum kontinuierlichen Austausch mit internen Expert*innen stehen unserem Vorstand und Aufsichtsrat mehrere Beiräte zur Seite, in denen externe Expert*innen verschiedenster Fachrichtungen ihre Expertise und Außenperspektive zu ESG-Aspekten unserer Tätigkeit einbringen. Angesichts der hohen Relevanz von ESG-Themen und zur weiteren Stärkung der Nachhaltigkeitsexpertise verfügt der Prüfungsausschuss des Aufsichtsrats über eine Nachhaltigkeitsexpertin. Bereits in Vorbereitung auf die CSRD wurde 2023 eine Online-Befragung durchgeführt, um die Standpunkte der Stakeholder zu den wesentlichen Auswirkungen zu ermitteln und abzugleichen.

Projektkommunikation

Die EVN setzt ihre Maßnahmen insbesondere in den Bereichen Projektkommunikation und gesellschaftliches Engagement.

Die nachhaltige Erfüllung des Versorgungsauftrags der EVN ist von Projekten in den Bereichen erneuerbare Energieerzeugung, Netze und Trinkwasserversorgung abhängig. Diese Projekte stoßen in der Öffentlichkeit jedoch zunehmend auf Kritik. Dies führt unter anderem zu steigenden Anforderungen an eine erfolgreiche Projektkommunikation. Zur Bewältigung dieser Aufgabe hat die EVN ein eigenes Team "Projektkommunikation und Klimadialog" etabliert. Darüber hinaus wurde ein spezielles Aus- und

Weiterbildungsprogramm entwickelt, das darauf abzielt, die kommunikativen und strategischen Fähigkeiten der Projektleiter*innen zu stärken. Die Schulungsinhalte umfassen auch den Umgang mit schwierigen Situationen und Konflikten, wie sie bei Infrastrukturprojekten auftreten

können. Im Rahmen der Schulung werden die Teilnehmer*innen gezielt in jenen Fähigkeiten geschult, die ihnen dabei helfen, eine effektive Kommunikation mit relevanten Stakeholdern wie NGOs und Bürgerinitiativen zu führen und potenzielle Konflikte frühzeitig zu lösen. Auf diese Weise fördern wir die Projektkommunikation und das Konfliktmanagement in den betreffenden Konzerngesellschaften nachhaltig.

Der intensive Dialog verfolgt dabei insbesondere die folgenden Ziele:

• Hohe Akzeptanz bei allen Stakeholdern
• Unterstützung der Realisierbarkeit von Projekten
• Positive Wahrnehmung des Unternehmens und seiner Aktivitäten
• Reduktion von Risiken und Vermeidung von Imageschäden

Verantwortungsvoller Umgang mit den Anliegen lokaler Stakeholder

Den Dialog mit den unmittelbar von einem geplanten Projekt der EVN betroffenen Menschen führen wir stets nach folgenden Grundsätzen:

• Frühzeitiges Identifizieren der unterschiedlichen Erwartungen und Ansprüche
• Transparente und umfassende Projektinformation
• Professionelle, strukturierte und proaktive Kommunikation mit allen lokalen Stakeholdern (inklusive politischer Entscheidungsträger)
• Unterstützung der Kommunen bei der Kommunikation und gegebenenfalls Vermittlung bei Konflikten

Selbstverständlich können sich lokale Stakeholder mit ihren Anliegen oder Bedenken jederzeit von sich aus an die EVN wenden. Neben einer direkten Kontaktaufnahme mit den

Projektleiter*innen oder der Projektkommunikation unter der E-Mail-Adresse dialog@evn.at bzw. dialog@netz-noe.at sind wir auch über das EVN Servicetelefon bzw. die E-Mail-Adresse info@evn.at erreichbar.

Krisenmanagement

Für weite Teile der Geschäftstätigkeit – insbesondere für Gefährdungsbereiche, die auch die Bevölkerung sowie die Umwelt betreffen – verfügt die EVN über umfassende Krisen-, Katastrophen- und Notfallpläne sowie über dazugehörige Schulungsprogramme. An allen Standorten werden Maßnahmen für Krisensituationen regelmäßig trainiert. In Niederösterreich veranstaltet die EVN darüber hinaus regelmäßig interne und externe Übungen und Schulungen zum Thema Krisenmanagement abgehalten. Mitarbeiter im Störungsdienst werden laufend geschult, ebenso erfolgen jährlich Trainings für Diensthabenden sowie Sicherheitsunterweisungen für alle Mitarbeiter.

Unterstützung von Interessenvertretungen und Initiativen

Die vielfältigen Geschäftsaktivitäten der EVN leisten einen wesentlichen Beitrag zum öffentlichen Leben und zur Wirtschaft insgesamt. Deshalb sind wir auch Mitglied in diversen gesetzlichen und freiwilligen nationalen und internationalen Organisationen und Interessenvertretungen bzw. stehen im Austausch mit diesen. Zu den Branchenverbänden zählen beispielsweise Oesterreichs Energie oder Eurelectric. Im Kontext sozialer und ökologischer Themen sind wir unter anderem Mitglied bei UN Global Compact oder bei respACT. Alle Aktivitäten im Zusammenhang mit diesen Mitgliedschaften erfolgen in Übereinstimmung mit den Vorgaben unseres Verhaltenskodex. Die EVN ist gemäß den gesetzlichen Bestimmungen zudem in das österreichische Lobbying- und Interessenvertretungsregister sowie in das Transparenzregister der EU eingetragen.

Management der Auswirkungen, Risiken und Chancen

Zur Ermittlung und Bewertung wesentlicher Auswirkungen, Risiken und Chancen und somit der Festlegung der wesentlichen Berichtsthemen orientierte sich die EVN in ihrer seit vielen Jahren bestehenden Nachhaltigkeitsberichterstattung bisher am Konzept der Wesentlichkeitsanalyse gemäß den Standards der Global Reporting Initiative (GRI). Unter Berücksichtigung der Interessen diverser interner und externer Stakeholder wurden dabei jene Themenbereiche (bisher als "Handlungsfelder" bezeichnet) identifiziert und bewertet, die den höchsten Stellenwert für die Stakeholder der EVN und gleichzeitig die größten ökonomischen, ökologischen oder sozialen Auswirkungen auf ihre Geschäftstätigkeit aufweisen. Dieser strukturierte Prozess wurde im Drei-Jahres-Rhythmus wiederholt und aktualisiert.

Zudem erhebt die EVN in einer jährlichen Risikoinventur im Sinn des NaDiVeG und der EU-Taxonomie-Verordnung sowohl potenzielle Risiken als auch Auswirkungen der Geschäftstätigkeit der EVN und ihrer Geschäftsbeziehungen auf Umwelt-, Sozial- und Arbeitnehmer*innenbelange, die Achtung der Menschenrechte und die Bekämpfung von Korruption systematisch und bewerten sie hinsichtlich ihrer finanziellen Auswirkungen auf den EVN Konzern.

In Vorbereitung auf die verpflichtende Anwendung der CSRD hat die EVN für die aktuelle Berichtsperiode eine doppelte Wesentlichkeitsanalyse in Anlehnung an die Anforderungen der ESRS durchgeführt, ihre jährliche Risikoinventur weiterentwickelt und diese mit den Anforderungen der doppelten Wesentlichkeit verschränkt. Im Zuge der Überarbeitung wurden auch die wesentlichen Themenfelder an die Nomenklatur der ESRS angepasst. Die bisher verwendete unternehmensspezifische Definition der Handlungsfelder wird nicht fortgeführt. Für die Identifikation und Analyse von Auswirkungen, Chancen und Risiken und die Entwicklung geeigneter Gegenmaßnahmen wurde ein klar strukturierter und definierter Prozess definiert. Die Einbindung der Führungs- und der Vorstandsebene gewährleistet die

EVN dabei insbesondere dadurch, dass die Erkenntnisse und Analysen der im Rahmen der Risikoinventur durchgeführten doppelten Wesentlichkeitsanalyse im eigens gebildeten ESG-Risikoarbeits- und anschließend im Konzernrisikoausschuss präsentiert und diskutiert werden.

Vorrangiges Ziel des ESG-Risikomanagementprozesses ist die gezielte Bewertung bestehender und potenzieller Auswirkungen der Geschäftstätigkeit der EVN auf Menschen und Umwelt (Auswirkungswesentlichkeit) sowie die Erhebung und Beurteilung von Bruttorisiken und Chancen (finanzielle Wesentlichkeit), v. a. im Nachhaltigkeitskontext. Die jährliche Erfassung erfolgt im Zuge der jährlichen Risikoinventur durch das zentral organisierte Risikomanagement mit Unterstützung der Konzernfunktion Innovation und Nachhaltigkeit und der ESG-Organisation der EVN.

ESG-Organisation der EVN

Der Konzernfunktion Innovation und Nachhaltigkeit verantwortet die Nachhaltigkeitsagenden sowie die Themen Umwelt- und Klimaschutz im EVN Konzern. Ein zentraler Bestandteil dieser Aufgabe ist die konzernweite Koordination der Nachhaltigkeit und insbesondere der neuen gesetzlichen Anforderungen. So wurden in Vorbereitung auf die für den EVN Konzern ab dem Geschäftsjahr 2024/25 verpflichtende Anwendung der CSRD aus den Abteilungen Innovation und Nachhaltigkeit, Personalwesen, Sicherheit und Infrastruktur, Beschaffung und Einkauf, Information und Kommunikation, Customer Relations sowie Corporate Compliance Management Verantwortliche für die einzelnen Themenstandards nominiert. Die zentrale Steuerung der ESRS-Standards durch diese Konzernfunktionen soll sicherstellen, dass die Einhaltung hoher Nachhaltigkeitsstandards konzernweit gewährleistet wird. Zudem soll die operative Weiterentwicklung und Umsetzung neuer ESG-Aspekte, wie beispielsweise die Umsetzung der CSRD, sichergestellt werden.

Im Rahmen des einmal pro Quartal stattfindenden Steering Committee Nachhaltigkeit wird der Gesamtvorstand über Nachhaltigkeitsagenden und -vorhaben informiert. Das Gremium behandelt aktuelle ESG-Themen, beschließt wesentliche ESG-Aktivitäten und stellt dank seiner breiten Zusammensetzung sicher, dass die behandelten Strategien, Maßnahmen und Ziele operativ auf den Gesamtkonzern ausgerollt und flächendeckend umgesetzt werden.

Zusätzlich zum kontinuierlichen Austausch mit internen Expert*innen stehen dem Vorstand und dem Aufsichtsrat mehrere Beiräte zur Seite, in denen externe Expert*innen verschiedenster Fachrichtungen ihre Expertise und ihre Außenperspektive zu ESG-Aspekten einbringen: der Nachhaltigkeitsbeirat, der EVN Sozialbeirat und der EVN Kunstrat. Der Aufsichtsrat nimmt bei der Nachhaltigkeitsberichterstattung eine wesentliche Rolle ein. Quartals- und Jahresberichte werden dem Prüfungsausschuss sowie dem

Gesamtaufsichtsrat vor Veröffentlichung präsentiert und zwischen Vorstand und Aufsichtsrat erörtert. Im Vergütungsausschuss erfolgt die Überwachung der Erreichung der Nachhaltigkeitsziele im Rahmen der Vergütungspolitik, der Vergütungspraktiken und der vergütungsbezogenen Anreizstrukturen. Zudem wird der Aufsichtsrat in jeder Sitzung durch den Vorstand über aktuelle Themen aus dem Bereich ESG informiert.

ESG-Risikomanagementprozess

Weitestgehend analog zum Risikomanagementprozess der EVN umfasst die Erhebung und Bewertung der Auswirkungen, Risiken und Chancen folgende Schritte:

• Identifikation: Auf Basis der Anforderungen der ESRS sowie der bisherigen Erhebung der Risikopositionen im Bereich Nachhaltigkeit wurde ein ESG-Risikokatalog erstellt, der nun jährlich evaluiert und angepasst wird. Eine formelle Freigabe dieses Katalogs mit den wesentlichen Auswirkungen, Risiken und Chancen erfolgt im ESG-Risikoarbeitsausschuss.
• Bewertung und Analyse: Qualitative und quantitative Bewertung der unterschiedlichen potenziellen Auswirkungen, Risiken und Chancen durch Risikoverantwortliche der zentralen und dezentralen Geschäftseinheiten im gesamten EVN Konzern
  • Risiken/Chancen: Die Bewertung erfolgt je Zeithorizont (kurz-, mittel- und langfristig) anhand einer fünfstufigen Skala für die beiden Dimensionen "Eintrittswahrscheinlichkeit" und "Auswirkung auf den Cash Flow".
  • Auswirkungen: Die Bewertung erfolgt je Zeithorizont (kurz-, mittel- und langfristig) anhand einer fünfstufigen Skala für die zwei Dimensionen "Eintrittswahrscheinlichkeit" und "Schweregrad", wobei der Schweregrad die von der CSRD verpflichtend zu beurteilenden Faktoren "Ausmaß", "Umfang" und "Unabänderbarkeit negativer Auswirkungen" abbildet. Bewertungen in Bezug auf mögliche negative Auswirkungen auf Menschenrechte fanden darin ebenso Berücksichtigung.
• Berichterstattung: Diskussion der erhobenen Auswirkungen, Risiken und Chancen im ESG-Risikoarbeitsausschuss und im Anschluss im Konzernrisikoausschuss; gegebenenfalls Einleitung von Steuerungsmaßnahmen; Berichterstattung an den Prüfungsausschuss; Darstellung der wesentlichen Auswirkungen, Risiken und Chancen in der Nachhaltigkeitserklärung der EVN

Im Vorfeld der ESG-Risikoinventur 2023/24 hat die EVN die wesentlichen Auswirkungen, Risiken und Chancen mit den Interessen und Standpunkten der unterschiedlichen Stakeholder-Gruppen der EVN abgeglichen und die Ergebnisse im ESG-Risikokatalog berücksichtigt. Dies erfolgte im Zuge einer Stakeholder-Onlinebefragung, die im Jahr 2023 ebenfalls im Rahmen der CSRD-Vorbereitungsarbeiten durchgeführt wurde.

