EQS-Adhoc: VERBUND AG: Earnings forecast for financial year 2024 is significantly below market expectations
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.
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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 8^th
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
investor-relations@verbund.com
End of Inside Information
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08-Feb-2024 CET/CEST News transmitted by EQS Group AG. www.eqs.com
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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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