EVN AG — Call Transcript 2025

May 26, 2025

EVN

EVN conference call

HY. 1 2024/25 results

26 May 2025

---

Highlights HY. 1 2024/25

EVN

→ Solid business development in HY. 1 2024/25 due to diversified business model
- Earnings stabilised by temperature-related increase in energy demand
- Decrease in electricity production from renewables despite the continue expansion of our wind and photovoltaic parks

→ Substantial milestones in expansion of renewable generation and confirmation of 2030 targets
- 500 MW wind capacity (in HY. 1 2025) ⇒ 770 MW (until 2030)
- >100 MWp photovoltaics capacity (in HY. 1 2025) ⇒ 300 MWp (until 2030)
- Newly validated SBTi targets aligned with the 1.5°C goal of the Paris Agreement

→ Annual investments of ~EUR 900m p.a. until 2030
- Investments in HY. 1 2024/25 rise by 23% y-o-y to EUR 318m
- Focal points: network infrastructure, renewable generation, e-charging infrastructure and drinking water supplies
- Roughly three-fourths in Lower Austria

Conference call HY. 1 2024/25 results

---

Key financials HY. 1 2024/25

EVN

	HY. 1 2024/25	+/-
	EURm	%
Revenue	1,731.1	6.6
EBITDA	512.8	20.1
EBIT	335.4	27.7
Group net result	250.6	25.7
Net debt	1,295.0	-4.6
Equity ratio	60.9	-0.1

→ Restatement of previous year’s HY. 1 figures
- IFRS 5 disclosure of the available-for-sale parts of the international project business to be sold to STRABAG

→ Increase in revenue
- Positive volume and price effects in all three network companies as well as in our supply companies in Bulgaria and North Macedonia
- Higher revenue at EVN Wärme due to colder temperatures contrasted by a drop in revenue from renewable generation and natural gas trading

→ EBITDA, EBIT and Group net result above previous year
- Higher results from equity accounted investees
- Increase of scheduled depreciation and amortisation due to our high investment programme

Conference call HY. 1 2024/25 results

---

Solid balance sheet structure

EVN

Balance sheet structure (%)

Net debt (EURm) and Gearing (%)

→ Strong balance sheet is the basis for EVN’s ambitious investment programme
→ Recently reconfirmed ratings from Moody’s (A1, stable) and Scope (A+, stable)
→ EVN’s goal is to maintain solid A category ratings

Conference call HY. 1 2024/25 results

---

→ Energy

EVN

Sales volumes to end customers	HY. 1 2024/25	+/-
	GWh	%
Electricity^{1)}	3,197	-7.5
Natural gas^{1)}	2,585	7.1
Heat	1,413	9.3
	HY. 1 2024/25	+/-
Financial performance	EURm	%
Revenue	372.0	-18.1
EBITDA	63.1	-
EBIT	49.2	-

→ Increase in sales volumes of natural gas and heat, decline in electricity

• Colder temperatures y-o-y and ongoing expansion in the heat network
• Decline in electricity sales volumes y-o-y due to decreased electricity sales to industrial customers in Germany

→ EBITDA and EBIT above previous year

• Decline in revenue from marketing of own electricity generation, volume and price effects in natural gas trading and reduced valuation effects from hedges
• Corresponding decline in operating expenses (lower primary energy costs)
• Contribution from equity accounted investees: -3.8m (previous year: EUR -122.6m); operational normalisation of EVN KG on track according to forecast

Conference call HY. 1 2024/25 results

---

• Renewable generation

EVN

	HY. 1 2024/25	+/-
Electricity generation volumes	GWh	%
Total	1,271	-9.8
Renewable energy sources	1,072	-16.3
Thermal energy sources	199	54.1
	HY. 1 2024/25	+/-
Financial performance	EURm	%
Revenue	188.6	-22.7
EBITDA	96.1	-34.7
EBIT	68.7	-44.5

→ Electricity generation below previous year
- Y-o-y decrease in renewable energy generation driven by lower water flows and wind production
- Increased use of gas-fired generation to support network stability

→ EBITDA and EBIT below previous year
- Revenue decreased due to declining market prices and lower generation volumes
- Revenue decline and repair costs at the thermal waste utilization plant in Dürnrohr following the floods in September 2024
- Increased scheduled depreciation and amortization due to our investment programme
- Lower earnings contribution from equity accounted Verbund Innkraftwerke

Conference call HY. 1 2024/25 results

---

Networks
EVN

Network distribution volumes	HY. 1 2024/25	+/-
	GWh	%
Electricity	4,417	6.5
Natural gas^{1)}	8,676	14.8
	HY. 1 2024/25	+/-
Financial performance	EURm	%
Revenue	414.5	12.9
EBITDA	208.1	17.0
EBIT	120.9	27.6

1) Including network sales to EVN's power stations

→ Increase in electricity and natural gas network sales volumes
- Colder temperatures y-o-y
- Higher use of heat pumps and e-mobility
- Increased use of Theiss power plant for network stabilisation

→ Increase in revenue
- Positive volume effects and higher system network tariffs for electricity