Analyse von Klimarisiken

In Umsetzung der EU-Taxonomie-Verordnung führt die EVN seit dem Geschäftsjahr 2021/22 einen standardisierten jährlichen Prozess zur Analyse möglicher Klimarisiken und ihrer Auswirkungen auf ihr Geschäftsmodell durch. Dabei werden mögliche Klimarisiken für einen Zeitraum anhand Szenarien bis zum Jahr 2100 erhoben und bewertet. Physische Risiken betreffen Ereignisse und Veränderungen, die unmittelbare klimatische Ursachen haben. Ein Beispiel für ein chronisches Klimarisiko ist die langfristig zu erwartende Erderwärmung. Höhere Temperaturen können sich negativ auf Anlagen der EVN auswirken. Akute Risiken stellen hingegen Sturm, Starkregenereignisse oder Hochwasser dar. All diese Faktoren müssen bei der Auslegung von Anlagen und Infrastruktur berücksichtigt werden.

Wesentliche Auswirkungen, Risiken und Chancen

Die nachfolgende Tabelle zeigt die auf Basis des ESG-Risikomanagementprozesses im Jahr 2024 erhobenen wesentlichen Auswirkungen, Risiken und Chancen in Bezug auf die Unternehmenstätigkeit der EVN.

E1 - Klimawandel		E2 - Umweltverschmutzung
KIlowaschuriz			UNIVERSTERNITIONS
ATIMOTE BOOKS			Assessmangen
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Governance, Achtung der Menschenrechte und Bekämpfung von Korruption

Die Vision, Mission und Unternehmenswerte sowie konzernweit verbindlichen Dokumente zu Verhaltens- und Handlungsregeln bilden gemeinsam das Wertegerüst der EVN, das die Grundlage für unser unternehmerisches Handeln darstellt. Dies betrifft nicht nur alle Grundsätze und Regeln in Bezug auf das Verhalten unserer Mitarbeiter*innen, Lieferant*innen und Geschäftspartner*innen, sondern auch unsere gesamte Konzernstrategie. Im Sinn der hohen Verantwortung für unsere tagtäglichen Ver- und Entsorgungsaufgaben gelten für die Tätigkeit und die Führung unseres Konzerns anspruchsvolle Grundsätze. Die Einhaltung grundlegender ethischer Prinzipien sowie aller rechtlichen Anforderungen ist für uns dabei selbstverständlich. Als Mitglied des UN Global Compact bekennen wir uns zudem explizit zur Einhaltung globaler Prinzipien ethischen wirtschaftlichen Handelns.

Um die Einhaltung dieses Bekenntnisses zu lückenloser Regeltreue wirksam zu gewährleisten, haben wir konzernweit Compliance-Richtlinien und Maßnahmen implementiert. Zentrales Dokument ist dabei der in zehn Themenbereiche gegliederte EVN Verhaltenskodex, der auf Basis des Unternehmensleitbilds der EVN u. a. jene Aspekte unserer Geschäftstätigkeit regelt, die Menschenrechte, Governance, Unternehmensethik, Korruptionsprävention, Datenschutz, Vertraulichkeit und Wettbewerbsverhalten, Arbeitsschutz und Unfallvermeidung sowie Klima- und Umweltschutz betreffen. Lückenlose Compliance sowie die strikte Einhaltung des EVN Verhaltenskodex bilden konzernweit die verbindliche Richtschnur für unser Verhalten. Weitere Richtlinien, die sich spezifisch auf bestimmte Zielgruppen wie Mitarbeiter*innen oder Lieferant*innen bzw. auf bestimmte Themen wie Menschenrechte, Korruptionsprävention oder wettbewerbsrechtliche Bestimmungen beziehen, vertiefen und ergänzen den EVN Verhaltenskodex.

Die Regelungen des Verhaltenskodex setzen auf verschiedenen Grundlagen auf, die jeweils auf die Gegebenheiten und Anforderungen des Unternehmens umgelegt werden. Ihr Bogen reicht von länderspezifischen gesetzlichen Bestimmungen und internationalen Regelwerken, etwa Leitsätzen und Übereinkommen der OECD sowie des UN Global Compact, über Grundsatzerklärungen und Prinzipien der International Labour Organisation (ILO) bis hin zu

internen Organisationsvorschriften und Unternehmensgrundsätzen, die über geltendes Recht hinausgehen.

Bei der EVN besteht seit 2012 ein eigenes Compliance-Management-System (CMS), das vom*von der Chief Compliance Officer (CCO) geführt und weiterentwickelt wird. Es gibt einen konzernweit einheitlichen Rahmen vor, der unsere Mitarbeiter*innen dabei unterstützen soll, sich in ihrem Arbeitsalltag integer und gesetzestreu zu verhalten. Unser CMS baut auf drei Säulen auf:

• Prävention durch Bewusstseinsbildung und Schulungen
• Identifikation von Compliance-Risikofeldern und Verstößen gegen den Verhaltenskodex
• Reaktion durch Aufklärung und Verbesserung sowie gegebenenfalls Setzen von Maßnahmen

Menschenrechte

Seit jeher ist im EVN Verhaltenskodex das uneingeschränkte und unmissverständliche Bekenntnis zur Achtung, zur Einhaltung sowie zum Schutz der Menschenrechte sowie zur Berücksichtigung ethischer Grundsätze im Umgang mit allen Mitarbeitern an allen Standorten sowie in allen Geschäftsbeziehungen verankert. Zudem wurde im Jahr 2022 die EVN Menschenrechts-Policy formuliert. Die Ablehnung von Kinder- und Zwangsarbeit zählt ebenso dazu wie die Forderung, niemanden aufgrund von Gender, Alter, ethnischer oder sozialer Herkunft, Hautfarbe, sexueller Orientierung, Religion, Weltanschauung oder allfälligen körperlichen oder geistigen Beeinträchtigungen zu diskriminieren. Weitere Elemente sind die Gewährung von Mitspracherechten, die Umsetzung von Maßnahmen für Arbeitsschutz und -sicherheit sowie die Berücksichtigung von Menschenrechtsfragen in der Lieferkette (insbesondere bei internationalen Projekten).

Den Handlungsrahmen für die Einhaltung der Menschenrechte und des sozialen Mindestschutzes bilden interne Regelungen, die ihrerseits auf relevanten Gesetzen und internationalen Regelwerken beruhen, insbesondere auf den zehn Prinzipien des UN Global Compact und auf den Leitsätzen der OECD, der Vereinten Nationen sowie der International Labour Organization. Als international tätiges Unternehmen ist die EVN in Ländern mit unterschiedlicher Geschichte und Entwicklung in Menschenrechtsfragen tätig. Auch wenn dies primär in der Verantwortung der jeweiligen Regierungen liegt, sieht sich die EVN dazu verpflichtet, die Wahrung der Menschenrechte sicherzustellen und ihre Einhaltung im Rahmen der Möglichkeiten auch außerhalb des unmittelbaren Wirkungsbereichs zu fördern.

Die Aspekte Menschenrechte und sozialer Mindestschutz werden im EVN Konzern als Querschnittsmaterien von unterschiedlichen Organisationseinheiten (insbesondere Personalwesen, Arbeitsschutz und -sicherheit, Beschaffung und Einkauf sowie Corporate Compliance Management) verantwortet. Risiken in Bezug auf die Nichteinhaltung der Menschenrechte werden konzernweit im Rahmen der jährlichen Risikoinventur erhoben.

Korruptionsprävention

Korruptionsprävention ist im Wertekatalog der EVN tief verankert und bildet daher auch einen der zehn Themenbereiche im EVN Verhaltenskodex. Wir treten entschieden gegen jede Art von Korruption auf und verwenden dabei konzernweit eine sehr weit gefasste Begriffsdefinition. Sie schließt ausdrücklich folgende Vorteile für unsere Mitarbeiter*innen und ihnen zuzurechnende Dritte als Korruptionstatbestand ein und verbietet diese somit:

• Gesetzwidrige Zahlungen (z. B. Bestechung, Kick-back-Zahlungen, Zahlungen für fingierte Leistung, Falschklassifizierung/-kontierung)

• Annahme oder Gewährung von Zuwendungen jeglicher Art (z. B. Geschenke, Einladungen, nicht drittübliche Vergünstigungen, immaterielle Vorteile wie Auszeichnungen und Protektion)

Ausgenommen davon sind bei pflichtgemäßer Abwicklung von Geschäften lediglich die Annahme bzw. Gewährung orts- und landesüblicher Aufmerksamkeiten geringen Werts.

Abgesehen von unserem restriktiven internen Regel- und Wertekatalog unterliegen alle Mitarbeiter*innen und Organe der EVN der strengen österreichischen Rechtslage in Bezug auf Amtsträger*innen. So soll etwa das Korruptionsstrafrecht u. a. verhindern, dass Amtsträger* innen ihre Position missbrauchen, um sich selbst bzw. Dritten einen Vorteil zu verschaffen. Umfassende präventive Maßnahmen – darunter eigene Werte- und Verhaltensregeln sowie spezifische Aus- und Weiterbildungsangebote – sollen unsere Mitarbeiter*innen gerade zum Thema Korruptionsvermeidung sensibilisieren. Darüber hinaus trachten wir mit folgenden Maßnahmen und Kontrollmechanismen, etwaige Verstöße gegen gesetzliche Vorgaben und unternehmensspezifischen Compliance-Regeln präventiv zu verhindern:

• Verankerung des Vier-Augen- und Funktionstrennungsprinzips zur Kontrolle der Einhaltung aller Compliance- Regeln in unseren Geschäftsabläufen und Managemententscheidungen (insbesondere Tätigkeiten mit häufigen Lieferant*innen- , Kund*innen- und Behördenkontakten im Zusammenhang mit Beschaffungsvorgängen, Auftragsvergaben, Bewilligungsverfahren, Gutachten, Forschungs- und Förderthemen, Grundstücksangelegenheiten sowie beim Recruiting)
• Strikte automatisierte und systemgestützte Abläufe zur Genehmigung, Abrechnung und Dokumentation von Aufwendungen im Rahmen von Dienstreisen, Repräsentationen etc.
• Regelungen in Dienstverträgen zur Vermeidung von arbeitsrechtlichen Interessenkonflikten (z. B. Melde- und Genehmigungspflicht von Nebentätigkeiten an bzw. durch die Personalabteilung)
• Verankerung der Behandlung von allfälligen Interessenkonflikten bei Beschaffungsvorgängen
• Integritätsüberprüfung von Geschäftspartner*innen
• Strenge Kriterien, Regeln und Abläufe im Zusammenhang mit der Beauftragung, Abwicklung und Abrechnung von Beratungs-, Vermittlungs- und Lobbyingleistungen
• Organisatorische Anweisungen zu den Themen Sponsoring sowie Spenden (Voraussetzungen, Regeln, Abläufe)

Neben regelmäßigen Überprüfungen durch Corporate Compliance Management werden auch im Rahmen der jährlich durchgeführten Risikoinventur Compliance-Risiken erhoben, da Compliance-Verstöße – und somit auch Vorwürfe oder Vorfälle in Bezug auf Korruption – aus Sicht des Risikomanagements der EVN einen Risikofaktor darstellen. Darüber hinaus achtet auch unsere Interne Revision im Rahmen aller Prüfungsprojekte auf die Einhaltung sämtlicher Vorgaben und Regelungen. Ergebnisse dieser konzerninternen Erhebungen und Überprüfungen werden den Führungskräften, dem Gesamtvorstand und dem Prüfungsausschuss des Aufsichtsrats vorgelegt. Neben dem Hinweisgeber*innenverfahren bilden auch Überprüfungen durch die Interne Revision wesentliche Ansatzpunkte, die zur Aufdeckung von Vorwürfen oder Vorfällen in Bezug auf Korruption oder von anderen Verstößen gegen den EVN Verhaltenskodex beitragen können.

Hinweisgeberverfahren

Für den Fall eines (vermuteten) Verstoßes gegen den EVN Verhaltenskodex steht internen und externen Personen ein vertrauliches und anonymes Hinweisgeber*innenverfahren ("Whistle Blowing") zur Verfügung. Alle derartigen Bedenken können dabei niederschwellig entweder persönlich oder telefonisch, über spezifische Compliance E-Mail-Adressen sowie über ein von einem externen Dienstleister gehostetes Hinweisgeber*innensystem erfolgen. Diese Möglichkeiten bestehen konzernweit und in allen wesentlichen Landessprachen des EVN Konzerns. Das Hinweisgeber*innenverfahren wurde dabei mit der Zielsetzung ausgestaltet, eine lückenlose, objektive und effiziente Aufklärung gemeldeter Verstöße gegen den EVN Verhaltenskodex zu gewährleisten. Die in der EVN für Compliance-Themen verantwortlichen Mitarbeiter*innen untersuchen stets unverzüglich, unabhängig und objektiv alle – auch anonym abgegebene – Meldungen. Diese Erhebungen erfolgen vertraulich sowie nach einem konzernweit einheitlichen Standard. Die einzelnen Schritte, Erkenntnisse sowie relevante Unterlagen werden revisionssicher in einer eigenen Software dokumentiert, die durch ein streng definiertes Berechtigungskonzept vor unbefugtem Zugriff geschützt ist.

Der Chief Compliance Officer und eine Stellvertretung sind in ihrer Funktion direkt und ausschließlich dem Vorstand unterstellt und bei der Ausübung ihrer Funktion weisungsfrei. Da der Chief Compliance Officer keine anderen Aufgaben und Funktionen im EVN Konzern ausüben darf, ist bei allen Untersuchungen die Unabhängigkeit von den in die Angelegenheit involvierten Personen einschließlich der Führungskräfte gewährleistet. Der*die Chief Compliance Officer berichtet mehrmals jährlich an den Gesamtvorstand und an den Prüfungsausschuss des Aufsichtsrats.

Das in Österreich im August 2023 in Kraft getretene HinweisgeberInnenschutzgesetz (HSchG) – es setzt die Richtlinie (EU) 2019/1937 (Hinweisgeberrichtlinie) in österreichisches Recht um – bildet für die EVN die rechtliche Grundlage, um Hinweisgeber*innen bestmöglich zu schützen und dadurch die Meldung von Compliance-Verstößen in vertraulichem Umfeld zu ermöglichen. In Deutschland, Bulgarien und Kroatien wenden wir ebenfalls die korrespondierenden nationalen Gesetze an, und auch im Nicht-EU-Mitgliedsstaat Nordmazedonien ist der Umgang mit bzw. der Schutz von Hinweisgeber*innen gesetzlich geregelt.

