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EVN AG Investor Presentation 2025
742_ip_2025-02-25_302da170-b31c-46be-a1dc-5fd688455ec2.pdf
Investor Presentation
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EVN
EVN conference call
Q.1 2024/25 results
26 February 2025
Highlights Q. 1 2024/25
EVN
→ Substantial progress in expansion of renewable generation and confirmation of 2030 targets
- 500 MW wind capacity (as of year-end 2024) ⇒ 770 MW (until 2030)
- >100 MWp photovoltaics capacity (in Q. 1 2025) ⇒ 300 MW (until 2030)
→ Annual investments of ~EUR 900m p.a. until 2030
- Investments in Q. 1 2024/25 rise by 33.5% y-o-y to EUR 170.2m
- Focal points: network infrastructure, renewable generation, e-charging infrastructure and drinking water supplies
- Roughly three-fourths in Lower Austria
→ Increased investments in e-charging infrastructure
- 600 new fast-charging points at 92 locations for Austria’s leading furniture chain, XXXLutz
Conference call Q. 1 2024/25 results
Key financials Q. 1 2024/25
EVN
| Q. 1 2024/25 | +/- | |
|---|---|---|
| EURm | % | |
| Revenue | 804.1 | -1.3 |
| EBITDA | 253.1 | -6.0 |
| EBIT | 166.2 | -11.4 |
| Group net result | 115.5 | -19.7 |
| Net debt | 1,300.9 | -5.2 |
| Equity ratio | 61.8 | 0.9 |
→ Restatement of previous year’s Q. 1 figures
- IFRS 5 disclosure of the available-for-sale parts of the international project business to be sold to STRABAG
→ Decline in revenue
- Price-related decline from marketing of our own renewable generation
- Contrasted by positive volume and price effects in all three network companies as well as volume- and price-related increase in revenue of supply companies in Bulgaria and North Macedonia
→ EBITDA, EBIT and Group net result below previous year
- Higher procurement costs in regulated energy supply business in South East Europe
- Higher volume of investments, therefore increased depreciation and amortisation
Conference call Q. 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
→ Net debt increased compared to 30.09.2024 in view of higher investments
→ EVN’s goal is to maintain solid A category ratings
Conference call Q. 1 2024/25 results
→ Energy
EVN
| Sales volumes to end customers | Q.1 2024/25 | +/- |
|---|---|---|
| GWh | % | |
| Electricity^{1)} | 1.624 | -11.6 |
| Natural gas^{1)} | 1.167 | 2.2 |
| Heat | 653 | 6.3 |
| Q.1 2024/25 | +/- | |
| Financial performance | EURm | % |
| Revenue | 179.7 | -32.3 |
| EBITDA | 50.9 | -23.1 |
| EBIT | 43.9 | -26.8 |
→ Increase in sales volumes for natural gas and heat, decline in electricity
- Colder temperatures y-o-y and ongoing expansion in the heat network
- Demanding framework conditions for supply company EVN KG: strong competition and increased supply from customers' own PV equipment
→ EBITDA and EBIT below previous year
- Decline in revenue from marketing of own electricity generation and reduced valuation effects from hedges
- Corresponding decline in operating expenses (lower primary energy costs)
- Positive earnings contribution from EVN KG and EnergieAllianz (Q. 1 2024/25: EUR 12.4m; previous year: EUR 9.1m)
Conference call Q. 1 2024/25 results
- Renewable generation
EVN
| Electricity generation volumes | Q.1 2024/25 | +/- |
|---|---|---|
| GWh | % | |
| Total | 661 | 5.0 |
| Renewable energy sources | 587 | 4.4 |
| Thermal energy sources | 74 | 10.0 |
| Q.1 2024/25 | +/- | |
| Financial performance | EURm | % |
| Revenue | 101.3 | -20.0 |
| EBITDA | 57.8 | -16.8 |
| EBIT | 45.6 | -21.1 |
→ Electricity generation above previous year
- Y-o-y increase in renewable energy generation driven by higher water flows combined with capacity expansion
- Increased use of gas-fired generation to support network stability
→ EBITDA and EBIT below previous year
- Revenue decreased due to declining market prices
- Revenue decline and repair costs at the thermal waste utilization plant in Dürnrohr following the floods in September 2024
