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VERBUND

Half year results 2021

Vienna, 29/7/2021

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At a glance

Influencing factors

  • Higher average achieved contract prices for own generation from hydro production (higher spot prices, lower forward prices)
  • Hydro coefficient 4 percentage points below the long term average and 1 percentage point above Q1-2/2020
  • Lower production from reservoirs
  • Positive contribution from initial consolidation of Gas Connect Austria GmbH
  • Higher contribution from flexibility products (mainly control energy & pumping)

Development of results, cash flows and debt

  • EBITDA €654.9m (+2.5%), adjusted EBITDA €654.9 (+2.5%)
  • Group result €324.5m (+4.5%), adjusted Group result €315.2 (+4.7%)
  • Operating cash flow €426.4m (-27.1%); Free cash flow after dividends €-473.1m
  • Net Debt €2,642.8m (+40.5%)

Outlook range 2021 increased

  • EBITDA between approx. €1,310m and €1,410m, Group result between approx. €590m and €660m
  • Pay-outratio between 45% and 55% on adjusted Group result between approx. €580m and €650m

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Lower own generation

Hydro coefficient (run-of-river)

Hedging volumes 20211/ TWh

FY2020: €44.6/MWh

1.35 1.27

1.05

0.86

0.99

1.03

0.84

0.94

0

0.91

long-term

0.82 0.76

average

Q1-2/2020 (0.95)

Q1-2/2021 (0.96)

January February March

April

May

June

Electricity supply 30,495 GWh (-2,469 GWh, -7.5%)

  • Hydropower: 14,561 GWh (-430 GWh, -2.9%)
    • Storage power: 2,086 GWh (-398 GWh)
  • Thermal Power: 217 GWh (-459 GWh, -67.9%)
    • CCGT Mellach: 216 GWh (-125 GWh)

46.2

44.8

44.3

44.1

44.9

47.3

MtM (16/7/21):

52.5 €

8.7

5.7

2.9

16.8

14.4

11.9

16.6

19.2

21.4

13.4

8.5

10.9

31/3/20

30/6/20

30/9/20 31/12/20 31/3/21

30/6/21

• Wind: 444 GWh (-71 GWh, -13.8%)

Achieved contract price

Open volumes

Hedged volumes

  • Photovoltaic: 1.0 GWh
  • Purchase from third parties: 15,272 (-1,510 GWh)
  • Hydro production excluding volumes for holders of interests (at cost) and volumes resulting from pumping.

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Page 4

Flexibility products increased

  • Increasing system volatility in the European grid system due

to rapid development of new renewables

  • Demand for flexibility products depending on the following influencing factors:
    • Temperatures/weather in winter/summer
    • Revision of nuclear power plants
    • Hydro production
    • Installation of phase shifters
    • Congestion management within Austria (in addition to DE/AT)
  • Flexibility products include control energy, congestion management,

grid system services, intraday trading, capacity/cold reserve and pumping/reverse operations

Flexibility products/ €m

approx.

120

+21%

58

70

HY 2020

HY 2021

2021E

(Guidance

© VERBUND AG, www.verbund.com

Flex. products)

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Verbund AG published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 06:06:14 UTC.