→ EBITDA and EBIT above prior year
- Higher upstream network costs

Conference call HY. 1 2024/25 results

---

South East Europe
EVN

Key energy business indicators	HY. 1 2024/25	+/-
	GWh	%
Electricity generation volumes	244	4.3
Network distribution volumes	8,340	9.5
Electricity sales volumes	6,556	9.5
Heat sales volumes	162	16.2
	HY. 1 2024/25	+/-
Financial performance	EURm	%
Revenue	891.3	19.4
EBITDA	78.9	-32.0
EBIT	34.1	-54.5

→ Higher network distribution and energy sales volumes
- Low temperatures in Bulgaria
- Competition-related decline in energy sales volumes

→ EBITDA and EBIT below prior year
- Revenue increased y-o-y due to positive volume and price effects, but contrasted by the offset of positive earnings effects from recent years in South East Europe in accordance with the regulatory methodology
- Operating expenses increased in line with higher procurement costs in the regulated energy supply business

Conference call HY. 1 2024/25 results

---

\delta_{\delta}
Environment

EVN

	HY. 1 2024/25	+/-
Financial performance	EURm	%
Revenue	22.8	-19.6
EBITDA	2.9	-
EBIT	-1.8	91.2
Financial results	-12.7	-70.8
Result before income tax	-14.5	47.4

→ IFRS 5 disclosure
- Available-for-sale parts of the international project business to be sold to STRABAG – negotiations are progressing

→ Remaining activities excluded from sale and therefore still included in segment P&L
- Drinking water business in Lower Austria
- Equity accounted projects in Zagreb and Prague
- Deconsolidated project in Budva
- Deconsolidation effects from the sludge-fired combined heat and power plants in Moscow, whose sale was closed on 31 October 2024

→ Decline in results from discontinued operations
- Progress on the international projects, especially in Kuwait.

Conference call HY. 1 2024/25 results

---

Cash flows

EVN

	HY. 1 2024/25	+/-
	EURm	in %
Gross cash flow	478.4	-7.7
Net cash flow from operating activities	232.0	-44.1
Net cash flow from investing activities	-217.2	-
Net cash flow from financing activities	-90.7	79.7
Net change in cash and cash equivalents	-75.9	-

→ Lower CF from operating activities
- Increase in trade receivables was contrasted by lower working capital needs of EVN KG

→ Lower CF from investing activities
- Higher investment level
- Network subsidies and sale of cash funds

→ Improved CF from financing activities
- New bank loan
- Scheduled repayments
- Dividend payments

Conference call HY. 1 2024/25 results

---

EVN

Segment outlook for 2024/25 confirmed: Group net result is expected in the range from EUR 400m to EUR 440m

Segments	Outlook 2024/25	Comments
→ Energy	↑	Segment outlook adjusted:
– The normalisation of earnings EVN KG is confirmed
– However, the reversal of prior-year accruals of EVN KG in Q2 might cause segment EBIT to fall below expected range of EUR 50m to EUR 60m.
↑ Generation	↓	Segment outlook confirmed:
– Decline in electricity spot and forward market prices as main driver
– EBIT expected to be below prior year’s level
– EBIT margin of 25% to 35%
✗ Networks	↑	Segment outlook adjusted:
– Increases in tariffs for the electricity and natural gas distribution network
– EBIT expected to be higher year-on-year
– Result before income tax expected higher prior year’s level due to positive volume effects. Increase will be offset in coming years based on regulatory method
⚠ South East Europe	↓	Segment outlook confirmed:
– EBIT expected to be below previous year at the lower end of EUR 60m to EUR 90m
– Offsetting of regulatory compensation for additional costs for covering network losses which contributed to the unusually high segment results in 2022/23 and 2023/24
⚠ Environment	↑	Segment outlook confirmed:
– Earnings expected to be above prior year’s level due to the lack of prior year’s negative one-offs
⚠ All other Segments	↑	Segment outlook adjusted:
– Increase in the operating result contribution of equity-accounted investments Burgenland Energie and RAG
– Lower dividend payout by Verbund AG (recorded in financial result in Q.3)

Previous outlook as of 17th December 2024; Adjusted outlook as of 26th May 2025

Conference call HY. 1 2023/24 results

---

Contact details

EVN

→ Alexandra Wittmann, CFO
→ IR contact partners:
- Karin Krammer
- Matthias Neumüller
- Gerald Reidinger
- Sarah Kallina

→ IR contact details
- E-mail: investor.relations@evn.at
- Phone: +43 2236 200-12128
- Phone: +43 2236 200-12867

→ Information on the internet
- www.evn.at
- www.investor.evn.at
- www.responsibility.evn.at
- LinkedIn: #EVNxIR

→ Headquarters of EVN AG
- EVN Platz
2344 Maria Enzersdorf

Conference call HY. 1 2024/25 results

---

Disclaimer

EVN

Certain statements made in this presentation may constitute „Forward-Looking Statements” within the meaning of the U.S. federal securities law. Forward-looking information is subject to various known and unknown risks and uncertainties. These include statements concerning our expectations and other statements that are not historical facts.

The Company believes any such statements are based on reasonable assumptions and reflect the judgement of EVN’s management based on factors currently known by it.

No assurance can be given that these forward-looking statements will prove accurate and correct, or that anticipated, projected future results will be achieved.

For additional information regarding risks, investors are referred to EVN’s latest Annual report.

Conference call HY. 1 2024/25 results