EVN AG — Earnings Release 2025

Aug 28, 2025

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EVN conference call Q. 1-3 2024/25 results

28 August 2025

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Highlights Q. 1-3 2024/25

Positive development of operating business, decline in financial results

• − Cooler weather leads to increase in sales volumes, but earnings in the generation segment are negatively affected by volume and price effects
• − Earnings from energy supply companies normalise as expected
• − Offset of positive earnings effects from recent years in South East Europe in accordance with the regulatory methodology
• − Substantial decline in financial results due to lover dividend from Verbund AG for 2024

Ambitious investment programme continues as planned

• − Transformation of the energy systems as a growth perspective in agreement with EVN´s Strategy 2030
• − Investments in the first three quarters of 2024/25 rise by 22.0 % year-on-year

Contract signed with STRABAG for the sale of the international project business

− Closing subject to receipt of the necessary third party permits and approvals as well as the fulfilment of standard contractual conditions, presumably within the next six months

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Key financials Q. 1-3 2024/25

	Q. 1-3 2024/25	+/–
	EURm	%
Revenue	2,360.4	5.0
EBITDA	713.6	14.2
Depreciation and amortisation	-264.0	-6.9
EBIT	447.1	18.3
Financial results	93.5	-43.3
Group net result	434.7	-9.4
Net cash flow from
operating activities	627,2	-24.4
Investments1)	534.9	22.0
Net debt	1,119.5	-1.3
	%
Equity ratio2)	61.3	-1.1

¹⁾ In intangible assets and property, plant and equipment

• Restatement of previous year's Q. 1-3 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 and EBIT above previous year

• − Higher results from equity accounted investees
• − Increase of scheduled depreciation and amortisation due to our high investment programme

• Decline in financial result

− Reduction in the dividend from Verbund AG leads to a decline in the financial result

²⁾ Changes reported in percentage points

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Solid balance sheet structure

• Strong balance sheet is the basis for EVN's ambitious investment programme
• Ratings: Moody´s (A1, stable) and Scope (A+, stable)
• EVN's goal is to maintain solid A category ratings

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Sales volumes to	Q. 1-3 2024/25	+/–
end customers	GWh	%
Electricity1)	4,461	-8.1
Natural gas1)	2,989	7.2
Heat	1,800	8.8

	Q. 1-3 2024/25	+/–
Financial performance	EURm	%
Revenue	511.6	-18.4
EBITDA	84.2	-
EBIT	63.4	-

• 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: 9.2m (previous year: EUR -107.4m); operational normalisation of EVN KG on track according to forecast

¹⁾ Mainly sales volumes from EVN KG and EnergieAllianz in Austria and Germany; the results from these two sales companies are included in EBITDA under the share of results from equity accounted investees with operational nature.

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	Q. 1-3 2024/25	+/–
Electricity generation volumes	GWh	%
Total	1,816	-10.2
Renewable energy sources	1,574	-14.7
Thermal energy sources	242	36.8

	Q. 1-3 2024/25	+/–
Financial performance	EURm	%
Revenue	265.1	-20.7
EBITDA	130.2	-32.7
EBIT	90.1	-43.4

• Electricity generation below previous year

• − Y-o-y decrease in renewable energy generation driven by lower water flows and wind production
• − Increased use of thermal 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

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Network distribution	Q. 1-3 2024/25	+/–
volumes	GWh	%
Electricity	6,143	4.0
Natural gas1)	10,719	12.6
	Q. 1-3 2024/25	+/–
Financial performance	EURm	%
Revenue	578.7	13.8
EBITDA	277.1	22.2
EBIT	145.3	42.5

¹⁾ Including network sales to EVN's power stations

• Increase in electricity and natural gas network sales volumes

• − Colder temperatures y-o-y
• − Increase in electricity network sales volumes to industrial and commercial customers

• Increase in revenue

− Positive volume effects and higher system network tariffs

• EBITDA and EBIT above prior year

• − Higher upstream network costs
• − Increase in investments reflected in higher schedule depreciation and amortization

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South East Europe

Key energy business	Q. 1-3 2024/25	+/–
indicators	GWh	%
Electricity generation volumes	329	-4.3
Network distribution volumes	11,507	8.6
Electricity sales volumes	8,916	8.3
Heat sales volumes	185	21.5

Q. 1-3 2024/25		+/–
Financial performance	EURm	%
Revenue	1,191.5	15.3
EBITDA	128.9	-20.7
EBIT	61.1	-39.0

• Higher network distribution and energy sales volumes

• − Low temperatures in Bulgaria
• − Rising demand from household customers lead to an increase 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

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	Q. 1-3 2024/25	+/–
Financial performance	EURm	%
Revenue	36.6	-15.7
EBITDA	6.5	-
EBIT	-0.5	97.2
Financial results	-16.2	-36.4
Result before income tax	-16.7	43.2

• IFRS 5 disclosure

− Contract with STRABAG on the sale of the international project business signed in June 2025

• 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 (sale was closed on 31 October 2024)

• Decline in results from discontinued operations

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Cash flows

	Q. 1-3 2024/25	+/–
	EURm	in %
Gross cash flow	762.0	-14.4
Net cash flow from operating activities	672.2	-24.4
Net cash flow from investing activities	-499.0	-59.5
Net cash flow from financing activities	-110.0	77.4
Net change in cash and cash
equivalents	18.2	-39.4

• 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

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Outlook for 2024/25 financial year confirmed

• Group net result is expected within a range of EUR 400m to EUR 440m for the current 2024/25 financial year
• − Subject to a stable regulatory and energy policy environment
• Dividend policy
• − Annual dividend of at least EUR 0.82 per share
• − Commitment to appropriate shareholder participation in future earnings growth
• − In the mid-term, reach payout ratio of 40% of Group net result (adjusted for extraordinary effects)

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Contact details

• Alexandra Wittmann, CFO

• IR contact partners:

• − Sarah Kallina
• − Karin Krammer
• − Matthias Neumüller
• − Gerald Reidinger

• 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

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Disclaimer

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.