Due to poor water supply and declining sales prices, VERBUND’s results for quarter 1/2026 were well below the prior-year level. EBITDA was down 26.1% year-on-year to €534.6m and the Group result fell 32.0% to €269.8m.

The hydro coefficient for the run-of-river power plants stood at 0.78, down 5 percentage points on the previous year (0.83) and 22 percentage points lower than the long-term average. Generation from the annual storage power plants in quarter 1/2026 declined by 2.3% against the prior-year reporting period. Generation from hydropower plants therefore fell by 373 GWh to 5,095 GWh. Similarly, at 0.89, the new renewables coefficient from wind and photovoltaics in quarter 1/2026 was 11 percentage points below the planned value. However, it was 13 percentage points higher year-on-year (Q1/2025: 0.76), which, in combination with wind and photovoltaic plants entering initial operation, boosted wind and PV generation by 121 GWh to 697 GWh. As such, paired with slightly lower generation from thermal energy as well, VERBUND’s own generation in quarter 1/2026 fell 4.9% year-on-year. Earnings performance suffered significantly due to lower average sales prices achieved, with prices down €34.2/MWh to €92.6/MWh for own generation from hydropower. The marked decline is due to the high sales price in quarter 1/2025, which was mainly attributable to premature “limit” sales in 2023 at high wholesale prices. The earnings contribution from the Hydro segment was therefore much lower. The contribution from the New renewables segment likewise fell year-on-year, partly due to lower sales prices. A lower contribution from the Grid segment and also from flexibility products – which declined by 21.2% to €46.0m in quarter 1/2026 – had an additional adverse impact on earnings. By contrast, the Sales segment posted improved results, mainly due to lower electricity purchase expenses and the result from the measurement and recognition of energy derivatives for future delivery periods. Thermal generation performed positively due to high spreads, particularly at the start of the year.

Earnings forecast for 2026 adjusted

Based on expectations of average levels of own generation from hydropower, wind power and solar power in quarters 2–4/2026 as well as the current opportunities and risks identified, VERBUND expects EBITDA of between around €2,100m and €2,500m and a Group result of between around €1,000m and €1,200m in financial year 2026. VERBUND’s planned payout ratio for financial year 2026 is between 45% and 55% of the Group result of between around €1,000m and €1,200m, after adjusting for non-recurring effects.

Additional information as well as the Interim Financial Report for quarter 1/2026 is available at www.verbund.com > Group > Investor relations > Latest financial results and 5-year comparison > Latest financial results.

Contact: