Budapest Stock Exchange Plc · BET:BET
Budapest Stock Exchange — MVM Group — H1 2026 Earnings Presentation
24 slides from Budapest Stock Exchange's earnings presentation, Sep 14, 2026
Slide 1: MVM Group H1 2026 Investor Presentation
MVM Group H1 2026 Investor Presentation Global Investor Call 14 September 2026
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing. This document and any question-and- The material contained in this presentation has not been independently verified, is presented solely for answer sessions that follow the oral presentation do not contain all of the information th
Slide 3: Agenda and Presenters
Agenda Presenters Szabolcs Gáborjáni-Szabó Chief Financial Officer from 14 Sep 2026 Part Overview 1 László Fazekas Part Key Highlights and Progress Chief Financial Officer until 14 Sep 2026 2 Senior Advisor to the CEO from 14 Sep 2026 Part Part Financial Results H1 2026 33 Árpád Nagy Group Funding,
Slide 4: H1 2026 at a glance
Overview of H1 2026 ▪ Best-ever half-year EBITDA at HUF 519 bn ▪ MVM’s diversified activity portfolio covering the entire energy value chain helped to maintain solid EBITDA performance H1 2026 at a glance ▪ Carbon neutral electricity generation >90% ▪ Generation fleet reached 4.4 GW - BESS capacity
Slide 5: MVM Group is the Leading Energy Utility in Hungary and a Key Player in CEE
MVM Group is the Leading Energy Utility in Hungary and a Key Player in CEE More than 100 subsidiaries across 23 countries1 8th 519 largest company 100% bn HUF in Central and Owned by the EBITDA in H1 2026 Eastern Europe Hungarian State (+9% YoY) ▲ by sales2 IG ratings >90,000 S&P: BBB-; neg. ~ 11M ~
Slide 6: Market-leading positions across Hungary's energy value chain
Market-leading positions across Hungary’s energy value chain & selected regional market positions Hungary Beyond the meter and Production Wholesale Infrastructure Retail other markets Roof-top solar Origination Universal service provision Nuclear Energy efficiency & Electricity 100% Trading Electric
Slide 7: MVM's Strategy KPIs and Achievements
MVM’s Strategy KPIs and Achievements MVM’s Group-level KPIs in 4 pillars of the Strategy Customer-oriented adaptive Green transition Portfolio diversification Financial excellence organization Maintaining EBITDA levels of regulated Investment in RES and flexible assets assets Increasing the proporti
Slide 8: Sustainability is a Key Element of MVM Group's strategy
Sustainability is a Key Element of MVM Group’s strategy Our ESG program reflects our priorities based on four pillars Improvement of MVM’s sustainability performance and ESG rating is a Focus on energy ESG Rating Current score 32.81 core priority – strategic goal is to be better than the industry av
Slide 9: MVM maintained its Strong Financial and Operational Performance in H1 2026
MVM maintained its Strong Financial and Operational Performance in H1 2026 Net sales revenue CAPEX1 EBITDA Net debt (HUF bn) (HUF bn) (HUF bn) (HUF bn) Higher electricity trade revenues, CAPEX HUF 184 bn completed, 46% in Solid EBITDA performance despite Leverage ratios well below covenant presence
Slide 10: Profit and Loss Overview – EBITDA Bridge
Profit and Loss Overview – EBITDA BRIDGE (in HUF bn) Stable operational performance despite turbulent geopolitical environment, and gradual steps to achieve strategic goals +110 +17 +9 +8 519 478 -66 -37 Other& H1 2025 EBITDA Generation Infrastructure Wholesale Retail International Intersegments H1
Slide 11: Balance Sheet overview
Balance Sheet overview (in HUF bn) *Net Debt / EBITDA Leverage ratios well below covenant thresholds 1 291 1 124 +78 +1 +64 1 194 +186 +93 -519 *1.4x *1.7x *1.5x FY 2024 FY 2025 EBITDA Taxes & Capex & Dividend payment Inventories WOC & Other H1 2026 Net debt Net debt Interest paid Investments items
Slide 12: Financing Overview
