Upcoming Dividend • Apr 21
Upcoming dividend of €3.15 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 11 May 2026. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Czech dividend payers (7.8%). Lower than average of industry peers (3.7%). Declared Dividend • Mar 27
Dividend of €3.15 announced Shareholders will receive a dividend of €3.15. Ex-date: 28th April 2026 Payment date: 11th May 2026 Dividend yield will be 0.2%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but not covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 21% over the next 3 years. However, it would need to fall by 48% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: €4.29 (vs €5.40 in FY 2024) Full year 2025 results: EPS: €4.29 (down from €5.40 in FY 2024). Revenue: €8.03b (down 2.7% from FY 2024). Net income: €1.49b (down 21% from FY 2024). Profit margin: 19% (down from 23% in FY 2024). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Announcement • Mar 19
VERBUND AG announces Annual dividend, payable on May 11, 2026 VERBUND AG announced Annual dividend of EUR 2.0000 per share payable on May 11, 2026, ex-date on April 28, 2026 and record date on April 29, 2026. Declared Dividend • Jan 05
Dividend of €1.15 announced Shareholders will receive a dividend of €1.15. Ex-date: 28th April 2026 Payment date: 11th May 2026 Dividend yield will be 0.07%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 18% over the next 3 years. However, it would need to fall by 36% to increase the payout ratio to a potentially unsustainable range. Announcement • Dec 09
VERBUND AG, Annual General Meeting, Apr 21, 2026 VERBUND AG, Annual General Meeting, Apr 21, 2026. Declared Dividend • Dec 07
Dividend of €1.15 announced Shareholders will receive a dividend of €1.15. Ex-date: 28th April 2026 Payment date: 11th May 2026 Dividend yield will be 0.08%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 25% over the next 3 years. However, it would need to fall by 36% to increase the payout ratio to a potentially unsustainable range. Announcement • Dec 04
VERBUND AG Proposes Special Dividend for the Financial Year 2025 The Executive Board of VERBUND AG has resolved to propose to the 2026 Annual General Meeting a special dividend of €1.15 per share for financial year 2025 in addition to the regular dividend. The special dividend equates to an amount of approximately €400 million and supports shareholder-orientated capital allocation. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: €1.18 (vs €1.37 in 3Q 2024) Third quarter 2025 results: EPS: €1.18 (down from €1.37 in 3Q 2024). Revenue: €1.84b (down 5.4% from 3Q 2024). Net income: €409.5m (down 14% from 3Q 2024). Profit margin: 22% (down from 25% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 9.7% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.8%. Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: €1.17 (vs €1.16 in 2Q 2024) Second quarter 2025 results: EPS: €1.17 (up from €1.16 in 2Q 2024). Revenue: €1.81b (down 4.1% from 2Q 2024). Net income: €406.0m (flat on 2Q 2024). Profit margin: 23% (up from 21% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.9%. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: €1.14 (vs €1.46 in 1Q 2024) First quarter 2025 results: EPS: €1.14 (down from €1.46 in 1Q 2024). Revenue: €2.30b (up 14% from 1Q 2024). Net income: €396.7m (down 22% from 1Q 2024). Profit margin: 17% (down from 25% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 23
Dividend of €2.80 announced Shareholders will receive a dividend of €2.80. Ex-date: 6th May 2025 Payment date: 19th May 2025 Dividend yield will be 0.2%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 30% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 30% over the next 3 years. Since a fall of 22% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Mar 22
VERBUND AG Provides Earnings Guidance for the Year 2025 VERBUND AG provided earnings guidance for the year 2025. The company expects group result of between around €1,350 million and €1,750 million in financial year 2025. Announcement • Mar 21
VERBUND AG announces Annual dividend, payable on May 19, 2025 VERBUND AG announced Annual dividend of EUR 2.8000 per share payable on May 19, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: €5.40 (vs €6.52 in FY 2023) Full year 2024 results: EPS: €5.40 (down from €6.52 in FY 2023). Revenue: €8.38b (down 20% from FY 2023). Net income: €1.88b (down 17% from FY 2023). Profit margin: 22% (in line with FY 2023). Revenue is expected to decline by 9.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.2%. Announcement • Jan 27
VERBUND AG, Annual General Meeting, Apr 29, 2025 VERBUND AG, Annual General Meeting, Apr 29, 2025. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: €1.37 (vs €2.00 in 3Q 2023) Third quarter 2024 results: EPS: €1.37 (down from €2.00 in 3Q 2023). Revenue: €1.97b (down 36% from 3Q 2023). Net income: €477.1m (down 31% from 3Q 2023). Profit margin: 24% (up from 22% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.8%. Announcement • Oct 14
VERBUND AG to Report Fiscal Year 2024 Results on Mar 20, 2025 VERBUND AG announced that they will report fiscal year 2024 results at 8:00 AM, Central European Standard Time on Mar 20, 2025 Announcement • Aug 27
VERBUND AG (WBAG:VER) acquired remaining 50% stake in SOLAVOLTA Energie- und Umwelttechnik GmbH. VERBUND AG (WBAG:VER) acquired remaining 50% stake in SOLAVOLTA Energie- und Umwelttechnik GmbH on August 26, 2024. The Solavolta brand name will remain.
VERBUND AG (WBAG:VER) completed the acquisition of remaining 50% stake in SOLAVOLTA Energie- und Umwelttechnik GmbH on August 26, 2024. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: €1.46 (vs €1.52 in 1Q 2023) First quarter 2024 results: EPS: €1.46 (down from €1.52 in 1Q 2023). Revenue: €2.05b (down 37% from 1Q 2023). Net income: €506.0m (down 4.3% from 1Q 2023). Profit margin: 25% (up from 16% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 18% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 30
Upcoming dividend of €4.15 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Czech dividend payers (8.7%). In line with average of industry peers (5.8%). Buy Or Sell Opportunity • Feb 09
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at Kč1,762. The fair value is estimated to be Kč2,204, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Earnings per share has grown by 52%. For the next 3 years, revenue is forecast to decline by 18% per annum. Earnings are also forecast to decline by 14% per annum over the same time period. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Announcement • Oct 27
VERBUND AG acquired 38.4 MW Wind Portfolio in Germany's federal states of Hesse, North Rhine-Westphalia and Lower Saxony from a fund owned by investor Impax Asset Management Group Plc (LON:IPX). VERBUND AG acquired 38.4 MW Wind Portfolio in Germany's federal states of Hesse, North Rhine-Westphalia and Lower Saxony from a fund owned by investor Impax Asset Management Group Plc (LON:IPX) on October 25, 2023. The wind portfolio comprises five operational wind farms with a total capacity of 38.4 MW (Oedelum, Quelkhorn, Mariengarten, Münster and Frielendorf Süd) as well as a 18 MW wind project in Feldatal that is planned to come on stream in quarter 3/2024. VERBUND will only take over the project under construction after commissioning.VERBUND AG completed the acquisition of 38.4 MW Wind Portfolio in Germany's federal states of Hesse, North Rhine-Westphalia and Lower Saxony from a fund owned by investor Impax Asset Management Group Plc (LON:IPX) on October 25, 2023. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: €2.18 (vs €0.87 in 2Q 2022) Second quarter 2023 results: EPS: €2.18 (up from €0.87 in 2Q 2022). Revenue: €3.42b (up 56% from 2Q 2022). Net income: €758.3m (up 150% from 2Q 2022). Profit margin: 22% (up from 14% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 13% p.a. on average during the next 3 years compared to a 3.8% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
VERBUND AG (WBAG:VER) acquired Operative wind power plants in Spain from EDP Renewables Europe, S.L. VERBUND AG (WBAG:VER) acquired Operative wind power plants in Spain from EDP Renewables Europe, S.L. on July 25, 2023. VERBUND has acquired Operative wind power plants in Spain for an enterprise value of approximately €0.46 billion.
VERBUND AG (WBAG:VER) completed the acquisition of Operative wind power plants in Spain from EDP Renewables Europe, S.L. on July 25, 2023. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Kč2,180, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Electric Utilities industry in Europe. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč2,014 per share. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 17% share price gain to Kč2,633, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 95% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč2,210 per share. Reported Earnings • May 31
First quarter 2022 earnings released: EPS: €1.48 (vs €0.42 in 1Q 2021) First quarter 2022 results: EPS: €1.48 (up from €0.42 in 1Q 2021). Revenue: €2.56b (up 279% from 1Q 2021). Net income: €514.4m (up 256% from 1Q 2021). Profit margin: 20% (down from 22% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to decline by 16% while the industry in Europe is not expected to grow. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. Announcement • May 26
VERBUND AG Proposes Special Dividend for Financial Year 2022 The Executive Board of VERBUND AG has resolved to propose to the 2023 Annual General Meeting the distribution of a special dividend in the amount of €400 million in addition to the regular dividend, which is based on a payout ratio of between 45% and 55% of the Group result for 2022 after adjustment for non-recurring effects. Distribution of the dividends must be approved by the Supervisory Board at the meeting at which the annual financial statements are to be approved and also requires the approval of the shareholders of VERBUND AG at the 2023 Annual General Meeting. Announcement • May 10
VERBUND AG (WBAG:VER) agreed to acquire 100% stake in 82 MWp of operating solar parks in Spain from Funds managed by Q-Energy Private Equity, S.G.E.I.C., S.A. VERBUND AG (WBAG:VER) agreed to acquire 100% stake in 82 MWp of operating solar parks in Spain from Funds managed by Q-Energy Private Equity, S.G.E.I.C., S.A. on May 9, 2022. Furthermore, the acquisition also includes an extensive development platform (wind and PV), together with its development team. 
