EVN AG Reports Solid Business Performance in First Half of 2023/24

EVN AG has published its financial results for the first half of the 2023/24 fiscal year, highlighting steady business performance despite market volatility. Leveraging its Strategy 2030 and a diversified business model, EVN reported a decline in revenue by 17.7% to EUR 1,805.1m. This was primarily driven by lower wholesale prices for electricity and gas across core markets.

Notably, renewable energy generation saw significant gains, with installed photovoltaic capacity doubling to approximately 80 MWp and wind energy projects underway. Drinking water projects also progressed, including the completion of a natural filter plant in Obersulz.

Despite challenges, EBITDA fell marginally by 2.9%, totaling EUR 453.0m. Expenses related to energy purchases and primary energy reduced significantly by 24.1%, reflecting lower wholesale prices. Personnel expenses rose by 16.8% due to collective bargaining adjustments and workforce expansion.

Overall, EVN expects a Group net result between EUR 420 to 460m for the full financial year, maintaining its dividend outlook amidst a firm regulatory environment.