Declining revenues

Significantly lower profit at EVN in the first quarter

(Bild: P. Huber)

The Lower Austrian energy supplier EVN made significantly less profit in the first quarter of the 2024/25 financial year with slightly lower revenue. Revenue fell by 1.3% to EUR 804.1m, primarily due to a decline in revenue from the sale of own renewable electricity.

The operating result (EBIT) fell by 11.4 percent to EUR 166.2 million and the Group result by 19.7 percent to EUR 115.5 million, EVN announced on Wednesday.

Headcount increased by almost 250 employees
The number of employees rose year-on-year from 7452 to 7695, while personnel expenses increased to EUR 115.4m. On the other hand, other operating expenses fell by 42.4 percent to EUR 41.4 million. In the previous year, this item was burdened by a value adjustment of outstanding receivables of WTE from the Budva project in Montenegro amounting to EUR 22.5 million as well as the energy crisis contribution for electricity.

EBITDA (earnings before interest, taxes, depreciation and amortization) fell by 6.0% year-on-year to EUR 253.1 million. At EUR 166.2m, the operating result (EBIT) was 11.4% below the previous year's level, while earnings before taxes fell by 15.4% to EUR 149.2m. The bottom line for EVN shareholders was a net profit of EUR 115.5m, 19.7% less than a year ago.

Investments in infrastructure and supply
EVN plans to invest around EUR 900m every year until 2030, around three quarters of which will be invested in Lower Austria. The money will primarily be invested in grid infrastructure, renewable generation, e-charging infrastructure and drinking water supply.

At 656 gigawatt hours (GWh), electricity generation from renewable energy in the first quarter of 2024/25 was slightly below the previous year's level. The newly constructed wind farm in Paasdorf with a capacity of 22.2 megawatts was commissioned in the first quarter. This increased the installed wind power capacity to around 500 MW, and the expansion target by 2030 is 770 MW.

Annual profit of EUR 400 to 440 million expected
EVN expects Group net profit in the range of EUR 400m to EUR 440m for the current 2024/25 financial year. The dividend policy remains unchanged. The dividend payout for the financial years from 2024/25 is expected to amount to at least EUR 0.82 per share. The medium-term target is a payout ratio of 40% of Group net profit adjusted for extraordinary effects.