Verbund Ag Class A · VIE:VER

Verbund Ag Class A — H1 2024 Earnings Presentation

23 slides from Verbund Ag Class A's earnings presentation, Jul 25, 2024

  1. Slide 1: VERBUND Half year results 2024

    VERBUND Half year results 2024 Vienna, 25/7/2024

  2. Slide 2: Half year results 2024 - At a glance

    Half year results 2024 - At a glance Influencing factors ‒ Lower average achieved contract prices for hydro power and new renewables production due to lower wholesale prices ‒ Strong hydro coefficient with 1.12 in HY 2024 but lower production from reservoirs ‒ Higher production from wind and PV ‒ Po

  3. Slide 3: Hedging volumes

    Hedging volumes Hedging volumes 20241/ TWh Hedging volumes 20251/ TWh MtM MtM 155.6 151.8 (15/7/24): (15/7/24): 142.8 129.5 123.0 €116.6 140.7 138.3 €107.4 131.2 126.6 121.9 6.1 3.2 12.5 8.7 14.1 12.5 14.2 16.1 15.8 15.3 20.9 24.0 13.0 16.9 13.2 11.3 9.5 9.8 10.3 11.5 30/6/23 30/9/23 31/12/23 31/3/2

  4. Slide 4: Hydro segment

    Hydro segment Facts and figures EBITDA/ €m ‒ Higher generation from hydropower in HY 2024 ‒ Hydropower: 17,292 GWh (+14.9%) 1,984 ‒ Strong hydro coefficient in HY 2024 1,501 (1.12 vs. 0.95 in HY 2023) ‒ Storage power: 2,545 GWh (–3.1%) ‒ Lower average achieved prices * ‒ Flexibility products decreas

  5. Slide 5: New renewables segment

    New renewables segment Facts and figures EBITDA/ €m ‒ Higher generation from wind power in HY 2024: 989 GWh (+81.1%) ‒ Austria 146 GWh (+24.1%) ‒ Germany 160 GWh (+57.0%) 109 ‒ Romania 234 GWh (–14.6%) 88 ‒ Spain 448 GWh ‒ Higher generation from photovoltaics in HY 2024: 210 GWh (+30.5%) ‒ Austria:

  6. Slide 6: Sales segment

    Sales segment EBITDA/ €m Facts and figures 16 ‒ The increase in EBITDA was mainly due to lower procurement costs for electricity and gas ‒ Flexibility products decreased by €2.7m ‒ 482.000 end customers -143 HY 2023 HY 2024 * Current information The Sales segment comprises ‒ Focus on ‒ Batteries ‒ T

  7. Slide 7: All other segments

    All other segments Facts and figures EBITDA/ €m ‒ Increased utilisation of CCGT Mellach ‒ EBITDA fell due to negative effects from the valuation of 37 future energy deliveries and increased fuel expenses due to the increased use of the CCGT Mellach. ‒ Thermal Power: 423 GWh (+23.5%) 10 ‒ CCGT Mellac

  8. Slide 8: Grid segment

    Grid segment EBITDA Grid segment HY 2024: €175.9m (HY 2023: 295.5m) Local GAAP: stable earnings (differences compensated by reg. account) APG EBITDA/ €m RAB 2023: €2,600m IFRS: volatile earnings (no regulatory account) RAB 2024: €2,834m Contribution from APG in HY 2024 (IFRS): €128m EBITDA Approx. 2

  9. Slide 9: Non-recurring effects

    Non-recurring effects €m Detail HY 2024 HY 2023 EBITDA 0 0 Impairments CCGT Mellach, GCA -195 -15 Operating result Total -195 -15 Other financial result Measurement of an obligation to return an interest (DKJ) -17 -1 Impairments 0 -19 Reversal of impairments HalloSonne participation 0 6 Financial re

  10. Slide 10: Key financial figures (1)

    Key financial figures (1) EBITDA/ €m Group result/ €m -22% -29% 2,255 1,762 1,287 1,307 910 1,009 Reported Adjusted HY 2023 HY 2024 HY 2023 HY 2024 Additions to tangible assets (infrastructure) / €m Additions to tangible assets (renewables business & others) / €m +92% 340 -22% 134 105 177 HY 2023 HY

