EVN AG — Investor Presentation 2023

Jan 1, 2024

Company presentation, January 2024

EVN at a glance

• Financial ambitions 2024-2030
• ESG and innovation
• Back-up information

Integrated business model as basis for our value chain

Foreign markets in the energy business

• −Bulgaria: Electricity distribution networks, electricity supply, generation and heat
• −North Macedonia: Electricity distribution networks, electricity supply and generation
• −Selected activities in Germany, Croatia and Albania

High share of regulated and stable business

Our core strategies 2030

Massive increase of our Capex programme – annual investments in the range of EUR 700m to EUR 900m over the coming years

•Structure of investments1) in FY 2022/23

1) In intangible assets and property, plant and equipment

Company presentation, January 2024

•Investment strategy

− Focus on networks, wind generation, heating, drinking water supply

− Approximately ¾ of investments to be made in Lower Austria

•EU Taxonomy Regulation

Management of summer-winter-balance as future challenge – as illustrated by scenario for the residual total load in 2030

Scenario for the residual load in 2030; green: oversupply of electricity; red: electricity shortage

Creating value by doing the right things

•Grid expansion

•Investing in renewable energy

Company presentation, January 2024

•Innovation

•Focus on sustainability – ecologically & economically

Investment focus on network infrastructure as one of our core strategies 2030

• •~EUR 3 bn Capex in network infrastructure in Lower Austria until 2030 to enable the energy transition
• •Key investment areas for electricity networks
  • − Modernisation, expansion and digitalisation of infrastructure

− Upgrading and construction of high-voltage power lines and primary substations (HV/MV)

• − Modernisation and expansion of medium-voltage capacities (secondary substations and local networks)
• − Digitalisation and intelligent control systems to operate the massive increase in decentralised electricity generation

Ambitious climate and energy goals 2030 as main challenge for network operators

• Network capacity (in MW) in Lower Austria requires substantial expansion until 2030

•Main drivers:

• − Integration of volatile renewables generation from wind and photovoltaics (large-scale and households)
• −Supply charging stations for e-vehicles and heating pumps

Regulated business in Austria

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la ho Re i to t ty g u ry au r
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l p du iv i fac Ge t ty to ne ra ro c r	% 0. 4 0	% 0. 4 0	fro du h he Ga ins ion in i t r t t t m co s e c s r em a w co mp an y du ing he la io d t to r re g u ry p er
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Wind and photovoltaic expansion targets 2030 to be achieved on the back of a strong project pipeline

•Planned wind expansion path until 20301)

•Potential growth in annual wind production2)

•Planned PV expansion path until 2030

−Projects in Lower Austria, Bulgaria and North Macedonia

3) Assumption: 1,100 average full load hours in Austria; 1,400 average full load hours in Bulgaria and North Macedonia

Our success factors in wind generation

• • Strong and well-balanced project pipeline in Lower Austria

• •Continuous increase in turbine capacity

  • −Under construction: 6 MW turbines

• •Additional benefit from efficient operation

  • − ~2/3 of annual wind production in Austria during winter half-year (at higher prices)
  • −High availability of wind power plants
  • − Synergies from EVN's long-standing expertise in marketing of own production (e. g. 24 hour trading)

Continuous efforts to achieve further operating improvements in SEE

•Ongoing reduction in grid losses

• •Number of customers

  • −Bulgaria: 1.8m

• −North Macedonia: 0.9m

• •Commitment to supply security
• •Investment strategy for SEE
  • − Expansion and upgrading of network infrastructure to continuously reduce network losses

−Replacement of metres to further improve collection rates

Drinking water business in Lower Austria – stable earnings contribution and future growth area

EVN's drinking water supply area in Lower Austria

• •Largest regional drinking water supplier
  • −0.6m drinking water customers

− Supra-regional pipeline networks and local water supply networks

• − Operation of 6 natural filter plants to reduce the hardness of water by natural means
• •Expansion of cross-regional pipeline networks (until 2030)
  • −~EUR 150m total investments