Eine eigene Konzernanweisung regelt insbesondere die Vorgehensweise bei der Behandlung der gemeldeten Bedenken sowie die Vorkehrungen zum Schutz der Hinweisgeber*innen oder anderen negativen Konsequenzen. Dies umfasst etwa auch den Schutz externer Personen vor geschäftlichen Nachteilen. Ein weiterer zentraler Schutzmechanismus umfasst die Identität aller von einem Hinweis betroffenen Personen.

Alle Mitarbeiter*innen werden regelmäßig im Rahmen von Schulungen und Kommunikationsmaßnahmen über diese niederschwelligen Kommunikationskanäle für Hinweise, mögliche Anwendungsfälle sowie die Grundprinzipien des Verfahrens informiert.

Im Geschäftsjahr 2023/24 haben uns betreffend die EVN AG drei Meldungen über Vorwürfe vermuteter Korruption erreicht. Die intern eingeleiteten Untersuchungen haben in einem Fall eine Bestätigung des gemeldeten Verstoßes gebracht. Dieser Fall war nicht Gegenstand von Klagen und hatte die Beendigung des Dienstverhältnisses des betroffenen Mitarbeitenden zur Folge. Es wurden intern, aber auch extern Maßnahmen gesetzt, um ähnliche Vorfälle künftig zu verhindern. Eine Vertragsaufkündigung mit Geschäftspartner*innen ist im Berichtszeitraum nicht erfolgt. Im Geschäftsjahr 2023/24 wurde zudem eine weitere Meldung im Bereich Geschlechterdiskriminierung gemeldet, die anonym abgegeben wurde. Diese wies jedoch nicht die für eine interne Untersuchung erforderlichen Kriterien auf. Über die bilaterale Kommunikationsplattform des Hinweisgeber*innensystems wurde dem/der Hinweisgeber*in geantwortet.

Die Verpflichtung zur Einhaltung hoher ethischer Standards gilt explizit auch für Geschäftspartner der EVN. Besonderen Wert wird hier auf die Themen "Menschenrechte", "Arbeitsbedingungen und -rechte", "Umwelt- und Klimaschutz" sowie "Geschäftsethik" gelegt. Im gesamten Konzern verfolgt die EVN das Ziel, Geschäftsbeziehungen zu Unternehmen zu vermeiden, denen direkte oder indirekte Verstöße gegen die Menschenrechte bzw. das Korruptions-, Kartell- oder Wirtschaftsrecht zur Last gelegt werden oder gar nachgewiesen wurden.

Sämtliche Lieferant*innen – potenzielle ebenso wie bestehende – werden über ein Ratingtool eines renommierten internationalen Ratinganbieters schon im Vorhinein – und danach laufend – anhand festgelegter ESG-Kriterien bewertet. Zu diesen Kriterien zählen Treibhausgasemissionen, Energiemanagement, Landverbrauch, Biodiversität und Abfallmanagement ebenso wie Community Engagement, Datenschutz, Arbeitnehmer*innenrechte, ethische Geschäftspraktiken, Aktionär*innenrechte oder Transparenz. Auch allfällige negative Medienberichterstattung fließt stets aktuell in die Bewertung mit ein. Bei Auftreten derartiger Risiken werden entsprechende Ausgleichsmaßnahmen gesetzt. Hinzu kommen weitreichende Selbstauskünfte, die jede*r Lieferant*in der EVN im Rahmen des Onboardings im Beschaffungsportal, aber auch noch danach im Rahmen des laufenden Auftragsverhältnisses erteilen muss und die ebenfalls einen besonderen Fokus auf ESG-Kriterien und Nachhaltigkeitsmaßnahmen legen.

Bei allen Beschaffungsaktivitäten legen wir zudem großen Wert auf eine partnerschaftliche Grundhaltung, faire Geschäftsgebarung und einen offenen Dialog. Die Integritätsklausel der EVN definiert die Richtlinien der nachhaltigen Beschaffung und die Aufgaben und Pflichten der Geschäftspartner*innen in diesem Zusammenhang. Als integraler Bestandteil jeder Beschaffungsaktivität ist sie verpflichtend für sämtliche unserer Geschäftspartner*innen. Sie ist auf der Website der EVN für alle Investor*innen, Investitions- und Beteiligungspartner*innen, Auftragnehmer*innen und Stakeholder abrufbar.

Sofern im Rahmen einer laufenden Geschäftsbeziehung eine Verletzung der Integritätsklausel festgestellt wird (z. B. im Rahmen eines Vor-Ort Audits), werden entsprechende Maßnahmen gesetzt. Diese können von der Forderung einer Mängelbehebung bis zur Vertragsauflösung reichen.

Compliance-Schulungen

Alle neu eingetretenen Mitarbeiter*innen müssen das konzernweit verpflichtende Compliance-Schulungsprogramm zum EVN Verhaltenskodex absolvieren, das aus folgenden Modulen besteht:

• Compliance Basics
• Compliance E-Learning
• Compliance Update
• Compliance Fresh Up
• Weitere Auffrischungs- und Spezialschulungen

Mit diesem Schulungskonzept, das wir regelmäßig durch begleitende Kommunikationsmaßnahmen ergänzen, stellen wir konzernweit sicher, dass sich alle Mitarbeiter*innen regelmäßig mit Compliance-Themen befassen und die Themenbereiche des EVN Verhaltenskodex jährlich wiederholt werden. Schulungsschwerpunkte sind insbesondere folgende Aspekte:

• Menschenrechte, Gleichbehandlung und Anti-Diskriminierung
• Unternehmensethik
• Korruptionsprävention
• Wettbewerbsverhalten

Diese Schulungen sind auch für alle Führungskräfte verpflichtend, für die wir eigene bzw. zusätzliche Formate anbieten. Zudem werden diese Schulungen inhaltlich und methodisch an regionale Anforderungen angepasst, um eine möglichst zielgerichtete Ansprache in der jeweiligen Landessprache zu erreichen. Schulungen stehen auch externen Arbeitskräften zur Verfügung.

Neben diesem umfangreichen Schulungsprogramm setzt CCM regelmäßig auch auf alternative Kommunikationsmaßnahmen (z. B. solche im Intranet oder in den Mitarbeiter*innenzeitungen der EVN) sowie auf die Wissensvermittlung durch Führungskräfte, die laufend in die Vertiefung und Weiterentwicklung unserer Compliance-Grundsätze und -Regeln sowie unserer ethischen Prinzipien eingebunden sind.

Umweltbelange

Die grundlegenden Ziele und Werte der EVN in Sachen Klima- und Umweltschutz sind einerseits im Nachhaltigkeitsleitbild der EVN und andererseits in der EVN Klimainitiative verankert. Das Nachhaltigkeitsleitbild der EVN Gruppe formuliert unser generelles Bekenntnis zum Klimaschutz und bildet die Grundlage für alle damit verbundenen Zielsetzungen, unsere nachhaltig orientierte Unternehmensführung und unseren aktiven Beitrag zur Eindämmung der Klimaerwärmung. Die EVN Klimainitiative, ebenfalls Teil unserer Kernstrategien 2030, konkretisiert unsere Dekarbonisierungsziele und bündelt unsere Maßnahmen zum Ausbau unserer erneuerbaren Erzeugungskapazitäten – und damit auch unsere Zielsetzungen zur Reduktion von Treibhausgasemissionen.

Die Tätigkeitsbereiche der EVN AG umfassten im Geschäftsjahr im Wesentlichen Handelsund Verwaltungstätigkeit. Energieverbrauch und Emissionen sind deshalb für den Einzelabschluss nicht wesentlich, weswegen auf eine diesbezügliche Angabe verzichtet wird.

Umweltmanagement in der EVN

Bereits seit 1995 betreibt die EVN auf freiwilliger Basis Umweltmanagementsysteme und hat sich damit zur Verbesserung ihrer Umweltleistungen verpflichtet. Alle unsere ISOzertifizierten Standorte unterliegen sowohl internen als auch externen Audits, in deren Rahmen entsprechende Verbesserungsprogramme erstellt, umgesetzt und überwacht werden. In unseren nach EMAS zertifizierten Anlagen werden bei jährlichen Überprüfungen entsprechende Verbesserungsprogramme entwickelt, die auch die jährliche Bewertung und Umsetzung der Ziele aus dem vorangegangenen Geschäftsjahr umfassen.

Europäische Norm	Anwendungsbereich	Schwerpunkte
Eco Management und Audit Scheme (EMAS) ISO 14001, ISO 14001:2004	Alle thermischen Anlagen in Niederösterreich sowie 74 Wärmeerzeugungs- und Kälteanlagen der EVN entsprechen diesen Standards	Festlegung von messbaren Umweltzielen, kontinuierlicher Verbesserungsprozess, lückenlose Einhaltung umweltrelevanter Gesetze, engmaschige Überprüfungen
ISO 9001, ISO 9001:2008	Die thermische Abfallverwertungsanlage in Zwentendorf/Dürnrohr und der Bereich Anlagentechnik der EVN Wärmekraftwerke GmbH sind nach ISO 9001:2015 zertifiziert	Prozessorientiertes Qualitätsmanagementsystem

Beitrag zu Forschung und Entwicklung zum Klimaschutz, Nachhaltigkeitsbeirat

Forschungs- und Entwicklungsaktivitäten zur nachhaltigen Reduktion von CO2 e-Emissionen sind ein weiterer Baustein in unserem Bestreben, aktiv zur Verwirklichung der Pariser Klimaziele beizutragen. Zudem dienen sie der strategischen Weiterentwicklung unseres Geschäftsmodells. In diesem Sinn sollen all unsere Forschungs- und Entwicklungsaktivitäten einen Beitrag zur Verwirklichung der Ziele der EVN Klimainitiative leisten. Wir wollen den Klimaschutz und den schrittweisen Systemumbau in Richtung klimaneutraler Energieerzeugung bei gleichzeitiger Gewährleistung der Versorgungssicherheit fördern. Dies erfolgt im Rahmen vieler innovativer Forschungs- und Entwicklungsprojekte, so z. B. des Batteriespeicherprojekts "Batterie STABIL" oder der überregionalen, von Landesenergieversorgern und den Landesenergieagenturen getragenen Forschungsinitiative

"Green Energy Lab". Weiters unterstützt der Nachhaltigkeitsbeirat der EVN unseren Vorstand in beratender Funktion in wichtigen Fragen der nachhaltigen Unternehmensführung, so u. a. zu den Themen Klimaschutz und Anpassung an den Klimawandel.

Abfall

Unser Bekenntnis zu einer verantwortungsvollen und nachhaltigen Ressourcennutzung sowie zur Kreislaufwirtschaft ist in allen wesentlichen Unternehmensdokumenten der EVN Gruppe enthalten. Diese definieren unseren Anspruch sowie unsere konzernweit verbindlichen Konzepte zu diesen Themenbereichen.

Sowohl im EVN Verhaltenskodex als auch im EVN Nachhaltigkeitsleitbild ist unser Anspruch verankert, den Einsatz von Ressourcen bestmöglich zu minimieren und die Effizienz ihrer Nutzung zu maximieren. Daher steuern wir die Material- und Stoffströme so, dass die verwendeten Materialien und Stoffe vorrangig einer Wiederverwendung, einem Recycling und einer sonstigen Verwertung zugeführt werden. Auch unser Abfallmanagementsystem wird laufend in Richtung Kreislaufwirtschaft optimiert. Zum Management der Ressourcen und Abfälle wurde im Geschäftsjahr 2023/24 eine eigene konzernweite Richtlinie erlassen. Sie definiert neben den bereits erwähnten übergeordneten Zielsetzungen auch konkrete Regeln, u. a. – sofern technisch möglich – den Ersatz von Primärrohstoffen durch sekundäre (recycelte) Ressourcen. Weiters sieht die Richtlinie eine Optimierung unseres Abfallmanagementsystems in Richtung Kreislaufwirtschaft vor. Bei unseren Anlagen achten wir in allen Phasen – Bau, Betrieb und Rückbau – auf eine Verringerung der Umweltauswirkungen. Dies impliziert, dass Nachhaltigkeitskriterien auch im Beschaffungsprozess berücksichtigt und evaluiert werden.

Abfallmengen		2023/24	2022/23
Abfallmengen gesamt	t	391,0	236,4
Nicht gefährliche Abfälle	t	342,9	202,9
davon einer Verwertung zugeführt	t	220,1	179,8
davon einer Vorbereitung zur Wiederverwendung zugeführt	t	0,0	0,0
davon einem Recycling zugeführt	t	107,4	175,9
davon einer sonstigen Verwertung zugeführt	t	112,7	3,9
davon einer Beseitigung zugeführt	t	122,8	23,1
davon einer Verbrennung zugeführt	t	84,7	21,3
davon zur Deponierung	t	1,1	0,9
davon einer sonstigen Beseitigung zugeführt	t	37,0	1,0
Gefährliche Abfälle	t	48,1	33,5
davon einer Verwertung zugeführt	t	46,2	8,4
davon einer Vorbereitung zur Wiederverwendung zugeführt	t	0,0	0,0
davon einem Recycling zugeführt	t	0,7	8,4
davon einer sonstigen Verwertung zugeführt	t	45,5	0,0
davon einer Beseitigung zugeführt	t	2,0	25,1
davon zur Deponierung	t	0,4	5,7
davon einer Verbrennung zugeführt	t	0,5	6,0
davon einer sonstigen Beseitigung zugeführt	t	1,0	13,4
Gesamtmenge nicht recycelter Abfälle	t	283,0	52,1
prozentualer Anteil nicht recycelter Abfälle	%	72,4	22,0

Sozialbelange

Im Bewusstsein der Verantwortung gegenüber den unterschiedlichen Interessengruppen setzt die EVN in ihrem Verantwortungsbereich auch außerhalb des operativen Kerngeschäfts Initiativen zur Verbesserung der Lebensqualität der Menschen. Nachfolgend einige Beispiele für diese Aktivitäten im gesellschaftlichen Kontext:

• EVN Schulservice: Im Rahmen unserer Jugend- und Schulplattform setzen wir auf Wissensförderung zu den Themenbereichen "Sorgsamer Umgang mit Energie", "Energieeffizienz" sowie "Energiesparen". Dafür haben wir für Niederösterreich, Bulgarien und Nordmazedonien das EVN Schulservice initiiert, das Projekte, Vorträge und Wettbewerbe für Kinder und Jugendliche anbietet.
• EVN Junior-Ranger-Programm: Externe Expert* innen vermitteln Jugendlichen fundiertes Theorie- und Praxiswissen zu einer Vielzahl von Themen, darunter Hydrobiologie, Flora und Fauna in Flussauen, Gewässerökologie, Fischerei sowie Natur und Gewässerschutz. Die Wissensvermittlung erfolgt in der Regel am und um den Standort des Wasserkraftwerks Erlaufklause, einer unserer Wasserkraftwerksstandorte.
• Bonuspunkte spenden: In der EVN Bonuswelt bieten wir unseren Kund*innen vielfältige Möglichkeiten zur Verwendung jener Bonuspunkte, die sie im Rahmen ihres Energiebezugs oder der Nutzung anderer EVN Services laufend sammeln. Die Bonuspunkte können wahlweise als finanzielle Vergütung für die Kund*innen selbst oder aber zur Unterstützung verschiedener wohltätiger Projekte eingelöst werden.
• EVN Sozialfonds: Der EVN Sozialfonds ist mit jährlich rund 150.000 Euro dotiert und unterstützt Kinder- und Jugendprojekte niederösterreichischer Institutionen. Über die Auswahl der Förderprojekte entscheidet ein Expert*innengremium, das zweimal pro Jahr zusammentritt. Seine Empfehlungen zur Mittelverwendung an den Vorstand der EVN erfol gen einstimmig auf Basis eines vordefinierten Kriterienkatalogs. Im Geschäftsjahr 2023/24 unterstützte der Fonds 22 Projekte mit einem Gesamtbeitrag von rund 132.500 Euro.

