Verbund stock faces earnings reset after 43.5% profit drop

Published on 11/09/2026 at 11:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Verbund stock faces pressure as historically low water supply cuts hydropower output. Management set new 2026 earnings targets after the weak period.

Key points for investors

VERBUND's first-nine-month EBITDA fell as historically low water supply reduced hydropower generation.
The company replaced its previous 2026 forecast ranges with specific targets for EBITDA and Group result.
Higher contributions from Sales and other segments only partly offset pressure in the Hydro segment.

Verbund AG, AT0000746409, Illustration mit AI erstellt.

VERBUND reported on Thursday, November 5, 2026, that historically low water supply and lower realized hydropower sales prices weighed heavily on its first-nine-month results. The company's official results release said Group result fell 43.5% year on year to 684.8 million euros, while EBITDA declined 29.0% to 1,498.5 million euros.

Hydropower drives the decline

Hydropower generation dropped by 4,047 gigawatt-hours, or 20.2%, to 15,984 gigawatt-hours in the first three quarters. The run-of-river hydro coefficient fell to 0.61 from 0.79 a year earlier and stood well below the long-term average, highlighting the operational sensitivity of Austria's largest electricity producer to water availability.

The average sales price achieved for VERBUND's own hydropower generation fell by 33.8 euros per megawatt-hour to 79.7 euros per megawatt-hour. The company said extensive buybacks were required for electricity volumes that had already been sold but could not be generated because of the weak water supply. Those purchases took place at substantially higher spot-market prices.

Revenue declined 5.4% to 5,560.4 million euros, and the operating result fell 39.4% to 1,005.6 million euros. Group result adjusted for non-recurring effects came to 725.0 million euros, down 37.3% from the prior-year period. Wind and photovoltaic generation increased by 70 gigawatt-hours to 1,622 gigawatt-hours, but the gain did not offset the weaker Hydro segment.

Guidance resets for 2026

VERBUND replaced its previous forecast ranges with targets of 2,120 million euros for 2026 EBITDA, 1,010 million euros for reported Group result and 1,050 million euros for adjusted Group result. The outlook incorporates below-average water supply in October and assumes average own generation from hydropower, wind power and photovoltaics in November and December.

The planned payout ratio for 2026 is between 45% and 55% of Group result after adjustment for non-recurring effects. Higher contributions from the Sales segment and other businesses partly cushioned the earnings pressure, while the Hydro segment remained the central drag on profitability.

Verbund stock traded at 72.45 euros on Lang & Schwarz at 11:30 CET on Monday, November 9, 2026.

Investors can follow the real-time quote of Verbund stock for the latest trading indication.