1Semana·

Verbund Q3 2024 $VER (+4,82 %)


Financial results

  • Turnover: Total revenue for Q1-3 2024 amounted to EUR 5,837.6 million, a decrease of 40.4% compared to Q1-3 2023.
  • EBITDA: Reported and adjusted EBITDA for Q1-3 2024 amounted to EUR 2,625.2 million, a decrease of 26.0% compared to the previous year.
  • Group result: Consolidated net income for Q1-3 2024 amounted to EUR 1,387.2 million, a decrease of 30.0%.


Balance sheet overview

  • Total assets: Decreased by 3% from EUR 19,485 million as at 31.12.2023 to EUR 18,837 million as at 30.9.2024.
  • Equity: Decreased by 5% to 10,693 million euros.
  • Net debt: Increased by 35% to 2,370 million euros.


Details of the income statement

  • Turnover from electricity sales: Decreased by 3,607.5 million euros to 4,940.7 million euros.
  • Grid turnover: Decreased by 374.2 million euros to 678.8 million euros.
  • Other operating income: Increased by 36.0 million euros to 103.8 million euros.


Cash flow overview

  • Operating cash flow: Decreased by 44% to 2,333 million euros.
  • Free cash flow after dividends: Was negative at -392.5 million euros, compared to 1,475 million euros in Q1-3 2023.


Key figures and profitability metrics

  • Gearing ratio: Increased from 15.7% to 22.2%.
  • Earnings per share: Decreased from 5.70 euros to 3.99 euros.


Segment information

  • Hydropower segment: Sales fell by 25.1% to 2,686.7 million euros, EBITDA fell by 26.9% to 2,276.3 million euros.
  • Grid segment: EBITDA decreased from 413.7 million euros to 257.3 million euros.
  • Sales segment: EBITDA improved due to lower procurement costs, despite weaker results from energy derivatives.


Competitive position

The company is focusing on the expansion of battery storage systems and e-mobility projects, with a capacity of 110 MW in operation and further projects of over 400 MW in development.


Forecasts and management comments

  • Forecast for 2024: EBITDA is expected to be between EUR 3,200 million and EUR 3,400 million, with consolidated net income of around EUR 1,700 million to EUR 1,800 million.


Opportunities and risks

  • Risks: These include the volatility of electricity and gas prices, regulatory changes and possible project delays.
  • Opportunities: An improved water supply and higher income from direct marketing contributed positively to the results.


Positive aspects

  • Improved contribution from the sales segment due to lower procurement costs.
  • Increasing production from wind, PV and thermal plants.
  • Successful management of hydropower projects without major restrictions.
  • Positive financial contribution from KELAG.
  • Expansion of battery storage systems and e-mobility projects.


Negative aspects

  • Significant decline in total revenue and EBITDA.
  • Negative free cash flow after dividends.
  • Increase in net debt by 35%.
  • Weaker contribution from the grid segment.
  • Decline in electricity and grid income.
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