Thank you. Good morning, everybody, to EVN's conference call on the results for the first half of our current financial year.

Overall, EVN's performance has been sound and in line with expectations. The main deviation from our planning assumptions were the below-average wind and hydro conditions in the first six months.

However, on group level, our diversified business model helped to offset such effects. Our generation segment suffered from these weaker generation conditions.

Price levels for the marketing of own production also declined year on year. The contributions from the equity-consolidated companies RAG and Burgenland Energie were also lower.

RAG's results returned to a normalized level after last year's exceptional performance. These negative developments were contrasted by, above all, a substantially better performance of the networks segments, which reflects the organic growth from growing investments into the electricity grids.

In addition, our heating business in Austria and our operations in South Eastern Europe delivered a very solid performance in the first six months. Regarding recent geopolitical events, especially the Iran conflict, please note that our reporting period covers October through March.

Therefore, any market volatility arising in March has not had a material impact on the results we are reporting today. I can confirm that we are fully on track to implement this year's investment program.

We plan to invest up to €1 billion annually up to 2030. The majority, around 80%, will be invested regionally in Lower Austria.

Key areas include network infrastructure, renewable generation, battery storage, e-charging infrastructure, and drinking water supply. We are also well on track to reach our renewable expansion targets, as is evident by the progress made until end of March.

Total wind capacity increased to 561 MW installed capacity, and we are working on further projects to reach our 2030 wind target of 770 MW. The same applies to PV.

Capacity increased to 133 MW peak, with a target of 300 MW peak. Our battery storage currently stands at 12 MW and shall increase to 300 by the end of the decade.

Construction is underway on two large battery projects at former thermal power plant sites, one with a capacity of 70 MW and another with 16 MW. I would also like to update you on a new cooperation in e-mobility.

Together with the petrol station operator AVIA, we roll out and operate fast charging stations across of all Austria. On March 2nd, we completed the closing of the sale of our international project business to STRABAG.

In this call, I will provide some details on the transactions, as well as on the resulting deconsolidation effects. On the next slide, I will take you through the main financial developments in the reporting period.

Revenue rose by 3.2% year on year to €1.8 billion. The main reasons were positive regulatory price effects from the network companies in Lower Austria and Bulgaria.

In contrast, there was a drop in revenue from renewable generation due to price and volume effects. In addition, the reserve capacity contract for the Theiss gas-fired power plant with the Austrian transmission grid operation APG ended in September '25.

Last year, other operating income included the insurance compensation payments related to the damages from the flood in 2024. This year, there is a positive effect of €10 million from the badwill associated with the acquisition of a fiber infrastructure company.

This acquisition will further strengthen our internet and telecommunication business. The cost of electricity purchases from third parties and primary energy expenses increased due to higher upstream network costs and higher procurement costs in the heating business.

This increase was contrasted by lower procurement costs and reduced quantities of natural gas. The cost of materials and services declined, as last year was impacted by flood-related repair costs.

The rise in personnel expenses reflects mainly the adjustments according to the collective bargaining agreements. The share of results from at-equity accounted investees was down by 10% at €68 million, mainly due to the declines at RAG and Burgenland Energie.

In year-on-year comparison, our supply company EVN KG reported a further improvement, which, however, was dampened by a new provision for the social tariff required under Austria's new electricity law. In total, group EBITDA improved by 8% year on year to €553 million.

Scheduled depreciation and amortization increased by 9%, reflecting our high investment program. Group's EBIT increased by 8% and amounted to €363 million.

Financial result improved to -€22 million. In total, we generated a group net result of €312 million in the reporting period, which represents an increase by 25%.

Please note that the group net results includes €33 million from discontinued operations. This amount results from the deconsolidation of the international project business.

This is a positive, non-cash, one-off effect, which includes the OCI recycling of foreign exchange effects and valuations previously recorded in equity. Apart from these P&L effects, the closing of the transaction resulted in cash proceeds of €100 million.