• evn sammlung: Seit 1995 besteht die evn sammlung, eine Kollektion zeitgenössischer Kunst aus aller Welt, die von dem mit renommierten Expert*innen besetzten EVN Kunstrat kuratiert wird. Unsere Firmensammlung versteht sich als Plattform zur Auseinandersetzung mit bildender Kunst und richtet sich gleichermaßen an Mitarbeiter*innen und ihre Familien wie an Kunstinteressierte von außerhalb des Unternehmens.

Arbeitnehmerbelange

Wir sehen es als unsere Verantwortung, zeitgerecht auf die aktuellen Herausforderungen des Arbeitsmarkts zu reagieren und ein Arbeitsumfeld zu schaffen, in dem sich unsere Mitarbeiter*innen wohlfühlen, optimal weiterentwickeln und zielorientiert am gemeinsamen Erfolg arbeiten können. Dabei wird eine ausgewogene Balance zwischen Freizeit und Arbeit für viele Menschen immer wichtiger. Gleichzeitig macht es der branchenübergreifende Fachkräftemangel immer schwieriger, qualifizierte Mitarbeiter*innen zu finden und langfristig im Unternehmen zu halten. Unter dem Motto "Nachhaltiger. Digitaler. Effizienter." tragen neue Technologien und digitales Equipment, mobiles Arbeiten und flexible Arbeitszeitmodelle sowie eine smarte Raumnutzung in unseren Büros dazu bei, unsere Art der Zusammenarbeit und den internen Informations- und Kommunikationsfluss zu optimieren.

Die konzernweit verbindlichen Dokumente zu unserer Unternehmens- und Führungskultur definieren und konkretisieren unsere Konzepte, Prinzipien und Richtlinien für den alltäglichen Umgang miteinander. Diese hohen Standards wenden wir in allen Ländern, in denen wir aktiv sind, gleichermaßen an. In diesem Zusammenhang haben wir auch die sogenannten EVN Leitwerte definiert: "ensure" (sichern), "encourage" (ermutigen) und "enable" (ermöglichen).

Die folgenden fundamentalen Prinzipien und Verhaltensgrundsätze prägen unsere Unternehmenskultur konzernweit:

• Compliance: Wir verpflichten uns zur Einhaltung aller relevanten rechtlichen Vorgaben und Standards sowie aller internen Richtlinien und Prozesse. Wo immer möglich, streben wir danach, die verpflichtenden Anforderungen zu übertreffen.
• Diversität und Chancengleichheit: Wir engagieren uns für ein vielfältiges Arbeitsumfeld, fördern Diversität und Chancengleichheit und setzen Maßnahmen zur Vermeidung von Diskriminierung und zum Schutz vulnerabler Mitarbeiter*innengruppen. Die EVN als Arbeitgeberin bekennt sich nachdrücklich zum Verbot jeglicher Form von Zwangsarbeit, Menschenhandel und moderner Sklaverei. Darüber hinaus tolerieren wir keine Form von Kinderarbeit.
• Kontinuierliche Kommunikation: Unterschiedlichste Kommunikationskanäle helfen uns dabei, eine respektvolle Kommunikation und einen kontinuierlichen Dialog mit unseren Mitarbeiter*innen sowie mit direkt und indirekt betroffenen Interessengruppen zu gewährleisten und deren Bedürfnisse und Erwartungen in laufende Feedbackprozesse einfließen zu lassen.
• Personalentwicklung und -förderung: Wir schulen unsere Mitarbeiter*innen laufend und bieten zahlreiche Möglichkeiten zur Aus- und Weiterbildung, um mit kontinuierlicher Qualifizierung und Kompetenzentwicklung auf die sich permanent verändernden Anforderungen zu reagieren und vielfältige Karrierewege zu ermöglichen.
• Vereinbarkeit von Familie und Beruf: Wir unterstützen unsere Mitarbeiter*innen mit umfangreichen Maßnahmen und Angeboten bei der Vereinbarkeit von Beruf und Privatleben.

• Arbeitsschutz und Gesundheitsvorsorge: Als verantwortungsvolle Arbeitgeberin bieten wir ein attraktives stabiles Arbeitsumfeld mit fairen Arbeitsbedingungen und angemessener Entlohnung. Zudem ergreifen wir alle erforderlichen Maßnahmen, um die Gesundheit und den Schutz unserer Mitarbeiter*innen zu gewährleisten.

Diversität

Die EVN AG beschäftigte zum Bilanzstichtag 30. September 2024 insgesamt 621 Mitarbeiter*innen (Vorjahr: 626 Mitarbeiter*innen; Kopfzahl). Hiervon waren 195 Frauen (31,4 %) und 426 Männer (68,6 %). Im Vorjahr lag der Frauenanteil mit 182 Mitarbeiterinnen bei 29,1 % und der Männeranteil mit 444 Mitarbeitern bei 70,9 %.

Die Belegschaft setzt sich aus Menschen unterschiedlicher Nationalitäten, Kulturen und Generationen zusammen. Sie spielen durch ihre hohe Qualifikation in allen Geschäftsaktivitäten der EVN eine zentrale Rolle. Allen Mitarbeiter*innen gleiche Chancen zu bieten, ist ein zentraler Grundsatz der EVN. Wir sind davon überzeugt, dass vielfältige Teams bessere Ergebnisse erzielen sowie über höhere Effektivität und Innovationskraft verfügen als homogene Gruppen.

Mit dem Programm "Frauen@EVN" sind wir bestrebt, den Frauenanteil in leitenden Positionen schrittweise zu erhöhen, um Diversität auch im Führungskreis zu gewährleisten. Mit zahlreichen Initiativen wollen wir Rahmenbedingungen schaffen, die es Frauen ermöglichen, je nach Qualifikation und Fähigkeit verantwortungsvolle Aufgaben in Fach- und Führungsfunktionen wahrzunehmen. Im abgelaufenen Geschäftsjahr haben wir damit begonnen, eine Diversitätsstrategie für die EVN in Österreich zu erarbeiten. Erster Schritt dabei war eine Umfrage unter 450 zufällig ausgewählten Mitarbeiter* innen, anhand derer wir unsere Position zum Thema DIE (Diversity, Inclusion, Equity) bestimmen konnten. In weiterer Folge planen wir die Durchführung von Workshops zur Erarbeitung der Strategie unter Einbeziehung von Vertreter*innen aller Unternehmensbereiche in Österreich.

19 Frauen und 16 Männer sind in der Berichtsperiode neu in das Unternehmen eingetreten, während 3 Frauen und 10 Männer das Unternehmen verlassen haben. Zum Stichtag 30. September 2024 gab es in der EVN AG in Summe 80 Teilzeitbeschäftigte, davon 66 Frauen und 14 Männer. Der Anteil an teilzeitbeschäftigten Mitarbeiter*innen an der Gesamtbelegschaft der EVN AG zum Bilanzstichtag entspricht somit 12,9 %.

Gleichbehandlung und Chancengleichheit

Im Einklang mit den Leitprinzipien der Vereinten Nationen für Wirtschaft und Menschenrechte, der Erklärung der Internationalen Arbeitsorganisation (ILO) über grundlegende Prinzipien und Rechte bei der Arbeit und den OECD-Leitsätzen für multinationale Unternehmen sowie mit dem EVN Verhaltenskodex, der EVN Menschenrechts- Policy, dem EVN Führungsleitbild, dem EVN Nachhaltigkeitsleitbild, den konzernweiten Richtlinien "Soziale Mindeststandards" und "Mitarbeiter*innen", den EVN Leitwerten und allen damit in Verbindung stehenden länderspezifischen gesetzlichen Bestimmungen und Richtlinien behandeln wir alle unsere Mitarbeiter*innen ungeachtet ihres Geschlechts und ihres Alters, ihrer ethnischen oder sozialen Herkunft oder Nationalität, Hautfarbe, sexuellen Orientierung, Religion, Weltanschauung oder allfälliger körperlicher oder geistiger Beeinträchtigungen gleichwertig. Außerdem lehnen wir jede Diskriminierung von Mitarbeiter*innen in Bezug auf Einstellung, Fortbildung, Personalentwicklung, Beschäftigungsbedingungen und Entlohnung bei gleicher fachlicher und persönlicher Qualifikation ausdrücklich ab. Die Vergütung aller unserer Mitarbeiter*innen richtet sich nach dem jeweils gültigen Kollektivvertrag bzw. nach ihrer jeweiligen Tätigkeit und Qualifikation. Dabei stellen wir sicher, dass wir die gesetzlichen Anforderungen erfüllen und, wo immer möglich, übertreffen.

Die Vergütung aller Mitarbeiter richtet sich nach dem jeweils gültigen Kollektivvertrag bzw. nach ihrer jeweiligen Tätigkeit und Qualifikation. Damit bestehen in der EVN bei gleichwertiger Ausbildung und Tätigkeit keine Unterschiede in der Vergütung zwischen Frauen und Männern. Zu unserem grundsätzlichen Bekenntnis zu Gleichbehandlung und Chancengleichheit zählt auch die Förderung der Integration von Menschen mit besonderen Bedürfnissen. Im Geschäftsjahr 2023/24 beschäftigte die EVN AG 14 Menschen aus dieser Personengruppe. Dies entspricht einem Anteil von 2,3 % der Gesamtbelegschaft.

Vereinbarkeit von Beruf und Privatleben

Es ist uns ein Anliegen, unseren Mitarbeiter*innen eine ausgewogene Balance zwischen ihrem Familien- und Berufsleben zu ermöglichen. Mit der Unterzeichnung der Charta zur neuen Vereinbarkeit Eltern–Wirtschaft, einer Initiative des Landes und der Wirtschaftskammer Niederösterreich, haben wir schon 2011 ein Zeichen für eine elternorientierte Personalpolitik gesetzt. In vielen Bereichen können sich unsere Mitarbeiter*innen ihre Arbeitszeit frei einteilen, sofern keine betrieblichen Erfordernisse wie etwa Schichtdienste entgegenstehen. Die Grundlage dafür bildet ein Gleitzeitmodell ohne Kernzeit, das eine sehr hohe Flexibilität bietet. Verschiedene Teilzeitmodelle sowie Modelle für mobiles Arbeiten, die z. B. auch eine Kombination von Arbeitseinsatz im Außendienst und mobilem Arbeiten innerhalb eines Arbeitstags ermöglichen, machen es unseren Mitarbeiter* innen leichter, berufliche und familiäre Verpflichtungen zu vereinbaren. Die Modelle für mobiles Arbeiten sehen einen Rahmen von bis zu 1.280 Stunden pro Jahr vor, in denen unsere Mitarbeiter*innen ortsungebunden arbeiten können.

Als weitere Unterstützung bieten wir Folgendes an:

• Betreuung durch betriebliche Tageseltern am Standort in Maria Enzersdorf (derzeit noch als Pilotprojekt)

• Betreutes Kinderprogramm während einiger Wochen in den Sommerferien

Alle unsere Mitarbeiter*innen haben nach der Geburt eines Kindes gesetzlichen Anspruch auf Karenzzeit. In Österreich kommt noch der sogenannte "Papamonat" hinzu, den immer mehr Väter in Anspruch nehmen. In Österreich wird die Karenzzeit über die bestehende gesetzliche Verpflichtung hinaus verlängert, wobei eine mögliche Arbeitsfreistellung bis zum 36. Lebensmonat des Kindes vorgesehen ist. Während der Karenzzeit halten wir den Kontakt zu unseren Mitarbeiter*innen gezielt aufrecht, um ihren beruflichen Wiedereinstieg zu erleichtern. Beinahe alle Mütter und Väter kehren nach ihrer Karenz wieder in unser Unternehmen zurück. Spezifische Informationsveranstaltungen und unser umfassendes Ausund Weiterbildungsprogramm stehen unseren Mitarbeiter*innen auch während der Karenz offen. Über eine Online-Informationsplattform, die wir gemeinsam mit einem externen Partnerunternehmen betreiben, stellen wir zahlreiche Informationen zu Karenz, Kinderbetreuung und Wiedereinstieg zur Verfügung.

