Company Reports

Verbund's first-half EBITDA and net income tumbled by 25% and 31%, respectively. The group trimmed its 2026 net income guidance from EUR 1.0 billion-EUR 1.2 billion to EUR 1.0 billion-EUR 1.15 billion.

On July 17, the European Commission proposed an overhaul of the EU Emission Trading Scheme that slows the tightening of emission allowances supply after 2030 while extending support for energy-intensive industries. EUA prices were little changed on July 17 as the proposals had leaked beforehand.

Verbund is the leading power producer in Austria and has a unique power-generation mix with hydro accounting for more than 90% of power output. It operates hydro assets through long-term concessions.

Verbund's first-quarter EBITDA and net income tumbled by 26% and 32%, respectively. The group tweaked upward the low end of its 2026 guidance range by EUR 100 million for EBITDA and net income. The latter now stands at EUR 1.0 billion-EUR 1.2 billion.

Verbund reported full-year results at the lower end of guidance and below FactSet consensus, triggering a 4% selloff at the time of writing. Guidance for 2026 points to further deterioration at both EBITDA and net income levels.

Verbund is the leading power producer in Austria and has a unique power-generation mix with hydro accounting for more than 90% of power output. It operates hydro assets through long-term concessions.

The European utilities sector increased by nearly 8% since the end of September, outperforming the market by 5% due to stabilizing interest rates, solid third-quarter results, and hopes that artificial intelligence growth will boost electricity consumption in Europe.

Verbund's nine-month EBITDA declined by 20%, in line with the first-half trend. Net income was down by 22%. 2025 guidance was confirmed.

European utilities shares decreased by 3% since the end of June, underperforming the market by about 6%.

Verbund's net income tumbled by 22% during the first half, in line with the first quarter. 2025 guidance was confirmed.

European utilities rose by 12% in the second quarter, outperforming the market by 10%.

Verbund's net income tumbled by 22% during the first quarter. 2025 guidance was trimmed, while hedging for 2025 and 2026 stabilized.

European utilities increased by about 10% in the first quarter of 2025 thanks to good full-year results, attractive shareholder remuneration, and limited exposure to US tariffs. The latter was key in the material outperformance of the sector.

Verbund is the leading power producer in Austria and has a unique power-generation mix with hydro accounting for more than 90% of power output. It operates hydro assets through long-term concessions.

We confirm our EUR 62 fair value estimate after wide-moat Verbund released 2024 results above guidance, our expectations, and FactSet consensus and set 2025 guidance below our expectations but in line with consensus. The firm will pay a EUR 2.8 dividend on 2024 earnings, implying a payout ratio of 49%, in line with its policy and 33% below 2023. Shares appear overvalued.

Verbund is the leading power producer in Austria and has a unique power-generation mix with hydro accounting for more than 90% of power output. It operates hydro assets through long-term concessions.

We confirm our EUR 62 fair value estimate based on midcycle power price assumptions of EUR 60/megawatt-hour after wide-moat Verbund released nine-month results hit by lower achieved power prices, but tweaked its 2024 guidance upward. Shares appear overvalued.

We confirm our EUR 62 fair value estimate based on midcycle power price assumptions of EUR 60/megawatt-hour after wide-moat Verbund released first-half results hit by lower achieved power prices and narrowed its 2024 guidance. Shares appear overvalued.

Verbund is the leading power producer in Austria and has a unique power-generation mix with hydro accounting for more than 90% of power output. It operates hydro assets through long-term concessions.

Utilities have reversed part of their first quarter’s fall, thanks to a strong rebound in power prices. Moreover, the deep undervaluation of renewables developers has driven takeovers by big investment firms at very high multiples. Neoen’s main shareholders accepted an offer at 18 times the EBITDA. The sector is still significantly lagging the market in 2024 because of high interest rates. Should they fall, it would boost the sector.