- Reduced operating expenses due to the absence of the energy crisis contribution for electricity compared y-o-y
- Lower earnings contribution from equity accounted Verbund Innkraftwerke
Conference call Q. 1 2024/25 results
Networks
EVN
| Network distribution volumes | Q.1 2024/25 | +/- |
|---|---|---|
| GWh | % | |
| Electricity | 2.204 | 6.8 |
| Natural gas^{1)} | 4.273 | 16.4 |
| Q.1 2024/25 | +/- | |
| Financial performance | EURm | % |
| Revenue | 184.0 | 5.5 |
| EBITDA | 86.0 | -3.8 |
| EBIT | 42.5 | -11.4 |
1) including network sales to EVN's power stations
→ Increase in electricity and natural gas network sales volumes
- Colder temperatures y-o-y
- 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 below prior year
- Higher costs for materials as well as personnel expenses
Conference call Q. 1 2024/25 results
South East Europe
EVN
| Key energy business indicators | Q. 1 2024/25 | +/- |
|---|---|---|
| GWh | % | |
| Electricity generation volumes | 112 | 6.5 |
| Network distribution volumes | 3,883 | 10.0 |
| Electricity sales volumes | 3,009 | 10.2 |
| Heat sales volumes | 68 | 17.2 |
| Q. 1 2024/25 | +/- | |
| Financial performance | EURm | % |
| Revenue | 405.7 | 14.2 |
| EBITDA | 30.9 | -17.2 |
| EBIT | 8.7 | -49.0 |
→ Higher network distribution and energy sales volumes
- Low temperatures in Bulgaria
- Volume growth in sales to household customers in North Macedonia offsets declines from commercial customers
→ 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 Q. 1 2024/25 results
- Environment
EVN
| Financial performance | Q.1 2024/25 | +/- |
|---|---|---|
| EURm | % | |
| Revenue | 11.9 | -18.3 |
| EBITDA | 0.2 | - |
| EBIT | -2.1 | 89.4 |
| Financial results | -9.9 | -97.6 |
| Result before income tax | -12.0 | 52.3 |
→ IFRS 5 disclosure
- Available-for-sale parts of the international project business to be sold to STRABAG
→ 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 Q. 1 2024/25 results
Cash flows
EVN
| | Q. 1 2024/25
EURm | +/-
in % |
| --- | --- | --- |
| Gross cash flow | 165.2 | -23.8 |
| Net cash flow from operating activities | -32.1 | - |
| Net cash flow from investing activities | 12.6 | -63.9 |
| Net cash flow from financing activities | -17.6 | 88.7 |
| Net change in cash and cash equivalents | -37.2 | -11.6 |
→ Lower CF from operating activities
- Correction of non-cash earnings components
- Increase in trade receivables was contrasted by lower working capital needs of EVN KG
→ Lower CF from investing activities
- Higher investment level
- Sale of cash funds
→ Improved CF from financing activities
- Scheduled repayments and new bank loan
Conference call Q. 1 2024/25 results
Outlook for 2024/25 financial year confirmed
EVN
→ Group net result for 2024/25 is expected to be within a range of EUR 400m to EUR 440m based on the development of the operating business
- Under the assumption of a stable regulatory and energy policy environment
→ EVN’s dividend policy reflects investment and growth perspectives up to 2030 and beyond
- Dividend for 2023/24 financial year EUR 0.90 per share
- As of 2024/25 financial year, dividend of at least EUR 0.82 per share
- Appropriate shareholders’ participation in additional earnings growth
- Targeted payout ratio – in the mid-term – equalling 40% of Group net result (adj. for extraordinary effects)
→ Annual investments of ~EUR 900m up to 2030
- Core areas: networks infrastructure, renewable generation, e-charging infrastructure and drinking water supplies
Conference call Q. 1 2024/25 results
Contact details
EVN
→ Alexandra Wittmann, CFO
→ IR contact partners:
- Karin Krammer
- Matthias Neumüller
- Gerald Reidinger
→ IR contact details
- E-mail: [email protected]
- 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
Conference call Q. 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 Q. 1 2024/25 results