EVN AG (WBO:EVN) Half Year 2026 Earnings Call Highlights: Strong Financial Performance Amidst ...

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Revenue: Increased by 3.2% year-on-year to EUR1.8 billion. Group EBITDA: Improved by 8% year-on-year to EUR553 million. Group EBIT: Increased by 8% to EUR363 million. Net Result: Group net result of EUR312 million, a 25% increase. Net Debt: Declined to EUR1.1 billion with a gearing of 15.7% by end of March. Networks Segment EBITDA: Up at EUR265 million. Southeast Europe Segment EBITDA: Increased by 31% to EUR104 million. Gross Cash Flow: Rose by 1.7% year-on-year to EUR487 million. Cash Flow from Operating Activities: Totaled EUR268 million. Cash Flow from Investing Activities: Amounted to minus EUR98 million. Cash Flow from Financing Activities: Minus EUR179 million. Investment Program: Plan to invest up to EUR1 billion annually up to 2030. Wind Capacity: Increased to 561 megawatts, targeting 770 megawatts by 2030. PV Capacity: Increased to 133 megawatt peak, targeting 300 megawatt peak. Battery Storage: Currently at 12 megawatts, targeting 300 megawatts by 2030.

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Release Date: May 28, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

EVN AG (WBO:EVN) reported a 3.2% increase in revenue year-on-year, reaching EUR1.8 billion, driven by positive regulatory price effects in network companies in Lower Austria and Bulgaria. The Networks segment showed substantial improvement, reflecting organic growth from investments in electricity grids and a stable contribution from the drinking water business. The heating business in Austria and operations in Southeastern Europe delivered solid performances, contributing to overall growth. EVN AG (WBO:EVN) is on track with its investment program, planning to invest up to EUR1 billion annually until 2030, focusing on network infrastructure, renewable generation, and e-charging infrastructure. The company confirmed its guidance for the financial year, expecting group net results to be within a range of EUR430 million to EUR480 million, with a long-term ambition to achieve an EBITDA of EUR1.1 billion to EUR1.2 billion by 2030.

Negative Points

The Generation segment suffered due to below-average wind and hydro conditions, leading to a decline in electricity generation volumes by 10% year-on-year. Price levels for the marketing of own production declined year-on-year, impacting revenue from renewable generation. The non-renewal of the reserve capacity contract for the Theiss power plant led to a significant decline in thermal generation. The share of results from equity accounted investees was down by 10%, mainly due to declines at RAG and Burgenland Energie. The introduction of a new social tariff under Austria's electricity law dampened potential improvements in the supply company, EVN KG, by approximately EUR13 million.

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Q & A Highlights

Q: Can you explain the conservative guidance for the second half of 2026, given the strong first-half results? A: Alexandra Wittmann, CFO, explained that the business has a seasonal bias with higher energy demand in the winter half. The below-average hydro conditions in the first six months led to amended planning assumptions for the rest of the year.

Q: Are there any risks of additional regulatory impacts in Austria, such as special taxes on utilities? A: Alexandra Wittmann stated that the electricity law was issued, and they are not aware of further result impacts as the legislation discussions are still ongoing.

Q: Can you quantify the positive one-offs in this financial year, and will they affect the guidance? A: The CFO mentioned two main one-offs: a EUR10 million badwill from a fiber infrastructure acquisition and EUR32.5 million from the deconsolidation of the international project business. The guidance remains unchanged despite these one-offs.

Q: What should we expect from the Capital Markets Day on October 1? A: Alexandra Wittmann indicated that they will update on the 2030 targets and provide insights into trends, developments, and the future investment portfolio of EVN Group.

Q: How should we view the volume and pricing development in the Renewables Generation segment for the rest of the year? A: The decline in EBITDA was mainly due to price effects, with volume effects being minimal. The CFO noted that the previous year's hedging strategy was based on higher forward prices, impacting current comparisons.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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