In addition to payment of this purchase price, STRABAG took over intra-group cash pooling receivables of €106 million. In total, this has a positive effect of €206 million on EVN's net debt.

EVN and STRABAG also agreed that guarantees for the two projects in Kuwait and Bahrain, as well as claims to future payment inflows in the form of an earn-out, will remain with EVN. The book value of these earn-out receivables recorded by EVN is €128 million.

Now, let's move to the next slide, which provides information regarding the group's balance sheet structure. As just mentioned, international project business had a positive effect of €206 million on EVN's net debt.

It declined to €1.1 million with a gearing of 15.7% by end of March. However, due to our high investments, which will total €1 billion for the financial year, net debt will again increase by end of September.

Our financial flexibility remains secured and solid. EVN holds contractually committed, undrawn credit lines in the amount of €770 million.

I can also inform you today that both credit ratings were confirmed recently. In April, Moody's reaffirmed its A1 rating with stable outlook, and in May, Scope again awarded us an A+ rating with stable outlook.

Our declared goal is to maintain solid A-category ratings in the future. On the next slides, I will walk you through the development in our segments.

The developments in our Energy segment reflect the strong performance of our heating business during the winter half year. Due to the cold weather in Austria, temperature-related energy demand exceeded both the long-term average and the prior year.

This resulted in higher heat sales volumes. In addition, the ongoing expansion of our heating network contributed to this overall growth.

Overall, the heating business recorded an increase in both revenue and earnings. Segment revenue, however, declined due to the price effects in the marketing of own generation.

The normalization of operating results at our equity-consolidated supply company EVN KG continued during the reporting period. However, results that could have reached a double-digit level were dampened by the provision for the new social tariff for vulnerable customers in Austria, which amounted to approximately €13 million.

Nevertheless, EVN KG's EBITDA contribution improved year on year, reaching €1.7 million. Together, these developments led to an EBITDA of €81 million, compared to €63 million in the previous year.

EBIT came in at €65 million. For each of the segments, we are updating today the outlook originally published in December.

For the Energy segment, we take a more positive view on the heating business following its strong performance in the first six months. In contrast, the burden of the social tariff will continue to weigh on EVN KG.

Otherwise, the full-year result of the segment will largely depend on the further development of the market prices. Now, let's turn to our Generation segment.

Electricity generation volumes in this segment declined by 10% year on year. While the commissioning of new wind parks and repowerings helped to offset a substantial share of the lower volumes resulting from below-average wind and water flows in Austria, the non-renewal of the reserve capacity contract for the Theiss power plant by APG led to a significant decline in thermal generation.

In addition to these volume effects, the lower prices for the marketing of generation resulted in decline in revenue and earnings from electricity generation. Our equity-accounted investee Verbund InnKraftwerke contributed lower earnings compared to the previous year due to weaker water flows and lower market prices.

In total, the segment EBITDA was down by 40% and stood at €58 million. EBIT amounted to €33 million.

I confirm the segment outlook which we gave in December. We expect a decline in EBITDA, which was positively influenced in '24/'25 by the insurance compensation payments.

Under normal average market conditions, generation typically accounts for 15% to 20% of our group EBITDA. Next is the Networks segment.

To begin with, I would like to remind you that the Networks segment now also includes the drinking water business in Lower Austria, which was previously reported in the Environment segment. This segment no longer exists following the sale of the international project business.

The water business adds an annual and stable EBITDA contribution of about €15 million to the segment. The main activity in the segment is the operation of the electricity and gas distribution networks in Lower Austria.

In line with the Austrian regulation, segment results are reflecting the ongoing high investments in the network infrastructure and related RAB growth. Due to the higher tariffs, EBITDA was up at €265 million, and EBIT totaled €164 million.

All in all, a solid first half year for our regulated business. The financials of this segment include a positive one-off effect which was already recognized in Q1.

It relates to the acquisition of a fiber infrastructure company and resulted in a positive effect of €10 million from badwill. Based on the organic growth driven by our investments in the networks, the strong performance in the first six months, and higher tariffs in line with the Austrian regulation, I confirm our segment outlook.