Gesundheitsvorsorge, Arbeitsschutz und -sicherheit

Die Gewährleistung der Sicherheit und Gesundheit unserer Mitarbeiter*innen samt unseren Bestrebungen im Interesse von Arbeitssicherheit und Unfallvermeidung bilden daher zentrale Elemente unserer Unternehmenskultur. In Ergänzung zu europäischen und länderspezifischen gesetzlichen Vorschriften, die wir durchwegs zur Gänze einhalten, sind sie in unterschiedlichen Formaten für sämtliche Unternehmenseinheiten fest verankert:

• EVN Verhaltenskodex
• EVN Menschenrechts-Policy
• EVN-interne Grundsätze: Konzernrichtlinie Arbeitssicherheit
• EVN-interne Konzern- und Geschäftsanweisungen sowie Richtlinien zur Identifikation von Sicherheitsrisiken und Definition entsprechender Gegenmaßnahmen

Sämtliche Arbeitsunfälle unserer Mitarbeiter*innen wie auch unserer Leasingmitarbeiter*innen werden zuerst dezentral in der jeweiligen Organisationseinheit erfasst und behandelt. Interne Geschäftsanweisungen regeln die anschließende Meldung des Vorfalls an den zentralen sicherheitstechnischen Dienst. Dieser analysiert den Unfall und ergreift gegebenenfalls entsprechende Maßnahmen. Weiters ermutigen wir unsere Mitarbeiter*innen auch dazu, Beinahe-Unfälle und (potenziell) gefährliche Situationen zu melden und heben ihren Stellenwert für die Prävention hervor. Bei der Erfassung von Risiken und Vorfällen sowie beim Monitoring von Maßnahmen orientieren wir uns an den Anforderungen an ein Arbeitsschutzmanagementsystem entsprechend ISO 45001.

Sowohl für die Arbeitssicherheit als auch für die Themen Brandschutz, Gesundheit und Erste Hilfe verfügen wir sowohl dezentral als auch zentral über speziell geschulte Präventivkräfte. Durch den engen Kontakt zwischen den Sicherheitsvertrauenspersonen in den einzelnen Unternehmensbereichen und den zentralen Sicherheitsfachkräften sorgen wir dafür, dass Risiken und Maßnahmen zur Gefahrenvermeidung in alle Sicherheits- und Gesundheitsschutzdokumente einfließen. Bei sicherheitstechnischen Fragen ist die jeweils zuständige Sicherheitsvertrauensperson mit ihrer fachlichen Kompetenz hinsichtlich des konkreten Arbeitsprozesses und ihrer Kenntnisse im Arbeitsschutz die erste Anlaufstelle für Betroffene. Darüber hinaus werden alle unsere Mitarbeiter* innen und Leasingmitarbeiter*innen von Sicherheitsvertrauenspersonen in jährlich stattfindenden Arbeitsausschüssen vertreten, die die Arbeitsschutzprogramme überwachen und über solche beraten. Zudem sind auch unsere Betriebsrät*innen in sämtliche Belange der Arbeitssicherheit und der Gesundheitsvorsorge laufend eingebunden.

Wir setzen auf umfassende Information und Unterweisung aller unserer Mitarbeiter*innen in sämtlichen gesundheits- und sicherheitsrelevanten Fragen, um Unfälle zu vermeiden. Dabei dient uns das eigens auf die Arbeitsbedingungen in der Energiewirtschaft ausgerichtete und laufend weiterentwickelte "Handbuch Sicherheit" der Branchenvereinigung Oesterreichs Energie als Basis. Dieses wird durch Handbücher für spezielle Bereiche wie z. B. Wasserkraftwerke sowie Windkraft- oder Photovoltaikanlagen ergänzt. Alle diese Unterlagen werden regelmäßig aktualisiert und sind bei der Erstunterweisung neuer Mitarbeiter*innen (bei Neueintritt bzw. auch bei Versetzung in einen neuen Arbeitsbereich) verpflichtend anzuwenden. Detaillierte Unterweisungen erfolgen auch bei Arbeiten, die innerhalb unseres Betriebs von Fremdpersonen durchgeführt werden. Dabei weisen wir gezielt auf allfällige besondere Gefahren hin, die von unseren Anlagen ausgehen. Unterweisungen in Bezug auf den Arbeitnehmer*innenschutz umfassen neben allgemeinen Informationen vor allem verhaltens- und handlungsbezogene Anweisungen, die auf den konkreten Arbeitsplatz bzw. Aufgabenbereich der jeweiligen Mitarbeiter*innen eingehen. Das für den EVN Konzern zentral organisierte Arbeitssicherheitsteam setzt ebenfalls eine Vielzahl an konkreten Maßnahmen um, um unsere Mitarbeiter*innen einerseits nachhaltig für Sicherheitsthemen zu sensibilisieren und andererseits tatsächliche Unfälle zu vermeiden.

Im Geschäftsjahr 2023/24 ereignete sich bei der EVN AG ein Arbeitsunfall (Vorjahr: 2); der Lost Time Injury Frequency Index (LTIF) betrug 0,8 (Vorjahr: 1,6).

Um unserer Verantwortung für die Gesundheit unserer Mitarbeiter*innen gerecht zu werden, bieten wir eine weit über das gesetzliche Maß hinausgehende arbeitsmedizinische Betreuung. In Österreich stehen zwei Arbeitsmediziner*innen für alle Fragen rund um Gesundheitsvorsorge, Bewusstseinsbildung sowie Erhaltung und Förderung der Gesundheit am Arbeitsplatz zur Verfügung, die unsere Mitarbeiter*innen im Rahmen der Arbeitnehmer*innenschutzbestimmungen und darüber hinaus betreuen. Zu unserem umfassenden Angebot zählen u. a.:

• Gesundenuntersuchungen

• Impfungen

• Seh- und Hörtests

• Präventionsmedizin
• Erste-Hilfe-Kurse
• Psychologische Beratung
• Coaching
• Tipps für gesunde Ernährung
• Spezifische Angebote für Mitarbeiter*innen, die besonderen Belastungen ausgesetzt sind

Neben den direkt vom Unternehmen getragenen Maßnahmen zur Gesundheitsförderung bietet die EVN Kultur- und Sportvereinigung allen Mitarbeiter*innen ein vielfältiges Angebot an Aktivitäten von Laufsport, Wandern oder Ballsportarten. Auch hier nimmt die Gesundheitsförderung einen wichtigen Stellenwert ein.

Betriebliche Sozialpartnerschaft

Bei wesentlichen unternehmerischen Entscheidungen achten wir auf Transparenz und agieren damit im Einklang mit unserem Führungsleitbild, mit allen gesetzlichen Bestimmungen sowie mit der Allgemeinen Erklärung der Menschenrechte. In diesem Sinn werden auch die Belegschaftsvertretungen – solche bestehen neben der EVN AG auch in zahlreichen weiteren Unternehmen unserer Gruppe – laufend und zeitgerecht über wesentliche unternehmerische Entscheidungen informiert bzw. in die Entscheidungsprozesse eingebunden. Dies gilt für strategische Entscheidungen ebenso wie für Änderungen oder Anpassungen im Personalbereich.

100 % der Mitarbeiter in der EVN AG werden durch Belegschaftsvertretungen wie Betriebsräte oder Gewerkschaften vertreten und sind hinsichtlich ihrer Bezahlung durch kollektivvertragliche Mindestlöhne geschützt. Regelmäßig werden die Belegschaftsvertretungen in die Kollektivvertragsverhandlungen eingebunden. Insgesamt orientiert sich das Gehaltsschema von allen Mitarbeitern der EVN AG an diesen Kollektivverträgen. Mitarbeiterthemen werden auch in Arbeits- und Sicherheitsausschüssen behandelt, die sich u.a. aus Betriebsrät*innen oder Gewerkschaftsvertreter*innen zusammensetzen. Außerdem können sich Vertreter*innen des Betriebsrats im Aufsichtsrat sowie im Nachhaltigkeitsbeirat äußern.

Personalentwicklung und -förderung

Die hohe Qualifikation der Mitarbeiter*innen hat für die EVN große strategische Bedeutung und ist wesentlich für die Sicherung des nachhaltigen Unternehmenserfolgs. Daher bilden die Wahrung, aber auch die Verbesserung der hohen Kompetenz der Mitarbeiter*innen zentrale Schwerpunkte des Personalmanagements bei EVN. Im Geschäftsjahr 2023/24 absolvierte jede*r Mitarbeiter*in der EVN AG im Schnitt 17,2 Stunden an Weiterbildungsveranstaltungen (Vorjahr: 11,1 Stunden).

Die EVN betrachtet ihre Mitarbeiter*innen sehr differenziert über den gesamten Employee Life Cycle hinweg, von der Phase der Orientierung und Jobsuche bis hin zum Pensionsantritt und auch noch danach. Ein umfassendes Onboarding stellt mit Infoveranstaltungen, Einschulungen, E-Learnings, Patensystem und regelmäßigen Feedbackschleifen sicher, dass die neuen Mitarbeiter*innen auch tatsächlich im Unternehmen ankommen. Damit die Mitarbeiter*innen in ihrer jeweiligen Situation wahrgenommen und gefördert werden und sich weiterentwickeln können, spielt auch regelmäßiges Feedback – z. B. im Rahmen der jährlichen Mitarbeiter*innengespräche – und die laufende Erhebung der Mitarbeiter*innenzufriedenheit durch den "Stimmungsbarometer" eine ganz wesentliche Rolle.

Das umfangreiche Aus- und Weiterbildungsangebot der EVN wird durch die EVN Akademie umgesetzt, die jährlich rund 200 Veranstaltungen organisiert und mehr als 70 unterschiedliche Ausbildungspläne zu technischen Themenstellungen und Inhalten wie auch zur Persönlichkeitsentwicklung koordiniert. Für Führungskräfte und High Potentials gibt es darüber hinausgehende Ausbildungsprogramme und vielfältige Karrieremöglichkeiten.

Darüber hinaus bietet die EVN ihren Mitarbeiter*innen die Möglichkeit, Bildungskarenz und Bildungsteilzeit in Anspruch zu nehmen. Nach einer Prüfung der betrieblichen Möglichkeiten und Interessen unter Berücksichtigung der definierten Rahmenbedingungen werden entsprechende Anträge grundsätzlich genehmigt.

Maximale Nähe zu unseren Kunden

Die zuverlässige Versorgung unserer Kund*innen mit Dienstleistungen der täglichen Daseinsvorsorge hat für uns höchste Priorität. Ebenso wichtig ist für uns dabei die Nähe zu unseren Kund*innen, denen wir in allen Anliegen so rasch, unkompliziert und individuell wie möglich zur Seite stehen möchten.

Unsere Service- und Beratungsleistungen für unsere Kund*innen setzen vielseitiges Fachwissen voraus, da unsere Produktpalette ebenso breit und vielfältig ist wie die an uns herangetragenen Anliegen. Diese reichen von grundlegenden Fragen der Geschäftsbeziehung – wie An- und Abmeldungen, Tarifberatung und Rechnungsauskünften – bis hin zu spezialisierten Anfragen im Bereich der Energieberatung sowie des Vertriebs von Energieeffizienzdienstleistungen und -produkten. Kund*innenzufriedenheit definieren wir zum einen über unsere Produkte und Dienstleistungen, die den individuellen Bedürfnissen möglichst genau entsprechen sollen und transparent abgerechnet werden. Auf der anderen Seite stehen eine hohe Servicequalität, zielgruppengerechte Kommunikation und die Unterstützung unserer Kund*innen in Fragen des effizienten Umgangs mit Energie. Rund um diese Angelpunkte setzen wir in allen unseren Märkten auf eine faire Partnerschaft mit unseren Kund*innen auf professioneller Basis.

Wir sind uns der Auswirkungen unserer Aktivitäten auf Kund*innen bewusst und nehmen unsere Verantwortung für deren Schutz ernst. Dies unterstreicht besonders unsere Konzernrichtlinie "Umgang mit Kund*innen", die konzernweit als Leitfaden für unsere Bemühungen dient, wesentliche Auswirkungen, Risiken und Chancen in Bezug auf Kund*innen zu identifizieren, zu bewerten und zu steuern. In der Richtlinie sind Grundsätze und Verfahren festgelegt, anhand derer wir negative Auswirkungen auf unsere Stakeholder-Gruppe "Kund*innen" überwachen, kontrollieren und reduzieren. Dabei stellen wir sicher, dass wir die gesetzlichen Anforderungen stets erfüllen. Mit der Richtlinie verpflichten wir uns zudem, unsere Geschäftspraktiken durch fortlaufende Innovation zu verbessern, um die positiven Auswirkungen unserer Produkte und Dienstleistungen sowie unseres technischen Fortschritts auf Kund*innen zu fördern. Im Sommer 2024 haben wir dafür auch ein Kund*innenversprechen mit einer Kund*innencharta unter dem Motto "Fairness und Transparenz: unser Versprechen an unsere Kund*innen" formuliert. Wir verpflichten uns darin, die Bedürfnisse, Erwartungen und Anliegen unserer Kund*innen zu verstehen und zu erfüllen. Die Inhalte unserer Kund*innencharta unterliegen einer regelmäßigen Überprüfung und Aktualisierung. Damit stellen wir sicher, dass wir den Bedürfnissen und Erwartungen unserer Kund*innen jederzeit möglichst gerecht werden.

Neben den gängigen Kommunikationskanälen wie beispielsweise Telefonaten, E-Mails, digitalen Anfragen über das Serviceportal "Meine EVN" oder Kund*innenbesuchen ist auch ein aktives Beschwerdemanagement von hoher Relevanz. Alle Rückmeldungen von Kund*innen, die mit unseren Leistungen nicht zufrieden sind, werden von uns systematisch dokumentiert, ausgewertet und eingehend analysiert. Dadurch können wir zeitnah spezifische Verbesserungsmaßnahmen ableiten. Der strukturierte Qualitätskreislauf leistet

einen wesentlichen Beitrag zur laufenden Steigerung unserer Servicequalität. Darüber hinaus ermöglicht das Hinweisgeber*innensystem der EVN, auch anonymisiert mit der EVN in Austausch zu treten. Für den Fall eines (vermuteten) Compliance-Verstoßes steht internen und externen Personen ein vertrauliches und anonymes Hinweisgeber*innenverfahren zur Verfügung.

Um den stetig wachsenden Anforderungen unserer Kund*innen gerecht zu werden, setzen wir zudem auch im Bereich Customer Relations verstärkt auf die Möglichkeiten der Digitalisierung.

Zur Berücksichtigung der Interessen, Anliegen und Standpunkte unserer Kund*innen hatte die EVN bereits 2011 einen Kund*innenbeirat etabliert. Dieses Beratungsgremium, in dem gewählte Kund*innenvertreter*innen ihre Anliegen und Bedürfnisse mit dem Management und Expert*innen erörterten, wurde im Geschäftsjahr 2022/23 in einem neuen, digitalen Format neu aufgesetzt. Kund*innen, die Feedback geben möchten, können sich nun freiwillig online unter https://mein-feedback.at/ anmelden.

