Verbund : Investor Presentation Quarter 1/2023

VERBUND

Results quarter 1/2023

Vienna, 11/5/2023

Results quarter 1/2023 - At a glance

Influencing factors

• Significantly higher average achieved contract prices due to overall higher wholesale prices
• Weak hydro coefficient with 0.93 in Q1/2023 but higher production from reservoirs
• Higher production from wind and PV, lower production from thermal generation
• Lower contribution from flexibility products (Q1/2023: €67.6m)
• Negative contribution from the sales segment among others due to higher procurement costs
• Negative contribution from levies on excess profits in Austria, Germany and Romania (total EBITDA effect in Q1/2023: €68.6m)

Development of results, cash flows and debt

• Reported and adjusted EBITDA €967.3m (+18.7%)
• Group result €529.0m (+2.8%), adjusted Group result €529.0m (+14.1%)
• Operating cash flow €1,363.7m (Q1/2022: €209.2m); Free cash flow after dividends €1,160.5m
  (Q1/2022: €-105.1m)
• Net debt €2,739.3m (-29.7%)

Group level guidance 2023 *

• EBITDA rep. & adj. approx. €3,700m - €4,300m; Group result reported approx. €2,000m - €2,400m
• Pay-outratio 45% - 55% on adjusted Group result between approx. €2,000m - €2,400m

* The earnings forecast and the information on the expected payout ratio are contingent on VERBUND not being impacted further by possible energy policy measures to skim off some of the profits at energy companies.

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Hedging volumes

Hedging volumes 20231/ TWh

					MtM
			198.2	188.2	(27/4/23):
		177.8
				€174.1
	115.5
94.1
16.2	14.8	13.1	8.8	5.9
9.3	10.7	12.7	16.7	19.3
31/3/22	30/6/22	30/9/22	31/12/22	31/3/23

Hedging volumes 20241/ TWh

			144.5	156.0
		131.4
97.8	101.6
20.1	20.1	19.4	19.0	15.5
5.5	5.5	6.2	6.6	10.0*
31/3/22	30/6/22	30/9/22	31/12/22	31/3/23

MtM

(27/4/23):

€155.9

• Additional hedging measures by options amounting to 1.8 TWh

Hedging volumes 20251 / TWh

Historic contract prices

141.1

17.2

8.5

31/3/23

MtM

(27/4/23):‒ FY2022: €115.1/MWh

€134.8

• FY2021: €54.8/MWh
• FY2020: €44.6/MWh

Achieved contract price

Open volumes

Hedged volumes

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• Hydro production excluding volumes for holders of interests (at cost) and volumes resulting from pumping.

Hydro segment

Facts and figures

• Slightly higher generation from hydropower in Q1/2023
• • Hydropower: 6,089 GWh (+2.0%)
  • • Slightly lower hydro coefficient in Q1/2023 (0.93 vs. 0.94)
    • Storage power: 1,445 GWh (+13.5%)
• Higher average achieved prices
• Flexibility products decreased by €4.5m

Current information

• 480 MW Limberg III pumped-storage power plant project
• • planned COD 2025
• 45 MW Reißeck II+ pumped storage power plant project
• • planned COD 2024
• 11 MW Gratkorn run-of-river power plant project

‒ Planned COD 2024

EBITDA/ €m

871

515

		*
	Q1/2022	Q1/2023

Hydro coefficient (run-of-river)

1.05		1.04	1.01	long-term
	0.92
		0.88	average
			0.78

Q1/2022 (0.94)

Q1/2023 (0.93)

January	February	March	Page 4

New renewables segment

Facts and figures

• Higher generation from wind power in Q1/2023: 337 GWh (+7.3%)
• • Austria 71 GWh (-8.1%)
  • Germany 71 GWh (+5.8%)
  • Romania 162 GWh (-4.1%)
  • Spain 32 GWh
• Photovoltaic: 35 GWh
• • Austria: 1 GWh
  • Spain: 35 GWh

Current information

• Implementation of 3 wind farms with approx. 100 MW in Spain continued; COD expected in quarters 2-3/2023
• 3 solar farms in Spain with approx. 148 MW acquired at the end of 2021 to be finalized ~April 2023
• Work continued on project pipeline acquired in summer 2022 in Spain - first project achieved ready to build status in Q1/2023
• Project development continued also in Austria, Germany, Romania, Italy and Albania

EBITDA/ €m

		60
	24
	Q1/2022		*
		Q1/2023

New renewables coefficient

1.17	1.10	1.12
		1.03		0.96	long-term
			0.89

average

Q1/2022 (1.06)

Q1/2023 (1.03)

January	February	March	Page 5