Verbund stock faces earnings reset after weak hydropower quarter

Published on 11/05/2026 at 17:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Verbund stock faces weaker earnings after historically low water supply cut hydropower output. Management lowered its 2026 outlook.

Verbund reports weaker nine-month results

Historically low water supply cut hydropower generation by 20.2 percent in the first three quarters.
VERBUND lowered its 2026 outlook after EBITDA fell 29.0 percent year on year.
Higher contributions from Sales and other activities partly offset the pressure on Hydro.

Verbund AG, AT0000746409, Illustration mit AI erstellt.

VERBUND reported sharply lower earnings for the first three quarters on Thursday, November 5, 2026, after historically low water supply reduced hydropower generation and weakened realized sales prices. The company said in its official results release that EBITDA fell 29.0 percent year on year to 1,498.5 million euros.

Hydropower drives earnings pressure

Hydropower generation declined 20.2 percent to 15,984 gigawatt-hours. The run-of-river hydro coefficient fell to 0.61, compared with 0.79 a year earlier and 39 percentage points below the long-term average. The lower output also forced extensive electricity buybacks for volumes that had already been sold but could not be generated.

The average sales price achieved for the group's own hydropower generation fell by 33.8 euros per megawatt-hour to 79.7 euros per megawatt-hour. Wind and photovoltaic generation rose by 70 gigawatt-hours to 1,622 gigawatt-hours, but the increase did not offset the pressure in the Hydro segment. Higher earnings contributions from the Sales segment and other activities provided partial compensation.

Guidance reset for 2026

The Group result dropped 43.5 percent to 684.8 million euros. Adjusted for non-recurring effects, it reached 725.0 million euros, down 37.3 percent from the prior-year period. 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. The revised outlook reflects below-average water supply in October and assumes average own generation from hydropower, wind power and photovoltaics in November and December.

VERBUND stock traded at 75.08 euros on Lang & Schwarz at 17:35 CET on Thursday, November 5, 2026. That was 4.28 percent above the 72.00-euro quote cited in the previous Verbund stock report at 12:05 CET the same day. Investors can follow the real-time quote of Verbund stock.