Structured bidder process for international project business initiated in September 2023

• • WTE Wassertechnik is well positioned for further international growth and expansion

  • −Reference of more than 120 projects in 18 countries

• − Wastewater treatment project Umm Al Hayman (Kuwait): WTE's largest project and top reference for Arabic region

• −Track record in thermal utilisation of sewage sludge treatment as area with high future potential
• − Currently more than 10 projects under planning and construction (Germany, Poland, North Macedonia, Bahrain, Kuwait)
• •Short- and mid-term growth potentials for WTE:
  • − WTE was already approached to bid for further large projects in Kuwait

−Expansion to new countries (e. g. within the Arabic region)

Significant contribution to EVN's net profit from strategic investments

1) Contribution to EVN's result before income tax in FY 2022/23

•Verbund AG

• − #1 electricity producer in Austria and #2 hydropower producer in Europe with 8.2 GW installed capacity
• •Burgenland Holding AG

− Holds a 49% stake in Burgenland Energie (#1 green energy producer in Austria, distribution networks, sale of energy)

• •RAG Austria AG
  • −~6.3bn m3 storage capacity for natural gas

EVN share – Shareholder structure and dividends

•Shareholder structure

•Dividend history

	1) 2 0 2 2 2 3 /	2 0 2 1 / 2 2	2 0 2 0 / 2 1
de d ha ( ) D iv i E U R n p er s re	0. 5 2	0. 5 2	0. 5 2
ia l d iv i de d ha ( ) Sp E U R ec n p er s re	0. 6 2	-	-
( ) io % Pa t r t y ou a	3 8. 4	4 4. 2	2 8. 5
de d l d ( ) iv i ie % D n y	4. 5	2. 3	3. 1
	3 0. 0 9. 2 0 2 3	3 0. 0 9. 2 0 2 2	3 0. 0 9. 2 0 2 1
ha ( ) S ice E U R re p r	2 3 0 5.	0 1 7. 4	2 2. 9 5
ke l ( ) M i isa ion E U Rm t c ta t ar ap	4, 5 5 1	3, 0 6 5	4, 1 2 8

1) Dividends subject to approval by 95th AGM on 2 February 2024

•Future dividend policy

−Annual dividend of at least EUR 0.82 per share

− Commitment to appropriate shareholder participation in future earning growth

−In the mid-term, reach payout ratio of 40% of Group net result (adjusted for extraordinary effects)

•According to federal and provincial laws, the Province of Lower Austria is required to hold a stake of at least 51% in EVN

Outlook for FY 2023/24: Group net result is expected to range from EUR 420m to EUR 460m

Outlook indication compared to earnings recognised in FY 2022/23

• Leading infrastructure operator with high share of earnings from regulated and stable business

• Ambitious investment programme of EUR 700m to EUR 900m until 2030

• − Continuous expansion of domestic regulated and stable activities through focus on networks, wind generation, heating, drinking water supply

• −Expansion of wind and photovoltaics on track
• −Massive network and infrastructure investments will enhance RAB growth

• Sustainable company with ESG-focused strategy and active role in transition towards COP-free energy future

• −Continue decarbonisation path agreed with Science Based Targets initiative

• Robustness of integrated business model

• Benefit from all-electricity future

• Significantly higher level of Group net results (perspective 2024-2030)

• Highly reliable dividend stock

• EVN at a glance
• Financial ambitions 2024-2030
• ESG and innovation
• Back-up information

Electricity for ~3.5m customers in Lower Austria, Bulgaria and North Macedonia

•Three core markets in electricity:

Company presentation, January 2024

• • Estimated growth of electricity demand1) in our three markets until 2030
  • − Increase in electricity demand despite energy efficiency; heating pumps and e-mobility as growth drivers
  • − Seasonal demand volatility due to photovoltaic production and electricity-to-heat

1) Electricity grid sales volumes as indication for demand

22

Future value drivers Perspective 2024–2030

• Segment Energy
  • − Consists of energy supply business Austria, heating business (mainly from biomass) in Austria and energy services
  • −EBIT margin supply business Austria 3-5%

−EBIT contribution EUR 45 to 70m p.a.