We expect higher results for the current financial year. Finally, let's move on to the South East Europe segment.

This segment had a strong first half year. This was supported by, among others, absence of previous year's regulatory compensation factors in the Bulgarian grid business, as well as higher energy demand in North Macedonia due to colder weather.

Segment EBITDA was up by 31% and amounted to €104 million. Segment EBIT was €55 million in the first six months.

In April, we commissioned our first large battery storage facility with a capacity of 10 MW, and which is co-located with a PV plant. Around one third of our 300 MW battery storage target for 2030 is planned to be built in Bulgaria and North Macedonia.

I confirm the segment outlook. Both EBITDA and EBIT are expected to remain broadly in line with the prior year.

For your reference, EBIT in '24/'25 equaled €88 million. Let me now continue with the development of our group cash flows.

Gross cash flow rose by 1.7% year on year to €487 million. Positive factors were partly offset by the correction of non-cash earnings components related to the deconsolidation of international project business.

Cash flow from operating activities totaled €268 million. Higher seasonal capital commitment resulted from an increase in trade receivables at EVN Wärme and the South East Europe sales companies, as well as in trade liabilities.

Cash flow from investing activities amounted to -€98 million. Higher investments were contrasted by the proceeds from the sale of the international project business.

The cash flow from financing activities was -€179 million and included scheduled repayments of loans, as well as our dividend payment for the '24/'25 financial year. In the previous year, a new promissory note loan of €100 million had been issued.

The net change in cash and cash equivalents amounted to -€9 million. Finally, let's come now to the outlook for the current financial year.

I confirm our guidance for the financial year. We expect group net result to be within a range of €430 million to €480 million.

This is under the assumption of a stable regulatory and energy policy environment. Based on our massive investment program of around €1 billion per year, we aim for an organic growth of results over the next years.

I therefore reiterate our financial ambition for 2030. EBITDA will range between €1.1 and €1.2 billion.

Based on EBITDA of €900 million in the last financial year, this implies an annual growth rate of 8% per annum. Ladies and gentlemen, that's the end of our presentation, and we are looking forward to answering your questions.

Good morning, everybody. Thank you for the presentation and for taking my questions.

The first one is on the, '26 guidance. You mentioned already by segment, by business unit, the confirmation or the improvement for the energy segment, for example, the outlook compared with what provided for in December.

My question is about the, H2 moving parts, no? Considering that apparently the, compared with the, at least the EBITDA guidance seems a bit conservative, after a good set of results in in Q2 and so in H1, and apparently, if you assume an EBITDA stable, almost stable year on year, the the weight of the of the H1 EBITDA in in 20 no, in this in this fiscal year is above 60% compared with lower numbers, for example, in 56% in was last year, no?

It's true that there is a seasonality skewed in H1 which favors H1 compared with H2. In any case, it seems a bit more prudent as regards so, I simply ask the the what are the the moving parts and the probably the negative moving parts affecting H2 which will decrease the the growth compared with H1.

Thank you. This is the first question.

The second question is an update on the regulatory framework in in Austria, in particular. We know that there is a a price cap in place since in a few years for for years and until 2030.

My question is if there is, you feel the risk that there is something could happen further additionally in terms of, I don't know, a special tax on utilities or something else could could help could affect the the profitability of of your company. Thank you.

Thanks, Emanuele. Good to hear you.

Thank you also for your analysis. I will tackle your first question which was included with your [outlook?]

being too conservative. As in our business, there is a clear seasonal bias, with significantly higher energy demand during our winter half year.

Consequently, especially our fourth-quarter results always differ from those of the rest of the year, and also as a consequence, the EBITDA developments. In view of the below-average hydro conditions in the first six months, we also amended planning assumptions for the rest of the year.

I think that are the main drivers. In terms of your second questions to further implications, I would say we know that the electricity law was issued, and I think we also discussed the implications, and we are not aware of further results impacts as the legislation to the discussions is still missing.

