MVV Energie (MVV1) Q2 2025 earnings summary

Executive summary

• MVV is advancing its climate-positive strategy, focusing on heat and electricity transition, green customer solutions, and major investments in river heat pumps and hydrogen-capable district heating, aiming to become climate positive by 2035.

• Awarded the German Sustainability Prize, reflecting progress on climate goals and ESG leadership.

• Leadership transition occurred with Dr. Gabriël Clemens appointed CEO as of April 2025.

• Shareholders approved a dividend increase to €1.25 per share for FY2024, yielding 4.0%.

Financial highlights

• Adjusted sales for H1 2025 were €3,484 million, down 21% year-over-year; adjusted EBIT was €273 million, down 9%.

• Adjusted net income after minority interests fell 12% to €131 million; adjusted net income for the period was €176 million, down 11%.

• Cash flow from operating activities improved to €48 million from -€99 million in the prior year period.

• Investments rose 36% to €202 million in H1 2025, with major projects in green heat, wind, PV, and grid expansion.

• Earnings per share decreased to €1.98 from €2.27 year-over-year.

Outlook and guidance

• Full-year 2025 adjusted EBIT forecast confirmed at €350–400 million.

• Significant EBIT declines are forecast for Customer Solutions and New Energies, while Generation and Infrastructure is expected to exceed prior year.

• Investments for FY2025 expected to significantly exceed the previous year’s €417 million.

• Outlook depends on weather, energy market prices, plant availability, and absence of major geopolitical or supply chain disruptions.