Verbund stock faces 43.5% profit drop after weak hydropower quarter
Published on 11/10/2026 at 11:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSHydropower weakness reshapes outlook
- Historically low water supply reduced VERBUND's hydropower generation and weighed on realized sales prices.
- The 2026 outlook now assumes average own generation from hydropower, wind power and photovoltaics in November and December.
- Wind and solar generation increased as new facilities entered operation, but remained below planned conditions.
VERBUND AG reported weaker first-nine-month results on Thursday, November 5, 2026, after historically low water supply reduced hydropower generation and lower realized sales prices added pressure. The company's official results release said EBITDA fell 29.0 percent year on year to 1,498.5 million euros and the Group result declined 43.5 percent to 684.8 million euros.
Adjusted for non-recurring effects, the Group result reached 725.0 million euros, down 37.3 percent from the prior-year period. Revenue fell 5.4 percent to 5,560.4 million euros, while operating result decreased 39.4 percent to 1,005.6 million euros. Free cash flow before dividends dropped 89.7 percent to 78.0 million euros.
Low water hits core generation
Hydropower generation fell 20.2 percent to 15,984 gigawatt-hours in the first three quarters. The run-of-river hydro coefficient was 0.61, compared with 0.79 a year earlier and 39 percentage points below the long-term average.
The average sales price achieved for the company's own hydropower generation fell by 33.8 euros per megawatt-hour to 79.7 euros per megawatt-hour. VERBUND said extensive buybacks were required to cover electricity volumes that had already been sold but could not be generated because of the low water supply. The purchases took place at higher spot-market prices, further reducing the achieved sales price.
Wind and photovoltaic generation increased by 70 gigawatt-hours to 1,622 gigawatt-hours as new facilities entered operation. However, the combined generation coefficient for wind and photovoltaic power was 0.80, below the planned 1.00. The International Water Power report said the improvement in renewable generation did not offset weaker contributions from Hydro, New renewables and Grid.
Specific targets replace ranges
VERBUND now expects 2026 EBITDA of around 2,120 million euros, a reported Group result of around 1,010 million euros and an adjusted Group result of around 1,050 million euros. These targets replace the previously published forecast ranges and include below-average water supply in October. For November and December, the company assumes average own generation from hydropower, wind power and photovoltaics.
The planned payout ratio for 2026 is 45 to 55 percent of the Group result after adjustment for non-recurring effects. The outlook therefore leaves hydrology as a central swing factor for earnings and the dividend framework. VERBUND stock traded at 71.58 euros on Lang & Schwarz at 11:34 CET on Tuesday, November 10, 2026.
VERBUND AG at a glance
- Company: VERBUND AG
- ISIN: AT0000746409
- Trading venue: Lang & Schwarz
- Price: 71.58 euros at 11:34 CET on November 10, 2026
- Reporting period: First three quarters of 2026
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