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EVN (EVN) investor relations material

EVN Q4 24/25 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 24/25 earnings summary18 Dec, 2025

Executive summary

  • Financial year 2024-2025 saw solid performance despite challenging energy sector conditions, with EBIT up 21.4% to EUR 490.9m and group net result down 7.4% to EUR 436.7m, at the upper end of guidance.

  • Investments exceeded EUR 900m for the first time, with a focus on renewables, infrastructure, and major projects like the first 'super hybrid park' and a 60 km drinking water pipeline.

  • Major strategic update includes a new dividend policy, review of Strategy 2030, and an ambitious EBITDA target of EUR 1.1-1.2bn for 2030, emphasizing organic growth and energy transition.

  • CapEx program confirmed at around EUR 1bn per year until 2030, with over 80% allocated to Lower Austria for networks, renewables, e-charging, infrastructure, and water.

  • Sale of the international project business (WTE Group) to STRABAG is progressing, with closing expected in Q1 2026 and segment structure adjusted accordingly.

Financial highlights

  • Revenue rose 3.8% year-on-year to EUR 3,000.0m, driven by positive volume and price effects in Bulgaria and North Macedonia.

  • Group EBITDA increased 19.2% year-on-year to EUR 909.1m; EBIT up 21.4% to EUR 490.9m.

  • Group net result at EUR 436.7m, down 7.4% year-on-year, mainly due to higher tax expense.

  • Net debt at end of September was EUR 1,155.9m, with a gearing ratio of 17.3%.

  • Gross cash flow declined 6.5% year-on-year to EUR 919m, mainly due to lower non-cash earnings and reduced dividend from Verbund.

Outlook and guidance

  • For 2025-2026, EBITDA and group net results are expected to be roughly at prior year levels, with net result guidance of EUR 430-480m.

  • 2030 financial ambition targets EBITDA of EUR 1.1-1.2bn, implying a CAGR of about 8% from current levels.

  • Dividend policy updated: minimum EUR 0.90 per share, with intention to reach at least EUR 1.10 by 2029-2030 and a payout ratio of ~40%.

  • Target ROCE above 6% on average; commitment to strong A category credit ratings.

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Frequently asked questions

EVN AG is a subsidiary of NO Landes-Beteiligungsholding GmbH and operates as an energy and environmental service company. Its portfolio includes the provision of electricity, natural gas, heat, drinking water, thermal waste utilization, wastewater treatment, and related services. The company also engages in the operation of cable TV and telecommunication networks and offers energy services to private and business customers as well as municipalities. EVN is involved in the production and retail of heat, besides trading electricity and natural gas on both wholesale and retail levels. It has a presence in various European countries including Macedonia, Germany, Croatia, Austria, Bulgaria, and Albania. EVN AG is headquartered in Maria Enzersdorf, Lower Austria, and its shares are listed on the Vienna Stock Exchange.

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