Für Themen, die einen tiefergehenden Dialog mit unseren Kund*innen erfordern, setzen wir auch den EVN Info-Bus ein. Er ermöglichte z. B. im Rahmen der Informationskampagne zur Ablösung des bisherigen Klassik-Tarifs und zu den Optionen für einen Tarifwechsel im Frühjahr 2023 persönliche Gespräche vor Ort mit unseren Kund*innen. Insgesamt besuchten unsere Mitarbeiter*innen im Rahmen dieser Kampagne in acht Wochen über 469 Gemeinden Niederösterreichs. Der EVN Info-Bus hatte sich zuvor bereits im Herbst 2022 als auch im Frühjahr und Spätsommer 2024 im Rahmen unserer Informationskampagnen sehr bewährt.

Für Kund*innen, deren Muttersprache nicht die jeweilige Landessprache ist, bietet die EVN selbstverständlich Beratungsdienste in ihrer Muttersprache an. Möglich wird dies durch die große Vielfalt in unserem Team, dem viele Kolleg*innen mit unterschiedlichen Muttersprachen angehören.

In Österreich setzen wir darüber hinaus auf den für die spezifischen Anforderungen unseres Unternehmens definierten Customer Loyalty Index, um die Zufriedenheit unserer Kund*innen in den unterschiedlichen Aspekten ihrer Geschäftsbeziehung zur EVN zu evaluieren. Die Loyalität der Kund*innen wird anhand verschiedener Indikatoren auf monatlicher Basis beobachtet und gemessen. Der Index versetzt uns in die Lage, Veränderungen im Kund*innenverhalten und deren Ursachen frühzeitig zu erkennen und zeitnah darauf zu reagieren.

Unser Kund*innenservice ist zudem nach ISO 18295-1 zertifiziert. Die Schwerpunkte dieser Zertifizierung umfassen die Abläufe im Kund*innenservice sowie das Schulungskonzept für das Customer-Relations-Team. Die umfassenden Anforderungen der ISO-Norm wurden dabei in allen Bereichen erfüllt. Dies belegt, dass wir im Kund*innenservice höchsten Qualitätsansprüchen genügen und alle gesetzlichen Vorgaben einhalten.

Ein weiteres wichtiges Element unserer Kund*innenorientierung ist eine transparente Produktkennzeichnung. Gemäß der gesetzlichen Stromkennzeichnungspflicht stellen wir unseren Kund*innen in Österreich alle Informationen über den gelieferten Strom zur Verfügung. Dazu zählen die geografische Herkunft, die Zusammensetzung nach Primärenergieträgern sowie die bei der Erzeugung verursachten Umweltauswirkungen. Bereits seit vielen Jahren verpflichten wir uns dabei freiwillig, in keinem unserer österreichischen Stromprodukte Atomstrom zu verwenden. Der in Österreich von uns gelieferte Strom stammt zudem zu 100 % aus österreichischen und ausschließlich

erneuerbaren Quellen. Er wird somit komplett CO2-frei erzeugt, wie auch eine entsprechende Zertifizierung belegt.

Auch beim Schutz personenbezogener Daten und Geschäftsinformationen legen wir höchste Maßstäbe an. Diese Grundhaltung ist seit jeher fest in unserer Unternehmenskultur verankert und spiegelt sich daher auch im EVN Verhaltenskodex wider. Während Informationssicherheit dabei das lückenlose Funktionieren der täglichen Versorgungsaufgaben gewährleistet, stellt Datenschutz die Wahrung der höchstpersönlichen Rechte von Kund*innen, Mitarbeiter*innen und Lieferant*innen sicher. Auch hier sind die rechtlichen Vorgaben wie die EU-Datenschutz-Grundverordnung (DSGVO) und das österreichische Datenschutzgesetz zu berücksichtigen.

Neben den technischen Schutzmaßnahmen und Zugriffsbeschränkungen setzt die EVN auf ein umfassendes Datenschutzmanagementsystem, das sowohl Aufgaben bzw. Rollen im Unternehmen als auch Prozesse genau regelt. Unser Datenschutzmanagementsystem ist organisatorisch über Datenschutzverantwortliche und -beauftragte in allen unseren Märkten verankert. Diese sind sowohl für die strikte Einhaltung aller Datenschutzvorgaben als auch für die laufende Bewusstseinsbildung bei den Mitarbeiterinnen und Mitarbeitern ihres jeweiligen Bereichs verantwortlich. Das Datenschutzhandbuch liefert detaillierte Anweisungen für konkrete Anwendungsfälle, so etwa für die Bearbeitung von datenschutzrechtlichen Auskunfts- bzw. Löschungsbegehren. Ebenso geregelt ist das Vorgehen bei Datenschutzvorfällen. Das Datenschutzmanagementsystem unterliegt ebenso einer laufenden Evaluierung und Aktualisierung wie das Information-Security-Management-System der Gruppe. Das Thema Datenschutz wird darüber hinaus jährlich im Rahmen der Risikoinventur der EVN beleuchtet. Eine direkte Kontaktaufnahme mit unserem Datenschutzbeauftragten ist jederzeit über die E-Mail-Adresse datenschutz@evn.at möglich.

Unterstützung vulnerabler Kund*innengruppen

Das Wertesystem der EVN beinhaltet auch ein eindeutiges Bekenntnis zu sozialer Verantwortung, denn Energieversorgung muss sowohl zuverlässig als auch bezahlbar sein. Wir sind uns der Belastung durch Preisanstiege bei Energie für finanzschwache Haushalte bewusst. Daher verstärken wir unsere Anstrengungen und Initiativen zur Unterstützung von Kund*innengruppen mit besonderen Bedürfnissen. Unsere Mitarbeiter*innen in Customer Relations und in den Service Centern sind auf dieses Anliegen hin speziell geschult und sensibilisiert. Über verschiedene Kanäle (persönlich, telefonisch oder online) bieten sie individuelle Beratung zu verschiedenen Themen, von Energiespartipps bis hin zum Umgang mit Zahlungsschwierigkeiten.

In Österreich setzen wir seit vielen Jahren erfolgreich auf Maßnahmen wie unsere Kooperationen mit der Caritas, der Schuldnerberatung Niederösterreich, der Diakonie sowie dem Niederösterreichischen Armutsnetzwerk. Einen Schwerpunkt bilden Energieeffizienzmaßnahmen sowie die Ausschöpfung von Einsparpotenzialen, durch die sich oft erhebliche Kostenreduktionen erzielen lassen. Sehr gute Erfahrungen haben wir mit Programmen gemacht, in denen wir Sozialarbeiter*innen für Beratungsgespräche ausbilden (z. B. zu den Themen Energieeinsparung, Fördermöglichkeiten in Form von Heizkostenzuschüssen etc.) oder sie bei ihrer Arbeit mit armutsgefährdeten Personen begleiten. Dabei wenden wir das Prinzip "Train the Trainer" an.

Der regelmäßige Austausch mit den genannten Organisationen ermöglicht es uns zudem, im Einzelfall gezielte Maßnahmen für sozial benachteiligte Kund*innen abzustimmen. Dazu zählen individuelle Vereinbarungen über Stundungen oder Ratenzahlungen ebenso wie Lösungen, die wir in Kooperation mit Hilfsorganisationen und Anbieter*innen sozialer Hilfsleistungen erarbeiten. Die EVN betrachtet Vertragsbeendigungen als Ultima Ratio und ist bestrebt, derartige Maßnahmen nach Möglichkeit zu vermeiden. Für den Zeitraum von 1.

Dezember 2023 bis 31. März 2024 hat die EVN, wie bereits im Jahr zuvor, auf Abschaltungen bei Haushaltskund*innen für Strom, Erdgas und Wärme verzichtet.

Zur Unterstützung in besonderen Härtefällen hat die EVN im Herbst 2022 einen mit jährlich 3 Mio. Euro dotierten Energiehilfe-Fonds eingerichtet. Der Fonds bietet betroffenen Haushalten professionelle Energieberatung, den Tausch veralteter Geräte sowie Überbrückungsfinanzierungen für Energierechnungen an. Die Abwicklung der von diesem Fonds gewährten Unterstützungen erfolgt über soziale Institutionen.

AUSBLICK AUF DAS GESCHÄFTSJAHR 2024/25

Die EVN wird im Geschäftsjahr 2024/25 konsequent an der Verwirklichung ihrer Ziele und Pläne weiterarbeiten. In Umsetzung der Strategie 2030 wurden in den letzten Jahren – ungeachtet aller volkswirtschaftlichen und geopolitischen Entwicklungen sowie energiewirtschaftlichen Verwerfungen – die Voraussetzungen erarbeitet, dass sich die EVN als Gestalterin einer klimaneutralen Energiezukunft positioniert. Dazu hat sie Infrastrukturprojekte entwickelt, einen offenen Dialog mit Stakeholdern geführt und sich intensiv mit Planungen und Optimierungen befasst. Digitalisierungsvorhaben, Innovationen und Visionen begleiten und ergänzen diesen ambitionierten Kurs. In Summe führte dies zu einer Präzisierung und neuerlichen Ausweitung des Investitionsprogramms, sodass die Investitionen der Gruppe bis 2030 jährlich etwa 900 Mio. Euro betragen werden.

Im Segment Erzeugung setzt die EVN weiterhin auf den Ausbau von Windkraft und Photovoltaik. Die Projektpipeline ist sehr gut gefüllt und ausreichend diversifiziert, um die gesteckten Ausbauziele von bis zu 770 MW installierter Leistung bei Wind sowie 300 MW bei Photovoltaik zu erreichen. Allein die Fertigstellung der aktuell in Errichtung befindlichen Projekte wird die EVN diesen Zielen wieder einen großen Schritt näherbringen. Zudem ist der Ausbau der erneuerbaren Erzeugung einer der wesentlichen Treiber für den initialen Übergangsplan, den wir im Berichtszeitraum neu erarbeitet haben und nunmehr mit der Science Based Target Initiative akkordieren.

Der Großteil der jährlichen Investitionen wird auch in Zukunft in die Erweiterung der Netzinfrastruktur fließen. Im Strom-Verteilnetz besteht die große Herausforderung unverändert darin, die hohen und weiterhin steigenden volatilen Einspeisemengen aus Windund Photovoltaikanlagen bestmöglich in das österreichische Energiesystem zu integrieren. Aber auch die geänderten Verbrauchsmuster, die etwa die E-Mobilität oder der wachsende Einsatz von Wärmepumpen mit sich bringen, erfordern umfangreiche Netzinvestitionen.

Im Bereich der Großbatteriespeicher folgen wir unserer Überzeugung, dass aus Innovationen und Pilotanlagen konkrete, neue Geschäftsmodelle entstehen können. Am Energieknoten Theiß werden wir deshalb einen Großbatteriespeicher mit einer Leistung von 70 MW errichten, der Ende 2027 als virtuelles Kraftwerk in Betrieb gehen soll. Wir streben eine energiewirtschaftlich optimierte Bewirtschaftung dieser Großbatterie an, sodass die Vermarktung von Überschussproduktion aus Sonnenstrom zu Zeiten mit effektiver Nachfrage erfolgen kann. Neben der Teilnahme am Day-Ahead- oder am Intraday-Markt sehen wir für Batteriespeicher aber auch konkrete Anwendungsfälle im Netzbetrieb, denn die zeitliche Verschiebung und Nutzung von Flexibilitäten kann sich auch positiv auf die Netzstabilität auswirken.

Den Herausforderungen im Energievertrieb begegnen wir mit zusätzlichen Angeboten und Dienstleistungen. Einerseits positionierte sich die EVN bereits frühzeitig als Anbieterin von Ladeinfrastruktur für E-Mobilität. Wir bieten aber auch Abwicklungsplattformen und Softwarelösungen für Energiegemeinschaften und damit einen attraktiven Mehrwert für Kund*innen in diesem Bereich. Die Errichtung von E-Ladeinfrastruktur sowie die Entwicklung digitaler Angebote für Kund*innen bestimmt zunehmend auch die Weiterentwicklung unserer Aktivitäten in Südosteuropa.

Für das internationale Projektgeschäft gilt unverändert die Prämisse, dass der künftige Fokus der EVN Gruppe auf dem Kerngeschäft im Energiebereich liegt. Daher werden weiterhin strategische Optionen im Zusammenhang mit der WTE evaluiert. Dabei berücksichtigen wir naturgemäß das Investor*innenfeedback aus dem am 4. April 2024 beendeten strukturierten Verkaufsprozess zur vollständigen Veräußerung der WTE.

Für das Geschäftsjahr 2024/25 erwartet die EVN unter der Annahme eines stabilen regulatorischen und energiepolitischen Umfelds ein Konzernergebnis in der Bandbreite von 400 bis 440 Mio. Euro.

Die Dividendenpolitik wird unverändert bestätigt. Die Dividendenausschüttung soll auch künftig mindestens 0,82 Euro pro Aktie betragen. Die EVN beabsichtigt, ihre Aktionär*innen an zusätzlichen Ergebnissteigerungen in angemessener Höhe zu beteiligen. Mittelfristig wird eine Ausschüttungsquote von 40% des um außerordentliche Effekte bereinigten Konzernergebnisses angestrebt.

Mit unserem integrierten Geschäftsmodell im Energiebereich in Kombination mit den Internet- und Telekommunikationsdienstleistungen sowie der Trinkwasserversorgung in Niederösterreich, die unser Infrastrukturangebot weiterhin ergänzen und komplettieren, ist unsere Gruppe eine verlässliche Partnerin für unsere Kund*innen. Gleichzeitig ist dies die Grundlage für eine erfolgreiche und attraktive Positionierung auf dem Kapitalmarkt.