  11. Slide 11: Key financial figures (2)

    Key financial figures (2) Operating cash flow/ €m Free cash flow after dividends/ €m 2,896 -36% 927 1,850 HY 2023 HY 2024 -602 HY 2023 HY 2024 Net debt/ €m Gearing/ % +42% 24.4 2,496 1,759 15.7 31.12.2023 30.6.2024 31.12.2023 30.6.2024Page 11

  12. Slide 12: Outlook

    Outlook Earnings outlook 2024 ‒ EBITDA between approx. €3,000m and approx. €3,300m and reported Group result between approx. €1,500m and approx. €1,650m based on an average generation from hydro, wind and PV in Q3–4/2024 as well as the actual opportunities and risk situation of the Group. ‒ For fina

  13. Slide 13: Appendix

    Appendix Page 13

  14. Slide 14: Expansion of new renewables generation (Wind & PV, without B2B, as of 30/6/2024)

    Expansion of new renewables generation (Wind & PV, without B2B, as of 30/6/2024) Assets in operation: In operation/ in construction / target 2030: 838 MW Wind // 305 MWp PV Assets in construction: 116 MW / 26 MW / 163 MW EBITDA 2024e: €16.9m In operation/ in construction / target 2030: 72 MW Wind //

  15. Slide 15: Financial liabilities

    Financial liabilities Debt maturity profile/ €m Financial liabilities/ €m 771 674 -8% 539 2,538 2,337 142 54 45 54 41 40 2024 2025 2026 2027 2028 2029 2030 2031 >2031 HY 2023 HY 2024 Financial liabilities Interest mix Rating ‒ Book value Financial liabilities: €2,337.1m ‒ 91.1% fixed interest rate F

  16. Slide 16: CAPEX plan 2024-2026 (total of €5,535m)

    CAPEX plan 2024-2026 (total of €5,535m) Growth CAPEX/ €m (total of €3,809m) 1,631 97 1,134 776 1,044 Hydro segment 178 161 New renewables segment 582 348 Grid segment - APG 541 360 Grid segment - GCA 256 0 0 0 118 217 175 Others 2024 2025 2026 Maintenance CAPEX/ €m (total of €1,726m) 611 578 537 314

  17. Slide 17: Income statement

    Income statement €m HY 2023 HY 2024 Total Total Revenue 6,686.5 3,892.6 Electricity revenue 5,804.7 3,274.5 Grid revenue 739.4 457.7 Other revenue 142.5 160.4 Other operating income 53.7 74.2 Expenses for electricity purchases & use of fuels -3,628.1 -1,901.7 Other operating & personnel expenses -44

  18. Slide 18: Balance sheet (short version)

    Balance sheet (short version) €m 31.12.2023 30.6.2024 Change Non-current assets 15,895 15,781 -1% Current assets 3,590 2,787 -22% Total assets 19,485 18,568 -5% Equity 11,221 10,213 -9% Non-current liabilities 5,103 5,762 13% Current liabilities 3,161 2,592 -18% Total liabilities 19,485 18,568 -5% P

  19. Slide 19: Cash flow statement (short version)

    Cash flow statement (short version) €m HY 2023 HY 2024 Change Cash flow from operating activities 2,896 1,850 –36% Cash flow from investing activities –434 –513 – Cash flow from financing activities –2,475 –1,833 – Change in cash and cash equivalents -14 -495 – Cash and cash equivalents at the end o

  20. Slide 20: Capital market calendar 2024

    Capital market calendar 2024 7/11/2024 Result and interim report quarters 1–3/2024 Page 20

  21. Slide 21: VERBUND Board of Directors

    VERBUND Board of Directors Michael Strugl Peter F. Kollmann Chairman of the Executive Board CFO, Deputy Chairman of the Executive Board Achim Kaspar Susanna Zapreva-Hennerbichler Member of the Executive Board Member of the Executive Board Page 21

  22. Slide 22: Investor Relations Team

    Investor Relations Team Andreas Wollein Martin Weikl Stefan Wallner Tibor Hanifl Head of Group Finance and Senior Investor Relations Senior Investor Relations Investor Relations Investor Relations Manager Manager Manager (ESG) T +43(0)503 13-52614 T +43(0)503 13-52614 T +43(0)503 13-52614 T +43(0)50

  23. Slide 23: Responsibility for the Future

    Responsibility for the Future

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