EVN (AO) | Buy | H1 2025/26 results first read: good set of results, guidance confirmed

Research evidence excerpt

EVN (AO) | Buy | H1 2025/26 results first read: good set of results, guidance confirmed

ects at the distribution network companies in Lower Austria and Bulgaria

The high volume of investments led to an increase of 7% in scheduled depreciation and amortisation to EUR191m. EBIT was 8%

higher YOY at EUR363m.

EVN’s net result equalled EUR312m, or +25% YOY, thanks to a higher contribution from discontinued operations, lower financial

expenses (last year there was a negative effect related to the foreign exchange effect), lower minorities and a lower tax rate.

Net debt totalled EUR1,095m as of 30 March 2026 (vs. EUR1,1556m as of the end of the previous fiscal year in September 2025).

The decrease resulted primarily from the receipt of the sale price for the international project business..

Generation. EVN’s electricity generation was 7% lower year-on-year at 1,502GWh: the additional capacity expansion for wind and

photovoltaic generation barely offset the below-average wind and water flows. The share of renewable generation equalled

80.5% (previous year: 75.3%). The reduction in thermal generation to 293GWh (from 397GWh) is mainly attributable to the fact

that the contract for the supply of reserve capacity was not extended by the Austrian transmission network operator.

RES development. The renewable generation capacity reached 561MW in wind and 133MWp in photovoltaic solar. In the

reporting period, two further wind parks were commissioned: Gnadendorf (28.8 MW) and Ebenfurth (repowering with an increase

in installed capacity to 12.6 MW). Also, an additional photovoltaic park in Gaweinstal (EVN share:

3.3 MWp) was successfully completed. Work is currently proceeding on the construction of three further wind parks and one

photovoltaic plant.