Maria Enzersdorf, am 27. November 2024

EVN AG Der Vorstand

Mag. Stefan Szyszkowitz, MBA Dipl.-Ing. Stefan Stallinger, MBA

Wittmann Alexandra, Mag. (FH)

Jahresabschluss

Bilanz zum 30.09.2024

Aktiva

	30.9.2024 EUR	30.9.2023 TEUR
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände	35.170.820,07	37.907
II. Sachanlagen	22.729.667,97	22.976
III. Finanzanlagen	4.013.491.431,12	4.102.167
	4.071.391.919,16	4.163.051
B. Umlaufvermögen
I. Vorräte
1. Primärenergievorräte	37.479.807,27	49.111
	37.479.807,27	49.111
II. Forderungen und sonstige Vermögensgegenstände
1. Forderungen aus Lieferungen und Leistungen	21.930.768,41	43.539
2. Forderungen gegenüber verbundenen Unternehmen	582.043.456,74	543.864
3. Forderungen gegenüber Unternehmen, mit denen
ein Beteiligungsverhältnis besteht	1.150.288,53	430
4. Sonstige Forderungen und Vermögensgegenstände	11.634.372,81	93.208
	616.758.886,49	681.040
III. Wertpapiere und Anteile
Sonstige Wertpapiere und Anteile	159.141.557,46	227.795
IV. Kassenbestand, Guthaben bei Kreditinstituten	31.817.430,05	52.086
	845.197.681,27	1.010.033
C. Aktive Rechnungsabgrenzung	487.212,99	252
D. Aktive latente Steuern	5.245.197,40	8.790
	4.922.322.010,82	5.182.126

Passiva

	30.9.2024 EUR	30.9.2023 TEUR
A. Eigenkapital
I. eingefordertes und einbezahltes Grundkapital
Gezeichnetes Kapital	330.000.000,00	330.000
Eigene Anteile	-2.933.837,59	-2.978
	327.066.162,41	327.022
II. Kapitalrücklagen
1. Gebundene	205.893.227,90	205.182
2. Nicht gebundene	58.267.709,06	58.268
	264.160.936,96	263.450
III. Gewinnrücklagen
1. Gesetzliche Rücklage	4.723.734,22	4.724
2. Andere Rücklagen (freie Rücklagen)	2.235.605.682,96	2.130.562
	2.240.329.417,18	2.135.286
IV. Rücklagen für eigene Anteile	2.933.837,59	2.978
V. Bilanzgewinn	161.199.679,66	203.701
davon Gewinnvortrag	490.102,70	392
	2.995.690.033,80	2.932.437
B. Investitionszuschüsse	8.673,32	10
C. Rückstellungen
1. Rückstellungen für Abfertigungen 2. Rückstellungen für Pensionen und	24.050.186,00	22.947
pensionsähnliche Verpflichtungen	77.319.604,00	69.455
3. Steuerrückstellungen	90.106.927,35	77.483
4. Sonstige Rückstellungen	46.328.551,75	43.636
	237.805.269,10	213.521
D. Verbindlichkeiten
1. Anleihen	471.000.000,00	570.371
davon mit einer Restlaufzeit bis zu einem Jahr	0,00	99.371
davon mit einer Restlaufzeit von mehr als einem Jahr	471.000.000,00	471.000
2. Verbindlichkeiten gegenüber Kreditinstituten	553.097.599,66	810.415
davon mit einer Restlaufzeit bis zu einem Jahr	117.317.111,92	257.317
davon mit einer Restlaufzeit von mehr als einem Jahr	435.780.487,74	553.098
3. Verbindlichkeiten aus Lieferungen und Leistungen	31.586.040,71	31.774
davon mit einer Restlaufzeit bis zu einem Jahr	31.586.040,71	31.774
4. Verbindlichkeiten gegenüber
verbundenen Unternehmen	542.588.694,57	559.173
davon mit einer Restlaufzeit bis zu einem Jahr	542.503.694,57	559.082
davon mit einer Restlaufzeit von mehr als einem Jahr	85.000,00	91
5. Verbindlichkeiten gegenüber Unternehmen, mit
denen ein Beteiligungsverhältnis besteht	261.213,25	3.117
davon mit einer Restlaufzeit bis zu einem Jahr	261.213,25	3.117
6. Sonstige Verbindlichkeiten	89.177.069,96	59.439
davon aus Steuern davon im Rahmen der sozialen Sicherheit	7.547.779,28 1.492.704,89	8.840 1.477
davon mit einer Restlaufzeit bis zu einem Jahr	81.063.884,27	51.260
davon mit einer Restlaufzeit von mehr als einem Jahr	8.113.185,69	8.179
	1.687.710.618,15	2.034.288
davon mit einer Restlaufzeit bis zu einem Jahr	772.731.944,72	1.001.921
davon mit einer Restlaufzeit von mehr als einem Jahr	914.978.673,43	1.032.368
E. Passive Rechnungsabgrenzung	1.107.416,45	1.870
	4.922.322.010,82	5.182.126

Gewinn- und Verlustrechnung für das Geschäftsjahr vom 1.10.2023 bis 30.9.2024

	2023/24 EUR	2022/23 TEUR
1. Umsatzerlöse	739.991.476,35	936.414
2. Andere aktivierte Eigenleistungen	0,00	2
3. Sonstige betriebliche Erträge
a) Erträge aus dem Abgang vom und der Zuschreibung zum
Anlagevermögen mit Ausnahme der Finanzanlagen	33.940,00	2
b) Erträge aus der Auflösung von Rückstellungen	3.897,79	24
c) Übrige	1.375.754,77	1.904
	1.413.592,56	1.931
4. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen
a) Fremdstrombezug und Energieträger	-451.523.650,62	-682.475
b) Materialaufwand	-852.116,55	-878
c) Aufwendungen für bezogene Leistungen	-117.207.313,01	-105.354
	-569.583.080,18	-788.706
5. Personalaufwand
a) Gehälter	-73.082.137,64	-65.678
b) Soziale Aufwendungen	-29.266.361,19	-30.927
davon für Altersversorgung	-11.697.232,50	-11.438
davon für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen davon für gesetzlich vorgeschriebene Sozialabgaben	-2.445.667,53	-5.117
sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge	-14.454.594,41	-13.672
	-102.348.498,83	-96.605
6. Abschreibungen auf immaterielle Gegenstände
des Anlagevermögens und Sachanlagen	-5.460.529,20	-6.507
7. Sonstige betriebliche Aufwendungen
a) Steuern, soweit sie nicht unter Z 17 fallen	-247.810,46	-299
b) Übrige	-35.376.320,68	-31.131
	-35.624.131,14	-31.430
8. Zwischensumme aus Z 1 bis Z 7 (Betriebsergebnis)	28.388.829,56	15.098
9. Erträge aus Beteiligungen	358.536.684,24	431.090
davon aus verbundenen Unternehmen	161.233.989,71	257.246
10. Erträge aus anderen Wertpapieren und
Ausleihungen des Finanzanlagevermögens	34.606.105,99	29.934
davon aus verbundenen Unternehmen	34.551.575,75	29.887
11. Sonstige Zinsen und ähnliche Erträge	27.096.764,80	29.555
davon aus verbundenen Unternehmen	21.979.589,87	15.571
12. Erträge aus dem Abgang von und der Zuschreibung zu
Finanzanlagen und Wertpapieren des Umlaufvermögens	5.482.183,72	1.907
davon aus verbundenen Unternehmen	0,00	0
13. Aufwendungen aus Finanzanlagen und
aus Wertpapieren des Umlaufvermögens	-130.209.302,26	-33.812
davon Abschreibungen davon Aufwendungen aus verbundenen Unternehmen	-130.165.500,00 -130.165.500,00	-33.746 -33.746
14. Zinsen und ähnliche Aufwendungen	-75.076.022,84	-69.049
davon betreffend verbundene Unternehmen	-18.718.817,51	-11.968
15. Zwischensumme aus Z 9 bis Z 14 (Finanzergebnis)	220.436.413,65	389.626
16. Ergebnis vor Steuern (Übertrag)	248.825.243,21	404.724

	2023/24 EUR	2022/23 TEUR
Übertrag	248.825.243,21	404.724
17. Steuern vom Einkommen davon latente Steuern	16.884.333,75 3.545.184,62	11.585 4.987
18. Ergebnis nach Steuern = Jahresüberschuss	265.709.576,96	416.309
19. Zuweisung zu Gewinnrücklagen	-105.000.000,00	-213.000
20. Gewinnvortrag aus dem Vorjahr	490.102,70	392
21. Bilanzgewinn	161.199.679,66	203.701

ENTWICKLUNG DES ANLAGEVERMÖGENS	in EURO

				Anschaffungs- und Herstellungskosten						Kumulierte Abschreibungen
	Stand 1.10.2023	Zu-/Abgänge Umgründunge aus n	Zugänge	Abgänge	Umbuchungen	Stand 30.9.2024	Stand 1.10.2023	Zugänge	davon außer planmäßig	Abgänge	Zuschreibungen	Umbuchungen	Stand 30.9.2024	BW 30.9.2024	BW 1.10.2023
Baukostenzuschüsse gem.Art.II(2) EFG 1969 Immaterielle Vermögensgegenstände Rechte I.	201.219.180,85 0,07	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	201.219.180,85 0,07	163.311.705,17 0,00	2.736.655,68 0,00	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	166.048.360,85 0,00	35.170.820,00 0,07	37.907.475,68 0,07
Summe I	201.219.180,92	0,00	0,00	0,00	0,00	201.219.180,92	163.311.705,17	2.736.655,68	0,00	0,00	0,00	0,00	166.048.360,85	35.170.820,07	37.907.475,75
Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten Sachanlagen II.
Kraftwerks- und Erzeugungsanlagen auf fremdem Grund	45.056.347,58 2.297.233,56	0,00 0,00	215.708,33 0,00	1.205.103,20 0,00	0,00 3.219.507,51	47.286.460,22 2.297.233,56	1.149.528,90 34.340.999,03	1.376.613,38 115.805,30	0,00 0,00	0,00 1.069.093,52	0,00 0,00	0,00 0,00	34.648.518,89 1.265.334,20	1.031.899,36 12.637.941,33	10.715.348,55 1.147.704,66
Andere Anlagen, Betriebs- und Geschäftsausstattung	16.453.792,54	0,00	1.563.701,20	1.374.742,13	0,00	16.642.751,61	9.511.246,27	1.231.454,84	0,00	1.357.591,43	0,00	0,00	9.385.109,68	7.257.641,93	6.942.546,27
Geleistete Anzahlungen und Anlagen in Bau	4.170.451,16	0,00	851.241,70	0,00	-3.219.507,51	1.802.185,35	0,00	0,00	0,00	0,00	0,00	0,00	0,00	1.802.185,35	4.170.451,16
Summe II	67.977.824,84	0,00	2.630.651,23	2.579.845,33	0,00	68.028.630,74	45.001.774,20	2.723.873,52	0,00	2.426.684,95	0,00	0,00	45.298.962,77	22.729.667,97	22.976.050,64
Summe I + II	269.197.005,76	0,00	2.630.651,23	2.579.845,33	0,00	269.247.811,66	208.313.479,37	5.460.529,20	0,00	2.426.684,95	0,00	0,00	211.347.323,62	57.900.488,04	60.883.526,39
Anteile an verbundenen Unternehmen Finanzanlagen III.	2.607.025.001,85	223.634,00	3.000.000,00	28.724,50	0,00	2.610.219.911,35	152.756.678,13	130.165.500,00	130.165.500,00	0,00	0,00	0,00	282.922.178,13	2.327.297.733,22	2.454.268.323,72
Ausleihungen an verbundene Unternehmen Beteiligungen	1.163.074.458,65 466.064.071,73	0,00 0,00	62.000.000,00 0,00	0,00 25.385.811,19	0,00 0,00	1.199.688.647,46 466.064.071,73	0,00 1.385.473,76	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	0,00 1.385.473,76	1.199.688.647,46 464.678.597,97	1.163.074.458,65 464.678.597,97
Wertpapiere (Wertrechte) Sonstige Ausleihungen des Anlagevermögens	162.760,00 19.982.955,47	0,00 0,00	1.679.782,00 59.950,00	0,00 58.995,00	0,00 0,00	21.662.737,47 163.715,00	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	0,00 0,00	21.662.737,47 163.715,00	19.982.955,47 162.760,00
Summe III	4.256.309.247,70	223.634,00	66.739.732,00	25.473.530,69	0,00	4.297.799.083,01	154.142.151,89	130.165.500,00	130.165.500,00	0,00	0,00	0,00	284.307.651,89	4.013.491.431,12	4.102.167.095,81
Gesamtsumme Anlagevermögen	4.525.506.253,46	223.634,00	69.370.383,23	28.053.376,02	0,00	4.567.046.894,67	362.455.631,26 -	135.626.029,20	130.165.500,00	2.426.684,95	0,00	0,00	495.654.975,51	4.071.391.919,16	4.163.050.622,20

Beteiligungsspiegel zum 30.09.2024

	Anteil am Nominal kapital %	Währung	Jahres überschuss/ -fehlbetrag	Eigenkapital	Bilanz stichtag
Burgenland Holding Aktiengesellschaft	73,63 EUR		11.683.427,01	81.962.189,28	30.09.2024
EVN Wärmekraftwerke GmbH	99,48 EUR		12.293.828,20	87.980.435,27	30.09.2024
EVN Beteiligung 52 GmbH	100,00 EUR		29.403.984,52	146.814.884,01	30.09.2024
EVN Bulgaria EAD, Bulgarien	100,00 EUR		1.767.564,10	25.455.581,80	31.12.2023
EVN Bulgaria Fernwärme Holding	100,00 EUR		-411,15	10.884.968,97	30.09.2024
EVN Bulgaria Stromnetz Holding GmbH	100,00 EUR		30.286.045,03	315.377.906,80	30.09.2024
EVN Bulgaria Stromvertrieb Holding GmbH	100,00 EUR		15.103.981,78	51.079.004,05	30.09.2024
EVN Kroatien Holding GmbH	100,00 EUR		-831,70	13.263.323,05	30.09.2024
EVN Macedonia Holding DOOEL, Nordmazedonien	100,00 EUR		-10.380,00	486.960,00	31.12.2023
EVN Mazedonien GmbH	100,00 EUR		-1.143,01	213.772.723,23	30.09.2024
evn naturkraft Erzeugungsgesellschaft m.b.H.	100,00 EUR		152.866.283,83	463.237.632,43	30.09.2024
EVN Umweltholding und Betriebs-GmbH	100,00 EUR		-3.346.536,24	35.442.505,42	30.09.2024
evn wasser Gesellschaft m.b.H.	99,98 EUR		3.015.114,71	75.379.879,04	30.09.2024
EVN Wärme GmbH	100,00 EUR		28.655.605,97	127.600.604,19	30.09.2024
Netz Niederösterreich GmbH	100,00 EUR		46.423.871,39	793.016.829,58	30.09.2024
RAG-Beteiligungs-Aktiengesellschaft (RBG)	50,03 EUR		70.319.190,88	427.524.388,34	31.03.2024
Utilitas Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.	100,00 EUR		22.350.122,09	43.456.263,15	30.09.2024
EVN Energieservices GmbH	100,00 EUR		-52.415.251,54	313.626.500,55	30.09.2024