Segment Generation

• −Production capacities to increase according to Strategy 2030
• −Increase in renewables production from 2.2 TWh to 3.8 TWh by 2030

−Power market prices are expected to decrease (due to ongoing renewable capacities' expansion)

• −Thermal production for network stabilisation and waste incineration to be run on a stable basis
• −EBIT margin 30-35%

Future value drivers /2 Perspective 2024–2030

• Segment Networks

  • −Regulated Asset Base * Regulated WACC

• −EBIT increase +10% p.a. by 2030

• −Development of RAB (in EUR bn; electricity and natural gas distribution networks)

Future value drivers /3 Perspective 2024–2030

Segment South East Europe

− Consists of electricity grid and supply in Bulgaria and North Macedonia, generation in North Macedonia as well as gas grid and supply in Croatia

• −ROCE >8% p.a.

• −EBIT between EUR 70 and 90m p.a.

• All other segments

  • −Stable results from RAG and Burgenland Energie expected between EUR 40 and 50m p.a.
  • −Dividend from Verbund AG mainly driven by development of power prices

Future value drivers /4 Perspective 2024–2030

Segment Environment

• −Consists of stable water supply business in Austria and international project business
• −Project business depends on order intake in international project business

f d F t o r e c a s e a v e r a g e r a n g e s o r l b i i j i * t t t n e r n a o n a p r o e c s n e s s u	i E U R n m
T r n o e r u v	0- 6 0 0 5 5
E B I T	3 0- 0 4
l E m p o y e e s	6 0 0 F T E s
l b l C i i i i i t t t o n n g e n a e s	6 0 0- 8 0 0

* Assumes business performance as currently projected and forecasted, including related assumptions as described on Slide 36.

Segment overview – Strategic EBIT targets Perspective 2024–2030

S t e g m e n	i S t t t t r a e g c a r g e s E B I T * o n
E n e r g y	E U R 4 5- 7 0 m
G i t e n e r a o n	i 3 0- 3 % E B I T 5 m a r g n
k i N A t t e w o r s u s r a	0 % E B I T 1 p a +
h S E E t t o u a s u r o p e	E U R 7 0- 9 0 m
i E t n v r o n m e n	3 0 E U R 5- 5 m
l l h A t t o e r s e g m e n s	E U R 4 0- 5 0 m

* mid- and long-term strategic targets; subject to fluctuations within and between segments, over years and deviations in individual years are possible

Strategic financial KPIs for EVN Group Perspective 2024–2030

	i 2 0 3 0 P t * e r s p e c v e
l G t t r o u p n e r e s u s	0 0- 0 E U R 4 4 5 m p a
R O C E	% 5 5 >
C C W A	0 % 5
I t t n v e s m e n s	E U R 7 0 0- 9 0 0 m p a
b ( d f ) i N D / F F O F O t t t e e n s r o m p e r a o n s u	1. 5 2 0 –

* Specific guidance for individual years is communicated separately and included in our financial year-end annual financial report

The slides 21-27 reflect the forward-looking expectations of EVN for future financial performance which are necessarily based on a number of assumptions and estimates about future events and actions, including management's assessment of opportunities and risks. Without limitation, the expectations are based on the following factors and assumptions:

• −non-occurrence of unforeseen events such as extraordinarymacroeconomic events and force majeure,

• −expected demand for energy as well as other products/services offered by EVN,

• −overall economic development in core markets in line with projections of recognised forecasting institutes,

• −energy market prices according to forward market and long-term studies,
• −a stable political and legal/regulatory framework in core markets,
• −implementation of the existing business plans,

−non-occurrence of extraordinary valuation effects (e.g. impairments, derivatives), and

• −a generally unchanged competitive environment.
• Such assumptions and estimates are inherently subject to significant business, operational, economic and competitive uncertainties and contingencies, many of which are beyond EVN's control, and upon assumptions with respect to future business decisions that are subject to change. Should one or more of these assumptions prove to be inappropriate or incorrect EVN's actual resultscould materially deviate from the following forecasts.