Thank you. Thank you so much.

You're

welcome.

Good morning. Peter Crampton here from Barclays.

Thank you for taking my questions. My first one was relating to this financial year.

There seemed to be quite a lot of positive one-offs. Can you quantify kind of the total one-offs?

Then kind of looking at your guidance for the full year, did you ever assume these one-offs in the guidance, or is it kind of sensible to assume that at one point you update the guidance for this? Then the second question relates to your capital markets day on the 1st of October.

Maybe very briefly, what to kind of expect? Is this simply kind of an update on 2030 targets or maybe even

Peter, and thanks for your question. I think the total one-offs revolve around two incidents: the acquisition of a fiber infrastructure company with a badwill of €10 million, and the deconsolidation effects of the sale of the international project business to STRABAG of €32.5 million.

These are the positive one-offs, but please also bear in mind that we already provided also in Q1 around €13 million for the social tariffs which came with the new electricity law. Having said that, our guidance is as we communicated that, and we don't foresee any update to that.

Second question, Peter, on the capital market day, I think we will update on the targets for 2030, and there will be also some other updates on trends, developments, also discussions within the EVN Group on what is our investments portfolio in the future and also a view on electricity markets.

Very clear. Thank you for that.

Thanks, Peter. [Next?]

Good morning. Good morning, Patrick Steiner, ODDO BHF.

Three questions from my side. Firstly, in the renewables generation segment, how should we think about, firstly, volume development in terms of new capacities added, but also regards to seasonality?

Second, about the pricing development for the rest of the year? That would be the first one.

Second question: could you maybe walk us through what you believe to be the potential implications from the Iran war by segment from Q3 onwards? The third question would be on the drinking water business.

You mentioned the €15 million EBITDA contribution from drinking water. I looked it up in my model and between '17, '18, '19, you already had €15 million of contribution.

Was there no significant earnings growth over the years? Thanks.

Patrick, thanks for your questions. I will tackle the wind and hydro conditions first.

The decline in EBITDA of our own renewable generation in Austria was about €18 million. Thereof, €1 million were volume effects; the rest are really price effects.

The price effect may seem high, but please bear in mind that we are comparing to the period October '24 to March '25. Based on our pre-running hedging strategy of 12 to 18 months, this means that we started to hedge the previous half year 1 back in '23.

At that time, forward prices were still at substantially higher levels. I hope that answers the question.

I will then hop to the second question, which is the Iran topic. I confirm basically the full-year guidance for the '25/'26 financial year.

The guidance has been reviewed and carefully assessed after the first six months of the financial year. Any impacts known so far are therefore already reflected in our outlook.

Please bear in mind that EVN has a diversified business model that means that volatility in energy prices can have contrasting effects in, for example, generation versus supply. The other aspect I see is that we have a pre-running hedging strategy for both marketing of our own generation and procurement.

I guess, and I'm convinced, that adds stability to our outlook. Last but not least, your question to the drinking water, the €15 million mark, that's about 2% contribution to the group EBITDA.

That's very stable, and we have continued high investments and also maintenance for that segment.

Thank you. Maybe on the second question, the last time when energy prices went up quite significantly in '22, we experienced some kind of cost overruns in the energy business.

Afterwards, you've restructured contracts, and you've done lots of constructive work. Should we now expect a negative effect again in energy, or should this be way less severe, relatively?

Secondly, maybe on generation, we should see positive effects probably going forward for the next two, three quarters, right?

Thanks, Patrick. I think I would start with the situation now is not comparable with the situation in '22.

That's why I come back to the guidance I confirmed, and we don't see any other impacts at the moment.

Perfect. Thank you.

Thank you, and thanks for joining today's conference call. We will publish the results for the first half of the current financial year on Thursday, 27th of August, and please save the date for our Capital Markets Day, which will be held on the 1st of October in London.

Goodbye, and have a great day.