	Anteil am Nominal kapital %	Währung	Jahres überschuss/ -fehlbetrag	Eigenkapital	Bilanz stichtag
APCS Power Clearing and Settlement AG	2,52 EUR		1.195.085,58	4.264.085,58	31.12.2023
CISMO Clearing Integrated Services and Market Operations GmbH	1,26 EUR		2.241.983,49	3.041.983,49	31.12.2023
e&i EDV Dienstleistungsgesellschaft m.b.H.	50,00 EUR		73.698,84	254.908,59	30.09.2024
Energie Zukunft Niederösterreich GmbH	50,00 EUR		-449.401,81	211.041,17	31.12.2023
Fernwärme St. Pölten GmbH	49,00 EUR		8.655.984,81	32.502.125,52	31.12.2023
Verbund AG	12,63 TEUR		1.202.441,60	3.769.153,30	31.12.2023
Verbund Hydro Power GmbH		0,70 TEUR	2.125.466,00	3.788.403,70	31.12.2023
Wiener Börse AG	4,65 EUR		39.545.361,87	192.230.202,64	31.12.2023

Beteiligungsspiegel zum 30.09.2023

	Anteil am Nominal kapital %	Währung	Jahres überschuss/ -fehlbetrag	Eigenkapital	Bilanz stichtag
Burgenland Holding Aktiengesellschaft	73,63 EUR		11.382.591,20	81.678.762,27	30.09.2023
EVN Wärmekraftwerke GmbH	99,48 EUR		7.432.637,84	85.686.607,07	30.09.2023
EVN Beteiligung 52 GmbH	100,00 EUR		-319.744,37	117.410.899,49	30.09.2023
EVN Bulgaria EAD, Bulgarien	100,00 EUR		503.630,50	24.688.120,50	31.12.2022
EVN Bulgaria Fernwärme Holding	100,00 EUR		-1.277,41	10.885.380,12	30.09.2023
EVN Bulgaria Stromnetz Holding GmbH	100,00 EUR		30.160.262,75	315.251.861,77	30.09.2023
EVN Bulgaria Stromvertrieb Holding GmbH	100,00 EUR		9.059.374,71	45.045.022,27	30.09.2023
EVN Kroatien Holding GmbH	100,00 EUR		-1.495,88	13.264.154,75	30.09.2023
EVN Macedonia Holding DOOEL, Nordmazedonien	100,00 EUR		-12.600,00	497.380,00	31.12.2022
EVN Mazedonien GmbH	100,00 EUR		-2.948,03	213.802.590,74	30.09.2023
evn naturkraft Erzeugungsgesellschaft m.b.H.	100,00 EUR		201.678.351,56	440.371.348,60	30.09.2023
EVN Umweltholding und Betriebs-GmbH	100,00 EUR		960.891,38	79.575.407,66	30.09.2023
evn wasser Gesellschaft m.b.H.	99,98 EUR		3.655.339,61	76.010.103,94	30.09.2023
EVN Wärme GmbH	100,00 EUR		7.601.769,42	98.944.998,22	30.09.2023
Netz Niederösterreich GmbH	100,00 EUR		62.246.604,92	746.592.958,19	30.09.2023
RAG-Beteiligungs-Aktiengesellschaft (RBG)	50,03 EUR		49.973.112,02	407.205.197,46	31.03.2023
Utilitas Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.	100,00 EUR		18.320.029,47	46.426.139,25	30.09.2023
EVN Energieservices GmbH	100,00 EUR		-72.493.143,46	366.041.752,09	30.09.2023

	Anteil am Nominal kapital %	Währung	Jahres überschuss/ -fehlbetrag	Eigenkapital	Bilanz stichtag
APCS Power Clearing and Settlement AG	2,52 EUR		366.354,50	3.435.354,50	31.12.2022
CISMO Clearing Integrated Services and Market Operations GmbH	1,26 EUR		2.242.968,21	3.042.968,21	31.12.2022
e&i EDV Dienstleistungsgesellschaft m.b.H.	50,00 EUR		65.400,37	261.209,75	30.09.2023
Energie Zukunft Niederösterreich GmbH	50,00 EUR		-461.902,43	660.442,98	31.12.2022
Fernwärme St. Pölten GmbH	49,00 EUR		-980.402,66	23.846.140,71	31.12.2022
Verbund AG	12,63 TEUR		563.341.800,00	3.817.408.200,00	31.12.2022
Verbund Hydro Power GmbH		0,70 TEUR	1.335.891.700,00	2.962.937.600,00	31.12.2022
Wiener Börse AG	4,65 EUR		34.582.619,11	178.614.193,37	31.12.2022

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-

Abschreibungen nach Anlagenkategorien	Nutzungsdauer Planmäßige in Jahren	Abschreibung in %
Rechte	4-40	2.5-25
Gebäude	10-50	2-10
Kraftwerks- und Erzeugungsanlagen	20	5
andere Anlagen, Betriebs- und Geschäffsausstattung	3-20	5-33.3

	Außenstandsdauer: Wertberichtigungsprozentsatz:
noch nicht fällig	0.00%
1 - 89 Tage	0,01%
90 - 179 Tage	27.46%
180 - 359 Tage	17.48%
360 - 719 Tage	18,61%
720 - 1079 Tage	63.89%
>1080 Tage	66,70%

	30.09.2024 EUR	30.09.2023 TEUR
Sachanlagen	-14.971.225,80	-15.747
Beteiligungen	-25.416.680,76	-25.415
Personalrückstellungen	50.081.766,80	42.829
sonstige Rückstellungen	-8.997.80	-157
Steuerliche Verlustvorträge	0,00	26.574
noch nicht verrechnete Beteiligungs-
abschreibung gem § 12 Abs 3 Z 2 KStG	10.671.258,49	13.385
sonstige Posten	2.449.085,15	1.497
	22.805.206,08	42.967
Daraus resultieren aktive latente Steuern	14.536.485,40	18.294
abzüglich: Saldierung mit passiven latenten Steuern	-9.291.288,00	-9.503
Stand zum 30.9.	5.245.197,40	8.790
Die latenten Steuern entwickelten sich wie folgt:
	30.09.2024	30.09.2023
	EUR	TEUR

	Stand EUR	EUR	EUR	EUR	Stand 01.10.2023 Zuführung Verbrauch Abgang 30.09.2024 EUR
Sachanlagen Geleistete Anzahlungen und Anlagen in Bau	10.344.92	-1.671.60	0.00	0.00	8.673.32
Summe Investitionszuschüsse 10.344.92 -1.671.60			0.00	0.00	8.673,32

	30.09.2024 EUR	30.09.2023 TEUR
kurzfristige Personalverpflichtungen Anteilige Jubiläumsgelder Gasbezugs-/absatzgeschäfte Noch nicht fakturierte Lieferungen und Leistungen CO2-Zertifikate Strombezugs-/absatzgeschäfte	28.093.271.52 7.307.394.00 5.986.388.47 3.539.022.15 1.319.193.00 83.282.61	24.657 7.311 5.588 2 537 3.543 0.00
	46.328.551.75	43.636

			Bilanzwert
		< 1 Jahr	1-5 Jahre	> 5 Jahre
		FUR	FÜR	FÜR	EUR
1.	Anleihen Vorjahr in TEUR	0,00 99.371	0.00 0,00	471.000.000,00 471.000	471.000.000.00 570.371
2.	Verbindlichkeiten gegenüber Kreditinstituten Vorjahr in TEUR	117.317.111,92 257.317	105.268.292,72 144.268	330.512.195,02 408.829	553.097.599,66 810 415
3.	Verbindlichkeiten aus Lieferungen und Leistungen Vorjahr in TEUR	31.586.040,71 31 744	0.00 0	0.00 0	31.586.040.71 31.774
ব	Verbindlichkeiten gegenüber verbundenen Unternehmen Vorjahr in TEUR	542.503.694,57 559.082	24.000.00 24	61.000.00 67	542.588.694,57 559.173
5.	Verbindlichkeiten gegenüber Unternehmen. mit denen ein Beteiligungsverhältnis be-
	steht Vorjahr in TEUR	261.213,25 3.117	0,00 0	0,00 0	261.213,25 3.117
6.	Sonstige Verbindlichkeiten Vorjahr in TEUR	81.063.884,27 51.260	2.056.155,94 1.857	6.057.029,75 6.322	89.177.069,96 59 439
	Vorjahr in TEUR	772.731.944.72 1.001.921	107.348.448.66 146.149	807.630.224.77 886.218	1.687.710.618.15 2.034.288

	30.09.2024	30.09.2023
	EUR	TEUR
Bankgarantien	658.702.102.90	592 457
Sonstige Haftungsverhältnisse	439.667.257.00	474.930
Patronatserklärungen	80.200.000.00	20.100
	1.178.569.359.90	1.087.487
davon gegenüber verbundenen Unternehmen	1.012.693.015.12	852.611
davon gegenüber sonstigen nahestehenden Unter-
nehmen	128.908.889.50	197.573

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	Nominalwert		Marktwert
		in Mio EUR	in Mio EUR
Derivative Finanz- instrumente				Anteil		Anteil
		30.09.2024 30.09.2023 30.09.2024		> 12 Monate	30.09.2023	> 12
						Monate
Futures Gas	-24.2	-58,1	-5,1	0.0	6.5	0.0

	Nominalwert		Marktwert
Forwards und Futures Strom mit Dritten	EUR	TEUR	EUR		TEUR
	30.09.2024	30.09.2023	30.09.2024	Anteil	30.09.2023	Anteil
				> 12		> 12
				Monate		Monate
Kauf	-69.781.225,22		-29.570 -1.156.469,08	-32.133.37	-21.508	-268
Verkauf	122,281,955,04		258.696 27.478.501,10 -183.236,90		125.136	13.663

	Nominalwert		Marktwert
Forwards Strom mit verbundenen IUnternehmen	EUR	i EUR	EUR		TEUR
	30.09.2024	30.09.2023	30.09.2024	Anteil	30.09.2023	Anteil
				> 12		> 12
				Monate		Monate
Kauf	-157,453,105,66		-245.120 -26.003.369,69	698.417,72	-108.596	-11.462
Verkauf	17.847.941.58	12.684	920.103,24	8.153,13	10.597	O

	2023/24 EUR	2022/23 TEUR
Umsatzerlöse gegliedert nach Absatzmärkten:
inland	621.099.899.28	729.832
Ausland	118.891.577,07	206.582
	739.991.476,35	936.414
	2023/24 EUR	2022/23 TEUR
Umsatzerlöse gegliedert nach Tätigkeitsbereichen:
Leistungsverrechnung im Konzern	228.714.479.40	206.539
Stromerlöse	369.219.428.97	485 442
Gaserlöse	140.732.706.48	241.956
Sonstige übrige Erlöse	1.324.861.50	2 478
	739.991.476,35	936.414

	2023/24	2022/23
	EUR	TEUR
Erträge aus Aufwandszuschüssen	1.084.841.10	0
Sonstige Erträge	263.632.51	86
Projektförderungen	27.281,16	212
Realisierungseffekte Kohle - Derivate	0.00	1.606
	1.375.754.77	1.904

	2023/24	2022/23
	EUR	TEUR
Dotierung der Rückstellung für Jubiläumsgelder
in Gehältern	348.303.00	53

	2023/24	2022/23
	EUR	TEUR
Werbeaufwand	10.499.765,78	8.964
Leistungsverrechnung im Konzern	8.302.291.10	7 558
Beratungsleistungen	4.531.224.39	3.410
Sonstige übrige Aufwendungen	2.351.857,28	3.070
Reisekosten	1.974.840,05	1.921
Weiterbildung und Tagungsaufwand	1.944.103,15	1.249
Porto- und Fernmeldeaufwand	1.740.796.19	1.559
Mitgliedsbeiträge und Umlagen	1.382.580.86	1.092
Sonstige Leistungen	1.231.900.12	985
Mieten und Benützungsentgelte	676.709.45	609
Stelleninserate	559.115.83	542
Versicherungsaufwand	280.854.54	417
Restbuchwerte aus Anlagenabgängen	146.127.05	O
Forderungsabschreibungen	1.965.35	52
	35.624.131.14	31.430

	2023/24	2022/23
	EUR	TEUR
Steuerertrag aus der Gruppenbesteuerung	-56.773.018.01	-76.540
Steueraufwand aus der Gruppenbesteuerung	36.301.928.05	70.031
latente Körperschaftsteuer	3.545.184,62	-4.987
Körperschaftssteuer Vorjahre	40.691.41	69
Abzugsteueraufwand	1.125.00	O
Körperschaftsteuer Ausland laufendes Jahr	-244,82	-158
	-16.884.333.75	-11.585

Declaration by the Executive Board pursuant to § 124 (1) no. 3 of the Austrian Stock Exchange Act 2018 ("Börsegesetz 2018")

The Executive Board of EVN AG certifies to the best of its knowledge that the consolidated financial statements, which were prepared in accordance with the applicable reporting standards, present a true and fair view of the assets, liabilities, financial position and profit or loss of the EVN Group. Furthermore, the Executive Board certifies that the respective management report presents a true and fair view of the development and performance of the business and the position of the EVN Group so as to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, together with a description of the principal risks and uncertainties the group faces.

The Executive Board of EVN AG certifies to the best of its knowledge that the separate financial statements, which were prepared in accordance with the applicable reporting standards, present a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company and that the respective management report presents a true and fair view of the development and performance of the business and the position of the company so as to give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, together with a description of the principal risks and uncertainties the company faces.

Maria Enzersdorf, 27 November 2024

EVN AG The Executive Board

Stefan Szyszkowitz Alexandra Wittmann Stefan Stallinger CEO and Spokesman CFO and Member CTO and Member of the Executive Board of the Executive Board of the Executive Board