• EVN at a glance
• Financial ambitions 2024-2030
• ESG and innovation
• Back-up information

EVN's contribution to the Sustainable Development Goals – Sustainability as basis of EVN's mission as a utility company

Expansion of drinking water infrastructure to ensure security and quality of supply Construction of natural filter plants Expansion of renewable energy Infrastructure investments as enabler for green energy Solutions for flexibility, storage and sector integration Concrete CO2 emission reduction targets coordinated with the SBTis Capex KPI: 88% share of taxonomyaligned investments

EVN Climate Initiative – Shaping the energy future with three pillars

Five emission reduction targets agreed with and verified by SBTi

(well below 2°C, base year FY 2019, target year FY 2034)

• •EVN's intensity targets

  • −Electricity generation
  • −Electricity sales

• •EVN's absolute targets

  • −Waste incineration
  • −District heating
  • −Own energy consumption (e.g. grid losses)

−Natural gas sales

Company presentation, January 2024

Pilot plants for H2storage and alternative H2generation

• •RAG's potential storage capacity: ~6.3bn m3
• •Underground sun storage project
  • − World's first project for a seasonal energy storage system with 100% hydrogen in a depleted natural gas reservoir

−Project partners: RAG, EVN, research and industry partners

−Storage capacity of ~8 GWh

• −Electrolyser capacity of 2 MWe
• •Plasma electrolyser project
  • −H2generation out of natural gas
  • −Alternative to carbon capture and storage
  • −Carbon black instead of CO2

Sector integration for renewable and secure energy supply

City of Krems

Utility-scale battery storage

Company presentation, January 2024

Large-scale PV plant

Hot water storage

Biomass-fired cogeneration plant

Utility-scale heat pumps

Highly rated ESG performance underlines EVN's ambitions

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Company presentation, January 2024

• EVN at a glance
• Financial ambitions 2024-2030
• ESG and innovation
• Back-up information

Key financials FY 2022/23

	2 0 2 2 2 3 F Y /	/– +
	E U Rm	%
Re ve nu e	3, 7 6 8. 7	-7. 2
E B I T D A	8 6 9. 0	1 5. 1
ia ion d a isa ion De t rt t p rec an mo	-3 3 6. 5	-5. 8
f fec fro E im irm ts t tes ts m p a en	-3. 9	9 6. 3
E B I T	5 2 8. 5	5 9. 4
l re lts F ina ia nc su	1 2 7. 6	-
l Gr t r t ou p ne es u	5 2 9. 7	-
h f low fro Ne t c as m ing iv it ies t t op era ac	9 4 2. 4	-
1) Inv tm ts es en	6 9 4. 1	2 3. 1
de b Ne t t	3 6 3 1, 4.	9. 6
	%
2) Eq ity io t ra u	5 8. 8	-0. 1
	E U R
ha Ea ing rn s p er s re	2. 9 7	-

1) In intangible assets and property, plant and equipment

2) Changes reported in percentage points #### •Revenue below prior year's level

− Declining revenues in SEE due to decreased energy market prices and in the international project business

−Positively affected by price and volume effects in renewable electricity generation, valuation effects from hedges, higher revenue from natural gas trading, increased sales prices at EVN Wärme and higher network tariffs

•EBITDA, EBIT above prior year

• − Drop in cost of electricity purchases from third parties and primary energy expenses

  • − Declining wholesale prices in SEE (regulatory compensation for additional costs for covering network losses – to be offset in the following year)

• − Contrasting factors: higher costs for network losses and upstream network costs in Austria, increased energy procurement costs

• −Decline in results from at equity accounted investees driven by supply company EVN KG (EUR –240.3m)
• −Significantly lower effects of impairment losses at y-o-y comparison

