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08.02.2024 18:30:56

EQS-Adhoc: VERBUND AG: Earnings forecast for financial year 2024 is significantly below market expectations

EQS-Ad-hoc: Verbund AG / Key word(s): Profit Warning/Forecast
VERBUND AG: Earnings forecast for financial year 2024 is significantly below market expectations

08-Feb-2024 / 18:30 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


The Executive Board of VERBUND AG announced today that the earnings forecast for financial year 2024 deviates significantly from market expectations. The rapid and massive drop in wholesale prices for electricity, caused by the fall in primary energy prices and the prices of emission allowances as well as lower earnings contribution in the Grid segment are having a negative impact on the expected EBITDA and the expected Group result for financial year 2024. These negative effects are not sufficiently reflected in the current market expectations (internally compiled consensus of analysts’ estimates; consensus 2024 as of 8th February 2024: EBITDA approx. €3.8bn, Group result approx. €2.1bn). The analysts’ consensus is therefore significantly higher than VERBUND AG’s current earnings forecast.

Forecast for 2024

Based on expectations of average levels of own generation from hydropower, wind power and solar power as well as the opportunities and risks identified, VERBUND expects EBITDA of between around €2,600m and €3,300m and a Group result of between around €1,300m and €1,750m in financial year 2024. The earnings forecast is contingent on VERBUND not being impacted further by possible energy policy measures to tax windfall profits at energy companies.

Further details will be announced when the 2023 annual results are published on 14 March 2024.

Contact:

Andreas Wollein
Head of Group Finance and Investor Relations
T.: +43 (0)5 03 13 - 52604
F.: +43 (0)5 03 13 - 52694
mailto:investor-relations@verbund.com


End of Inside Information

08-Feb-2024 CET/CEST News transmitted by EQS Group AG. www.eqs.com


Language: English
Company: VERBUND AG
Am Hof 6A
1010 Wien
Austria
Phone: 0043-1-53113-52604
Fax: 0043-1-53113-52694
E-mail: investor-relations@verbund.com
Internet: www.verbund.com
ISIN: AT0000746409
WKN: 877738
Indices: ATX
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1833835

 
End of Announcement EQS News Service

1833835  08-Feb-2024 CET/CEST

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