Financing Overview Prudent financial policy and healthy funding structure MVM Financing strategy & funding priorities Debt maturity schedule as of 30 June 2026 (HUF bn)2 Financial excellence / adherence to prudent financial policy remains a core strategic pillar. To achieve 1000 this, maintaining in
Slide 13: Bonds issued
Bonds issued MVM EUR 6yr due 2027 MVM USD 5yr due 2028 MVM USD 7yr due 2031 MVM HUF 10yr due 2031 Green Bond Senior Senior Senior Senior Unsecured Unsecured Unsecured Unsecured Tenor Tenor Tenor Maturity Maturity Tenor 6 Maturity: Nov 18. Jun 9. 5 Mar 5. 7 Maturity Sep 3. 10 2027 years 2028 years 20
Slide 14: Business environment YTD 2026
Business environment YTD 2026 ▪ Iran conflict sustained: no direct LNG-import from GCC region, far reaching destruction in energy infrastructure ▪ Ukraine conflict continued, Russia sanctions extended, REPowerEU Regulation came into force ▪ New administration sworn in in May after parliamentary elec
Slide 15: Power generation of Paks NPP and Danube water level
Power generation of Paks NPP and Danube water level • Temporary and near-total shutdown of all Paks NPP units from end-July to end-August in 2026 due to record low water level • Rain in the Danube watershed area and the construction of a rock-bottom sill helped to raise the water level • Nuclear pow
Slide 16: Summary
Summary Key Takeaways ► H1 2026 results sustained solid performance – diversified activity portfolio showed its benefits ► Carbon neutral electricity generation in H1 2026 exceeded 90% ► Intensive CAPEX program for energy transition continued ► Conservative Net Leverage ratio maintained ► Investment
Slide 17: Investor Relations
Investor Relations For further Questions please contact our Investor Relations Department MVM Investor Relations Balázs Szabolcs Szegner Head of Investor Relations +36 20 984 5274 [email protected] IN CASE YOU WISH TO SUBSCRIBE TO MVM’S INVESTOR NEWSLETTER FOR CAPITAL MARKET DISCLOSURE ALERTS AN
Slide 18: Appendix
APPENDIX 18
Slide 19: Business Environment Dynamics
Business Environment Dynamics Development of relevant commodity prices, weather conditions and exchange rates impacting operations and finances Stable EBITDA in a different environment due to diversified generation & supply portfolio and efficient trading & risk management 5-day moving average of mo
Slide 20: Summary of Financial Statements: Income Statement
Summary of Financial Statements: Income Statement HUF mn H1 2024 H1 2025 H1 2026 Δ H1’26-H1’25 (%) Sales revenue 2 156 227 2 014 847 2 053 630 2 Other operating income 454 088 572 667 515 947 (10) Operating expenses 2 281 468 2 251 282 2 203 447 (2) Operating profit 328 847 336 232 366 130 9 Finance
Slide 21: Summary of Financial Statements: Cash Flow Statement
Summary of Financial Statements: Cash Flow Statement HUF mn H1 2024 H1 2025 H1 2026 Δ H1’26 vs H1’25 (%) Profit / loss after tax 222 047 221 886 282 386 27 Depreciation / Amortisation 121 597 141 834 152 935 8 Changes in inventories 157 080 93 471 (588) (101) Change in trade receivables 460 892 44 1
Slide 22: Summary of Financial Statements: Balance sheet
Summary of Financial Statements: Balance sheet HUF mn FY 2024 FY 2025 H1 2026 Δ H1’26-’25 (%) Assets 5 704 646 5 717 106 5 899 717 3 Total non-current assets 3 567 388 3 822 929 3 871 451 1 PP&E 2 825 390 3 009 413 3 054 292 1 Intangible assets 449 721 548 510 521 244 (5) Investments 223 003 213 803
Slide 23: MVM's electricity generation data
MVM’s electricity generation data Electricity generation units of MVM Group (>10 MW) Split of electricity generation capacity by technology and storage capacity (MW, %, H1 2026) 125 MW 2,8% BUDAPEST FELSŐZSOLCA Solar 806 MW VISONTA Gas turbine PV Coal/gas/biomass/ LITÉR 50 MW RDF-fired MISKOLC Gas-f
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