•Higher dividend of Verbund AG

Company presentation, January 2024

Solid balance sheet structure

• Strong balance sheet is the basis for EVN's ambitious investment programme
• Net debt increased y-o-y due to high investment level
• EVN's goal is to maintain solid A category ratings in the future; current credit ratings:
  • − Moody's: A1, stable outlook (April 2023)
  • − Scope Ratings: A+, stable outlook (May 2023)

Total financial debt of ~EUR 1.4bn with a well-balanced maturity profile over the coming years

EUR 686m undrawn, committed credit lines(as of 30 September 2023)

EVN's renewable growth strategy is based on a constantly increasing wind generation portfolio

Austrian legal framework for renewables

• •Green Electricity Act 2012

  • − Support scheme: Fixed feed-in tariff (~EUR 80-90 per MWh for wind)

• −Tenor of support scheme: 13 years

• •Details

• −No risks for marketing wind generation

• −No costs for balancing power

• − Opt-out option, return to feed-in tariff regime possible (within 1 month's prior notice)

• •Renewable Energy Expansion Act 2021

  • −Support scheme: Market premium (subsidy guarantees floor)

• −Tenor of support scheme: 20 years

• •Details

• −Risks for marketing renewable generation

• −Risks for costs for balancing power
• −Market premium is subject to correction factors
• − Market premium (floor) for EVN's current projects: ~EUR 82 per MWh (wind), ~EUR 93 per MWh (PV)

We are constantly working on innovative solutions to enable efficient renewables generation

• Enable projects through ecological planning and special measures to protect biodiversity

• −Close cooperation with NGOs and authorities

• −Species protection measures

• −Compensation areas and alternative habitats for species

• •Hybrid renewable energy projects
  • −Use sites for both wind power and photovoltaics
• •Synergies from building photovoltaic plants on former thermal generation sites
• •Largest floating photovoltaic plant in Central Europe
  • −Total installed capacity 24.5 MWp (EVN-share: ~12.3 MWp)
  • −45,000 PV modules

EVN is confident to reach its wind power expansion targets as planned by 2030 – albeit some challenges

Hedging and price-setting strategies in our energy business

-

Company presentation, January 2024

•Generation

• − Hedging strategy for planned renewables generation on a rolling 12-18 months basis for quantities on the free market
• − Fixed feed-in tariff for wind production (13 or 20 years; opt-out due to favourable market prices)
• − Natural gas-fired electricity generation exclusively contracted as reserve capacity for the Austrian transmission network operator, therefore no hedging required
• •Supply

−Energy procurement is subject to contract type

− Different floating- or fixed-price supply contracts tailored to specific customer needs

−Hedging of contribution margin

− Portfolio hedging strategy for indexed-price supply contracts

−Back-to-back hedging (for fixed price contracts)

Challenging market environment

Source: EVN, December 2023

Company presentation, January 2024

RAG Austria AG

Key financials (EURm)

	2 0 2 2 F Y
R e e n e v u	7 3 6 5
f f i P t t t r o a e r a x	5 0 4

1) Indirectly through RAG-Beteiligungs-Aktiengesellschaft (100%)

Company presentation, January 2024

• •Shareholder structure
  • −EVN AG (50.03%)1)

−Uniper Exploration & Production GmbH (29.97%)

• −Energie Steiermark Kunden GmbH (10.00%)
• −Salzburg AG (10.00%)
• •100% of RAG earnings are recognised as share of profit of equity accounted investees with operational nature
• •49.97% of RAG earnings assigned to minority interest
• •EVN contractually not entitled to exercise a controlling influence over RAG

Contact details

• •Stefan Szyszkowitz, CEO

• •IR contact partners:

• −Gerald Reidinger

• −Matthias Neumüller
• −Karin Krammer
• −Doris Lohwasser

• •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

• •Headquarters of EVN AG

  • − EVN Platz 2344 Maria Enzersdorf
• •Financial calendar
  • − Next event: Results Q. 1 2023/24, 29 February 2024

−www.investor.evn.at/financial-calender

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.